ACRES Commercial Realty (ACR) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	7-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'RESOURCE CAPITAL CORP.	'
Entity Central Index Key	'0001332551	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	129,197,871

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$166,686	[1]	$262,270	[1]
Restricted cash	115,952	[1]	63,309	[1]
Investment securities, trading	9,987	[1]	11,558	[1]
Investment securities available-for-sale, pledged as collateral, at fair value	159,051	[1]	162,608	[1]
Investment securities available-for-sale, at fair value	74,500	[1]	52,598	[1]
Linked transactions, net at fair value	34,829	[1]	30,066	[1]
Loans held for sale	15,389	[1]	21,916	[1]
Property available-for-sale	35,256		25,346
Investment in real estate	19,971	[1]	29,778	[1]
Loans, pledged as collateral and net of allowances of $6.6 million and $13.8 million	1,596,731	[1]	1,369,526	[1]
Loans receivable–related party	6,498	[1]	6,966	[1]
Investments in unconsolidated entities	62,053	[1]	69,069	[1]
Derivatives, at fair value	556		0
Interest receivable	10,503	[1]	8,965	[1]
Deferred tax asset	5,048	[1]	5,212	[1]
Principal paydown receivable	1	[1]	6,821	[1]
Intangible assets	11,283	[1]	11,822	[1]
Prepaid expenses	4,155	[1]	2,871	[1]
Other assets	13,459	[1]	10,726	[1]
Total assets	2,341,908	[1]	2,151,427	[1]
LIABILITIES	'		'
Borrowings	1,502,089	[2]	1,319,810	[2]
Distribution payable	27,601	[2]	27,023	[2]
Accrued interest expense	3,848	[2]	1,693	[2]
Derivatives, at fair value	10,242	[2]	10,586	[2]
Accrued tax liability	387	[2]	1,629	[2]
Deferred tax liability	4,036	[2]	4,112	[2]
Accounts payable and other liabilities	13,511	[2]	12,650	[2]
Total liabilities	1,561,714	[2]	1,377,503	[2]
STOCKHOLDERS’ EQUITY	'		'
Common stock, par value $0.001: 500,000,000 shares authorized; 128,577,980 and 127,918,927 shares issued and outstanding (including 2,670,189 and 3,112,595 unvested restricted shares)	129		128
Additional paid-in capital	1,059,805		1,042,480
Accumulated other comprehensive loss	-14,071		-14,043
Distributions in excess of earnings	-265,618		-254,645
Total stockholders’ equity	780,250		773,924
Non-Controlling interests	-56		0
Total equity	780,194		773,924
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	2,341,908		2,151,427
Redeemable Preferred Stock Series A [Member]	'		'
STOCKHOLDERS’ EQUITY	'		'
Preferred stock, par value $0.001	1		1
Redeemable Preferred Stock Series B [Member]	'		'
STOCKHOLDERS’ EQUITY	'		'
Preferred stock, par value $0.001	$4		$3
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858
[2]	March 31, 2014 December 31, 2013Liabilities of consolidated VIEs included in the total liabilities above: Borrowings$1,183,468 $1,070,339 Accrued interest expense1,356 918 Derivatives, at fair value9,841 10,191 Accounts payable and other liabilities4,150 1,604 Total liabilities of consolidated VIEs$1,198,815 $1,083,052

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
ASSETS	'	'
Loans Receivable Allowance	$6,600,000	$13,800,000
STOCKHOLDERS’ EQUITY	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	128,577,980	127,918,927
Common stock, shares outstanding (in shares)	128,577,980	127,918,927
Common stock, shares issued, non-vested restricted shares (in shares)	2,670,189	3,112,595
Assets of consolidated Variable Interest Entities (VIEs) included in the total assets above:	'	'
Restricted cash	113,362,000	61,372,000
Investments securities available-for-sale, pledged as collateral, at fair value	116,429,000	105,846,000
Loans held for sale	272,000	2,376,000
Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million	1,305,377,000	1,219,569,000
Interest receivable	6,626,000	5,627,000
Prepaid expenses	163,000	247,000
Principal paydown receivable	1,000	6,821,000
Total assets of consolidated VIEs	1,542,230,000	1,401,858,000
Liabilities of consolidated VIEs included in the total liabilities above:	'	'
Borrowings	1,183,468,000	1,070,339,000
Accrued interest expense	1,356,000	918,000
Derivatives, at fair value	9,841,000	10,191,000
Accounts payable and other liabilities	4,150,000	1,604,000
Total liabilities of consolidated VIEs	1,198,815,000	1,083,052,000
Variable interest entity, loans, pledged as collateral, allowance	$5,100,000	$8,800,000
Redeemable Preferred Stock Series A [Member]	'	'
STOCKHOLDERS’ EQUITY	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, liquidation preference (in dollars per share)	$25	'
Preferred stock, coupon authorized (in hundredths)	8.50%	'
Preferred stock, shares issued (in shares)	872,039	680,952
Preferred stock, shares outstanding (in shares)	872,039	680,952
Redeemable Preferred Stock Series B [Member]	'	'
STOCKHOLDERS’ EQUITY	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, liquidation preference (in dollars per share)	$25	'
Preferred stock, coupon authorized (in hundredths)	8.25%	'
Preferred stock, shares issued (in shares)	3,988,977	3,485,078
Preferred stock, shares outstanding (in shares)	3,988,977	3,485,078

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest income:	'	'
Loans	$20,229	$27,812
Securities	4,004	3,642
Interest income − other	2,852	1,866
Total interest income	27,085	33,320
Interest expense	9,637	11,165
Net interest income	17,448	22,155
Rental income	5,152	6,174
Dividend income	136	16
Equity in net earnings (losses) of unconsolidated subsidiaries	2,014	-425
Fee income	2,756	1,410
Net realized gain on sales of investment securities available-for-sale and loans	3,680	391
Net realized and unrealized (loss) gain on investment securities, trading	-1,560	1,116
Unrealized gain (loss) and net interest income on linked transactions, net	2,305	-259
Total revenues	31,931	30,578
OPERATING EXPENSES	'	'
Management fees − related party	3,080	2,978
Equity compensation − related party	1,667	3,591
Rental operating expense	3,396	3,937
General and administrative	8,105	3,481
Depreciation and amortization	836	1,138
Income tax expense	16	1,762
Net impairment losses recognized in earnings	0	21
(Benefit) provision for loan losses	-3,960	1,042
Total operating expenses	13,140	17,950
Net interest and other revenues less operating expenses	18,791	12,628
OTHER REVENUE (EXPENSE)	'	'
Loss on the extinguishment of debt	-69	0
Other expense	-1,262	0
Total other expense	-1,331	0
NET INCOME	17,460	12,628
Net income allocated to preferred shares	-2,400	-1,311
Net loss allocable to non-controlling interest	56	209
NET INCOME ALLOCABLE TO COMMON SHARES	$15,116	$11,526
NET INCOME PER SHARE - BASIC (in dollars per share)	$0.12	$0.11
NET INCOME PER SHARE - DILUTED (in dollars per shares)	$0.12	$0.11
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC (in shares)	125,616,537	104,224,083
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED (in shares)	126,667,614	105,326,614

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income	$17,460	$12,628
Other comprehensive income:	'	'
Reclassification adjustment for gains (losses) included in net income	1,465	-627
Unrealized (losses) gains on available-for-sale securities, net	-1,754	5,223
Reclassification adjustments associated with unrealized losses from interest rate hedges included in net income	70	55
Unrealized gains on derivatives, net	387	652
Foreign currency translation	-196	0
Total other comprehensive (loss) income	-28	5,303
Comprehensive income before allocation to non-controlling interests	17,432	17,931
Allocation to non-controlling interests	56	209
Comprehensive income allocable to common shares	$17,488	$18,140

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)

Total

Common Stock [Member]

Additional Paid-In Capital [Member]

Accumulated Other Comprehensive Loss [Member]

Retained Earnings [Member]

Distributions in Excess of Earnings [Member]

Noncontrolling Interest [Member]

Parent [Member]

Preferred Stock [Member]

Preferred Stock [Member]

Preferred Stock [Member]

Preferred Stock [Member]

Preferred Shares - Series A [Member]

Preferred Shares - Series B [Member]

In Thousands, except Share data, unless otherwise specified

Additional Paid-In Capital [Member]

Noncontrolling Interest [Member]

Parent [Member]

Preferred Stock [Member]

Preferred Stock [Member]

Balance at Dec. 31, 2013

$773,924

$128

$1,042,480

($14,043)

$0

($254,645)

$0

$773,924

'

'

'

'

$1

$3

Balance (in shares) at Dec. 31, 2013

127,918,927

127,918,927

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from dividend reinvestment and stock purchase plan (in shares)

'

18,666

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from dividend reinvestment and stock purchase plan

111

0

111

'

'

'

0

111

'

'

'

'

'

'

Proceeds from issuance of stock

'

'

'

'

'

'

'

'

16,114

16,113

0

16,114

0

1

Offering costs

-565

'

-565

'

'

'

0

-565

'

'

'

'

'

'

Stock based compensation (in shares)

'

640,387

'

'

'

'

'

'

'

'

'

'

'

'

Stock based compensation

1

1

0

'

'

'

0

1

'

'

'

'

'

'

Amortization of stock based compensation

1,666

'

1,666

'

'

'

0

1,666

'

'

'

'

'

'

Net Income

17,516

'

'

'

17,516

'

-56

17,460

'

'

'

'

'

'

Preferred dividends

-2,400

'

'

'

-2,400

'

0

-2,400

'

'

'

'

'

'

Securities available-for-sale, fair value adjustment, net

-289

'

'

-289

'

'

0

-289

'

'

'

'

'

'

Designated derivatives, fair value adjustment

457

'

'

457

'

'

0

457

'

'

'

'

'

'

Cumulative translation adjustment

-196

'

'

-196

'

'

0

-196

'

'

'

'

'

'

Distributions on common stock

-26,089

'

'

'

-15,116

-10,973

0

-26,089

'

'

'

'

'

'

Balance at Mar. 31, 2014

$780,250

$129

$1,059,805

($14,071)

$0

($265,618)

($56)

$780,194

'

'

'

'

$1

$4

Balance (in shares) at Mar. 31, 2014

128,577,980

128,577,980

'

'

'

'

'

'

'

'

'

'

'

'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'		'
Net income	$17,460,000		$12,628,000
Adjustments to reconcile net income to net cash provided by operating activities:	'		'
Provision for loan losses	-3,960,000		1,042,000
Depreciation of investments in real estate and other	392,000		666,000
Amortization of intangible assets	444,000		532,000
Amortization of term facilities	534,000		221,000
Accretion of net discounts on loans held for investment	-574,000		-4,079,000
Accretion of net discounts on securities available-for-sale	-769,000		-731,000
Amortization of discount on notes of securitizations	12,000		876,000
Amortization of debt issuance costs on notes of securitizations	796,000		1,176,000
Amortization of discounts on convertible notes	422,000		0
Amortization of stock-based compensation	1,667,000		3,591,000
Amortization of terminated derivative instruments	70,000		55,000
Accretion of interest-only available-for-sales securities	-137,000		-247,000
Non-cash incentive compensation to the Manager	0		-1,000
Deferred income tax (benefits)	-89,000		-115,000
Mortgage loans held for sale, net	-877,000		0
Purchase of securities, trading	0		-10,044,000
Principal payments on securities, trading	42,000		21,000
Proceeds from sales of securities, trading	0		3,089,000
Net realized and unrealized loss (gain) on investment securities, trading	1,560,000		-1,116,000
Net realized gain on sales of investment securities available-for-sale and loans	-3,680,000		-391,000
Loss on early extinguishment of debt	69,000		0
Net impairment losses recognized in earnings	0		12,000
Linked Transactions fair value adjustments	-1,763,000		592,000
Equity in net (earnings) losses of unconsolidated subsidiaries	-2,014,000		425,000
Changes in operating assets and liabilities, net of acquisitions	9,563,000		15,096,000
Net cash provided by operating activities	19,168,000		23,298,000
CASH FLOWS FROM INVESTING ACTIVITIES:	'		'
Increase in restricted cash	-12,849,000		-19,241,000
Purchase of securities available-for-sale	-48,321,000		-63,292,000
Principal payments on securities available-for-sale	17,325,000		7,944,000
Proceeds from sale of securities available-for-sale	12,314,000		0
Proceeds from (investment in) unconsolidated entity	5,650,000		-4,431,000
Acquisition of Moselle CLO S.A.	-30,433,000		0
Purchase of loans	-169,380,000		-146,699,000
Principal payments received on loans	90,948,000		209,107,000
Proceeds from sale of loans	15,974,000		58,148,000
Distributions from investments in real estate	0		253,000
Improvements in investments in real estate	0		-321,000
Purchase of furniture and fixtures	-38,000		0
Acquisition of property and equipment	-269,000		0
Investment in loans - related parties	-285,000		0
Principal payments received on loans – related parties	753,000		464,000
Net cash (used in) provided by investing activities	-118,611,000		41,932,000
CASH FLOWS FROM FINANCING ACTIVITIES:	'		'
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0 and $19)	245,000		17,995,000
Proceeds from borrowings:	'		'
Repurchase agreements	75,589,000		37,145,000
Warehouse agreement	34,007,000		0
Payments on borrowings:	'		'
Collateralized debt obligations	-59,668,000		-141,341,000
Warehouse agreement	-33,719,000		0
Payment of debt issuance costs	-8,000		-140,000
Payment of equity to third party sub-note holders	-307,000		-1,461,000
Distributions paid on preferred stock	-2,159,000		-934,000
Distributions paid on common stock	-25,536,000		-20,978,000
Net cash provided by (used in) financing activities	3,859,000		-82,847,000
NET DECREASE IN CASH AND CASH EQUIVALENTS	-95,584,000		-17,617,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	262,270,000	[1]	85,278,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	166,686,000	[1]	67,661,000
SUPPLEMENTAL DISCLOSURE:	'		'
Interest expense paid in cash	8,576,000		10,188,000
Income taxes paid in cash	1,774,000		7,635,000
Redeemable Preferred Stock Series A [Member]	'		'
CASH FLOWS FROM FINANCING ACTIVITIES:	'		'
Proceeds from issuance of redeemable preferred shares, net of offering costs	4,440,000		0
Redeemable Preferred Stock Series B [Member]	'		'
CASH FLOWS FROM FINANCING ACTIVITIES:	'		'
Proceeds from issuance of redeemable preferred shares, net of offering costs	$10,975,000		$26,867,000
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net proceeds from dividend reinvestment and stock purchase plan, offering costs	'	$19
Common Stock [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	'	'
Redeemable Preferred Stock Series A [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	'	'
Preferred stock, coupon authorized (in hundredths)	8.50%	'
Redeemable Preferred Stock Series B [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	'	$707
Preferred stock, coupon authorized (in hundredths)	8.25%	'

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION AND BASIS OF PRESENTATION	'
	ORGANIZATION AND BASIS OF PRESENTATION
	Resource Capital Corp. and subsidiaries’ (collectively the ‘‘Company’’) principal business activity is to purchase and manage a diversified portfolio of commercial real estate-related assets and commercial finance assets.  The Company’s investment activities are managed by Resource Capital Manager, Inc. (‘‘Manager’’) pursuant to a management agreement (the ‘‘Management Agreement’’).  The Manager is a wholly-owned indirect subsidiary of Resource America, Inc. (“Resource America”) (NASDAQ: REXI).  In September 2013, it was determined that the Company is a variable interest entity ("VIE") and that Resource America is the primary beneficiary of the Company. Therefore, the Company's financial statements will be consolidated into Resource America's financial statements. The following subsidiaries are consolidated in the Company’s financial statements:
	•	RCC Real Estate, Inc. (“RCC Real Estate”) holds real estate investments, including commercial real estate loans, commercial real estate-related securities and investments in real estate.  RCC Real Estate owns 100% of the equity of the following VIEs:
	◦	Resource Real Estate Funding CDO 2006-1 (“RREF CDO 2006-1”), a Cayman Islands limited liability company and qualified real estate investment trust (“REIT”) subsidiary (“QRS”).  RREF CDO 2006-1 was established to complete a collateralized debt obligation (“CDO”) issuance secured by a portfolio of commercial real estate ("CRE") loans and commercial mortgage-backed securities (“CMBS”).
	◦	Resource Real Estate Funding CDO 2007-1 (“RREF CDO 2007-1”), a Cayman Islands limited liability company and QRS.  RREF CDO 2007-1 was established to complete a CDO issuance secured by a portfolio of CRE loans and CMBS.
	◦	Resource Capital Corp. CRE Notes 2013, Ltd. (“RCC CRE Notes 2013”), a Cayman Islands limited liability company and QRS.  RCC CRE Notes 2013 was established to complete a CRE securitization issuance secured by a portfolio of CRE loans.
	•	RCC Commercial, Inc. (“RCC Commercial”) holds bank loan investments and the Company's self-originated middle market loans.  RCC Commercial owns 90% of the equity of the following VIE:
	◦	Apidos CDO III, Ltd. (“Apidos CDO III”), a Cayman Islands limited liability company and taxable REIT subsidiary (“TRS”).  Apidos CDO III was established to complete a CDO issuance secured by a portfolio of bank loans and asset-backed securities (“ABS”).
	•	RCC Commercial II, Inc. (“Commercial II”) holds bank loan investments and investments in the subordinated notes of two syndicated bank loan CLOs, which include foreign equity components and are not consolidated onto the Company's consolidated financial statements.  Commercial II owns 100%, 68.3%, and 88.6% respectively, of the equity of the following VIEs:
	◦	Apidos Cinco CDO, Ltd. (“Apidos Cinco CDO”), a Cayman Islands limited liability company and TRS.  Apidos Cinco CDO was established to complete a CDO issuance secured by a portfolio of bank loans, ABS and corporate bonds.
	◦	Whitney CLO I, Ltd. ("Whitney CLO I"), a Cayman Islands limited liability company and TRS. In September 2013, the Company liquidated Whitney CLO I and, as a result, all of the assets were sold.
	◦	Moselle CLO S.A. ("Moselle CLO"), incorporated in Luxembourg, is a collateralized loan obligation ("CLO") issuer whose assets consisted of European senior secured loans, U.S. senior secured loans, U.S. senior unsecured loans, U.S. second lien loans, European mezzanine loans, and a limited amount of synthetic securities and other eligible debt obligations.
	•	RCC Commercial III, Inc. (“Commercial III”) holds bank loan investments.  Commercial III owns 90% of the equity of the following VIE:
	◦	Apidos CDO I, Ltd. (“Apidos CDO I”), a Cayman Islands limited liability company and TRS.  Apidos CDO I was established to complete a CDO issuance secured by a portfolio of bank loans and ABS.
	•	Resource TRS, Inc. (“Resource TRS”), a TRS directly owned by the Company, holds the Company’s equity investment in a leasing company and holds all of its investment securities, trading. Resource TRS also owns 100% of the following:
	◦	Resource TRS, LLC, a Delaware limited liability company, which holds bank loan investments.
	•	Resource TRS II, Inc. (“Resource TRS II”), a TRS directly owned by the Company, holds the Company’s management rights in bank loan CLOs not originated by the Company.  Resource TRS II owns 100% of the equity of the following VIE:
	◦	Resource Capital Asset Management (“RCAM”), a domestic limited liability company, which is entitled to collect senior, subordinated, and incentive fees related to three CLO issuers to which it provides management services through CVC Credit Partners, LLC, formerly Apidos Capital Management, a subsidiary of CVC Capital Partners SICAV-FIS, S.A., a private equity firm (“CVC”).  Resource America, Inc. owns a 33% interest in CVC Credit Partners, LLC, ("CVC Credit Partners").
	•	Resource TRS III, Inc. (“Resource TRS III”), a TRS directly owned by the Company, holds the Company’s interests in a bank loan CDO originated by the Company.  Resource TRS III owns 33% of the equity of the following VIE:
	◦	Apidos CLO VIII, Ltd (“Apidos CLO VIII”), a Cayman Islands limited liability company and TRS.  Apidos CLO VIII was established to complete a CLO issuance secured by a portfolio of bank loans and corporate bonds. The Company is the primary beneficiary of Apidos CLO VIII and therefore consolidates 100% of this VIE in its financial statements. In October 2013, the Company liquidated Apidos CLO VIII, and as a result all of the assets were sold. Total proceeds from the sale of these assets, plus proceeds from previous sales and paydowns in the CLO were used to pay down the remaining balance on the outstanding notes of $317.6 million.
	•	Resource TRS IV, Inc. (“Resource TRS IV”), a TRS directly owned by the Company, holds the Company's equity investment in hotel condominium units acquired in conjunction with a loan foreclosure.
	•	Resource TRS V, Inc. (“Resource TRS V”), a TRS directly owned by the Company, held the Company's equity investment in a held for sale condominium complex. All of the condominiums were sold as of December 31, 2013.
	•	RSO EquityCo, LLC owns 10% of the equity of Apidos CDO I and 10% of the equity of Apidos CLO VIII.
	•	Long Term Care Conversion, Inc. ("LTCC"), a TRS directly owned by the Company, is a Delaware corporation which owns 100% of the following entity:
	◦	Long Term Care Conversion, Funding ("LTCC Funding"), a New York limited liability company, which owns a 36.4% interest in Life Care Funding, LLC ("LCF") and provides funding through a financing facility to fund the acquisition of life settlement contracts.
	▪	LCF, a New York limited liability company, is a joint venture between LTCC and Life Care Funding Group Partners and was established for the purpose of originating and acquiring life settlement contracts. Although no further material purchase price adjustments for LCF are anticipated, the Company has not yet completed the process of estimating the fair value of assets acquired and liabilities assumed on this investment. Accordingly, the Company's preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as the Company completes the process. In accordance with FASB ASC Topic 805, changes, if any, to the preliminary estimates and allocation will be reported in the Company's consolidated financial statements, retrospectively.
	•	RCC Residential, Inc., a TRS directly owned by the Company, is a Delaware corporation which owns 100% of the following entity:
	◦	Primary Capital Advisors LLC ("PCA"), a limited liability company which originates and services residential mortgage loans.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company.
	All inter-company transactions and balances have been eliminated.
	Investment Securities
	The Company classifies its investment portfolio as trading or available-for-sale.  The Company, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy.
	The Company’s investment securities, trading and investment securities available-for-sale are reported at fair value.  To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment default, and recovery rates.  These valuations are validated utilizing dealer quotes or bids. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote or bid, the Company will evaluate the difference which could result in an updated valuation from the third-party or a revised dealer quote. Based on a prioritization of inputs used in valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Any changes in fair value to the Company's investment securities, trading are recorded in the Company’s consolidated statements of income as net realized and unrealized (loss) gain on investment securities, trading. Any changes in fair value to the Company's investment securities available-for-sale are recorded in the Company’s consolidated balance sheets as a component of accumulated other comprehensive income (loss) in stockholders' equity.
	On a quarterly basis, the Company evaluates its available-for-sale investments for other-than-temporary impairment.  An available-for-sale investment is impaired when its fair value has declined below its amortized cost basis.  An impairment is considered other-than-temporary when the amortized cost basis of the investment or some portion thereof will not be recovered.  In addition, the Company’s intent to sell as well as the likelihood that the Company will be required to sell the security before the recovery of the amortized cost basis is considered.  Where credit quality is believed to be the cause of the other-than-temporary impairment, that component of the impairment is recognized as an impairment loss in the consolidated statements of income.  Where other market components are believed to be the cause of the impairment, that component of the impairment is recognized as other comprehensive loss.
	The Company performs an on-going review of third-party reports and updated financial data on the underlying properties in order to analyze current and projected security performance.  Rating agency downgrades are considered with respect to the Company’s income approach when determining other-than temporary impairment and, when inputs are subjected to testing for economic changes within possible ranges, the resulting projected cash flows reflect a full recovery of principal and interest indicating no impairment:
	•	the length of time the market value has been less than amortized cost;
	•	the severity of the impairment;
	•	the expected loss of the security as generated by a third-party valuation model;
	•	original and current credit ratings from the rating agencies;
	•	underlying credit fundamentals of the collateral backing the securities;
	•	whether, based upon the Company’s intent, it is more likely than not that the Company will sell the security before the recovery of the amortized cost basis; and
	•	third-party support for default, for recovery, prepayment speed and reinvestment price assumptions.
	Investment security transactions are recorded on the trade date.  Realized gains and losses on investment securities are determined on the specific identification method.
	Investment Interest Income Recognition
	Interest income on the Company’s mortgage-backed and other asset-backed securities is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets.  Premiums and discounts are amortized or accreted into interest income over the lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments.  For an investment purchased at par, the effective yield is the contractual interest rate on the investment.  If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium.  The effective yield method requires the Company to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment.  The prepayment estimates that the Company uses directly impact the estimated remaining lives of its investments.  Actual prepayment estimates are reviewed as of each quarter end or more frequently if the Company becomes aware of any material information that would lead it to believe that an adjustment is necessary.  If prepayment estimates are incorrect, the amortization or accretion of premiums and discounts may have to be adjusted, which would have an impact on future income.
	Allowance for Loan Loss
	The Company maintains an allowance for loan loss.  For the Company's bank and CRE loan portfolios, loans held for investment are first individually evaluated for impairment to determine whether a specific reserve is required.  Loans that are not determined to be impaired individually are then evaluated for impairment as a homogeneous pool of loans with substantially similar characteristics so that a general reserve can be established, if needed.  The reviews are performed at least quarterly.
	The Company considers a loan to be impaired if one of two conditions exists.  The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.  The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty.  These TDRs may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers.
	When a loan is impaired under either of these two conditions, the allowance for loan losses is increased by the amount of the excess of the amortized cost basis of the loan over its fair value.  Fair value may be determined based on the present value of estimated cash flows; on market price, if available; or on the fair value of the collateral less estimated disposition costs.  When a loan, or a portion thereof, is considered uncollectible and pursuit of collection is not warranted, the Company will record a charge-off or write-down of the loan against the allowance for loan losses.
	An impaired loan may remain on accrual status during the period in which the Company is pursuing repayment of the loan; however, the loan would be placed on non-accrual status at such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days delinquent; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the impairment; or (iv) the net realizable value of the loan’s underlying collateral approximates the Company’s carrying value for such loan.  While on non-accrual status, the Company recognizes interest income only when an actual payment is received. When a loan is placed on non-accrual, previously accrued interest is reversed from interest income.
	Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are carried at fair value and are measured on a nonrecurring basis. The fair value is determined using unobservable inputs including estimates of selling costs (Level 3).
	For the Company's residential mortgage loans, the allowance is based upon management's review of the collectability of the loans in light of historical experience, the nature and amount of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. A general component is maintained to cover uncertainties that could affect management's estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
	Investments in Real Estate
	Investments in real estate are carried net of accumulated depreciation.  Costs directly related to the acquisition are expensed as incurred.  Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred.  Costs related to the improvement of the real property are capitalized and depreciated over their useful lives.
	Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, “Business Combinations”.  The Company allocates the purchase price of its investments in real estate to land, building, site improvements, the value of in-place leases and the value of above or below market leases. The value allocated to above or below market leases is amortized over the remaining lease term as an adjustment to rental income. The Company amortizes the value allocated to in-place leases over the weighted average remaining lease term to depreciation and amortization expense.  The Company depreciates real property using the straight-line method over the estimated useful lives of the assets as follows:
	Category	Term
	Building	25 – 40 years
	Site improvements	Lesser of the remaining life of building or useful lives
	Long-Lived and Intangible Assets
	Long-lived assets and certain identifiable intangibles to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets 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.  If impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the fair value of the asset.
	There were no impairment charges recorded with respect to the Company’s investments in real estate or intangible assets during the three months ended March 31, 2014 and 2013.
	Recent Accounting Standards
	In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. The amendments in this update require an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections of the statement of financial position. The amendments in this update also require additional disclosures about discontinued operations and new disclosures for disposal transactions of individually significant components of an entity that do not meet the definition of a discontinued operation. Additionally, this guidance both permits and expands the disclosures about an entity’s significant continuing involvement with a discontinued operation. This guidance is effective for all disposals or classifications as held for sale of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for sale. The Company has early adopted the provisions of this guidance. Adoption did not have a material impact on the Company's consolidated financial statements.
	In January 2014, the FASB issued guidance that clarifies when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. Furthermore, the guidance requires interim and annual disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the effect of adoption, but does not expect adoption will have a material impact on its consolidated financial statements.
	In June 2013, the FASB issued guidance which clarifies the characteristics of an investment company, provides comprehensive guidance for assessing whether an entity is an investment company and requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. The guidance also requires additional disclosure. This guidance is effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. Adoption did not have a material impact on the Company's consolidated financial statements.
	Reclassifications
	Certain reclassifications have been made to the 2013 consolidated financial statements to conform to the 2014 presentation.

VARIABLE_INTEREST_ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
VARIABLE INTEREST ENTITIES	'
	VARIABLE INTEREST ENTITIES
	The Company has evaluated its securities, loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes) and its securitizations in order to determine if they qualify as VIEs. The Company monitors these investments and, to the extent it has determined that it owns a material investment in the current controlling class of securities of a particular entity, analyzes the entity for potential consolidation. The Company will continually analyze investments and liabilities, including when there is a reconsideration event, to determine whether such investments or liabilities are VIEs and whether such VIE should be consolidated. This analysis requires considerable judgment in determining the primary beneficiary of a VIE and could result in the consolidation of an entity that would otherwise not have been consolidated or the non-consolidation of an entity that otherwise would have been consolidated.
	Consolidated VIEs (the Company is the primary beneficiary)
	Based on management’s analysis, the Company is the primary beneficiary of nine VIEs at March 31, 2014: Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, Whitney CLO I, RCC CRE Notes 2013 and Moselle CLO. In performing the primary beneficiary analysis for seven of these VIEs (other than Whitney CLO I and Moselle CLO, which are discussed below), it was determined that the parties that have the power to direct the activities that are most significant to each of these VIEs and the Company who has the right to receive benefits and the obligation to absorb losses that could potentially be significant to these VIEs, are a related party group. It was then determined that the Company was the party within that group that is more closely associated to each such VIE considering the design of the VIE, the principal-agency relationship between the Company and other members of the related-party group, and the relationship and significance of the activities of the VIE to the Company compared to the other members of the related-party group.
	These securitizations were formed on behalf of the Company (except for Whitney CLO I and Moselle CLO) to invest in real estate-related securities, CMBS, property available-for-sale, bank loans, corporate bonds and asset-backed securities, and were financed by the issuance of debt securities. The Manager manages these entities on behalf of the Company. By financing these assets with long-term borrowings through the issuance of bonds, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed.
	Moselle CLO is a European securitization in which the Company purchased a $41.5 million interest in the form of subordinate notes representing 100% of the Class 1 Subordinated Notes and 67.9% of the Class 2 subordinated Notes in February 2014. The CLO is managed by an independent third-party and such collateral management activities were determined to be the activities that most significantly impact the economic performance of the CLO. Though neither the Company nor one of its related parties manages the CLO, due to certain unilateral kick-out rights within the collateral management agreement, it was determined that the Company had the power to direct the activities that most significantly impact the economic performance of Moselle CLO. Having both the power to direct the activities that most significantly impact Moselle CLO and a financial interest that is expected to absorb both positive and negative variability in the CLO that could potentially be significant, the Company was determined to be the the primary beneficiary of Moselle CLO and, therefore, consolidated the CLO.
	Whitney CLO I is a securitization in which the Company acquired rights to manage the collateral assets held by the entity in February 2011. For a discussion on the primary beneficiary analysis for Whitney, see “— Unconsolidated VIEs – Resource Capital Asset Management,” below.
	For a discussion of the Company’s securitizations, see Note 1 and for a discussion of the debt issued through the securitizations, see Note 12.
	For CLOs in which the Company does not own 100% of the subordinated notes, the Company imputes an interest rate using expected cash flows over the life of the CLO and records the third party's share of the cash flows as interest expense on the consolidated statements of income.
	The Company has exposure to losses on its securitizations to the extent of its subordinated debt and preferred equity interests in them. The Company is entitled to receive payments of principal and interest on the debt securities it holds and, to the extent revenues exceed debt service requirements and other expenses of the securitizations, distributions with respect to its preferred equity interests. As a result of consolidation, debt and equity interests the Company holds in these securitizations have been eliminated, and the Company’s consolidated balance sheets reflects both the assets held and debt issued by the securitizations to third parties and any accrued expense to third parties. The Company's operating results and cash flows include the gross amounts related to the securitizations' assets and liabilities as opposed to the Company's net economic interests in the securitizations. Assets and liabilities related to the securitizations are disclosed, in the aggregate, on the Company's consolidated balance sheets.
	The creditors of the Company’s nine consolidated VIEs have no recourse to the general credit of the Company. However, in its capacity as manager, the Company has voluntarily supported two credits in one of its commercial real estate CDOs as the credits went through a restructuring in order to maximize their future cash flows. For the three months ended March 31, 2014 and 2013, the Company has provided financial support of $539,000 and $1.2 million, respectively. The Company has provided no other financial support to any other of its VIEs nor does it have any requirement to do so, although it may choose to do so in the future to maximize future cash flows on such investments by the Company. There are no explicit arrangements or implicit variable interests that obligate the Company to provide financial support to any of its consolidated VIEs, although the Company may choose to do so in the future.
	The following table shows the classification and carrying value of assets and liabilities of consolidated VIEs as of March 31, 2014 (in thousands):
		Apidos I			Apidos			Apidos		Apidos		Whitney CLO I		RREF		RREF		RCC CRE Notes 2013		Moselle		Total
					III			Cinco		VIII				2006-1		2007-1
	ASSETS
	Restricted cash (1)	$	11,951		$	7,217		$	48,362	$	134	$	160	$	18	$	250	$	4,805	$	40,465	$	113,362
	Investment securities	7,250			3,922			13,940		—		—		9,996		67,015		—		14,306		116,429
	available-for-sale,
	pledged as
	collateral, at
	fair value
	Loans, pledged as collateral	70,988			112,953			284,373		—		—		159,797		228,686		298,575		150,005		1,305,377
	Loans held for sale	97			175			—		—		—		—		—		—		—		272
	Interest receivable	(193		)	513			1,044		—		6		1,825		2,111		1,320		—		6,626
	Prepaid assets	20			20			36		—		—		50		37		—		—		163
	Principal paydown	—			—			1		—		—		—		—		—		—		1
	receivable
	Total assets (2)	$	90,113		$	124,800		$	347,756	$	134	$	166	$	171,686	$	298,099	$	304,700	$	204,776	$	1,542,230
	LIABILITIES
	Borrowings	$	73,815		$	112,511		$	319,797	$	—	$	133	$	100,184	$	147,866	$	256,866	$	172,296	$	1,183,468
	Accrued	255			56			299		—		—		48		115		205		378		1,356
	interest expense
	Derivatives,	—			—			—		—		—		1,504		8,337		—		—		9,841
	at fair value
	Accounts payable	133			18			22		284		519		4		1		—		3,169		4,150
	and other liabilities
	Total liabilities	$	74,203		$	112,585		$	320,118	$	284	$	652	$	101,740	$	156,319	$	257,071	$	175,843	$	1,198,815
	(1)    Includes $51.3 million available for reinvestment in certain of the securitizations.
	(2)    Assets of each of the consolidated VIEs may only be used to settle the obligations of each respective VIE.
	Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest)
	Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements as of March 31, 2014. The Company’s maximum exposure to risk for each of these unconsolidated VIEs is set forth in the “Maximum Risk Exposure” column in the table below.
	LEAF Commercial Capital, Inc.
	On November 16, 2011, the Company together with LEAF Financial, Inc. ("LEAF Financial"), a subsidiary of Resource America, and LEAF Commercial Capital, Inc. (“LCC”), another subsidiary of Resource America, entered into a stock purchase agreement and related agreements (collectively the “SPA”) with Eos Partners, L.P., a private investment firm, and its affiliates (“Eos”). In exchange for its prior interests in its lease related investments, the Company received 31,341 shares of Series A Preferred Stock (the "Series A Preferred Stock"), 4,872 shares of newly issued 8% Series B Redeemable Preferred Stock (the "Series B Preferred Stock") and 2,364 shares of newly issued Series D Redeemable Preferred Stock (the "Series D Preferred Stock"), collectively representing, on a fully-diluted basis assuming conversion, a 26.7% interest in LCC. The Company’s investment in LCC was valued at $36.3 million based on a third-party valuation.  Several approaches were used, including discounted expected cash flows, market approach and comparable sales transactions to estimate the fair value of its investment in LCC as a result of the transaction. These approaches required assumptions and estimates of many critical factors, including revenue and market growth, operating cash flows, market multiples, and discount rates, which were based on the current economic environment and credit market conditions. The Company recorded a loss of $2.2 million in conjunction with the transaction.  The Company’s resulting interest is accounted for under the equity method. During 2013, the Company entered into a third stock purchase agreement with LCC to purchase 3,682 shares of newly issued Series A-1 Preferred Stock (the "Series A-1 Preferred Stock") for $3.7 million and 4,445 shares of newly issued Series E Preferred Stock (the "Series E Preferred Stock") for $4.4 million. The Series E Preferred Stock has priority over all other classes of preferred stock. The Company's fully-diluted interest in LCC assuming conversion is 27.5%. The Company’s investment in LCC was recorded at $40.4 million and $41.0 million as of March 31, 2014 and December 31, 2013, respectively.
	The Company determined that it is not the primary beneficiary of LCC because it does not participate in any management or portfolio decisions, holds only two of six board positions, and only controls 27.5% of the voting rights in the entity. Furthermore, Eos holds consent rights with respect to significant LCC actions, including incurrence of indebtedness, consummation of a sale of the entity, liquidation or initiating a public offering.
	Unsecured Junior Subordinated Debentures
	The Company has a 100% interest in the common shares of Resource Capital Trust I (“RCT I”) and RCC Trust II (“RCT II”), valued at $1.5 million in the aggregate (or 3% of each trust). RCT I and RCT II were formed for the purposes of providing debt financing to the Company, as described below. The Company completed a qualitative analysis to determine whether or not it is the primary beneficiary of each of the trusts and determined that it was not the primary beneficiary of either trust because it does not have the power to direct the activities most significant to the trusts, which include the collection of principal and interest and protection of collateral through servicing rights. Accordingly, neither trust is consolidated into the Company’s consolidated financial statements.
	The Company records its investments in RCT I and RCT II’s common shares as investments in unconsolidated trusts using the cost method and records dividend income when declared by RCT I and RCT II. The trusts each hold subordinated debentures for which the Company is the obligor in the amount of $25.8 million for RCT I and $25.8 million for RCT II. The debentures were funded by the issuance of trust preferred securities of RCT I and RCT II. The Company will continuously reassess whether it should be deemed to be the primary beneficiary of the trusts.
	Resource Capital Asset Management CLOs
	In February 2011, the Company purchased a company that managed $1.9 billion of bank loan assets through five CLOs. As a result, the Company became entitled to collect senior, subordinated and incentive management fees from these CLOs. The purchase price of $22.5 million resulted in an intangible asset that was allocated to each of the five CLOs and is amortized over the expected life of each CLO. The unamortized balance of the intangible asset was $10.8 million and $11.2 million at March 31, 2014 and December 31, 2013, respectively. The Company recognized fee income of $1.7 million and $1.4 million for the three months ended March 31, 2014 and 2013, respectively. With respect to four of these CLOs, the Company determined that it does not hold a controlling interest and, therefore, is not the primary beneficiary. One of the CLOs was liquidated in February 2013. With respect to the fifth CLO, Whitney CLO I, in October 2012, the Company purchased 66.6% of its preferred equity. Based upon that purchase, the Company determined that it did have an obligation to absorb losses and/or the right to receive benefits that could potentially be significant to Whitney CLO I and that a related party had the power to direct the activities that are most significant to the VIE. As a result, together with the related party, the Company had both the power to direct and the right to receive benefits and the obligation to absorb losses. It was then determined that, between the Company and the related party, the Company was the party within that group that was more closely associated with Whitney CLO I because of its preferred equity interest in Whitney CLO I. The Company, therefore, consolidated Whitney CLO I. In May 2013, the Company purchased additional equity in this CLO which increased its equity ownership to 68.3% of the outstanding preferred equity of the CLO. In September 2013, the Company liquidated Whitney CLO I, and, as a result, substantially all of the assets were sold.
	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs as of March 31, 2014 (in thousands):
		Unconsolidated Variable Interest Entities
		LCC			Unsecured			Resource		Total		Maximum
					Junior			Capital Asset				Exposure
					Subordinated			Management				to Loss
					Debentures			CDOs
	Investment in unconsolidated entities	$	40,421		$	1,548		$	—	$	41,969	$	41,969
	Intangible assets	—			—			10,790		10,790		$	10,790
	Total assets	40,421			1,548			10,790		52,759
	Borrowings	—			51,054			—		51,054		N/A
	Total liabilities	—			51,054			—		51,054		N/A
	Net asset (liability)	$	40,421		$	(49,506	)	$	10,790	$	1,705	N/A
	Other than its commitments to fund its real estate joint ventures, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]	'
SUPPLEMENTAL CASH FLOW INFORMATION	'
	SUPPLEMENTAL CASH FLOW INFORMATION
	Supplemental disclosure of cash flow information (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Non-cash financing activities include the following:
	Distributions on common stock declared but not paid	$	25,663	$	21,634
	Distribution on preferred stock declared but not paid	$	2,520	$	1,311
	Issuance of restricted stock	$	640	$	35

INVESTMENT_SECURITIES_TRADING

INVESTMENT SECURITIES TRADING	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
INVESTMENT SECURITIES TRADING	'
	INVESTMENT SECURITIES, TRADING
	The following table summarizes the Company's structured notes and residential mortgage-backed securities (“RMBS”) which are classified as investment securities, trading and carried at fair value (in thousands):
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	31-Mar-14
	Structured notes, trading	$	8,057	$	3,082	$	(1,590	)	$	9,549
	RMBS	1,909		—		(1,471		)	438
	Total	$	9,966	$	3,082	$	(3,061	)	$	9,987
	31-Dec-13
	Structured notes, trading	$	8,057	$	4,050	$	(1,000	)	$	11,107
	RMBS	1,919		—		(1,468		)	451
	Total	$	9,976	$	4,050	$	(2,468	)	$	11,558
	The Company did not purchase or sell securities during the three months ended March 31, 2014. The Company held eight investment securities, trading as of both March 31, 2014 and December 31, 2013, respectively.

INVESTMENT_SECURITIES_AVAILABL

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2014
Available-for-sale Securities [Abstract]	'
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	'
	INVESTMENT SECURITIES AVAILABLE-FOR-SALE
	The Company pledges a portion of its CMBS as collateral against its borrowings under repurchase agreements and derivatives. CMBS that are accounted for as components of linked transactions are not reflected in the tables set forth in this note, as they are accounted for as derivatives.
	The following table summarizes the Company's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
		Amortized Cost (1)				Unrealized Gains				Unrealized Losses				Fair Value
	31-Mar-14
	CMBS	$	186,703			$	7,465			$	(12,877	)		$	181,291
	ABS	35,648				1,519				(328		)		36,839
	Structured notes	12,841				—				—				12,841
	Corporate bonds	2,603				24				(47		)		2,580
	Total	$	237,795			$	9,008			$	(13,252	)		$	233,551
	31-Dec-13
	CMBS	$	185,178			$	7,570			$	(12,030	)		$	180,718
	ABS	25,406				1,644				(394		)		26,656
	Structured notes	5,369				—				—				5,369
	Corporate bonds	2,517				16				(70		)		2,463
	Total	$	218,470			$	9,230			$	(12,494	)		$	215,206
	-1	As of March 31, 2014 and December 31, 2013, $159.1 million and $162.6 million, respectively, of securities were pledged as collateral security under related financings.
	The following table summarizes the estimated maturities of the Company’s investment securities according to their estimated weighted average life classifications (in thousands, except percentages):
	Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
	31-Mar-14
	Less than one year	$	39,393		(1)	$	49,991			4.31%
	Greater than one year and less than five years	138,699				132,935				5.04%
	Greater than five years and less than ten years	38,152				37,319				1.43%
	Greater than ten years	17,307				17,550				9.24%
	Total	$	233,551			$	237,795			4.64%
	31-Dec-13
	Less than one year	$	39,256		(1)	$	40,931			5.25%
	Greater than one year and less than five years	139,700				141,760				4.69%
	Greater than five years and less than ten years	26,526				25,707				1.10%
	Greater than ten years	9,724				10,072				7.90%
	Total	$	215,206			$	218,470			4.49%
	(1)    The Company expects that the maturity date of these CMBS will either be extended or the CMBS will be paid in full.
	The contractual maturities of the CMBS investment securities available-for-sale range from April 2014 to January 2025.  The contractual maturities of the ABS investment securities available-for-sale range from November 2015 to August 2022. The contractual maturities of the corporate bond investment securities available-for-sale range from December 2015 to December 2019.
	The following table shows the fair value, gross unrealized losses and number of securities aggregated by investment category and length of time, that individual investment securities available-for-sale have been in a continuous unrealized loss position during the periods specified (in thousands, except number of securities):
		Less than 12 Months											More than 12 Months							Total
		Fair				Unrealized Losses				Number			Fair			Unrealized Losses			Number	Fair		Unrealized Losses			Number
		Value								of			Value						of	Value					of
										Securities									Securities						Securities
	31-Mar-14
	CMBS	$	51,979			$	(8,478	)		28			$	13,308		$	(4,399	)	12	$	65,287	$	(12,877	)	40
	ABS	—				—				—			4,337			(328		)	8	4,337		(328		)	8
	Corporate bonds	—				—				—			891			(47		)	1	891		(47		)	1
	Total temporarily	$	51,979			$	(8,478	)		28			$	18,536		$	(4,774	)	21	$	70,515	$	(13,252	)	49
	impaired securities
	31-Dec-13
	CMBS	$	52,012			$	(7,496	)		34			$	14,159		$	(4,534	)	10	$	66,171	$	(12,030	)	44
	ABS	143				(1		)		1			6,692			(393		)	9	6,835		(394		)	10
	Corporate bonds	865				(70		)		1			—			—			—	865		(70		)	1
	Total temporarily	$	53,020			$	(7,567	)		36			$	20,851		$	(4,927	)	19	$	73,871	$	(12,494	)	55
	impaired securities
	The unrealized losses in the above table are considered to be temporary impairments due to market factors and are not reflective of credit deterioration.
	The determination of other-than-temporary impairment is a subjective process, and different judgments and assumptions could affect the timing of loss realization.  The Company reviews its portfolios and makes other-than-temporary impairment determinations at least quarterly.  The Company considers the following factors when determining if there is an other-than-temporary impairment on a security:
	•	the length of time the market value has been less than amortized cost;
	•	the severity of the impairment;
	•	the expected loss of the security as generated by a third-party valuation model;
	•	original and current credit ratings from the rating agencies;
	•	underlying credit fundamentals of the collateral backing the securities;
	•	whether, based upon the Company’s intent, it is more likely than not that the Company will sell the security before the recovery of the amortized cost basis; and
	•	third-party support for default, for recovery, prepayment speed and reinvestment price assumptions.
	The Company performs an on-going review of third-party reports and updated financial data on the properties underlying these securities in order to analyze current and projected security performance.  Rating agency downgrades are considered with respect to the Company’s income approach when determining other-than-temporary impairment and, when inputs are subjected to testing for economic changes within possible ranges, the resulting projected cash flows reflect a full recovery of principal and interest indicating no impairment. During the three months ended March 31, 2014 and 2013, the Company recognized other-than-temporary impairment losses of zero and $21,000, respectively, on positions that supported the Company’s CMBS investments.
	The following table summarizes the Company's sales of investment securities available-for-sale during the period indicated (in thousands, except number of securities):
		Positions		Par Amount Sold				Realized Gain (Loss)
		Sold
March 31, 2014
CMBS position	3		$	12,500			$	(298	)
31-Mar-13
Corporate bond position	2		$	700			$	18
The amounts above do not include redemptions. During the three months ended March 31, 2014, the Company had one corporate bond position redeemed with a total par of $630,000, and recognized a loss of approximately $1,000. During the three months ended March 31, 2014, the Company had one ABS position redeemed with a total par of $2.5 million, and recognized a gain of $25,500. There were no such redemption during the three months ended March 31, 2013.
Changes in interest rates may also have an effect on the rate of principal prepayments and, as a result, prepayments on the Company’s investment portfolio. The aggregate discount (premium) due to interest rate changes were as follows (in thousands):
	March 31,				December 31,
	2014				2013
CMBS	$	6,170			$	6,583
ABS	$	2,174			$	2,394
Corporate bond	$	103			$	68

INVESTMENTS_IN_REAL_ESTATE

INVESTMENTS IN REAL ESTATE	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
INVESTMENTS IN REAL ESTATE	'
	INVESTMENTS IN REAL ESTATE
	The table below summarizes the Company’s investments in real estate (in thousands, except number of properties):
		March 31, 2014				31-Dec-13
		Book Value			Number of Properties	Book Value			Number of Properties
	Multi-family property	$	22,109		1	$	22,107		1
	Office property	—			—	10,273			1
	Subtotal	22,109				32,380
	Less:  Accumulated depreciation	(2,138		)		(2,602		)
	Investments in real estate	$	19,971			$	29,778
	During the three months ended March 31, 2014, the Company made no acquisitions. The Company has two assets classified as property available-for-sale on the consolidated balance sheets at March 31, 2014. The Company confirmed the intent and ability to sell its office property in its present condition during the three months ended March 31, 2014. This property qualified for held for sale accounting treatment upon meeting all applicable criteria on or prior to March 31, 2014, at which time depreciation and amortization were ceased. As such, the assets associated with this property, with a carrying value of $9.6 million, are separately classified and included in property available-for-sale on the Company's consolidated balance sheets at March 31, 2014. However, the anticipated sale of this property did not qualify for discontinued operations and, therefore, the operations for all periods presented continue to be classified within continuing operations on the Company's consolidated statements of income. The Company expects the sale to close in the next 12 months. The gain from the sale of this property will be recorded in gain on sale of real estate on the Company’s consolidated statements of income. Pre-tax earnings recorded on this property for the three months ended March 31, 2014 and 2013 were losses of $16,000 and $77,000, respectively. The Company's hotel property, which was classified as available-for-sale at March 31, 2014 and December 31, 2013, sold during the second quarter of 2014.
	During the year ended December 31, 2013, the Company made no acquisitions and sold one of its multi-family properties for a gain $16.6 million, which was recorded in gain on sale of real estate on the consolidated statements of income. The Company also confirmed the intent and ability to sell one of its other investments in real estate. This asset has been reclassified to property available-for-sale on the consolidated balance sheets at December 31, 2013.

LOANS_HELD_FOR_INVESTMENT

LOANS HELD FOR INVESTMENT	3 Months Ended
	Mar. 31, 2014
LOANS HELD FOR INVESTMENT [Abstract]	'
LOANS HELD FOR INVESTMENT	'
	LOANS HELD FOR INVESTMENT
	The following is a summary of the Company’s loans (in thousands):
	Loan Description		Principal				Unamortized (Discount)			Carrying
							Premium (1)			Value (2)
	March 31, 2014
	Commercial real estate loans:
	Whole loans		$	837,514			$	(3,661	)	$	833,853
	B notes		16,242				(74		)	16,168
	Mezzanine loans		64,390				(91		)	64,299
	Total commercial real estate loans		918,146				(3,826		)	914,320
	Bank loans (3)		690,494				(3,068		)	687,426
	Residential mortgage loans (4)		16,960				—			16,960
	Subtotal loans before allowances		1,625,600				(6,894		)	1,618,706
	Allowance for loan loss		(6,585		)		—			(6,585		)
	Total		$	1,619,015			$	(6,894	)	$	1,612,121
	31-Dec-13
	Commercial real estate loans:
	Whole loans		$	749,083			$	(3,294	)	$	745,789
	B notes		16,288				(83		)	16,205
	Mezzanine loans		64,417				(100		)	64,317
	Total commercial real estate loans		829,788				(3,477		)	826,311
	Bank loans (3)		566,056				(4,033		)	562,023
	Residential Mortgage Loans		16,915				—			16,915
	Subtotal loans before allowances		1,412,759				(7,510		)	1,405,249
	Allowance for loan loss		(13,807		)		—			(13,807		)
	Total		$	1,398,952			$	(7,510	)	$	1,391,442
	-1	Amounts include deferred amendment fees of $200,000 and $216,000 and deferred upfront fees of $127,000 and $141,000 being amortized over the life of the bank loans as of March 31, 2014 and December 31, 2013, respectively.  Amounts include loan origination fees of $3.7 million and $3.3 million and loan extension fees of $62,000 and $73,000 being amortized over the life of the commercial real estate loans as of March 31, 2014 and December 31, 2013, respectively.
	-2	Substantially all loans are pledged as collateral under various borrowings at March 31, 2014 and December 31, 2013, respectively.
	-3	Amounts include $272,000 and $6.9 million of bank loans held for sale at March 31, 2014 and December 31, 2013, respectively.
	-4	Amount includes $15.1 million and $15.0 million of residential mortgage loans held for sale at March 31, 2014 and December 31, 2013.
	At March 31, 2014 and December 31, 2013, approximately 36.5% and 39%, respectively, of the Company’s commercial real estate loan portfolio was concentrated in California; approximately 10.7% and 6.4%, respectively, in Arizona, and approximately 13.2% and 14.6%, respectively, in Texas. At March 31, 2014 and December 31, 2013, approximately 13.3% and 15.8%, of the Company’s bank loan portfolio was concentrated in the collective industry grouping of healthcare, education and childcare. At March 31, 2014, approximately 70% of the Company's residential mortgage loans were originated in Georgia, 10% in North Carolina, 8% in Alabama and 5% in Tennessee and Virginia. At December 31, 2013 approximately 66% of the Company's residential mortgage loans were originated in Georgia, 9% in North Carolina, 7% each in Tennessee and Virginia and 6% in Alabama.
	At March 31, 2014, the Company’s bank loan portfolio consisted of $686.7 million (net of allowance of $741,000) of floating rate loans, which bear interest ranging between the three month London Interbank Offered Rate (“LIBOR”) plus 0.5% and the three month LIBOR plus 13.0% with maturity dates ranging from March 2014 to March 2024.
	At December 31, 2013, the Company’s bank loan portfolio consisted of $558.6 million (net of allowance of $3.4 million) of floating rate loans, which bear interest ranging between the three month London Interbank Offered Rate (“LIBOR”) plus 1.5% and the three month LIBOR plus 10.5% with maturity dates ranging from January 2014 to December 2021.
	The following is a summary of the weighted average life of the Company’s bank loans, at amortized cost (in thousands):
		March 31,				December 31,
		2014				2013
	Less than one year	$	44,852			$	36,985
	Greater than one year and less than five years	489,068				379,874
	Five years or greater	153,506				145,164
		$	687,426			$	562,023
	The following is a summary of the Company’s commercial real estate loans held for investment (in thousands):
	Description		Quantity		Amortized Cost				Contracted	Maturity Dates(3)
									Interest Rates
	31-Mar-14
	Whole loans, floating rate (1) (4) (5)		55		$	833,853			LIBOR plus 2.13% to	April 2014 to
									LIBOR plus 12.14%	Feb-19
	B notes, fixed rate		1		16,168				8.68%	Apr-16
	Mezzanine loans, floating rate		1		12,467				LIBOR plus 15.32%	Apr-16
	Mezzanine loans, fixed rate (7)		3		51,832				0.50% to 18.71%	September 2014 to
										Sep-21
	Total (2)		60		$	914,320
	31-Dec-13
	Whole loans, floating rate (1) (4) (6)		51		$	745,789			LIBOR plus 2.68% to	March 2014 to
									LIBOR plus 12.14%	Feb-19
	B notes, fixed rate		1		16,205				8.68%	Apr-16
	Mezzanine loans, floating rate		1		12,455				LIBOR plus 15.32%	Apr-16
	Mezzanine loans, fixed rate (7)		3		51,862				0.50% to 18.72%	September 2014 to
										Sep-19
	Total (2)		56		$	826,311
	-1	Whole loans had $23.1 million and $13.7 million in unfunded loan commitments as of March 31, 2014 and December 31, 2013, respectively.  These unfunded commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained.
	-2	The total does not include an allowance for loan loss of $5.8 million and $10.4 million as of March 31, 2014 and December 31, 2013, respectively.
	-3	Maturity dates do not include possible extension options that may be available to the borrowers.
	-4	As of March 31, 2014, floating rate whole loans includes $783,000 and $12.6 million mezzanine components of two whole loans, which have a fixed rate of 15.0% and 12.0%, respectively.
-5	Floating rate whole loans include a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of March 31, 2014.
-6	Fixed rate mezzanine loans include a mezzanine loan that was modified into two tranches, which both currently pay interest at 0.50%. In addition, the subordinate tranche accrues interest at LIBOR plus 18.50% which is deferred until maturity.
The following is a summary of the weighted average life of the Company’s commercial real estate loans, at amortized cost (in thousands):
Description		2014				2015			2016 and Thereafter			Total
March 31, 2014
B notes		$	—			$	—		$	16,168		$	16,168
Mezzanine loans		5,711				—			58,588			64,299
Whole loans		5,110				17,967			810,776			833,853
Total (1)		$	10,821			$	17,967		$	885,532		$	914,320
31-Dec-13
B notes		$	—			$	—		$	16,205		$	16,205
Mezzanine loans		5,711				—			58,606			64,317
Whole loans		—				17,949			727,840			745,789
Total (1)		$	5,711			$	17,949		$	802,651		$	826,311
-1	Weighted average life of commercial real estate loans assumes full exercise of extension options available to borrowers.
The following is a summary of the allocation of the allowance for loan loss with respect to the Company’s commercial real estate and bank loans (in thousands, except percentages) by asset class:
Description		Allowance for				Percentage of Total Allowance
		Loan Loss
31-Mar-14
B notes		$	132			2.00%
Mezzanine loans		524				7.96%
Whole loans		5,188				78.79%
Bank loans		741				11.25%
Total		$	6,585
31-Dec-13
B notes		$	174			1.26%
Mezzanine loans		559				4.05%
Whole loans		9,683				70.13%
Bank loans		3,391				24.56%
Total		$	13,807
As of March 31, 2014, the Company had recorded an allowance for loan losses of $6.6 million consisting of a $741,000 allowance on the Company’s bank loan portfolio and a $5.8 million allowance on the Company’s commercial real estate portfolio as a result of the provisions taken on one bank loan as well as the maintenance of a general reserve with respect to these portfolios.  The bank loan allowance decreased $2.7 million from $3.4 million as of December 31, 2013 to $741,000 as of March 31, 2014 as a result of improved credit conditions and the write-off of three loans that were previously in specific reserve.  The whole loan allowance decreased $4.5 million from $9.7 million as of December 31, 2013 to $5.2 million as of March 31, 2014 as a result of the reversal of all of the specific reserves previously taken on one commercial real estate loan that the Company expects to fully recover.
As of December 31, 2013, the Company had recorded an allowance for loan losses of $13.8 million consisting of a $3.4 million allowance on the Company’s bank loan portfolio and a $10.4 million allowance on the Company’s commercial real estate portfolio as a result of the provisions taken on three bank loans and one commercial real estate loan as well as the maintenance of a general reserve with respect to these portfolios.

INVESTMENTS_IN_UNCONSOLIDATED_

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
INVESTMENTS IN UNCONSOLIDATED ENTITIES	'
	INVESTMENTS IN UNCONSOLIDATED ENTITIES
	The following table shows the Company's investments in unconsolidated entities as of March 31, 2014 and December 31, 2013 and equity in net earnings (losses) of unconsolidated subsidiaries for the three months ended March 31, 2014 and 2013 (in thousands):
			Balance as of		Balance as of		For the three months ended			For the three months ended
		Ownership %	March 31,		December 31,		March 31,			March 31,
			2014		2013		2014			2013
	Varde Investment Partners, L.P	7.50%	$	673	$	674	$	(1	)	$	24
	RRE VIP Borrower, LLC	3% to 5%	—		—		866			(113		)
	Investment in LCC Preferred Stock	27.50%	40,421		41,016		(594		)	(336		)
	Investment in RCT I and II (1)	3%	1,548		1,548		(589		)	(593		)
	Investment in Preferred Equity (2)	various	2,400		8,124		1,228			239
	Investment in CVC Global Opps Fund	34.40%	17,011		16,177		834			—
	Investment in Life Care Funding (3)	30%	—		1,530		(75		)	—
	Total		$	62,053	$	69,069	$	1,669		$	(779	)
	-1	For the three months ended March 31, 2014 and 2013, these amounts are recorded in interest expense on the Company's consolidated statements of income.
	-2	For the three months ended March 31, 2014 and 2013, these amounts are recorded in interest income on loans on the Company's consolidated statements of income.
	-3	For the three months ended March 31, 2014, the Company recorded equity in net earnings (losses) of unconsolidated subsidiaries on the consolidated statements of income for two months before LCF was consolidated.
	In May, June and July 2013, the Company invested $15.0 million into CVC Global Credit Opportunities Fund, L.P. (the "Partnership") which generally invests in assets through the Master Fund. The General Partner of the Partnership and the Master Fund is CVC Global Credit Opportunities Fund GP, LLC, a Delaware limited liability company. The investment manager of the Partnership and the Master Fund is CVC Credit Partners, LLC. CVC Capital Partners SICAV-FIS, S.A., a Luxembourg company, together with its affiliates, and Resource America, own a majority and a significant minority, respectively, of the investment manager. The fund will pay the investment manager a quarterly management fee in advance calculated at the rate of 1.5% annually based on the balance of each limited partner's capital account. The Company's management fee was waived upon entering the agreement given that the Company is a related party of CVC Credit Partners, LLC.
	In January 2013, LTCC invested $2.0 million into LCF for the purpose of originating and acquiring life settlement contracts. The Company began consolidating LCF during the three months ended March 31, 2014.
	On June 19, 2012, the Company entered into a joint venture with Värde Investment Partners, LP acting as lender, to purchase two condominium developments.  The Company purchased a 7.5% equity interest in the venture. RREM, was appointed as the asset manager of the venture to perform lease review and approval, debt service collection, loan workout, foreclosure, disposition and permitting, as applicable.  RREM is also responsible for engaging third parties to perform day-to-day property management, property leasing, rent collection, maintenance, and capital improvements.  RREM receives an annual asset management fee equal to 1% of outstanding contributions. For the three months ended March 31, 2014 and 2013, the Company paid RREM management fees of $0 and $16,000, respectively. All of the condominiums were sold as of December 31, 2013.
	On November 16, 2011, the Company, together with LEAF Financial and LCC, entered into a SPA with Eos.  The Company’s resulting interest is accounted for under the equity method. (See Note 3)
	On December 1, 2009, the Company purchased a membership interest in RRE VIP Borrower, LLC (an unconsolidated VIE that holds an interest in a real estate joint venture) from Resource America at book value. RREM, an affiliate of Resource America, acts as asset manager of the venture and receives a monthly asset management fee equal to 1% of the combined investment calculated as of the last calendar day of the month. For the three months ended March 31, 2014 and 2013, the Company paid RREM management fees of $5,000 and $8,000, respectively.
	The Company has a 100% interest valued at $1.5 million in the common shares (3% of the total equity) in two trusts, RCT I and RCT II.  The Company records its investments in RCT I and RCT II’s common shares of $774,000 each as investments in unconsolidated trusts using the cost method and records dividend income upon declaration by RCT I and RCT II.  For the three months ended March 31, 2014 and 2013, the Company recognized $589,000 and $593,000, respectively, of interest expense with respect to the subordinated debentures it issued to RCT I and RCT II which included $49,000 and $47,000, respectively, of amortization of deferred debt issuance costs.

FINANCING_RECEIVABLES

FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
FINANCING RECEIVABLES	'
	FINANCING RECEIVABLES
	The following tables show the allowance for loan losses and recorded investments in loans for the years indicated (in thousands):
		Commercial Real Estate Loans				Bank Loans				Residential Mortgage Loans			Loans Receivable-Related Party		Total
	31-Mar-14
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2014	$	10,416			$	3,391			$	—		$	—	$	13,807
	Provision for loan loss	(4,572		)		612				—			—		(3,960		)
	Loans charged-off	—				(3,262		)		—			—		(3,262		)
	Allowance for losses at March 31, 2014	$	5,844			$	741			$	—		$	—	$	6,585
	Ending balance:
	Individually evaluated for impairment	$	—			$	441			$	—		$	—	$	441
	Collectively evaluated for impairment	$	5,844			$	300			$	—		$	—	$	6,144
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—		$	—	$	—
	Loans:
	Ending balance:
	Individually evaluated for impairment	$	196,883			$	1,566			$	—		$	6,498	$	204,947
	Collectively evaluated for impairment	$	717,437			$	685,248			$	16,960		$	—	$	1,419,645
	Loans acquired with deteriorated credit quality	$	—			$	612			$	—		$	—	$	612
	As of December 31, 2013
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2013	$	7,986			$	9,705			$	—		$	—	$	17,691
	Provision for loan loss	2,686				334				—			—		3,020
	Loans charged-off	(256		)		(6,648		)		—			—		(6,904		)
	Allowance for losses at December 31, 2013	$	10,416			$	3,391			$	—		$	—	$	13,807
	Ending balance:
	Individually evaluated for impairment	$	4,572			$	2,621			$	—		$	—	$	7,193
	Collectively evaluated for impairment	$	5,844			$	770			$	—		$	—	$	6,614
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—		$	—	$	—
	Loans:
	Ending balance:
	Individually evaluated for impairment	$	194,403			$	3,554			$	—		$	6,966	$	204,923
	Collectively evaluated for impairment	$	631,908			$	558,469			$	16,915		$	—	$	1,207,292
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—		$	—	$	—
	Credit quality indicators
	Bank Loans
	The Company uses a risk grading matrix to assign grades to bank loans.  Loans are graded at inception and updates to assigned grades are made continually as new information is received.  Loans are graded on a scale of 1-5 with 1 representing the Company’s highest rating and 5 representing its lowest rating.  The Company also designates loans that are sold after the period end as held for sale at the lower of their fair market value or cost, net of any allowances and costs associated with the loan sales.  The Company considers metrics such as performance of the underlying company, liquidity, collectability of interest, enterprise valuation, default probability, ratings from rating agencies and industry dynamics in grading its bank loans.
	Credit risk profiles of bank loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3			Rating 4		Rating 5			Held for Sale		Total
	As of March 31, 2014
	Bank loans	$	618,896			$	47,742			$	17,340		$	998	$	2,178		$	272	$	687,426
	As of December 31, 2013
	Bank loans	$	488,004			$	42,476			$	18,806		$	2,333	$	3,554		$	6,850	$	562,023
	All of the Company’s bank loans were performing with the exception of one loan with an amortized cost of $1.6 million as of March 31, 2014. During the three months ended March 31, 2014, due to the consolidation of Moselle CLO, the Company acquired five loans with deteriorated credit quality with an amortized cost of $612,000. As of December 31, 2013, all of the Company's bank loans were performing with the exception of three loans with an amortized cost of $3.6 million, one of which defaulted as of 2012, one of which defaulted as of March 31, 2013 and one of which defaulted as of June 30, 2013.
	Commercial Real Estate Loans
	The Company uses a risk grading matrix to assign grades to commercial real estate loans.  Loans are graded at inception and updates to assigned grades are made continually as new information is received.  Loans are graded on a scale of 1-4 with 1 representing the Company’s highest rating and 4 representing its lowest rating.  The Company also designates loans that are sold after the period ends at the lower of their fair market value or cost, net of any allowances and costs associated with the loan sales.  In addition to the underlying performance of the loan collateral, the Company considers metrics such as the strength of underlying sponsorship, payment history, collectability of interest, structural credit enhancements, market trends and loan terms in grading its commercial real estate loans.
	Credit risk profiles of commercial real estate loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3			Rating 4		Held for Sale			Total
	As of March 31 2014
	Whole loans	$	768,243			$	32,500			$	33,110		$	—	$	—		$	833,853
	B notes	16,168				—				—			—		—			16,168
	Mezzanine loans	51,832				12,467				—			—		—			64,299
		$	836,243			$	44,967			$	33,110		$	—	$	—		$	914,320
	As of December 31, 2013
	Whole loans	$	680,718			$	32,500			$	32,571		$	—	$	—		$	745,789
	B notes	16,205				—				—			—		—			16,205
	Mezzanine loans	51,862				12,455				—			—		—			64,317
		$	748,785			$	44,955			$	32,571		$	—	$	—		$	826,311
	All of the Company’s commercial real estate loans were performing as of March 31, 2014 and December 31, 2013.
	Residential Mortgage Loans
	Residential mortgage loans are reviewed periodically for collectability in light of historical experience, the nature and amount of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing underlying conditions. The Company also designates loans that are sold after the period ends as held for sale at the lower of their fair market value or cost.
	Loan Portfolios Aging Analysis
	The following table shows the loan portfolio aging analysis as of the dates indicated at cost basis (in thousands):
		30-59 Days				60-89 Days				Greater than 90 Days			Total Past Due		Current			Total Loans Receivable		Total Loans > 90 Days and Accruing
31-Mar-14
Whole loans	$	—			$	—			$	—		$	—	$	833,853		$	833,853	$	—
B notes	—				—				—			—		16,168			16,168		—
Mezzanine loans	—				—				—			—		64,299			64,299		—
Bank loans	—				—				612			612		686,814			687,426		—
Residential mortgage loans	258				—				—			258		16,702			16,960		—
Loans receivable- related party	—				—				—			—		6,498			6,498		—
Total loans	$	258			$	—			$	612		$	870	$	1,624,334		$	1,625,204	$	—
31-Dec-13
Whole loans	$	—			$	—			$	—		$	—	$	745,789		$	745,789	$	—
B notes	—				—				—			—		16,205			16,205		—
Mezzanine loans	—				—				—			—		64,317			64,317		—
Bank loans	—				—				3,554			3,554		558,469			562,023		—
Residential mortgage loans	234				91				268			593		16,322			16,915		—
Loans receivable- related party	—				—				—			—		6,966			6,966		—
Total loans	$	234			$	91			$	3,822		$	4,147	$	1,408,068		$	1,412,215	$	—
Impaired Loans
The following tables show impaired loans indicated (in thousands):
	Recorded Balance				Unpaid Principal Balance				Specific Allowance			Average Investment in Impaired Loans		Interest Income Recognized
31-Mar-14
Loans without a specific valuation allowance:
Whole loans	$	158,811			$	158,811			$	—		$	156,694	$	12,103
B notes	$	—			$	—			$	—		$	—	$	—
Mezzanine loans	$	38,072			$	38,072			$	—		$	38,072	$	1,916
Bank loans	$	612			$	612			$	—		$	—	$	—
Residential mortgage loans	$	—			$	—			$	—		$	—	$	—
Loans receivable - related party	$	5,372			$	5,372			$	—		$	—	$	—
Loans with a specific valuation allowance:
Whole loans	$	—			$	—			$	—		$	—	$	—
B notes	$	—			$	—			$	—		$	—	$	—
Mezzanine loans	$	—			$	—			$	—		$	—	$	—
Bank loans	$	1,566			$	1,566			$	(441	)	$	—	$	—
Residential mortgage loans	$	—			$	—			$	—		$	—	$	—
Loans receivable - related party	$	—			$	—			$	—		$	—	$	—
Total:
Whole loans	$	158,811			$	158,811			$	—		$	156,694	$	12,103
B notes	—				—				—			—		—
Mezzanine loans	38,072				38,072				—			38,072		1,916
Bank loans	2,178				2,178				(441		)	—		—
Residential mortgage loans	—				—				—			—		—
Loans receivable - related party	5,372				5,372				—			—		—
	$	204,433			$	204,433			$	(441	)	$	194,766	$	14,019
31-Dec-13
Loans without a specific valuation allowance:
Whole loans	$	130,759			$	130,759			$	—		$	123,495	$	8,439
B notes	$	—			$	—			$	—		$	—	$	—
Mezzanine loans	$	38,072			$	38,072			$	—		$	38,072	$	1,615
Bank loans	$	—			$	—			$	—		$	—	$	—
Loans receivable - related party	$	5,733			$	5,733			$	—		$	—	$	—
Residential mortgage loans	$	315			$	268			$	—		$	—	$	—
Loans with a specific valuation allowance:
Whole loans	$	25,572			$	25,572			$	(4,572	)	$	24,748	$	1,622
B notes	$	—			$	—			$	—		$	—	$	—
Mezzanine loans	$	—			$	—			$	—		$	—	$	—
Bank loans	$	3,554			$	3,554			$	(2,621	)	$	—	$	—
Residential mortgage loans	$	—			$	—			$	—		$	—	$	—
Loans receivable - related party	$	—			$	—			$	—		$	—	$	—
Total:
Whole loans	$	156,331			$	156,331			$	(4,572	)	$	148,243	$	10,061
B notes	—				—				—			—		—
Mezzanine loans	38,072				38,072				—			38,072		1,615
Bank loans	3,554				3,554				(2,621		)	—		—
Residential mortgage loans	315				268				—			—		—
Loans receivable - related party	5,733				5,733				—			—		—
	$	204,005			$	203,958			$	(7,193	)	$	186,315	$	11,676
Troubled- Debt Restructurings
The Company had no troubled-debt restructurings during the three months ended March 31, 2014.
The following table shows troubled-debt restructurings in the Company's loan portfolio (in thousands) during the three months ended March 31, 2013:
	Number of Loans		Pre-Modification Outstanding Recorded Balance				Post-Modification Outstanding Recorded Balance
Whole loans	6		$	153,958			$	136,672
B notes	—		—				—
Mezzanine loans	1		38,072				38,072
Bank loans	—		—				—
Residential mortgage loans	—		—				—
Loans receivable - related party	1		7,797				7,797
Total loans	8		$	199,827			$	182,541
As of March 31, 2014 and 2013, there were no troubled-debt restructurings that subsequently defaulted.

INTANGIBLE_ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
INTANGIBLE ASSETS	'
	INTANGIBLE ASSETS
	Intangible assets represent identifiable intangible assets acquired as a result of the Company’s acquisition of RCAM in February 2011, its conversion of loans to investments in real estate in June 2011, and the acquisition of real estate in August 2011.  The Company amortizes identified intangible assets to expense over their estimated lives or period of benefit using the straight-line method.  The Company evaluates intangible assets for impairment as events and circumstances change.  In October 2012, the Company purchased 66.6% of the preferred equity of, and began consolidating, Whitney CLO I, one of the RCAM CLOs (see Note 3 ). As a result of this transaction and the consolidation of Whitney CLO I, the Company wrote-off the unamortized balance of $2.6 million, the intangible asset associated with this CLO, which was recorded in gain (loss) on consolidation in the consolidated statement of income during the year ended December 31, 2012. In May 2013, the Company purchased additional equity, increasing its ownership percentage to 68.3%. Due to an event whereby a second CLO liquidated in early 2013, the Company accelerated the amortization of the remaining balance of its intangible asset and recorded a $657,000 charge to depreciation and amortization on the consolidated statement of income during the year ended December 31, 2012. Upon acquisition of PCA, the Company recognized an intangible asset of $600,000 related to its wholesale-correspondent relationships, which have a finite life of approximately two years.
	The Company expects to record amortization expense on intangible assets of approximately $2.1 million for the year ended December 31, 2014, $2.0 million for the year ended December 31, 2015, $1.8 million for the years ended December 31, 2016 and 2017 and $1.6 million for the year ended December 31, 2018.  The weighted average amortization period was 7.5 years and 7.7 years at March 31, 2014 and December 31, 2013, respectively and the accumulated amortization was $11.5 million and $12.5 million at March 31, 2014 and December 31, 2013, respectively.
	The following table summarizes intangible assets at March 31, 2014 and December 31, 2013 (in thousands).
		Asset Balance		Accumulated Amortization			Net Asset
	31-Mar-14
	Investment in RCAM	$	21,213	$	(10,424	)	$	10,789
	Investments in real estate:
	In-place leases	920		(920		)	—
	Above (below) market leases	29		(29		)	—
	Investment in PCA:
	Wholesale or correspondent relationships	600		(106		)	494
	Total intangible assets	$	22,762	$	(11,479	)	$	11,283
	31-Dec-13
	Investment in RCAM	$	21,213	$	(9,980	)	$	11,233
	Investments in real estate:
	In-place leases	2,461		(2,430		)	31
	Above (below) market leases	29		(29		)	—
	Investment in PCA:
	Wholesale or correspondent relationships	600		(42		)	558
	Total intangible assets	$	24,303	$	(12,481	)	$	11,822
	For the three months ended March 31, 2014 and 2013, the Company recognized $1.7 million and $1.4 million, respectively, of fee income related to the investment in RCAM.
	On October 31, 2013, the Company through its taxable REIT subsidiary, RCC Residential, Inc. acquired PCA, an Atlanta based company that originates and services residential mortgage loans for approximately $7.6 million in cash. The total incremental expenses of the acquisition including legal and other professional fees were $333,000. All legal and professional fees were expensed as incurred. The Company’s acquisition of PCA represents a return to the residential mortgage investment market by providing a residential mortgage origination platform.
	As part of this transaction, a key employee of PCA was granted approximately $800,000 of the Company’s restricted stock. The grant is accounted for as compensation and is being amortized to equity compensation expense over three years, the vesting period. Dividends declared on the stock while unvested are recorded as compensation expense. Dividends declared after the stock vests will be recorded as a distribution. For the year ended December 31, 2013, $48,000 of amortization of this stock grant was recorded to equity compensation expense on the Company’s consolidated statement of income and $27,000 of compensation expense related to dividends on unvested shares was recorded to general and administrative on the Company’s consolidated statement of income.
	The purchase price has been allocated to the assets acquired and liabilities assumed based upon the Company’s best estimate of fair value with any shortage under the net tangible and intangible assets acquired allocated to gain on bargain purchase. The gain on bargain purchase resulted from the stock grant described above being accounted for as compensation under GAAP and was recorded as other income (expense) on the Company's consolidate statement of income.
	The valuation of the identified intangibles including wholesale and correspondent relationship assets totaling $600,000, which relates to PCA’s operations, was determined based upon estimated net profits, after taxes, to be received as a result of those relationships. The wholesale correspondent relationships are being amortized over their estimated useful life, two years.
	The following table sets forth the allocation of the purchase price as of December 31, 2013 (in thousands):
	Assets acquired:
	Cash and cash equivalents	$	1,233
	Loans held for sale	15,021
	Loans held for investment	2,071
	Wholesale and correspondent relationships	600
	Other assets	5,828
	Total assets	24,753
	Less: Liabilities assumed:
	Borrowings	14,584
	Other liabilities	2,165
	Total liabilities	16,749
	Gain on bargain purchase	391
	Total cash purchase price	$	7,613
	Although no further purchase price adjustments for PCA are anticipated, the Company has not yet completed the process of estimating the fair value of assets acquired and liabilities assumed on this investment. Accordingly, the Company's preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as the Company completes the process. In accordance with FASB ASC Topic 805, changes, if any, to the preliminary estimates and allocation will be reported in the Company's consolidated financial statements, retrospectively.

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
BORROWINGS	'
	BORROWINGS
	The Company historically has financed the acquisition of its investments, including investment securities, loan and lease receivables, through the use of secured and unsecured borrowings in the form of CDOs, securitized notes, repurchase agreements, secured term facilities, warehouse facilities and trust preferred securities issuances.  Certain information with respect to the Company’s borrowings at March 31, 2014 and December 31, 2013 is summarized in the following table (in thousands, except percentages):
		Outstanding Borrowings		Unamortized			Principal			Weighted Average		Weighted Average	Value of		Date
				Issuance Costs			Outstanding			Borrowing Rate		Remaining	Collateral		Securitization Closed
				and Discounts								Maturity
	31-Mar-14
	RREF CDO 2006-1 Senior Notes	$	100,184	$	129		$	100,313		1.86%		32.4 years	$	169,809	Aug-06
	RREF CDO 2007-1 Senior Notes	147,866		509			148,375			0.91%		32.5 years	297,703		Jun-07
	RCC CRE Notes 2013	256,866		3,974			260,840			2.02%		14.7 years	303,410		Dec-13
	Apidos CDO I Senior Notes	73,815		—			73,815			1.66%		3.3 years	88,532		Aug-05
	Apidos CDO III Senior Notes	112,511		40			112,551			0.94%		6.5 years	124,677		May-06
	Apidos Cinco CDO Senior Notes	319,797		703			320,500			0.74%		6.1 years	345,029		May-07
	Whitney CLO I Senior Notes (1)	133		—			133			—%		N/A	157		N/A
	Moselle CLO S.A. Senior Notes	167,181		—			167,181			0.95%		5.8 years	202,247		Oct-05
	Moselle CLO S.A. Securitized Borrowings	5,116		—			5,116			—%		N/A	—		N/A
	Unsecured Junior Subordinated Debentures (2)	51,054		494			51,548			4.18%		22.6 years	—		May/Sept 2006
	6.0% Convertible Senior Notes	107,130		7,870			115,000			6.00%		4.7 years	—		Oct-13
	CRE - Term Repurchase Facilities (3)	99,726		743			100,469			2.63%		18 days	153,895		N/A
	CMBS - Term Repurchase Facility (4)	36,819		—			36,819			1.37%		18 days	44,386		N/A
	Residential Mortgage Financing Agreements	14,686		—			14,686			4.23%		147 days	16,728		N/A
	CMBS - Short Term Repurchase Agreements	9,205		—			9,205			1.40%		24 days	13,246		N/A
	Total	$	1,502,089	$	14,462		$	1,516,551		1.83%		10.9 years	$	1,759,819
		Outstanding Borrowings		Unamortized			Principal			Weighted Average		Weighted Average	Value of		Date
				Issuance Costs			Outstanding			Borrowing Rate		Remaining	Collateral		Securitization Closed
				and Discounts								Maturity
	31-Dec-13
	RREF CDO 2006-1 Senior Notes	$	94,004	$	205		$	94,209		1.87%		32.6 years	$	169,115	Aug-06
	RREF CDO 2007-1 Senior Notes	177,837		719			178,556			0.84%		32.8 years	318,933		Jun-07
	RCC CRE Notes 2013	256,571		4,269			260,840			2.03%		15.0 years	305,586		Dec-13
	Apidos CDO I Senior Notes	87,131		—			87,131			1.68%		3.6 years	103,736		Aug-05
	Apidos CDO III Senior Notes	133,209		117			133,326			0.88%		6.7 years	145,930		May-06
	Apidos Cinco CDO Senior Notes	321,147		853			322,000			0.74%		6.4 years	342,796		May-07
	Whitney CLO I Securitized Borrowings (1)	440		—			440			—%		N/A	885		N/A
	Unsecured Junior	51,005		543			51,548			4.19%		22.8 years	—		May/Sept 2006
	Subordinated Debentures (2)
	6.0% Convertible Senior Notes	106,535		8,465			115,000			6.00%		4.9 years	—		Oct-13
	CRE - Term Repurchase Facilities (3)	29,703		1,033			30,736			2.67%		21 days	48,186		N/A
	CMBS - Term Repurchase Facility (4)	47,601		12			47,613			1.38%		21 days	56,949		N/A
	Residential Mortgage Financing	14,627		—			14,627			4.24%		216 days	16,487		N/A
	Total	$	1,319,810	$	16,216		$	1,336,026		1.87%		13.1 years	$	1,508,603
	-1	The securitized borrowings are collateralized by the same assets as the Apidos CLO VIII Senior Notes and the Whitney CLO I Securitized Borrowings, respectively.
	-2	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
	-3	Amount also includes accrued interest costs of $98,000 and $26,000 related to CRE repurchase facilities as of March 31, 2014 and December 31, 2013, respectively.
	-4	Amounts also includes accrued interest costs of $18,000 and $22,000 related to CMBS repurchase facilities as of March 31, 2014 and December 31, 2013, respectively. Amount does not reflect CMBS repurchase agreement borrowings that components of linked transactions.
	Securitizations
	RCC CRE Notes 2013
	In December 2013, the Company closed RCC CRE Notes 2013 ("RCC CRE Notes 2013"), a $307.8 million CRE securitization transaction that provided financing for transitional commercial real estate loans.  The investments held by RCC CRE Notes 2013 securitized the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  RCC CRE Notes 2013 issued a total of $260.8 million of senior notes at par to unrelated investors.  RCC Real Estate purchased 100% of the Class D senior notes (rated BBB:DBRS), Class E senior notes (rated BB:DBRS) and Class F senior notes (rated B:DBRS) for $30.0 million.  In addition, RCC CRE Notes 2013 Investor, LLC, a subsidiary of RCC Real Estate, purchased a $16.9 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RCC CRE Notes 2013 but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RCC CRE Notes 2013. There is no reinvestment period for RCC CRE Notes 2013, which will result in the sequential pay down of notes as underlying collateral matures and pays down.  As of March 31, 2014, none of the notes have been paid down.
	At closing, the senior notes issued to investors by RCC CRE Notes 2013 consisted of the following classes: (i) $136.9 million of Class A notes bearing interest at one-month LIBOR plus 1.30%; (ii) $78.5 million of Class A-S notes bearing interest at one-month LIBOR plus 2.15%; (iii) $30.8 million of Class B notes bearing interest at one-month LIBOR plus 2.85%; (iv) $14.6 million of Class C notes bearing interest at one-month LIBOR plus 3.50%; (v) $13.8 million of Class D notes bearing interest at one-month LIBOR plus 4.50%; (vi) $9.2 million of Class E notes bearing interest at one-month LIBOR plus 5.50%; (vii) and $6.9 million of Class F notes bearing interest at one-month LIBOR plus 6.50%.  All of the notes issued mature in December 2028, although the Company has the right to call the notes anytime after January 2016 until maturity.  The weighted average interest rate on all notes issued to outside investors was 2.02% at March 31, 2014.
	As a result of the Company’s ownership of senior notes, the notes retained at the CRE securitization's closing eliminate in consolidation.
	Resource Real Estate Funding CDO 2007-1
	In June 2007, the Company closed RREF CDO 2007-1, a $500.0 million CDO transaction that provided financing for commercial real estate loans and commercial mortgage-backed securities.  The investments held by RREF CDO 2007-1 collateralize the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  RREF CDO 2007-1 issued a total of $265.6 million of senior notes at par to unrelated investors.  RCC Real Estate purchased 100% of the Class H senior notes (rated BBB+:Fitch), Class K senior notes (rated BBB-:Fitch), Class L senior notes (rated BB:Fitch) and Class M senior notes (rated B: Fitch) for $68.0 million.  In addition, Resource Real Estate Funding 2007-1 CDO Investor, LLC, a subsidiary of RCC Real Estate, purchased a $41.3 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RREF CDO 2007-1 but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RREF CDO 2007-1. The reinvestment period for RREF 2007-1 ended in June 2012, which results in the sequential pay down of notes as underlying collateral matures and pays down.  As of March 31, 2014, $93.6 million of Class A-1 notes have been paid down and $50.0 million of the Class A-1R notes have been paid down.
	At closing, the senior notes issued to investors by RREF CDO 2007-1 consisted of the following classes: (i) $180.0 million of Class A-1 notes bearing interest at one-month LIBOR plus 0.28%; (ii) $50.0 million of unissued Class A-1R notes, which allowed the CDO to fund future funding obligations under the existing whole loan participations that had future funding commitments; the undrawn balance of the Class A-1R notes accrued a commitment fee at a rate per annum equal to 0.18%, the drawn balance bore interest at one-month LIBOR plus 0.32%; (iii) $57.5 million of Class A-2 notes bearing interest at one-month LIBOR plus 0.46%; (iv) $22.5 million of Class B notes bearing interest at one-month LIBOR plus 0.80%; (v) $7.0 million of Class C notes bearing interest at a fixed rate of 6.423%; (vi) $26.8 million of Class D notes bearing interest at one-month LIBOR plus 0.95%; (vii) $11.9 million of Class E notes bearing interest at one-month LIBOR plus 1.15%; (viii) $11.9 million of Class F notes bearing interest at one-month LIBOR plus 1.30%; (ix) $11.3 million of Class G notes bearing interest at one-month LIBOR plus 1.55%; (x) $11.3 million of Class H notes bearing interest at one-month LIBOR plus 2.30%; (xi) $11.3 million of Class J notes bearing interest at one-month LIBOR plus 2.95%; (xii) $10.0 million of Class K notes bearing interest at one-month LIBOR plus 3.25%; (xiii) $18.8 million of Class L notes bearing interest at a fixed rate of 7.50% and (xiv) $28.8 million of Class M notes bearing interest at a fixed rate of 8.50%.  All of the notes issued mature in September 2046, although the Company has the right to call the notes anytime after July 2017 until maturity.  The weighted average interest rate on all notes issued to outside investors and net of repurchased notes was 0.91% and 0.84% at March 31, 2014 and December 31, 2013, respectively.
	During the three months ended March 31, 2014 and the year ended December 31, 2013, the Company did not repurchase any notes.
	As a result of the Company’s ownership of senior notes, both the notes repurchased subsequent to closing and those retained at the CDO’s closing eliminate in consolidation.
	Resource Real Estate Funding CDO 2006-1
	In August 2006, the Company closed RREF CDO 2006-1, a $345.0 million CDO transaction that provided financing for commercial real estate loans.  The investments held by RREF CDO 2006-1 collateralize the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  RREF CDO 2006-1 issued a total of $308.7 million of senior notes at par to investors of which RCC Real Estate purchased 100% of the Class J senior notes (rated BB: Fitch) and Class K senior notes (rated B:Fitch) for $43.1 million.  In addition, Resource Real Estate Funding 2006-1 CDO Investor, LLC, a subsidiary of RCC Real Estate, purchased a $36.3 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RREF CDO 2006-1 but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RREF CDO 2006-1.  The reinvestment period for RREF 2006-1 ended in September 2011 which results in the sequential pay down of notes as underlying collateral matures and pays down.  As of March 31, 2014, $110.7 million of Class A-1 notes have been paid down.
	At closing, the senior notes issued to investors by RREF CDO 2006-1 consisted of the following classes:  (i) $129.4 million of Class A-1 notes bearing interest at one-month LIBOR plus 0.32%; (ii) $17.4 million of Class A-2 notes bearing interest at one-month LIBOR plus 0.35%; (iii) $5.0 million of Class A-2 notes bearing interest at a fixed rate of 5.842%; (iv) $6.9 million of Class B notes bearing interest at one-month LIBOR plus 0.40%; (v) $20.7 million of Class C notes bearing interest at one-month LIBOR plus 0.62%; (vi) $15.5 million of Class D notes bearing interest at one-month LIBOR plus 0.80%; (vii) $20.7 million of Class E notes bearing interest at one-month LIBOR plus 1.30%; (viii) $19.8 million of Class F notes bearing interest at one-month LIBOR plus 1.60%; (ix) $17.3 million of Class G notes bearing interest at one-month LIBOR plus 1.90%; (x) $12.9 million of Class H notes bearing interest at one-month LIBOR plus 3.75%, (xi) $14.7 million of Class J notes bearing interest at a fixed rate of 6.00% and (xii) $28.4 million of Class K notes bearing interest at a fixed rate of 6.00%.  All of the notes issued mature in August 2046, although the Company has the right to call the notes anytime after August 2016 until maturity.  The weighted average interest rate on all notes issued to outside investors and net of repurchased notes was 1.86% and 1.87% at March 31, 2014 and December 31, 2013, respectively.
	During the three months ended March 31, 2014 and the year ended December 31, 2013, the Company did not repurchase any notes.
	As a result of the Company’s ownership of senior notes, both the notes repurchased subsequent to closing and those retained at the CDO’s closing eliminate in consolidation.
	Moselle CLO S.A.
	In February 2014, the Company purchased 100% of the Class 1 Subordinated Notes and 67.9% of the Class 2 Subordinated Notes, which represented 88.6% of the outstanding subordinated notes in the European securitization Moselle CLO S.A. Due to the Company's economic interest combined with its contractual, unilateral kick-out rights acquired upon its purchase of a majority of the subordinate notes, the Company determined that it had a controlling financial interest and consolidated Moselle CLO. See Note 3. The notes purchased by the Company are subordinated in right of payment to all other notes issued by Moselle CLO.
	The balances of the senior notes issued to investors when the Company acquired a controlling financial interest in February 2014 were as follows: (i) €24.9 million of Class A-1E notes bearing interest at LIBOR plus 0.25% (ii) $24.9 million of Class A-1L notes bearing interest at LIBOR plus 0.25% (iii) €10.3 million of Class A-1LE notes bearing interest at LIBOR plus 0.31% (iv) $10.3 million of Class A-1LE USD notes bearing interest at LIBOR plus 0.31% (v) €13.8 million of Class A-2E notes bearing interest at LIBOR plus 0.40%: (vi) $13.8 million of Class A-2L notes bearing interest at LIBOR plus 0.40%; (vii) €6.8 million of Class A-3E notes bearing interest at LIBOR plus 0.70%; (viii) $6.8 million of Class A-3L notes bearing interest at LIBOR plus 0.75%; (ix) €16.0 million of Class B-1E notes bearing interest at LIBOR plus 1.80%; and (x) $16.0 million of Class B-1L notes bearing interest at LIBOR plus 1.85%.
	All notes issued mature on January 6, 2020. The Company has the right to call the notes anytime after January 6, 2010 until maturity. The weighted average interest rate on all notes was 0.95% at March 31, 2014.
Whitney CLO I
In February 2011, the Company acquired the rights to manage the assets held by Whitney CLO I. In October 2012, the Company purchased a $20.9 million preferred equity interest at a discount of 42.5% which represented 66.6% of the outstanding preference shares in Whitney CLO I. In May 2013 the Company purchased an additional $550,000 equity interest in Whitney CLO I and as of March 31, 2014 held 68.3% of the outstanding preference shares. Based upon those purchases, the Company determined that it had a controlling interest and consolidated Whitney CLO I. The preferred equity interest is subordinated in right of payment to all other securities issued by Whitney CLO I. In 2013, the Company liquidated Whitney CLO I and, as a result, substantially all of the assets were sold.
Apidos CLO VIII
In October 2011, the Company closed Apidos CLO VIII, a $350.0 million CLO transaction that provides financing for bank loans.  The investments held by Apidos CLO VIII collateralize the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  Apidos CLO VIII issued a total of $317.6 million of senior notes at a discount of 4.4% to investors and Resource TRS III purchased a $15.0 million interest representing 43% of the outstanding subordinated debt.  The remaining 57% of subordinated debt was owned by unrelated third parties.  The subordinated debt interest was subordinated in right of payment to all other securities issued by Apidos CLO VIII. In 2013, Apidos CLO VIII was called and liquidated and, as a result, all of the assets were sold. Total proceeds from the sale of these assets, plus proceeds from previous sales and paydowns in the CLO were used to pay down the notes in full.
Apidos Cinco CDO
In May 2007, the Company closed Apidos Cinco CDO, a $350.0 million CDO transaction that provides financing for bank loans.  The investments held by Apidos Cinco CDO collateralize the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  Apidos Cinco CDO issued a total of $322.0 million of senior notes at par to investors and RCC commercial purchased a $28.0 million equity interest representing 100% of the outstanding preference shares.  The reinvestment period for Apidos Cinco CDO ends in May 2014.  The equity interest is subordinated in right of payment to all other securities issued by Apidos Cinco CDO.
The senior notes issued to investors by Apidos Cinco CDO consist of the following classes: (i) $37.5 million of Class A-1 notes bearing interest at LIBOR plus 0.24%; (ii) $200.0 million of Class A-2a notes bearing interest at LIBOR plus 0.23%; (iii) $22.5 million of Class A-2b notes bearing interest at LIBOR plus 0.32%; (iv) $19.0 million of Class A-3 notes bearing interest at LIBOR plus 0.42%; (v) $18.0 million of Class B notes bearing interest at LIBOR plus 0.80%; (vi) $14.0 million of Class C notes bearing interest at LIBOR plus 2.25% and (vii) $11.0 million of Class D notes bearing interest at LIBOR plus 4.25%. All of the notes issued mature on May 14, 2020, although the Company has the right to call the notes anytime after May 14, 2011 until maturity.  The weighted average interest rate on all notes was 0.74% and 0.74% at March 31, 2014 and December 31, 2013, respectively.
Apidos CDO III
In May 2006, the Company closed Apidos CDO III, a $285.5 million CDO transaction that provides financing for bank loans.  The investments held by Apidos CDO III collateralize the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  Apidos CDO III issued a total of $262.5 million of senior notes at par to investors and RCC Commercial purchased a $23.0 million equity interest representing 100% of the outstanding preference shares.  The equity interest is subordinated in right of payment to all other securities issued by Apidos CDO III.
At closing, the senior notes issued to investors by Apidos CDO III consist of the following classes:  (i) $212.0 million of Class A-1 notes bearing interest at 3-month LIBOR plus 0.26%; (ii) $19.0 million of Class A-2 notes bearing interest at 3-month LIBOR plus 0.45%; (iii) $15.0 million of Class B notes bearing interest at 3-month LIBOR plus 0.75%; (iv) $10.5 million of Class C notes bearing interest at 3-month LIBOR plus 1.75%; and (v) $6.0 million of Class D notes bearing interest at 3-month LIBOR plus 4.25%.  All of the notes issued mature on September 12, 2020, although the Company has the right to call the notes anytime after September 12, 2011 until maturity.  The weighted average interest rate on all notes was 0.94% and 0.88% at March 31, 2014 and December 31, 2013, respectively. The reinvestment period for Apidos CDO III ended in June 2012 which results in the sequential pay down of notes as underlying collateral matures and pays down.  As of March 31, 2014, $149.9 million of Class A-1 notes have been paid down.
Apidos CDO I
In August 2005, the Company closed Apidos CDO I, a $350.0 million CDO transaction that provides financing for bank loans.  The investments held by Apidos CDO I collateralize the debt it issued and, as a result, the investments are not available to the Company, its creditors or stockholders.  Apidos CDO I issued a total of $321.5 million of senior notes at par to investors and RCC Commercial purchased a $28.5 million equity interest representing 100% of the outstanding preference shares.  The equity interest is subordinated in right of payment to all other securities issued by Apidos CDO I.
At closing, the senior notes issued to investors by Apidos CDO I consisted of the following classes:  (i) $259.5 million of Class A-1 notes bearing interest at 3-month LIBOR plus 0.26%; (ii) $15.0 million of Class A-2 notes bearing interest at 3-month LIBOR plus 0.42%; (iii) $20.5 million of Class B notes bearing interest at 3-month LIBOR plus 0.75%; (iv) $13.0 million of Class C notes bearing interest at 3-month LIBOR plus 1.85%; and (v) $8.0 million of Class D notes bearing interest at a fixed rate of 9.25%.  All of the notes issued mature on July 27, 2017, although the Company has the right to call the notes anytime after July 27, 2010 until maturity.  The weighted average interest rate on all notes was 1.66% and 1.68% and at March 31, 2014 and December 31, 2013, respectively. The reinvestment period for Apidos CDO I ended in July 2011 which results in the sequential pay down of notes as underlying collateral matures and pays down.  As of March 31, 2014, $245.7 million of the Class A-1 notes have been paid down.
During the three months ended March 31, 2014 and the year ended December 31, 2013, the Company did not repurchase any notes.
6.0% Convertible Senior Notes
On October 21, 2013, the Company issued and sold in a public offering $115.0 million aggregate principal amount of its 6.0% Convertible Senior Notes due 2018, ("6.0% Convertible Senior Notes"). After deducting the underwriting discount and the estimated offering costs, the Company received approximately $111.1 million of net proceeds. The discount of $4.9 million on the 6.0% Convertible Senior Notes reflects the difference between the stated value of the debt and the fair value of the notes as if they were issued without a conversion feature and at a higher rate of interest that the Company estimated would have been applicable without the conversion feature.  The discount will be amortized on a straight-line basis as additional interest expense through maturity on December 1, 2018. Interest on the 6.0% Convertible Senior Notes is paid semi-annually and the 6.0% Convertible Senior Notes mature on December 1, 2018. Prior to December 1, 2018, the 6.0% Convertible Senior Notes are not redeemable at the Company's option, except to preserve the Company's status as a REIT. On or after December 1, 2018, the Company may redeem all or a portion of the 6.0% Convertible Senior Notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 6.0% Convertible Senior Notes may require the Company to repurchase all or a portion of the 6.0% Convertible Senior Notes at a purchase price equal to the principal amount plus accrued and unpaid interest on December 1, 2018, or upon the occurrence of certain defined fundamental changes. The 6.0% Convertible Senior Notes are convertible at the option of the holder at a current conversion rate of 150.1502 common shares per $1,000 principal amount of 6.0% Convertible Senior Notes (equivalent to a current conversion price of $6.66 per common share). Upon conversion of 6.0% Convertible Senior Notes by a holder, the holder will receive cash, common shares of the Company or a combination of cash and common shares of the Company, at the Company's election.
Unsecured Junior Subordinated Debentures
In May 2006 and September 2006, the Company formed RCT I and RCT II, respectively, for the sole purpose of issuing and selling capital securities representing preferred beneficial interests.  Although the Company owns $774,000 of the common securities of RCT I and RCT II, RCT I and RCT II are not consolidated into the Company’s consolidated financial statements because the Company is not deemed to be the primary beneficiary of these entities.  In connection with the issuance and sale of the capital securities, the Company issued junior subordinated debentures to RCT I and RCT II of $25.8 million each, representing the Company’s maximum exposure to loss.  The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II are included in borrowings and are being amortized into interest expense in the consolidated statements of income using the effective yield method over a ten year period.
The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II at March 31, 2014 were $236,000 and $258,000, respectively.  The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II at December 31, 2013, were $261,000 and $282,000, respectively.  The rates for RCT I and RCT II, at March 31, 2014, were 4.18% and 4.19%, respectively.  The rates for RCT I and RCT II, at December 31, 2013, were 4.20% and 4.19%, respectively.
The rights of holders of common securities of RCT I and RCT II are subordinate to the rights of the holders of capital securities only in the event of a default; otherwise, the common securities’ economic and voting rights are pari passu with the capital securities.  The capital and common securities of RCT I and RCT II are subject to mandatory redemption upon the maturity or call of the junior subordinated debentures held by each.  Unless earlier dissolved, RCT I will dissolve on May 25, 2041 and RCT II will dissolve on September 29, 2041.  The junior subordinated debentures are the sole assets of RCT I and RCT II, mature on September 30, 2036 and October 30, 2036, respectively, and may be called at par by the Company any time after September 30, 2011 and October 30, 2011, respectively.  The Company records its investments in RCT I and RCT II’s common securities of $774,000 each as investments in unconsolidated entities and records dividend income upon declaration by RCT I and RCT II.
Repurchase and Mortgage Finance Facilities
Borrowings under the repurchase and mortgage finance facilities agreements were guaranteed by the Company or one of its subsidiaries. The following table sets forth certain information with respect to the Company's borrowings at March 31, 2014 and December 31, 2013 (dollars in thousands):
	March 31, 2014								December 31, 2013
	Outstanding		Value of			Number of		Weighted Average	Outstanding			Value of		Number of	Weighted Average
	Borrowings		Collateral			Positions		Interest Rate	Borrowings			Collateral		Positions	Interest Rate
						as Collateral								as Collateral
CMBS Term
Repurchase Facility
Wells Fargo Bank (1)	$	36,819	$	44,386		48		1.37%	$	47,601		$	56,949	44	1.38%
CRE Term
Repurchase Facilities
Wells Fargo Bank (2)	96,140		148,312			7		2.62%	30,003			48,186		3	2.67%
Deutsche Bank AG (3)	3,586		5,583			1		3.03%	(300		)	—		—	—%
Short-Term Repurchase
Agreements - CMBS
Wells Fargo Securities, LLC	—		—			—		—	—			—		—	—%
Deutsche Bank Securities, LLC	9,205		13,246			4		1.40%	—			—		—	—%
Residential Mortgage
Financing Agreements
New Century Bank	10,275		11,145			72		4.19%	11,916			13,089		74	4.17%
ViewPoint Bank, NA	4,411		5,584			25		4.46%	2,711			3,398		17	4.58%
Totals	$	160,436	$	228,256					$	91,931		$	121,622
-1	The Wells Fargo CMBS term facility borrowing includes zero and $12,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
-2	The Wells Fargo CRE term repurchase facility borrowing includes $577,000 and $732,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
-3	The Deutsche Bank term repurchase facility includes $166,000 and $300,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
The assets in the following table are accounted for as linked transactions. These linked repurchase agreements are not included in borrowings on the Company's consolidated balance sheets (see Note 20).
	March 31, 2014								December 31, 2013
	Borrowings		Value of Collateral			Number		Weighted Average	Borrowings			Value of Collateral		Number	Weighted Average
	Under Linked		Under Linked			of Positions		Interest Rate	Under Linked			Under Linked		of Positions	Interest Rate
	Transactions (1)		Transactions			as Collateral		of Linked	Transactions (1)			Transactions		as Collateral	of Linked
						Under Linked		Transactions						Under Linked	Transactions
						Transactions								Transactions
CMBS Term
Repurchase Facility
Wells Fargo Bank	$	6,156	$	7,994		7		1.64%	$	6,506		$	8,345	7	1.65%
CRE Term
Repurchase Facilities
Wells Fargo Bank	—		—			—		—%	—			—		—	—%
Short-Term Repurchase
Agreements - CMBS
JP Morgan Securities, LLC	12,006		18,342			4		0.83%	17,020			24,814		4	0.99%
Wells Fargo Securities, LLC	19,621		27,982			8		1.19%	21,969			30,803		9	1.19%
Deutsche Bank Securities, LLC	33,883		51,840			14		1.41%	18,599			29,861		9	1.43%
Totals	$	71,666	$	106,158					$	64,094		$	93,823
The following table shows information about the amount at risk under the repurchase facilities (dollars in thousands):
	Amount at		Weighted Average		Weighted Average
	Risk (1)		Maturity in Days		Interest Rate
31-Mar-14
CMBS Term Repurchase Facility
Wells Fargo Bank, National Association (2)	$	8,822	18		1.37%
CRE Term Repurchase Facilities
Wells Fargo Bank, National Association	$	57,882	18		2.62%
Deutsche Bank Securities, LLC	$	9,155	18		3.03%
Short-Term Repurchase Agreements - CMBS
JP Morgan Securities, LLC (3)	$	6,403	14		0.83%
Wells Fargo Securities, LLC	$	8,411	6		1.19%
Deutsche Bank Securities, LLC	$	18,176	24		1.41%
31-Dec-13
CMBS Term Repurchase Facility
Wells Fargo Bank, National Association (2)	$	10,796	21		1.38%
CRE Term Repurchase Facilities
Wells Fargo Bank, National Association	$	20,718	21		2.67%
Short-Term Repurchase Agreements - CMBS
JP Morgan Securities, LLC (3)	$	7,882	11		0.99%
Wells Fargo Securities, LLC	$	8,925	2		1.19%
Deutsche Bank Securities, LLC	$	11,418	22		1.43%
-1	Equal to the estimated fair value of securities or loans sold, plus accrued interest income, minus the sum of repurchase agreement liabilities plus accrued interest expense.
-2	$6.2 million and $6.5 million of linked repurchase agreement borrowings are being included as derivative instruments as of March 31, 2014 and December 31, 2013, respectively, (see Note 20).
-3	$12.0 million and $17.0 million of linked repurchase agreement borrowings are being included as derivative instruments as of March 31, 2014 and December 31, 2013, respectively.
CMBS – Term Repurchase Facility
In February 2011, the registrant's wholly-owned subsidiaries, RCC Commercial Inc. and RCC Real Estate, Inc. (collectively, the "RCC Subsidiaries"), entered into a master repurchase and securities contract (the “2011 Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”).  Under the 2011 Facility, from time to time, the parties may enter into transactions in which the RCC Subsidiaries and Wells Fargo agree to transfer from the RCC Subsidiaries to Wells Fargo all of their right, title and interest to certain commercial mortgage backed securities and other assets (the “Assets”) against the transfer of funds by Wells Fargo to the RCC Subsidiaries, with a simultaneous agreement by Wells Fargo to transfer back to the RCC Subsidiaries such Assets at a date certain or on demand, against the transfer of funds from the RCC Subsidiaries to Wells Fargo. The maximum amount of the Facility is $100.0 million which had an original two year term with a one year option to extend, and an interest rate equal to the one-month LIBOR plus 1.00% plus a .25% initial structuring fee and a .25% extension fee upon exercise. The 2011 facility has a current maturity date of January 31, 2015. The RCC Subsidiaries may enter into interest rate swaps and cap agreements for securities whose average life exceeds two years to mitigate interest rate risk under the 2011 Facility.
The 2011 Facility contains customary events of default, including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, and the institution of bankruptcy or insolvency proceedings that remain unstayed.  The remedies for such events of default are also customary for this type of transaction and include the acceleration of all obligations of the RCC Subsidiaries to repay the purchase price for purchased assets.
The 2011 Facility also contains margin call provisions relating to a decline in the market value of a security. Under these circumstances, Wells Fargo may require the RCC Subsidiaries to transfer cash in an amount sufficient to eliminate any margin deficit resulting from such a decline.
Under the terms of the 2011 Facility and pursuant to a guarantee agreement dated February 1, 2011 (the “2011 Guaranty”), the Company agreed to unconditionally and irrevocably guarantee to Wells Fargo the prompt and complete payment and performance of (a) all payment obligations owing by the RCC Subsidiaries to Wells Fargo under or in connection with the 2011 Facility and any other governing agreements and any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (b) all expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by Wells Fargo in the enforcement of any of the foregoing or any obligation of the registrant; and (c) any other obligations of the RCC Subsidiaries with respect to Wells Fargo under each of the governing documents.  The 2011 Guaranty  includes covenants that, among other things, limit the Company's leverage and debt service ratios and require maintenance of certain levels of cash and net worth. RCC Real Estate and RCC Commercial were in compliance with all financial debt covenants under the 2011 Facility and 2011 Guaranty as of March 31, 2014.
CRE – Term Repurchase Facilities
On February 27, 2012, RCC Real Estate entered into a master repurchase and securities agreement (the "2012 Facility") with Wells Fargo to finance the origination of commercial real estate loans.  The 2012 facility had an original maximum amount of $150.0 million and an initial 18 month term.  The Company paid an origination fee of 37.5 basis points (0.375%).  On April 2, 2013, RCC Real Estate entered into an amendment which increased the size to $250.0 million and extended the current term of the 2012 Facility to February 27, 2015. The amendment also provides two additional one year extension options at RCC Real Estate's discretion. RCC Real Estate paid structuring fees of $101,000 and an extension fee of $938,000 in connection with the amendment, and will amortize the additional fees over the term of the extension.
This 2012 Facility contains customary events of default, including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, and the institution of bankruptcy or insolvency proceedings that remain unstayed.  The remedies for such events of default are also customary for this type of transaction and include the acceleration of all obligations of the Company to repay the purchase price for purchased assets.
The 2012 Facility also contains margin call provisions relating to a decline in the market value of a security. Under these circumstances, Wells Fargo may require the Company to transfer cash in an amount sufficient to eliminate any margin deficit resulting from such a decline.
Under the terms of the 2012 Facility and pursuant to a guarantee agreement dated February 27, 2012 (the “2012 Guaranty”), the Company agreed to unconditionally and irrevocably guarantee to Wells Fargo the prompt and complete payment and performance of (a) all payment obligations owing by the Company to Wells Fargo under or in connection with the 2012 Facility and any other governing agreements and any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (b) all expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by Wells Fargo in the enforcement of any of the foregoing or any obligation of the registrant; and (c) any other obligations of the Company with respect to Wells Fargo under each of the governing documents.  The 2012 Guaranty includes covenants that, among other things, limit the the Company's leverage and debt service ratios and require maintenance of certain levels of cash and net worth. RCC Real Estate was in compliance with all debt covenants as of March 31, 2014 and the Company was in compliance with all financial covenants under the 2012 Guaranty as of March 31, 2014.
On July 19, 2013, RCC Real Estate's wholly-owned subsidiary, RCC Real Estate SPE 5 (or "SPE 5"), entered into a master repurchase and securities agreement (the "DB Facility") with Deutsche Bank AG, Cayman Islands Branch ("DB") to finance the origination of commercial real estate loans.  The DB Facility had a maximum amount of $200.0 million and an initial 12 month term, ending on July 19, 2014, with two one-year extensions at the option of SPE 5 and subject further to the right of SPE 5 to repurchase the assets held in the facility earlier. The Company paid a structuring fee of 0.25% of the maximum facility amount, as well as other reasonable closing costs. The Company guaranteed SPE 5's performance of its obligations under the DB Facility. There were outstanding borrowings of $9.2 million and zero under this facility as of March 31, 2014 and December 31, 2013, respectively.
The DB Facility contains provisions that provide DB with certain rights if certain credit events have occurred with respect to one or more assets financed on the DB Facility to either repay a portion of the advance on such asset(s) or repay such advance in full (by repurchase of such asset(s)). Depending on the nature of the credit event, such repayment may be required notwithstanding the availability of interest and principal payments from assets financed on the DB Facility, or may only be required to the extent of the availability of such payments.
The DB Facility contains events of default (subject to certain materiality thresholds and grace periods) customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency proceedings; a change of control of SPE 5 or the Company; breaches of covenants and/or certain representations and warranties; performance defaults by the Company; a judgment in an amount greater than $100,000 against SPE 5 or $5.0 million in the aggregate against the Company; or a default involving the failure to pay or acceleration of a monetary obligation in excess of $100,000 of SPE 5 or $5.0 million of the Company. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the DB Facility and the liquidation by DB of assets then subject to the DB Facility. The Company and SPE 5 were in compliance with all debt covenants as of March 31, 2014.
Short-Term Repurchase Agreements - CMBS
On November 6, 2012, RCC Real Estate entered into a master repurchase and securities agreement with JP Morgan Securities LLC to finance the purchase of CMBS.  There is no stated maximum amount of the facility and the repurchase agreement has no stated maturity. Interest rates reset monthly.
On February 14, 2012, RCC Real Estate entered into a master repurchase and securities agreement with Wells Fargo Securities, LLC to finance the purchase of CMBS.  There is no stated maximum amount of the facility and the repurchase agreement has no stated maturity date with monthly resets of interest rates.  The Company guaranteed RCC Real Estate’s performance of its obligations under the repurchase agreement.
On March 8, 2005, RCC Real Estate entered into a master repurchase and securities agreement with Deutsche Bank Securities Inc. to finance the purchase of CMBS and the origination of commercial real estate loans.  There is no stated maximum amount of the facility and the repurchase agreement has an initial 12 month term with monthly resets of interest rates.  The Company guaranteed RCC Real Estate’s performance of its obligations under the repurchase agreement.
Residential Mortgage Financing Agreements
PCA has a master repurchase agreement with New Century Bank d/b/a Customer's Bank ("New Century") to finance the acquisition of residential mortgage loans. The facility has a maximum amount of $30.0 million and a termination date of July 2, 2014, which was amended from the original terms over the course of four amendments. At March 31, 2014, PCA had borrowed $10.3 million under this facility. The facility bears interest at one month LIBOR plus 3.50%.
The New Century facility contains provisions that provide New Century with certain rights if certain credit events have occurred with respect to one or more assets financed on the New Century facility to either require PCA to repay a portion of the advance on such asset(s) or repay such advance in full (by repurchase of such asset(s)). Depending on the nature of the credit event, such repayment may be required notwithstanding the availability of interest and principal payments from assets financed on the New Century facility, or may only be required to the extent of the availability of such payments.
The New Century facility contains events of default (subject to certain materiality thresholds and grace periods) customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency proceedings; a change in the nature of PCA's business as a mortgage banker as presently conducted or a change in senior management, including the employment of two senior members of PCA's management staff; breaches of covenants and/or certain representations and warranties; performance defaults by PCA; a judgment in an amount greater than $10,000 against PCA or $50,000 in the aggregate against PCA. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the New Century facility and the liquidation by New Century of assets then subject to the New Century facility. The agreement requires PCA to maintain a minimum maintenance balance account at all times of $1.5 million and PCA was in compliance as of March 31, 2014. PCA was in compliance with all financial debt covenants as of March 31, 2014.
PCA has a loan participation agreement with ViewPoint Bank, NA ("ViewPoint") to finance the acquisition of residential mortgage loans. The facility has a maximum amount of $15.0 million and a termination date of December 30, 2014, which was amended from the original terms over the course of five amendments. At March 31, 2014, PCA had borrowed $4.4 million. The facility bears interest at one month LIBOR with a 4.00% floor.
The ViewPoint facility contains provisions that provide ViewPoint with certain rights if certain credit events have occurred with respect to one or more assets financed on the ViewPoint facility to either require PCA to repay a portion of the advance on such asset(s) or repay such advance in full (by repurchase of such asset(s)).  Depending on the nature of the credit event, such repayment may be required notwithstanding the availability of interest and principal payments from assets financed on the ViewPoint facility, or may only be required to the extent of the availability of such payments. The agreement requires PCA to maintain a minimum balance in a deposit account at all times of $1.0 million and PCA was in compliance as of March 31, 2014.
PCA received a waiver on a covenant due to an event of default that requires PCA to maintain consolidated net income of at least one dollar for the preceding twelve month period and not allow PCA's consolidated net income to be a negative number for three consecutive months. The waiver removed all existing defaults and waived the net income covenant requirement until September 30, 2014. PCA was in compliance with all other financial covenant requirements under the agreement as of March 31, 2014.
Mortgage Payable
On August 1, 2011, the Company, through RCC Real Estate, purchased Whispertree Apartments, a 504 unit multi-family property located in Houston, Texas, for $18.1 million.  The property was 95% occupied at acquisition.  In conjunction with the purchase of the property, the Company entered into a seven year mortgage of $13.6 million with a lender.  The mortgage bore interest at a rate of one-month LIBOR plus 3.95%.   At December 31, 2013 there were no outstanding borrowings under this agreement as the property was sold and the underlying mortgage was repaid in 2013.

SHARE_ISSUANCE_AND_REPURCHASE

SHARE ISSUANCE AND REPURCHASE	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
SHARE ISSUANCE AND REPURCHASE	'
	SHARE ISSUANCE AND REPURCHASE
	On December 17, 2013, Resource Capital Corp. (the “Company”) entered into an 8.50% Series A Cumulative Redeemable Preferred Stock At-the-Market Issuance Sales Agreement with Resource Capital Manager, Inc. and MLV & Co. LLC (“MLV”) to sell up to 600,000 shares of its 8.50% Series A Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock”), from time to time through an “at the market” equity offering program under which MLV will act as sales agent. Also on December 17, 2013, the Company entered into an 8.25% Series B Cumulative Redeemable Preferred Stock At-the-Market Issuance Sales Agreement, with the Manager and MLV to sell up to 1,400,000 shares of its 8.25% Series B Cumulative Redeemable Preferred Stock, par value $0.001 per share (the “Series B Preferred Stock”), from time to time through an “at the market” equity offering program under which MLV will act as sales agent. During the three months ended March 31, 2014, the Company issued 191,087 shares at a weighted average offering price of $23.74 and 488,977 shares at a weighted average offering price of $22.98, respectively of its Series A Preferred Stock and Series B Preferred Stock.
	On March 15, 2013, the Company and Resource Capital Manager entered into an At-the-Market Issuance Sales Agreement with MLV to sell up to 1,500,000 shares of its 8.25% Series B Cumulative Redeemable Preferred Stock from time to time through an "at-the-market" equity offering program under which MLV will act as sales agent. During the three months ended March 31, 2014, the Company issued 14,922 shares at a weighted average offering price of $22.80. As of March 31, 2014, 1,500,000 shares have been issued under this agreement at a weighted average offering price of $24.42. This agreement was superseded by the December 2013 agreement with MLV.
	Under a dividend reinvestment plan authorized by the board of directors on March 21, 2013, the Company is authorized to issue up to 20,000,000 shares of common stock. Under this plan, the Company issued 18,666 shares during the three months ended March 31, 2014 at a weighted-average net share price of $6.06 and received proceeds of $110,000 (net of costs).

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
SHARE-BASED COMPENSATION	'
	SHARE-BASED COMPENSATION
	The following table summarizes restricted common stock transactions:
		Non-Employee Directors			Non-Employees			Employees		Total
	Unvested shares as of January 1, 2014	38,704			2,835,523			238,368		3,112,595
	Issued	37,786			580,283			22,318		640,387
	Vested	(33,219	)		(1,049,574	)		—		(1,082,793	)
	Forfeited	—			—			—		—
	Unvested shares as of March 31, 2014	43,271			2,366,232			260,686		2,670,189
	The Company is required to value any unvested shares of restricted common stock granted to non-employees at the current market price.  The estimated fair value of the unvested shares of restricted stock granted during the three months ended March 31, 2014 and 2013, including the grant date fair value of shares issued to the Company’s six non-employee directors, was $3.7 million, $233,000, respectively.
	The following table summarizes the restricted common stock grants during the three months ended March 31, 2014:
	Date		Shares		Vesting/Year		Date(s)
	January 30, 2014		481,625		33.30%		1/30/15, 1/30/16, 1/30/17
	February 3, 2014		5,972		100%		2/3/14
	March 11, 2014		25,770		100%		3/11/15
	March 12, 2014		6,044		100%		3/12/15
	March 30, 2014		112,000		1/6 per quarter		3/31/14, 6/30/14, 9/30/14, 12/31/14, 3/31/15, 6/30/15 (1)
	March 31, 2014		8,976		25%		3/31/15, 3/31/16, 3/31/17, 3/31/18
	1	In connection with a grant of restricted common stock made on August 25, 2011, the Company agreed to issue up to 336,000 additional shares of common stock if certain loan origination performance thresholds are achieved by personnel from the Company’s loan origination team.  The performance criteria are measured at the end of three annual measurement periods beginning April 1, 2011.  The agreement also provides dividend equivalent rights pursuant to which the dividends that would have been paid on the shares had they been issued on the date of grant will be paid at the end of each annual measurement period if the performance criteria are met.  If the performance criteria are not met, the accrued dividends will be forfeited.  As a consequence, the Company will not record the dividend equivalent rights until earned.  On March 30, 2014, the third annual measurement period ended and 112,000 shares were earned.  In addition, $258,000 of accrued dividend equivalent rights was earned.
	2	All shares were issued from the 2007 Plan with the exception of these shares which were issued from unregistered shares as part of the consideration for the purchase of PCA.
	The following table summarizes the status of the Company’s unvested stock options as of March 31, 2014:
	Unvested Options	Options			Weighted Average Grant
					Date Fair Value
	Unvested at January 1, 2014	13,334			$	6.4
	Granted	—
	Vested	—
	Forfeited	—
	Unvested at March 31, 2014	13,334			$	6.4
	The following table summarizes the status of the Company’s vested stock options as of March 31, 2013:
	Vested Options	Number of Options			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
	Vested as of January 1, 2014	627,332			$	14.62
	Vested	—			—
	Exercised	—			—
	Forfeited	—			—
	Vested as of March 31, 2014	627,332			$	14.62			2	$	10
	The outstanding stock options have a weighted average remaining contractual term of two years.
	For the three months ended March 31, 2014 and 2013, the components of equity compensation expense were as follows (in thousands):
		Three Months Ended
		March 31,
		2014				2013
	Options granted to Manager and non-employees	$	(2	)		$	7
	Restricted shares granted non-employees	1,429				3,550
	Restricted shares granted employees	175				—
	Restricted shares granted to non-employee directors	65				34
	Total equity compensation expense	$	1,667			$	3,591
	During the three months ended March 31, 2013, the Manager received 110,639 shares as incentive compensation valued at $653,000 pursuant to the Management Agreement.  There was no incentive fee received for the three months ended March 31, 2014. The incentive management fee is paid one quarter in arrears.
	Apart from incentive compensation payable under the Management Agreement, the Company has established no formal criteria for equity awards as of March 31, 2014.  All awards are discretionary in nature and subject to approval by the Compensation Committee of the Company's board of directors.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	EARNINGS PER SHARE
	The following table presents a reconciliation of basic and diluted earnings per share for the periods presented as follows (in thousands, except share and per share amounts):
		Three Months Ended
		March 31,
		2014		2013
	Basic:
	Net income allocable to common shares	$	15,116	$	11,526
	Weighted average number of shares outstanding	125,616,537		104,224,083
	Basic net income per share	$	0.12	$	0.11
	Diluted:
	Net income allocable to common shares	$	15,116	$	11,526
	Weighted average number of shares outstanding	125,616,537		104,224,083
	Additional shares due to assumed conversion of dilutive instruments	1,051,077		1,102,531
	Adjusted weighted-average number of common shares outstanding	126,667,614		105,326,614
	Diluted net income per share	$	0.12	$	0.11
	Potentially dilutive shares relating to 17,907,939 and 601,666 shares and convertible debt for the three months ended March 31, 2014 and 2013, respectively, were not included in the calculation of diluted net income per share because the effect was anti-dilutive. The aforementioned potentially dilutive shares are related to the conversion feature on our 6% convertible senior notes (See Note 12) and is computed by dividing the par value of the outstanding 6% convertible senior notes by the conversion ratio at issuance.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Accumulated Other Comprehensive Loss	'
	ACCUMULATED OTHER COMPREHENSIVE LOSS
	The following table, which is presented gross of tax, presents the changes in each component of accumulated other comprehensive income for the three months ended March 31, 2014 (dollars in thousands):
		Net unrealized (loss) gain on derivatives			Net unrealized (loss) gain on securities,			Foreign Currency Translation			Accumulated other comprehensive loss
					available-for-sale
	January 1, 2014	$	(11,155	)	$	(3,084	)	$	196		$	(14,043	)
	Other comprehensive gain (loss) before reclassifications	387			(1,754		)	(196		)	(1,563		)
	Amounts reclassified from accumulated other	70			1,465			—			1,535
	comprehensive income
	Net current-period other comprehensive income	457			(289		)	(196		)	(28		)
	March 31, 2014	$	(10,698	)	$	(3,373	)	$	—		$	(14,071	)

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	RELATED PARTY TRANSACTIONS
	Relationship with Resource America and Certain of its Subsidiaries
	Relationship with Resource America.  On September 19, 2013, the Audit Committee of the Board of Directors of Resource America concluded that Resource America should consolidate the financial statements of the Company, which was previously treated as an unconsolidated variable interest entity. The Audit Committee reached this conclusion after consultations with the Office of the Chief Accountant of the Securities and Exchange Commission (the “Commission”) following comments received from the staff of the Division of Corporation Finance of the Commission and the Audit Committee's discussion with the Company's management and its independent registered public accounting firm. Resource America's Audit Committee noted that consolidation of the Company was not expected to materially affect Resource America's previously reported net income attributable to common shareholders. At March 31, 2014, Resource America owned 2,861,592 shares, or 2.2%, of the Company’s outstanding common stock.  In addition, Resource America held 2,166 options to purchase restricted stock.
	The Company is managed by the Manager, which is a wholly-owned subsidiary of Resource America, pursuant to a Management Agreement that provides for both base and incentive management fees.  For the three months ended March 31, 2014 and 2013, the Manager earned base management fees of approximately $2.9 million and $2.5 million, respectively. No incentive management fees were earned for the three months ended March 31, 2014 or 2013.  The Company also reimburses the Manager and Resource America for expenses, including the expenses of employees of Resource America who perform legal, accounting, due diligence and other services that outside professionals or consultants would otherwise perform, and for the wages, salaries and benefits of several Resource America personnel dedicated to the Company’s operations.  For the three months ended March 31, 2014 and 2013, the Company paid the Manager $990,000 and $888,000, respectively, as expense reimbursements.
	On November 24, 2010, the Company entered into an Investment Management Agreement with Resource Capital Markets, Inc. (“RCM”), a wholly-owned subsidiary of Resource America.  The initial agreement provided that: (a) RCM may invest up to $5.0 million of the Company’s funds, with the investable amount being adjusted by portfolio gains (losses) and collections, and offset by expenses, taxes and realized management fees, and (b) RCM can earn a management fee in any year that the net profits earned exceed a preferred return. On June 17, 2011, the Company entered into a revised Investment Management Agreement with RCM which provided an additional $8.0 million of the Company’s funds.  The management fee is 20% of the amount by which the net profits exceed the preferred return.  During the three months ended March 31, 2014 and 2013, RCM earned $0 and $266,000 in management fees, respectively.  The Company has reinvested gains from its activity and holds $10.0 million in fair market value of trading securities as of March 31, 2014, a decrease of $1.6 million from $11.6 million at fair market value as of December 31, 2013.  The Company and RCM also established an escrow account that allocates the net profit or net losses of the portfolio on a yearly basis based on the net asset value of the account.  During the three months ended March 31, 2014 and 2013, RCM earned $0 and $35,000, respectively, as its share of the net profits as defined in the Investment Management Agreement.  As of March 12, 2013, the Company was no longer required to maintain the escrow account and it was agreed that no further amounts shall be owed to RCM. The Company also reimburses RCM for expenses paid on the Company's behalf. For the three months ended March 31, 2014 and 2013, the Company paid RCM $75,000 and $89,000, respectively, as expense reimbursements. The portfolio began a partial liquidation during the year ended December 31, 2013.
	At March 31, 2014, the Company was indebted to the Manager for $1.9 million, comprised of base management fees of $993,000 and expense reimbursements of $897,000.  At December 31, 2013, the Company was indebted to the Manager for $1.6 million, comprised of base management fees of $997,000 and expense reimbursements of $572,000. At March 31, 2014, the Company was indebted to RCM, under the Company’s Investment Management Agreement for $244,000 for expense reimbursements.  At December 31, 2013, the Company was indebted to RCM, under the Company’s Investment Management Agreement for $289,000, comprised of incentive management fees of $123,000 and expense reimbursements of $166,000.
	During the year ended December 31, 2013, the Company, through one of its subsidiaries, began originating middle-market loans, which Resource America is paid origination fees in connection with the Company’s middle-market lending operation, which fees may not exceed 2% of the loan balance for any loan originated.
	On November 7, 2013, the Company, through a wholly-owned subsidiary, purchased all of the membership interests in Elevation Home Loans, LLC, a start-up residential mortgage company, from an employee of Resource America for $830,000, paid in the form of 136,659 shares of restricted Company common stock.  The restricted stock cliff vests in full on November 7, 2016, and includes dividend equivalent rights.
	The Company had executed seven securitizations as of March 31, 2014 and December 31, 2013, which were structured for the Company by the Manager.  Under the Management Agreement, the Manager was not separately compensated by the Company for executing these transactions and is not separately compensated for managing the securitzation's entities and their assets. The Company liquidated one of these CDOs in October 2013.
	Relationship with LEAF Financial. LEAF Financial originated and managed equipment leases and notes on behalf of the Company. On March 5, 2010, the Company entered into agreements with Lease Equity Appreciation Fund II, L.P. (“LEAF II”) (an equipment leasing partnership sponsored by LEAF Financial and of which a LEAF Financial subsidiary is the general partner), pursuant to which the Company provided and funded an $8.0 million credit facility to LEAF II.  The credit facility initially had a one year term at with interest at 12% per year, payable quarterly, and was secured by all the assets of LEAF II, including its entire ownership interest in LEAF II Receivables Funding.  The Company received a 1% origination fee in connection with establishing the facility.  The facility originally matured on March 3, 2011 and was extended until September 3, 2011 with a 1% extension fee paid on the outstanding loan balance.  On June 3, 2011, the Company entered into an amendment to extend the maturity to February 15, 2012 and to decrease the interest rate from 12% to 10% per annum resulting in a troubled-debt restructuring under current accounting guidance.  On February 15, 2012, the credit facility was further amended to extend the maturity to February 15, 2013 with a 1% extension fee accrued and added to the amount outstanding.  On January 11, 2013, the Company entered into another amendment to extend the maturity to February 15, 2014 with an additional 1% extension fee accrued and added to the amount outstanding. On December 17, 2013, the Company entered into another amendment to extend the maturity to February 15, 2015. Principal payments of $361,000 were made during the three months ended March 31, 2014. The loan amount outstanding at March 31, 2014 and December 31, 2013 was $5.4 million and $5.7 million, respectively.
	On November 16, 2011, the Company together with LEAF Financial and LCC entered into the SPA with Eos (see Note 3). The Company’s resulting interest is accounted for under the equity method.  For the three months ended March 31, 2014 and 2013, the Company recorded losses of $594,000 and $336,000, respectively, which was recorded in equity in net earnings (losses) of unconsolidated subsidiaries on the consolidated statement of income.  The Company’s investment in LCC was valued at $40.4 million and $41.0 million as of March 31, 2014 and December 31, 2013, respectively.
	Relationship with CVC Credit Partners. On April 17, 2012, Apidos Capital Management (“ACM”), a former subsidiary of Resource America, was sold to CVC Credit Partners, LLC ("CVC Credit Partners"), a joint venture entity in which Resource America owns a 33% interest. CVC Credit Partners manages internally and externally originated bank loan assets on the Company’s behalf.  On February 24, 2011, a subsidiary of the Company purchased 100% of the ownership interests in Churchill Pacific Asset Management LLC ("CPAM") from Churchill Financial Holdings LLC for $22.5 million.  CPAM subsequently changed its name to RCAM. Through RCAM, the Company was initially entitled to collect senior, subordinated and incentive fees related to five CLOs holding approximately $1.9 billion in assets managed by RCAM.  RCAM is assisted by CVC Credit Partners in managing these CLOs.  CVC Credit Partners is entitled to 10% of all subordinated fees and 50% of the incentive fees received by RCAM.  For the three months ended March 31, 2014 and 2013, CVC Credit Partners earned subordinated fees of $370,000 and $181,000, respectively. In October 2012, the Company purchased 66.6% of the preferred equity in one of the RCAM CLOs. In May 2013, the Company purchased an additional equity in this CLO, increasing its ownership percentage to 68.3%. In September 2013, this CLO was called and the notes were paid down in full. Another RCAM-managed CLO also elected to redeem its outstanding notes in whole in February 2013.
	In May, June and July 2013, the Company invested a total of $15.0 million in CVC Global Credit Opportunities Fund which generally invests in assets through the Master Fund (see Note 3). The fund will pay the investment manager a quarterly management fee in advance calculated at the rate of 1.5% annually based on the balance of each limited partner's capital account. The Company's management fee was waived upon entering the agreement given that the Company is a related party of CVC Credit Partners. For the three months ended March 31, 2014, the Company recorded earnings of $834,000, which was recorded in equity in net earnings (losses) of unconsolidated subsidiaries on the consolidated statement of income. No such earnings were recorded for the three months ended March 31, 2013. The Company's investment balance of $17.0 million and $16.2 million as of March 31, 2014 and December 31, 2013, respectively, is recorded as an investment in unconsolidated entities on the Company's consolidated balance sheets using the equity method.
	Relationship with Resource Real Estate. Resource Real Estate, a subsidiary of Resource America, originates, finances and manages the Company’s commercial real estate loan portfolio, including whole loans, B notes, mezzanine loans, and investments in real estate.  The Company reimburses Resource Real Estate for loan origination costs associated with all loans originated.  The Company had no indebtedness to Resource Real Estate for loan origination costs in connection with the Company’s commercial real estate loan portfolio as of March 31, 2014 and December 31, 2013.
	On August 9, 2006, the Company, through its subsidiary, RCC Real Estate, originated a loan to Lynnfield Place, a multi-family apartment property, in the amount of $22.4 million. The loan was then purchased by RREF CDO 2006-1. The loan, which matures on May 9, 2018, carries an interest rate of LIBOR plus a spread of 3.50% with a LIBOR floor of 2.50%. On June 14, 2011, RCC Real Estate converted this loan, collateralized by a multi-family building, to equity. The loan was kept outstanding and continues to be used as collateral in RREF CDO 2006-1. RREM was appointed as the asset manager as of August 1, 2011. RREM performs lease review and approval, debt service collection, loan workout, foreclosure, disposition and/or entitlements and permitting, as applicable. RREM is also responsible for engaging third parties to perform day-to-day property management, property leasing, rent collection, maintenance, and capital improvements. RREM is entitled to a monthly asset management fee equal to 4.0% of the gross receipts generated from the property. The Company incurred fees payable to RREM in the amounts of $34,000 and $35,000 during the three months ended March 31, 2014 and 2013, respectively.
	On December 1, 2009, the Company purchased a membership interest in RRE VIP Borrower, LLC (an unconsolidated VIE that holds an interest in a real estate joint venture) from Resource America for $2.1 million, its book value (see Note 3).  RREM acts as asset manager of the venture and receives a monthly asset management fee equal to 1.0% of the combined investment calculated as of the last calendar day of the month. For the three months ended March 31, 2014 and 2013, the Company paid RREM management fees of $5,000 and $8,000, respectively. For the three months ended March 31, 2014 and 2013, the Company recorded income of $866,000 and losses of $113,000, respectively, which was recorded in equity in net earnings (losses) of unconsolidated subsidiaries on the consolidated statement of income. The investment balance at March 31, 2014 and December 31, 2013 was zero and zero, respectively, and is classified as an investment in unconsolidated entities on the Company's consolidated balance sheets using the equity method.
	On January 15, 2010, the Company loaned $2.0 million to Resource Capital Partners, Inc. (“RCP”), a wholly-owned subsidiary of Resource America, so that it could acquire a 5.0% limited partnership interest in Resource Real Estate Opportunity Fund, L.P. (“RRE Opportunity Fund”).  RCP is the general partner of the RRE Opportunity Fund.  The loan is secured by RCP’s partnership interest in the RRE Opportunity Fund.  The promissory note bears interest at a fixed rate of 8.0% per annum on the unpaid principal balance.  In the event of default, interest will accrue and be payable at a rate of 5.0% in excess of the fixed rate.  Interest is payable quarterly.  Mandatory principal payments must also be made to the extent distributable cash or other proceeds from the partnership represent a return of RCP’s capital.  The loan matures on January 14, 2015, and RCP has options to extend the loan for two additional 12-month periods.  Principal payments of $391,000 were made during the three months ended March 31, 2014.  The loan balance was $558,000 and $950,000 at March 31, 2014 and December 31, 2013, respectively.
	On June 21, 2011, the Company entered into a joint venture with an unaffiliated third party to form CR SLH Partners, L.P. (“SLH Partners”) to purchase a defaulted promissory note secured by a mortgage on a multi-family apartment building.  The Company purchased a 10% equity interest in the venture and also loaned SLH Partners $7.0 million to finance the project secured by a first mortgage lien on the property. The loan had a maturity date of September 21, 2012 and bore interest at a fixed rate of 10.0% per annum on the unpaid principal balance, payable monthly.   The Company received a commitment fee equal to 1.0% of the loan amount at the origination of the loan and received a $70,000 exit fee upon repayment.  On May 23, 2012, SLH Partners repaid the $7.0 million loan in its entirety. RREM was appointed as the asset manager of the venture.  RREM performs lease review and approval, debt service collection, loan workout, foreclosure, disposition and permitting, as applicable.  RREM is also responsible for engaging third parties to perform day-to-day property management, property leasing, rent collection, maintenance, and capital improvements.  RREM receives an annual asset management fee equal to 4.0% of the gross receipts generated from the property.  The Company held a $975,000 preferred equity investment in SLH Partners as of December 31, 2013. The investment was sold during the three months ended March 31, 2014 for a $984,000 gain which is recorded on the Company's income statement in equity of earnings of unconsolidated subsidiaries.
	On August 1, 2011, the Company, through RCC Real Estate, entered into an agreement to purchase Whispertree Apartments, a multi-family apartment building, for $18.1 million.  RREM was appointed as asset manager.  RREM performed lease review and approval, debt service collection, loan workout, foreclosure, disposition and permitting, as applicable.  RREM was also responsible for engaging third parties to perform day-to-day property management, property leasing, rent collection, maintenance, and capital improvements.  RREM was entitled to a monthly asset management fee equal to the greater of 4.0% of the gross receipts generated from the property or $12,600.  The Company incurred fees payable to RREM in the amount of $47,000 during the three months ended March 31, 2013. No fees were paid during the three months ended March 31, 2014 as the property was sold on September 30, 2013 for a gain of $16.6 million, which was recorded in gain on sale of real estate on the consolidated statements of income.
	On June 19, 2012, the Company entered into a joint venture with Värde Investment Partners, LP acting as lender, to purchase two condominium developments. RREM acts as asset manager and is responsible for engaging third parties to perform day-to-day property management, property leasing, rent collection, maintenance, and capital improvements.  RREM receives an annual asset management fee equal to 1% of outstanding contributions. For the three months ended March 31, 2014 and 2013, the Company paid RREM management fees of $0 and $16,000, respectively. For the three months ended March 31, 2014 and 2013, the Company recorded a $1,000 loss and earnings of $24,000, respectively, which were recorded in equity in net earnings (losses) of unconsolidated subsidiaries on the consolidated statement of income. The investment balance of $673,000 and $674,000 at March 31, 2014 and December 31, 2013, respectively, is recorded as an investment in unconsolidated entities on the Company's consolidated balance sheets using the equity method. All of the condominiums were sold as of December 31, 2013.
	In December 2013, the Company closed RCC CRE Notes 2013, a $307.8 million real estate securitization that provides financing for commercial real estate loans. Resource Real Estate serves as special servicer. With respect to each Specialty Service Mortgage Loan, Resource Real Estate receives an amount equal to the product of (a) the Special Servicing Fee Rate, 0.05% per annum, and (b) the outstanding principal balance of such Specialty Service Mortgage Loan. The servicing fee is payable monthly, on an asset-by-asset basis. The Company utilizes the brokerage services of Resource Securities Inc. ("Resource Securities"), a wholly-owned broker-dealer subsidiary of Resource America, on a limited basis to conduct some of its asset trades. The Company paid Resource Securities a $205,000 placement agent fee in connection with this transaction.
	Relationship with Law Firm.  Until 1996, Edward E. Cohen, a director who was the Company’s Chairman from its inception until November 2009, was of counsel to Ledgewood, P.C., a law firm.  In addition, one of the Company’s executive officers, Jeffrey F. Brotman, was employed by Ledgewood until 2007.  Mr. E. Cohen receives certain debt service payments from Ledgewood related to the termination of his affiliation with Ledgewood and its redemption of his interest in the firm.  Mr. Brotman also receives certain debt service payments from Ledgewood related to the termination of his affiliation with the firm.  For the three months ended March 31, 2014 and 2013, the Company paid Ledgewood $38,000 and $46,000, respectively, in connection with legal services rendered to the Company.

DISTRIBUTIONS

DISTRIBUTIONS

3 Months Ended

Mar. 31, 2014

DISTRIBUTIONS [Abstract]

'

DISTRIBUTIONS

'

DISTRIBUTIONS

In order to qualify as a REIT, the Company must currently distribute at least 90% of its taxable income.  In addition, the Company must distribute 100% of its taxable income in order not to be subject to corporate federal income taxes on retained income.  The Company anticipates it will distribute substantially all of its taxable income to its stockholders.  Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation), in certain circumstances, the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow to make sufficient distribution payments.

The Company’s 2014 dividends will be determined by the Company’s board of directors which will also consider the composition of any dividends declared, including the option of paying a portion in cash and the balance in additional common shares.

The following tables presents dividends declared (on a per share basis) for the three months ended March 31, 2014.

Common Stock

Date Paid

Total

Dividend

Dividend Paid

Per Share

(in thousands)

2014

31-Mar

28-Apr

$

25,663

$

0.2

Preferred Stock

Series A

Series B

Date Paid

Total

Dividend

Date Paid

Total

Dividend

Dividend Paid

Per Share

Dividend Paid

Per Share

(in thousands)

(in thousands)

2014

2014

31-Mar

30-Apr

$

463

$

0.53125

31-Mar

30-Apr

$

2,057

$

0.515625

FAIR_VALUE_OF_FINANCIAL_INSTRU

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
	FAIR VALUE OF FINANCIAL INSTRUMENTS
	In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment.  The hierarchy followed defines three levels of inputs that may be used to measure fair value:
	Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
	Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
	The determination of where an asset or liability falls in the hierarchy requires significant judgment.  The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.  However, the Company expects that changes in classifications between levels will be rare.
	Certain assets and liabilities are measured at fair value on a recurring basis.  The following is a discussion of these assets and liabilities as well as the valuation techniques applied to each for fair value measurement.
	The Company reports its investment securities available-for-sale at fair value.  To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment, default, and recovery rates.  These valuations are validated utilizing dealer quotes or bids. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote or bid, the Company will evaluate the difference which could result in an updated valuation from the third party or a revised dealer quote. Based on a prioritization of inputs used in the valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy.
	The Company reports its investment securities, trading at fair value, based on an independent third-party valuation.  The Company evaluates the reasonableness of the valuation it receives by using a dealer quote.  If there is a material difference between the value indicated by the third party and a quote the Company receives, the Company will evaluate the difference.  Any changes in fair value are recorded on the Company’s results of operations as net unrealized (loss) gain on investment securities, trading.
	The CMBS underlying the Company’s linked transactions are valued using the same techniques as those used for the Company’s other CMBS. The value of the underlying CMBS is then netted against the carrying amount (which approximates fair value) of the repurchase agreement borrowing at the valuation date. The fair value of linked transactions also includes accrued interest receivable on the CMBS and accrued interest payable on the underlying repurchase agreement borrowings. The Company’s linked transactions are classified as Level 2 or Level 3 in the fair value hierarchy.
	Derivatives (interest rate swaps and interest rate caps), both assets and liabilities, are reported at fair value, and are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit factors and volatility factors. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company assesses the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and, if material, categorizes those derivatives within Level 3 of the fair value hierarchy.
	The following table presents information about the Company’s assets (including derivatives that are presented net) measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	31-Mar-14
	Assets:
	Investment securities, trading	$	—			$	—			$	9,987			$	9,987
	Investment securities available-for-sale	1,764				816				230,971				233,551
	CMBS - linked transactions	—				—				34,829				34,829
	Derivatives (net)	—				556				—				556
	Total assets at fair value	$	1,764			$	1,372			$	275,787			$	278,923
	Liabilities:
	Derivatives (net)	—				401				9,841				10,242
	Total liabilities at fair value	$	—			$	401			$	9,841			$	10,242
	31-Dec-13
	Assets:
	Investment securities, trading	$	—			$	—			$	11,558			$	11,558
	Investment securities available-for-sale	2,370				92				207,375				209,837
	CMBS - linked transactions	—				—				30,066				30,066
	Total assets at fair value	$	2,370			$	92			$	248,999			$	251,461
	Liabilities:
	Derivatives (net)	—				395				10,191				10,586
	Total liabilities at fair value	$	—			$	395			$	10,191			$	10,586
	The following table presents additional information about assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands):
			CMBS including Linked Transactions				ABS				RMBS				Structured Finance				Total
	Balance, January 1, 2014		$	210,785			$	26,656			$	451			$	11,107			$	248,999
	Included in earnings		103				214				—				—				317
	Purchases		33,402				14,306				—				12,841				60,549
	Sales		(12,314		)		(2,494		)		—				—				(14,808		)
	Paydowns		(17,188		)		(1,785		)		(10		)		—				(18,983		)
	Issuances		—				—				—				—				—
	Settlements		—				—				—				—				—
	Included in OCI		1,332				(59		)		(2		)		(1,558		)		(287		)
	Transfers out of Level 2		—				—				—				—				—
	Transfers into Level 3		—				—				—				—				—
	Balance, March 31, 2014		$	216,120			$	36,838			$	439			$	22,390			$	275,787
	The Company is not able to obtain significant observable inputs and market data points due to a change in methodology whereby the Company began using a third party valuation firm to determine fair value. As a result, $94.9 million of CMBS (including certain CMBS accounted for as linked transactions, were reclassified to Level 3 during the year ended December 31, 2013.
	The following table presents additional information about liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands):
		Level 3
	Beginning balance, January 1, 2014	$	10,191
	Unrealized losses – included in accumulated other comprehensive income	(350		)
	Ending balance, March 31, 2014	$	9,841
	The Company had zero and $21,000 of losses included in earnings due to the other-than-temporary impairment charges during the three months ended March 31, 2014 and 2013, respectively. These losses are included in the consolidated statements of income as net impairment losses recognized in earnings.
	Loans held for sale consist of bank loans and CRE loans identified for sale due to credit concerns.  Interest on loans held for sale is recognized according to the contractual terms of the loan and included in interest income on loans.  The fair value of bank loans held for sale and impaired bank loans is based on what secondary markets are currently offering for these loans.  As such, the Company classifies these loans as nonrecurring Level 2.  For the Company’s CRE loans where there is no primary market, fair value is measured using discounted cash flow analysis and other valuation techniques and these loans are classified as nonrecurring Level 3. The amount of nonrecurring fair value losses for impaired loans for the three months ended March 31, 2014 and 2013 was $440,000 and $1.3 million, respectively, and is included in the consolidated statements of income as provision for loan and lease losses.
	The following table summarizes the financial assets and liabilities measured at fair value on a nonrecurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	31-Mar-14
	Assets:
	Loans held for sale	$	—			$	272			$	15,117			$	15,389
	Impaired loans	—				1,125				—				1,125
	Total assets at fair value	$	—			$	1,397			$	15,117			$	16,514
	31-Dec-13
	Assets:
	Loans held for sale	$	—			$	6,850			$	15,066			$	21,916
Impaired loans	—				225				—				225
Total assets at fair value	$	—			$	7,075			$	15,066			$	22,141
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows (in thousands):
	Fair Value at March 31, 2014				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
Interest rate swap agreements	$	9,841			Discounted cash flow		Weighted average credit spreads		5.11	%
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value.  The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, principal paydown receivable, interest receivable, distribution payable and accrued interest expense approximates their carrying value on the consolidated balance sheets.  The fair value of the Company’s investment securities, trading is reported in Note 6.  The fair value of the Company’s investment securities available-for-sale is reported in Note 6.  The fair value of the Company’s derivative instruments and linked transactions is reported in this Note 20.
Loans held-for-investment:  The fair value of the Company’s Level 2 Loans held-for-investment was primarily measured using a third-party pricing service.  The fair value of the Company’s Level 3 Loans held-for-investment was measured by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
Loans receivable-related party are estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
CDO notes are valued using the dealer quotes, typically the dealer who underwrote the CDO in which the notes are held.
Junior subordinated notes are estimated by obtaining quoted prices for similar assets in active markets.
The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (in thousands):
					Fair Value Measurements
	Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
31-Mar-14
Loans held-for-investment	$	1,596,731			$	1,591,875			$	—			$	687,086			$	904,789
Loans receivable-related party	$	6,498			$	6,498			$	—			$	—			$	6,498
CDO notes	$	1,183,469			$	1,066,399			$	—			$	1,066,399			$	—
Junior subordinated notes	$	51,054			$	17,548			$	—			$	—			$	17,548
Repurchase agreements	$	160,436			$	160,436			$	—			$	—			$	160,436
31-Dec-13
Loans held-for-investment	$	1,369,526			$	1,358,434			$	—			$	545,352			$	813,082
Loans receivable-related party	$	6,966			$	6,966			$	—			$	—			$	6,966
CDO notes	$	1,070,339			$	653,617			$	—			$	653,617			$	—
Junior subordinated notes	$	51,005			$	17,499			$	—			$	—			$	17,499
Repurchase agreements	$	77,304			$	77,304			$	—			$	—			$	77,304

INTEREST_RATE_RISK_AND_DERIVAT

INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS	'
	INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS
	A significant market risk to the Company is interest rate risk.  Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations and other factors beyond the Company’s control.  Changes in the general level of interest rates can affect net interest income, which is the difference between the interest income earned on interest-earning assets and the interest expense incurred in connection with the interest-bearing liabilities, by affecting the spread between the interest-earning assets and interest-bearing liabilities.  Changes in the level of interest rates also can affect the value of the Company’s interest-earning assets and the Company’s ability to realize gains from the sale of these assets.  A decline in the value of the Company’s interest-earning assets pledged as collateral for borrowings could result in the counterparties demanding additional collateral pledges or liquidation of some of the existing collateral to reduce borrowing levels.
	The Company seeks to manage the extent to which net income changes as a function of changes in interest rates by matching adjustable-rate assets with variable-rate borrowings.  During periods of changing interest rates, interest rate mismatches could negatively impact the Company’s consolidated financial condition, consolidated results of operations and consolidated cash flows.  In addition, the Company mitigates the potential impact on net income of periodic and lifetime coupon adjustment restrictions in its investment portfolio by entering into interest rate hedging agreements such as interest rate caps and interest rate swaps.
	At March 31, 2014, the Company had 10 interest rate swap contracts outstanding whereby the Company paid an average fixed rate of 5.11% and received a variable rate equal to one-month LIBOR.  The aggregate notional amount of these contracts was $126.1 million at March 31, 2014.  The counterparties for the Company’s designated interest rate hedge contracts at such date were Credit Suisse International and Wells Fargo, with which the Company had master netting agreements.
	At December 31, 2013, the Company had 12 interest rate swap contracts outstanding whereby the Company paid an average fixed rate of 5.03% and received a variable rate equal to one-month LIBOR.  The aggregate notional amount of these contracts was $129.5 million at December 31, 2013.  The counterparties for the Company’s designated interest rate hedge contracts are Credit Suisse International and Wells Fargo with which the Company has master netting agreements.
	The estimated fair value of the Company’s interest rate swaps was $(10.2) million and $(10.6) million as of March 31, 2014 and December 31, 2013, respectively.  The Company had aggregate unrealized losses of $10.7 million and $10.8 million on the interest rate swap agreements as of March 31, 2014 and December 31, 2013, respectively, which is recorded in accumulated other comprehensive loss.  In connection with the August 2006 close of RREF CDO 2006-1, the Company realized a swap termination loss of $119,000, which is being amortized over the term of RREF CDO 2006-1.  The amortization is reflected in interest expense in the Company’s consolidated statements of income.  In connection with the June 2007 close of RREF CDO 2007-1, the Company realized a swap termination gain of $2.6 million, which is being amortized over the term of RREF CDO 2007-1.  The accretion is reflected in interest expense in the Company’s consolidated statements of income.  In connection with the termination of a $53.6 million swap related to RREF CDO 2006-1 during the nine months ended September 30, 2008, the Company realized a swap termination loss of $4.2 million, which is being amortized over the term of a new $45.0 million swap.  The amortization is reflected in interest expense in the Company’s consolidated statements of income.  In connection with the payoff of a fixed-rate commercial real estate loan during the three months ended September 30, 2008, the Company terminated a $12.7 million swap and realized a $574,000 swap termination loss, which is being amortized over the original term of the terminated swap.  The amortization is reflected in interest expense in the Company’s consolidated statements of income.
	Mortgage Banking Derivatives
	The Company's mortgage banking subsidiary may use derivatives in the ordinary course of business that consist of forward sales contracts and interest rate lock commitments on residential mortgage loans. Forward sales contracts represent future commitments to deliver loans at a specified price and by a specified date and are used to manage interest rate risk on loan commitments and mortgage loans held for sale. Rate lock commitments represent commitments to fund loans at a specific rate and by a specified time and are used to mitigate risk of changes in interest rate. These derivatives involve underling items, such as interest rates, and are designed to mitigate risk. Notional amounts are amounts on which calculations and payments are based, but which do not represent credit exposure, as credit exposure limited to the amounts required to be received or paid.
	Forward sales contracts also contain an element of risk in that the counterparties may be unable to meet the terms of such agreements. In the event the parties to deliver commitments are unable to fulfill their obligations, the Company could potentially incur significant additional costs by replacing the positions at then current market rates. The Company manages its risk of exposure by limiting counterparties to those banks and institutions deemed appropriate by management and the Members. The Company does not expect any counterparty to default on its obligations and, therefore, the Company does not expect to incur any cost related to counterparty default.
	The Company is exposed to interest rate risk on loans held for sale and interest rate lock commitments. As market interest rates increase or decrease, the fair value of mortgage loans held for sale and rate lock commitments will decline or increase accordingly. To offset this interest rate risk, the Company may enter into derivatives such as forward contracts to sell loans. The fair value of these forward sales contracts will change as market interest rates change, and the change in the value of these instruments is expected to largely, though not entirely, offset the change in fair value of loans held for sale and rate lock commitments. The objective of this activity is to minimize the exposure to losses on rate lock commitments and loans held for sale due to market interest rate fluctuations. The net effect of derivatives on earnings will depend on risk management activities and a variety of other factors, including market interest rate volatility, the amount of interest rate lock commitments that close, the ability to fill the forward contracts before expiration, and the time period required to close and sell loans.
	The following tables present the fair value of the Company’s derivative financial instruments as well as their classification on the Company's consolidated balance sheets and on the consolidated statements of income for the years presented:
	Fair Value of Derivative Instruments as of March 31, 2014
	(in thousands)
		Asset Derivatives
		Notional Amount			Balance Sheet Location		Fair Value
	Interest rate lock agreements	$	32,270		Derivatives, at fair value		$	445
	Forward sales commitments	$	31,390		Derivatives, at fair value		$	111
		Liability Derivatives
		Notional Amount			Balance Sheet Location		Fair Value
	Interest rate swap contracts	$	126,111		Derivatives, at fair value		$	(10,199	)
	Interest rate lock agreements	$	1,642		Derivatives, at fair value		$	(13	)
	Forward sale commitments	$	17,500		Derivatives, at fair value		$	(30	)
	Interest rate swap contracts	$	126,111		Accumulated other comprehensive loss		$	10,199
	The Effect of Derivative Instruments on the Statements of Income for the
	Three Months Ended March 31, 2014
	(in thousands)
		Liability Derivatives
		Notional Amount			Statement of Income Location		Unrealized Loss (1)
	Interest rate swap contracts	$	126,111		Interest expense		$	1,626
	Interest rate lock agreements	$	33,912		Net realized gain on sales of investment securities available-for-sale and loans		$	433
	Forward sales commitments	$	48,890		Net realized gain on sales of investment securities available-for-sale and loans		$	60
	(1)Negative values indicate a decrease to the associated balance sheets or consolidated statements of income line items.
	Linked Transactions
	The Company's linked transactions are evaluated on a combined basis, reported as forward (derivative) instruments and presented as assets on the Company's consolidated balance sheets at fair value. The fair value of linked transactions reflect the value of the underlying CMBS, linked repurchase agreement borrowings and accrued interest payable on such instruments. The Company's linked transactions are not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions is reported in other income on the Company's consolidated statements of income.
	The following tables present certain information about the CMBS and repurchase agreements underlying the Company's linked transactions at March 31, 2014 and December 31, 2013.
	Fair Value of Derivative Instruments
	(in thousands)
		Asset Derivatives
		Designation		Balance Sheet Location	Fair Value
	As of March 31, 2014
	Linked transactions at fair value	Non-Hedging		Linked transactions, net at fair value	$	34,829
	As of December 31, 2013
	Linked transactions at fair value	Non-Hedging		Linked transactions, net at fair value	$	30,066
	.
	The Effect of Derivative Instruments on the Statement of Income for the
	Three Months Ended March 31, 2014
	(in thousands)
		Asset Derivatives
		Designation		Statement of Income Location	Revenues (1)
	Linked transactions at fair value, 2014	Non-Hedging		Unrealized (loss) gain and net interest income on linked transactions, net	$	2,305
	Linked transactions at fair value, 2013	Non-Hedging		Unrealized (loss) gain and net interest income on linked transactions, net	$	(259	)
	-1	Negative values indicate a decrease to the associated balance sheets or consolidated statements of income line items.
	The following table presents certain information about the components of the unrealized (losses) gains and net interest income from linked transactions, net, included in the Company's consolidated statements of income for the three months ended March 31, 2014 and 2013( in thousands):
	Components of Unrealized Net (Losses) Gains and Net Interest Income	March 31,
	Income from Linked Transactions	2014			2013
	Interest income attributable to CMBS underlying linked transactions	$	739		$	449
	Interest expense attributable to linked repurchase	(197		)	(116		)
	agreement borrowings underlying linked transactions
	Change in fair value of linked transactions included in earnings	1,763			(592		)
	Unrealized net (losses) gains and net interest income from linked transactions	$	2,305		$	(259	)
	The following table summarizes the Company's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
		Amortized Cost			Unrealized Gains				Unrealized Losses			Fair Value
	31-Mar-14
CMBS linked transactions	$	109,543		$	529			$	(3,914	)	$	106,158
31-Dec-13
CMBS linked transactions	$	99,493		$	446			$	(6,116	)	$	93,823
The following table summarizes the estimated maturities of the Company’s CMBS linked transactions according to their estimated weighted average life classifications (in thousands, except percentages):
Weighted Average Life	Fair Value			Amortized Cost				Weighted Average Coupon
31-Mar-14
Less than one year	$	—		$	—			—%
Greater than one year and less than five years	48,310			48,622				5.43%
Greater than five years and less than ten years	43,682			45,770				2.72%
Greater than ten years	14,166			15,151				3.34%
Total	$	106,158		$	109,543			3.84%
31-Dec-13
Less than one year	$	540		$	540			5.58%
Greater than one year and less than five years	26,120			26,516				5.32%
Greater than five years and less than ten years	53,688			57,282				3.35%
Greater than ten years	13,475			15,155				3.34%
Total	$	93,823		$	99,493			3.84%
The following table shows the fair value, gross unrealized losses and the length of time the investment securities available-for-sale have been in a continuous unrealized loss position during the periods specified (in thousands):
	Less than 12 Months							More than 12 Months						Total
	Fair Value			Gross Unrealized Losses				Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses
31-Mar-14
CMBS linked transactions	$	62,126		$	(2,051	)		$	24,500		$	(1,863	)	$	86,626		$	(3,914	)
31-Dec-13
CMBS linked transactions	$	70,727		$	(5,198	)		$	9,318		$	(918	)	$	80,045		$	(6,116	)
The following table summarizes the Company's CMBS linked transactions at fair value (in thousands, except percentages):
	December 31,			Net Purchases				Upgrades/Downgrades			Paydowns			MTM Change on Same Ratings			March 31,
	2013																2014
Moody's Ratings Category:
Aaa	$	26,682		$	—			$	—		$	(21	)	$	271		26,932
Aa1 through Aa3	8,919			—				—						484			9,403
A1 through A3	—			—				—						—			—
Baa1 through Baa3	6,473			—				—						40			6,513
Ba1 through Ba3	10,310			7,307				—						93			17,710
B1 through B3	12,155			8,096				—						322			20,573
Non-Rated	29,284			(4,640		)		—						383			25,027
Total	$	93,823		$	10,763			$	—		$	(21	)	$	1,593		$	106,158
S&P Ratings Category:
AAA	$	17,642		$	—			$	—		$	(21	)	$	(115	)	$	17,506
BBB+ through BBB-	9,953			—				—			—			86			10,039
BB+ through BB-	2,865			6,251				—			—			37			9,153
B+ through B-	19,619			8,580				—			—			193			28,392
CCC+ through CCC-	—			2,765				—			—			—			2,765
Non-Rated	43,744			(6,833		)		—			—			1,392			38,303
Total	$	93,823		$	10,763			$	—		$	(21	)	$	1,593		$	106,158
The following table summarizes the Company's CMBS linked repurchase agreements (in thousands, except percentages):
		As of						As of
		March 31, 2014						31-Dec-13
Maturity or Repricing		Balance			Weighted Average Interest Rate			Balance			Weighted Average Interest Rate
Within 30 days		$	71,633		1.27	%		$	64,094		1.25	%
>30 days to 90 days		—			—	%		—			—	%
Total		$	71,633		1.27	%		$	64,094		1.25	%

OFFSETTING_OF_FINANCIAL_ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2014
Offsetting [Abstract]	'
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	'
	OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES
	The Company has no offsetting of financial assets. The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities as of March 31, 2014 and December 31, 2013 (in thousands):
									(iv)
									Gross Amounts Not Offset in
									the Consolidated Balance Sheets
			(i)		(ii)		(iii) =i) - (ii)		Financial		Cash		(v) =iii) - (iv)
			Gross Amounts of		Gross Amounts Offset in the		Net Amounts of Liabilities Presented in		Instruments (1)		Collateral		Net Amount
			Recognized		Consolidated		the Consolidated				Pledged (2)
			Liabilities		Balance Sheets		Balance Sheets
	March 31, 2014
	Derivative hedging instruments,		$	10,199	$	—	$	10,199	$	—	$	500	$	9,699
	at fair value (3)
	Repurchase agreements (4)		160,436		—		160,436		—		—		160,436
	Total		$	170,635	$	—	$	170,635	$	—	$	500	$	170,135
	December 31, 2013
	Derivative hedging instruments,		$	10,586	$	—	$	10,586	$	—	$	500	$	10,086
	at fair value (3)
	Repurchase agreements (4)		91,931		—		91,931		91,931		—		—
	Total		$	102,517	$	—	$	102,517	$	91,931	$	500	$	10,086
	-1	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreement and derivative transactions.
	-2	Amounts represent amounts pledged as collateral against derivative transactions.
	-3	The fair value of securities pledged against the Company's swaps was $2.9 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.
	-4	The fair value of securities pledged against the Company's repurchase agreements was $228.3 million and $121.6 million at March 31, 2014 and December 31, 2013, respectively.
	In the Company's consolidated balance sheets, all balances associated with repurchase agreement and derivatives transactions are presented on a gross basis.
	Certain of the Company's repurchase agreement and derivative transactions are governed by underlying agreements that generally provide for a right of offset in the event of default or in the event of a bankruptcy of either party to the transaction.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	SUBSEQUENT EVENTS
	The Company has evaluated subsequent events through the filing of this form and determined that there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements, except the following.
	The Company received $1.6 million in proceeds from the issuance of 67,256 shares of Series A preferred stock through the Company’s at-the-market program during April 2014.
	The Company received $9.1 million in proceeds from the issuance of 408,998 shares of Series B preferred stock through the Company’s at-the-market program during April 2014.
	The Company received $3.3 million in proceeds from the issuance of 608,819 shares of common stock through the Company's dividend reinvestment plan during April 2014.
	On April 8, 2014, the Company sold a hotel property, which had been classified as property available-for-sale at December 31, 2013.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	Principles of Consolidation
	The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the accounts of the Company.
	All inter-company transactions and balances have been eliminated.
Investment Securities	'
	Investment Securities
	The Company classifies its investment portfolio as trading or available-for-sale.  The Company, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy.
	The Company’s investment securities, trading and investment securities available-for-sale are reported at fair value.  To determine fair value, the Company uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment default, and recovery rates.  These valuations are validated utilizing dealer quotes or bids. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote or bid, the Company will evaluate the difference which could result in an updated valuation from the third-party or a revised dealer quote. Based on a prioritization of inputs used in valuation of each position, the Company categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Any changes in fair value to the Company's investment securities, trading are recorded in the Company’s consolidated statements of income as net realized and unrealized (loss) gain on investment securities, trading. Any changes in fair value to the Company's investment securities available-for-sale are recorded in the Company’s consolidated balance sheets as a component of accumulated other comprehensive income (loss) in stockholders' equity.
	On a quarterly basis, the Company evaluates its available-for-sale investments for other-than-temporary impairment.  An available-for-sale investment is impaired when its fair value has declined below its amortized cost basis.  An impairment is considered other-than-temporary when the amortized cost basis of the investment or some portion thereof will not be recovered.  In addition, the Company’s intent to sell as well as the likelihood that the Company will be required to sell the security before the recovery of the amortized cost basis is considered.  Where credit quality is believed to be the cause of the other-than-temporary impairment, that component of the impairment is recognized as an impairment loss in the consolidated statements of income.  Where other market components are believed to be the cause of the impairment, that component of the impairment is recognized as other comprehensive loss.
	The Company performs an on-going review of third-party reports and updated financial data on the underlying properties in order to analyze current and projected security performance.  Rating agency downgrades are considered with respect to the Company’s income approach when determining other-than temporary impairment and, when inputs are subjected to testing for economic changes within possible ranges, the resulting projected cash flows reflect a full recovery of principal and interest indicating no impairment:
	•	the length of time the market value has been less than amortized cost;
	•	the severity of the impairment;
	•	the expected loss of the security as generated by a third-party valuation model;
	•	original and current credit ratings from the rating agencies;
	•	underlying credit fundamentals of the collateral backing the securities;
	•	whether, based upon the Company’s intent, it is more likely than not that the Company will sell the security before the recovery of the amortized cost basis; and
	•	third-party support for default, for recovery, prepayment speed and reinvestment price assumptions.
	Investment security transactions are recorded on the trade date.  Realized gains and losses on investment securities are determined on the specific identification method.
Investment Interest Income Recognition	'
	Investment Interest Income Recognition
	Interest income on the Company’s mortgage-backed and other asset-backed securities is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets.  Premiums and discounts are amortized or accreted into interest income over the lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments.  For an investment purchased at par, the effective yield is the contractual interest rate on the investment.  If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium.  The effective yield method requires the Company to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment.  The prepayment estimates that the Company uses directly impact the estimated remaining lives of its investments.  Actual prepayment estimates are reviewed as of each quarter end or more frequently if the Company becomes aware of any material information that would lead it to believe that an adjustment is necessary.  If prepayment estimates are incorrect, the amortization or accretion of premiums and discounts may have to be adjusted, which would have an impact on future income.
Allowance for Loan Loss	'
	Allowance for Loan Loss
	The Company maintains an allowance for loan loss.  For the Company's bank and CRE loan portfolios, loans held for investment are first individually evaluated for impairment to determine whether a specific reserve is required.  Loans that are not determined to be impaired individually are then evaluated for impairment as a homogeneous pool of loans with substantially similar characteristics so that a general reserve can be established, if needed.  The reviews are performed at least quarterly.
	The Company considers a loan to be impaired if one of two conditions exists.  The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement.  The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty.  These TDRs may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers.
	When a loan is impaired under either of these two conditions, the allowance for loan losses is increased by the amount of the excess of the amortized cost basis of the loan over its fair value.  Fair value may be determined based on the present value of estimated cash flows; on market price, if available; or on the fair value of the collateral less estimated disposition costs.  When a loan, or a portion thereof, is considered uncollectible and pursuit of collection is not warranted, the Company will record a charge-off or write-down of the loan against the allowance for loan losses.
	An impaired loan may remain on accrual status during the period in which the Company is pursuing repayment of the loan; however, the loan would be placed on non-accrual status at such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days delinquent; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the impairment; or (iv) the net realizable value of the loan’s underlying collateral approximates the Company’s carrying value for such loan.  While on non-accrual status, the Company recognizes interest income only when an actual payment is received. When a loan is placed on non-accrual, previously accrued interest is reversed from interest income.
	Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are carried at fair value and are measured on a nonrecurring basis. The fair value is determined using unobservable inputs including estimates of selling costs (Level 3).
Investments in Real Estate	'
	Investments in Real Estate
	Investments in real estate are carried net of accumulated depreciation.  Costs directly related to the acquisition are expensed as incurred.  Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred.  Costs related to the improvement of the real property are capitalized and depreciated over their useful lives.
	Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, “Business Combinations”.  The Company allocates the purchase price of its investments in real estate to land, building, site improvements, the value of in-place leases and the value of above or below market leases. The value allocated to above or below market leases is amortized over the remaining lease term as an adjustment to rental income. The Company amortizes the value allocated to in-place leases over the weighted average remaining lease term to depreciation and amortization expense.  The Company depreciates real property using the straight-line method over the estimated useful lives of the assets as follows:
	Category	Term
	Building	25 – 40 years
	Site improvements	Lesser of the remaining life of building or useful lives
Long-Lived and Intangible Assets	'
	Long-Lived and Intangible Assets
	Long-lived assets and certain identifiable intangibles to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets 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.  If impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the fair value of the asset.
Recent Accounting Standards	'
	Recent Accounting Standards
	In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. The amendments in this update require an entity to present, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections of the statement of financial position. The amendments in this update also require additional disclosures about discontinued operations and new disclosures for disposal transactions of individually significant components of an entity that do not meet the definition of a discontinued operation. Additionally, this guidance both permits and expands the disclosures about an entity’s significant continuing involvement with a discontinued operation. This guidance is effective for all disposals or classifications as held for sale of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted for disposals that have not been reported in financial statements previously issued or available for sale. The Company has early adopted the provisions of this guidance. Adoption did not have a material impact on the Company's consolidated financial statements.
	In January 2014, the FASB issued guidance that clarifies when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. Furthermore, the guidance requires interim and annual disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company is currently evaluating the effect of adoption, but does not expect adoption will have a material impact on its consolidated financial statements.
	In June 2013, the FASB issued guidance which clarifies the characteristics of an investment company, provides comprehensive guidance for assessing whether an entity is an investment company and requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. The guidance also requires additional disclosure. This guidance is effective for an entity’s interim and annual reporting periods in fiscal years that begin after December 15, 2013. Earlier application is prohibited. Adoption did not have a material impact on the Company's consolidated financial statements.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to the 2013 consolidated financial statements to conform to the 2014 presentation.
Distributions	'
	In order to qualify as a REIT, the Company must currently distribute at least 90% of its taxable income.  In addition, the Company must distribute 100% of its taxable income in order not to be subject to corporate federal income taxes on retained income.  The Company anticipates it will distribute substantially all of its taxable income to its stockholders.  Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for loan and lease losses and depreciation), in certain circumstances, the Company may generate operating cash flow in excess of its distributions or, alternatively, may be required to borrow to make sufficient distribution payments.
	The Company’s 2014 dividends will be determined by the Company’s board of directors which will also consider the composition of any dividends declared, including the option of paying a portion in cash and the balance in additional common shares.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Property, Plant and Equipment	'
	The Company depreciates real property using the straight-line method over the estimated useful lives of the assets as follows:
	Category	Term
	Building	25 – 40 years
	Site improvements	Lesser of the remaining life of building or useful lives

VARIABLE_INTEREST_ENTITIES_Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Schedule of Variable Interest Entities	'
	The following table shows the classification and carrying value of assets and liabilities of consolidated VIEs as of March 31, 2014 (in thousands):
		Apidos I			Apidos			Apidos		Apidos		Whitney CLO I		RREF		RREF		RCC CRE Notes 2013		Moselle		Total
					III			Cinco		VIII				2006-1		2007-1
	ASSETS
	Restricted cash (1)	$	11,951		$	7,217		$	48,362	$	134	$	160	$	18	$	250	$	4,805	$	40,465	$	113,362
	Investment securities	7,250			3,922			13,940		—		—		9,996		67,015		—		14,306		116,429
	available-for-sale,
	pledged as
	collateral, at
	fair value
	Loans, pledged as collateral	70,988			112,953			284,373		—		—		159,797		228,686		298,575		150,005		1,305,377
	Loans held for sale	97			175			—		—		—		—		—		—		—		272
	Interest receivable	(193		)	513			1,044		—		6		1,825		2,111		1,320		—		6,626
	Prepaid assets	20			20			36		—		—		50		37		—		—		163
	Principal paydown	—			—			1		—		—		—		—		—		—		1
	receivable
	Total assets (2)	$	90,113		$	124,800		$	347,756	$	134	$	166	$	171,686	$	298,099	$	304,700	$	204,776	$	1,542,230
	LIABILITIES
	Borrowings	$	73,815		$	112,511		$	319,797	$	—	$	133	$	100,184	$	147,866	$	256,866	$	172,296	$	1,183,468
	Accrued	255			56			299		—		—		48		115		205		378		1,356
	interest expense
	Derivatives,	—			—			—		—		—		1,504		8,337		—		—		9,841
	at fair value
	Accounts payable	133			18			22		284		519		4		1		—		3,169		4,150
	and other liabilities
	Total liabilities	$	74,203		$	112,585		$	320,118	$	284	$	652	$	101,740	$	156,319	$	257,071	$	175,843	$	1,198,815
	(1)    Includes $51.3 million available for reinvestment in certain of the securitizations.
	(2)    Assets of each of the consolidated VIEs may only be used to settle the obligations of each respective VIE.
	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs as of March 31, 2014 (in thousands):
		Unconsolidated Variable Interest Entities
		LCC			Unsecured			Resource		Total		Maximum
					Junior			Capital Asset				Exposure
					Subordinated			Management				to Loss
					Debentures			CDOs
	Investment in unconsolidated entities	$	40,421		$	1,548		$	—	$	41,969	$	41,969
	Intangible assets	—			—			10,790		10,790		$	10,790
	Total assets	40,421			1,548			10,790		52,759
	Borrowings	—			51,054			—		51,054		N/A
	Total liabilities	—			51,054			—		51,054		N/A
	Net asset (liability)	$	40,421		$	(49,506	)	$	10,790	$	1,705	N/A

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]	'
Schedule of Other Significant Noncash Transactions	'
	Supplemental disclosure of cash flow information (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Non-cash financing activities include the following:
	Distributions on common stock declared but not paid	$	25,663	$	21,634
	Distribution on preferred stock declared but not paid	$	2,520	$	1,311
	Issuance of restricted stock	$	640	$	35

INVESTMENT_SECURITIES_TRADING_

INVESTMENT SECURITIES TRADING (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Investment trading securities at fair value	'
	The following table summarizes the Company's structured notes and residential mortgage-backed securities (“RMBS”) which are classified as investment securities, trading and carried at fair value (in thousands):
		Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	31-Mar-14
	Structured notes, trading	$	8,057	$	3,082	$	(1,590	)	$	9,549
	RMBS	1,909		—		(1,471		)	438
	Total	$	9,966	$	3,082	$	(3,061	)	$	9,987
	31-Dec-13
	Structured notes, trading	$	8,057	$	4,050	$	(1,000	)	$	11,107
	RMBS	1,919		—		(1,468		)	451
	Total	$	9,976	$	4,050	$	(2,468	)	$	11,558

INVESTMENT_SECURITIES_AVAILABL1

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Mar. 31, 2014
Available-for-sale Securities [Abstract]	'
Available-for-sale Securities	'
	The following table summarizes the Company's sales of investment securities available-for-sale during the period indicated (in thousands, except number of securities):
		Positions		Par Amount Sold				Realized Gain (Loss)
		Sold
	March 31, 2014
	CMBS position	3		$	12,500			$	(298	)
	31-Mar-13
	Corporate bond position	2		$	700			$	18
	The following table summarizes the Company's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
		Amortized Cost (1)				Unrealized Gains				Unrealized Losses				Fair Value
	31-Mar-14
	CMBS	$	186,703			$	7,465			$	(12,877	)		$	181,291
	ABS	35,648				1,519				(328		)		36,839
	Structured notes	12,841				—				—				12,841
	Corporate bonds	2,603				24				(47		)		2,580
	Total	$	237,795			$	9,008			$	(13,252	)		$	233,551
	31-Dec-13
	CMBS	$	185,178			$	7,570			$	(12,030	)		$	180,718
	ABS	25,406				1,644				(394		)		26,656
	Structured notes	5,369				—				—				5,369
	Corporate bonds	2,517				16				(70		)		2,463
	Total	$	218,470			$	9,230			$	(12,494	)		$	215,206
	-1	As of March 31, 2014 and December 31, 2013, $159.1 million and $162.6 million, respectively, of securities were pledged as collateral security under related financings.
	The aggregate discount (premium) due to interest rate changes were as follows (in thousands):
		March 31,				December 31,
		2014				2013
	CMBS	$	6,170			$	6,583
	ABS	$	2,174			$	2,394
	Corporate bond	$	103			$	68
Estimated maturities of available-for-sale securities	'
	The following table summarizes the estimated maturities of the Company’s investment securities according to their estimated weighted average life classifications (in thousands, except percentages):
	Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
	31-Mar-14
	Less than one year	$	39,393		(1)	$	49,991			4.31%
	Greater than one year and less than five years	138,699				132,935				5.04%
	Greater than five years and less than ten years	38,152				37,319				1.43%
	Greater than ten years	17,307				17,550				9.24%
	Total	$	233,551			$	237,795			4.64%
	31-Dec-13
	Less than one year	$	39,256		(1)	$	40,931			5.25%
	Greater than one year and less than five years	139,700				141,760				4.69%
	Greater than five years and less than ten years	26,526				25,707				1.10%
	Greater than ten years	9,724				10,072				7.90%
	Total	$	215,206			$	218,470			4.49%
	(1)    The Company expects that the maturity date of these CMBS will either be extended or the CMBS will be paid in full.
Gross unrealized loss and fair value of securities	'
	The following table shows the fair value, gross unrealized losses and number of securities aggregated by investment category and length of time, that individual investment securities available-for-sale have been in a continuous unrealized loss position during the periods specified (in thousands, except number of securities):
		Less than 12 Months											More than 12 Months							Total
		Fair				Unrealized Losses				Number			Fair			Unrealized Losses			Number	Fair		Unrealized Losses			Number
		Value								of			Value						of	Value					of
										Securities									Securities						Securities
	31-Mar-14
	CMBS	$	51,979			$	(8,478	)		28			$	13,308		$	(4,399	)	12	$	65,287	$	(12,877	)	40
	ABS	—				—				—			4,337			(328		)	8	4,337		(328		)	8
	Corporate bonds	—				—				—			891			(47		)	1	891		(47		)	1
	Total temporarily	$	51,979			$	(8,478	)		28			$	18,536		$	(4,774	)	21	$	70,515	$	(13,252	)	49
	impaired securities
	31-Dec-13
	CMBS	$	52,012			$	(7,496	)		34			$	14,159		$	(4,534	)	10	$	66,171	$	(12,030	)	44
	ABS	143				(1		)		1			6,692			(393		)	9	6,835		(394		)	10
	Corporate bonds	865				(70		)		1			—			—			—	865		(70		)	1
	Total temporarily	$	53,020			$	(7,567	)		36			$	20,851		$	(4,927	)	19	$	73,871	$	(12,494	)	55
	impaired securities

INVESTMENTS_IN_REAL_ESTATE_Tab

INVESTMENTS IN REAL ESTATE (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Investments in real estate	'
	The table below summarizes the Company’s investments in real estate (in thousands, except number of properties):
		March 31, 2014				31-Dec-13
		Book Value			Number of Properties	Book Value			Number of Properties
	Multi-family property	$	22,109		1	$	22,107		1
	Office property	—			—	10,273			1
	Subtotal	22,109				32,380
	Less:  Accumulated depreciation	(2,138		)		(2,602		)
	Investments in real estate	$	19,971			$	29,778

LOANS_HELD_FOR_INVESTMENT_Tabl

LOANS HELD FOR INVESTMENT (Tables)	3 Months Ended
	Mar. 31, 2014
LOANS HELD FOR INVESTMENT [Abstract]	'
Summary of loans held for Investments	'
	The following is a summary of the Company’s loans (in thousands):
	Loan Description		Principal				Unamortized (Discount)			Carrying
							Premium (1)			Value (2)
	March 31, 2014
	Commercial real estate loans:
	Whole loans		$	837,514			$	(3,661	)	$	833,853
	B notes		16,242				(74		)	16,168
	Mezzanine loans		64,390				(91		)	64,299
	Total commercial real estate loans		918,146				(3,826		)	914,320
	Bank loans (3)		690,494				(3,068		)	687,426
	Residential mortgage loans (4)		16,960				—			16,960
	Subtotal loans before allowances		1,625,600				(6,894		)	1,618,706
	Allowance for loan loss		(6,585		)		—			(6,585		)
	Total		$	1,619,015			$	(6,894	)	$	1,612,121
	31-Dec-13
	Commercial real estate loans:
	Whole loans		$	749,083			$	(3,294	)	$	745,789
	B notes		16,288				(83		)	16,205
	Mezzanine loans		64,417				(100		)	64,317
	Total commercial real estate loans		829,788				(3,477		)	826,311
	Bank loans (3)		566,056				(4,033		)	562,023
	Residential Mortgage Loans		16,915				—			16,915
	Subtotal loans before allowances		1,412,759				(7,510		)	1,405,249
	Allowance for loan loss		(13,807		)		—			(13,807		)
	Total		$	1,398,952			$	(7,510	)	$	1,391,442
	-1	Amounts include deferred amendment fees of $200,000 and $216,000 and deferred upfront fees of $127,000 and $141,000 being amortized over the life of the bank loans as of March 31, 2014 and December 31, 2013, respectively.  Amounts include loan origination fees of $3.7 million and $3.3 million and loan extension fees of $62,000 and $73,000 being amortized over the life of the commercial real estate loans as of March 31, 2014 and December 31, 2013, respectively.
	-2	Substantially all loans are pledged as collateral under various borrowings at March 31, 2014 and December 31, 2013, respectively.
	-3	Amounts include $272,000 and $6.9 million of bank loans held for sale at March 31, 2014 and December 31, 2013, respectively.
	-4	Amount includes $15.1 million and $15.0 million of residential mortgage loans held for sale at March 31, 2014 and December 31, 2013.
Summary of the weighted average life of bank loans at amortized cost	'
	The following is a summary of the weighted average life of the Company’s bank loans, at amortized cost (in thousands):
		March 31,				December 31,
		2014				2013
	Less than one year	$	44,852			$	36,985
	Greater than one year and less than five years	489,068				379,874
	Five years or greater	153,506				145,164
		$	687,426			$	562,023
Summary of the commercial real estate loans	'
	The following is a summary of the Company’s commercial real estate loans held for investment (in thousands):
	Description		Quantity		Amortized Cost				Contracted	Maturity Dates(3)
									Interest Rates
	31-Mar-14
	Whole loans, floating rate (1) (4) (5)		55		$	833,853			LIBOR plus 2.13% to	April 2014 to
									LIBOR plus 12.14%	Feb-19
	B notes, fixed rate		1		16,168				8.68%	Apr-16
	Mezzanine loans, floating rate		1		12,467				LIBOR plus 15.32%	Apr-16
	Mezzanine loans, fixed rate (7)		3		51,832				0.50% to 18.71%	September 2014 to
										Sep-21
	Total (2)		60		$	914,320
	31-Dec-13
	Whole loans, floating rate (1) (4) (6)		51		$	745,789			LIBOR plus 2.68% to	March 2014 to
									LIBOR plus 12.14%	Feb-19
	B notes, fixed rate		1		16,205				8.68%	Apr-16
	Mezzanine loans, floating rate		1		12,455				LIBOR plus 15.32%	Apr-16
	Mezzanine loans, fixed rate (7)		3		51,862				0.50% to 18.72%	September 2014 to
										Sep-19
	Total (2)		56		$	826,311
	-1	Whole loans had $23.1 million and $13.7 million in unfunded loan commitments as of March 31, 2014 and December 31, 2013, respectively.  These unfunded commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained.
	-2	The total does not include an allowance for loan loss of $5.8 million and $10.4 million as of March 31, 2014 and December 31, 2013, respectively.
	-3	Maturity dates do not include possible extension options that may be available to the borrowers.
	-4	As of March 31, 2014, floating rate whole loans includes $783,000 and $12.6 million mezzanine components of two whole loans, which have a fixed rate of 15.0% and 12.0%, respectively.
	-5	Floating rate whole loans include a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of March 31, 2014.
	-6	Fixed rate mezzanine loans include a mezzanine loan that was modified into two tranches, which both currently pay interest at 0.50%. In addition, the subordinate tranche accrues interest at LIBOR plus 18.50% which is deferred until maturity.
Summary of the weighted average life of the commercial real estate loans at amortized cost	'
	The following is a summary of the weighted average life of the Company’s commercial real estate loans, at amortized cost (in thousands):
	Description		2014				2015			2016 and Thereafter			Total
	March 31, 2014
	B notes		$	—			$	—		$	16,168		$	16,168
	Mezzanine loans		5,711				—			58,588			64,299
	Whole loans		5,110				17,967			810,776			833,853
	Total (1)		$	10,821			$	17,967		$	885,532		$	914,320
	31-Dec-13
	B notes		$	—			$	—		$	16,205		$	16,205
	Mezzanine loans		5,711				—			58,606			64,317
	Whole loans		—				17,949			727,840			745,789
	Total (1)		$	5,711			$	17,949		$	802,651		$	826,311
	-1	Weighted average life of commercial real estate loans assumes full exercise of extension options available to borrowers.
Allocation of allowance for loan loss	'
	The following is a summary of the allocation of the allowance for loan loss with respect to the Company’s commercial real estate and bank loans (in thousands, except percentages) by asset class:
	Description		Allowance for				Percentage of Total Allowance
			Loan Loss
	31-Mar-14
	B notes		$	132			2.00%
	Mezzanine loans		524				7.96%
	Whole loans		5,188				78.79%
	Bank loans		741				11.25%
	Total		$	6,585
	31-Dec-13
	B notes		$	174			1.26%
	Mezzanine loans		559				4.05%
	Whole loans		9,683				70.13%
	Bank loans		3,391				24.56%
	Total		$	13,807

INVESTMENTS_IN_UNCONSOLIDATED_1

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Schedule of Unconsolidated Entities	'
	The following table shows the Company's investments in unconsolidated entities as of March 31, 2014 and December 31, 2013 and equity in net earnings (losses) of unconsolidated subsidiaries for the three months ended March 31, 2014 and 2013 (in thousands):
			Balance as of		Balance as of		For the three months ended			For the three months ended
		Ownership %	March 31,		December 31,		March 31,			March 31,
			2014		2013		2014			2013
	Varde Investment Partners, L.P	7.50%	$	673	$	674	$	(1	)	$	24
	RRE VIP Borrower, LLC	3% to 5%	—		—		866			(113		)
	Investment in LCC Preferred Stock	27.50%	40,421		41,016		(594		)	(336		)
	Investment in RCT I and II (1)	3%	1,548		1,548		(589		)	(593		)
	Investment in Preferred Equity (2)	various	2,400		8,124		1,228			239
	Investment in CVC Global Opps Fund	34.40%	17,011		16,177		834			—
	Investment in Life Care Funding (3)	30%	—		1,530		(75		)	—
	Total		$	62,053	$	69,069	$	1,669		$	(779	)
	-1	For the three months ended March 31, 2014 and 2013, these amounts are recorded in interest expense on the Company's consolidated statements of income.
	-2	For the three months ended March 31, 2014 and 2013, these amounts are recorded in interest income on loans on the Company's consolidated statements of income.
	-3	For the three months ended March 31, 2014, the Company recorded equity in net earnings (losses) of unconsolidated subsidiaries on the consolidated statements of income for two months before LCF was consolidated.

FINANCING_RECEIVABLES_Tables

FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2014
Receivables [Abstract]	'
Allowance for loan losses and recorded investments in loans	'
	The following tables show the allowance for loan losses and recorded investments in loans for the years indicated (in thousands):
		Commercial Real Estate Loans				Bank Loans				Residential Mortgage Loans			Loans Receivable-Related Party		Total
	31-Mar-14
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2014	$	10,416			$	3,391			$	—		$	—	$	13,807
	Provision for loan loss	(4,572		)		612				—			—		(3,960		)
	Loans charged-off	—				(3,262		)		—			—		(3,262		)
	Allowance for losses at March 31, 2014	$	5,844			$	741			$	—		$	—	$	6,585
	Ending balance:
	Individually evaluated for impairment	$	—			$	441			$	—		$	—	$	441
	Collectively evaluated for impairment	$	5,844			$	300			$	—		$	—	$	6,144
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—		$	—	$	—
	Loans:
	Ending balance:
	Individually evaluated for impairment	$	196,883			$	1,566			$	—		$	6,498	$	204,947
	Collectively evaluated for impairment	$	717,437			$	685,248			$	16,960		$	—	$	1,419,645
	Loans acquired with deteriorated credit quality	$	—			$	612			$	—		$	—	$	612
	As of December 31, 2013
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2013	$	7,986			$	9,705			$	—		$	—	$	17,691
	Provision for loan loss	2,686				334				—			—		3,020
	Loans charged-off	(256		)		(6,648		)		—			—		(6,904		)
	Allowance for losses at December 31, 2013	$	10,416			$	3,391			$	—		$	—	$	13,807
	Ending balance:
	Individually evaluated for impairment	$	4,572			$	2,621			$	—		$	—	$	7,193
	Collectively evaluated for impairment	$	5,844			$	770			$	—		$	—	$	6,614
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—		$	—	$	—
	Loans:
	Ending balance:
	Individually evaluated for impairment	$	194,403			$	3,554			$	—		$	6,966	$	204,923
	Collectively evaluated for impairment	$	631,908			$	558,469			$	16,915		$	—	$	1,207,292
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—		$	—	$	—
Credit quality indicators for Bank loans and Commercial real estate loans	'
	Credit risk profiles of commercial real estate loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3			Rating 4		Held for Sale			Total
	As of March 31 2014
	Whole loans	$	768,243			$	32,500			$	33,110		$	—	$	—		$	833,853
	B notes	16,168				—				—			—		—			16,168
	Mezzanine loans	51,832				12,467				—			—		—			64,299
		$	836,243			$	44,967			$	33,110		$	—	$	—		$	914,320
	As of December 31, 2013
	Whole loans	$	680,718			$	32,500			$	32,571		$	—	$	—		$	745,789
	B notes	16,205				—				—			—		—			16,205
	Mezzanine loans	51,862				12,455				—			—		—			64,317
		$	748,785			$	44,955			$	32,571		$	—	$	—		$	826,311
	Credit risk profiles of bank loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3			Rating 4		Rating 5			Held for Sale		Total
	As of March 31, 2014
	Bank loans	$	618,896			$	47,742			$	17,340		$	998	$	2,178		$	272	$	687,426
	As of December 31, 2013
	Bank loans	$	488,004			$	42,476			$	18,806		$	2,333	$	3,554		$	6,850	$	562,023
Loan portfolios aging analysis	'
	The following table shows the loan portfolio aging analysis as of the dates indicated at cost basis (in thousands):
		30-59 Days				60-89 Days				Greater than 90 Days			Total Past Due		Current			Total Loans Receivable		Total Loans > 90 Days and Accruing
	31-Mar-14
	Whole loans	$	—			$	—			$	—		$	—	$	833,853		$	833,853	$	—
	B notes	—				—				—			—		16,168			16,168		—
	Mezzanine loans	—				—				—			—		64,299			64,299		—
	Bank loans	—				—				612			612		686,814			687,426		—
	Residential mortgage loans	258				—				—			258		16,702			16,960		—
	Loans receivable- related party	—				—				—			—		6,498			6,498		—
	Total loans	$	258			$	—			$	612		$	870	$	1,624,334		$	1,625,204	$	—
	31-Dec-13
	Whole loans	$	—			$	—			$	—		$	—	$	745,789		$	745,789	$	—
	B notes	—				—				—			—		16,205			16,205		—
	Mezzanine loans	—				—				—			—		64,317			64,317		—
	Bank loans	—				—				3,554			3,554		558,469			562,023		—
	Residential mortgage loans	234				91				268			593		16,322			16,915		—
	Loans receivable- related party	—				—				—			—		6,966			6,966		—
	Total loans	$	234			$	91			$	3,822		$	4,147	$	1,408,068		$	1,412,215	$	—
Impaired loans	'
	The following tables show impaired loans indicated (in thousands):
		Recorded Balance				Unpaid Principal Balance				Specific Allowance			Average Investment in Impaired Loans		Interest Income Recognized
	31-Mar-14
	Loans without a specific valuation allowance:
	Whole loans	$	158,811			$	158,811			$	—		$	156,694	$	12,103
	B notes	$	—			$	—			$	—		$	—	$	—
	Mezzanine loans	$	38,072			$	38,072			$	—		$	38,072	$	1,916
	Bank loans	$	612			$	612			$	—		$	—	$	—
	Residential mortgage loans	$	—			$	—			$	—		$	—	$	—
	Loans receivable - related party	$	5,372			$	5,372			$	—		$	—	$	—
	Loans with a specific valuation allowance:
	Whole loans	$	—			$	—			$	—		$	—	$	—
	B notes	$	—			$	—			$	—		$	—	$	—
	Mezzanine loans	$	—			$	—			$	—		$	—	$	—
	Bank loans	$	1,566			$	1,566			$	(441	)	$	—	$	—
	Residential mortgage loans	$	—			$	—			$	—		$	—	$	—
	Loans receivable - related party	$	—			$	—			$	—		$	—	$	—
	Total:
	Whole loans	$	158,811			$	158,811			$	—		$	156,694	$	12,103
	B notes	—				—				—			—		—
	Mezzanine loans	38,072				38,072				—			38,072		1,916
	Bank loans	2,178				2,178				(441		)	—		—
	Residential mortgage loans	—				—				—			—		—
	Loans receivable - related party	5,372				5,372				—			—		—
		$	204,433			$	204,433			$	(441	)	$	194,766	$	14,019
	31-Dec-13
	Loans without a specific valuation allowance:
	Whole loans	$	130,759			$	130,759			$	—		$	123,495	$	8,439
	B notes	$	—			$	—			$	—		$	—	$	—
	Mezzanine loans	$	38,072			$	38,072			$	—		$	38,072	$	1,615
	Bank loans	$	—			$	—			$	—		$	—	$	—
	Loans receivable - related party	$	5,733			$	5,733			$	—		$	—	$	—
	Residential mortgage loans	$	315			$	268			$	—		$	—	$	—
	Loans with a specific valuation allowance:
	Whole loans	$	25,572			$	25,572			$	(4,572	)	$	24,748	$	1,622
	B notes	$	—			$	—			$	—		$	—	$	—
	Mezzanine loans	$	—			$	—			$	—		$	—	$	—
	Bank loans	$	3,554			$	3,554			$	(2,621	)	$	—	$	—
	Residential mortgage loans	$	—			$	—			$	—		$	—	$	—
	Loans receivable - related party	$	—			$	—			$	—		$	—	$	—
	Total:
	Whole loans	$	156,331			$	156,331			$	(4,572	)	$	148,243	$	10,061
	B notes	—				—				—			—		—
	Mezzanine loans	38,072				38,072				—			38,072		1,615
	Bank loans	3,554				3,554				(2,621		)	—		—
	Residential mortgage loans	315				268				—			—		—
	Loans receivable - related party	5,733				5,733				—			—		—
		$	204,005			$	203,958			$	(7,193	)	$	186,315	$	11,676
Troubled debt restructurings on financing receivables	'
	The following table shows troubled-debt restructurings in the Company's loan portfolio (in thousands) during the three months ended March 31, 2013:
		Number of Loans		Pre-Modification Outstanding Recorded Balance				Post-Modification Outstanding Recorded Balance
	Whole loans	6		$	153,958			$	136,672
	B notes	—		—				—
	Mezzanine loans	1		38,072				38,072
	Bank loans	—		—				—
	Residential mortgage loans	—		—				—
	Loans receivable - related party	1		7,797				7,797
	Total loans	8		$	199,827			$	182,541

INTANGIBLE_ASSETS_Tables

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Summary of intangible assets	'
	The following table summarizes intangible assets at March 31, 2014 and December 31, 2013 (in thousands).
		Asset Balance		Accumulated Amortization			Net Asset
	31-Mar-14
	Investment in RCAM	$	21,213	$	(10,424	)	$	10,789
	Investments in real estate:
	In-place leases	920		(920		)	—
	Above (below) market leases	29		(29		)	—
	Investment in PCA:
	Wholesale or correspondent relationships	600		(106		)	494
	Total intangible assets	$	22,762	$	(11,479	)	$	11,283
	31-Dec-13
	Investment in RCAM	$	21,213	$	(9,980	)	$	11,233
	Investments in real estate:
	In-place leases	2,461		(2,430		)	31
	Above (below) market leases	29		(29		)	—
	Investment in PCA:
	Wholesale or correspondent relationships	600		(42		)	558
	Total intangible assets	$	24,303	$	(12,481	)	$	11,822
Purchase Price Allocation	'
	The following table sets forth the allocation of the purchase price as of December 31, 2013 (in thousands):
	Assets acquired:
	Cash and cash equivalents	$	1,233
	Loans held for sale	15,021
	Loans held for investment	2,071
	Wholesale and correspondent relationships	600
	Other assets	5,828
	Total assets	24,753
	Less: Liabilities assumed:
	Borrowings	14,584
	Other liabilities	2,165
	Total liabilities	16,749
	Gain on bargain purchase	391
	Total cash purchase price	$	7,613

BORROWINGS_Tables

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Instrument [Line Items]	'
Information with Respect to Borrowings	'
	Certain information with respect to the Company’s borrowings at March 31, 2014 and December 31, 2013 is summarized in the following table (in thousands, except percentages):
		Outstanding Borrowings		Unamortized			Principal			Weighted Average		Weighted Average	Value of		Date
				Issuance Costs			Outstanding			Borrowing Rate		Remaining	Collateral		Securitization Closed
				and Discounts								Maturity
	31-Mar-14
	RREF CDO 2006-1 Senior Notes	$	100,184	$	129		$	100,313		1.86%		32.4 years	$	169,809	Aug-06
	RREF CDO 2007-1 Senior Notes	147,866		509			148,375			0.91%		32.5 years	297,703		Jun-07
	RCC CRE Notes 2013	256,866		3,974			260,840			2.02%		14.7 years	303,410		Dec-13
	Apidos CDO I Senior Notes	73,815		—			73,815			1.66%		3.3 years	88,532		Aug-05
	Apidos CDO III Senior Notes	112,511		40			112,551			0.94%		6.5 years	124,677		May-06
	Apidos Cinco CDO Senior Notes	319,797		703			320,500			0.74%		6.1 years	345,029		May-07
	Whitney CLO I Senior Notes (1)	133		—			133			—%		N/A	157		N/A
	Moselle CLO S.A. Senior Notes	167,181		—			167,181			0.95%		5.8 years	202,247		Oct-05
	Moselle CLO S.A. Securitized Borrowings	5,116		—			5,116			—%		N/A	—		N/A
	Unsecured Junior Subordinated Debentures (2)	51,054		494			51,548			4.18%		22.6 years	—		May/Sept 2006
	6.0% Convertible Senior Notes	107,130		7,870			115,000			6.00%		4.7 years	—		Oct-13
	CRE - Term Repurchase Facilities (3)	99,726		743			100,469			2.63%		18 days	153,895		N/A
	CMBS - Term Repurchase Facility (4)	36,819		—			36,819			1.37%		18 days	44,386		N/A
	Residential Mortgage Financing Agreements	14,686		—			14,686			4.23%		147 days	16,728		N/A
	CMBS - Short Term Repurchase Agreements	9,205		—			9,205			1.40%		24 days	13,246		N/A
	Total	$	1,502,089	$	14,462		$	1,516,551		1.83%		10.9 years	$	1,759,819
		Outstanding Borrowings		Unamortized			Principal			Weighted Average		Weighted Average	Value of		Date
				Issuance Costs			Outstanding			Borrowing Rate		Remaining	Collateral		Securitization Closed
				and Discounts								Maturity
	31-Dec-13
	RREF CDO 2006-1 Senior Notes	$	94,004	$	205		$	94,209		1.87%		32.6 years	$	169,115	Aug-06
	RREF CDO 2007-1 Senior Notes	177,837		719			178,556			0.84%		32.8 years	318,933		Jun-07
	RCC CRE Notes 2013	256,571		4,269			260,840			2.03%		15.0 years	305,586		Dec-13
	Apidos CDO I Senior Notes	87,131		—			87,131			1.68%		3.6 years	103,736		Aug-05
	Apidos CDO III Senior Notes	133,209		117			133,326			0.88%		6.7 years	145,930		May-06
	Apidos Cinco CDO Senior Notes	321,147		853			322,000			0.74%		6.4 years	342,796		May-07
	Whitney CLO I Securitized Borrowings (1)	440		—			440			—%		N/A	885		N/A
	Unsecured Junior	51,005		543			51,548			4.19%		22.8 years	—		May/Sept 2006
	Subordinated Debentures (2)
	6.0% Convertible Senior Notes	106,535		8,465			115,000			6.00%		4.9 years	—		Oct-13
	CRE - Term Repurchase Facilities (3)	29,703		1,033			30,736			2.67%		21 days	48,186		N/A
	CMBS - Term Repurchase Facility (4)	47,601		12			47,613			1.38%		21 days	56,949		N/A
	Residential Mortgage Financing	14,627		—			14,627			4.24%		216 days	16,487		N/A
	Total	$	1,319,810	$	16,216		$	1,336,026		1.87%		13.1 years	$	1,508,603
	-1	The securitized borrowings are collateralized by the same assets as the Apidos CLO VIII Senior Notes and the Whitney CLO I Securitized Borrowings, respectively.
	-2	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
	-3	Amount also includes accrued interest costs of $98,000 and $26,000 related to CRE repurchase facilities as of March 31, 2014 and December 31, 2013, respectively.
	-4	Amounts also includes accrued interest costs of $18,000 and $22,000 related to CMBS repurchase facilities as of March 31, 2014 and December 31, 2013, respectively. Amount does not reflect CMBS repurchase agreement borrowings that components of linked transactions.
Schedule of Linked Transactions	'
	The assets in the following table are accounted for as linked transactions. These linked repurchase agreements are not included in borrowings on the Company's consolidated balance sheets (see Note 20).
		March 31, 2014								December 31, 2013
		Borrowings		Value of Collateral			Number		Weighted Average	Borrowings			Value of Collateral		Number	Weighted Average
		Under Linked		Under Linked			of Positions		Interest Rate	Under Linked			Under Linked		of Positions	Interest Rate
		Transactions (1)		Transactions			as Collateral		of Linked	Transactions (1)			Transactions		as Collateral	of Linked
							Under Linked		Transactions						Under Linked	Transactions
							Transactions								Transactions
	CMBS Term
	Repurchase Facility
	Wells Fargo Bank	$	6,156	$	7,994		7		1.64%	$	6,506		$	8,345	7	1.65%
	CRE Term
	Repurchase Facilities
	Wells Fargo Bank	—		—			—		—%	—			—		—	—%
	Short-Term Repurchase
	Agreements - CMBS
	JP Morgan Securities, LLC	12,006		18,342			4		0.83%	17,020			24,814		4	0.99%
	Wells Fargo Securities, LLC	19,621		27,982			8		1.19%	21,969			30,803		9	1.19%
	Deutsche Bank Securities, LLC	33,883		51,840			14		1.41%	18,599			29,861		9	1.43%
	Totals	$	71,666	$	106,158					$	64,094		$	93,823
Schedule of Amount at Risk under Credit Facility	'
	The following table shows information about the amount at risk under the repurchase facilities (dollars in thousands):
		Amount at		Weighted Average		Weighted Average
		Risk (1)		Maturity in Days		Interest Rate
	31-Mar-14
	CMBS Term Repurchase Facility
	Wells Fargo Bank, National Association (2)	$	8,822	18		1.37%
	CRE Term Repurchase Facilities
	Wells Fargo Bank, National Association	$	57,882	18		2.62%
	Deutsche Bank Securities, LLC	$	9,155	18		3.03%
	Short-Term Repurchase Agreements - CMBS
	JP Morgan Securities, LLC (3)	$	6,403	14		0.83%
	Wells Fargo Securities, LLC	$	8,411	6		1.19%
	Deutsche Bank Securities, LLC	$	18,176	24		1.41%
	31-Dec-13
	CMBS Term Repurchase Facility
	Wells Fargo Bank, National Association (2)	$	10,796	21		1.38%
	CRE Term Repurchase Facilities
	Wells Fargo Bank, National Association	$	20,718	21		2.67%
	Short-Term Repurchase Agreements - CMBS
	JP Morgan Securities, LLC (3)	$	7,882	11		0.99%
	Wells Fargo Securities, LLC	$	8,925	2		1.19%
	Deutsche Bank Securities, LLC	$	11,418	22		1.43%
	-1	Equal to the estimated fair value of securities or loans sold, plus accrued interest income, minus the sum of repurchase agreement liabilities plus accrued interest expense.
	-2	$6.2 million and $6.5 million of linked repurchase agreement borrowings are being included as derivative instruments as of March 31, 2014 and December 31, 2013, respectively, (see Note 20).
	-3	$12.0 million and $17.0 million of linked repurchase agreement borrowings are being included as derivative instruments as of March 31, 2014 and December 31, 2013, respectively.
CRE - Term Repurchase Facility [Member]	'
Debt Instrument [Line Items]	'
Repurchase and Mortgage Finance Facilities	'
	The following table sets forth certain information with respect to the Company's borrowings at March 31, 2014 and December 31, 2013 (dollars in thousands):
		March 31, 2014								December 31, 2013
		Outstanding		Value of			Number of		Weighted Average	Outstanding			Value of		Number of	Weighted Average
		Borrowings		Collateral			Positions		Interest Rate	Borrowings			Collateral		Positions	Interest Rate
							as Collateral								as Collateral
	CMBS Term
	Repurchase Facility
	Wells Fargo Bank (1)	$	36,819	$	44,386		48		1.37%	$	47,601		$	56,949	44	1.38%
	CRE Term
	Repurchase Facilities
	Wells Fargo Bank (2)	96,140		148,312			7		2.62%	30,003			48,186		3	2.67%
	Deutsche Bank AG (3)	3,586		5,583			1		3.03%	(300		)	—		—	—%
	Short-Term Repurchase
	Agreements - CMBS
	Wells Fargo Securities, LLC	—		—			—		—	—			—		—	—%
	Deutsche Bank Securities, LLC	9,205		13,246			4		1.40%	—			—		—	—%
	Residential Mortgage
	Financing Agreements
	New Century Bank	10,275		11,145			72		4.19%	11,916			13,089		74	4.17%
	ViewPoint Bank, NA	4,411		5,584			25		4.46%	2,711			3,398		17	4.58%
	Totals	$	160,436	$	228,256					$	91,931		$	121,622
	-1	The Wells Fargo CMBS term facility borrowing includes zero and $12,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
	-2	The Wells Fargo CRE term repurchase facility borrowing includes $577,000 and $732,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
	-3	The Deutsche Bank term repurchase facility includes $166,000 and $300,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Summary of restricted common stock transactions	'
	The following table summarizes restricted common stock transactions:
		Non-Employee Directors			Non-Employees			Employees		Total
	Unvested shares as of January 1, 2014	38,704			2,835,523			238,368		3,112,595
	Issued	37,786			580,283			22,318		640,387
	Vested	(33,219	)		(1,049,574	)		—		(1,082,793	)
	Forfeited	—			—			—		—
	Unvested shares as of March 31, 2014	43,271			2,366,232			260,686		2,670,189
Restricted Common Stock Grants	'
	The following table summarizes the restricted common stock grants during the three months ended March 31, 2014:
	Date		Shares		Vesting/Year		Date(s)
	January 30, 2014		481,625		33.30%		1/30/15, 1/30/16, 1/30/17
	February 3, 2014		5,972		100%		2/3/14
	March 11, 2014		25,770		100%		3/11/15
	March 12, 2014		6,044		100%		3/12/15
	March 30, 2014		112,000		1/6 per quarter		3/31/14, 6/30/14, 9/30/14, 12/31/14, 3/31/15, 6/30/15 (1)
	March 31, 2014		8,976		25%		3/31/15, 3/31/16, 3/31/17, 3/31/18
Schedule of restricted stock granted	'
	The following table summarizes the restricted common stock grants during the three months ended March 31, 2014:
	Date		Shares		Vesting/Year		Date(s)
	January 30, 2014		481,625		33.30%		1/30/15, 1/30/16, 1/30/17
	February 3, 2014		5,972		100%		2/3/14
	March 11, 2014		25,770		100%		3/11/15
	March 12, 2014		6,044		100%		3/12/15
	March 30, 2014		112,000		1/6 per quarter		3/31/14, 6/30/14, 9/30/14, 12/31/14, 3/31/15, 6/30/15 (1)
	March 31, 2014		8,976		25%		3/31/15, 3/31/16, 3/31/17, 3/31/18
	1	In connection with a grant of restricted common stock made on August 25, 2011, the Company agreed to issue up to 336,000 additional shares of common stock if certain loan origination performance thresholds are achieved by personnel from the Company’s loan origination team.  The performance criteria are measured at the end of three annual measurement periods beginning April 1, 2011.  The agreement also provides dividend equivalent rights pursuant to which the dividends that would have been paid on the shares had they been issued on the date of grant will be paid at the end of each annual measurement period if the performance criteria are met.  If the performance criteria are not met, the accrued dividends will be forfeited.  As a consequence, the Company will not record the dividend equivalent rights until earned.  On March 30, 2014, the third annual measurement period ended and 112,000 shares were earned.  In addition, $258,000 of accrued dividend equivalent rights was earned.
	2	All shares were issued from the 2007 Plan with the exception of these shares which were issued from unregistered shares as part of the consideration for the purchase of PCA.
Summary of stock option transactions	'
	The following table summarizes the status of the Company’s vested stock options as of March 31, 2013:
	Vested Options	Number of Options			Weighted Average Exercise Price				Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
	Vested as of January 1, 2014	627,332			$	14.62
	Vested	—			—
	Exercised	—			—
	Forfeited	—			—
	Vested as of March 31, 2014	627,332			$	14.62			2	$	10
	The following table summarizes the status of the Company’s unvested stock options as of March 31, 2014:
	Unvested Options	Options			Weighted Average Grant
					Date Fair Value
	Unvested at January 1, 2014	13,334			$	6.4
	Granted	—
	Vested	—
	Forfeited	—
	Unvested at March 31, 2014	13,334			$	6.4
Summary of share based compensation expense	'
	For the three months ended March 31, 2014 and 2013, the components of equity compensation expense were as follows (in thousands):
		Three Months Ended
		March 31,
		2014				2013
	Options granted to Manager and non-employees	$	(2	)		$	7
	Restricted shares granted non-employees	1,429				3,550
	Restricted shares granted employees	175				—
	Restricted shares granted to non-employee directors	65				34
	Total equity compensation expense	$	1,667			$	3,591

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Reconciliation of basic and diluted earnings per share	'
	The following table presents a reconciliation of basic and diluted earnings per share for the periods presented as follows (in thousands, except share and per share amounts):
		Three Months Ended
		March 31,
		2014		2013
	Basic:
	Net income allocable to common shares	$	15,116	$	11,526
	Weighted average number of shares outstanding	125,616,537		104,224,083
	Basic net income per share	$	0.12	$	0.11
	Diluted:
	Net income allocable to common shares	$	15,116	$	11,526
	Weighted average number of shares outstanding	125,616,537		104,224,083
	Additional shares due to assumed conversion of dilutive instruments	1,051,077		1,102,531
	Adjusted weighted-average number of common shares outstanding	126,667,614		105,326,614
	Diluted net income per share	$	0.12	$	0.11

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Schedule of accumulated other comprehensive loss	'
	The following table, which is presented gross of tax, presents the changes in each component of accumulated other comprehensive income for the three months ended March 31, 2014 (dollars in thousands):
		Net unrealized (loss) gain on derivatives			Net unrealized (loss) gain on securities,			Foreign Currency Translation			Accumulated other comprehensive loss
					available-for-sale
	January 1, 2014	$	(11,155	)	$	(3,084	)	$	196		$	(14,043	)
	Other comprehensive gain (loss) before reclassifications	387			(1,754		)	(196		)	(1,563		)
	Amounts reclassified from accumulated other	70			1,465			—			1,535
	comprehensive income
	Net current-period other comprehensive income	457			(289		)	(196		)	(28		)
	March 31, 2014	$	(10,698	)	$	(3,373	)	$	—		$	(14,071	)

DISTRIBUTIONS_Tables

DISTRIBUTIONS (Tables)

3 Months Ended

Mar. 31, 2014

DISTRIBUTIONS [Abstract]

'

Dividends Declared

'

The following tables presents dividends declared (on a per share basis) for the three months ended March 31, 2014.

Common Stock

Date Paid

Total

Dividend

Dividend Paid

Per Share

(in thousands)

2014

31-Mar

28-Apr

$

25,663

$

0.2

Preferred Stock

Series A

Series B

Date Paid

Total

Dividend

Date Paid

Total

Dividend

Dividend Paid

Per Share

Dividend Paid

Per Share

(in thousands)

(in thousands)

2014

2014

31-Mar

30-Apr

$

463

$

0.53125

31-Mar

30-Apr

$

2,057

$

0.515625

FAIR_VALUE_OF_FINANCIAL_INSTRU1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair value assets and liabilities measured on recurring basis	'
	The following table presents information about the Company’s assets (including derivatives that are presented net) measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	31-Mar-14
	Assets:
	Investment securities, trading	$	—			$	—			$	9,987			$	9,987
	Investment securities available-for-sale	1,764				816				230,971				233,551
	CMBS - linked transactions	—				—				34,829				34,829
	Derivatives (net)	—				556				—				556
	Total assets at fair value	$	1,764			$	1,372			$	275,787			$	278,923
	Liabilities:
	Derivatives (net)	—				401				9,841				10,242
	Total liabilities at fair value	$	—			$	401			$	9,841			$	10,242
	31-Dec-13
	Assets:
	Investment securities, trading	$	—			$	—			$	11,558			$	11,558
	Investment securities available-for-sale	2,370				92				207,375				209,837
	CMBS - linked transactions	—				—				30,066				30,066
	Total assets at fair value	$	2,370			$	92			$	248,999			$	251,461
	Liabilities:
	Derivatives (net)	—				395				10,191				10,586
	Total liabilities at fair value	$	—			$	395			$	10,191			$	10,586
Fair value assets unobservable input reconciliation	'
	The following table presents additional information about assets which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands):
			CMBS including Linked Transactions				ABS				RMBS				Structured Finance				Total
	Balance, January 1, 2014		$	210,785			$	26,656			$	451			$	11,107			$	248,999
	Included in earnings		103				214				—				—				317
	Purchases		33,402				14,306				—				12,841				60,549
	Sales		(12,314		)		(2,494		)		—				—				(14,808		)
	Paydowns		(17,188		)		(1,785		)		(10		)		—				(18,983		)
	Issuances		—				—				—				—				—
	Settlements		—				—				—				—				—
	Included in OCI		1,332				(59		)		(2		)		(1,558		)		(287		)
	Transfers out of Level 2		—				—				—				—				—
	Transfers into Level 3		—				—				—				—				—
	Balance, March 31, 2014		$	216,120			$	36,838			$	439			$	22,390			$	275,787
Fair value liabilities unobservable input reconciliation	'
	The following table presents additional information about liabilities which are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands):
		Level 3
	Beginning balance, January 1, 2014	$	10,191
	Unrealized losses – included in accumulated other comprehensive income	(350		)
	Ending balance, March 31, 2014	$	9,841
Fair value assets and liabilities measured on nonrecurring basis	'
	The following table summarizes the financial assets and liabilities measured at fair value on a nonrecurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	31-Mar-14
	Assets:
	Loans held for sale	$	—			$	272			$	15,117			$	15,389
	Impaired loans	—				1,125				—				1,125
	Total assets at fair value	$	—			$	1,397			$	15,117			$	16,514
	31-Dec-13
	Assets:
	Loans held for sale	$	—			$	6,850			$	15,066			$	21,916
	Impaired loans	—				225				—				225
	Total assets at fair value	$	—			$	7,075			$	15,066			$	22,141
Significant unobservable inputs used in fair value measurements	'
	For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows (in thousands):
		Fair Value at March 31, 2014				Valuation Technique		Significant Unobservable Inputs		Significant Unobservable Input Value
	Interest rate swap agreements	$	9,841			Discounted cash flow		Weighted average credit spreads		5.11	%
Fair value financial instruments not reported at fair value	'
	The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (in thousands):
						Fair Value Measurements
		Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	31-Mar-14
	Loans held-for-investment	$	1,596,731			$	1,591,875			$	—			$	687,086			$	904,789
	Loans receivable-related party	$	6,498			$	6,498			$	—			$	—			$	6,498
	CDO notes	$	1,183,469			$	1,066,399			$	—			$	1,066,399			$	—
	Junior subordinated notes	$	51,054			$	17,548			$	—			$	—			$	17,548
	Repurchase agreements	$	160,436			$	160,436			$	—			$	—			$	160,436
	31-Dec-13
	Loans held-for-investment	$	1,369,526			$	1,358,434			$	—			$	545,352			$	813,082
	Loans receivable-related party	$	6,966			$	6,966			$	—			$	—			$	6,966
	CDO notes	$	1,070,339			$	653,617			$	—			$	653,617			$	—
	Junior subordinated notes	$	51,005			$	17,499			$	—			$	—			$	17,499
	Repurchase agreements	$	77,304			$	77,304			$	—			$	—			$	77,304

INTEREST_RATE_RISK_AND_DERIVAT1

INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Derivatives, Fair Value [Line Items]	'
Schedule of Linked Transactions	'
	The assets in the following table are accounted for as linked transactions. These linked repurchase agreements are not included in borrowings on the Company's consolidated balance sheets (see Note 20).
		March 31, 2014											December 31, 2013
		Borrowings				Value of Collateral				Number		Weighted Average	Borrowings			Value of Collateral			Number		Weighted Average
		Under Linked				Under Linked				of Positions		Interest Rate	Under Linked			Under Linked			of Positions		Interest Rate
		Transactions (1)				Transactions				as Collateral		of Linked	Transactions (1)			Transactions			as Collateral		of Linked
										Under Linked		Transactions							Under Linked		Transactions
										Transactions									Transactions
	CMBS Term
	Repurchase Facility
	Wells Fargo Bank	$	6,156			$	7,994			7		1.64%	$	6,506		$	8,345		7		1.65%
	CRE Term
	Repurchase Facilities
	Wells Fargo Bank	—				—				—		—%	—			—			—		—%
	Short-Term Repurchase
	Agreements - CMBS
	JP Morgan Securities, LLC	12,006				18,342				4		0.83%	17,020			24,814			4		0.99%
	Wells Fargo Securities, LLC	19,621				27,982				8		1.19%	21,969			30,803			9		1.19%
	Deutsche Bank Securities, LLC	33,883				51,840				14		1.41%	18,599			29,861			9		1.43%
	Totals	$	71,666			$	106,158						$	64,094		$	93,823
Components of Unrealized Net Gains and Net Income from Linked Transactions	'
	The following table presents certain information about the components of the unrealized (losses) gains and net interest income from linked transactions, net, included in the Company's consolidated statements of income for the three months ended March 31, 2014 and 2013( in thousands):
	Components of Unrealized Net (Losses) Gains and Net Interest Income	March 31,
	Income from Linked Transactions	2014				2013
	Interest income attributable to CMBS underlying linked transactions	$	739			$	449
	Interest expense attributable to linked repurchase	(197		)		(116		)
	agreement borrowings underlying linked transactions
	Change in fair value of linked transactions included in earnings	1,763				(592		)
	Unrealized net (losses) gains and net interest income from linked transactions	$	2,305			$	(259	)
Available-for-sale Securities	'
	The following table summarizes the Company's sales of investment securities available-for-sale during the period indicated (in thousands, except number of securities):
		Positions		Par Amount Sold				Realized Gain (Loss)
		Sold
	March 31, 2014
	CMBS position	3		$	12,500			$	(298	)
	31-Mar-13
	Corporate bond position	2		$	700			$	18
	The following table summarizes the Company's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
		Amortized Cost (1)				Unrealized Gains				Unrealized Losses			Fair Value
	31-Mar-14
	CMBS	$	186,703			$	7,465			$	(12,877	)	$	181,291
	ABS	35,648				1,519				(328		)	36,839
	Structured notes	12,841				—				—			12,841
	Corporate bonds	2,603				24				(47		)	2,580
	Total	$	237,795			$	9,008			$	(13,252	)	$	233,551
	31-Dec-13
	CMBS	$	185,178			$	7,570			$	(12,030	)	$	180,718
	ABS	25,406				1,644				(394		)	26,656
	Structured notes	5,369				—				—			5,369
	Corporate bonds	2,517				16				(70		)	2,463
	Total	$	218,470			$	9,230			$	(12,494	)	$	215,206
	-1	As of March 31, 2014 and December 31, 2013, $159.1 million and $162.6 million, respectively, of securities were pledged as collateral security under related financings.
	The aggregate discount (premium) due to interest rate changes were as follows (in thousands):
		March 31,				December 31,
		2014				2013
	CMBS	$	6,170			$	6,583
	ABS	$	2,174			$	2,394
	Corporate bond	$	103			$	68
Interest Rate Swap [Member]	'
Derivatives, Fair Value [Line Items]	'
Fair Value of Derivative Instruments	'
	Fair Value of Derivative Instruments as of March 31, 2014
	(in thousands)
		Asset Derivatives
		Notional Amount				Balance Sheet Location		Fair Value
	Interest rate lock agreements	$	32,270			Derivatives, at fair value		$	445
	Forward sales commitments	$	31,390			Derivatives, at fair value		$	111
		Liability Derivatives
		Notional Amount				Balance Sheet Location		Fair Value
	Interest rate swap contracts	$	126,111			Derivatives, at fair value		$	(10,199	)
	Interest rate lock agreements	$	1,642			Derivatives, at fair value		$	(13	)
	Forward sale commitments	$	17,500			Derivatives, at fair value		$	(30	)
	Interest rate swap contracts	$	126,111			Accumulated other comprehensive loss		$	10,199
The Effect of Derivative Instruments on the Statement of Income	'
	The Effect of Derivative Instruments on the Statements of Income for the
	Three Months Ended March 31, 2014
	(in thousands)
		Liability Derivatives
		Notional Amount				Statement of Income Location		Unrealized Loss (1)
	Interest rate swap contracts	$	126,111			Interest expense		$	1,626
	Interest rate lock agreements	$	33,912			Net realized gain on sales of investment securities available-for-sale and loans		$	433
	Forward sales commitments	$	48,890			Net realized gain on sales of investment securities available-for-sale and loans		$	60
	(1)Negative values indicate a decrease to the associated balance sheets or consolidated statements of income line items.
Linked Transactions [Member]	'
Derivatives, Fair Value [Line Items]	'
The Effect of Derivative Instruments on the Statement of Income	'
	The Effect of Derivative Instruments on the Statement of Income for the
	Three Months Ended March 31, 2014
	(in thousands)
		Asset Derivatives
		Designation		Statement of Income Location		Revenues (1)
	Linked transactions at fair value, 2014	Non-Hedging		Unrealized (loss) gain and net interest income on linked transactions, net		$	2,305
	Linked transactions at fair value, 2013	Non-Hedging		Unrealized (loss) gain and net interest income on linked transactions, net		$	(259	)
	-1	Negative values indicate a decrease to the associated balance sheets or consolidated statements of income line items.
Schedule of Linked Transactions	'
	Fair Value of Derivative Instruments
	(in thousands)
		Asset Derivatives
		Designation		Balance Sheet Location		Fair Value
	As of March 31, 2014
	Linked transactions at fair value	Non-Hedging		Linked transactions, net at fair value		$	34,829
	As of December 31, 2013
	Linked transactions at fair value	Non-Hedging		Linked transactions, net at fair value		$	30,066
Available-for-sale Securities	'
	The following table summarizes the estimated maturities of the Company’s CMBS linked transactions according to their estimated weighted average life classifications (in thousands, except percentages):
	Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
	31-Mar-14
	Less than one year	$	—			$	—			—%
	Greater than one year and less than five years	48,310				48,622				5.43%
	Greater than five years and less than ten years	43,682				45,770				2.72%
	Greater than ten years	14,166				15,151				3.34%
	Total	$	106,158			$	109,543			3.84%
	31-Dec-13
	Less than one year	$	540			$	540			5.58%
	Greater than one year and less than five years	26,120				26,516				5.32%
	Greater than five years and less than ten years	53,688				57,282				3.35%
	Greater than ten years	13,475				15,155				3.34%
	Total	$	93,823			$	99,493			3.84%
	The following table summarizes the Company's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
		Amortized Cost				Unrealized Gains				Unrealized Losses			Fair Value
	31-Mar-14
	CMBS linked transactions	$	109,543			$	529			$	(3,914	)	$	106,158
	31-Dec-13
	CMBS linked transactions	$	99,493			$	446			$	(6,116	)	$	93,823
Available-for-sale Securities in a Continuous Loss Position	'
	The following table shows the fair value, gross unrealized losses and the length of time the investment securities available-for-sale have been in a continuous unrealized loss position during the periods specified (in thousands):
		Less than 12 Months								More than 12 Months						Total
		Fair Value				Gross Unrealized Losses				Fair Value			Gross Unrealized Losses			Fair Value			Gross Unrealized Losses
	31-Mar-14
	CMBS linked transactions	$	62,126			$	(2,051	)		$	24,500		$	(1,863	)	$	86,626		$	(3,914	)
	31-Dec-13
	CMBS linked transactions	$	70,727			$	(5,198	)		$	9,318		$	(918	)	$	80,045		$	(6,116	)
CMBS Linked Transactions by Ratings Category	'
	The following table summarizes the Company's CMBS linked transactions at fair value (in thousands, except percentages):
		December 31,				Net Purchases				Upgrades/Downgrades			Paydowns			MTM Change on Same Ratings			March 31,
		2013																	2014
	Moody's Ratings Category:
	Aaa	$	26,682			$	—			$	—		$	(21	)	$	271		26,932
	Aa1 through Aa3	8,919				—				—						484			9,403
	A1 through A3	—				—				—						—			—
	Baa1 through Baa3	6,473				—				—						40			6,513
	Ba1 through Ba3	10,310				7,307				—						93			17,710
	B1 through B3	12,155				8,096				—						322			20,573
	Non-Rated	29,284				(4,640		)		—						383			25,027
	Total	$	93,823			$	10,763			$	—		$	(21	)	$	1,593		$	106,158
	S&P Ratings Category:
	AAA	$	17,642			$	—			$	—		$	(21	)	$	(115	)	$	17,506
	BBB+ through BBB-	9,953				—				—			—			86			10,039
	BB+ through BB-	2,865				6,251				—			—			37			9,153
	B+ through B-	19,619				8,580				—			—			193			28,392
	CCC+ through CCC-	—				2,765				—			—			—			2,765
	Non-Rated	43,744				(6,833		)		—			—			1,392			38,303
	Total	$	93,823			$	10,763			$	—		$	(21	)	$	1,593		$	106,158
CMBS Linked Repurchase Agreements	'
	The following table summarizes the Company's CMBS linked repurchase agreements (in thousands, except percentages):
			As of							As of
			March 31, 2014							31-Dec-13
	Maturity or Repricing		Balance				Weighted Average Interest Rate			Balance			Weighted Average Interest Rate
	Within 30 days		$	71,633			1.27	%		$	64,094		1.25	%
	>30 days to 90 days		—				—	%		—			—	%
	Total		$	71,633			1.27	%		$	64,094		1.25	%

OFFSETTING_OF_FINANCIAL_ASSETS1

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2014
Offsetting [Abstract]	'
Offsetting Financial Liabilities and Derivative Liabilities	'
	The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities as of March 31, 2014 and December 31, 2013 (in thousands):
									(iv)
									Gross Amounts Not Offset in
									the Consolidated Balance Sheets
			(i)		(ii)		(iii) =i) - (ii)		Financial		Cash		(v) =iii) - (iv)
			Gross Amounts of		Gross Amounts Offset in the		Net Amounts of Liabilities Presented in		Instruments (1)		Collateral		Net Amount
			Recognized		Consolidated		the Consolidated				Pledged (2)
			Liabilities		Balance Sheets		Balance Sheets
	March 31, 2014
	Derivative hedging instruments,		$	10,199	$	—	$	10,199	$	—	$	500	$	9,699
	at fair value (3)
	Repurchase agreements (4)		160,436		—		160,436		—		—		160,436
	Total		$	170,635	$	—	$	170,635	$	—	$	500	$	170,135
	December 31, 2013
	Derivative hedging instruments,		$	10,586	$	—	$	10,586	$	—	$	500	$	10,086
	at fair value (3)
	Repurchase agreements (4)		91,931		—		91,931		91,931		—		—
	Total		$	102,517	$	—	$	102,517	$	91,931	$	500	$	10,086
	-1	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreement and derivative transactions.
	-2	Amounts represent amounts pledged as collateral against derivative transactions.
	-3	The fair value of securities pledged against the Company's swaps was $2.9 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.
	-4	The fair value of securities pledged against the Company's repurchase agreements was $228.3 million and $121.6 million at March 31, 2014 and December 31, 2013, respectively.

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

31-May-13

31-May-13

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Oct. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

In Millions, unless otherwise specified

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2007-1 [Member]

Apidos CDO III Ltd. [Member]

Apidos Cinco CDO Ltd [Member]

Whitney CLO I, Ltd. [Member]

Moselle CLO [Member]

Apidos CDO I Ltd. [Member]

Resource TRS, Inc. [Member]

Resource Capital Asset Management [Member]

CVC Credit Partners, LLC [Member]

Apidos CLO VIII Ltd. [Member]

Apidos CLO VIII Ltd. [Member]

Apidos CLO VIII Ltd. [Member]

Life Care Funding, LLC [Member]

Long Term Care Conversion Funding [Member]

Primary Capital Advisors LLC [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Commercial [Member]

RCC Commercial II [Member]

RCC Commercial II [Member]

RCC Commercial II [Member]

RSO EquityCo, LLC [Member]

Resource TRS, Inc [Member]

Resource TRS II [Member]

Resource America [Member]

Resource TRS III [Member]

Resource TRS III [Member]

RSO EquityCo, LLC [Member]

Long Term Care Conversion Funding [Member]

Long Term Care Conversion, Inc [Member]

RCC Residential, Inc. [Member]

Entity

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interests in variable interest entity

100.00%

100.00%

90.00%

100.00%

68.30%

88.60%

10.00%

100.00%

100.00%

33.00%

'

33.00%

10.00%

36.40%

100.00%

100.00%

Repayments of debt

'

'

'

'

'

'

'

'

'

'

$317.60

'

'

'

'

'

Number of CDO issuers

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Impairment charges	$0	$0
Building [Member] | Minimum [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Useful life	'25 years	'
Building [Member] | Maximum [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Useful life	'40 years	'
Site Improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Useful life	'Lesser of the remaining life of building or useful lives	'

VARIABLE_INTEREST_ENTITIES_Det

VARIABLE INTEREST ENTITIES (Details) (USD $)

1 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

31-May-13

Oct. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Nov. 16, 2011

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jun. 19, 2012

Feb. 28, 2014

Feb. 28, 2011

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Oct. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Oct. 31, 2012

31-May-13

Nov. 16, 2011

Mar. 31, 2014

Dec. 31, 2013

Nov. 16, 2011

Mar. 31, 2014

Nov. 16, 2011

Nov. 16, 2011

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2011

Feb. 28, 2014

Feb. 28, 2014

credit

Preferred Shares - Series A [Member]

Preferred Shares - Series B [Member]

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Moselle CLO [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Whitney CLO I, Ltd. [Member]

Whitney CLO I, Ltd. [Member]

VIE, Primary Beneficiary [Member]

VIE, Primary Beneficiary [Member]

VIE, Primary Beneficiary [Member]

VIE, Primary Beneficiary [Member]

VIE, Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Class 1 Subordinated Notes [Member]

Class 2 Subordinated Notes [Member]

Property

Entity

Entity

Moselle CLO [Member]

Investment in RCAM [Member]

Whitney CLO I, Ltd. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

LEAF Commercial Capital, Inc. [Member]

Investment in RCT I and II

Interest in RCT I

Interest in RCT II

Investment in RCAM [Member]

Investment in RCAM [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Position

Preferred Shares - Series A [Member]

Preferred Shares - Series A [Member]

Preferred Shares - Series B [Member]

Series D Preferred Stock [Member]

Series A1 Preferred Stock [Member]

Series E Preferred Stock [Member]

Entity

Entity

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of consolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of VIEs for which persons of power are considered a related party group

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of credits supported in VIE

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financial support provided to VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$539,000

$1,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares received in equity method transaction (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31,341

'

4,872

2,364

3,682

4,445

'

'

'

'

'

'

'

Preferred stock, coupon authorized (in hundredths)

'

'

'

'

'

8.50%

8.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage in VIE

68.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26.70%

27.50%

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

Investments in unconsolidated entities

'

'

62,053,000

[1]

'

69,069,000

[1]

'

'

36,300,000

40,421,000

41,016,000

673,000

'

674,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,400,000

41,000,000

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

Loss on transaction

'

'

'

'

'

'

'

2,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of membership interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

41,500,000

'

'

'

'

'

'

3,700,000

'

'

'

4,400,000

'

'

'

'

'

'

'

Percentage of outstanding notes purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

67.90%

Variable interest entity, number of board positions held by the company

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable interest entity, total number of board positions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total value of trusts owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

3.00%

'

'

'

'

Borrowings

'

'

1,502,089,000

[2]

'

1,319,810,000

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,800,000

25,800,000

'

'

'

'

Bank loan assets under management

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,900,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of CLOs held by purchased entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

Intangible assets

'

'

11,283,000

[1]

'

11,822,000

[1]

'

'

'

'

'

'

'

'

'

'

'

10,800,000

'

11,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fee income

'

'

2,756,000

1,410,000

'

'

'

'

'

'

'

'

'

'

'

'

1,700,000

1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of CLOs liquidated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

Preferred equity interest acquired

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interests in variable interest entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

88.60%

'

'

'

'

68.30%

66.60%

'

'

'

'

68.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of condominium developments purchased by joint venture

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage (percent)

'

'

'

'

'

'

'

'

27.50%

'

7.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fees percentage (in hundredths)

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees − related party

'

'

$3,080,000

$2,978,000

'

'

'

'

'

'

$0

$16,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

[2]

March 31, 2014 December 31, 2013Liabilities of consolidated VIEs included in the total liabilities above: Borrowings$1,183,468 $1,070,339 Accrued interest expense1,356 918 Derivatives, at fair value9,841 10,191 Accounts payable and other liabilities4,150 1,604 Total liabilities of consolidated VIEs$1,198,815 $1,083,052

VARIABLE_INTEREST_ENTITIES_Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
ASSETS	'		'
Restricted cash	$113,362,000		$61,372,000
Investment securities available-for-sale, pledged as collateral, at fair value	116,429,000		105,846,000
Loans, pledged as collateral	1,305,377,000		1,219,569,000
Loans held for sale	272,000		2,376,000
Interest receivable	6,626,000		5,627,000
Prepaid assets	163,000		247,000
Principal paydown receivable	1,000		6,821,000
Total assets of consolidated VIEs	1,542,230,000		1,401,858,000
LIABILITIES	'		'
Borrowings	1,183,468,000		1,070,339,000
Accrued interest expense	1,356,000		918,000
Derivatives, at fair value	9,841,000		10,191,000
Accounts payable and other liabilities	4,150,000		1,604,000
Total liabilities of consolidated VIEs	1,198,815,000		1,083,052,000
VIE, Primary Beneficiary [Member]	'		'
ASSETS	'		'
Restricted cash	113,362,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	116,429,000		'
Loans, pledged as collateral	1,305,377,000		'
Loans held for sale	272,000		'
Interest receivable	6,626,000		'
Prepaid assets	163,000		'
Principal paydown receivable	1,000		'
Total assets of consolidated VIEs	1,542,230,000	[2]	'
LIABILITIES	'		'
Borrowings	1,183,468,000		'
Accrued interest expense	1,356,000		'
Derivatives, at fair value	9,841,000		'
Accounts payable and other liabilities	4,150,000		'
Total liabilities of consolidated VIEs	1,198,815,000		'
Restricted cash available for reinvestment in certain of the CDOs	51,300,000		'
VIE, Primary Beneficiary [Member] | Apidos CDO I Ltd. [Member]	'		'
ASSETS	'		'
Restricted cash	11,951,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	7,250,000		'
Loans, pledged as collateral	70,988,000		'
Loans held for sale	97,000		'
Interest receivable	-193,000		'
Prepaid assets	20,000		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	90,113,000	[2]	'
LIABILITIES	'		'
Borrowings	73,815,000		'
Accrued interest expense	255,000		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	133,000		'
Total liabilities of consolidated VIEs	74,203,000		'
VIE, Primary Beneficiary [Member] | Apidos CDO III Ltd. [Member]	'		'
ASSETS	'		'
Restricted cash	7,217,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	3,922,000		'
Loans, pledged as collateral	112,953,000		'
Loans held for sale	175,000		'
Interest receivable	513,000		'
Prepaid assets	20,000		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	124,800,000	[2]	'
LIABILITIES	'		'
Borrowings	112,511,000		'
Accrued interest expense	56,000		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	18,000		'
Total liabilities of consolidated VIEs	112,585,000		'
VIE, Primary Beneficiary [Member] | Apidos Cinco CDO Ltd [Member]	'		'
ASSETS	'		'
Restricted cash	48,362,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	13,940,000		'
Loans, pledged as collateral	284,373,000		'
Loans held for sale	0		'
Interest receivable	1,044,000		'
Prepaid assets	36,000		'
Principal paydown receivable	1,000		'
Total assets of consolidated VIEs	347,756,000	[2]	'
LIABILITIES	'		'
Borrowings	319,797,000		'
Accrued interest expense	299,000		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	22,000		'
Total liabilities of consolidated VIEs	320,118,000		'
VIE, Primary Beneficiary [Member] | Apidos CLO VIII Ltd. [Member]	'		'
ASSETS	'		'
Restricted cash	134,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	0		'
Loans, pledged as collateral	0		'
Loans held for sale	0		'
Interest receivable	0		'
Prepaid assets	0		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	134,000	[2]	'
LIABILITIES	'		'
Borrowings	0		'
Accrued interest expense	0		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	284,000		'
Total liabilities of consolidated VIEs	284,000		'
VIE, Primary Beneficiary [Member] | Whitney CLO I, Ltd. [Member]	'		'
ASSETS	'		'
Restricted cash	160,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	0		'
Loans, pledged as collateral	0		'
Loans held for sale	0		'
Interest receivable	6,000		'
Prepaid assets	0		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	166,000	[2]	'
LIABILITIES	'		'
Borrowings	133,000		'
Accrued interest expense	0		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	519,000		'
Total liabilities of consolidated VIEs	652,000		'
VIE, Primary Beneficiary [Member] | Resource Real Estate Funding CDO 2006-1 [Member]	'		'
ASSETS	'		'
Restricted cash	18,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	9,996,000		'
Loans, pledged as collateral	159,797,000		'
Loans held for sale	0		'
Interest receivable	1,825,000		'
Prepaid assets	50,000		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	171,686,000	[2]	'
LIABILITIES	'		'
Borrowings	100,184,000		'
Accrued interest expense	48,000		'
Derivatives, at fair value	1,504,000		'
Accounts payable and other liabilities	4,000		'
Total liabilities of consolidated VIEs	101,740,000		'
VIE, Primary Beneficiary [Member] | Resource Real Estate Funding CDO 2007-1 [Member]	'		'
ASSETS	'		'
Restricted cash	250,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	67,015,000		'
Loans, pledged as collateral	228,686,000		'
Loans held for sale	0		'
Interest receivable	2,111,000		'
Prepaid assets	37,000		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	298,099,000	[2]	'
LIABILITIES	'		'
Borrowings	147,866,000		'
Accrued interest expense	115,000		'
Derivatives, at fair value	8,337,000		'
Accounts payable and other liabilities	1,000		'
Total liabilities of consolidated VIEs	156,319,000		'
VIE, Primary Beneficiary [Member] | RCC CRE Notes 2013 [Member]	'		'
ASSETS	'		'
Restricted cash	4,805,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	0		'
Loans, pledged as collateral	298,575,000		'
Loans held for sale	0		'
Interest receivable	1,320,000		'
Prepaid assets	0		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	304,700,000	[2]	'
LIABILITIES	'		'
Borrowings	256,866,000		'
Accrued interest expense	205,000		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	0		'
Total liabilities of consolidated VIEs	257,071,000		'
VIE, Primary Beneficiary [Member] | Moselle CLO [Member]	'		'
ASSETS	'		'
Restricted cash	40,465,000	[1]	'
Investment securities available-for-sale, pledged as collateral, at fair value	14,306,000		'
Loans, pledged as collateral	150,005,000		'
Loans held for sale	0		'
Interest receivable	0		'
Prepaid assets	0		'
Principal paydown receivable	0		'
Total assets of consolidated VIEs	204,776,000	[2]	'
LIABILITIES	'		'
Borrowings	172,296,000		'
Accrued interest expense	378,000		'
Derivatives, at fair value	0		'
Accounts payable and other liabilities	3,169,000		'
Total liabilities of consolidated VIEs	$175,843,000		'
[1]	Includes $51.3 million available for reinvestment in certain of the securitizations.
[2]	Assets of each of the consolidated VIEs may only be used to settle the obligations of each respective VIE.

VARIABLE_INTEREST_ENTITIES_Sch1

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) (Variable Interest Entity, Not Primary Beneficiary [Member], USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	$41,969
Intangible assets	10,790
Total assets	52,759
Borrowings	51,054
Total liabilities	51,054
Net asset (liability)	1,705
Investments in Unconsolidated Entities [Member]	'
Variable Interest Entity [Line Items]	'
Unconsolidated Variable Interest Entities, Maximum Exposure to Loss	41,969
Intangible Assets [Member]	'
Variable Interest Entity [Line Items]	'
Unconsolidated Variable Interest Entities, Maximum Exposure to Loss	10,790
LEAF Commercial Capital, Inc. [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	40,421
Intangible assets	0
Total assets	40,421
Borrowings	0
Total liabilities	0
Net asset (liability)	40,421
Unsecured Junior Subordinated Debentures [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	1,548
Intangible assets	0
Total assets	1,548
Borrowings	51,054
Total liabilities	51,054
Net asset (liability)	-49,506
Resource Capital Asset Management [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	0
Intangible assets	10,790
Total assets	10,790
Borrowings	0
Total liabilities	0
Net asset (liability)	$10,790

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Non-cash financing activities include the following:	'	'
Issuance of restricted stock	$640	$35
Common Stock [Member]	'	'
Non-cash financing activities include the following:	'	'
Distributions on common and preferred stock declared but not paid	25,663	21,634
Preferred Stock [Member]	'	'
Non-cash financing activities include the following:	'	'
Distributions on common and preferred stock declared but not paid	$2,520	$1,311

INVESTMENT_SECURITIES_TRADING_1

INVESTMENT SECURITIES TRADING (Details)	Dec. 31, 2013
	Security
Investments, Debt and Equity Securities [Abstract]	'
Number of trading securities held	8

INVESTMENT_SECURITIES_TRADING_2

INVESTMENT SECURITIES TRADING (Schedule of Investment Trading Securities at Fair Value) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'		'
Amortized Cost	'		$9,966		$9,976
Unrealized Gains	3,082		4,050		'
Unrealized Losses	-3,061		-2,468		'
Fair Value	9,987	[1]	11,558	[1]	'
Structured Notes [Member]	'		'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'		'
Amortized Cost	'		8,057		8,057
Unrealized Gains	3,082		4,050		'
Unrealized Losses	-1,590		-1,000		'
Fair Value	9,549		11,107		'
RMBS [Member]	'		'		'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'		'		'
Amortized Cost	'		1,909		1,919
Unrealized Gains	0		0		'
Unrealized Losses	-1,471		-1,468		'
Fair Value	$438		$451		'
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

INVESTMENT_SECURITIES_AVAILABL2

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Security	Security	Security
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Other-than-temporary impairment losses	$0	12,000	'
CMBS [Member]	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Positions Sold	3	'	'
Other-than-temporary impairment losses	0	21,000	'
Corporate bonds [Member]	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Positions Sold	'	2	'
Number of securities redeemed	1	'	0
Par value of securities redeemed	630,000	'	'
Loss on available-for-sale securities redeemed	1,000	'	'
Gain on available-for-sale securities redeemed	25,500	'	'
ABS [Member]	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'
Number of securities redeemed	1	'	'
Par value of securities redeemed	$2,500,000	'	'

INVESTMENT_SECURITIES_AVAILABL3

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	$237,795	[1]	$218,470	[1]
Unrealized Gains	9,008		9,230
Unrealized Losses	-13,252		-12,494
Fair Value	233,551		215,206
Investment securities available-for-sale, pledged as collateral, at fair value	159,051	[2]	162,608	[2]
CMBS [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	186,703	[1]	185,178	[1]
Unrealized Gains	7,465		7,570
Unrealized Losses	-12,877		-12,030
Fair Value	181,291		180,718
ABS [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	35,648	[1]	25,406	[1]
Unrealized Gains	1,519		1,644
Unrealized Losses	-328		-394
Fair Value	36,839		26,656
Structured Notes [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	12,841	[1]	5,369	[1]
Unrealized Gains	0		0
Unrealized Losses	0		0
Fair Value	12,841		5,369
Corporate bonds [Member]	'		'
Schedule of Available-for-sale Securities [Line Items]	'		'
Amortized Cost	2,603	[1]	2,517	[1]
Unrealized Gains	24		16
Unrealized Losses	-47		-70
Fair Value	$2,580		$2,463
[1]	As of March 31, 2014 and December 31, 2013, $159.1 million and $162.6 million, respectively, of securities were pledged as collateral security under related financings.
[2]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

INVESTMENT_SECURITIES_AVAILABL4

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value	'		'
Less than one year	$39,393	[1]	$39,256	[1]
Greater than one year and less than five years	138,699		139,700
Greater than five years and less than ten years	38,152		26,526
Greater than ten years	17,307		9,724
Total	233,551		215,206
Amortized Cost	'		'
Less than one year	49,991		40,931
Greater than one year and less than five years	132,935		141,760
Greater than five years and less than ten years	37,319		25,707
Greater than ten years	17,550		10,072
Total	$237,795		$218,470
Weighted Average Coupon	'		'
Less than one year	4.31%		5.25%
Greater than one year and less than five years	5.04%		4.69%
Greater than five years and less than ten years	1.43%		1.10%
Greater than ten years	9.24%		7.90%
Total	4.64%		4.49%
[1]	The Company expects that the maturity date of these CMBS will either be extended or the CMBS will be paid in full.

INVESTMENT_SECURITIES_AVAILABL5

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Gross Unrealized Loss and Fair Value of Securities) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Security	Security
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, less than 12 months	$51,979	$53,020
Unrealized Losses, less than 12 months	-8,478	-7,567
Number of Securities, less than 12 months	28	36
Fair value, more than 12 months	18,536	20,851
Unrealized losses, more than 12 Months	-4,774	-4,927
Number of Securities, more than 12 Months	21	19
Fair value, total	70,515	73,871
Unrealized losses, total	-13,252	-12,494
Number of Securities, total	49	55
CMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, less than 12 months	51,979	52,012
Unrealized Losses, less than 12 months	-8,478	-7,496
Number of Securities, less than 12 months	28	34
Fair value, more than 12 months	13,308	14,159
Unrealized losses, more than 12 Months	-4,399	-4,534
Number of Securities, more than 12 Months	12	10
Fair value, total	65,287	66,171
Unrealized losses, total	-12,877	-12,030
Number of Securities, total	40	44
ABS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, less than 12 months	0	143
Unrealized Losses, less than 12 months	0	-1
Number of Securities, less than 12 months	0	1
Fair value, more than 12 months	4,337	6,692
Unrealized losses, more than 12 Months	-328	-393
Number of Securities, more than 12 Months	8	9
Fair value, total	4,337	6,835
Unrealized losses, total	-328	-394
Number of Securities, total	8	10
Corporate bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Fair Value, less than 12 months	0	865
Unrealized Losses, less than 12 months	0	-70
Number of Securities, less than 12 months	0	1
Fair value, more than 12 months	891	0
Unrealized losses, more than 12 Months	-47	0
Number of Securities, more than 12 Months	1	0
Fair value, total	891	865
Unrealized losses, total	($47)	($70)
Number of Securities, total	1	1

INVESTMENT_SECURITIES_AVAILABL6

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Summary of Sales of Investment Securities Available-for-Sale) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
	CMBS [Member]	Corporate bonds [Member]
	Security	Security
Schedule of Available-for-sale Securities [Line Items]	'	'
Positions Sold	3	2
Par Amount Sold	$12,500	$700
Realized Gain (Loss)	($298)	$18

INVESTMENT_SECURITIES_AVAILABL7

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Aggregate Discount due to Interest Rate Changes Exceeded Aggregate Premium) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
CMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	$6,170	$6,583
ABS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	2,174	2,394
Corporate bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	$103	$68

INVESTMENTS_IN_REAL_ESTATE_Det

INVESTMENTS IN REAL ESTATE (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Property		Property
Long Lived Assets Held-for-sale [Line Items]	'	'	'
Number of real estate properties acquired	0	'	0
Number of real estate properties available-for-sale	2	'	'
Property available-for-sale	$35,256,000	'	$25,346,000
Loss from real estate held-for-sale	-16,000	-77,000	'
Number of real estate properties sold	'	'	1
Gain on sale of real estate	'	'	16,600,000
Available-for-sale property 1 [Member]	'	'	'
Long Lived Assets Held-for-sale [Line Items]	'	'	'
Property available-for-sale	$9,600,000	'	'

INVESTMENTS_IN_REAL_ESTATE_Inv

INVESTMENTS IN REAL ESTATE (Investments in Real Estate) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Book Value	$22,109	$32,380
Less: Accumulated depreciation	-2,138	-2,602
Investments in real estate	19,971	29,778
Multi-Family Property [Member]	'	'
Book Value	22,109	22,107
Number of Properties	1	1
Office [Member]	'	'
Book Value	$0	$10,273
Number of Properties	0	1

LOANS_HELD_FOR_INVESTMENT_Deta

LOANS HELD FOR INVESTMENT (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Receivables with Imputed Interest [Line Items]	'		'
Loans held for sale, net	15,389,000	[1]	21,916,000	[1]
Allowance for loan loss	6,585,000		13,807,000
Loans, allowances	6,600,000		13,800,000
Number of loans previously written off	3		'
Bank Loans [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Loans held for sale, net	686,700,000		558,600,000
Allowance for loan loss	741,000		3,391,000
Whole Loans [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Allowance for loan loss	5,188,000		9,683,000
Loans, allowances	5,200,000		9,700,000
Number of loans impaired	1		'
Decrease in allowance for loan losses	-4,500,000		'
Commercial Real Estate Loans [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Allowance for loan loss	741,000		3,400,000
Loans, allowances	5,800,000		10,400,000
Number of loans impaired	'		1
Commercial Real Estate Loans [Member] | California [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	36.50%		39.00%
Commercial Real Estate Loans [Member] | Arizona [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	10.70%		6.40%
Commercial Real Estate Loans [Member] | Texas [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	13.20%		14.60%
Commercial Real Estate Loans [Member] | Industry Grouping of Healthcare, Education and Childcare [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	13.30%		15.80%
Residential Mortgage Loans [Member] | Georgia [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	70.00%		66.00%
Residential Mortgage Loans [Member] | North Carolina [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	10.00%		9.00%
Residential Mortgage Loans [Member] | Alabama [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	8.00%		6.00%
Residential Mortgage Loans [Member] | Tennessee and Virginia [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Concentration of loan portfolio risk (in hundredths)	5.00%		7.00%
Bank Loans [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Loans, allowances	741,000		3,400,000
Number of loans impaired	1		3
Decrease in allowance for loan losses	-2,700,000		'
Bank Loans [Member] | Minimum [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Variable rate basis	'three month London Interbank Offered Rate		'three month London Interbank Offered Rate
Basis spread on variable rate	0.50%		1.50%
Bank Loans [Member] | Maximum [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
Variable rate basis	'three month LIBOR		'three month LIBOR
Basis spread on variable rate	13.00%		10.50%
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

LOANS_HELD_FOR_INVESTMENT_Summ

LOANS HELD FOR INVESTMENT (Summary of Loans) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	$1,625,600,000		$1,412,759,000		'
Unamortized (discount) premium, gross	-6,894,000	[1]	-7,510,000	[1]	'
Gross carrying value of loans held for investment	1,618,706,000	[2]	1,405,249,000	[2]	'
Allowance for loan loss	-6,585,000		-13,807,000		-17,691,000
Carrying value, allowance for loan loss	-6,585,000	[2]	-13,807,000	[2]	'
Unamortized (discount) premium, gross, allowance for loan loss	0	[1]	0	[1]	'
Principal, Net	1,619,015,000		1,398,952,000		'
Unamortized (discount) premium, net	-6,894,000	[1]	-7,510,000	[1]	'
Net carrying value of loans held for investment	1,612,121,000	[2]	1,391,442,000	[2]	'
Deferred amendment fees	200,000		216,000		'
Loans held for sale, net	15,389,000	[3]	21,916,000	[3]	'
Bank Loans [Member]	'		'		'
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	690,494,000	[4]	566,056,000	[4]	'
Unamortized (discount) premium, gross	-3,068,000	[1],[4]	-4,033,000	[1],[4]	'
Gross carrying value of loans held for investment	687,426,000	[2],[4]	562,023,000	[2],[4]	'
Deferred upfront fee	127,000		141,000		'
Loans held for sale, investment in debt and equity securities	272,000		6,900,000		'
Loans held for sale, net	686,700,000		558,600,000		'
Residential mortgage loans [Member]	'		'		'
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	16,960,000	[5]	16,915,000	[4]	'
Unamortized (discount) premium, gross	0	[1],[5]	0	[1],[4]	'
Gross carrying value of loans held for investment	16,960,000	[2],[5]	16,915,000	[2],[4]	'
Loans held for sale	15,100,000		15,000,000		'
Commercial Real Estate Loans [Member]	'		'		'
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	918,146,000		829,788,000		'
Unamortized (discount) premium, gross	-3,826,000	[1]	-3,477,000	[1]	'
Gross carrying value of loans held for investment	914,320,000	[2]	826,311,000	[2]	'
Loan origination fees	3,700,000		3,300,000		'
Extension and exit fees	62,000		73,000		'
Commercial Real Estate Loans [Member] | Whole Loans [Member]	'		'		'
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	837,514,000		749,083,000		'
Unamortized (discount) premium, gross	-3,661,000	[1]	-3,294,000	[1]	'
Gross carrying value of loans held for investment	833,853,000	[2]	745,789,000	[2]	'
Commercial Real Estate Loans [Member] | B Notes [Member]	'		'		'
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	16,242,000		16,288,000		'
Unamortized (discount) premium, gross	-74,000	[1]	-83,000	[1]	'
Gross carrying value of loans held for investment	16,168,000	[2]	16,205,000	[2]	'
Commercial Real Estate Loans [Member] | Mezzanine Loans [Member]	'		'		'
Receivables with Imputed Interest [Line Items]	'		'		'
Principal, Gross	64,390,000		64,417,000		'
Unamortized (discount) premium, gross	-91,000	[1]	-100,000	[1]	'
Gross carrying value of loans held for investment	$64,299,000	[2]	$64,317,000	[2]	'
[1]	Amounts include deferred amendment fees of $200,000 and $216,000 and deferred upfront fees of $127,000 and $141,000 being amortized over the life of the bank loans as of March 31, 2014 and December 31, 2013, respectively. Amounts include loan origination fees of $3.7 million and $3.3 million and loan extension fees of $62,000 and $73,000 being amortized over the life of the commercial real estate loans as of March 31, 2014 and December 31, 2013, respectively.
[2]	Substantially all loans are pledged as collateral under various borrowings at March 31, 2014 and December 31, 2013, respectively.
[3]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858
[4]	Amounts include $272,000 and $6.9 million of bank loans held for sale at March 31, 2014 and December 31, 2013, respectively.
[5]	Amount includes $15.1 million and $15.0 million of residential mortgage loans held for sale at March 31, 2014 and December 31, 2013.

LOANS_HELD_FOR_INVESTMENT_Weig

LOANS HELD FOR INVESTMENT (Weighted Average Life of Bank Loans, at Amortized Cost) (Details) (Bank Loans [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Bank Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Less than one year	$44,852	$36,985
Greater than one year and less than five years	489,068	379,874
Five years or greater	153,506	145,164
Total	$687,426	$562,023

LOANS_HELD_FOR_INVESTMENT_Comm

LOANS HELD FOR INVESTMENT (Commercial Real Estate Loans Held for Investment) (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Whole Loans [Member]

Whole Loans [Member]

Whole Loans [Member]

Whole Loans [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Preferred equity tranche [Member]

Preferred equity tranche [Member]

B Notes [Member]

B Notes [Member]

B Notes [Member]

B Notes [Member]

B Notes, Fixed Rate [Member]

B Notes, Fixed Rate [Member]

B Notes, Fixed Rate [Member]

B Notes, Fixed Rate [Member]

Mezzanine Loans [Member]

Mezzanine Loans [Member]

Mezzanine Loans [Member]

Mezzanine Loans [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate, Tranche One [Member]

Mezzanine Loans, Fixed Rate, Tranche Two [Member]

Not included in total [Member]

Not included in total [Member]

Whole Loans, Fixed Rate, Loan One [Member]

Whole Loans, Fixed Rate, Loan Two [Member]

Loan

Loan

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Maximum [Member]

Maximum [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Minimum [Member]

Maximum [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Loan

Loan

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Loan

Loan

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Loan

Loan

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Tranche

Loan

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Loan

Receivables with Imputed Interest [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Quantity

'

'

60

[1]

56

[1]

'

'

'

'

'

'

55

[2],[3],[4]

51

[2],[3],[5]

'

'

'

'

'

'

'

'

'

'

1

1

'

'

'

'

'

'

1

1

'

'

3

[5]

3

[5]

'

'

'

'

'

'

'

'

'

'

Amortized Cost

'

'

$914,320,000

[1],[6]

$826,311,000

[1],[6]

'

'

$833,853,000

$745,789,000

'

'

$833,853,000

[2],[3],[4]

$745,789,000

[2],[3],[5]

'

'

'

'

$799,000

'

'

'

$16,168,000

$16,205,000

$16,168,000

$16,205,000

'

'

'

'

$64,299,000

$64,317,000

$12,467,000

$12,455,000

'

'

$51,832,000

[5]

$51,862,000

[5]

'

'

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

[2],[3],[4]

'LIBOR

[2],[3],[5]

'LIBOR

[2],[3],[4]

'LIBOR

[2],[3],[5]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

2.13%

[2],[3],[4]

2.68%

[2],[3],[5]

12.14%

[2],[3],[4]

12.14%

[2],[3],[5]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.32%

15.32%

'

'

'

'

'

'

'

'

'

18.50%

'

'

'

'

Stated interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.68%

8.68%

'

'

'

'

'

'

'

'

'

'

'

'

0.50%

[5]

0.50%

[5]

18.71%

[5]

18.72%

[5]

0.50%

0.50%

'

'

'

'

Maturity Dates

'

'

'

'

'

'

'

'

'

'

'

'

'April 2014

[2],[3],[4],[7]

'March 2014

[2],[3],[5],[7]

'February 2019

[2],[3],[4],[7]

'February 2019

[2],[3],[5],[7]

'

'

'

'

'

'

'

'

'April 2016

[7]

'April 2016

[7]

'

'

'

'

'April 2016

[7]

'April 2016

[7]

'

'

'

'

'September 2014

[5],[7]

'September 2014

[5],[7]

'September 2021

[5],[7]

'September 2019

[5],[7]

'

'

'

'

'

'

Loans held for investment, unfunded loan commitments

'

'

'

'

'

'

'

'

23,100,000

13,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allowance for loan loss

6,585,000

13,807,000

741,000

3,400,000

5,188,000

9,683,000

'

'

'

'

'

'

'

'

'

'

'

'

132,000

174,000

'

'

'

'

'

'

524,000

559,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,800,000

10,400,000

'

'

The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

783,000

12,600,000

Fixed contractual interest in floating rate whole loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

12.00%

Fixed preferred equity interest in floating rate whole loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans held for sale, net

$15,389,000

[8]

$21,916,000

[8]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loan tranches

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

[1]

The total does not include an allowance for loan loss of $5.8 million and $10.4 million as of March 31, 2014 and December 31, 2013, respectively.

[2]

loating rate whole loans includes $783,000 and $12.6 million mezzanine components of two whole loans, which have a fixed rate of 15.0% and 12.0%

[3]

Whole loans had $23.1 million and $13.7 million in unfunded loan commitments as of March 31, 2014 and December 31, 2013, respectively. These unfunded commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained.

[4]

Floating rate whole loans include a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of March 31, 2014.

[5]

Fixed rate mezzanine loans include a mezzanine loan that was modified into two tranches, which both currently pay interest at 0.50%. In addition, the subordinate tranche accrues interest at LIBOR plus 18.50% which is deferred until maturity.

[6]

Weighted average life of commercial real estate loans assumes full exercise of extension options available to borrowers.

[7]

Maturity dates do not include possible extension options that may be available to the borrowers.

[8]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

LOANS_HELD_FOR_INVESTMENT_Weig1

LOANS HELD FOR INVESTMENT (Weighted Average Life of Commercial Real Estate Loans, at Amortized Cost) (Details) (Commercial Real Estate Loans [Member], USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables with Imputed Interest [Line Items]	'		'
2014	$10,821	[1]	$5,711	[1]
2015	17,967	[1]	17,949	[1]
2016 and thereafter	885,532	[1]	802,651	[1]
Total	914,320	[1],[2]	826,311	[1],[2]
B Notes [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
2014	0		0
2015	0		0
2016 and thereafter	16,168		16,205
Total	16,168		16,205
Mezzanine Loans [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
2014	5,711		5,711
2015	0		0
2016 and thereafter	58,588		58,606
Total	64,299		64,317
Whole Loans [Member]	'		'
Receivables with Imputed Interest [Line Items]	'		'
2014	5,110		0
2015	17,967		17,949
2016 and thereafter	810,776		727,840
Total	$833,853		$745,789
[1]	Weighted average life of commercial real estate loans assumes full exercise of extension options available to borrowers.
[2]	The total does not include an allowance for loan loss of $5.8 million and $10.4 million as of March 31, 2014 and December 31, 2013, respectively.

LOANS_HELD_FOR_INVESTMENT_Allo

LOANS HELD FOR INVESTMENT (Allocation of Allowance for Loan Loss for Commercial and Bank Loans) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	$6,585	$13,807
B Notes [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	132	174
Percentage of Total Allowance	2.00%	1.26%
Mezzanine Loans [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	524	559
Percentage of Total Allowance	7.96%	4.05%
Whole Loans [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	5,188	9,683
Percentage of Total Allowance	78.79%	70.13%
Bank Loans [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	$741	$3,391
Percentage of Total Allowance	11.25%	24.56%

INVESTMENTS_IN_UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Schedule of Unconsolidated Entities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013		Nov. 16, 2011
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Investments in Unconsolidated Entities	$62,053	[1]	'	$69,069	[1]	'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	1,669		-779	'		'
Varde Investment Partners, L.P	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	7.50%		'	'		'
Investments in Unconsolidated Entities	673		'	674		'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	-1		24	'		'
RRE VIP Borrower, LLC	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Investments in Unconsolidated Entities	0		'	0		'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	866		-113	'		'
Investment in LCC Preferred Stock	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	27.50%		'	'		'
Investments in Unconsolidated Entities	40,421		'	41,016		36,300
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	-594		-336	'		'
Investment in RCT I and II	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	3.00%		'	'		'
Investments in Unconsolidated Entities	1,548		'	1,548		'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	-589		-593	'		'
Investment in Preferred Equity	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Investments in Unconsolidated Entities	2,400		'	8,124		'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	1,228		239	'		'
Investment in CVC Global Opps Fund	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	34.40%		'	'		'
Investments in Unconsolidated Entities	17,011		'	16,177		'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	834		0	'		'
Investment in Life Care Funding	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	30.00%		'	'		'
Investments in Unconsolidated Entities	0		'	1,530		'
Equity in net earnings (losses) and interest expense from unconsolidated subsidiaries	($75)		$0	'		'
Minimum [Member] | RRE VIP Borrower, LLC	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	3.00%		'	'		'
Maximum [Member] | RRE VIP Borrower, LLC	'		'	'		'
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]	'		'	'		'
Ownership %	5.00%		'	'		'
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

INVESTMENTS_IN_UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) (USD $)

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Jul. 31, 2013

Dec. 31, 2013

Jan. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jun. 19, 2012

Mar. 31, 2014

Dec. 31, 2013

Nov. 16, 2011

Dec. 01, 2009

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Investment in CVC Global Opps Fund

Investment in CVC Global Opps Fund

Investment in CVC Global Opps Fund

Investment in Life Care Funding

Investment in Life Care Funding

Investment in Life Care Funding

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

Investment in RCT I and II

Investment in RCT I and II

Investment in RCT I and II

Interest in RCT I

Interest in RCT II

Property

trust

Schedule of Equity Method Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of membership interests

'

'

'

'

$15,000,000

'

$2,000,000

'

'

'

'

'

'

'

'

'

$2,100,000

'

'

'

'

'

'

'

'

Investment management fee, percent

'

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated entities

62,053,000

[1]

'

69,069,000

[1]

17,011,000

'

16,177,000

'

0

1,530,000

673,000

'

674,000

'

40,421,000

41,016,000

36,300,000

'

0

'

0

1,548,000

'

1,548,000

774,000

774,000

Number of condominium developments purchased by joint venture

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fees percentage (in hundredths)

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

Management fees − related party

3,080,000

2,978,000

'

'

'

'

'

'

'

0

16,000

'

'

'

'

'

'

5,000

8,000

'

'

'

'

'

'

Number of trusts

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

Interest expense

-9,637,000

-11,165,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-589,000

-593,000

'

'

'

Ownership percentage (percent)

'

'

'

34.40%

'

'

'

30.00%

'

7.50%

'

'

'

27.50%

'

'

'

'

'

'

3.00%

'

'

'

'

Percentage interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

Amortization of deferred debt issuance costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$49,000

$47,000

'

'

'

[1]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

FINANCING_RECEIVABLES_Details

FINANCING RECEIVABLES (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Loan	Loan	Deteriorated Credit Quality [Member]	Bank Loans [Member]	Bank Loans [Member]	Bank Loans [Member]	Bank Loans [Member]	Bank Loans [Member]	Bank Loans [Member]	Bank Loans [Member]
			Loan			Nonperforming Financing Receivable [Member]	Nonperforming Financing Receivable [Member]	Nonperforming Financing Receivable [Member]	Nonperforming Financing Receivable [Member]	Nonperforming Financing Receivable [Member]
								Loan	Loan	Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'	'	'
Number of defaulted loans	1	3	'	'	'	'	'	1	1	1
Loans and receivables	$1,619,015	$1,398,952	$612	$687,426	$562,023	$1,600	$3,600	'	'	'
Number of loans with deteriorated credit quality	'	'	5	'	'	'	'	'	'	'

FINANCING_RECEIVABLES_Allowanc

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Allowance for losses at beginning of period	$13,807	$17,691
Provision for loan loss	-3,960	3,020
Loans charged-off	-3,262	-6,904
Allowance for losses at end of period	6,585	13,807
Allowance for losses, ending balance:	'	'
Individually evaluated for impairment	441	7,193
Collectively evaluated for impairment	6,144	6,614
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:	'	'
Individually evaluated for impairment	204,947	204,923
Collectively evaluated for impairment	1,419,645	1,207,292
Loans acquired with deteriorated credit quality	612	0
Commercial Portfolio Segment [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Allowance for losses at beginning of period	10,416	7,986
Provision for loan loss	-4,572	2,686
Loans charged-off	0	-256
Allowance for losses at end of period	5,844	10,416
Allowance for losses, ending balance:	'	'
Individually evaluated for impairment	0	4,572
Collectively evaluated for impairment	5,844	5,844
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:	'	'
Individually evaluated for impairment	196,883	194,403
Collectively evaluated for impairment	717,437	631,908
Loans acquired with deteriorated credit quality	0	0
Bank Loans [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Allowance for losses at beginning of period	3,391	9,705
Provision for loan loss	612	334
Loans charged-off	-3,262	-6,648
Allowance for losses at end of period	741	3,391
Allowance for losses, ending balance:	'	'
Individually evaluated for impairment	441	2,621
Collectively evaluated for impairment	300	770
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:	'	'
Individually evaluated for impairment	1,566	3,554
Collectively evaluated for impairment	685,248	558,469
Loans acquired with deteriorated credit quality	612	0
Lease Receivables [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Allowance for losses at beginning of period	0	0
Provision for loan loss	0	0
Loans charged-off	0	0
Allowance for losses at end of period	0	0
Allowance for losses, ending balance:	'	'
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:	'	'
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	16,960	16,915
Loans acquired with deteriorated credit quality	0	0
Loans Receivable - Related Party [Member]	'	'
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'	'
Allowance for losses at beginning of period	0	0
Provision for loan loss	0	0
Loans charged-off	0	0
Allowance for losses at end of period	0	0
Allowance for losses, ending balance:	'	'
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:	'	'
Individually evaluated for impairment	6,498	6,966
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	$0	$0

FINANCING_RECEIVABLES_Credit_R

FINANCING RECEIVABLES (Credit Risk Profiles of Bank Loans) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	$1,619,015	$1,398,952
Bank Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	687,426	562,023
Bank Loans [Member] | Rating 1 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	618,896	488,004
Bank Loans [Member] | Rating 2 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	47,742	42,476
Bank Loans [Member] | Rating 3 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	17,340	18,806
Bank Loans [Member] | Rating 4 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	998	2,333
Bank Loans [Member] | Rating 5 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	2,178	3,554
Bank Loans [Member] | Held for Sale [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	$272	$6,850

FINANCING_RECEIVABLES_Credit_R1

FINANCING RECEIVABLES (Credit Risk Profiles of Commercial Real Estate Loans) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	$1,619,015	$1,398,952
Whole Loans [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	833,853	745,789
Whole Loans [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	768,243	680,718
Whole Loans [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	32,500	32,500
Whole Loans [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	33,110	32,571
Whole Loans [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Whole Loans [Member] | Held for Sale [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	16,168	16,205
B Notes [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	16,168	16,205
B Notes [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member] | Held for Sale [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Mezzanine Loans [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	64,299	64,317
Mezzanine Loans [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	51,832	51,862
Mezzanine Loans [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	12,467	12,455
Mezzanine Loans [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Mezzanine Loans [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Mezzanine Loans [Member] | Held for Sale [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Commercial Portfolio Segment [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	914,320	826,311
Commercial Portfolio Segment [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	836,243	748,785
Commercial Portfolio Segment [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	44,967	44,955
Commercial Portfolio Segment [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	33,110	32,571
Commercial Portfolio Segment [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Commercial Portfolio Segment [Member] | Held for Sale [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	$0	$0

FINANCING_RECEIVABLES_Loan_Por

FINANCING RECEIVABLES (Loan Portfolio Aging Analysis as of the Dates Indicated at Cost Basis) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	$258	$234
60-89 Days	0	91
Greater than 90 Days	612	3,822
Total Past Due	870	4,147
Current	1,624,334	1,408,068
Total Loans Receivable	1,625,204	1,412,215
Total Loans Greater Than 90 days and accruing	0	0
Whole Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	833,853	745,789
Total Loans Receivable	833,853	745,789
Total Loans Greater Than 90 days and accruing	0	'
B Notes [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	16,168	16,205
Total Loans Receivable	16,168	16,205
Total Loans Greater Than 90 days and accruing	0	0
Mezzanine Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	64,299	64,317
Total Loans Receivable	64,299	64,317
Total Loans Greater Than 90 days and accruing	0	0
Bank Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	612	3,554
Total Past Due	612	3,554
Current	686,814	558,469
Total Loans Receivable	687,426	562,023
Total Loans Greater Than 90 days and accruing	0	0
Residential Mortgage Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	258	234
60-89 Days	0	91
Greater than 90 Days	0	268
Total Past Due	258	593
Current	16,702	16,322
Total Loans Receivable	16,960	16,915
Total Loans Greater Than 90 days and accruing	0	0
Loans Receivable - Related Party [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	6,498	6,966
Total Loans Receivable	6,498	6,966
Total Loans Greater Than 90 days and accruing	$0	$0

FINANCING_RECEIVABLES_Impaired

FINANCING RECEIVABLES (Impaired Loans) (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Financing Receivable, Impaired [Line Items]	'	'
Recorded Balance	$204,433	$204,005
Unpaid Principal Balance	204,433	203,958
Specific Allowance	-441	-7,193
Average Investment in Impaired Loans	194,766	186,315
Interest Income Recognized	14,019	11,676
Whole Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	158,811	130,759
Loans with a specific valuation allowance, Recorded balance	0	25,572
Recorded Balance	158,811	156,331
Loans without a specific valuation allowance, Unpaid Principal Balance	158,811	130,759
Loans with a specific valuation allowance, Unpaid Principal Balance	0	25,572
Unpaid Principal Balance	158,811	156,331
Specific Allowance	0	-4,572
Loans without a specific valuation allowance, Average Investment in Impaired Loans	156,694	123,495
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	24,748
Average Investment in Impaired Loans	156,694	148,243
Loans without a specific valuation allowance, Interest Income Recognized	12,103	8,439
Loans with a specific valuation allowance, Interest Income Recognized	0	1,622
Interest Income Recognized	12,103	10,061
B Notes [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	0	0
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Balance	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	0	0
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Mezzanine Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	38,072	38,072
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Balance	38,072	38,072
Loans without a specific valuation allowance, Unpaid Principal Balance	38,072	38,072
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	38,072	38,072
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	38,072	38,072
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	38,072	38,072
Loans without a specific valuation allowance, Interest Income Recognized	1,916	1,615
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	1,916	1,615
Bank Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	612	0
Loans with a specific valuation allowance, Recorded balance	1,566	3,554
Recorded Balance	2,178	3,554
Loans without a specific valuation allowance, Unpaid Principal Balance	612	0
Loans with a specific valuation allowance, Unpaid Principal Balance	1,566	3,554
Unpaid Principal Balance	2,178	3,554
Specific Allowance	-441	-2,621
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Residential Mortgage Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	0	315
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Balance	0	315
Loans without a specific valuation allowance, Unpaid Principal Balance	0	268
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	0	268
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Loans Receivable - Related Party [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	5,372	5,733
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Balance	5,372	5,733
Loans without a specific valuation allowance, Unpaid Principal Balance	5,372	5,733
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	5,372	5,733
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	$0	$0

FINANCING_RECEIVABLES_Loan_Por1

FINANCING RECEIVABLES (Loan Portfolio Troubled-debt Restructurings) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013
	Loan
Troubled debt restructuring [Abstract]	'
Number of Loans	8
Pre-Modification Outstanding Recorded Balance	$199,827
Post-Modification Outstanding Recorded Balance	182,541
Whole Loans [Member]	'
Troubled debt restructuring [Abstract]	'
Number of Loans	6
Pre-Modification Outstanding Recorded Balance	153,958
Post-Modification Outstanding Recorded Balance	136,672
B Notes [Member]	'
Troubled debt restructuring [Abstract]	'
Number of Loans	0
Pre-Modification Outstanding Recorded Balance	0
Post-Modification Outstanding Recorded Balance	0
Mezzanine Loans [Member]	'
Troubled debt restructuring [Abstract]	'
Number of Loans	1
Pre-Modification Outstanding Recorded Balance	38,072
Post-Modification Outstanding Recorded Balance	38,072
Bank Loans [Member]	'
Troubled debt restructuring [Abstract]	'
Number of Loans	0
Pre-Modification Outstanding Recorded Balance	0
Post-Modification Outstanding Recorded Balance	0
Residential Mortgage Loans [Member]	'
Troubled debt restructuring [Abstract]	'
Number of Loans	0
Pre-Modification Outstanding Recorded Balance	0
Post-Modification Outstanding Recorded Balance	0
Loans Receivable - Related Party [Member]	'
Troubled debt restructuring [Abstract]	'
Number of Loans	1
Pre-Modification Outstanding Recorded Balance	7,797
Post-Modification Outstanding Recorded Balance	$7,797

INTANGIBLE_ASSETS_Details

INTANGIBLE ASSETS (Details) (USD $)

1 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

0 Months Ended

12 Months Ended

31-May-13

Oct. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Oct. 31, 2013

Dec. 31, 2013

Investment in RCAM [Member]

Investment in RCAM [Member]

Wholesale or Correspondent Relationships [Member]

Depreciation and Amortization [Member]

Equity Compensation Expense [Member]

General and Administrative Expense [Member]

Wholesale or Correspondent Relationships [Member]

Wholesale or Correspondent Relationships [Member]

Primary Capital Advisors LLC [Member]

Primary Capital Advisors LLC [Member]

Investment in PCA [Member]

Investment in PCA [Member]

Acquired Finite-Lived Intangible Assets [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred equity interest acquired

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

Write-off of unamortized balance of intangible asset

'

'

'

$2,600,000

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage in VIE

68.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization

'

'

836,000

1,138,000

'

'

'

'

657,000

'

'

'

'

'

'

Asset Balance

'

'

22,762,000

'

24,303,000

21,213,000

21,213,000

'

'

'

'

600,000

600,000

'

'

Amortization of intangible assets

'

'

444,000

532,000

'

'

'

'

'

'

'

'

'

'

'

Expected amortization, 2014

'

'

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

Expected amortization, 2015

'

'

2,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Expected amortization, 2016

'

'

1,800,000

'

'

'

'

'

'

'

'

'

'

'

'

Expected amortization, 2017

'

'

1,800,000

'

'

'

'

'

'

'

'

'

'

'

'

Expected amortization, 2018

'

'

1,600,000

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average amortization period (in years)

'

'

'7 years 6 months

'7 years 8 months 12 days

'

'

'

'

'

'

'

'

'

'

'

Accumulated amortization

'

'

11,479,000

'

12,481,000

10,424,000

9,980,000

'

'

'

'

106,000

42,000

'

'

Fee income

'

'

2,756,000

1,410,000

'

'

'

'

'

'

'

'

'

'

'

Total cash purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

7,600,000

7,613,000

Business Combination, Acquisition Related Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

333,000

'

Issuance of restricted stock

'

'

640,000

35,000

'

'

'

'

'

'

'

'

'

800,000

'

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

Allocated Share-based Compensation Expense

'

'

'

'

'

'

'

'

'

$48,000

$27,000

'

'

'

'

Finite-Lived Intangible Asset, Useful Life

'

'

'

'

'

'

'

'2 years

'

'

'

'2 years

'

'

'

INTANGIBLE_ASSETS_Summary_of_I

INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]	'		'
Asset Balance	$22,762		$24,303
Accumulated Amortization	-11,479		-12,481
Net Asset	11,283	[1]	11,822	[1]
Investment in RCAM [Member]	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Asset Balance	21,213		21,213
Accumulated Amortization	-10,424		-9,980
Net Asset	10,789		11,233
Investments in Real Estate [Member] | In Place Leases [Member]	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Asset Balance	920		2,461
Accumulated Amortization	-920		-2,430
Net Asset	0		31
Investments in Real Estate [Member] | Above (Below) Market Leases [Member]	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Asset Balance	29		29
Accumulated Amortization	-29		-29
Net Asset	0		0
Investment in PCA [Member] | Wholesale or Correspondent Relationships [Member]	'		'
Finite-Lived Intangible Assets [Line Items]	'		'
Asset Balance	600		600
Accumulated Amortization	-106		-42
Net Asset	$494		$558
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

INTANGIBLE_ASSETS_Allocation_o

INTANGIBLE ASSETS (Allocation of Purchase Price) (Details) (Primary Capital Advisors LLC [Member], USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2013	Dec. 31, 2013
Primary Capital Advisors LLC [Member]	'	'
Business Acquisition [Line Items]	'	'
Cash and cash equivalents	'	$1,233
Loans held for sale	'	15,021
Loans held for investment	'	2,071
Wholesale and correspondent relationships	'	600
Other assets	'	5,828
Total assets acquired	'	24,753
Borrowings	'	14,584
Other liabilities	'	2,165
Total liabilities	'	16,749
Gain on bargain purchase	'	391
Total cash purchase price	$7,600	$7,613

BORROWINGS_Narrative_Details

BORROWINGS (Narrative) (Details)

Mar. 31, 2014

Dec. 31, 2013

Apr. 02, 2013

Feb. 27, 2012

31-May-07

31-May-06

31-May-07

31-May-06

Aug. 31, 2005

31-May-07

31-May-06

Aug. 31, 2005

31-May-07

31-May-06

Aug. 31, 2005

31-May-07

31-May-06

Aug. 31, 2005

31-May-07

31-May-07

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Aug. 31, 2005

Aug. 31, 2005

Aug. 31, 2005

Aug. 31, 2005

Aug. 31, 2005

Aug. 31, 2005

Aug. 31, 2005

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Mar. 31, 2014

Jun. 30, 2007

Mar. 31, 2014

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Jun. 30, 2007

Mar. 31, 2014

Dec. 31, 2013

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Mar. 31, 2014

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Aug. 31, 2006

Mar. 31, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Mar. 31, 2014

Oct. 31, 2011

Oct. 31, 2011

Mar. 31, 2014

Dec. 31, 2013

31-May-07

31-May-07

31-May-07

31-May-07

31-May-07

31-May-07

31-May-07

31-May-07

31-May-07

Mar. 31, 2014

Dec. 31, 2013

31-May-06

31-May-06

31-May-06

31-May-06

31-May-06

Mar. 31, 2014

31-May-06

31-May-06

Oct. 21, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Aug. 01, 2011

Jun. 30, 2007

Jun. 30, 2007

Aug. 31, 2006

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Mar. 31, 2014

31-May-13

Oct. 31, 2012

31-May-07

Mar. 31, 2014

Dec. 31, 2013

31-May-06

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2006

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Apr. 02, 2013

Mar. 31, 2014

Dec. 31, 2013

Jul. 19, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 08, 2005

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

USD ($)

USD ($)

RCC Real Estate [Member]

RCC Real Estate [Member]

Senior Notes Class D [Member]

Senior Notes Class D [Member]

Senior Notes Class B [Member]

Senior Notes Class B [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class C [Member]

Senior Notes Class C [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-2a [Member]

Senior Notes Class A-2 [Member]

Senior Notes Class A-2 [Member]

Senior Notes Class A-2b [Member]

Senior Notes Class A-3 [Member]

CMBS - Term Repurchase Facilities [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Apidos CLO VIII Senior Notes [Member]

Apidos CLO VIII Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

6% Convertible Senior Notes [Member]

6% Convertible Senior Notes [Member]

6% Convertible Senior Notes [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

Mortgages [Member]

Mortgages [Member]

Mortgages [Member]

Resource Real Estate Funding 2007-1 CDO Investor LLC [Member]

Resource Real Estate Funding 2007-1 CDO Investor LLC [Member]

Resource Real Estate Funding 2006-1 CDO Investor LLC [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO [Member]

Whitney CLO I, Ltd. [Member]

Whitney CLO I, Ltd. [Member]

Whitney CLO I, Ltd. [Member]

Apidos Cinco CDO Ltd [Member]

RCT I entity [Member]

RCT I entity [Member]

RCT I entity [Member]

RCT II entity [Member]

RCT II entity [Member]

RCT II entity [Member]

Interest in RCT I

Interest in RCT I

Interest in RCT II

Interest in RCT II

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank Securities, Inc [Member]

Deutsche Bank Securities, Inc [Member]

Deutsche Bank Securities, Inc [Member]

New Century Bank [Member]

ViewPoint Bank, NA [Member]

Maximum [Member]

Maximum [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

RCC Commercial [Member]

Senior Notes Class D [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-2 [Member]

USD ($)

USD ($)

RCC CRE Notes 2012 Investor, LLC [Member]

Senior Notes Class D [Member]

Senior Notes Class A [Member]

Senior Notes Class A-S [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class E [Member]

Senior Notes Class F [Member]

USD ($)

USD ($)

USD ($)

RCC Real Estate [Member]

Senior Notes Class D [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class E [Member]

Senior Notes Class F [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-1R [Member]

Senior Notes Class A-1R [Member]

Senior Notes Class A-2 [Member]

Senior Notes Class G [Member]

Senior Notes Class H [Member]

Senior Notes Class J [Member]

Senior Notes Class K [Member]

Senior Notes Class L [Member]

Senior Notes Class M [Member]

USD ($)

RCC Real Estate [Member]

Senior Notes Class D [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class E [Member]

Senior Notes Class F [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-2 [Member]

Senior Notes Class A-2b [Member]

Senior Notes Class G [Member]

Senior Notes Class H [Member]

Senior Notes Class J [Member]

Senior Notes Class K [Member]

Senior Notes Class J and K [Member]

USD ($)

Senior Notes Class A-1E [Member]

Senior Notes Class A-1L [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-2E [Member]

Senior Notes Class A-2L [Member]

Senior Notes Class A-3E [Member]

Senior Notes Class A-3L [Member]

Senior Notes Class B-1E [Member]

Senior Notes Class B-1L [Member]

Senior Notes Class B-1L [Member]

USD ($)

RCC Commercial [Member]

USD ($)

USD ($)

USD ($)

RCC Commercial [Member]

Senior Notes Class D [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-2a [Member]

Senior Notes Class A-2b [Member]

Senior Notes Class A-3 [Member]

USD ($)

USD ($)

USD ($)

RCC Commercial [Member]

Senior Notes Class D [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-1 [Member]

Senior Notes Class A-2 [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

RCC Real Estate [Member]

RCC Real Estate [Member]

USD ($)

RREF CDO 2007-1 Senior Notes [Member]

Resource Real Estate Funding CDO 2006-1 [Member]

Class 1 Subordinated Notes [Member]

Class 2 Subordinated Notes [Member]

USD ($)

USD ($)

Apidos Cinco CDO Senior Notes [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

USD ($)

Unsecured Junior Subordinated Debentures [Member]

USD ($)

Unsecured Junior Subordinated Debentures [Member]

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

RCC Real Estate SPE 5 [Member]

RCC Real Estate SPE 5 [Member]

RCC Real Estate SPE 5 [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

Primary Capital Advisors LLC [Member]

Primary Capital Advisors LLC [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

RCC Real Estate [Member]

EUR (€)

USD ($)

USD ($)

EUR (€)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate And RCC Commercial [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

USD ($)

USD ($)

USD ($)

USD ($)

RCC Real Estate SPE 5 [Member]

USD ($)

USD ($)

USD ($)

USD ($)

CMBS - Term Repurchase Facilities [Member]

CRE - Term Repurchase Facility [Member]

USD ($)

Unit

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

option

USD ($)

Amendment

Amendment

RCC Real Estate And RCC Commercial [Member]

RCC Real Estate [Member]

option

USD ($)

USD ($)

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Closing transaction amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$350,000,000

'

'

'

'

'

'

'

$307,800,000

'

'

'

'

'

'

'

'

'

'

$500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$345,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$350,000,000

'

'

'

$350,000,000

'

'

'

'

'

'

'

'

'

'

$285,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face amount of debt issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

321,500,000

'

8,000,000

20,500,000

13,000,000

259,500,000

15,000,000

'

260,800,000

'

13,800,000

136,900,000

78,500,000

30,800,000

14,600,000

9,200,000

6,900,000

'

'

'

'

26,800,000

22,500,000

7,000,000

11,900,000

11,900,000

180,000,000

'

50,000,000

'

57,500,000

11,300,000

11,300,000

11,300,000

10,000,000

18,800,000

28,800,000

'

'

308,700,000

'

15,500,000

6,900,000

20,700,000

20,700,000

19,800,000

129,400,000

'

17,400,000

5,000,000

17,300,000

12,900,000

14,700,000

28,400,000

43,100,000

'

24,900,000

24,900,000

10,300,000

10,300,000

13,800,000

13,800,000

6,800,000

6,800,000

16,000,000

16,000,000

'

317,600,000

'

'

'

'

'

11,000,000

18,000,000

14,000,000

37,500,000

200,000,000

22,500,000

19,000,000

'

'

262,500,000

'

6,000,000

15,000,000

10,500,000

'

212,000,000

19,000,000

115,000,000

'

'

'

'

99,726,000

[1]

'

'

'

'

'

265,600,000

'

'

'

'

'

'

'

322,000,000

'

'

25,800,000

'

'

25,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

Discount to investors

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate at period end

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.42%

'

'

'

'

'

'

'

'

'

'

'

7.50%

8.50%

'

'

'

'

'

'

'

'

'

'

'

'

5.84%

'

'

6.00%

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.18%

4.20%

'

4.19%

4.19%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fee percentage on undrawn balance of notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.18%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of senior notes acquired by the parent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

100.00%

'

100.00%

'

'

'

'

'

'

'

'

100.00%

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative amount of debt paid down

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

245,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

93,600,000

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

110,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

149,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments by parent to acquire notes issued by VIE

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,500,000

'

'

'

'

'

30,000,000

'

'

'

'

'

'

'

'

'

'

'

'

68,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

28,000,000

'

'

'

'

'

'

'

'

'

'

23,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

41,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchased equity interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

36,300,000

'

'

'

'

550,000

20,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total preference shares (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Description of variable rate basis

'

'

'

'

'LIBOR

'3-month LIBOR

'LIBOR

'3-month LIBOR

'3-month LIBOR

'LIBOR

'3-month LIBOR

'3-month LIBOR

'LIBOR

'3-month LIBOR

'3-month LIBOR

'LIBOR

'3-month LIBOR

'3-month LIBOR

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'one month LIBOR

'one month LIBOR

'

'

Basis spread on variable rate

'

'

'

'

4.25%

4.25%

0.80%

0.75%

0.75%

2.25%

1.75%

1.85%

0.24%

0.26%

0.26%

0.23%

0.45%

0.42%

0.32%

0.42%

'

'

'

'

'

'

'

'

'

'

'

'

'

4.50%

1.30%

2.15%

2.85%

3.50%

5.50%

6.50%

'

'

'

'

0.95%

0.80%

'

1.15%

1.30%

0.28%

'

0.32%

'

0.46%

1.55%

2.30%

2.95%

3.25%

'

'

'

'

'

'

0.80%

0.40%

0.62%

1.30%

1.60%

0.32%

'

0.35%

'

1.90%

3.75%

'

'

'

'

0.25%

0.25%

0.31%

0.31%

0.40%

0.40%

0.70%

0.75%

1.80%

1.85%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.95%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

3.50%

4.00%

'

'

Weighted average interest rate

1.83%

1.87%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.37%

[2]

1.66%

1.68%

'

'

'

'

'

'

'

2.03%

2.02%

'

'

'

'

'

'

'

'

0.91%

0.84%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.86%

1.87%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.95%

'

'

'

'

'

'

'

'

'

'

0.95%

'

'

0.74%

0.74%

'

'

'

'

'

'

'

'

'

0.94%

0.88%

'

'

'

'

'

'

'

'

'

'

6.00%

4.18%

[3]

4.19%

[3]

2.63%

[1]

2.67%

[1]

4.24%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of outstanding notes purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

67.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchased equity interests discount, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interests in variable interest entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

88.60%

68.30%

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of senior note acquired from VIE (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of senior note acquired by unrelated third party (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

57.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, interest rate, stated percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

111,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized discount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issuable upon conversion

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150.1502

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion price per common share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6.66

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated entities

62,053,000

[4]

69,069,000

[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

774,000

774,000

774,000

774,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt issuance costs, amortization period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized Issuance Costs and Discounts

14,462,000

16,216,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

[2]

0

0

'

'

'

'

'

'

'

4,269,000

3,974,000

'

'

'

'

'

'

'

'

509,000

719,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

703,000

853,000

'

'

'

'

'

'

'

'

'

40,000

117,000

'

'

'

'

'

'

'

'

'

'

8,465,000

494,000

[3]

543,000

[3]

743,000

[1]

1,033,000

[1]

0

'

'

'

'

'

'

'

'

'

'

'

'

236,000

261,000

'

258,000

282,000

'

'

'

'

'

0

12,000

'

'

577,000

732,000

'

'

'

'

'

'

166,000

300,000

'

'

'

'

Debt instrument term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'7 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'18 months

'

'12 months

'

'

'

'

'12 months

'

'

'

'

'

'

Long-term Debt, Gross

1,516,551,000

1,336,026,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

36,819,000

[2]

73,815,000

87,131,000

'

'

'

'

'

'

'

260,840,000

260,840,000

'

'

'

'

'

'

'

'

148,375,000

178,556,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

167,181,000

'

'

'

'

'

'

'

'

'

'

'

'

'

320,500,000

322,000,000

'

'

'

'

'

'

'

'

'

112,551,000

133,326,000

'

'

'

'

'

'

'

'

'

'

115,000,000

51,548,000

[3]

51,548,000

[3]

100,469,000

[1]

30,736,000

[1]

14,627,000

'

13,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan origination fee

0.02

'

'

0.00375

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument term, option to extend

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'1 year

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

Structuring fee, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, extension fee percentage (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum amount of facility

'

'

250,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

200,000,000

'

'

'

'

'

'

'

30,000,000

15,000,000

'

150,000,000

Debt instrument term, number of options to extend

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

2

'

'

'

'

'

'

'

'

'

'

'

Structuring fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Extension fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

938,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Judgment allowed against subsidiary

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

10,000

'

'

'

Judgment allowed against Company

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

Number of amendments to facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

5

'

'

Line of credit facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

9,200,000

0

'

'

'

'

'

10,300,000

4,400,000

'

'

Judgment allowed against subsidiary or guarantor

'

'

'

'

'

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50,000

'

'

'

Minimum maintenance balance required to be maintained

'

'

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'

'

1,500,000

1,000,000

'

'

Number of multi family units

'

'

'

'

'

'

'

'

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'

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504

'

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'

'

Payment to acquire rental property

'

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$18,100,000

'

'

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'

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'

'

'

Percentage of units occupied at acquisition

'

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'

95.00%

'

'

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'

'

'

'

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'

'

'

'

'

[1]

Amount also includes accrued interest costs of $98,000 and $26,000 related to CRE repurchase facilities as of March 31, 2014 and December 31, 2013, respectively.

[2]

Amounts also includes accrued interest costs of $18,000 and $22,000 related to CMBS repurchase facilities as of March 31, 2014 and December 31, 2013, respectively. Amount does not reflect CMBS repurchase agreement borrowings that components of linked transactions.

[3]

Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.

[4]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

BORROWINGS_Schedule_of_Debt_De

BORROWINGS (Schedule of Debt) (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	$1,502,089,000		$1,319,810,000
Unamortized Issuance Costs and Discounts	14,462,000		16,216,000
Principal Outstanding	1,516,551,000		1,336,026,000
Weighted Average Borrowing Rate	1.83%		1.87%
Weighted Average Remaining Maturity	'10 years 11 months		'13 years 1 month
Value of Collateral	1,759,819,000		1,508,603,000
Accrued interest costs	3,848,000	[1]	1,693,000	[1]
RREF CDO 2006-1 Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	100,184,000		94,004,000
Unamortized Issuance Costs and Discounts	129,000		205,000
Principal Outstanding	100,313,000		94,209,000
Weighted Average Borrowing Rate	1.86%		1.87%
Weighted Average Remaining Maturity	'32 years 5 months		'32 years 7 months
Value of Collateral	169,809,000		169,115,000
RREF CDO 2007-1 Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	147,866,000		177,837,000
Unamortized Issuance Costs and Discounts	509,000		719,000
Principal Outstanding	148,375,000		178,556,000
Weighted Average Borrowing Rate	0.91%		0.84%
Weighted Average Remaining Maturity	'32 years 6 months		'32 years 9 months
Value of Collateral	297,703,000		318,933,000
RCC CRE Notes 2013 [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	256,866,000		256,571,000
Unamortized Issuance Costs and Discounts	3,974,000		4,269,000
Principal Outstanding	260,840,000		260,840,000
Weighted Average Borrowing Rate	2.02%		2.03%
Weighted Average Remaining Maturity	'14 years 8 months		'15 years 0 months
Value of Collateral	303,410,000		305,586,000
Apidos CDO I Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	73,815,000		87,131,000
Unamortized Issuance Costs and Discounts	0		0
Principal Outstanding	73,815,000		87,131,000
Weighted Average Borrowing Rate	1.66%		1.68%
Weighted Average Remaining Maturity	'3 years 4 months		'3 years 7 months
Value of Collateral	88,532,000		103,736,000
Apidos CDO III Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	112,511,000		133,209,000
Unamortized Issuance Costs and Discounts	40,000		117,000
Principal Outstanding	112,551,000		133,326,000
Weighted Average Borrowing Rate	0.94%		0.88%
Weighted Average Remaining Maturity	'6 years 6 months		'6 years 8 months
Value of Collateral	124,677,000		145,930,000
Apidos Cinco CDO Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	319,797,000		321,147,000
Unamortized Issuance Costs and Discounts	703,000		853,000
Principal Outstanding	320,500,000		322,000,000
Weighted Average Borrowing Rate	0.74%		0.74%
Weighted Average Remaining Maturity	'6 years 1 month		'6 years 5 months
Value of Collateral	345,029,000		342,796,000
Whitney CLO I Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	133,000	[2]	'
Unamortized Issuance Costs and Discounts	0	[2]	'
Principal Outstanding	133,000	[2]	'
Weighted Average Borrowing Rate	0.00%	[2]	'
Value of Collateral	157,000	[2]	'
Whitney CLO I Securitized Borrowings [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	'		440,000	[2]
Unamortized Issuance Costs and Discounts	'		0	[2]
Principal Outstanding	'		440,000	[2]
Weighted Average Borrowing Rate	'		0.00%	[2]
Value of Collateral	'		885,000	[2]
Moselle CLO S.A. Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	167,181,000		'
Unamortized Issuance Costs and Discounts	0		'
Principal Outstanding	167,181,000		'
Weighted Average Borrowing Rate	0.95%		'
Weighted Average Remaining Maturity	'5 years 9 months		'
Value of Collateral	202,247,000		'
Moselle CLO S.A. Securitized Borrowings [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	5,116,000		'
Unamortized Issuance Costs and Discounts	0		'
Principal Outstanding	5,116,000		'
Weighted Average Borrowing Rate	0.00%		'
Value of Collateral	0		'
Unsecured Junior Subordinated Debentures [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	51,054,000	[3]	51,005,000	[3]
Unamortized Issuance Costs and Discounts	494,000	[3]	543,000	[3]
Principal Outstanding	51,548,000	[3]	51,548,000	[3]
Weighted Average Borrowing Rate	4.18%	[3]	4.19%	[3]
Weighted Average Remaining Maturity	'22 years 7 months	[3]	'22 years 9 months	[3]
Value of Collateral	0	[3]	0	[3]
6% Convertible Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	'		106,535,000
Unamortized Issuance Costs and Discounts	'		8,465,000
Principal Outstanding	'		115,000,000
Weighted Average Borrowing Rate	'		6.00%
Weighted Average Remaining Maturity	'		'4 years 11 months
Value of Collateral	'		0
Short-Term Repurchase Agreements [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	'		47,601,000	[4]
Unamortized Issuance Costs and Discounts	'		12,000	[4]
Principal Outstanding	'		47,613,000	[4]
Weighted Average Borrowing Rate	'		1.38%	[4]
Weighted Average Remaining Maturity	'		'21 days	[4]
Value of Collateral	'		56,949,000	[4]
Mortgages [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	'		14,627,000
Unamortized Issuance Costs and Discounts	'		0
Principal Outstanding	'		14,627,000
Weighted Average Borrowing Rate	'		4.24%
Weighted Average Remaining Maturity	'		'216 days
Value of Collateral	'		16,487,000
Convertible Senior Notes [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	107,130,000		'
Unamortized Issuance Costs and Discounts	7,870,000		'
Principal Outstanding	115,000,000		'
Weighted Average Borrowing Rate	6.00%		'
Weighted Average Remaining Maturity	'4 years 8 months		'
Value of Collateral	0		'
CRE - Term Repurchase Facility [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	'		29,703,000	[5]
Unamortized Issuance Costs and Discounts	743,000	[5]	1,033,000	[5]
Principal Outstanding	100,469,000	[5]	30,736,000	[5]
Weighted Average Borrowing Rate	2.63%	[5]	2.67%	[5]
Weighted Average Remaining Maturity	'18 days	[5]	'21 days	[5]
Value of Collateral	153,895,000	[5]	48,186,000	[5]
Accrued interest costs	98,000		26,000
CMBS - Term Repurchase Facilities [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	36,819,000	[4]	'
Unamortized Issuance Costs and Discounts	0	[4]	'
Principal Outstanding	36,819,000	[4]	'
Weighted Average Borrowing Rate	1.37%	[4]	'
Weighted Average Remaining Maturity	'18 days	[4]	'
Value of Collateral	44,386,000	[4]	'
Accrued interest costs	18,000		22,000
Residential Mortgage Financing Agreements [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	14,686,000		'
Unamortized Issuance Costs and Discounts	0		'
Principal Outstanding	14,686,000		'
Weighted Average Borrowing Rate	4.23%		'
Weighted Average Remaining Maturity	'147 days		'
Value of Collateral	16,728,000		'
CMBS - Short Term Repurchase Agreements [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	9,205,000		'
Unamortized Issuance Costs and Discounts	0		'
Principal Outstanding	9,205,000		'
Weighted Average Borrowing Rate	1.40%		'
Weighted Average Remaining Maturity	'24 days		'
Value of Collateral	$13,246,000		'
[1]	March 31, 2014 December 31, 2013Liabilities of consolidated VIEs included in the total liabilities above: Borrowings$1,183,468 $1,070,339 Accrued interest expense1,356 918 Derivatives, at fair value9,841 10,191 Accounts payable and other liabilities4,150 1,604 Total liabilities of consolidated VIEs$1,198,815 $1,083,052
[2]	The securitized borrowings are collateralized by the same assets as the Apidos CLO VIII Senior Notes and the Whitney CLO I Securitized Borrowings, respectively.
[3]	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
[4]	Amounts also includes accrued interest costs of $18,000 and $22,000 related to CMBS repurchase facilities as of March 31, 2014 and December 31, 2013, respectively. Amount does not reflect CMBS repurchase agreement borrowings that components of linked transactions.
[5]	Amount also includes accrued interest costs of $98,000 and $26,000 related to CRE repurchase facilities as of March 31, 2014 and December 31, 2013, respectively.

BORROWINGS_Repurchase_and_Mort

BORROWINGS (Repurchase and Mortgage Finance Facilities) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Value of Collateral Under Linked Transactions	$34,829,000	[1]	$30,066,000	[1]
Weighted Average Interest Rate	1.83%		1.87%
Long-term Debt, Gross	1,516,551,000		1,336,026,000
Unamortized Issuance Costs and Discounts	14,462,000		16,216,000
RCC Real Estate [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Unamortized Issuance Costs and Discounts	166,000		300,000
Repurchase Agreements [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	160,436,000		'
Value of Collateral	228,256,000		'
Long-term Debt, Gross	'		91,931,000
CMBS bonds held as collateral, fair value	'		121,622,000
Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member]	'		'
Debt Instrument [Line Items]	'		'
Linked Repurchase Agreement Borrowings, Included as Derivative Instruments	12,006,000		17,020,000
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	0		0
Value of Collateral	0		0
Number of Positions as Collateral	0		0
Weighted Average Interest Rate	0.00%		0.00%
Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	9,205,000		0
Value of Collateral	13,246,000		0
Number of Positions as Collateral	4		0
Weighted Average Interest Rate	1.40%		0.00%
Repurchase Agreements [Member] | New Century Bank [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	10,275,000		11,916,000
Value of Collateral	11,145,000		13,089,000
Number of Positions as Collateral	72		74
Weighted Average Interest Rate	4.19%		4.17%
Repurchase Agreements [Member] | ViewPoint Bank, NA [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	4,411,000		2,711,000
Value of Collateral	5,584,000		3,398,000
Number of Positions as Collateral	25		17
Weighted Average Interest Rate	4.46%		4.58%
CMBS - Term Repurchase Facilities [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	36,819,000	[2]	47,601,000	[2]
Value of Collateral	44,386,000	[2]	56,949,000	[2]
Number of Positions as Collateral	48	[2]	44	[2]
Weighted Average Interest Rate	1.37%	[2]	1.38%	[2]
CRE - Term Repurchase Facility [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	96,140,000	[3]	30,003,000	[3]
Value of Collateral	148,312,000	[3]	48,186,000	[3]
Number of Positions as Collateral	7	[3]	3	[3]
Weighted Average Interest Rate	2.62%	[3]	2.67%	[3]
CRE - Term Repurchase Facility [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	3,586,000	[4]	-300,000	[3]
Value of Collateral	5,583,000	[4]	0	[3]
Number of Positions as Collateral	1	[4]	0	[3]
Weighted Average Interest Rate	3.03%	[4]	0.00%	[3]
Linked Transactions [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	71,666,000		64,094,000
Value of Collateral Under Linked Transactions	106,158,000		93,823,000
Linked Transactions [Member] | Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member]	'		'
Debt Instrument [Line Items]	'		'
Value of Collateral Under Linked Transactions	18,342,000		24,814,000
Number of Positions as Collateral	4		4
Weighted Average Interest Rate	0.83%		0.99%
Linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	19,621,000		21,969,000
Value of Collateral Under Linked Transactions	27,982,000		30,803,000
Number of Positions as Collateral	8		9
Weighted Average Interest Rate	1.19%		1.19%
Linked Transactions [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	33,883,000		18,599,000
Value of Collateral Under Linked Transactions	51,840,000		29,861,000
Number of Positions as Collateral	14		9
Weighted Average Interest Rate	1.41%		1.43%
Linked Transactions [Member] | CMBS - Term Repurchase Facilities [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Value of Collateral Under Linked Transactions	7,994,000	[2]	8,345,000
Number of Positions as Collateral	7		7
Weighted Average Interest Rate	1.64%		1.65%
Linked Transactions [Member] | CRE - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Outstanding Borrowings	0	[3]	0
Value of Collateral Under Linked Transactions	$0	[3]	$0
Number of Positions as Collateral	0		0
Weighted Average Interest Rate	0.00%		0.00%
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858
[2]	The Wells Fargo CMBS term facility borrowing includes zero and $12,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
[3]	The Wells Fargo CRE term repurchase facility borrowing includes $577,000 and $732,000 of deferred debt issuance costs as of March 31, 2014 and December 31, 2013, respectively.
[4]	The Deutsche Bank term repurchase facility includes $166,000 and $300,000 of deferred debt issuance costs as of March 31, 2014

BORROWINGS_Amount_at_Risk_Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Weighted Average Remaining Maturity	'10 years 11 months		'13 years 1 month
Weighted Average Interest Rate	1.83%		1.87%
CMBS - Term Repurchase Facilities [Member]	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Remaining Maturity	'18 days	[1]	'
Weighted Average Interest Rate	1.37%	[1]	'
CMBS - Term Repurchase Facilities [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Linked Repurchase Agreement Borrowings, Included as Derivative Instruments	6,156		6,506
CRE - Term Repurchase Facility [Member]	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Remaining Maturity	'18 days	[2]	'21 days	[2]
Weighted Average Interest Rate	2.63%	[2]	2.67%	[2]
Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member]	'		'
Debt Instrument [Line Items]	'		'
Linked Repurchase Agreement Borrowings, Included as Derivative Instruments	12,006		17,020
Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Weighted Average Interest Rate	1.40%		0.00%
Linked and Non-linked Transactions [Member] | CMBS - Term Repurchase Facilities [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Amount at Risk	8,822	[3],[4]	10,796	[3],[4]
Weighted Average Remaining Maturity	'18 days	[4]	'21 days	[4]
Weighted Average Interest Rate	1.37%	[4]	1.38%	[4]
Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Amount at Risk	57,882	[3]	20,718	[3]
Weighted Average Remaining Maturity	'18 days		'21 days
Weighted Average Interest Rate	2.62%		2.67%
Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Amount at Risk	9,155	[3]	'
Weighted Average Remaining Maturity	'18 days		'
Weighted Average Interest Rate	3.03%		'
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member]	'		'
Debt Instrument [Line Items]	'		'
Amount at Risk	8,411	[3]	8,925	[3]
Weighted Average Remaining Maturity	'6 days		'2 days
Weighted Average Interest Rate	1.19%		1.19%
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member]	'		'
Debt Instrument [Line Items]	'		'
Amount at Risk	6,403	[3],[5]	7,882	[3],[5]
Weighted Average Remaining Maturity	'14 days	[5]	'11 days	[5]
Weighted Average Interest Rate	0.83%	[5]	0.99%	[5]
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]	'		'
Debt Instrument [Line Items]	'		'
Amount at Risk	18,176	[3]	11,418	[3]
Weighted Average Remaining Maturity	'24 days		'22 days
Weighted Average Interest Rate	1.41%		1.43%
[1]	Amounts also includes accrued interest costs of $18,000 and $22,000 related to CMBS repurchase facilities as of March 31, 2014 and December 31, 2013, respectively. Amount does not reflect CMBS repurchase agreement borrowings that components of linked transactions.
[2]	Amount also includes accrued interest costs of $98,000 and $26,000 related to CRE repurchase facilities as of March 31, 2014 and December 31, 2013, respectively.
[3]	Equal to the estimated fair value of securities or loans sold, plus accrued interest income, minus the sum of repurchase agreement liabilities plus accrued interest expense.
[4]	and $6.5 million of linked repurchase agreement borrowings are being included as derivative instruments as of March 31, 2014 and December 31, 2013, respectively, (see Note 20).
[5]	and $17.0 million of linked repurchase agreement borrowings are being included as derivative instruments as of March 31, 2014 and December 31, 2013, respectively.

SHARE_ISSUANCE_AND_REPURCHASE_

SHARE ISSUANCE AND REPURCHASE (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended		3 Months Ended		3 Months Ended		3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 17, 2013	Mar. 31, 2014	Dec. 17, 2013	Mar. 31, 2014	Mar. 15, 2013	Mar. 31, 2014	Mar. 21, 2013
	Series A Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	December 2013 At-the-Market Issuance Sales Agreement [Member]	December 2013 At-the-Market Issuance Sales Agreement [Member]	December 2013 At-the-Market Issuance Sales Agreement [Member]	December 2013 At-the-Market Issuance Sales Agreement [Member]	March 2013 At-the-Market Issuance Sales Agreement [Member]	March 2013 At-the-Market Issuance Sales Agreement [Member]	March 2013 Dividend Reinvestment Plan [Member]	March 2013 Dividend Reinvestment Plan [Member]
			Series A Cumulative Redeemable Preferred Stock [Member]	Series A Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	Series B Cumulative Redeemable Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]
Class of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'
Preferred stock, coupon authorized (in hundredths)	8.50%	8.25%	'	'	'	'	'	'	'	'
Share issuance plan, number of shares authorized to be issued	'	'	'	600,000	'	1,400,000	'	1,500,000	'	'
Preferred stock, par value (in dollars per share)	'	'	$0.00	'	$0.00	'	'	'	'	'
Common stock issued (in shares)	'	'	191,087	'	488,977	'	14,922	'	'	'
Weighted average offering price (in dollars per share)	'	'	$23.74	'	$22.98	'	$22.80	'	$6.06	'
Preferred stock, shares issued (in shares)	'	'	'	'	'	'	1,500,000	'	'	'
Preferred stock, shares issued, cumulative weighted average offering price (in dollars per share)	'	'	'	'	'	'	$24.42	'	'	'
Shares authorized for dividend reinvestment plan (in shares)	'	'	'	'	'	'	'	'	'	20,000,000
Shares issued from dividend reinvestment plan (in shares)	'	'	'	'	'	'	'	'	18,666	'
Proceeds from dividend reinvestment plan	'	'	'	'	'	'	'	'	$110	'

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details) (USD $)	3 Months Ended					0 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Apr. 02, 2013	Dec. 31, 2011	Mar. 30, 2013
			Restricted Stock [Member]	Restricted Stock [Member]	Stock Options [Member]	Loan Origination Performance Plan [Member]	Loan Origination Performance Plan [Member]	Loan Origination Performance Plan [Member]
			Director			Common Stock [Member]	Common Stock [Member]	Common Stock [Member]
Restricted common stock and stock options [Abstract]	'	'	'	'	'	'	'	'
Number of non employee directors granted shares (directors)	'	'	6	'	'	'	'	'
Estimated fair value of shares granted	'	'	$3,700	$233	'	'	'	'
Additional shares authorized upon meeting performance thresholds (in shares)	'	'	'	'	'	'	336,000	'
Share grants on achievement of performance threshold (in shares)	'	'	'	'	'	112,000	'	'
Dividends payable on performance shares granted and earned	'	'	'	'	'	'	'	258
Weighted average remaining contractual term	'	'	'	'	'2 years	'	'	'
Shares issued pursuant to the Management agreement (in shares)	0	110,639	'	'	'	'	'	'
Incentive compensation value	'	$653	'	'	'	'	'	'

SHAREBASED_COMPENSATION_Restri

SHARE-BASED COMPENSATION (Restricted Stock Activity) (Details)	3 Months Ended
	Mar. 31, 2014
Grant Date January 30, 2014 [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]	'
Restricted common stock transactions [Roll Forward]	'
Shares	481,625
Vesting/Year	33.30%
Grant Date February 3, 2014 [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]	'
Restricted common stock transactions [Roll Forward]	'
Shares	5,972
Vesting/Year	100.00%
Grant Date March 11, 2014 [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]	'
Restricted common stock transactions [Roll Forward]	'
Shares	25,770
Vesting/Year	100.00%
Grant Date March 12, 2014 [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]	'
Restricted common stock transactions [Roll Forward]	'
Shares	6,044
Vesting/Year	100.00%
Grant Date March 30, 2014 [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]	'
Restricted common stock transactions [Roll Forward]	'
Shares	112,000
Vesting/Year	66.60%
Grant Date March 31, 2014 [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]	'
Restricted common stock transactions [Roll Forward]	'
Shares	8,976
Vesting/Year	25.00%
Non Employee Directors [Member]	'
Restricted common stock transactions [Roll Forward]	'
Unvested shares, beginning of period (in shares)	38,704
Issued (shares)	37,786
Vested (shares)	-33,219
Forfeited (shares)	0
Unvested shares, end of period (in shares)	43,271
Non-Employees [Member]	'
Restricted common stock transactions [Roll Forward]	'
Unvested shares, beginning of period (in shares)	2,835,523
Issued (shares)	580,283
Vested (shares)	-1,049,574
Forfeited (shares)	0
Unvested shares, end of period (in shares)	2,366,232
Employees [Member]	'
Restricted common stock transactions [Roll Forward]	'
Unvested shares, beginning of period (in shares)	238,368
Issued (shares)	22,318
Vested (shares)	0
Forfeited (shares)	0
Unvested shares, end of period (in shares)	260,686
Manager and Non Employees [Member]	'
Restricted common stock transactions [Roll Forward]	'
Unvested shares, beginning of period (in shares)	3,112,595
Issued (shares)	640,387
Vested (shares)	-1,082,793
Forfeited (shares)	0
Unvested shares, end of period (in shares)	2,670,189

SHAREBASED_COMPENSATION_Status

SHARE-BASED COMPENSATION (Status of Unvested Stock Options) (Details) (Unvested [Member], USD $)	3 Months Ended
	Mar. 31, 2014
Unvested [Member]	'
Stock options outstanding [Roll Forward]	'
Outstanding beginning of period (in shares)	13,334
Granted (in shares)	0
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding end of period (in shares)	13,334
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward]	'
Outstanding beginning of period (in dollars per share)	$6.40
Vested (in dollars per share)	'
Outstanding end of period (in dollars per share)	$6.40

SHAREBASED_COMPENSATION_Status1

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) (Vested [Member], USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Vested [Member]	'
Stock options outstanding [Roll Forward]	'
Outstanding beginning of period (in shares)	627,332
Vested (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	0
Outstanding end of period (in shares)	627,332
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]	'
Outstanding beginning of period (in dollars per share)	$14.62
Vested (in dollars per share)	$0
Exercised (in dollars per share)	$0
Forfeited (usd per share)	$0
Outstanding end of period (in dollars per share)	$14.62
Weighted Average Remaining Contractual Term (in years)	'2 years
Aggregate Intrinsic Value (in thousands)	$10

SHAREBASED_COMPENSATION_Compon

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total equity compensation expense	$1,667	$3,591
Manager and Non Employees [Member] | Stock Options [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total equity compensation expense	-2	7
Manager and Non Employees [Member] | Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total equity compensation expense	1,429	3,550
Employees [Member] | Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total equity compensation expense	175	0
Non Employee Directors [Member] | Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total equity compensation expense	$65	$34

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Oct. 21, 2013
			6% Convertible Senior Notes [Member]
Basic: [Abstract]	'	'	'
Net income allocable to common shares	$15,116	$11,526	'
Weighted average number of shares outstanding	125,616,537	104,224,083	'
Basic net income per share (in dollars per share)	$0.12	$0.11	'
Diluted: [Abstract]	'	'	'
Net income allocable to common shares	$15,116	$11,526	'
Weighted average number of shares outstanding	125,616,537	104,224,083	'
Additional shares due to assumed conversion of dilutive instruments	1,051,077	1,102,531	'
Adjusted weighted-average number of common shares outstanding	126,667,614	105,326,614	'
Diluted net income per share (in dollars per share)	$0.12	$0.11	'
Dilutive shares excluded from calculation of diluted net income per share	17,907,939	601,666	'
Debt instrument, interest rate, stated percentage	'	'	6.00%

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'
1-Jan-14	($14,043)
Other comprehensive gain (loss) before reclassifications	-1,563
Amounts reclassified from accumulated other comprehensive income	1,535
Net current-period other comprehensive income	-28
31-Mar-14	-14,071
Net unrealized (loss) gain on derivatives [Member]	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'
1-Jan-14	-11,155
Other comprehensive gain (loss) before reclassifications	387
Amounts reclassified from accumulated other comprehensive income	70
Net current-period other comprehensive income	457
31-Mar-14	-10,698
Net unrealized (loss) gain on securities, available-for-sale [Member]	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'
1-Jan-14	-3,084
Other comprehensive gain (loss) before reclassifications	-1,754
Amounts reclassified from accumulated other comprehensive income	1,465
Net current-period other comprehensive income	-289
31-Mar-14	-3,373
Foreign Currency Translation [Member]	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'
1-Jan-14	196
Other comprehensive gain (loss) before reclassifications	-196
Amounts reclassified from accumulated other comprehensive income	0
Net current-period other comprehensive income	-196
31-Mar-14	$0

RELATED_PARTY_TRANSACTIONS_Rel

RELATED PARTY TRANSACTIONS (Relationship with Resource America) (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jun. 17, 2011

Nov. 24, 2010

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Nov. 07, 2013

Mar. 31, 2014

Dec. 31, 2013

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Elevation Home Loans, LLC [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Resource America [Member]

Manager pursuant to the Management Agreement [Member]

Manager pursuant to the Management Agreement [Member]

Manager pursuant to the Management Agreement [Member]

Manager pursuant to the Management Agreement [Member]

Manager pursuant to the Management Agreement [Member]

Resource Capital Markets, Inc. [Member]

Resource Capital Markets, Inc. [Member]

Resource Capital Markets, Inc. [Member]

Resource Real Estate [Member]

Resource Real Estate [Member]

Transaction

Transaction

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of common shares of the Company owned by a related party (in shares)

'

'

'

2,861,592

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage (percent)

'

'

'

2.20%

'

'

'

'

'

'

'

'

'

'

'

Restricted stock options to purchase restricted shares in Company owned by a related party (shares)

'

'

'

2,166

'

'

'

'

'

'

'

'

'

'

'

Base management fees paid by the Company

$3,080,000

$2,978,000

'

'

$2,900,000

$2,500,000

'

'

'

$0

$266,000

'

'

'

'

Incentive management fees

'

'

'

'

0

0

'

'

'

'

'

'

'

'

'

General and administrative

8,105,000

3,481,000

'

'

990,000

888,000

'

'

'

'

'

'

'

'

'

Maximum investment amount (up to $5 million)

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

Additional investment per Investment Management Agreement

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

Management fee as a percentage of net profits in excess of preferred return (percent)

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

Purchase of securities, trading

0

-10,044,000

'

'

'

'

'

'

'

1,600,000

'

'

'

'

'

Investment securities, trading

9,987,000

[1]

'

11,558,000

[1]

'

'

'

'

'

'

10,000,000

'

11,600,000

'

'

'

Share of net profits as per the Investment Management Agreement

'

'

'

'

'

'

'

'

'

0

35,000

'

'

'

'

Expense reimbursements

'

'

'

'

'

'

'

'

'

75,000

89,000

'

'

'

'

Total indebtedness

'

'

'

'

1,900,000

'

1,600,000

'

'

244,000

'

289,000

'

'

'

Accrued base management fees

'

'

'

'

993,000

'

997,000

'

'

'

'

'

'

'

'

Expense reimbursement payable

'

'

'

'

897,000

'

572,000

'

'

'

'

166,000

'

'

'

Loan origination fee

0.02

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Acquire Businesses, Net of Cash Acquired

'

'

'

'

'

'

'

'

'

'

'

'

830,000

'

'

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares

'

'

'

'

'

'

'

'

'

'

'

'

136,659

'

'

Accrued incentive management fees payable

'

'

'

'

'

'

'

'

'

'

'

123,000

'

'

'

Number of executed CDO transactions (transactions)

'

'

'

'

7

'

7

'

'

'

'

'

'

'

'

Equity in net earnings (losses) of unconsolidated subsidiaries

2,014,000

-425,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Payable to related party

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

[1]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

RELATED_PARTY_TRANSACTIONS_Rel1

RELATED PARTY TRANSACTIONS (Relationship with LEAF Financial) (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 05, 2010

Jan. 11, 2013

Feb. 15, 2012

Sep. 03, 2011

Mar. 31, 2014

Mar. 05, 2011

Dec. 31, 2013

Mar. 05, 2010

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Nov. 16, 2011

Lease Equity Appreciation Fund II [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

Investment in LCC Preferred Stock

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revolving credit facility, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

$8,000,000

'

'

'

'

Line of credit facility, term (in years)

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

Line of credit facility, interest rate during period (in hundredths)

'

'

'

'

'

12.00%

'

10.00%

'

'

'

'

'

'

'

Origination fee with establishment of line of credit facility (in hundredths)

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, extension fee percentage (in hundredths)

'

'

'

'

1.00%

1.00%

1.00%

'

'

'

'

'

'

'

'

Repayments of lines of credit

'

'

'

'

'

'

'

361,000

'

'

'

'

'

'

'

Line of credit facility, amount outstanding

'

'

'

'

'

'

'

5,400,000

'

5,700,000

'

'

'

'

'

Income (Loss) and Interest Expense from Equity Method Investments

1,669,000

-779,000

'

'

'

'

'

'

'

'

'

-594,000

-336,000

'

'

Ownership percentage (percent)

'

'

'

'

'

'

'

'

'

'

'

27.50%

'

'

'

Equity in net earnings (losses) of unconsolidated subsidiaries

2,014,000

-425,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated entities

$62,053,000

[1]

'

$69,069,000

[1]

'

'

'

'

'

'

'

'

$40,421,000

'

$41,016,000

$36,300,000

[1]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

RELATED_PARTY_TRANSACTIONS_Rel2

RELATED PARTY TRANSACTIONS (Relationship with CVC Credit Partners, LLC) (Details) (USD $)

1 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Oct. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Oct. 31, 2012

Feb. 24, 2011

Mar. 31, 2014

Mar. 31, 2013

31-May-13

Jul. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Jul. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Entity

Churchill Pacific Asset Management LLC [Member]

CVC Credit Partners, LLC [Member]

Resource America [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Apidos Capital Management LLC [Member]

Apidos Capital Management LLC [Member]

Whitney CLO I, Ltd. [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Global Credit Opportunities Fund, LP [Member]

CVC Capital Partners [Member]

Churchill Pacific Asset Management LLC [Member]

CVC Capital Partners [Member]

CVC Capital Partners [Member]

RCC Commercial II [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage (percent)

'

'

'

'

'

'

33.00%

'

100.00%

'

'

'

'

34.40%

'

'

'

'

'

Purchase price of acquired entity paid by acquiring entity

'

'

'

'

'

'

'

'

$22,500,000

'

'

'

'

'

'

'

'

'

'

Number of CLO issuers

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets under management, carrying amount

'

'

'

'

1,900,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of subordinated fees the company is entitled to collect (in hundredths)

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

Percentage of incentive fees the company is entitled to collect (in hundredths)

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

Subordinated fees received

'

'

'

'

'

'

'

'

'

370,000

181,000

'

'

'

'

'

'

'

'

Preferred equity interest acquired

66.60%

'

'

'

'

'

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

Ownership interests in variable interest entity

'

'

'

'

'

'

'

'

'

'

'

68.30%

'

'

'

'

'

'

'

Acquisition of membership interests

'

'

'

'

'

'

'

'

'

'

'

'

15,000,000

'

'

'

15,000,000

'

'

Asset management fees percentage (in hundredths)

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity in net earnings (losses) of unconsolidated subsidiaries

'

2,014,000

-425,000

'

'

'

'

'

'

'

'

'

'

'

'

834,000

'

0

'

Investments in unconsolidated entities

'

$62,053,000

[1]

'

$69,069,000

[1]

'

'

'

'

'

'

'

'

'

$17,011,000

$16,177,000

$17,000,000

'

'

$16,200,000

[1]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

RELATED_PARTY_TRANSACTIONS_Rel3

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate) (Details) (USD $)

1 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

11 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Aug. 09, 2006

Dec. 01, 2009

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

23-May-12

Jun. 21, 2011

Mar. 31, 2014

23-May-12

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jun. 19, 2012

Mar. 31, 2014

Dec. 31, 2013

Aug. 09, 2006

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Jan. 15, 2010

Mar. 31, 2014

Dec. 31, 2013

Jan. 15, 2010

Aug. 01, 2011

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Resource Real Estate Funding CDO 2006-1 [Member]

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

SLH Partners [Member]

SLH Partners [Member]

SLH Partners [Member]

SLH Partners [Member]

SLH Partners [Member]

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Varde Investment Partners, L.P

Resource Real Estate [Member]

Resource Real Estate [Member]

Lynnfield Place [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Real Estate Management, LLC [Member]

Resource Capital Partners Inc [Member]

Resource Capital Partners Inc [Member]

Resource Capital Partners Inc [Member]

Resource Real Estate Opportunity Fund, L.P. [Member]

Whispertree Apartments [Member]

Whispertree Apartments [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Property

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

RRE VIP Borrower, LLC

RRE VIP Borrower, LLC

SLH Partners [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource Capital Corp [Member]

Resource America [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

Resource Capital Corp [Member]

extension

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payable to related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of loan to related party

'

'

'

'

'

'

'

'

'

'

7,000,000

'

'

'

'

'

'

'

'

'

22,400,000

'

'

'

'

'

'

'

'

'

2,000,000

'

'

'

'

'

'

'

Description of variable rate basis

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate basis, floor

'

'

'

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fees percentage (in hundredths)

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

4.00%

'

'

'

1.00%

'

4.00%

'

'

'

'

'

'

'

'

Base management fees paid by the Company

'

3,080,000

2,978,000

'

'

'

5,000

8,000

'

'

'

'

'

'

0

16,000

'

'

'

'

'

0

16,000

34,000

35,000

0

47,000

5,000

8,000

'

'

'

'

'

'

'

'

'

Gain on sale of real estate

'

'

'

16,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated entities

69,069,000

[1]

62,053,000

[1]

'

69,069,000

[1]

'

'

0

'

0

'

'

'

'

'

673,000

'

674,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of membership interests

'

'

'

'

'

2,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity in net earnings (losses) of unconsolidated subsidiaries

'

2,014,000

-425,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

866,000

-113,000

'

'

'

'

'

'

'

'

'

Income (Loss) and Interest Expense from Equity Method Investments

'

1,669,000

-779,000

'

'

'

866,000

-113,000

'

'

'

'

'

'

-1,000

24,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity method investments

'

'

'

'

'

'

0

'

0

'

'

'

'

975,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on Sale of Investments

'

'

'

'

'

'

'

'

'

'

'

984,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage (percent)

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

7.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

Debt instrument, interest rate, stated percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

Related party loan, additional interest in addition to stated interest rate (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

Number of optional extensions permitted

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Loans receivable - related party, principal payments

'

'

'

'

'

'

'

'

'

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

391,000

'

'

'

'

'

'

Loans receivable–related party

6,966,000

[1]

6,498,000

[1]

'

6,966,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

558,000

950,000

'

'

'

'

'

Line of credit facility, interest rate during period (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Origination fee with establishment of line of credit facility (in hundredths)

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exit fee

'

'

'

'

'

'

'

'

'

70,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase price of acquired entity paid by acquiring entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,100,000

'

'

'

Maximum management fee entitlement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,600

'

'

Number of condominium developments purchased by joint venture

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Closing transaction amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

307,800,000

Special Servicing Fee Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.05%

'

Placement Agent Fee

$205,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

RELATED_PARTY_TRANSACTIONS_Rel4

RELATED PARTY TRANSACTIONS (Relationship with Law Firm) (Details) (Resource Capital Corp [Member], Ledgewood [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Resource Capital Corp [Member] | Ledgewood [Member]	'	'
Related Party Transaction [Line Items]	'	'
Legal fees	$38	$46

DISTRIBUTIONS_Details

DISTRIBUTIONS (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Common Stock [Member]	'	'
Class of Stock [Line Items]	'	'
Total Dividend Paid	'	$25,663
Dividend Per Share	$0.20	'
Preferred Shares - Series A [Member]	'	'
Class of Stock [Line Items]	'	'
Total Dividend Paid	463	'
Dividend Per Share	$0.53	'
Preferred Shares - Series B [Member]	'	'
Class of Stock [Line Items]	'	'
Total Dividend Paid	$2,057	'
Dividend Per Share	$0.52	'

FAIR_VALUE_OF_FINANCIAL_INSTRU2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Transfers into Level 3	'	'	$94,900,000
Net impairment losses recognized in earnings	0	12,000	'
Provision for loan losses	-3,960,000	1,042,000	'
Level 3 [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Transfers into Level 3	0	'	'
Nonrecurring [Member] | Level 3 [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Provision for loan losses	440,000	1,300,000	'
CMBS [Member]	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'
Net impairment losses recognized in earnings	$0	$21,000	'

FAIR_VALUE_OF_FINANCIAL_INSTRU3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'		'
Investment securities, trading	$9,987	[1]	$11,558	[1]
Investment securities available-for-sale	233,551		215,206
CMBS - linked transactions	34,829	[1]	30,066	[1]
Derivatives (net)	556		0
Recurring Basis [Member]	'		'
Assets:	'		'
Investment securities, trading	9,987		11,558
Investment securities available-for-sale	233,551		209,837
CMBS - linked transactions	34,829		30,066
Derivatives (net)	556		'
Total assets at fair value	278,923		251,461
Liabilities:	'		'
Derivatives (net)	10,242		10,586
Total liabilities at fair value	10,242		10,586
Recurring Basis [Member] | Level 1 [Member]	'		'
Assets:	'		'
Investment securities, trading	0		0
Investment securities available-for-sale	1,764		2,370
CMBS - linked transactions	0		0
Derivatives (net)	0		'
Total assets at fair value	1,764		2,370
Liabilities:	'		'
Derivatives (net)	0		0
Total liabilities at fair value	0		0
Recurring Basis [Member] | Level 2 [Member]	'		'
Assets:	'		'
Investment securities, trading	0		0
Investment securities available-for-sale	816		92
CMBS - linked transactions	0		0
Derivatives (net)	556		'
Total assets at fair value	1,372		92
Liabilities:	'		'
Derivatives (net)	401		395
Total liabilities at fair value	401		395
Recurring Basis [Member] | Level 3 [Member]	'		'
Assets:	'		'
Investment securities, trading	9,987		11,558
Investment securities available-for-sale	230,971		207,375
CMBS - linked transactions	34,829		30,066
Derivatives (net)	0		'
Total assets at fair value	275,787		248,999
Liabilities:	'		'
Derivatives (net)	9,841		10,191
Total liabilities at fair value	$9,841		$10,191
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

FAIR_VALUE_OF_FINANCIAL_INSTRU4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) (USD $)	12 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		Level 3 [Member]	Level 3 [Member]	Level 3 [Member]	Level 3 [Member]	Level 3 [Member]
			CMBS Including Linked Transactions [Member]	ABS [Member]	RMBS [Member]	Structured Finance [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'	'	'	'	'
Beginning balance	'	$248,999	$210,785	$26,656	$451	$11,107
Total gains or losses (realized or unrealized):	'	'	'	'	'	'
Included in earnings	'	317	103	214	0	0
Purchases	'	60,549	33,402	14,306	0	12,841
Sales	'	-14,808	-12,314	-2,494	0	0
Paydowns	'	-18,983	-17,188	-1,785	-10	0
Issuances	'	0	0	0	0	0
Settlements	'	0	0	0	0	0
Included in OCI	'	-287	1,332	-59	-2	-1,558
Transfers out of Level 2	'	0	0	0	0	0
Transfers into Level 3	94,900	0	0	0	0	0
Ending balance	'	$275,787	$216,120	$36,838	$439	$22,390

FAIR_VALUE_OF_FINANCIAL_INSTRU5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Liabilities Measured on Recurring Basis) (Details) (Level 3 [Member], Derivative Financial Instruments, Liabilities [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'
Beginning balance	$10,191
Unrealized losses – included in accumulated other comprehensive income	-350
Ending balance	$9,841

FAIR_VALUE_OF_FINANCIAL_INSTRU6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities, Quantitative Information) (Details) (Nonrecurring [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale, fair value	$15,389	$21,916
Impaired loans, fair value	1,125	225
Total assets at fair value	16,514	22,141
Level 1 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale, fair value	0	0
Impaired loans, fair value	0	0
Total assets at fair value	0	0
Level 2 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale, fair value	272	6,850
Impaired loans, fair value	1,125	225
Total assets at fair value	1,397	7,075
Level 3 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale, fair value	15,117	15,066
Impaired loans, fair value	0	0
Total assets at fair value	$15,117	$15,066

FAIR_VALUE_OF_FINANCIAL_INSTRU7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Observable Outputs) (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
In Thousands, unless otherwise specified	Discounted Cash Flow Technique [Member]	Interest Rate Swap [Member]	Interest Rate Swap [Member]
	Level 3 [Member]		Discounted Cash Flow Technique [Member]
	Derivative Financial Instruments, Liabilities [Member]		Level 3 [Member]
			Derivative Financial Instruments, Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'
Assets at fair value	$9,841	'	'
Average fixed interest rate (in hundredths)	'	5.03%	5.11%

FAIR_VALUE_OF_FINANCIAL_INSTRU8

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Loans held-for-investment	$1,596,731	[1]	$1,369,526	[1]
Loans receivable-related party	6,498	[1]	6,966	[1]
Repurchase agreements	0		0
Carrying Amount [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
CDO notes	1,183,469		1,070,339
Junior subordinated notes	51,054		51,005
Repurchase agreements	160,436		77,304
Fair Value [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Loans held-for-investment	1,591,875		1,358,434
Loans receivable-related party	6,498		6,966
CDO notes	1,066,399		653,617
Junior subordinated notes	17,548		17,499
Repurchase agreements	160,436		77,304
Level 1 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Loans held-for-investment	0		0
Loans receivable-related party	0		0
CDO notes	0		0
Junior subordinated notes	0		0
Repurchase agreements	0		0
Level 2 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Loans held-for-investment	687,086		545,352
Loans receivable-related party	0		0
CDO notes	1,066,399		653,617
Junior subordinated notes	0		0
Repurchase agreements	0		0
Level 3 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Loans held-for-investment	904,789		813,082
Loans receivable-related party	6,498		6,966
CDO notes	0		0
Junior subordinated notes	17,548		17,499
Repurchase agreements	$160,436		$77,304
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858

INTEREST_RATE_RISK_AND_DERIVAT2

INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS (Details) (USD $)	3 Months Ended				9 Months Ended	12 Months Ended
	Mar. 31, 2014		Mar. 31, 2013	Sep. 30, 2008	Sep. 30, 2008	Dec. 31, 2008	Dec. 31, 2007	Dec. 31, 2006	Dec. 31, 2013
	Derivative								Derivative
Derivatives, Fair Value [Line Items]	'		'	'	'	'	'	'	'
Fair value	$10,199,000	[1]	'	'	'	'	'	'	$10,586,000	[1]
Interest Rate Swap [Member]	'		'	'	'	'	'	'	'
Derivatives, Fair Value [Line Items]	'		'	'	'	'	'	'	'
Number of derivative instruments held	10		'	'	'	'	'	'	12
Average fixed interest rate (in hundredths)	'		'	'	'	'	'	'	5.03%
Variable rate basis	'one-month LIBOR		'one-month LIBOR	'	'	'	'	'	'
Notional amount	126,111,000		'	'	'	45,000,000	'	'	129,497,000
Fair value	10,200,000		'	'	'	'	'	'	10,600,000
Unrealized losses on non-designated derivative instruments	10,700,000		10,800,000	'	'	'	'	'	'
Gain (loss) on swap termination	'		'	-574,000	'	-4,200,000	2,600,000	-119,000	'
Notional amount of derivative instrument terminated	'		'	$12,700,000	$53,600,000	'	'	'	'
Derivative Financial Instruments, Liabilities [Member] | Discounted Cash Flow Technique [Member] | Level 3 [Member] | Interest Rate Swap [Member]	'		'	'	'	'	'	'	'
Derivatives, Fair Value [Line Items]	'		'	'	'	'	'	'	'
Average fixed interest rate (in hundredths)	5.11%		'	'	'	'	'	'	'
[1]	The fair value of securities pledged against the Company's swaps was $2.9 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.

INTEREST_RATE_RISK_AND_DERIVAT3

INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2008

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

In Thousands, unless otherwise specified

Interest rate lock agreements [Member]

Interest rate lock agreements [Member]

Interest rate lock agreements [Member]

Forward sales commitments [Member]

Forward sales commitments [Member]

Forward sales commitments [Member]

Interest rate swap contracts [Member]

Interest rate swap contracts [Member]

Interest rate swap contracts [Member]

Interest rate swap contracts [Member]

Interest rate swap contracts [Member]

Interest rate swap contracts [Member]

Net realized gain on sales of investment securities available-for-sale and loans

Derivatives, at fair value [Member]

Net realized gain on sales of investment securities available-for-sale and loans

Derivatives, at fair value [Member]

Interest expense [Member]

Derivatives, at fair value [Member]

Accumulated other comprehensive loss [Member]

Derivatives, Fair Value [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset Derivatives, Notional Amount

'

'

$32,270

'

'

$31,390

'

'

'

'

'

'

'

'

Asset Derivatives, Fair Value

'

'

'

'

445

'

'

111

'

'

'

'

'

'

Liability Derivatives, Notional Amount

'

'

1,642

'

'

17,500

'

'

126,111

'

'

'

'

'

Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion

'

'

'

433

[1]

'

'

60

[1]

'

'

'

'

1,626

[1]

'

'

Derivative, Notional Amount

'

'

33,912

'

'

48,890

'

'

126,111

129,497

45,000

'

'

'

Liability Derivatives, Fair Value

-10,199

-10,586

'

'

-13

'

'

-30

'

'

'

'

-10,199

'

Liability Derivatives, Accumulated other comprehensive loss

'

'

'

'

'

'

'

'

'

'

'

'

'

$10,199

[1]

(1)Negative values indicate a decrease to the associated balance sheets or consolidated statements of income line items.

INTEREST_RATE_RISK_AND_DERIVAT4

INTEREST RATE RISK AND DERIVATIVE INSTRUMENTS (Summary of Linked Transactions) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'		'		'
Linked transactions, net at fair value	$34,829	[1]	'		$30,066	[1]
Unrealized gain (loss) and net interest income on linked transactions, net	2,305		-259		'
CMBS Linked Transactions [Abstract]	'		'		'
CMBS linked transactions, Unrealized Gains	9,008		'		9,230
CMBS linked transactions, Unrealized Losses	-13,252		'		-12,494
Fair Value	'		'		'
Less than one year	39,393	[2]	'		39,256	[2]
Greater than one year and less than five years	138,699		'		139,700
Greater than five years and less than ten years	38,152		'		26,526
Greater than ten years	17,307		'		9,724
Amortized Cost	'		'		'
Less than one year	49,991		'		40,931
Greater than one year and less than five years	132,935		'		141,760
Greater than five years and less than ten years	37,319		'		25,707
Greater than ten years	17,550		'		10,072
Total	237,795		'		218,470
Linked Transactions, Continuous Unrealized Loss Position [Abstract]	'		'		'
Fair Value, less than 12 months	51,979		'		53,020
Unrealized Losses, less than 12 months	-8,478		'		-7,567
Fair value, more than 12 months	18,536		'		20,851
Gross unrealized losses, more than 12 Months	-4,774		'		-4,927
Fair value, total	70,515		'		73,871
Unrealized losses, total	-13,252		'		-12,494
Linked Transactions [Member]	'		'		'
Derivatives, Fair Value [Line Items]	'		'		'
Linked transactions, net at fair value	106,158		'		93,823
Components of Unrealized Net Gains and Net Interest Income from Linked Transactions [Abstract]	'		'		'
Interest income attributable to CMBS underlying linked transactions	739		449		'
Interest expense attributable to linked repurchase agreement borrowings underlying linked transactions	-197		-116		'
Change in fair value of linked transactions included in earnings	1,763		-592		'
Unrealized net (losses) gains and net interest income from linked transactions	2,305		-259		'
Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
CMBS linked transactions, Amortized Cost	109,543		'		99,493
CMBS linked transactions, Unrealized Gains	529		'		446
CMBS linked transactions, Unrealized Losses	-3,914		'		-6,116
Total	106,158		'		'
Fair Value	'		'		'
Less than one year	0		'		540
Greater than one year and less than five years	48,310		'		26,120
Greater than five years and less than ten years	43,682		'		53,688
Greater than ten years	14,166		'		13,475
Total	106,158		'		'
Amortized Cost	'		'		'
Less than one year	0		'		540
Greater than one year and less than five years	48,622		'		26,516
Greater than five years and less than ten years	45,770		'		57,282
Greater than ten years	15,151		'		15,155
Total	109,543		'		99,493
Weighted Average Coupon	'		'		'
Less than one year	0.00%		'		5.58%
Greater than one year and less than five years	5.43%		'		5.32%
Greater than five years and less than ten years	2.72%		'		3.35%
Greater than ten years	3.34%		'		3.34%
Total	3.84%		'		3.84%
Linked Transactions, Continuous Unrealized Loss Position [Abstract]	'		'		'
Fair Value, less than 12 months	62,126		'		70,727
Unrealized Losses, less than 12 months	-2,051		'		-5,198
Fair value, more than 12 months	24,500		'		9,318
Gross unrealized losses, more than 12 Months	-1,863		'		-918
Fair value, total	86,626		'		80,045
Unrealized losses, total	-3,914		'		-6,116
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	93,823		'		'
Net Purchases	10,763		'		'
Paydowns	-21		'		'
MTM Change Same Ratings	1,593		'		'
Fair Value at end of period	106,158		'		'
CMBS Linked Repurchase Agreements [Abstract]	'		'		'
CMBS Linked repurchase agreement, Balance	71,633		'		64,094
CMBS Linked repurchase agreement, Weighted Average Interest Rate	1.27%		'		1.25%
Linked Transactions [Member] | CMBS [Member] | Within 30 days [Member]	'		'		'
CMBS Linked Repurchase Agreements [Abstract]	'		'		'
CMBS Linked repurchase agreement, Balance	71,633		'		64,094
CMBS Linked repurchase agreement, Weighted Average Interest Rate	1.27%		'		1.25%
Linked Transactions [Member] | CMBS [Member] | 30 days to 90 days [Member]	'		'		'
CMBS Linked Repurchase Agreements [Abstract]	'		'		'
CMBS Linked repurchase agreement, Balance	0		'		0
CMBS Linked repurchase agreement, Weighted Average Interest Rate	0.00%		'		0.00%
Not Designated as Hedging Instrument [Member] | Unrealized Gain (Loss) and Net Interest Income on Linked Transactions, Net [Member]	'		'		'
Derivatives, Fair Value [Line Items]	'		'		'
Unrealized gain (loss) and net interest income on linked transactions, net	2,305	[3]	-259	[3]	'
Not Designated as Hedging Instrument [Member] | Linked Transactions, Net at Fair Value [Member]	'		'		'
Derivatives, Fair Value [Line Items]	'		'		'
Linked transactions, net at fair value	34,829		'		30,066
S&P Rating, AAA [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	17,506		'		'
Fair Value	'		'		'
Total	17,506		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	17,642		'		'
Net Purchases	0		'		'
Paydowns	-21		'		'
MTM Change Same Ratings	-115		'		'
Fair Value at end of period	17,506		'		'
S&P Rating, BBB Plus through BBB Minus [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	10,039		'		'
Fair Value	'		'		'
Total	10,039		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	9,953		'		'
Net Purchases	0		'		'
MTM Change Same Ratings	86		'		'
Fair Value at end of period	10,039		'		'
S&P Rating, BB Plus through BB Minus [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	9,153		'		'
Fair Value	'		'		'
Total	9,153		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	2,865		'		'
Net Purchases	6,251		'		'
MTM Change Same Ratings	37		'		'
Fair Value at end of period	9,153		'		'
S&P Rating, B Plus through B Minus [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	28,392		'		'
Fair Value	'		'		'
Total	28,392		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	19,619		'		'
Net Purchases	8,580		'		'
MTM Change Same Ratings	193		'		'
Fair Value at end of period	28,392		'		'
Standard & Poor's, CCC Plus through CCC Minus [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	2,765		'		'
Fair Value	'		'		'
Total	2,765		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	0		'		'
Net Purchases	2,765		'		'
MTM Change Same Ratings	0		'		'
Fair Value at end of period	2,765		'		'
S&P Rating, Non-Rated [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	38,303		'		'
Fair Value	'		'		'
Total	38,303		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	43,744		'		'
Net Purchases	-6,833		'		'
MTM Change Same Ratings	1,392		'		'
Fair Value at end of period	38,303		'		'
Moody's Rating, Aaa [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	26,932		'		'
Fair Value	'		'		'
Total	26,932		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	26,682		'		'
Net Purchases	0		'		'
Paydowns	-21		'		'
MTM Change Same Ratings	271		'		'
Fair Value at end of period	26,932		'		'
Moody's, Aa1 through Aa3 [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	9,403		'		'
Fair Value	'		'		'
Total	9,403		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	8,919		'		'
Net Purchases	0		'		'
MTM Change Same Ratings	484		'		'
Fair Value at end of period	9,403		'		'
Moody's Rating, A1 through A3 [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	0		'		'
Fair Value	'		'		'
Total	0		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	0		'		'
Net Purchases	0		'		'
MTM Change Same Ratings	0		'		'
Fair Value at end of period	0		'		'
Moody's, Baa1 through Baa3 Rating [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	6,513		'		'
Fair Value	'		'		'
Total	6,513		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	6,473		'		'
Net Purchases	0		'		'
MTM Change Same Ratings	40		'		'
Fair Value at end of period	6,513		'		'
Moody's, Ba1 through Ba3 Rating [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	17,710		'		'
Fair Value	'		'		'
Total	17,710		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	10,310		'		'
Net Purchases	7,307		'		'
MTM Change Same Ratings	93		'		'
Fair Value at end of period	17,710		'		'
Moody's, B1 through B3 Rating [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	20,573		'		'
Fair Value	'		'		'
Total	20,573		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	12,155		'		'
Net Purchases	8,096		'		'
MTM Change Same Ratings	322		'		'
Fair Value at end of period	20,573		'		'
Moody's Rating, Non-Rated [Member] | Linked Transactions [Member] | CMBS [Member]	'		'		'
CMBS Linked Transactions [Abstract]	'		'		'
Total	25,027		'		'
Fair Value	'		'		'
Total	25,027		'		'
CMBS Linked Transactions [Roll Forward]	'		'		'
Fair Value at beginning of period	29,284		'		'
Net Purchases	-4,640		'		'
MTM Change Same Ratings	383		'		'
Fair Value at end of period	$25,027		'		'
[1]	March 31, 2014December 31, 2013Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Restricted cash$113,362 $61,372 Investments securities available-for-sale, pledged as collateral, at fair value116,429 105,846 Loans held for sale272 2,376 Loans, pledged as collateral and net of allowances of $5.1 million and $8.8 million1,305,377 1,219,569 Interest receivable6,626 5,627 Prepaid expenses163 247 Principal paydown receivable1 6,821 Total assets of consolidated VIEs$1,542,230 $1,401,858
[2]	The Company expects that the maturity date of these CMBS will either be extended or the CMBS will be paid in full.
[3]	Negative values indicate a decrease to the associated balance sheets or consolidated statements of income line items.

OFFSETTING_OF_FINANCIAL_ASSETS2

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013
Offsetting Derivative Liabilities [Abstract]	'		'
Gross Amounts of Recognized Liabilities, Derivative hedging instruments, at fair value	$10,199,000		$10,586,000
Gross Amounts Offset in the Consolidated Balance Sheets, Derivative hedging instruments, at fair value	0		0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets, Derivative hedging instruments, at fair value	10,199,000	[1]	10,586,000	[1]
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments, Derivative hedging instruments, at fair value	0		0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged, Derivative hedging instruments, at fair value	500,000		500,000
Net Amount, Derivative hedging instruments, at fair value	9,699,000	[1]	10,086,000	[1]
Gross Amounts of Recognized Liabilities, Repurchase agreements	160,436,000		91,931,000
Repurchase agreements	0		0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets, Repurchase agreements	160,436,000	[2]	91,931,000	[2]
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments, Repurchase agreements	0		91,931,000
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged, Repurchase agreements	0		0
Net Amount, repurchase agreements	160,436,000	[2]	0	[2]
Gross Amounts of Recognized Liabilities, Total	170,635,000		102,517,000
Gross Amounts Offset in the Consolidated Balance Sheets, Total	0		0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets, Total	170,635,000		102,517,000
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments, Total	0	[3]	91,931,000	[3]
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Pledged, Total	500,000	[4]	500,000	[4]
Net Amount, Total	170,135,000		10,086,000
Fair value of securities pledged against swaps	2,900,000		3,500,000
Fair value of securities pledged against repurchase agreements	$228,300,000		$121,600,000
[1]	The fair value of securities pledged against the Company's swaps was $2.9 million and $3.5 million at March 31, 2014 and December 31, 2013, respectively.
[2]	The fair value of securities pledged against the Company's repurchase agreements was $228.3 million and $121.6 million at March 31, 2014 and December 31, 2013, respectively.
[3]	Amounts represent collateral pledged that is available to be offset against liability balances associated with repurchase agreement and derivative transactions.
[4]	Amounts represent amounts pledged as collateral against derivative transactions.

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended	1 Months Ended
	Mar. 31, 2014	Apr. 30, 2014	Apr. 30, 2014	Apr. 30, 2014
		Preferred Shares - Series A [Member]	Preferred Shares - Series B [Member]	Common Stock [Member]
		Subsequent Event [Member]	Subsequent Event [Member]	Subsequent Event [Member]
Subsequent Event [Line Items]	'	'	'	'
Proceeds from issuance of Series A preferred stock	'	$1,600,000	'	'
Number of shares of Series A preferred stock issued	'	67,256	'	'
Proceeds from dividend reinvestment plan	$111,000	'	$9,100,000	$3,300,000
Shares issued from dividend reinvestment plan (in shares)	'	'	408,998	608,819