ACRES Commercial Realty (ACR) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	RESOURCE CAPITAL CORP.
Entity Central Index Key	1,332,551
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,715,626

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	[1]	$ 104,735,000	$ 79,905,000
Restricted cash	[1]	24,110,000	122,138,000
Investment securities, trading	[1]	25,715,000	20,786,000
Investment securities available-for-sale, pledged as collateral, at fair value	[1]	118,797,000	197,800,000
Investment securities available-for-sale, at fair value	[1]	115,803,000	77,920,000
Linked transactions, net at fair value	[1]	0	15,367,000
Loans held for sale ($113.0 million and $113.4 million at fair value)	[1]	116,001,000	113,675,000
Property held for sale	[1]	180,000	180,000
Loans, pledged as collateral and net of allowances of $47.3 million and $4.6 million	[1]	2,118,978,000	1,925,980,000
Loans receivable–related party	[1]	0	558,000
Investments in unconsolidated entities	[1]	55,858,000	59,827,000
Derivatives, at fair value	[1]	3,730,000	5,304,000
Interest receivable	[1]	13,923,000	16,260,000
Deferred tax asset, net	[1]	11,351,000	12,634,000
Principal paydown receivable	[1]	32,100,000	40,920,000
Direct financing leases		1,135,000	2,109,000
Intangible assets	[1]	25,806,000	18,610,000
Prepaid expenses	[1]	5,049,000	4,196,000
Other assets	[1]	12,771,000	14,510,000
Total assets	[1]	2,786,042,000	2,728,679,000
LIABILITIES
Borrowings	[2]	1,880,891,000	1,716,871,000
Distribution payable	[2]	24,744,000	30,592,000
Accrued interest expense	[2]	5,437,000	2,123,000
Derivatives, at fair value	[2]	7,466,000	8,476,000
Accrued tax liability	[2]	4,697,000	9,219,000
Accounts payable and other liabilities	[2]	9,531,000	9,287,000
Total liabilities	[2]	1,932,766,000	1,776,568,000
EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 32,370,022 and 33,243,794 shares issued and outstanding (including 694,430 and 505,910 unvested restricted shares)		32,000	33,000
Additional paid-in capital		1,237,198,000	1,245,345,000
Accumulated other comprehensive income (loss)		374,000	6,043,000
Distributions in excess of earnings		(394,278,000)	(315,910,000)
Total stockholders’ equity		843,338,000	935,523,000
Non-controlling interests		9,938,000	16,588,000
Total equity		853,276,000	952,111,000
TOTAL LIABILITIES AND EQUITY		2,786,042,000	2,728,679,000
Preferred Shares - Series A
EQUITY
Preferred stock, par value $0.001		1,000	1,000
Preferred Shares - Series B
EQUITY
Preferred stock, par value $0.001		6,000	6,000
Preferred Shares - Series C
EQUITY
Preferred stock, par value $0.001		$ 5,000	$ 5,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811
[2]	September 30, 2015 December 31, 2014Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $1,189,092 $1,046,494 Accrued interest expense953 1,000 Derivatives, at fair value4,774 8,439Unsettled loan purchases— (529) Accounts payable and other liabilities208 (386) Total liabilities of consolidated VIEs$1,195,027 $1,055,018

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Loans, pledged as collateral, amount at fair value	$ 113,000	$ 113,400
Loans receivable, allowance	$ 47,300	$ 4,600
STOCKHOLDERS’ EQUITY
Preferred stock, shares authorized (in shares)	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	32,370,022	33,243,794
Common stock, shares outstanding (in shares)	32,370,022	33,243,794
Common stock, shares issued, non-vested restricted shares (in shares)	694,430	505,910
Assets of consolidated Variable Interest Entities (VIEs) included in the total assets above:
Cash and cash equivalents	$ 188	$ 25
Restricted cash	22,206	121,247
Investment securities available-for-sale, pledged as collateral, at fair value	76,517	119,203
Loans held for sale	2,994	282
Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million	1,566,454	1,261,137
Interest receivable	7,848	8,941
Prepaid expenses	194	221
Principal paydown receivable	32,100	25,767
Other assets	882	(12)
Total assets of consolidated VIEs	1,709,383	1,536,811
Liabilities of consolidated VIEs included in the total liabilities above:
Borrowings	1,189,092	1,046,494
Accrued interest expense	953	1,000
Derivatives, at fair value	4,774	8,439
Unsettled loan purchases	0	(529)
Accounts payable and other liabilities	208	(386)
Total liabilities of consolidated VIEs	1,195,027	1,055,018
Loan allowances, VIEs	$ 43,000	$ 3,300
Preferred Shares - Series A
STOCKHOLDERS’ EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized (in hundredths)	8.50%
Preferred stock, shares issued (in shares)	1,069,016	1,069,016
Preferred stock, shares outstanding (in shares)	1,069,016	1,069,016
Preferred Shares - Series B
STOCKHOLDERS’ EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized (in hundredths)	8.25%
Preferred stock, shares issued (in shares)	5,740,479	5,601,146
Preferred stock, shares outstanding (in shares)	5,740,479	5,601,146
Preferred Shares - Series C
STOCKHOLDERS’ EQUITY
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, coupon authorized (in hundredths)	8.625%
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Interest income:
Loans	$ 33,502	$ 27,026	$ 95,924	$ 73,474
Securities	4,866	5,168	14,418	12,563
Leases	(8)	0	250	0
Interest income - other	968	1,647	2,919	5,481
Total interest income	39,328	33,841	113,511	91,518
Interest expense	16,906	11,508	47,611	31,746
Net interest income	22,422	22,333	65,900	59,772
Rental income	0	1,118	0	7,777
Dividend income	17	16	50	169
Fee income	1,266	2,344	6,317	7,166
Total revenues	23,705	25,811	72,267	74,884
OPERATING EXPENSES
Management fees - related party	3,252	3,606	10,312	10,000
Equity compensation - related party	(225)	798	1,561	4,497
Rental operating expense	0	695	6	5,168
Lease operating	(33)	0	14	0
General and administrative - Corporate	4,372	3,716	13,222	11,305
General and administrative - PCM	6,966	4,631	20,767	12,196
Depreciation and amortization	628	562	1,814	2,158
Impairment losses	0	0	59	0
Provision (recovery) for loan losses	1,034	1,439	43,834	(1,739)
Total operating expenses	15,994	15,447	91,589	43,585
Net interest and other revenues less operating expenses	7,711	10,364	(19,322)	31,299
OTHER INCOME (EXPENSE)
Equity in earnings of unconsolidated subsidiaries	334	887	1,702	4,663
Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives	5,812	4,226	29,980	7,962
Net realized and unrealized gain (loss) on investment securities, trading	(580)	376	1,773	(1,834)
Unrealized gain (loss) and net interest income on linked transactions, net	0	177	235	7,494
(Loss) on reissuance/gain on extinguishment of debt	(332)	(1,867)	(1,403)	(2,469)
(Loss) gain on sale of real estate	(19)	(69)	(19)	2,973
Other income (expense)	0	0	0	(1,262)
Total other income (expense)	5,215	3,730	32,268	17,527
INCOME (LOSS) BEFORE TAXES	12,926	14,094	12,946	48,826
Income tax (expense) benefit	1,796	237	(2,969)	667
NET INCOME (LOSS)	14,722	14,331	9,977	49,493
Net (income) loss allocated to preferred shares	(6,115)	(5,545)	(18,322)	(11,303)
Net (income) loss allocable to non-controlling interest, net of taxes	(1,829)	(1,458)	(6,486)	(1,069)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 6,778	$ 7,328	$ (14,831)	$ 37,121
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ 0.21	$ 0.23	$ (0.45)	$ 1.17
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ 0.21	$ 0.22	$ (0.45)	$ 1.15
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC (in shares)	32,515,226	32,413,591	32,726,194	31,858,595
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED (in shares)	32,951,217	32,806,940	32,726,194	32,176,479

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14,722	$ 14,331	$ 9,977	$ 49,493
Other comprehensive income (loss):
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income	(1,805)	3,974	(12,139)	8,161
Unrealized gains (losses) on available-for-sale securities, net	(1,769)	8,956	(345)	7,466
Reclassification adjustments associated with unrealized gains (losses) from interest rate hedges included in net income	412	71	538	212
Unrealized gains on derivatives, net	1,080	1,160	3,424	2,351
Foreign currency translation adjustments	(86)	23	343	(157)
Total other comprehensive income (loss)	(2,168)	14,184	(8,179)	18,033
Comprehensive income (loss) before allocation to non-controlling interests and preferred shares	12,554	28,515	1,798	67,526
Unrealized (gains) losses on available-for-sale securities allocable to non-controlling interests	1,233	0	2,510	0
Net (income) loss allocable to non-controlling interests	(1,829)	(1,458)	(6,486)	(1,069)
Net (income) loss allocated to preferred shares	(6,115)	(5,545)	(18,322)	(11,303)
Comprehensive income (loss) allocable to common shares	$ 5,843	$ 21,512	$ (20,500)	$ 55,154

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Parent [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Retained Earnings [Member]	Distributions in Excess of Earnings [Member]	Non-controlling Interests [Member]	Preferred Shares - Series APreferred Stock [Member]	Preferred Shares - Series BPreferred Stock [Member]	Preferred Shares - Series CPreferred Stock [Member]	Preferred Stock [Member]	Preferred Stock [Member]Parent [Member]	Preferred Stock [Member]Additional Paid-In Capital [Member]
Balance (in shares) at Dec. 31, 2014	33,243,794		33,243,794
Balance at Dec. 31, 2014	$ 952,111	$ 935,523	$ 33	$ 1,245,345	$ 6,043	$ 0	$ (315,910)	$ 16,588	$ 1	$ 6	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from dividend reinvestment and stock purchase plan (in shares)	15,405		15,405
Proceeds from dividend reinvestment and stock purchase plan	$ 259	259		259
Proceeds from issuance of preferred stock												$ 3,113	$ 3,113	$ 3,113
Offering costs	(176)	(176)		(176)
Discount on 8% convertible senior notes	2,528	2,528		2,528
Stock based compensation (in shares)			307,611
Stock based compensation	0	0		0
Amortization of stock based compensation	1,561	1,561		1,561
Purchase and retirement of shares (in shares)			(1,189,255)
Purchase and retirement of shares	(15,433)	(15,433)	$ (1)	(15,432)
Forfeiture of unvested stock			(7,533)
Contributions from (distributions to), net non-controlling interests	(10,626)							(10,626)
Net income	9,977	3,491				3,491		6,486
Preferred dividends	(18,322)	(18,322)				(18,322)
Securities available-for-sale, fair value adjustment, net	(12,484)	(9,974)			(9,974)			(2,510)
Designated derivatives, fair value adjustment	3,962	3,962			3,962
Foreign currency translation adjustment	343	343			343
Distributions on common stock	$ (63,537)	(63,537)				14,831	(78,368)
Balance (in shares) at Sep. 30, 2015	32,370,022		32,370,022
Balance at Sep. 30, 2015	$ 853,276	$ 843,338	$ 32	$ 1,237,198	$ 374	$ 0	$ (394,278)	$ 9,938	$ 1	$ 6	$ 5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 9,977		$ 49,493
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for (recovery of) loan losses	43,834		(1,739)
Depreciation, amortization, and accretion	10,122		2,463
Amortization of stock-based compensation	1,561		4,497
Amortization (accretion) of terminated derivative instruments	1,219		212
Amortization (accretion) of interest-only available-for-sale securities	2,768		(573)
Sale (origination) of residential mortgage loans held for sale, net	(647)		(42,178)
Sale (purchase) of and principal payments on securities, trading, net	(3,120)		(3,571)
Net realized and unrealized loss (gain) on investment securities, trading	(1,773)		1,834
Net realized and unrealized (gain) loss on sales of investment securities available-for-sale and loans	(29,980)		(15,487)
Loss (gain) on the reissuance (extinguishment) of debt	1,403		2,469
Loss (gain) on sale of real estate	19		(2,973)
Settlement of derivative instruments	3,870		(23)
Net impairment losses recognized in earnings	59		0
Unrealized gain (loss) and net interest income on linked transactions, net	(235)		(5,713)
Equity in net (earnings) losses of unconsolidated subsidiaries	(1,702)		(4,663)
Changes in operating assets and liabilities, net of acquisitions	(3,225)		6,067
Net cash provided by (used in) operating activities	34,150		(9,885)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) decrease in restricted cash	96,887		18,328
Acquisition of controlling interest in Moselle CLO S.A.	0		(30,433)
Purchase of securities available-for-sale	(28,375)		(145,138)
Principal payments on securities available-for-sale	59,819		40,748
Proceeds from sale of securities available-for-sale	60,752		117,367
Return of capital from (investment in) unconsolidated entity	5,625		8,911
Proceeds from sale of real estate held-for-sale	47		31,639
Purchase and origination of loans	(629,832)		(667,774)
Principal payments received on loans	294,901		315,778
Improvements of investments in real estate	0		(225)
Proceeds from sale of loans	108,446		76,314
Purchase of furniture and fixtures	(10)		(69)
Acquisition of property and equipment	0		(362)
Investment in loans - related parties	0		(849)
Principal payments received on loans – related parties	558		2,706
Settlement of derivative instruments	8,028		(19,245)
Net cash (used in) provided by investing activities	(23,154)		(252,304)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuances of common stock and dividend reinvestment and stock purchase plan (net of offering costs of $96 and $0)	163		25,416
Proceeds from issuance of preferred shares (net of offering costs of $80 and $4,571)	3,033		152,152
Repurchase of common stock	(15,433)		0
Proceeds from borrowings:
Repurchase agreements, net of repayments	4,621		92,234
Securitizations	505,862		235,344
Convertible Senior Notes	99,000		0
Senior Secured Revolving Credit Facility	110,500		35,500
Reissuance of debt	16,597		39,635
Payments on borrowings:
Securitizations	(374,778)		(301,040)
Repurchase agreements, net of borrowings	(161,645)		(33,719)
Senior Secured Revolving Credit Facility	(62,000)		0
Payment of debt issuance costs	(13,235)		(7,284)
Distributions to subordinated note holders	(518)		(799)
Proceeds received from non-controlling interests	3,424		12,676
Distributions paid to non-controlling interests	(14,050)
Distributions paid on preferred stock	(18,274)		(7,907)
Distributions paid on common stock	(69,433)		(77,636)
Net cash provided by (used in) financing activities	13,834		163,188
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	24,830		(99,001)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	79,905	[1]	262,270
CASH AND CASH EQUIVALENTS AT END OF PERIOD	104,735	[1]	163,269
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	33,971		26,782
Income taxes paid in cash	$ 9,518		$ 3,293
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from dividend reinvestment and stock purchase plan, offering costs	$ 96	$ 0
Offering costs on stock issuance	$ 80	$ 4,571

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Resource Capital Corp. and subsidiaries’ (collectively the ‘‘Company’’) principal business activity is to originate, 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 are 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 direct investments in real estate. RCC Real Estate owns 100% of the equity of the following VIEs: ◦ Resource Real Estate Funding CDO 2006-1, Ltd. (“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, Ltd. (“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. ◦ Resource Capital Corp. 2014-CRE2, Ltd. (“RCC 2014-CRE2”), a Cayman Islands limited liability company and QRS. RCC 2014-CRE2 was established to complete a CRE securitization issuance secured by a portfolio of CRE loans. ◦ Resource Capital Corp. 2015-CRE3, Ltd. (“RCC 2015-CRE3”), a Cayman Islands limited liability company and QRS. RCC 2015-CRE3 was established to complete a CRE securitization issuance secured by a portfolio of CRE loans. ◦ Resource Capital Corp. 2015-CRE4, Ltd. (“RCC 2015-CRE4”), a Cayman Islands limited liability company and QRS. RCC 2015-CRE4 was established to complete a CRE securitization issuance secured by a portfolio of CRE loans. • RCC Commercial, Inc. (“RCC Commercial”) holds a 29.6% investment in Northport TRS, LLC (“Northport LLC”) and owns 100% 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”). On March 31, 2015, the Company issued a notice of redemption to Apidos CDO III's trustee to call the CDO. In June 2015, the Company liquidated Apidos CDO III and, as a result, all of the assets were sold. • RCC Commercial II, Inc. (“Commercial II”) holds structured notes, available-for-sale securities and investments in the subordinated notes of foreign, syndicated bank loan collateralized loan obligation ("CLO") vehicles. 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 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. In December 2014, the Company liquidated Moselle CLO and, as a result, substantially all of the assets were sold. • 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. In October 2014, the Company liquidated Apidos CLO I, and as a result, substantially all of the assets were sold. • 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 (through both direct and indirect investments in such securities). Resource TRS also owns equity in the following: ◦ Resource TRS, LLC, a Delaware limited liability company, which holds an 25.8% investment in Northport LLC. ◦ Northport LLC, a Delaware limited liability company, which holds bank loan investments and the Company's self-originated middle market loans. Resource TRS owns 44.6% of the equity in Northport LLC as of September 30, 2015 . The remaining 29.6% of the equity is owned by RCC Commercial. ◦ Pelium Capital Partners, L.P., ("Pelium Capital") a Delaware limited partnership, which holds investment securities, trading. Resource TRS owns 80.2% of the equity in Pelium Capital as of September 30, 2015 . • 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, L.P., formerly Apidos Capital Management ("ACM"), a subsidiary of CVC Capital Partners SICAV-FIS, S.A., a private equity firm (“CVC”). Resource America, Inc. owns a 24% interest in CVC Credit Partners, L.P., ("CVC Credit Partners"). • Resource TRS III, Inc. (“Resource TRS III”), a TRS directly owned by the Company, held the Company’s interests in a bank loan CDO originated by the Company. Resource TRS III owned 33% of the equity of the following VIE: ◦ Apidos CLO VIII, Ltd (“Apidos CLO VIII”), a Cayman Islands limited liability company and TRS. In October 2013, the Company liquidated Apidos CLO VIII, and as a result, all of the assets were sold. • Resource TRS IV, Inc. (“Resource TRS IV”), a TRS directly owned by the Company, held the Company's equity investment in hotel condominium units acquired in conjunction with a loan foreclosure. The hotel condominium units were sold in April 2014. • 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 condominium units were sold as of December 31, 2013. • RSO EquityCo, LLC owned 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 that owns 100% of the following entities: ◦ Long Term Care Conversion Funding ("LTCC Funding"), a New York limited liability company, which owns a 60.7% equity 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. ◦ ZWH4, LLC ("ZAIS"), a Delaware limited liability company, owns a beneficial interest in the warehouse of ZAIS CLO 4, Limited, a Cayman Islands exempted limited liability company, in equity form, that will be used to finance the purchase of syndicated bank loans. • RCC Residential, Inc. ("RCC Residential"), a TRS directly owned by the Company, is a Delaware corporation which owns 100% of the following entities: ◦ Primary Capital Mortgage, LLC ("PCM"), (formerly known as Primary Capital Advisors, LLC), a limited liability company that originates and services residential mortgage loans. ◦ RCM Global Manager, LLC ("RCM Global Manager"), a Delaware limited liability company, owns 46.4% of the following entity: ▪ RCM Global, LLC ("RCM Global"), a Delaware limited liability company, holds a portfolio of investment securities, available-for-sale. ▪ RCC Residential Portfolio, Inc. ("RCC Resi Portfolio"), a Delaware corporation directly owned by the Company, invests in residential mortgage-backed securities (“RMBS”). ▪ RCC Residential Portfolio TRS, Inc. ("RCC Resi TRS"), a TRS directly owned by the Company, is a Delaware corporation which intends to hold strategic residential positions which cannot be held by RCC Resi Portfolio. ◦ RCC Residential Depositor, LLC ("RCC Resi Depositor"), a Delaware limited liability company, owns 100% of the following entity: ▪ RCC Residential Acquisition, LLC ("RCC Resi Acquisition"), a Delaware limited liability company, purchases residential mortgage loans from PCM and transfers the assets to RCC Opp Trust. * RCC Opportunities Trust ("RCC Opp Trust"), a Delaware statutory trust, holds a portfolio of residential mortgage loans, available-for-sale.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reverse Stock Split and Amended and Restated Certificate of Incorporation Effective August 31, 2015, the Company completed a one-for-four reverse stock split of its outstanding common stock. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented. In addition, the Company adopted an Amended and Restated Certificate of Incorporation, which provides that our authorized capital stock consists of 125,000,000 shares of common stock, $0.001 par value per share, and 100,000,000 shares of preferred stock, $0.001 par value per share. 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. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At September 30, 2015 and December 31, 2014 , the reported cash balances of $104.7 million and $79.9 million exceeded the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution, subjecting the Company to risk related to the uninsured balance. All of the Company's cash deposits are held at large, established financial institutions. Investment in Unconsolidated Entities The Company's non-controlling investments in unconsolidated entities are included in investments in unconsolidated entities on the balance sheet and may be accounted for under the equity method or the cost method. Under the equity method, capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities' operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in the entities' operating agreements. The Company may account for an investment that does not qualify for equity method accounting using the cost method if the Company determines the investment in the unconsolidated investment is insignificant. Under the cost method, the Company records dividend income when declared to the extent it is not considered a return of capital, which is recorded as a reduction of the cost of the investment. Recent Accounting Standards In September 2015, the Financial Accounting Standards Board ("FASB") issued guidance that simplifies the accounting for adjustments made to provisional amounts recognized in a business combination, which are currently recognized on a retrospective basis. Under the new requirements, adjustments to provisional amounts will be recognized in the reporting period in which the adjustments are determined. The effects of changes in depreciation, amortization, or other income arising from changes to the provisional amounts, if any, are included in earnings of the reporting period in which the adjustments to the provisional amounts are determined. An entity is also required to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. It is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the effect of adoption. In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company has early adopted the provisions of this guidance. Note 12, Borrowings , reflects the presentation of debt issuance costs as prescribed by this accounting standards update. Adoption did not have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued guidance that requires an entity to evaluate whether it should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the effect of adoption. In November 2014, the FASB issued guidance to eliminate the use of different methods in practice and thereby reduce existing diversity under GAAP in the accounting for hybrid financial instruments issued in the form of shares. An entity that issues or invests in a hybrid financial instrument is required to separate an embedded derivative feature from the host contract (for example, an underlying share) and account for the feature as a derivative according to Accounting Standards Codification ("ASC") Subtopic 815-10 on derivatives and hedging if certain criteria are met. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the effect of adoption. In August 2014, the FASB issued guidance that clarifies the disclosures management must make in its interim and annual financial statement footnotes when management has determined that conditions exist that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued (or within one year after the date the financial statements are available to be issued when applicable). In accordance with this guidance, management’s assessment is required to be made each reporting period and should be based on relevant conditions and events that are known and reasonably knowable at the date the financial statements are issued. In all cases, to the extent that substantial doubt about the entity’s ability to continue as a going concern is determined to be probable, management must disclose the principal conditions or events that gave rise to the substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that either alleviate or are intended to mitigate the conditions or events that gave rise to the substantial doubt about the entity’s ability to continue as a going concern. Additionally, to the extent substantial doubt about the entity’s ability to continue as a going concern is not alleviated by management’s plans, management must indicate in the footnotes that there is substantial doubt about the entity’s ability to continue as a going concern. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements. In August 2014, the FASB issued guidance that provides for the election of a measurement alternative when a reporting entity determines that it is the primary beneficiary of a collateralized financing entity and, hence, is required to consolidate that collateralized financing entity. The measurement alternative allows a qualifying consolidated collateralized financing entity to use the more observable of the fair value of the financial assets or the fair value of the financial liabilities adjusted by the carrying amount of non-financial assets and the fair value of any beneficial interests retained by the reporting entity (including those beneficial interests that represent compensation for services). Alternatively, if the measurement alternative is not elected for a qualifying consolidated collateralized financing entity, this guidance requires that the financial assets and financial liabilities be measured in accordance with ASC Topic 820, and that any difference in the fair value of the financial assets and the fair value of the financial liabilities be reflected in earnings and attributed to the reporting entity in the consolidated statement of operations. This guidance is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Company is currently evaluating the effect of adoption. In June 2014, the FASB issued guidance that changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting and requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which results in secured borrowing accounting for the repurchase arrangements. This amendment also requires additional disclosure for certain transactions comprising a transfer of a financial asset accounted for as a sale and an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. The Company adopted this accounting standards update on January 1, 2015. Upon adoption, the Company unlinked its previously linked transactions and disclosed affected asset, liability, income and expense balances at their gross values in its consolidated financial statements. 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 of assets 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 was permitted for disposals that had not been reported in financial statements previously issued or available for issuance. The Company 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Adoption did not have a material impact on the Company's consolidated financial statements. Reclassifications Certain reclassifications have been made to the 2014 consolidated financial statements to conform to the 2015 presentation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 3 - 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 are variable interests in VIEs. The Company monitors these legal interests and, to the extent it has determined that it has a variable interest, analyzes the entity for potential consolidation. A VIE is required to be consolidated by its primary beneficiary, which, generally, is the entity that has the power to direct the activities that are most significant to the VIE and the right to receive benefits or the obligation to absorb losses that could potentially be significant to the VIE. The Company continuously analyzes entities in which it holds variable interests, including when there is a reconsideration event, to determine whether such entities are VIEs and whether such potential VIEs should be consolidated or deconsolidated. 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 thirteen VIEs at September 30, 2015 : 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, RCC 2014-CRE2, RCC 2015-CRE3, RCC 2015-CRE4, Moselle CLO and RCM Global, LLC. In performing the primary beneficiary analysis for Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, RCC CRE Notes 2013, RCC 2014-CRE2, RCC 2015-CRE3, RCC 2015-CRE4 and RCM Global, LLC, it was determined that the parties that have the power to direct the activities that are most significant to each of these VIEs and who have 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 with 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. Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, RCC CRE Notes 2013, RCC 2014-CRE2, RCC 2015-CRE3 and RCC 2015-CRE4 were formed on behalf of the Company 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 the commercial real estate-related entities on behalf of the Company, and CVC Credit Partners manages the commercial finance-related 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 was a European securitization in which the Company purchased a $30.4 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 was managed by an independent third-party, and such collateral management activities were determined to be the activities that most significantly impacted the economic performance of the CLO. Though neither the Company nor one of its related parties managed 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 impacted 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 was expected to absorb both positive and negative variability in the CLO that could potentially be significant, the Company was determined to be the primary beneficiary of Moselle CLO and, therefore, consolidated the CLO. During the fourth quarter of 2014, the CLO began the liquidation process and all assets were subsequently sold. Whitney CLO I was 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. On July 9, 2014, RCC Residential, together with Resource America and certain Resource America employees, acquired through RCM Global a portfolio of securities from JP Morgan for $23.5 million . The portfolio is managed by Resource America. RCC Residential c ontributed $15.0 million for a 63.8% membership interest. E ach of the members of RCM Global is allocated revenues and expenses of RCM Global in accordance with his or her membership interest. RCM Global was determined to be a VIE based on the equity holders' inability to direct the activities that are most significant to the entity. The Company was determined to be the primary beneficiary of RCM Global and, therefore, consolidated the entity. The Company's ownership interest of the portfolio's remaining assets was 46.4% as of September 30, 2015 . 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 consolidated 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 operations. 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 thirteen 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 future cash flows from the CDO. For the three and nine months ended September 30, 2015 , the Company provided no financial support. For the three and nine months ended September 30, 2014 , the Company provided financial support of $209,000 and $758,000 , 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 that obligate the Company to provide financial support to any of its consolidated VIEs. The following table shows the classification and carrying value of assets and liabilities of the Company's consolidated VIEs as of September 30, 2015 (in thousands): Apidos I Apidos Apidos Whitney CLO I RREF RREF RCC CRE Notes 2013 RCC 2014-CRE2 RCC 2015-CRE3 RCC 2015-CRE4 Moselle RCM Global, LLC Total ASSETS (3) Cash and cash equivalents $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 188 $ 188 Restricted cash (1) 71 192 14,503 116 24 255 1,686 — — 5,005 354 — 22,206 Investment securities available-for-sale, pledged as collateral, at fair value — — 9,653 — 5,933 55,781 — — — — — 5,150 76,517 Loans, pledged as collateral — — 148,549 — 88,193 190,614 139,956 351,620 342,944 304,578 — — 1,566,454 Loans held for sale 153 — 2,841 — — — — — — — — — 2,994 Interest receivable — — 805 — 350 1,329 740 1,324 1,241 1,109 — 950 7,848 Prepaid assets — 5 29 — 69 74 12 5 — — — — 194 Principal paydown receivable — — — — — — 32,100 — — — — — 32,100 Other Assets — — — — — — 161 8 — — — 713 882 Total assets (2) $ 224 $ 197 $ 176,380 $ 116 $ 94,569 $ 248,053 $ 174,655 $ 352,957 $ 344,185 $ 310,692 $ 354 $ 7,001 $ 1,709,383 LIABILITIES Borrowings $ — $ — $ 152,310 $ — $ 52,820 $ 127,195 $ 125,833 $ 232,030 $ 278,444 $ 220,403 $ 57 $ — $ 1,189,092 Accrued interest expense — — 209 — 25 101 122 127 214 155 — — 953 Derivatives, at fair value — — — — 197 4,577 — — — — — — 4,774 Unsettled loan purchases — — — — — — — — — — — — — Accounts payable and other liabilities — — 13 — 17 5 (2 ) 10 — — 154 11 208 Total liabilities $ — $ — $ 152,532 $ — $ 53,059 $ 131,878 $ 125,953 $ 232,167 $ 278,658 $ 220,558 $ 211 $ 11 $ 1,195,027 (1) Includes $6.9 million designated to fund future commitments on specific commercial real estate loans 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. (3) In October 2013, the Company liquidated Apidos CLO VIII and all of the assets were sold. However, the Company still owns its share of beneficial interests that caused it to consolidate it. 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 September 30, 2015 . The Company’s maximum exposure to risk for each of these unconsolidated VIEs is set forth in the “Maximum Exposure to Loss” 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. At the time of investment, the Company’s investment in LCC was valued at $36.3 million based on a third-party valuation at that time. 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, was 28.4% at September 30, 2015 . The Company’s investment in LCC was recorded at $40.8 million and $39.4 million as of September 30, 2015 and December 31, 2014 , 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 28.4% of the voting rights in the entity. Furthermore, Eos holds consent rights with respect to significant LCC actions, including the 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 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 $8.1 million and $9.4 million at September 30, 2015 and December 31, 2014 , respectively. The Company recognized fee income of $791,000 and $2.7 million for the three and nine months ended September 30, 2015 , respectively and $1.2 million and $4.0 million for the three and nine months ended September 30, 2014 , respectively. With respect to four of these CLOs, the Company determined that it does not hold a controlling financial 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, which resulted in consolidation. Based upon that purchase, the Company determined that it had 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 ownership of the outstanding preferred equity to 68.3% . In September 2013, the Company liquidated Whitney CLO I, and, as a result, all of the assets were sold. Investment in ZAIS In February 2015, the Company made an investment in ZAIS CLO 4 Limited, an offshore financing vehicle created to acquire and warehouse syndicated bank loans, through its wholly-owned, indirect subsidiary ZAIS and through its consolidated subsidiary Pelium Capital together with a certain Resource America employee. The Company, through ZAIS and Pelium Capital, committed to invest $10.0 million and $3.0 million , respectively, during the vehicle's warehousing period. The vehicle is managed by ZAIS Leveraged Loan Manager 4, LLC (the “Collateral Manager”), an entity unrelated to the Company or to Pelium Capital, and such collateral management activities were determined to be the activities that most significantly impacted the economic performance of the entity. The Collateral Manager can be replaced either for cause by the entity’s administrative agent if there is an event of default or by a unanimous vote of the entity’s equity investors, excluding any preference shares held by the Collateral Manager or its affiliates. Although the Company has an investment in the entity that is potentially significant, because it was determined that the Company did not have the ability to kick out the collateral manager, the Company was not determined to be the primary beneficiary and, hence, not required to consolidate ZAIS CLO 4, Limited. As of September 30, 2015 , the Company had invested $10.0 million and $3.0 million through ZAIS and Pelium Capital, respectively. The Company accounts for its investment in ZAIS as an investment security available-for-sale in its consolidated financial statements. Investment in Harvest CLO XV Designated Activity Company In February 2015, the Company made an investment in Harvest CLO XV Designated Activity Company ("Harvest XV"), an offshore financing vehicle created to acquire and warehouse syndicated bank loans, through its wholly-owned, direct subsidiary Commercial II. The vehicle is managed by 3i Debt Management Investments Limited (the “Collateral Manager”), an entity unrelated to the Company, and such collateral management activities were determined to be the activities that most significantly impacted the economic performance of the entity. The Collateral Manager can be replaced only for cause by the entity’s administrative agent. Although the Company has an investment in the entity that is potentially significant, because it was determined that the Company did not have the ability to unilaterally kick out the collateral manager, the Company was not determined to be the primary beneficiary and, hence, not required to consolidate Harvest XV. As of September 30, 2015 , the Company had invested $11.2 million in Harvest XV's warehouse. The Company accounts for its investment in Harvest XV as an investment security available-for-sale in its consolidated financial statements. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs as of September 30, 2015 (in thousands): Unconsolidated Variable Interest Entities LCC Unsecured Junior Subordinated Debentures Resource Capital Asset Management CDOs Investment in ZAIS and Harvest XV Total Maximum Exposure to Loss Investment in unconsolidated entities $ 40,779 $ 1,548 $ — $ 24,471 $ 66,798 $ 66,798 Intangible assets — — 8,088 — 8,088 $ 8,088 Total assets 40,779 1,548 8,088 24,471 74,886 Borrowings — 51,360 — — 51,360 N/A Total liabilities — 51,360 — — 51,360 N/A Net asset (liability) $ 40,779 $ (49,812 ) $ 8,088 $ 24,471 $ 23,526 N/A As of September 30, 2015 , 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 INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosure of cash flow information is summarized for the periods indicated (in thousands): For the Nine Months Ended September 30, 2015 2014 Non-cash operating activities include the following: Reclassification of linked transactions, net at fair value to investment securities available-for-sale, pledged as collateral, at fair value and borrowings (1) $ 15,367 $ — Non-cash investing activities include the following: Reclassification of linked transactions, net at fair value to investment securities available-for-sale, pledged as collateral, at fair value (1) $ 48,764 $ — Non-cash financing activities include the following: Distributions on common stock declared but not paid $ 20,667 $ 26,629 Distributions on preferred stock declared but not paid $ 4,077 $ 5,555 Reclassification of linked transactions, net at fair value to borrowings (1) $ 33,397 $ — (1) As a result of an accounting standards update adopted on January 1, 2015 ( see Note 2 ), the Company unlinked its previously linked transactions, resulting in non-cash increases in both its investment securities available-for-sale, pledged as collateral, at fair value and related repurchase agreements borrowings balances.

INVESTMENT SECURITIES TRADING

INVESTMENT SECURITIES TRADING	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES TRADING	NOTE 5 - INVESTMENT SECURITIES, TRADING The following table summarizes the Company's structured notes and RMBS that are classified as investment securities, trading and carried at fair value (in thousands). Structured notes are CLO debt securities collateralized by syndicated bank loans, and RMBS is a type of mortgage-backed debt obligation whose cash flows come from residential mortgage debt. Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of September 30, 2015: Structured notes $ 26,635 $ 1,952 $ (2,872 ) $ 25,715 RMBS 1,896 — (1,896 ) — Total $ 28,531 $ 1,952 $ (4,768 ) $ 25,715 As of December 31, 2014: Structured notes $ 22,876 $ 1,098 $ (3,188 ) $ 20,786 RMBS 1,896 — (1,896 ) — Total $ 24,772 $ 1,098 $ (5,084 ) $ 20,786 The Company sold 19 and two securities during the nine months ended September 30, 2015 and 2014, for a net realized gain of approximately $1.4 million and $ 2.5 million , respectively. The Company held 50 and 37 investment securities, trading as of September 30, 2015 and December 31, 2014 , respectively.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	9 Months Ended
	Sep. 30, 2015
Available-for-sale Securities [Abstract]
INVESTMENT SECURITIES AVAILABLE-FOR-SALE	NOTE 6 - INVESTMENT SECURITIES AVAILABLE-FOR-SALE 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 As of September 30, 2015: CMBS $ 175,167 $ 3,902 $ (1,244 ) $ 177,825 RMBS 2,286 111 (77 ) 2,320 ABS 47,110 5,419 (381 ) 52,148 Corporate bonds 2,420 — (113 ) 2,307 Total $ 226,983 $ 9,432 $ (1,815 ) $ 234,600 As of December 31, 2014: CMBS $ 168,669 $ 4,938 $ (3,202 ) $ 170,405 RMBS 29,814 937 — 30,751 ABS 55,617 16,876 (336 ) 72,157 Corporate bonds 2,415 10 (18 ) 2,407 Total $ 256,515 $ 22,761 $ (3,556 ) $ 275,720 (1) As of September 30, 2015 and December 31, 2014 , $118.8 million and $197.8 million , respectively, of investment securities available-for-sale were pledged as collateral under related financings. The following table summarizes the estimated maturities of the Company’s CMBS, RMBS, ABS and corporate bonds according to their estimated weighted average life classifications (in thousands, except percentages): Weighted Average Life Fair Value Amortized Cost Weighted Average Coupon As of September 30, 2015: Less than one year $ 125,357 (1) $ 124,387 8.18% Greater than one year and less than five years 82,189 77,757 6.66% Greater than five years and less than ten years 13,643 11,779 10.19% Greater than ten years 13,411 13,060 9.02% Total $ 234,600 $ 226,983 7.81% As of December 31, 2014: Less than one year $ 78,095 (1) $ 79,649 4.13% Greater than one year and less than five years 115,302 100,909 4.64% Greater than five years and less than ten years 20,177 17,516 16.45% Greater than ten years 62,146 58,441 7.86% Total $ 275,720 $ 256,515 6.08% (1) The Company expects that the maturity dates of these CMBS and ABS will either be extended or that they will be paid in full. At September 30, 2015 , the contractual maturities of the CMBS investment securities available-for-sale range from October 2015 to December 2022 . The contractual maturity date of RMBS investment securities available-for-sale is June 2029 . The contractual maturities of the ABS investment securities available-for-sale range from October 2015 to October 2050 . The contractual maturities of the corporate bond investment securities available-for-sale range from May 2016 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 Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities As of September 30, 2015: CMBS $ 73,950 $ (340 ) 38 $ 16,649 $ (904 ) 13 $ 90,599 $ (1,244 ) 51 ABS 7,082 (195 ) 8 1,132 (186 ) 8 8,214 (381 ) 16 Corporate bonds 945 (6 ) 2 1,362 (107 ) 1 2,307 (113 ) 3 RMBS 1,241 (77 ) 2 — — — 1,241 (77 ) 2 Total temporarily impaired securities $ 83,218 $ (618 ) 50 $ 19,143 $ (1,197 ) 22 $ 102,361 $ (1,815 ) 72 As of December 31, 2014: CMBS $ 35,860 $ (555 ) 22 $ 25,583 $ (2,647 ) 13 $ 61,443 $ (3,202 ) 35 ABS 1,000 (278 ) 8 958 (58 ) 3 1,958 (336 ) 11 Corporate bonds 1,447 (18 ) 1 — — — 1,447 (18 ) 1 Total temporarily impaired securities $ 38,307 $ (851 ) 31 $ 26,541 $ (2,705 ) 16 $ 64,848 $ (3,556 ) 47 The unrealized losses in the above table are considered to be temporary impairments due to market factors and are not reflective of credit deterioration. During the nine months ended September 30, 2015 and 2014 , the Company did not recognize any other-than-temporary impairment on its investment securities available-for-sale. The following table summarizes the Company's sales of investment securities available-for-sale (in thousands, except number of securities): For the Three Months Ended For the Nine Months Ended Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) September 30, 2015: ABS 8 — $ 15,462 $ 2,437 15 3 $ 31,399 $ 10,547 RMBS — — $ — $ — 6 — $ 28,305 $ 984 September 30, 2014: ABS 3 — $ 6,947 $ 2,974 3 1 $ 9,447 $ 3,000 Corporate bonds — 1 $ 1,000 $ 48 — 2 $ 1,630 $ 47 CMBS — — $ — $ — 6 — $ 28,470 $ 182

LOANS

LOANS	9 Months Ended
	Sep. 30, 2015
LOANS HELD FOR INVESTMENT [Abstract]
LOANS	NOTE 7 - LOANS The following is a summary of the Company’s loans (in thousands): Loan Description Principal Unamortized (Discount) Premium, net (1) Carrying Value (2) As of September 30, 2015: Commercial real estate loans: Whole loans $ 1,612,442 $ (9,057 ) $ 1,603,385 B notes 15,984 (20 ) 15,964 Mezzanine loans 45,382 5 45,387 Total commercial real estate loans 1,673,808 (9,072 ) 1,664,736 Bank loans 150,122 (489 ) 149,633 Middle market loans 350,325 (854 ) 349,471 Residential mortgage loans, held for investment 2,422 — 2,422 Subtotal loans before allowance 2,176,677 (10,415 ) 2,166,262 Allowance for loan loss (47,284 ) — (47,284 ) Total loans held for investment, net of allowance 2,129,393 (10,415 ) 2,118,978 Bank loans held for sale 2,994 — 2,994 Residential mortgage loans held for sale, at fair value (3) 113,007 — 113,007 Total loans held for sale 116,001 — 116,001 Total loans, net $ 2,245,394 $ (10,415 ) $ 2,234,979 As of December 31, 2014: Commercial real estate loans: Whole loans $ 1,271,121 $ (7,529 ) $ 1,263,592 B notes 16,120 (48 ) 16,072 Mezzanine loans 67,446 (80 ) 67,366 Total commercial real estate loans 1,354,687 (7,657 ) 1,347,030 Bank loans 332,058 (1,410 ) 330,648 Middle market loans 250,859 (746 ) 250,113 Residential mortgage loans, held for investment 2,802 — 2,802 Subtotal loans before allowance 1,940,406 (9,813 ) 1,930,593 Allowance for loan loss (4,613 ) — (4,613 ) Total loans held for investment, net of allowance 1,935,793 (9,813 ) 1,925,980 Bank loans held for sale 282 — 282 Residential mortgage loans held for sale, at fair value (3) 113,393 — 113,393 Total loans held for sale 113,675 — 113,675 Total loans, net $ 2,049,468 $ (9,813 ) $ 2,039,655 (1) Amounts include deferred amendment fees of $45,000 and $88,000 and deferred upfront fees of $19,000 and $82,000 being amortized over the life of the bank loans as of September 30, 2015 and December 31, 2014 , respectively. Amounts also include loan origination fees of $9.5 million and $8.1 million as of September 30, 2015 and December 31, 2014 , respectively. (2) Substantially all loans are pledged as collateral under various borrowings at September 30, 2015 and December 31, 2014 , respectively. (3) Residential mortgage loans held for sale, at fair value, consisted of $60.5 million and $52.5 million of agency-conforming and jumbo mortgage loans, respectively, as of September 30, 2015 . Residential mortgage loans held for sale, at fair value, consisted of $28.9 million and $82.6 million of agency-conforming and jumbo mortgage loans, respectively, as of December 31, 2014 . Amortized cost approximates fair value. 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 Interest Rates Maturity Dates (3) As of September 30, 2015: Whole loans, floating rate (1) (4) (5) 86 $ 1,603,385 LIBOR plus 1.75% to October 2015 to February 2019 B notes, fixed rate 1 15,964 8.68% April 2016 Mezzanine loans, fixed rate (6) 2 45,387 9.01% September 2016 Total (2) 89 $ 1,664,736 As of December 31, 2014: Whole loans, floating rate (1) (4) (5) 73 $ 1,263,592 LIBOR plus 1.75% to May 2015 to B notes, fixed rate 1 16,072 8.68% April 2016 Mezzanine loans, floating rate 1 12,558 LIBOR plus 15.32% April 2016 Mezzanine loans, fixed rate 3 54,808 0.50% to 18.71% January 2016 to Total (2) 78 $ 1,347,030 (1) Whole loans ha d $103.9 million a nd $105.1 million in unfunded loan commitments as of September 30, 2015 and December 31, 2014 , 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) Totals do not include allowance for loan losses of $42.1 million and $4.0 million as of September 30, 2015 and December 31, 2014 , respectively. (3) Maturity dates do not include possible extension options that may be available to the borrowers. (4) Includes two whole loans with a combined $12.0 million mezzanine component that have fixed rates of 12.0% , and two whole loans with a combined $4.2 million mezzanine component that have fixed rates of 15.0% , as of September 30, 2015 and December 31, 2014 . (5) Includes a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of September 30, 2015 and December 31, 2014 . (6) Contracted interest rates and maturity dates do not include rates or maturity dates associated with one loan with an amortized cost of $38.1 million that was fully reserved as of June 30, 2015. The following is a summary of the weighted average maturity of the Company’s commercial real estate loans, at amortized cost (in thousands): Description 2015 2016 2017 and Thereafter Total As of September 30, 2015: B notes $ — $ — $ 15,964 $ 15,964 Mezzanine loans — 38,072 7,315 45,387 Whole loans — 39,527 1,563,858 1,603,385 Total (1) $ — $ 77,599 $ 1,587,137 $ 1,664,736 As of December 31, 2014: 2015 2016 2017 and Thereafter Total B notes $ — $ 16,072 $ — $ 16,072 Mezzanine loans — 16,736 50,630 67,366 Whole loans — 27,665 1,235,927 1,263,592 Total (1) $ — $ 60,473 $ 1,286,557 $ 1,347,030 (1) Weighted average maturity of commercial real estate loans assumes full exercise of extension options available to borrowers. At September 30, 2015 , approximately 30.4% , 23.3% and 5.9% of the Company's commercial real estate portfolio was concentrated in Texas, California, and Arizona, respectively. At December 31, 2014 , approximately 27.4% , 27.3% , and 7.3% of the Company's commercial real estate loan portfolio was concentrated in California, Texas, and Arizona, respectively. Bank Loans At September 30, 2015 , the Company’s bank loan portfolio, including loans held for sale, consisted of $151.5 million (net of allowance of $1.1 million ) of floating rate loans, which bear interest ranging between the three month London Interbank Offered Rate (“LIBOR”) plus 1.25% and the three month LIBOR plus 8.00% with maturity dates ranging from October 2015 to February 2024 . At December 31, 2014 , the Company’s bank loan portfolio, including loans held for sale, consisted of $330.4 million (net of allowance of $570,000 ) of floating rate loans, which bear interest ranging between the three month LIBOR plus 1.25% and the three month LIBOR plus 8.75% with maturity dates ranging from January 2015 to February 2024 . The following table provides information as to the lien position and status of the Company's bank loans, at amortized cost (in thousands): Apidos I Apidos III Apidos Cinco Total As of September 30, 2015 Loans held for investment: First lien loans $ — $ — $ 146,651 $ 146,651 Second lien loans — — 2,508 2,508 Third lien loans — — — — Defaulted first lien loans — — 215 215 Defaulted second lien loans — — 259 259 Total — — 149,633 149,633 First lien loans held for sale at fair value 153 — 2,841 2,994 Total $ 153 $ — $ 152,474 $ 152,627 As of December 31, 2014: Loans held for investment: First lien loans $ 153 $ 80,196 $ 245,377 $ 325,726 Second lien loans — — 3,572 3,572 Third lien loans — — — — Defaulted first lien loans — — — — Defaulted second lien loans — 971 379 1,350 Total 153 81,167 249,328 330,648 First lien loans held for sale at fair value — — 282 282 Total $ 153 $ 81,167 $ 249,610 $ 330,930 The following is a summary of the weighted average maturity of the Company’s bank loans, at amortized cost and loans held-for-sale, at the lower of cost or market (in thousands): September 30, December 31, Less than one year $ 2,518 $ 7,829 Greater than one year and less than five years 145,216 274,332 Five years or greater 4,893 48,769 $ 152,627 $ 330,930 At September 30, 2015 approximately 13.2% , 12.5% and 9.6% , of the Company’s bank loan portfolio was concentrated in the collective industry grouping of automobile, diversified/conglomerate service and healthcare, education and childcare, respectively. At December 31, 2014 , approximately 8.5% , 11.7% and 17.5% of the Company’s bank loan portfolio was concentrated in the collective industry grouping of automobile, diversified/conglomerate service and healthcare, education and childcare, respectively. Middle Market Loans At September 30, 2015 , the Company’s middle market loan portfolio consisted of $ 345.4 million (net of allowance of $4.1 million ) of floating rate loans, which bear interest ranging between the one or three month LIBOR plus 6.25% and one or three month LIBOR plus 11.75% with maturity dates ranging from December 2016 to July 2023 . At December 31, 2014 , the Company’s middle market loan portfolio consisted of $250.1 million of floating rate loans, which bore interest ranging between the one or three month LIBOR plus 5.50% and the three month LIBOR plus 9.25% with maturity dates ranging from December 2016 to November 2022 . The following table provides information as to the lien position and status of middle market loans, at amortized cost (in thousands): September 30, December 31, First Lien $ 221,961 $ 149,287 Second Lien 122,554 100,826 First Lien Defaulted — — Second Lien Defaulted 4,956 — $ 349,471 $ 250,113 The following is a summary of the weighted average maturity of the Company’s middle market loans, at amortized cost (in thousands): September 30, December 31, Less than one year $ — $ — Greater than one year and less than five years 210,773 132,353 Five years or greater 138,698 117,760 $ 349,471 $ 250,113 At September 30, 2015 and December 31, 2014 , approximately 13.0% and 2.8% , respectively, of the Company's middle market loan portfolio was concentrated in the collective industry grouping of diversified and conglomerate service and 13.0% and 13.7% , respectively, of the Company's middle market loan portfolio was concentrated in the collective industry grouping of personal, food and miscellaneous service. The following is a summary of the allocation of the allowance for loan loss with respect to the Company's loans (in thousands, except percentages) by asset class: Description Allowance for Loan Loss Percentage of Total Allowance As of September 30, 2015: B notes $ 20 0.04% Mezzanine loans 38,080 80.54% Whole loans 4,014 8.49% Bank loans 1,084 2.29% Middle market loans 4,086 8.64% Total $ 47,284 As of December 31, 2014: B notes $ 55 1.19% Mezzanine loans 230 4.99% Whole loans 3,758 81.46% Bank loans 570 12.36% Total $ 4,613 Principal paydown receivables represent the portion of the Company's loan portfolio for which indication has been provided through its various servicers, trustees, or its asset management group that a payoff or paydown of a loan has been received but which, as of period end, the Company has not received and applied to the outstanding loan balance. At September 30, 2015 , principal paydown receivables relating to the Company's loan portfolio totaled $32.1 million , the entirety of which the Company received in cash in October 2015. At December 31, 2014 , principal paydown receivables relating to the Company's loan portfolio totaled $40.9 million , the entirety of which the Company received in cash during January 2015. During the quarter ended September 30, 2015 , approximately 46.7% of the Company's residential mortgage loans were originated in Georgia, 10.5% in Utah, 9.1% in Virginia, 5.2% in Florida, and 4.1% in South Carolina. During the year ended December 31, 2014 , approximately 56.0% of the Company's residential mortgage loans were originated in Georgia, 8.0% in Utah, 7.0% in Virginia, 5.0% in Alabama, and 4.0% in Tennessee.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 8 - INVESTMENTS IN UNCONSOLIDATED ENTITIES The following table shows the Company's investments in unconsolidated entities as of September 30, 2015 and December 31, 2014 and equity in earnings of unconsolidated subsidiaries for the three and nine months ended September 30, 2015 and 2014 (in thousands): Equity in Earnings of Unconsolidated Subsidiaries Balance as of Balance as of For the For the For the For the Ownership % September 30, December 31, September 30, September 30, September 30, September 30, Varde Investment Partners, L.P 7.5% $ 654 $ 654 $ — $ — $ — $ (19 ) RRE VIP Borrower, LLC (1) 3% to 5% — — — 46 770 2,506 Investment in LCC Preferred Stock 28.4% 40,779 39,416 961 1,362 13 (859 ) Investment in CVC Global Credit Opportunities Fund (2) 14.1% 12,877 18,209 (628 ) 293 47 2,004 Investment in (3) 60.7% — — — — — (75 ) Investment in School Lane House (1) — — 1 1 57 1,106 Subtotal 54,310 58,279 334 1,702 887 4,663 Investment in RCT I and II (4) 3.0% 1,548 1,548 (610 ) (1,805 ) (601 ) (1,785 ) Investment in Preferred Equity (1) (5) — — — — — 410 Total $ 55,858 $ 59,827 $ (276 ) $ (103 ) $ 286 $ 3,288 (1) Investment in School Lane House, Investment in RRE VIP Borrower and the Investment in Preferred Equity were sold or repaid as of December 31, 2014. (2) I n March 2015, the Company elected a partial redemption of $5.0 million from the fund. (3) In January 2013, LTCC invested $2.0 million into LCF for the purpose of originating and acquiring life settlement contracts. In February 2014, the Company invested an additional $1.4 million which resulted in the consolidation of LCF during the first quarter of 2014. Ownership percentage represents ownership following the additional investment and consolidation. (4) For the three and nine months ended September 30, 2015 and 2014 , these amounts are recorded in interest expense on the Company's consolidated statements of operations. (5) For the nine months ended September 30, 2014 , these amounts are recorded in interest income on loans on the Company's consolidated statements of operations.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 9 - 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 Middle Market Loans Residential Mortgage Loans Loans Receivable-Related Party Total As of September 30, 2015: Allowance for Loan Losses: Allowance for losses at January 1, 2015 $ 4,043 $ 570 $ — $ — $ — $ 4,613 Provision (recovery) for loan losses 38,025 1,912 4,223 (110 ) (216 ) 43,834 Loans charged-off — (1,398 ) (137 ) 110 216 (1,209 ) Recoveries 46 — — — — 46 Allowance for losses at September 30, 2015 $ 42,114 $ 1,084 $ 4,086 $ — $ — $ 47,284 Ending balance: Individually evaluated for impairment $ 40,274 $ 345 $ 4,086 $ — $ — $ 44,705 Collectively evaluated for impairment $ 1,840 $ 739 $ — $ — $ — $ 2,579 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans: Ending balance: Individually evaluated for impairment $ 129,078 $ 474 $ 349,471 $ — $ — $ 479,023 Collectively evaluated for impairment $ 1,535,658 $ 149,159 $ — $ 2,422 $ — $ 1,687,239 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — As of December 31, 2014: Allowance for Loan Losses: Allowance for losses at January 1, 2014 $ 10,416 $ 3,391 $ — $ — $ — $ 13,807 Provision for loan losses (3,758 ) 4,173 92 — 1,297 1,804 Loans charged-off (2,615 ) (6,994 ) (92 ) — (1,297 ) (10,998 ) Allowance for losses at December 31, 2014 $ 4,043 $ 570 $ — $ — $ — $ 4,613 Ending balance: Individually evaluated for impairment $ — $ 570 $ — $ — $ — $ 570 Collectively evaluated for impairment $ 4,043 $ — $ — $ — $ — $ 4,043 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans: Ending balance: Individually evaluated for impairment $ 166,180 $ 1,350 $ 250,113 $ — $ 1,277 $ 418,920 Collectively evaluated for impairment $ 1,180,850 $ 329,580 $ — $ 2,802 $ — $ 1,513,232 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. A loan with a rating of a 1 is considered performing within expectations, a loan with a rating of a 2 is considered watching closely with limited liquidity concerns, a loan with a rating of a 3 is considered to have possible future liquidity concerns, a loan with a rating of a 4 is considered to have nearer term liquidity concerns, and a loan with a rating of a 5 has defaulted. 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 September 30, 2015: Bank loans $ 133,727 $ 10,836 $ 2,148 $ 2,448 $ 474 $ 2,994 $ 152,627 As of December 31, 2014: Bank loans $ 291,214 $ 32,660 $ 5,424 $ — $ 1,350 $ 282 $ 330,930 All of the Company’s bank loans were current with respect to debt service with the exception of two loans with an aggregate amortized cost of $474,000 as of September 30, 2015 . As of December 31, 2014 , all of the Company's bank loans were current with respect to debt service with the exception of two loans with an amortized aggregate cost of $1.4 million , one of which defaulted as of March 31, 2014 and the other of which defaulted as of September 30, 2014. Middle Market Loans The Company uses a risk grading matrix to assign grades to middle market loans. At inception, all middle market loans are graded at a 2 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. A loan with a rating of a 1 is considered performing above expectations, a loan with a rating of a 2 is considered performing within expectations, a loan with a rating of a 3 is considered performing below expectations and requires close monitoring but no loss of interest or principal is expected, a loan with a rating of a 4 is considered to be performing below expectations and some loss of interest or dividend is expected but no loss of principal, and a loan with a rating of a 5 is considered performing substantially below expectations, in default and some loss of principal is expected. The Company considers metrics such as performance of the underlying company, liquidity, collectability of interest and principal payments, enterprise valuation, default probability, and industry dynamics in grading its middle market loans. Credit risk profiles of middle market loans were as follows (in thousands): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Held for Sale Total As of September 30, 2015: Middle market loans $ 52,206 $ 255,237 $ 37,072 $ — $ 4,956 $ — $ 349,471 As of December 31, 2014: Middle market loans $ — $ 240,245 $ 9,868 $ — $ — $ — $ 250,113 As of September 30, 2015 , one loan was in default with a risk rating of a 5. The rest of the Company's portfolio is current with respect to debt service. All of the Company’s middle market loans were current with respect to debt service as of December 31, 2014 . 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. A loan with a rating of a 1 is considered to have satisfactory performance with no issues noted. A loan is graded with a rating of a 2 if a surveillance trigger event has occurred without mitigating circumstance to support such event. A loan with a rating of a 3 has experienced an extended decline in operating performance, a significant deviation from its origination plan or the occurrence of one or more surveillance trigger events which create an increased risk for potential default. A loan with a rating of a 4 is considered to be in default or that default is imminent and full recovery of the unpaid principal balance is improbable. The Company also designates loans that are sold after the period end 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. During the second quarter of 2015, the Company recorded an allowance for loan loss on a subordinated mezzanine loan position that was acquired in 2007. The outstanding loan balance of $38.1 million was fully reserved and associated accrued interest of $3.0 million was reversed against interest income, for a total charge to operations of $41.1 million . The loan was originally supported by a portfolio of 13 hotel properties, most of which were luxury brand hotels. An impairment analysis showed that the fair value of the underlying collateral declined from that as of March 31, 2015. Contributing to this decline was a modification of the senior mortgage that accelerated the time horizon for disposing of the remaining properties collateralizing the loan. Compounding this fact, the remaining two luxury brand hotel properties securing the loan are located in or near San Juan, Puerto Rico, and recent economic and credit disruptions in Puerto Rico resulted in events that caused the Company to determine that realizable values had declined rapidly and that the troubled debt restructuring should be fully reserved as of June 30, 2015. This loan remains fully reserved as of September 30, 2015. 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 September 30, 2015 Whole loans $ 1,568,683 $ 32,500 $ — $ 2,202 $ — $ 1,603,385 B notes 15,964 — — — — 15,964 Mezzanine loans 7,315 — — 38,072 — 45,387 $ 1,591,962 $ 32,500 $ — $ 40,274 $ — $ 1,664,736 As of December 31, 2014: Whole loans $ 1,231,092 $ 32,500 $ — $ — $ — $ 1,263,592 B notes 16,072 — — — — 16,072 Mezzanine loans 45,432 21,934 — — — 67,366 $ 1,292,596 $ 54,434 $ — $ — $ — $ 1,347,030 The Company had no delinquent commercial real estate loans as of September 30, 2015 and December 31, 2014 . 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 end as held for sale at the lower of their fair market value or cost. Loans Receivable - Related Party The Company recorded a recovery on loan losses of $216,000 during the nine months ended September 30, 2015 for provisions recorded during the year ended December 31, 2014 . During the year ended December 31, 2014 , the Company recorded a provision for loan losses on one related-party loan of $ 1.3 million before extinguishing the loan and bringing direct financing leases in the amount of $2.1 million onto the Company's books in lieu of cash settlement of the loan receivable. Loan Portfolios Aging Analysis The following table shows the loan portfolio aging analysis as of the dates indicated at amortized cost (in thousands): 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current (3) Total Loans Receivable Total Loans > 90 Days and Accruing As of September 30, 2015: Whole loans $ — $ — $ — $ — $ 1,603,385 $ 1,603,385 $ — B notes — — — — 15,964 15,964 — Mezzanine loans — — — — 45,387 45,387 — Bank loans (1) — — 474 474 152,153 152,627 — Middle market loans — — 4,956 4,956 344,515 349,471 — Residential mortgage loans (2) — — 190 190 115,239 115,429 — Total loans $ — $ — $ 5,620 $ 5,620 $ 2,276,643 $ 2,282,263 $ — As of December 31, 2014: Whole loans $ — $ — $ — $ — $ 1,263,592 $ 1,263,592 $ — B notes — — — — 16,072 16,072 — Mezzanine loans — — — — 67,366 67,366 — Bank loans (1) — — 1,350 1,350 329,580 330,930 — Middle market loans — — — — 250,113 250,113 — Residential mortgage loans (2) 443 82 119 644 113,612 114,256 — Loans receivable- related party — — — — 1,277 1,277 — Total loans $ 443 $ 82 $ 1,469 $ 1,994 $ 2,041,612 $ 2,043,606 $ — (1) Contains $3.0 million and $282,000 of bank loans held for sale at September 30, 2015 and December 31, 2014 , respectively. (2) Contains $113.0 million and $113.4 million of residential mortgage loans held for sale at fair value at September 30, 2015 and December 31, 2014 , respectively. (3) Current loans include one impaired mezzanine loan and one impaired whole loan with amortized costs of $38.1 million and $2.2 million , respectively, that were both fully reserved as of September 30, 2015 . Impaired Loans The following tables show impaired loans as of the dates indicated (in thousands): Recorded Investment Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized As of September 30, 2015: Loans without a specific valuation allowance: Whole loans $ 129,078 $ 129,078 $ — $ 128,591 $ 15,659 B notes $ — $ — $ — $ — $ — Mezzanine loans $ — $ — $ — $ — $ — Bank loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ 2,422 $ 2,422 $ — $ 2,785 $ 116 Loans receivable - related party $ — $ — $ — $ — $ — Loans with a specific valuation allowance: Whole loans $ 2,202 $ 2,202 $ (2,202 ) $ 2,202 $ 45 B notes $ — $ — $ — $ — $ — Mezzanine loans $ 38,072 $ 38,072 $ (38,072 ) $ 38,072 $ — Bank loans $ 474 $ 474 $ (345 ) $ 237 $ — Middle market loans $ 4,956 $ 4,900 $ (4,086 ) $ 4,956 $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans receivable - related party $ — $ — $ — $ — $ — Total: Whole loans $ 131,280 $ 131,280 $ (2,202 ) $ 130,793 $ 15,704 B notes — — — — — Mezzanine loans 38,072 38,072 (38,072 ) 38,072 — Bank loans 474 474 (345 ) 237 — Middle market loans 4,956 4,900 (4,086 ) 4,956 — Residential mortgage loans 2,422 2,422 — 2,785 116 Loans receivable - related party — — — — — $ 177,204 $ 177,148 $ (44,705 ) $ 176,843 $ 15,820 As of December 31, 2014: Loans without a specific valuation allowance: Whole loans $ 128,108 $ 128,108 $ — $ 130,445 $ 12,679 B notes $ — $ — $ — $ — $ — Mezzanine loans $ 38,072 $ 38,072 $ — $ 38,072 $ 2,859 Bank loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ 2,082 $ 2,082 $ — $ 2,082 $ 148 Loans receivable - related party $ — $ — $ — $ — $ — Loans with a specific valuation allowance: Whole loans $ — $ — $ — $ — $ — B notes $ — $ — $ — $ — $ — Mezzanine loans $ — $ — $ — $ — $ — Bank loans $ 1,350 $ 1,350 $ (570 ) $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans receivable - related party $ — $ — $ — $ — $ — Total: Whole loans $ 128,108 $ 128,108 $ — $ 130,445 $ 12,679 B notes — — — — — Mezzanine loans 38,072 38,072 — 38,072 2,859 Bank loans 1,350 1,350 (570 ) — — Middle market loans — — — — — Residential mortgage loans 2,082 2,082 — 2,082 148 Loans receivable - related party — — — — — $ 169,612 $ 169,612 $ (570 ) $ 170,599 $ 15,686 Troubled-Debt Restructurings The following tables show troubled-debt restructurings in the Company's loan portfolio (in thousands): Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Nine Months Ended September 30, 2015 Whole loans 3 $ 99,959 $ 99,959 B notes — — — Mezzanine loans 1 38,072 — Bank loans — — — Middle market loans — — — Residential mortgage loans — — — Loans receivable - related party — — — Total loans 4 $ 138,031 $ 99,959 Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Nine Months Ended September 30, 2014 Whole loans 2 $ 16,039 $ 16,039 B notes — — — Mezzanine loans 1 38,072 38,072 Bank loans — — — Middle market loans — — — Residential mortgage loans — — — Loans receivable - related party — — — Total loans 3 $ 54,111 $ 54,111 As of September 30, 2015 and 2014 , there were no commercial real estate loan troubled-debt restructurings that subsequently defaulted.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
BUSINESS COMBINATIONS	NOTE 10 - BUSINESS COMBINATIONS On February 26, 2014, the Company made an additional capital contribution to LCF which gave the Company majority ownership at 50.2% . As a result, the Company began consolidating the LCF joint venture. The joint venture was established for the purpose of originating and acquiring life settlement contracts through a financing facility. On April 30, 2015, the Company committed to another capital contribution in the amount of $750,000 , increasing its ownership of LCF to 60.7% . The first installment of $375,000 was funded on April 30, 2015 and the second installment of $375,000 was funded on July 30, 2015. The Company engaged a third party expert to assist in determining the fair values of the assets and liabilities assumed on this investment. Based on the final valuation, which determined an enterprise value of LCF of approximately $4.1 million , and in accordance with FASB ASC Topic 805, the Company confirmed that no further adjustments are necessary.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 11 - INTANGIBLE ASSETS The following table summarizes the activity of intangible assets for the period indicated (in thousands): Management Contracts Wholesale/Correspondent Relationships Mortgage Servicing Rights Total Balance, January 1, 2015 $ 9,434 $ 302 $ 8,874 $ 18,610 Additions — — 12,521 12,521 Sales — — — — Amortization (1,346 ) (191 ) (3,138 ) (4,675 ) Total before impairment adjustment 8,088 111 18,257 26,456 Temporary impairment adjustment — — (650 ) (650 ) Balance, September 30, 2015 $ 8,088 $ 111 $ 17,607 $ 25,806 Management Contracts and Wholesale/Correspondent Relationships The Company recognized fee income on management contracts and wholesale/correspondent relationships of $791,000 and $2.7 million for the three and nine months ended September 30, 2015 , respectively, and $1.2 million and $4 million for the three and nine months ended September 30, 2014 , respectively. For the three and nine months ended September 30, 2015 , the Company recorded amortization expense of $518,000 and $1.5 million , respectively, in relation to the Company's management contracts and wholesale/correspondent relationships. For the three and nine months ended September 30, 2014 , the Company recorded amortization expense of $517,000 and $1.5 million , respectively. The Company expects to record amortization expense on its management contracts and wholesale/correspondent relationships of approximately $2.0 million for the year ending December 31, 2015 , $1.8 million for the year ending December 31, 2016 , $1.8 million for the year ending December 31, 2017 , $1.6 million for the year ending 2018 , and $1.0 million for the year ending December 31, 2019 . The weighted average amortization period was 6.0 years and 6.6 years at September 30, 2015 and December 31, 2014 , respectively. Mortgage Servicing Rights Through the Company's wholly-owned residential mortgage loan originator PCM, residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and Government National Mortgage Association, or (ii) sales to private investors. The Company may have continuing involvement in mortgage loans sold by retaining servicing rights and servicing obligations. The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights (“MSRs”) and loans held for sale. In accordance with FASB ASC Subtopic 860-50, the Company utilizes the amortization method for the subsequent measurement of its MSRs. The total servicing portfolio was $1.8 billion and $894.8 million as of September 30, 2015 and December 31, 2014 . MSRs recorded in the Company's consolidated balance sheets are related to the capitalized servicing portfolio and are created through the sale of originated residential mortgage loans. For the three and nine months ended September 30, 2015 , the Company recognized $1.3 million and $3.1 million , respectively, of amortization expense related to mortgage servicing rights. For the three and nine months ended September 30, 2014 , the Company recognized $423,000 and $1.1 million , respectively. The Company expects to recognize amortization related to its mortgage servicing rights portfolio in the amount of $ 4.1 million for the year ending December 31, 2015 , $3.9 million for the year ending December 31, 2016, $3.8 million for the year ending December 31, 2017, $3.7 million for the year ending December 31, 2018, and $3.1 million for the year ending December 31, 2019. The weighted average amortization period was 1.2 years and 1.4 years at September 30, 2015 and December 31, 2014 , respectively. The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): September 30, December 31, Balance, beginning of period $ 894,767 $ 433,153 Additions 923,473 519,915 Payoffs, sales and curtailments (65,013 ) (58,301 ) Balance, end of period $ 1,753,227 $ 894,767 The value of MSRs is driven by the net positive, or in some cases net negative, cash flows associated with servicing activities. These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within fee income as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Servicing fees from capitalized portfolio $ 1,071 $ 413 $ 2,533 $ 1,057 Late fees $ 37 $ 20 $ 78 $ 59 Other ancillary servicing revenue $ 2 $ 1 $ 9 $ 4

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
BORROWINGS	NOTE 12 - BORROWINGS The Company historically has financed the acquisition of its investments, including investment securities and loans, through the use of secured and unsecured borrowings in the form of securitized notes, repurchase agreements, secured term facilities, warehouse facilities, convertible senior notes, senior secured revolving credit agreements and trust preferred securities issuances. Certain information with respect to the Company’s borrowings is summarized in the following table (in thousands, except percentages): Principal Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Weighted Average Value of As of September 30, 2015: RREF CDO 2006-1 Senior Notes $ 52,820 $ — $ 52,820 2.37% 30.9 years $ 93,757 RREF CDO 2007-1 Senior Notes 127,195 — 127,195 1.20% 31.0 years 247,080 RCC CRE Notes 2013 Senior Notes 127,215 1,382 125,833 2.66% 13.2 years 141,114 RCC 2014-CRE2 Senior Notes 235,344 3,314 232,030 1.50% 16.6 years 349,681 RCC 2015-CRE3 Senior Notes 282,127 3,683 278,444 2.10% 16.5 years 340,885 RCC 2015-CRE4 Senior Notes 223,735 3,332 220,403 1.92% 16.9 years 307,697 Apidos Cinco CDO Senior Notes 152,310 — 152,310 1.05% 4.6 years 171,209 Moselle CLO S.A. Securitized Borrowings, at fair value (1) 57 — 57 N/A N/A 354 Unsecured Junior Subordinated Debentures (2) 51,548 188 51,360 4.24% 21.1 years — 6.0% Convertible Senior Notes 115,000 5,339 109,661 6.00% 3.2 years — 8.0% Convertible Senior Notes 100,000 4,885 95,115 8.00% 4.3 years — CRE - Term Repurchase Facilities (3) 88,050 2,756 85,294 2.27% 19 days 140,107 CMBS - Term Repurchase Facility (4) 26,328 2 26,326 1.41% 19 days 32,539 Residential Investments - Term Repurchase Facility (5) 4,629 — 4,629 2.75% 356 days 5,134 Residential Mortgage Financing Agreements 97,124 — 97,124 2.78% 352 days 154,531 CMBS - Short Term Repurchase Agreements (6) 63,548 — 63,548 1.72% 46 days 90,444 Senior Secured Revolving Credit Agreement 162,000 3,258 158,742 3.03% 3.5 years 344,084 Total $ 1,909,030 $ 28,139 $ 1,880,891 2.61% 12.0 years $ 2,418,616 Principal Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Weighted Average Value of As of December 31, 2014: RREF CDO 2006-1 Senior Notes $ 61,423 $ — $ 61,423 2.12% 31.6 years $ 139,242 RREF CDO 2007-1 Senior Notes 130,340 133 130,207 1.19% 31.8 years 271,423 RCC CRE Notes 2013 Senior Notes 226,840 2,683 224,157 2.11% 14.0 years 249,983 RCC 2014-CRE2 Senior Notes 235,344 3,687 231,657 1.45% 17.3 years 346,585 Apidos CDO III Senior Notes 74,646 — 74,646 1.18% 5.7 years 85,553 Apidos Cinco CDO Senior Notes 255,664 201 255,463 0.81% 5.4 years 272,512 Moselle CLO S.A. Senior Notes, at fair value (7) 63,321 — 63,321 1.49% 5.0 years 93,576 Moselle CLO S.A. Securitized Borrowings, at fair value (1) 5,619 — 5,619 1.49% 5.0 years — Unsecured Junior Subordinated Debentures (2) 51,548 343 51,205 4.19% 21.8 years — 6.0% Convertible Senior Notes 115,000 6,626 108,374 6.00% 3.9 years — CRE - Term Repurchase Facilities (3) 207,640 1,958 205,682 2.43% 20 days 297,571 CMBS - Term Repurchase Facility (4) 24,967 — 24,967 1.35% 20 days 30,180 Residential Investments - Term Repurchase Facility (5) 22,248 36 22,212 1.16% 1 day 27,885 Residential Mortgage Financing Agreements 102,576 — 102,576 2.78% 207 days 147,472 CMBS - Short Term Repurchase Agreements (6) 44,225 — 44,225 1.63% 17 days 62,446 Senior Secured Revolving Credit Agreement 113,500 2,363 111,137 2.66% 3.7 years 262,687 Total $ 1,734,901 $ 18,030 $ 1,716,871 2.09% 10.0 years $ 2,287,115 (1) The securitized borrowings were collateralized by the same assets as the Moselle CLO Senior Notes. (2) Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively. (3) Amounts also include accrued interest expense of $63,000 and $198,000 related to CRE repurchase facilities as of September 30, 2015 and December 31, 2014 , respectively. (4) Amounts also include accrued interest expense of $14,000 and $12,000 related to CMBS repurchase facilities as of September 30, 2015 and December 31, 2014 , respectively. Amounts do not reflect CMBS repurchase agreement borrowings that are components of linked transactions as of December 31, 2014 . (5) Amounts also include accrued interest expense of $8,000 and $20,000 related to residential investment facilities as of September 30, 2015 and December 31, 2014 , respectively. (6) Amounts also include accrued interest expense of $26,000 and $31,000 related to CMBS short term repurchase facilities as of September 30, 2015 and December 31, 2014 . (7) The fair value option was elected for the borrowings associated with Moselle CLO. As such, the outstanding borrowings and principal outstanding amounts are stated at fair value. The unpaid principal amounts of these borrowings were $63.3 million at December 31, 2014 . Securitizations The following table sets forth certain information with respect to the Company's securitizations: Securitization Closing Date Maturity Date Reinvestment Period End Total Note Paydowns as of September 30, 2015 (in millions) RREF CDO 2006-1 Senior Notes August 2006 August 2046 September 2011 $ 180.4 RREF CDO 2007-1 Senior Notes June 2007 September 2046 June 2012 $ 216.6 RCC CRE Notes 2013 Senior Notes December 2013 December 2028 N/A $ 133.6 RCC 2014-CRE2 Senior Notes July 2014 April 2032 N/A $ — RCC 2015-CRE3 Senior Notes February 2015 March 2032 N/A $ — RCC 2015-CRE4 Senior Notes August 2015 August 2032 N/A $ — Apidos CDO III Senior Notes May 2006 September 2020 June 2012 $ 262.5 Apidos Cinco CDO Senior Notes May 2007 May 2020 May 2014 $ 169.7 Moselle CLO S.A. Senior Notes October 2005 January 2020 January 2012 $ 167.2 Moselle CLO S.A. Securitized Borrowings October 2005 January 2020 January 2012 $ 5.0 In June 2015, the Company called Apidos CDO III, substantially liquidating the securitization's assets. Proceeds from the sale of these assets, plus proceeds from previous sales and paydowns in the CDO, were used to pay down the securitization's $262.5 million of Senior Notes in full. The investments held by the Company's securitizations collateralize the securitization's borrowings and, as a result, are not available to the Company, its creditors, or stockholders. All senior notes retained at closing or subsequently repurchased by the Company as of September 30, 2015 eliminate in consolidation. RCC 2015-CRE3 In February 2015, the Company closed RCC 2015-CRE3, a $346.2 million CRE securitization transaction that provided financing for transitional commercial real estate loans. RCC 2015-CRE3 issued a total of $282.1 million of senior notes at par to unrelated investors. RCC Real Estate purchased 100% of the Class E and Class F senior notes for $20.8 million and $15.6 million , respectively. In addition, Resource Real Estate Funding 2015-CRE3 Investor, LLC, a subsidiary of RCC Real Estate, purchased a $27.7 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 2015-CRE3, 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 2015-CRE3. At closing, the senior notes issued to investors by RCC 2015-CRE3 consisted of the following classes: (i) $193.9 million of Class A notes bearing interest at one-month LIBOR plus 1.40% ; (ii) $17.3 million of Class A-S notes bearing interest at one-month LIBOR plus 1.65% ; (iii) $19.5 million of Class B notes bearing interest at one-month LIBOR plus 2.40% ; (iv) $20.8 million of Class C notes bearing interest at one-month LIBOR plus 3.15% ; (v) $30.7 million of Class D notes bearing interest at one-month LIBOR plus 4.00% ; (vi) $20.8 million of Class E notes bearing interest at one-month LIBOR plus 4.75% ; (vii) and $15.6 million of Class F notes bearing interest at one-month LIBOR plus 5.50% . All of the notes issued mature in March 2032, although the Company has the right to call the notes anytime after March 2017 until maturity. There is no reinvestment period in RCC 2015-CRE3; however, principal repayments, for a period ending in February 2017, may be used to purchase funding participations with respect to existing collateral held outside of the securitization. RCC 2015-CRE4 In August 2015, the Company closed RCC 2015-CRE4, a $312.9 million CRE securitization transaction that provided financing for transitional commercial real estate loans. RCC 2015-CRE4 issued a total of $223.7 million of senior notes at par to unrelated investors. RCC Real Estate purchased 100% of the Class C senior notes for $26.6 million . In addition, Resource Real Estate Funding 2015-CRE4 Investor, LLC , a subsidiary of RCC Real Estate purchased a $62.6 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 2015-CRE4, but are senior in right of the payment to the preference shares. The equity interest is subordinated in right of payment to all other securities issued by RCC 2015-CRE4. At closing, the senior notes issued to investors by RCC 2015-CRE4 consisted of the following classes: (i) $179.9 million of Class A notes bearing interest at one-month LIBOR plus 1.40% ; (ii) $43.8 million of Class B notes bearing interest at one-month LIBOR plus 3.00% ; (iii) $26.6 million of Class C notes bearing interest at one-month LIBOR plus 4.75% . All of the notes issued mature in August 2032, although the Company has the right to call the notes anytime after September 2017 until maturity. There is no reinvestment period in RCC 2015-CRE4; however, principal repayments, for a period ending in September 2017, may be used to purchase funding participations with respect to existing collateral held outside of the securitization. 6.0% Convertible Senior Notes In connection with the Company's one-for-four reverse stock split, the 6.0% Convertible Senior Notes due 2018, ("6.0% Convertible Senior Notes") automatically adjusted from 150.1502 shares of common stock per $1,000 principal amount of such notes to 37.53755 shares of common stock per $1,000 principal amount of such notes. The conversion price was adjusted from $6.66 to $26.64 as a result of the stock split. 8.0% Convertible Senior Notes In January 2015, the Company issued and sold in a public offering $100.0 million aggregate principal amount of its 8.0% Convertible Senior Notes due 2020, (" 8.0% Convertible Senior Notes") are convertible at the option of the holder. The 8.0% Convertible Senior Notes had an original conversion rate of 187.4414 common shares per $1,000 principal amount of 8.0% Convertible Senior Notes (equivalent to an initial conversion price of $5.34 per common share). Upon conversion of 8.0% Convertible Senior Notes by a holder, the holder will receive cash, the Company's common shares or a combination of cash and the Company's common shares, at the Company's election. In connection with the Company's one-for-four reverse stock split, the 8.0% Convertible Senior Notes automatically adjusted to 46.86035 shares of common stock per $1,000 principal amount of such notes. The conversion price was adjusted from $5.34 to $21.36 as a result of the stock split. After deducting a $1.0 million underwriting discount and deferred debt issuance costs totaling $2.1 million , the Company received approximately $97.0 million of net proceeds. In addition, the Company recorded a discount of $2.5 million on the 8.0% Convertible Senior Notes that 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. The aforementioned market discounts and the deferred debt issuance costs will be amortized on a straight-line basis as additional interest expense through maturity on January 15, 2020. Interest on the 8.0% Convertible Senior Notes is paid semi-annually. Repurchase and Credit Facilities Borrowings under the Company's repurchase 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 (dollars in thousands): As of September 30, 2015 As of December 31, 2014 Outstanding Value of Number of Weighted Average Outstanding Value of Number of Weighted Average CMBS Term Wells Fargo Bank (1) $ 26,326 $ 32,539 27 1.41% $ 24,967 $ 30,180 33 1.35% CRE Term Wells Fargo Bank (2) 78,230 128,354 6 2.21% 179,762 258,223 15 2.38% Deutsche Bank AG (3) — — — —% 25,920 39,348 2 2.78% Morgan Stanley Bank (4) 7,064 11,753 1 2.80% — — — —% Short-Term Repurchase Deutsche Bank Securities, LLC 49,939 70,484 20 1.73% 33,783 44,751 8 1.62% Wells Fargo Securities, LLC 13,609 19,960 4 1.85% 10,442 17,695 1 1.66% Residential Investments Term Repurchase Facility Wells Fargo Bank (5) 4,629 5,134 6 2.75% 22,212 27,885 6 1.16% Residential Mortgage New Century Bank 41,975 54,093 194 2.82% 41,387 51,961 158 2.82% Wells Fargo Bank 55,149 100,438 163 2.75% 61,189 95,511 104 2.75% Totals $ 276,921 $ 422,755 $ 399,662 $ 565,554 (1) The Wells Fargo CMBS term repurchase facility borrowing includes $2,000 and $0 of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (2) The Wells Fargo CRE term repurchase facility borrowing includes $927,000 and $1.7 million of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (3) The Deutsche Bank CRE term repurchase facility includes $0 and $268,000 of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (4) The Morgan Stanley CRE term repurchase facility includes $1.8 million and $0 of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (5) The Wells Fargo residential investments term repurchase facility includes $36,000 of deferred debt issuance costs as of December 31, 2014 . As the result of an accounting standards update adopted on January 1, 2015 ( see Note 2 ), the Company unlinked its previously linked transactions and disclosed affected asset, liability, income and expense balances at their gross values in its consolidated financial statements. Accordingly, the Company had no repurchase agreements being accounted for as linked transactions as of September 30, 2015 . The assets in the following table were accounted for as linked transactions as of December 31, 2014 . These linked repurchase agreements are not included in borrowings on the Company's consolidated balance sheets at that date ( see Note 20 ). As of December 31, 2014 Borrowings (1) Value of Collateral Number Weighted Average CMBS Term Repurchase Facility Wells Fargo Bank $ 4,941 $ 6,371 7 1.67% Short-Term Repurchase JP Morgan Securities, LLC — — — —% Wells Fargo Securities, LLC 4,108 6,233 2 1.37% Deutsche Bank Securities, LLC 24,348 36,001 10 1.57% Totals $ 33,397 $ 48,605 The following table shows information about the amount at risk under the repurchase facilities (dollars in thousands): Amount at (1) Weighted Average Weighted Average As of September 30, 2015: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 5,894 19 1.41% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 505 356 2.75% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 49,604 19 2.21% Morgan Stanley Bank, National Association $ 2,864 22 2.80% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 6,070 11 1.85% Deutsche Bank Securities, LLC $ 20,853 56 1.73% Residential Mortgage Financing Agreements Wells Fargo Bank $ 45,289 365 2.75% New Century Bank $ 12,119 334 2.82% As of December 31, 2014: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 6,486 20 1.35% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 5,017 1 1.16% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 76,148 20 2.38% Deutsche Bank Securities, LLC $ 13,017 19 2.78% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 2,127 9 1.66% Deutsche Bank Securities, LLC $ 11,810 20 1.62% Residential Mortgage Financing Agreements New Century Bank $ 853 242 2.82% Wells Fargo Bank $ 6,902 183 2.75% (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. The Company is in compliance with all financial covenants as defined in the respective agreements as of September 30, 2015 . CRE – Term Repurchase Facility On September 20, 2015, RCC Real Estate's wholly-owned subsidiary, RCC Real Estate SPE 6 ("SPE 6"), entered into a master repurchase and securities agreement (the "Morgan Stanley Facility”) with Morgan Stanley Bank, NA to finance the origination of commercial real estate loans. The Company paid a commitment fee of 0.65% of the maximum facility amount, as well as other standard costs. The Morgan Stanley Facility has a maximum capacity of $250.0 million and an initial three year term that expires on September 10, 2018 with annual one year extension options, and an interest rate of one month LIBOR plus an applicable spread ranging from 2.25% to 2.75% . Morgan Stanley charges an unused fee of 0.50% if the average daily outstanding borrowings are less than or equal to 50% of the facility amount, and of 0.25% if the amount the average daily outstanding borrowings are greater than 50% but less than 65% of the facility amount. Morgan Stanley has agreed to waive this unused fee until January 2016. The Morgan Stanley 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; a change of control of SPE 6 or the Company; breaches of covenants and/or certain representations and warranties ; a judgment in an amount greater than $250,000 against SPE 6 or $15.0 million in the aggregate against the Company; or a default involving the failure to pay or acceleration of a monetary obligation in excess of $250,000 of SPE 6 or $15.0 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 Morgan Stanley Facility and the liquidation of assets subject to the facility by Morgan Stanley. The Company and SPE 6 were in compliance with all financial covenants under the terms of the facility as of September 30, 2015 . Residential Investments – Term Repurchase Facility In June 2014, RSO entered into a master repurchase and securities agreement with Wells Fargo Bank, NA. The agreement allowed for the transfer of the Company’s rights, title and interest in certain residential mortgage backed securities and certificates of trust to Wells Fargo in exchange for the transfer of funds by Wells Fargo to RSO. The agreement also allows for Wells Fargo to transfer back to RSO those assets at either a certain date or on demand in exchange for the return of funds from RSO to Wells Fargo. Over the course of five amendments, the most recent of which was entered into with Wells Fargo on September 20, 2015, the Company extended the facility's termination date to September 20, 2016. Additionally, the amendments reduced the facility's maximum borrowing amount from a total of $285.0 million at December 31, 2014 to $30.0 million with respect to certificates of trust and zero with respect to residential mortgage backed securities. There were no other material changes to the agreement over the course of the five amendments. The facility currently charges a fee for unused balance of 25 basis points on the difference between a threshold equal to 40% of the maximum borrowing amount with respect to certificates of trust and the average daily borrowing balance of that month. Residential Mortgage Financing Agreements PCM has master repurchase agreements with New Century Bank d/b/a Customer's Bank ("New Century") and Wells Fargo Bank, NA ("Wells Fargo") to finance the acquisition of residential mortgage loans. In August 2015, PCM amended its agreement with New Century to extend the facility's termination date to August 29, 2016, with no other material changes made to the facility's terms. In September 2015, PCM amended its agreement with Wells Fargo to extend the facility's termination date to September 29, 2016, with no other material changes made to the facility's terms. PCM was in compliance with all financial covenant requirements under the New Century and Wells Fargo agreements as of September 30, 2015 . Senior Secured Revolving Credit Agreement On September 18, 2014, the Company's wholly-owned subsidiary, Northport LLC closed a $110.0 million syndicated senior secured revolving credit facility ("Northport Credit Facility") with JP Morgan as agent bank to finance the origination of middle market and syndicated loans. The availability under the Northport Credit Facility was increased to $125.0 million as of September 30, 2014 and again to $140.0 million with an additional commitment from ING Bank early in March 2015. During the second quarter 2015, the Company entered into the first and second amendments of the Northport Credit Facility which increased the original commitment from $225.0 million to $300.0 million and secured $85.0 million of additional availability, bringing the total available under the Northport Credit Facility to $225.0 million as of September 30, 2015 . As of September 30, 2015 , $162.0 million was outstanding on the Northport Credit Facility. Under the first amendment, both the ability to access draws on the Northport Credit Facility and maturity have been extended six months until March 31, 2018 and March 31, 2019 respectively. Under the terms of the second amendment, the interest rate margins over LIBOR 25 basis points. Accordingly, the Northport Credit Facility bears interest rates, at the Company's election, on a per annum basis equal to (i) the applicable LIBOR rate plus 2.75% or (ii) the applicable base rate (prime rate of 3.25% as of September 30, 2015 ) plus 1.75% . During the six month period following September 18, 2014, the Company was charged a commitment fee on any unused balance of 0.375% per annum if the unused balance was greater than 35% of the total commitment or 0.50% per annum if it was less than 35% of the total commitment. Following that period, the commitment fee on any unused balance became 0.375% per annum if the outstanding balance is greater than 35% of the total commitment or 1.00% per annum if the outstanding balance is 35% or less of the total commitment. At September 30, 2015 , there was an unused balance of $63.0 million on the facility. Amounts available to borrow under the Credit Facility are subject to compliance with a borrowing base computation that applies different advance rates to different types of assets held by Northport LLC that are pledged as collateral. Under the Northport Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. At September 30, 2015 , the Company is in compliance with all covenants under the agreement. The Company guarantees Northport LLC's performance of its obligations under the Northport Credit Facility. Contractual maturity dates of the Company's borrowings by category and year are present in the table below: Total 2015 2016 2017 2018 2019 and Thereafter CDOs $ 332,382 $ 57 $ — $ — $ — $ 332,325 CRE Securitizations 856,710 — — — — 856,710 Repurchase Agreements 276,921 175,168 101,753 — — — Unsecured Junior Subordinated Debentures 51,360 — — — — 51,360 6.0 % Convertible Notes 109,661 — — — 109,661 — 8.0 % Convertible Notes 95,115 — — — — 95,115 Senior Secured Revolving Credit Facility 158,742 — — — 158,742 Total $ 1,880,891 $ 175,225 $ 101,753 $ — $ 109,661 $ 1,494,252

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 13 - SHARE ISSUANCE AND REPURCHASE For the Nine Months Ended Total Outstanding Number of Shares Weighted Average Offering Price Number of Shares Weighted Average Offering Price 8.50% Series A Preferred Stock — $ — 1,069,016 $ 24.05 8.25% Series B Preferred Stock 139,333 $ 22.34 5,740,479 $ 23.81 8.625% Series C Preferred Stock — $ — 4,800,000 $ 25.00 On or after June 14, 2017 the Company may, at its option, redeem the Series A preferred stock, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. On or after October 2, 2017 the Company may, at its option, redeem the Series B preferred stock, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. On or after July 30, 2024 , the Company may, at its option, redeem the Series C preferred stock, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. Under a dividend reinvestment plan authorized by the board of directors on March 21, 2013, the Company is authorized to issue up to 5,000,000 shares of common stock. During the three and nine months ended September 30, 2015 , the Company sold approximately 5,280 and 15,405 shares of common stock through this program, resulting in proceeds of approximately $74,000 and $261,000 , respectively. Under a share repurchase plan authorized by the board of directors on August 3, 2015, the Company is authorized to repurchase up to $50.0 million of its outstanding equity and debt securities. In August and September 2015, the Company had repurchased $15.4 million of its common stock, representing approximately 1.2 million shares or 3.5% of the outstanding balance.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 14 - SHARE-BASED COMPENSATION The following table summarizes restricted common stock transactions: Non-Employee Directors Non-Employees Employees Total Unvested shares as of January 1, 2015 12,301 453,213 40,396 505,910 Issued 13,896 250,365 43,351 307,612 Vested (10,930 ) (98,769 ) (1,860 ) (111,559 ) Forfeited — (3,817 ) (3,716 ) (7,533 ) Unvested shares as of September 30, 2015 15,267 600,992 78,171 694,430 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 nine months ended September 30, 2015 and 2014 , including the grant date fair value of shares issued to the Company’s seven non-employee directors, was $5.9 million , and $5.0 million , respectively. The Company reports any unvested shares of restricted common stock granted to non-employee directors at the fair value on the grant date amortized over the service period. The amortization recognized during the three and nine months ended September 30, 2015 and 2014 was $64,000 and $193,000 and $63,000 and $192,000 , respectively. As of September 30, 2015 the total unrecognized restricted common stock expense was $3.3 million , with a weighted average amortization period remaining of 2.1 years . The following table summarizes the restricted common stock grants during the nine months ended September 30, 2015 : Date Shares (2) Vesting/Year Date(s) February 3, 2015 1,819 100% 2/3/16 February 5, 2015 241,524 33.3% 2/5/16, 2/5/17, 2/5/18 February 5, 2015 28,818 33.3% 2/5/16, 2/5/17, 2/5/18 March 9, 2015 8,047 100% 3/9/16 March 12, 2015 1,906 100% 3/12/16 March 31, 2015 8,841 100% 5/15/16 (1) June 8, 2015 2,124 100% 6/8/16 August 10, 2015 14,503 100% 3/31/16, 3/31/17, 3/31/18 September 1, 2015 (3) 30 various various (1) In connection with a grant of restricted common stock made on September 24, 2014 , the Company agreed to issue up to 17,682 additional shares of common stock if certain loan origination performance thresholds were achieved by personnel from the Company’s loan origination team. The performance criteria are measured at the end of two annual measurement periods which began April 1, 2014 . The agreement also provided 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 were paid at the end of each annual measurement period if the performance criteria were met. If the performance criteria are not met, the accrued dividends will be forfeited. As a consequence, the Company does not record the dividend equivalent rights until earned. On March 31, 2015 , the first annual measurement period ended and 8,841 shares were earned. These shares will vest over the subsequent 12 months at a rate of one-fourth per quarter. In addition, approximately $21,000 of accrued dividend equivalent rights were earned and paid. (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 PCM. (3) In connection with the Company's one-for-four reverse stock split, 30 shares of unvested shares of common stock were issued on September 1, 2015 due to rounding. The following table summarizes the status of the Company’s vested stock options as of September 30, 2015 : 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, 2015 160,167 $ 57.80 Vested — — Exercised — — Forfeited — — Expired (133,917 ) $ 60.00 Vested as of September 30, 2015 26,250 $ 46.60 3.20 $ — There were no options granted during the nine months ended September 30, 2015 or 2014 . The outstanding stock options have a remaining contractual term of ten years. The components of equity compensation expense for the periods presented as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Options granted to Manager and non-employees $ — $ — $ — $ (2 ) Restricted shares granted to non-employees (1) (466 ) 549 840 3,762 Restricted shares granted to employees 177 185 528 545 Restricted shares granted to non-employee directors 64 64 193 192 Total equity compensation expense $ (225 ) $ 798 $ 1,561 $ 4,497 (1) Non-employees are employees of Resource America. There were no incentive fees paid to the Manager for the three and nine months ended September 30, 2015 and 2014 . Apart from incentive compensation payable under the Management Agreement, the Company has established no formal criteria for the issuance of equity awards as of September 30, 2015 . All awards are discretionary in nature and subject to approval by the Compensation Committee of the Company's board of directors. On October 31, 2013, the Company, through its TRS, RCC Residential, completed a business combination whereby it acquired the assets of PCM, an Atlanta based company that originates and services residential mortgage loans, for approximately $7.6 million in cash. As part of this transaction, a key employee of PCM was granted approximately $800,000 of the Company’s restricted stock. Any grants for employees of PCM are accounted for as compensation and amortized to equity compensation expense over the vesting period. Dividends declared on the stock while unvested are recorded as a general and administrative expense. Dividends declared after the stock vests are recorded as a distribution. For the three and nine months ended September 30, 2015 , $177,000 and $528,000 of amortization of the stock grants were recorded to equity compensation expense and $50,000 and $136,000 of expense related to dividends on unvested shares were recorded to general and administrative expense on the Company’s consolidated statements of operations, respectively. For the three and nine months ended September 30, 2014 , $163,000 and $486,000 of amortization of the stock grants were recorded to equity compensation expense and $52,000 and $156,000 of expense related to dividends on unvested shares were recorded to general and administrative expense on the Company’s consolidated statements of operations, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 15 - EARNINGS PER SHARE On August 3, 2015, the Company's board of directors approved a one-for-four reverse stock split of its outstanding common stock which took effect after the close of business on August 31, 2015. Outstanding share and per-share amounts disclosed as of September 30, 2015 and for all other comparative periods provided have been retroactively adjusted to reflect the effects of the stock split. 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): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Basic: Net income (loss) allocable to common shares $ 6,778 $ 7,328 $ (14,831 ) $ 37,121 Weighted average number of shares outstanding 32,515,226 32,413,591 32,726,194 31,858,595 Basic net income (loss) per share $ 0.21 $ 0.23 $ (0.45 ) $ 1.17 Diluted: Net income (loss) allocable to common shares $ 6,778 $ 7,328 $ (14,831 ) $ 37,121 Weighted average number of shares outstanding 32,515,226 32,413,591 32,726,194 31,858,595 Additional shares due to assumed conversion of dilutive instruments 435,991 393,349 — 317,884 Adjusted weighted-average number of common shares outstanding 32,951,217 32,806,940 32,726,194 32,176,479 Diluted net income (loss) per share $ 0.21 $ 0.22 $ (0.45 ) $ 1.15 Potentially dilutive shares consisting of 0 and 349,249 shares of restricted stock are not included in the calculation of diluted net income (loss) per share for the three and nine months ended September 30, 2015 , respectively, because the effect was anti-dilutive. Potentially dilutive shares consisting of 9,002,864 shares issuable in connection with the potential conversion of the Company's 6% and 8% Convertible Senior Notes ( see Note 12 ) for both the three and nine months ended September 30, 2015 , respectively, and 4,476,985 shares issuable in connection with the potential conversion of the Company's 6% Convertible Senior Notes and stock options for both the three and nine months ended September 30, 2014 , were not included in the calculation of diluted net income (loss) per share because the effect was anti-dilutive.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The following table presents the changes in each component of accumulated other comprehensive income for the nine months ended September 30, 2015 (dollars in thousands): Net unrealized (loss) gain on derivatives Net unrealized (loss) gain on securities, Foreign Currency Translation Accumulated other comprehensive income (loss) January 1, 2015 $ (8,967 ) $ 15,422 $ (412 ) $ 6,043 Other comprehensive gain (loss) before reclassifications 3,424 (345 ) 343 3,422 Amounts reclassified from accumulated other 538 (12,139 ) — (11,601 ) Net current-period other comprehensive income 3,962 (12,484 ) 343 (8,179 ) Unrealized gains (losses) on available-for-sale securities allocable to non-controlling interests — 2,510 — 2,510 September 30, 2015 $ (5,005 ) $ 5,448 $ (69 ) $ 374

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 - 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 September 30, 2015 , Resource America owned 715,398 shares, or 2.2% , of the Company’s outstanding common stock. In addition, Resource America held 2,166 options to purchase restricted stock, which expired on March 8, 2015. 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 and nine months ended September 30, 2015 , the Manager earned base management fees of approximately $6.8 million and $13.6 million , respectively. For the three and nine months ended September 30, 2014 , the Manager earned base management fees of approximately $3.5 million and $9.6 million , respectively. No incentive management fees were earned for the three and nine months ended September 30, 2015 or 2014 . 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 and nine months ended September 30, 2015 the Company paid the Manager $1.3 million and $4.0 million , respectively, and for the three and nine months ended September 30, 2014 , $1.1 million and $3.5 million , 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 and nine months ended September 30, 2015 and 2014 , RCM earned no management fees. The portfolio began a partial liquidation during the year ended December 31, 2013 that has resulted in the outstanding portfolio balance being significantly decreased. The Company has reinvested gains from its activity and holds $3.8 million in fair market value of trading securities as of September 30, 2015 , an increase of $400,000 from $3.4 million at fair market value as of December 31, 2014 . 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. RCM did not earn profits from this account during the three and nine months ended September 30, 2015 and 2014 . The Company also reimburses RCM for expenses paid on the Company's behalf. For the three and nine months ended September 30, 2015 , the Company paid RCM $21,000 and $118,000 , respectively, as expense reimbursements. For the three and nine months ended September 30, 2014 , the Company paid RCM $6,000 and $132,000 , respectively, as expense reimbursements. At September 30, 2015 , the Company was indebted to the Manager for $1.8 million , comprised of base management fees of $1.0 million and expense reimbursements of $790,000 . At December 31, 2014 , the Company was indebted to the Manager for $1.6 million , comprised of base management fees of $1.2 million and expense reimbursements of $480,000 . At September 30, 2015 , the Company was indebted to RCM under the Company’s Investment Management Agreement for $197,000 , comprised entirely of expense reimbursements. At December 31, 2014 , the Company was indebted to RCM under the Company’s Investment Management Agreement for $121,000 , comprised entirely of expense reimbursements. The Company's base management fee payable as well as expense reimbursements payable are recorded in accounts payable and other liabilities on the consolidated balance sheets. During the year ended December 31, 2013, the Company, through one of its subsidiaries, began originating middle-market loans. Resource America is paid origination fees in connection with the Company’s middle-market lending operations, 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 vests in full on November 7, 2016, and includes dividend equivalent rights. The Company had executed eleven and nine securitizations as of September 30, 2015 and December 31, 2014 , respectively, 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 securitization's entities and their assets. The Company liquidated one of these securitizations in October 2013 and another in October 2014. Relationship with LEAF Commercial Capital. LCC 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 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. At the end of 2014, the Company recorded a provision for loan loss on this loan of $1.3 million before extinguishing the loan and bringing direct financing leases in the amount of $2.1 million on the Company's books in lieu of the loan receivable. During the three and nine months ended September 30, 2015 , the Company recorded a partial recovery of this provision in the amount of $0 and $216,000 . As of September 30, 2015 , the Company held $1.1 million of direct financing leases. 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 and nine months ended September 30, 2015 the Company recorded gains of $961,000 and $1.4 million , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. For the three and nine months ended September 30, 2014 , the Company recorded a gain of $13,000 and a loss of $859,000 , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. The Company’s investment in LCC was $40.8 million and $39.4 million as of September 30, 2015 and December 31, 2014 , 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, L.P. ("CVC Credit Partners"), a joint venture entity in which Resource America owns a 24% 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 and nine months ended September 30, 2015 , CVC Credit Partners earned subordinated fees of $173,000 and $631,000 , respectively, and no incentive fees. For the three and nine months ended September 30, 2014 , CVC Credit Partners earned subordinated fees of $309,000 and $1.0 million , respectively, and no incentive fees. In October 2012, the Company purchased 66.6% of the preferred equity in one of the RCAM CLOs. In May 2013, the Company purchased 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, L.P. 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 because the Company is a related party of CVC Credit Partners. For the three and nine months ended September 30, 2015 , the Company recorded a loss of $628,000 and earnings of $293,000 , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. For the three and nine months ended September 30, 2014 , the Company recorded earnings of $47,000 and $2.0 million , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. In March 2015, the Company elected to withdraw $5.0 million from the fund. The Company's investment balance was $12.9 million as of September 30, 2015 as compared to $18.2 million as of December 31, 2014 . The investment is recorded as an investment in unconsolidated entities on the Company's consolidated balance sheets using the equity method. In October 2015, another $4.0 million withdrawal was requested and received. 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 a receivable in the amount of $0 and $100,000 due from Resource Real Estate for loan origination costs in connection with the Company’s commercial real estate loan portfolio as of September 30, 2015 and December 31, 2014 , respectively. 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 was set to mature on May 9, 2018, carried 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 was used as collateral in RREF CDO 2006-1. RREM was appointed as the asset manager as of August 1, 2011. RREM performed lease review and approval, debt service collection, loan workout, foreclosure, disposition and/or entitlements 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 4.0% of the gross receipts generated from the property. The Company incurred fees payable to RREM for the three and nine months ended September 30, 2014 in the amount of $36,000 and $105,000 , respectively. There were no fees incurred for the three and nine months ended September 30, 2015 , as the property was sold during the last quarter of 2014 for a gain of $1.9 million . On December 1, 2009, the Company purchased a membership interest in RRE VIP Borrower, LLC (an unconsolidated VIE that held an interest in a real estate joint venture) from Resource America for $2.1 million , its book value. RREM was asset manager of the venture and received 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 and nine months ended September 30, 2014 , the Company paid RREM management fees of $0 and $6,000 , respectively. There were no fees incurred for the three and nine months ended September 30, 2015 , as the last property associated with the joint venture was sold in July 2014. For the three and nine months ended September 30, 2015 , the Company recorded income of $0 and $46,000 , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. For the three and nine months ended September 30, 2014 , the Company recorded income of $770,000 and $2.5 million , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. The income recorded in 2015 was due to a liquidation of an existing bank account with respect to one of the properties. 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 was secured by RCP’s partnership interest in the RRE Opportunity Fund. The promissory note bore interest at a fixed rate of 8.0% per annum on the unpaid principal balance. In the event of default, interest accrued at a rate of 5.0% in excess of the fixed rate. Interest was payable quarterly. Mandatory principal payments were required to the extent distributable cash or other proceeds from RRE Opportunity Fund represent a return of RCP’s capital. The loan had an original maturity date of January 14, 2015, with two one -year extensions. RCP exercised the first option, extending the maturity to January 14, 2016. The loan balance was $558,000 at December 31, 2014 , which was paid in full in April 2015 . 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 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 received an annual asset management fee equal to 2.0% 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 in 2014 for a $912,000 gain, which was recorded on the Company's consolidated statements of operations in equity of earnings of unconsolidated subsidiaries. The Company has closed the following four real estate securitization transactions, which provide financing for commercial real estate loans: RCC CRE Notes 2013, a $307.8 million securitization in December 2013; RCC 2014-CRE2, a $353.9 million securitization on July 30, 2014; RCC 2015-CRE3, a $346.2 million securitization on February 24, 2015; and RCC 2015-CRE4, a $312.9 million securitization on August 18, 2015. Resource Real Estate serves as special servicer for each transaction. 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, 0.25% 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 placement agent fees in connection with each transaction as follows: $205,000 ; $175,000 ; $100,000 ; and $85,000 , respectively. In July 2014, the Company formed RCM Global Manager to invest in RCM Global, an entity formed to hold a portfolio of structured product securities. The Company contributed $15.0 million for a 63.8% membership interest in RCM Global. A five member board manages RCM Global, and all actions including purchases and sales must be approved by no less than three of the five members of the board. The portion of RCM Global that the Company does not own is presented as non-controlling interests as of the dates and for the periods presented in the Company's consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. In March and June 2015, the Company requested and received a proportional, in-kind distribution in certain securities held by RCM Global. The distribution of and subsequent sale of those securities by the Company through its subsidiary, RCC Residential, resulted in the realization of $4.9 million of net gains for the nine months ended September 30, 2015 . As a result of these distributions, the Company's ownership interest is 46.4% as of September 30, 2015 . In September 2014, the Company contributed $17.5 million to Pelium Capital for an initial ownership interest of 80.4% . Pelium Capital is a specialized credit opportunity fund managed by Resource America. The Company funded its final commitment of $2.5 million , as of February 1, 2015. The Company will receive 10% of the carried interest in the partnership for the first five years, and can increase its interest to 20% if the Company's capital contributions aggregate $40.0 million . Resource America contributed securities valued at $2.8 million to the formation of Pelium Capital. The portion of the fund that the Company does not own is presented as non-controlling interests as of the dates and for the periods presented in the Company's consolidated financial statements. Pelium Capital was determined not to be a VIE as there was sufficient equity at risk, the Company does not have disproportionate voting rights and Pelium Capital's partners have all of the following characteristics: (1) the power to direct the activities of Pelium; (2) the obligation to absorb losses; and (3) the right to receive residual returns. However, Pelium Capital was consolidated as a result of the Company's majority ownership and the Company's unilateral kick-out rights. The non-controlling interest in Pelium Capital is owned by Resource America and outside investors. All intercompany accounts and transactions have been eliminated in consolidation. The Company's ownership interest in Pelium Capital was 80.2% as of September 30, 2015 . On April 10, 2015, the Company entered into two first mortgage bridge loans in the amount of $2.5 million and $3.3 million with two funds sponsored by Resource America, Resource Real Estate Investors LP and Resource Real Estate Investors II, LP. Each loan carried an interest rate of LIBOR plus 5.75% with a LIBOR floor of 0.25% . The loans had a maturity date of May 5, 2016, with two consecutive one -year options to extend upon the first maturity date. The loan in the amount of $2.5 million was repaid in full with interest on April 29, 2015. The second loan in the amount of $3.3 million was repaid in full with interest on July 31, 2015. On June 24, 2015, the Company committed up to $50.0 million in Pearlmark Mezzanine Realty Partners IV, L.P. ("Pearlmark Mezz IV L.P."), a Delaware limited partnership. The contractual fund manager of the fund is Pearlmark Real Estate LLC ("Pearlmark"), a Delaware limited liability company that is 50% owned by Resource America. The Company will pay Pearlmark Mezz IV L.P management fees of 1.0% on the unfunded committed capital and 1.5% on the invested capital. The Company is entitled to a management fee rebate of 25% for the first year of the fund. As of September 30, 2015 , the Company is indebted for $50,000 for management fees, net of the rebate. The Company has not invested any capital as of September 30, 2015 . Resource America has agreed that it will credit any such fees paid by the Company to Pearlmark against the base management fee that the Company pays to Resource America. 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 and nine months ended September 30, 2015 , the Company paid Ledgewood $13,000 and $348,000 , respectively, in connection with legal services rendered to the Company. For the three and nine months ended September 30, 2014 , the Company paid Ledgewood $45,000 and $202,000 , respectively, in connection with legal services rendered to the Company.

DISTRIBUTIONS

DISTRIBUTIONS	9 Months Ended
	Sep. 30, 2015
DISTRIBUTIONS [Abstract]
DISTRIBUTIONS	NOTE 18 - DISTRIBUTIONS For the quarter ended September 30, 2015 , the Company declared and subsequently paid a dividend of $0.64 per common share. 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 2015 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 and nine months ended September 30, 2015 and year ended December 31, 2014 : Common Stock Date Paid Total Dividend (in thousands) 2015 March 31 April 28 $ 21,444 $ 0.64 June 30 July 28 $ 21,426 $ 0.64 September 30 October 28 $ 20,667 $ 0.64 2014 March 31 April 28 $ 25,921 $ 0.80 June 30 July 28 $ 26,179 $ 0.80 September 30 October 28 $ 26,629 $ 0.80 December 31 January 28, 2015 $ 26,563 $ 0.80 Preferred Stock Series A Series B Series C Date Paid Total Dividend Date Paid Total Dividend Date Paid Total Dividend (in thousands) (in thousands) (in thousands) 2015 March 31 April 30 $ 568 $ 0.53125 April 30 $ 2,960 $ 0.515625 April 30 $ 2,588 $ 0.539063 June 30 July 30 $ 568 $ 0.53125 July 30 $ 2,960 $ 0.515625 July 30 $ 2,588 $ 0.539063 Sept. 30 Oct. 30 $ 568 $ 0.53125 Oct. 30 $ 2,960 $ 0.515625 Oct. 30 $ 2,588 $ 0.539063 2014 March 31 April 30 $ 463 $ 0.53125 April 30 $ 2,057 $ 0.515625 — — — June 30 July 30 $ 537 $ 0.53125 July 30 $ 2,378 $ 0.515625 July 30 $ 1,437 $ 0.299479 September 30 October 30 $ 537 $ 0.53125 October 30 $ 2,430 $ 0.515625 October 30 $ 2,588 $ 0.539063 December 31 January 30, 2015 $ 568 $ 0.53125 January 30, 2015 $ 2,888 $ 0.515625 January 30, 2015 $ 2,588 $ 0.539063

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 19 - FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents information about the Company’s assets and liabilities 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 As of September 30, 2015: Assets: Investment securities, trading $ — $ — $ 25,715 $ 25,715 Investment securities available-for-sale — 4,627 229,973 234,600 Loans held for sale — 60,958 52,049 113,007 Derivatives — 1 3,729 3,730 Total assets at fair value $ — $ 65,586 $ 311,466 $ 377,052 Liabilities: Derivatives $ — $ 1,586 $ 5,880 $ 7,466 Total liabilities at fair value $ — $ 1,586 $ 5,880 $ 7,466 As of December 31, 2014: Assets: Investment securities, trading $ — $ — $ 20,786 $ 20,786 Investment securities available-for-sale — 33,158 242,562 275,720 CMBS - linked transactions — — 15,367 15,367 Derivatives 3,429 7 1,868 5,304 Total assets at fair value $ 3,429 $ 33,165 $ 280,583 $ 317,177 Liabilities: Moselle CLO Notes $ — $ — $ 68,940 $ 68,940 Derivatives — — 8,476 8,476 Total liabilities at fair value $ — $ — $ 77,416 $ 77,416 The Company's residential mortgage loan portfolio included in loans held for sale is comprised of both agency loans and non-agency jumbo loans. The fair values of the Company's agency loan portfolio are generally classified as Level 2 in the fair value hierarchy, as those values are determined based on quoted market prices for similar assets or upon other observable inputs. The fair values of the Company's jumbo loan portfolio are generally classified as Level 3 in the fair value hierarchy, as those values are generally based upon valuation techniques that utilize unobservable inputs that reflect the assumptions that a market participant would use in pricing those assets. As of September 30, 2015 , except for a note balance of $57,000 , Moselle CLO paid off all of its outstanding CLO notes. The following table presents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands): CMBS (1) ABS Structured Warrants Interest Rate Lock Commitments Loans Held for Sale Total Balance, January 1, 2015 $ 185,772 $ 72,157 $ 20,786 $ 898 $ 970 $ 83,380 $ 363,963 Included in earnings 1,676 2,478 2,530 (71 ) 25,713 (1,272 ) 31,054 Unlinked transactions 33,239 — — — — — 33,239 Purchases/Originations 10,373 24,812 22,126 — — 246,927 304,238 Sales (26,292 ) (17,283 ) — — (270,827 ) (314,402 ) Paydowns (51,918 ) (5,094 ) (1,986 ) — — (6,159 ) (65,157 ) Issuances — — — — — — — Settlements — (11,216 ) — — (24,595 ) — (35,811 ) Included in OCI (1,317 ) (8,568 ) (458 ) — — — (10,343 ) Transfers into Level 3 — 3,871 — — — — 3,871 Balance, September 30, 2015 $ 177,825 $ 52,148 $ 25,715 $ 827 $ 2,088 $ 52,049 $ 310,652 (1) Beginning balance includes linked transactions. Due to a change in accounting guidance, as of January 1, 2015, the concept of linked transactions no longer exists. The following table presents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands): Interest rate swaps Beginning balance, January 1, 2015 $ 8,680 Unrealized gains - included in accumulated other comprehensive income (3,552 ) Included in earnings 127 Ending balance, September 30, 2015 $ 5,255 Forward sale commitments on residential mortgages had a beginning balance at January 1, 2015 of $1.2 million with $3.2 million included in earnings and settlements of $2.3 million for a remaining forwards sale commitments liability of $2.1 million at September 30, 2015. 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 As of September 30, 2015: Assets : Loans held for sale $ — $ 2,999 $ — $ 2,999 Impaired loans — 998 32,500 33,498 Total assets at fair value $ — $ 3,997 $ 32,500 $ 36,497 As of December 31, 2014: Assets : Loans held for sale $ — $ 36,956 $ — $ 36,956 Impaired loans — 1,678 137,811 139,489 Total assets at fair value $ — $ 38,634 $ 137,811 $ 176,445 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 amounts of nonrecurring fair value losses for specifically impaired loans for the three and nine months ended September 30, 2015 were $920,000 and $42.4 million , respectively. The amounts of nonrecurring fair value losses for specifically impaired loans for the three and nine months ended September 30, 2014 were $24,000 and $464,000 , respectively. The amounts of nonrecurring fair value losses for loans held for sale for the three and nine months ended September 30, 2015 were $35,000 and $841,000 , respectively. The amounts of nonrecurring fair value losses for loans held for sale for the three and nine months ended September 30, 2014 were $597,000 and $ 658,000 , respectively. In accordance with FASB ASC Topic 820-10-50-2-bbb, the Company is not required to disclose quantitative information with respect to unobservable inputs contained in fair value measurements that are not developed by the Company. As a consequence, the Company has not disclosed such information associated with fair values obtained from third-party pricing sources. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2015 , for which quantitative information with respect to unobservable inputs was available, the significant unobservable inputs used in the fair value measurements were as follows (in thousands, except were otherwise indicated) : Fair Value at September 30, 2015 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Interest rate swap agreements $ 5,255 Discounted cash flow Weighted average credit spreads 4.83 % Warrant $ 827 Option pricing model Market capitalization (in millions) $ 146.0 Volatility 50.00 % The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. The fair values of the Company's short-term financial instruments such as cash and cash equivalents, restricted cash, principal paydown receivable, interest receivable, distribution payable, accrued interest expense, repurchase agreements and the secured revolving credit agreement approximate their carrying value on the consolidated balance sheets. The fair values of the Company’s investment securities, trading are reported in see Note 5 . The fair values of the Company’s investment securities available-for-sale are reported in Note 6 . The fair values of the Company’s derivative instruments and linked transactions are reported in Note 20 . Loans held-for-investment: The fair value of the Company’s Level 2 Loans held-for-investment are primarily measured using a third-party pricing service. The fair value of the Company’s Level 3 Loans held-for-investment are 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. Moselle CLO was valued using a third party pricing specialist. Junior subordinated notes are estimated by obtaining quoted prices for similar assets in active markets. The fair value of the convertible notes was determined using a discounted cash flow model that discounts the expected future cash flows using current interest rates on similar debts that do not have a conversion option. The 6% Convertible Senior Notes are discounted at a rate of 7.00% and the 8% Convertible Senior Notes are discounted at a rate of 8.60% . The fair value of the CRE portfolio was determined using a discounted cash flow model that discounts the expected future cash flows at current rates at which similar loans would be made to borrowers with similar credit rating and with the same remaining maturities. Discount rates used range between 15%-25% . The fair values of the Company’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported in the following table (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) As of September 30, 2015: Loans held-for-investment $ 2,118,978 $ 2,107,162 $ — $ 491,206 $ 1,615,956 CDO notes $ 1,189,092 $ 1,076,523 $ — $ — $ 1,076,523 Junior subordinated notes $ 51,360 $ 17,854 $ — $ — $ 17,854 Convertible notes $ 204,776 $ 204,776 $ — $ — $ 204,776 Repurchase agreements $ 276,921 $ 276,921 $ — $ — $ 276,921 Senior secured revolving credit agreement $ 158,742 $ 158,742 $ — $ — $ 158,742 As of December 31, 2014: Loans held-for-investment $ 1,925,980 $ 1,909,019 $ — $ 570,071 $ 1,338,948 Loans receivable-related party $ 558 $ 558 $ — $ — $ 558 CDO notes $ 1,046,493 $ 975,762 $ — $ — $ 975,762 Junior subordinated notes $ 51,205 $ 17,699 $ — $ — $ 17,699 Convertible notes $ 108,374 $ 108,374 $ — $ — $ 108,374 Repurchase agreements $ 399,662 $ 399,662 $ — $ — $ 399,662 Senior secured revolving credit agreement $ 111,137 $ 111,137 $ — $ — $ 111,137

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	30 days to 90 days — — % Total $ 33,397 1.56 %" id="sjs-B4">NOTE 20 - MARKET RISK AND DERIVATIVE INSTRUMENTS The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company's financial performance and are referred to as "market risks." When deemed appropriate, the Company uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the Company through the use of derivative instruments are interest rate risk and foreign currency exchange rate risk. The Company may hold various derivatives in the ordinary course of business, including warrants, interest rate swaps, forward contracts, options and interest rate lock commitments. Warrants are securities that give the holder the right, but not the obligation, to purchase securities from an issuer at a specific price within a specified time period. Options are contracts sold by one party to another that give the buyer the right, but not the obligation, to buy or sell a financial asset at an agreed-upon price during a certain period of time or on a specific date. Interest rate swap agreements are contracts between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Forward contracts represent future commitments to either purchase or to deliver loans, securities or a quantity of a currency at a predetermined future date, at a predetermined rate or price and are used to manage interest rate risk on loan commitments and mortgage loans held for sale as well as currency risk with respect to the Company's long positions in foreign currency-denominated investment securities. 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 in the Company's residential mortgage loan portfolio. 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. 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 September 30, 2015 , the Company had 10 interest rate swap contracts outstanding whereby the Company paid an average fixed rate of 4.83% and received a variable rate equal to either one-month LIBOR or three-month LIBOR. The aggregate notional amount of these contracts was $121.9 million at September 30, 2015 . The counterparties for the Company’s designated interest rate hedge contracts at such date were Credit Suisse International and Wells Fargo. The Company had master netting agreements with Credit Suisse International and Wells Fargo at September 30, 2015 . Regulations promulgated under the Dodd-Frank Act mandate that the Company clear certain new interest rate swap transactions through a central counterparty. Transactions that are centrally cleared result in the Company facing a clearing house, rather than a swap dealer, as counterparty. Central clearing requires the Company to post collateral in the form of initial and variation margin to satisfy potential future obligations. As of September 30, 2015 , the Company had centrally cleared derivative liabilities with a fair value of $333,000 . The Company classifies these hedges as cash flow hedges, which are hedges that eliminate the risk of changes in the cash flows of a financial asset or liability. The Company records changes in fair value of derivatives designated and effective as cash flow hedges in other comprehensive income, and records changes in fair value of derivatives designated and ineffective as cash flow hedges in earnings. At December 31, 2014 , the Company had 10 interest rate swap contracts outstanding whereby the Company paid an average fixed rate of 5.12% and received a variable rate equal to one-month LIBOR . The aggregate notional amount of these contracts was $124.0 million at December 31, 2014 . 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 liability related to interest rate swaps was $5.3 million and $8.7 million as of September 30, 2015 and December 31, 2014 , respectively. The Company had aggregate unrealized losses of $5.3 million and $9.0 million on the interest rate swap agreements as of September 30, 2015 and December 31, 2014 , respectively, which is recorded in accumulated other comprehensive income and a portion is recognized through earnings. The amortization is reflected in interest expense in the Company’s consolidated statements of operations. 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 operations. 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 operations. The Company is also exposed to currency exchange risk, a form of risk that arises from the change in price of one currency against another. Substantially all of the Company's revenues are transacted in U.S. dollars; however, a significant amount of the Company's capital is exposed to other currencies, primarily the Euro and the pound sterling. To address this market risk, the Company generally hedges foreign currency-denominated exposures (typically investments in debt instruments, including forecasted principal and interest payments) with currency forward contracts. The Company classifies these hedges as fair value hedges, which are hedges that eliminate the risk of changes in the fair values of assets, liabilities, and certain types of firm commitments. The Company records changes in fair value of derivatives designated and effective as fair value hedges in earnings, or OCI offset by corresponding changes in the fair values of the hedged items. Forward 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. 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. During the warehousing phase of the Company’s investments in certain structured vehicles, the Company may enter into total return swaps to finance the Company’s exposure to assets that will ultimately be securitized. A total return swap is a swap agreement in which one party makes payments based on a set rate, while the other party makes payments based on the return of an underlying asset. Traditionally, the Company pays either an indexed or fixed interest payment to the warehousing lender and receives the net interest income and realized capital gains of the referenced portfolio of assets, generally loans, to be securitized that are owned and held by the warehousing lender. Upon the close of the warehousing period, the Company’s invested equity plus net interest and any capital gains realized during the warehousing period are returned to the Company. Additionally, upon the close of the securitization, the Company may purchase beneficial interests in the securitization at fair value. 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 operations for the years presented: Fair Value of Derivative Instruments as of September 30, 2015 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements $ 111,772 Derivatives, at fair value $ 2,088 Forward contracts - residential mortgage lending $ 124,483 Derivatives, at fair value $ 814 Forward contracts - foreign currency, hedging (1)(2) $ 11,127 Derivatives, at fair value $ 1 Warrants (5) $ 553 Derivatives, at fair value $ 827 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (3) $ 121,867 Derivatives, at fair value $ 5,255 Forward contracts - residential mortgage lending $ 242,919 Derivatives, at fair value $ 2,040 Forward contracts - foreign currency, hedging (4)(2) $ 15,699 Derivatives, at fair value $ 45 Forward contracts - TBA securities $ 31,000 Derivatives, at fair value $ 126 Interest rate swap contracts $ 104,367 Accumulated other comprehensive (income) loss $ 5,004 (1) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €10.3 million as of September 30, 2015 . (2) Foreign currency forward contracts are accounted for as fair value hedges. (3) Interest rate swap contracts are accounted for as cash flow hedges. (4) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €14.5 million as of September 30, 2015 . (5) The notional amount of the Company's warrants is the calculated number of shares available for purchase. Fair Value of Derivative Instruments as of December 31, 2014 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements $ 59,467 Derivatives, at fair value $ 970 Forward contracts - residential mortgage lending $ 5,000 Derivatives, at fair value $ 7 Forward contracts - RMBS securities $ 42,614 Derivatives, at fair value $ 1,297 Forward contracts - foreign currency, hedging (1)(2) $ 54,948 Derivatives, at fair value $ 3,377 Options - U.S. Treasury futures $ 90 Derivatives, at fair value $ 52 Warrants $ 492 Derivatives, at fair value $ 898 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (3) $ 124,017 Derivatives, at fair value $ 8,680 Interest rate lock agreements $ 798 Derivatives, at fair value $ 10 Forward contracts - residential mortgage lending $ 154,692 Derivatives, at fair value $ 1,036 Forward contracts - TBA securities $ 15,000 Derivatives, at fair value $ 47 Interest rate swap contracts $ 124,017 Accumulated other comprehensive (income) loss $ 8,680 (1) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €45.4 million as of December 31, 2014. (2) Foreign currency forward contracts are accounted for as fair value hedges. (3) Interest rate swap contracts are accounted for as cash flow hedges. The Effect of Derivative Instruments on the Statements of Operations for the Nine Months Ended September 30, 2015 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ 4,923 Interest rate swap contracts, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (34 ) Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 1,128 Forward contracts - RMBS securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (122 ) Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (197 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,254 Options - U.S. Treasury futures Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 184 Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 415 (1) Negative values indicate a decrease to the associated consolidated statements of operations line items. The Effect of Derivative Instruments on the Statements of Operations for the Nine Months Ended September 30, 2014 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Interest expense $ 4,917 Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 733 Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (254 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,192 Total return swap Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 960 Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (280 ) (1) Negative values indicate a decrease to the associated consolidated statements of operations line items. Linked Transactions As the result of an accounting standards update adopted on January 1, 2015 ( see Note 2 ), the Company unlinked its previously linked transactions and disclosed affected asset, liability, income and expense balances at their gross values in its consolidated financial statements. Accordingly, the Company had no financing arrangements being accounted for as linked transactions as of September 30, 2015 . The Company's linked transactions were evaluated on a combined basis, reported as forward (derivative) instruments and presented as assets on the Company's consolidated balance sheets in the line item linked transactions, net at fair value. The fair value of linked transactions reflected the value of the underlying CMBS, linked repurchase agreement borrowings and accrued interest payable on such instruments. The Company's linked transactions were not designated as hedging instruments and, as a result, the change in the fair value and net interest income from linked transactions was reported in unrealized gain (loss) and interest income on linked transactions, net on the Company's consolidated statements of operations. As of December 31, 2014 , the Company held non-hedging linked transactions, net at fair value of $15.4 million . During the three and nine months ended September 30, 2014 , the Company recorded unrealized gain and net interest income on linked transactions of $177,000 and $7.5 million , respectively. The following table presents certain information about the components of the unrealized gain (loss) and net interest income from linked transactions, net, included in the Company's consolidated statements of operations for the periods presented as follows ( in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Components of Unrealized Net (Losses) Gains and Net Interest Income Income from linked transactions Interest income attributable to CMBS underlying linked transactions $ — $ 495 $ — $ 2,295 Interest expense attributable to linked repurchase agreement borrowings underlying linked transactions — (107 ) — (514 ) Change in fair value of linked transactions included in earnings — (211 ) — 5,713 Unrealized gain (loss) and net interest income from linked transactions, net $ — $ 177 $ — $ 7,494 The following table summarizes the Company's investment securities, underlying linked transactions,which are carried at fair value (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of December 31, 2014: CMBS linked transactions $ 48,138 $ 539 $ (72 ) $ 48,605 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 As of December 31, 2014: Less than one year $ 7,834 $ 7,775 5.36% Greater than one year and less than five years 36,587 36,274 4.65% Greater than five years and less than ten years 4,184 4,089 4.52% Greater than ten years — — —% Total $ 48,605 $ 48,138 4.66% 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 As of December 31, 2014: CMBS linked transactions $ 7,609 $ (57 ) $ 777 $ (15 ) $ 8,386 $ (72 ) The following table summarizes the Company's CMBS linked repurchase agreements (in thousands, except percentages): As of December 31, 2014 Maturity or Repricing Balance Weighted Average Interest Rate Within 30 days $ 33,397 1.56 % >30 days to 90 days — — % Total $ 33,397 1.56 %

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 21 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES As the result of an accounting standards update adopted on January 1, 2015 ( see Note 2 ), the Company unlinked its previously linked transactions and disclosed affected asset, liability, income and expense balances at their gross values in its consolidated financial statements. Accordingly, the Company had no financing arrangements being accounted for as linked transactions as of September 30, 2015 . The following table presents a summary of the Company's offsetting of derivative assets for the periods presented (in thousands): (iv) (i) (ii) (iii) = (i) - (ii) Financial Cash (v) = (iii) - (iv) As of September 30, 2015: Derivative hedging instruments, at fair value $ 3,730 $ — $ 3,730 $ — $ — $ 3,730 Total $ 3,730 $ — $ 3,730 $ — $ — $ 3,730 As of December 31, 2014: Derivative hedging instruments, at fair value $ 4,334 $ — $ 4,334 $ — $ — $ 4,334 Linked transactions 48,764 33,397 15,367 — — 15,367 Total $ 53,098 $ 33,397 $ 19,701 $ — $ — $ 19,701 The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities for the periods presented as follows (in thousands): (iv) (i) (ii) (iii) = (i) - (ii) Financial (1) Cash (2) (v) = (iii) - (iv) As of September 30, 2015: Derivative hedging instruments, (3) $ 7,466 $ — $ 7,466 $ — $ 1,430 $ 6,036 Repurchase agreements and term facilities (4) 276,921 — 276,921 — — 276,921 Total $ 284,387 $ — $ 284,387 $ — $ 1,430 $ 282,957 As of December 31, 2014: Derivative hedging instruments, (3) $ 8,466 $ — $ 8,466 $ — $ 500 $ 7,966 Repurchase agreements and term facilities (4) 399,662 — 399,662 399,662 — — Linked transactions 33,397 33,397 — — — Total $ 441,525 $ 33,397 $ 408,128 $ 399,662 $ 500 $ 7,966 (1) Amounts represent collateral pledged that is available to be offset against liability balances associated with term facilities, repurchase agreements and derivative transactions. (2) Amounts represent amounts pledged as collateral against derivative transactions. (3) The fair value of securities and/or cash and cash equivalents pledged against the Company's swaps was $1.4 million and $2.6 million at September 30, 2015 and December 31, 2014 , respectively. (4) The combined fair value of securities and loans pledged against the Company's various term facilities and repurchase agreements was $422.8 million and $565.6 million at September 30, 2015 and December 31, 2014 , 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 22 - COMMITMENTS AND CONTINGENCIES From time to time, the Company may become involved in litigation on various matters, including disputes arising out of loans in the Company's portfolio and agreements to purchase or sell assets. Given the nature of the Company's business activities, the Company considers these matters to be routine and in the ordinary conduct of its business. The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. Alternately, the Company may engage in settlement discussions on certain matters in order to avoid the additional costs of engaging in litigation. In September 2015, Daren Levin filed a putative class action in the United States District Court for the Southern District of New York on behalf of all persons who purchased Company common stock between March 2, 2015 and August 4, 2015. The complaint alleges that the Company and certain of its officers and directors materially misrepresented certain risks of the Company’s commercial loan portfolio and its processes and controls for assessing the quality of its portfolio. The complaint seeks unspecified damages as well as costs and attorneys’ fees. The Company believes the complaint is without merit and intends to defend itself vigorously. Except as previously discussed, the Company is unaware of any contingencies arising from such routine litigation that would require accrual or disclosure in the consolidated financial statements as of September 30, 2015 .

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 23 - SEGMENT REPORTING The Company has five reportable operating segments: Commercial Real Estate Lending, Commercial Finance, Middle Market Lending, Residential Mortgage Lending, and Corporate & Other. The reportable operating segments are business units that offer different products and services. The Commercial Real Estate Lending operating segment includes the Company’s activities and operations related to commercial real estate loans, commercial real estate-related securities, and investments in real estate. The Commercial Finance operating segment includes the Company’s activities and operations related to bank loans, bank loan-related securities, and direct financing leases. The Middle Market Lending operating segment includes the Company’s activities and operations related to the origination and purchase of middle market loans. The Residential Mortgage Lending operating segment includes the Company’s activities and operations related to the origination and servicing of residential mortgage loans and the investment in RMBS. The Corporate and & Other segment includes corporate level interest income, interest expense, inter-segment eliminations not allocable to any particular operating segment, and general and administrative expense. The accounting policies of the operating segments are the same as those described in Note 2 . The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. Relevant expenses incurred at the Corporate & Other segment are allocated to TRS subsidiaries based on their percentage of adjusted pre-tax net income (loss), which excludes unrealized gains and losses and provisions on loan and lease losses that are specific to the periods presented. Summarized operating segment data are as follows (in thousands): Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total (4) For the Three Months Ended September 30, 2015: Interest income: External customers $ 25,646 $ 3,341 $ 8,254 $ 1,119 $ — $ 38,360 Other 12 803 2 — 7 824 Total interest income 25,658 4,144 8,256 1,119 7 39,184 Interest expense 8,869 368 1,480 999 5,046 16,762 Net interest income 16,789 3,776 6,776 120 (5,039 ) 22,422 Amortization of MSRs — — — (1,307 ) — (1,307 ) Other income from external customers — 1,033 — 1,540 17 2,590 Total revenues 16,789 4,809 6,776 353 (5,022 ) 23,705 Less: Segment operating expenses 50 272 1,240 71 1,361 2,994 General and administrative 768 569 978 7,297 1,726 11,338 Depreciation and amortization — 454 — 142 32 628 Provision (recovery) for loan losses (47 ) 178 903 — — 1,034 Equity in earnings of unconsolidated subsidiaries — (333 ) — — (1 ) (334 ) Other (income) expense 352 (2,566 ) 147 (2,368 ) (446 ) (4,881 ) Income (loss) before taxes 15,666 6,235 3,508 (4,789 ) (7,694 ) 12,926 Income tax (expense) benefit — (286 ) — 2,161 (79 ) 1,796 Net income (loss) $ 15,666 $ 5,949 $ 3,508 $ (2,628 ) $ (7,773 ) $ 14,722 Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total (4) For the Three Months Ended September 30, 2014: Interest income: External customers $ 19,596 $ 8,518 $ 3,264 $ 816 $ — $ 32,194 Other — 1,586 — — 61 1,647 Total interest income 19,596 10,104 3,264 816 61 33,841 Interest expense 6,501 1,764 65 419 2,759 11,508 Net interest income 13,095 8,340 3,199 397 (2,698 ) 22,333 Amortization of MSRs — — — (423 ) — (423 ) Other income from external customers 1,117 1,519 — 1,352 (87 ) 3,901 Total revenues 14,212 9,859 3,199 1,326 (2,785 ) 25,811 Less: Segment operating expenses 695 575 8 819 3,002 5,099 General and administrative 347 1,151 12 5,132 1,705 8,347 Depreciation and amortization 3 454 — 96 9 562 Provision (recovery) for loan losses 803 663 — (26 ) (1 ) 1,439 Equity in earnings of unconsolidated subsidiaries (828 ) (60 ) — — 1 (887 ) Other (income) expense 1,758 2,531 — (2,106 ) (5,026 ) (2,843 ) Income (loss) before taxes 11,434 4,545 3,179 (2,589 ) (2,475 ) 14,094 Income tax (expense) benefit — (56 ) — 291 2 237 Net income (loss) $ 11,434 $ 4,489 $ 3,179 $ (2,298 ) $ (2,473 ) $ 14,331 For the Nine Months Ended September 30, 2015: Interest income: External customers $ 70,237 $ 14,499 $ 22,089 $ 3,465 $ 302 $ 110,592 Other 82 2,607 4 1 81 2,775 Total interest income 70,319 17,106 22,093 3,466 383 113,367 Interest expense 23,798 2,225 3,682 2,988 14,774 47,467 Net interest income 46,521 14,881 18,411 478 (14,391 ) 65,900 Amortization of MSRs — — — (3,138 ) — (3,138 ) Other income from external customers — 3,398 — 6,058 49 9,505 Total revenues 46,521 18,279 18,411 3,398 (14,342 ) 72,267 Less: Segment operating expenses 56 940 2,444 982 7,471 11,893 General and administrative 1,517 2,238 2,262 22,227 5,745 33,989 Depreciation and amortization — 1,346 1 372 95 1,814 Impairment losses — 59 — — — 59 Provision (recovery) for loan losses 38,025 1,696 4,223 (110 ) — 43,834 Equity in earnings of unconsolidated subsidiaries (46 ) (1,655 ) — — (1 ) (1,702 ) Other (income) expense 1,200 (883 ) 39 (18,239 ) (12,683 ) (30,566 ) Income (loss) before taxes 5,769 14,538 9,442 (1,834 ) (14,969 ) 12,946 Income tax (expense) benefit (39 ) (1,782 ) — (821 ) (327 ) (2,969 ) Net income (loss) $ 5,730 $ 12,756 $ 9,442 $ (2,655 ) $ (15,296 ) $ 9,977 Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total (4) For the Nine Months Ended September 30, 2014: Interest income: External customers $ 55,723 $ 22,460 $ 6,589 $ 1,265 $ — $ 86,037 Other 1 5,283 — — 197 5,481 Total interest income 55,724 27,743 6,589 1,265 197 91,518 Interest expense 17,365 5,207 65 689 8,420 31,746 Net interest income 38,359 22,536 6,524 576 (8,223 ) 59,772 Amortization of MSRs — — — (1,074 ) — (1,074 ) Other income from external customers 7,777 4,876 — 3,670 (137 ) 16,186 Total revenues 46,136 27,412 6,524 3,172 (8,360 ) 74,884 Less: Segment operating expenses 5,168 2,200 8 1,178 11,111 19,665 General and administrative 1,804 3,366 12 12,765 5,554 23,501 Depreciation and amortization 484 1,346 — 285 43 2,158 Provision (recovery) for loan losses (3,759 ) 1,969 — — 51 (1,739 ) Equity in earnings of unconsolidated subsidiaries (3,592 ) (1,146 ) — — 75 (4,663 ) Other (income) expense (6,252 ) (8,924 ) — (5,844 ) 8,156 (12,864 ) Income (loss) before taxes 52,283 28,601 6,504 (5,212 ) (33,350 ) 48,826 Income tax (expense) benefit 303 (250 ) — 1,181 (567 ) 667 Net income (loss) $ 52,586 $ 28,351 $ 6,504 $ (4,031 ) $ (33,917 ) $ 49,493 (1) Includes interest expense for the Convertible Senior Notes of $ 4.4 million and $13.0 million for the three and nine months ended September 30, 2015 , respectively, and $2.2 million and $6.6 million for the three and nine months ended September 30, 2014 , respectively. (2) Includes interest expense for the Unsecured Junior Subordinated Debentures of $610,000 and $1.8 million for the three and nine months ended September 30, 2015 , respectively, and $601,000 and $1.8 million for the three and nine months ended September 30, 2014 , respectively. (3) Includes general corporate expenses and inter-segment eliminations not allocable to any particular operating segment. (4) Net interest income ties, however the breakout between total interest income and interest expense does not tie directly to the Consolidated Statement of Operations for the three and nine months ended September 30, 2015 due to a cumulative inter-segment reclassification between interest income and interest expense. The following table presents total assets by segment for the periods indicated (in thousands): Total Assets Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1) Total September 30, 2015 $ 2,252,312 $ 524,096 $ 353,741 $ 236,585 $ (580,692 ) $ 2,786,042 December 31, 2014 $ 1,821,461 $ 743,086 $ 276,642 $ 205,491 $ (318,001 ) $ 2,728,679 (1) Includes inter-segment eliminations and assets not allocable to any particular operating segment.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 24 - SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this report 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 has repurchased $9.9 million of its common stock, representing approximately 754,187 shares during the period October 1, 2015 through November 6, 2015, bringing the total amount repurchased to date to $25.3 million , or approximately 5.8% of the outstanding balance.

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. At September 30, 2015 and December 31, 2014 , the reported cash balances of $104.7 million and $79.9 million exceeded the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution, subjecting the Company to risk related to the uninsured balance. All of the Company's cash deposits are held at large, established financial institutions.
Investments in Unconsolidated Entities	Investment in Unconsolidated Entities The Company's non-controlling investments in unconsolidated entities are included in investments in unconsolidated entities on the balance sheet and may be accounted for under the equity method or the cost method. Under the equity method, capital contributions, distributions, profits and losses of the entities are allocated in accordance with the terms of the entities' operating agreements. Such allocations may differ from the stated percentage interests, if any, as a result of preferred returns and allocation formulas as described in the entities' operating agreements. The Company may account for an investment that does not qualify for equity method accounting using the cost method if the Company determines the investment in the unconsolidated investment is insignificant. Under the cost method, the Company records dividend income when declared to the extent it is not considered a return of capital, which is recorded as a reduction of the cost of the investment.
Recent Accounting Standards	Recent Accounting Standards In September 2015, the Financial Accounting Standards Board ("FASB") issued guidance that simplifies the accounting for adjustments made to provisional amounts recognized in a business combination, which are currently recognized on a retrospective basis. Under the new requirements, adjustments to provisional amounts will be recognized in the reporting period in which the adjustments are determined. The effects of changes in depreciation, amortization, or other income arising from changes to the provisional amounts, if any, are included in earnings of the reporting period in which the adjustments to the provisional amounts are determined. An entity is also required to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. It is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, but early adoption is permitted. The Company is currently evaluating the effect of adoption. In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. It is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. The Company has early adopted the provisions of this guidance. Note 12, Borrowings , reflects the presentation of debt issuance costs as prescribed by this accounting standards update. Adoption did not have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued guidance that requires an entity to evaluate whether it should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the effect of adoption. In November 2014, the FASB issued guidance to eliminate the use of different methods in practice and thereby reduce existing diversity under GAAP in the accounting for hybrid financial instruments issued in the form of shares. An entity that issues or invests in a hybrid financial instrument is required to separate an embedded derivative feature from the host contract (for example, an underlying share) and account for the feature as a derivative according to Accounting Standards Codification ("ASC") Subtopic 815-10 on derivatives and hedging if certain criteria are met. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the effect of adoption. In August 2014, the FASB issued guidance that clarifies the disclosures management must make in its interim and annual financial statement footnotes when management has determined that conditions exist that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued (or within one year after the date the financial statements are available to be issued when applicable). In accordance with this guidance, management’s assessment is required to be made each reporting period and should be based on relevant conditions and events that are known and reasonably knowable at the date the financial statements are issued. In all cases, to the extent that substantial doubt about the entity’s ability to continue as a going concern is determined to be probable, management must disclose the principal conditions or events that gave rise to the substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that either alleviate or are intended to mitigate the conditions or events that gave rise to the substantial doubt about the entity’s ability to continue as a going concern. Additionally, to the extent substantial doubt about the entity’s ability to continue as a going concern is not alleviated by management’s plans, management must indicate in the footnotes that there is substantial doubt about the entity’s ability to continue as a going concern. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption will have a material impact on its consolidated financial statements. In August 2014, the FASB issued guidance that provides for the election of a measurement alternative when a reporting entity determines that it is the primary beneficiary of a collateralized financing entity and, hence, is required to consolidate that collateralized financing entity. The measurement alternative allows a qualifying consolidated collateralized financing entity to use the more observable of the fair value of the financial assets or the fair value of the financial liabilities adjusted by the carrying amount of non-financial assets and the fair value of any beneficial interests retained by the reporting entity (including those beneficial interests that represent compensation for services). Alternatively, if the measurement alternative is not elected for a qualifying consolidated collateralized financing entity, this guidance requires that the financial assets and financial liabilities be measured in accordance with ASC Topic 820, and that any difference in the fair value of the financial assets and the fair value of the financial liabilities be reflected in earnings and attributed to the reporting entity in the consolidated statement of operations. This guidance is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Company is currently evaluating the effect of adoption. In June 2014, the FASB issued guidance that changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting and requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which results in secured borrowing accounting for the repurchase arrangements. This amendment also requires additional disclosure for certain transactions comprising a transfer of a financial asset accounted for as a sale and an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. The Company adopted this accounting standards update on January 1, 2015. Upon adoption, the Company unlinked its previously linked transactions and disclosed affected asset, liability, income and expense balances at their gross values in its consolidated financial statements. 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 of assets 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 was permitted for disposals that had not been reported in financial statements previously issued or available for issuance. The Company 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 was effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. Adoption did not have a material impact on the Company's consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2014 consolidated financial statements to conform to the 2015 presentation.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs as of September 30, 2015 (in thousands): Unconsolidated Variable Interest Entities LCC Unsecured Junior Subordinated Debentures Resource Capital Asset Management CDOs Investment in ZAIS and Harvest XV Total Maximum Exposure to Loss Investment in unconsolidated entities $ 40,779 $ 1,548 $ — $ 24,471 $ 66,798 $ 66,798 Intangible assets — — 8,088 — 8,088 $ 8,088 Total assets 40,779 1,548 8,088 24,471 74,886 Borrowings — 51,360 — — 51,360 N/A Total liabilities — 51,360 — — 51,360 N/A Net asset (liability) $ 40,779 $ (49,812 ) $ 8,088 $ 24,471 $ 23,526 N/A The following table shows the classification and carrying value of assets and liabilities of the Company's consolidated VIEs as of September 30, 2015 (in thousands): Apidos I Apidos Apidos Whitney CLO I RREF RREF RCC CRE Notes 2013 RCC 2014-CRE2 RCC 2015-CRE3 RCC 2015-CRE4 Moselle RCM Global, LLC Total ASSETS (3) Cash and cash equivalents $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 188 $ 188 Restricted cash (1) 71 192 14,503 116 24 255 1,686 — — 5,005 354 — 22,206 Investment securities available-for-sale, pledged as collateral, at fair value — — 9,653 — 5,933 55,781 — — — — — 5,150 76,517 Loans, pledged as collateral — — 148,549 — 88,193 190,614 139,956 351,620 342,944 304,578 — — 1,566,454 Loans held for sale 153 — 2,841 — — — — — — — — — 2,994 Interest receivable — — 805 — 350 1,329 740 1,324 1,241 1,109 — 950 7,848 Prepaid assets — 5 29 — 69 74 12 5 — — — — 194 Principal paydown receivable — — — — — — 32,100 — — — — — 32,100 Other Assets — — — — — — 161 8 — — — 713 882 Total assets (2) $ 224 $ 197 $ 176,380 $ 116 $ 94,569 $ 248,053 $ 174,655 $ 352,957 $ 344,185 $ 310,692 $ 354 $ 7,001 $ 1,709,383 LIABILITIES Borrowings $ — $ — $ 152,310 $ — $ 52,820 $ 127,195 $ 125,833 $ 232,030 $ 278,444 $ 220,403 $ 57 $ — $ 1,189,092 Accrued interest expense — — 209 — 25 101 122 127 214 155 — — 953 Derivatives, at fair value — — — — 197 4,577 — — — — — — 4,774 Unsettled loan purchases — — — — — — — — — — — — — Accounts payable and other liabilities — — 13 — 17 5 (2 ) 10 — — 154 11 208 Total liabilities $ — $ — $ 152,532 $ — $ 53,059 $ 131,878 $ 125,953 $ 232,167 $ 278,658 $ 220,558 $ 211 $ 11 $ 1,195,027 (1) Includes $6.9 million designated to fund future commitments on specific commercial real estate loans 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. (3) In October 2013, the Company liquidated Apidos CLO VIII and all of the assets were sold. However, the Company still owns its share of beneficial interests that caused it to consolidate it.

SUPPLEMENTAL CASH FLOW INFORM35

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of Other Significant Noncash Transactions	Supplemental disclosure of cash flow information is summarized for the periods indicated (in thousands): For the Nine Months Ended September 30, 2015 2014 Non-cash operating activities include the following: Reclassification of linked transactions, net at fair value to investment securities available-for-sale, pledged as collateral, at fair value and borrowings (1) $ 15,367 $ — Non-cash investing activities include the following: Reclassification of linked transactions, net at fair value to investment securities available-for-sale, pledged as collateral, at fair value (1) $ 48,764 $ — Non-cash financing activities include the following: Distributions on common stock declared but not paid $ 20,667 $ 26,629 Distributions on preferred stock declared but not paid $ 4,077 $ 5,555 Reclassification of linked transactions, net at fair value to borrowings (1) $ 33,397 $ — (1) As a result of an accounting standards update adopted on January 1, 2015 ( see Note 2 ), the Company unlinked its previously linked transactions, resulting in non-cash increases in both its investment securities available-for-sale, pledged as collateral, at fair value and related repurchase agreements borrowings balances.

INVESTMENT SECURITIES TRADING (

INVESTMENT SECURITIES TRADING (Tables)	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investment trading securities at fair value	The following table summarizes the Company's structured notes and RMBS that are classified as investment securities, trading and carried at fair value (in thousands). Structured notes are CLO debt securities collateralized by syndicated bank loans, and RMBS is a type of mortgage-backed debt obligation whose cash flows come from residential mortgage debt. Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of September 30, 2015: Structured notes $ 26,635 $ 1,952 $ (2,872 ) $ 25,715 RMBS 1,896 — (1,896 ) — Total $ 28,531 $ 1,952 $ (4,768 ) $ 25,715 As of December 31, 2014: Structured notes $ 22,876 $ 1,098 $ (3,188 ) $ 20,786 RMBS 1,896 — (1,896 ) — Total $ 24,772 $ 1,098 $ (5,084 ) $ 20,786

INVESTMENT SECURITIES AVAILAB37

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	9 Months Ended
	Sep. 30, 2015
Available-for-sale Securities [Abstract]
Available-for-sale Securities	The following table summarizes the Company's sales of investment securities available-for-sale (in thousands, except number of securities): For the Three Months Ended For the Nine Months Ended Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) September 30, 2015: ABS 8 — $ 15,462 $ 2,437 15 3 $ 31,399 $ 10,547 RMBS — — $ — $ — 6 — $ 28,305 $ 984 September 30, 2014: ABS 3 — $ 6,947 $ 2,974 3 1 $ 9,447 $ 3,000 Corporate bonds — 1 $ 1,000 $ 48 — 2 $ 1,630 $ 47 CMBS — — $ — $ — 6 — $ 28,470 $ 182 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 As of September 30, 2015: CMBS $ 175,167 $ 3,902 $ (1,244 ) $ 177,825 RMBS 2,286 111 (77 ) 2,320 ABS 47,110 5,419 (381 ) 52,148 Corporate bonds 2,420 — (113 ) 2,307 Total $ 226,983 $ 9,432 $ (1,815 ) $ 234,600 As of December 31, 2014: CMBS $ 168,669 $ 4,938 $ (3,202 ) $ 170,405 RMBS 29,814 937 — 30,751 ABS 55,617 16,876 (336 ) 72,157 Corporate bonds 2,415 10 (18 ) 2,407 Total $ 256,515 $ 22,761 $ (3,556 ) $ 275,720 (1) As of September 30, 2015 and December 31, 2014 , $118.8 million and $197.8 million , respectively, of investment securities available-for-sale were pledged as collateral under related financings.
Estimated maturities of available-for-sale securities	The following table summarizes the estimated maturities of the Company’s CMBS, RMBS, ABS and corporate bonds according to their estimated weighted average life classifications (in thousands, except percentages): Weighted Average Life Fair Value Amortized Cost Weighted Average Coupon As of September 30, 2015: Less than one year $ 125,357 (1) $ 124,387 8.18% Greater than one year and less than five years 82,189 77,757 6.66% Greater than five years and less than ten years 13,643 11,779 10.19% Greater than ten years 13,411 13,060 9.02% Total $ 234,600 $ 226,983 7.81% As of December 31, 2014: Less than one year $ 78,095 (1) $ 79,649 4.13% Greater than one year and less than five years 115,302 100,909 4.64% Greater than five years and less than ten years 20,177 17,516 16.45% Greater than ten years 62,146 58,441 7.86% Total $ 275,720 $ 256,515 6.08% (1) The Company expects that the maturity dates of these CMBS and ABS will either be extended or that they 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 Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities Fair Value Unrealized Losses Number of Securities As of September 30, 2015: CMBS $ 73,950 $ (340 ) 38 $ 16,649 $ (904 ) 13 $ 90,599 $ (1,244 ) 51 ABS 7,082 (195 ) 8 1,132 (186 ) 8 8,214 (381 ) 16 Corporate bonds 945 (6 ) 2 1,362 (107 ) 1 2,307 (113 ) 3 RMBS 1,241 (77 ) 2 — — — 1,241 (77 ) 2 Total temporarily impaired securities $ 83,218 $ (618 ) 50 $ 19,143 $ (1,197 ) 22 $ 102,361 $ (1,815 ) 72 As of December 31, 2014: CMBS $ 35,860 $ (555 ) 22 $ 25,583 $ (2,647 ) 13 $ 61,443 $ (3,202 ) 35 ABS 1,000 (278 ) 8 958 (58 ) 3 1,958 (336 ) 11 Corporate bonds 1,447 (18 ) 1 — — — 1,447 (18 ) 1 Total temporarily impaired securities $ 38,307 $ (851 ) 31 $ 26,541 $ (2,705 ) 16 $ 64,848 $ (3,556 ) 47

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2015
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) Premium, net (1) Carrying Value (2) As of September 30, 2015: Commercial real estate loans: Whole loans $ 1,612,442 $ (9,057 ) $ 1,603,385 B notes 15,984 (20 ) 15,964 Mezzanine loans 45,382 5 45,387 Total commercial real estate loans 1,673,808 (9,072 ) 1,664,736 Bank loans 150,122 (489 ) 149,633 Middle market loans 350,325 (854 ) 349,471 Residential mortgage loans, held for investment 2,422 — 2,422 Subtotal loans before allowance 2,176,677 (10,415 ) 2,166,262 Allowance for loan loss (47,284 ) — (47,284 ) Total loans held for investment, net of allowance 2,129,393 (10,415 ) 2,118,978 Bank loans held for sale 2,994 — 2,994 Residential mortgage loans held for sale, at fair value (3) 113,007 — 113,007 Total loans held for sale 116,001 — 116,001 Total loans, net $ 2,245,394 $ (10,415 ) $ 2,234,979 As of December 31, 2014: Commercial real estate loans: Whole loans $ 1,271,121 $ (7,529 ) $ 1,263,592 B notes 16,120 (48 ) 16,072 Mezzanine loans 67,446 (80 ) 67,366 Total commercial real estate loans 1,354,687 (7,657 ) 1,347,030 Bank loans 332,058 (1,410 ) 330,648 Middle market loans 250,859 (746 ) 250,113 Residential mortgage loans, held for investment 2,802 — 2,802 Subtotal loans before allowance 1,940,406 (9,813 ) 1,930,593 Allowance for loan loss (4,613 ) — (4,613 ) Total loans held for investment, net of allowance 1,935,793 (9,813 ) 1,925,980 Bank loans held for sale 282 — 282 Residential mortgage loans held for sale, at fair value (3) 113,393 — 113,393 Total loans held for sale 113,675 — 113,675 Total loans, net $ 2,049,468 $ (9,813 ) $ 2,039,655 (1) Amounts include deferred amendment fees of $45,000 and $88,000 and deferred upfront fees of $19,000 and $82,000 being amortized over the life of the bank loans as of September 30, 2015 and December 31, 2014 , respectively. Amounts also include loan origination fees of $9.5 million and $8.1 million as of September 30, 2015 and December 31, 2014 , respectively. (2) Substantially all loans are pledged as collateral under various borrowings at September 30, 2015 and December 31, 2014 , respectively. (3) Residential mortgage loans held for sale, at fair value, consisted of $60.5 million and $52.5 million of agency-conforming and jumbo mortgage loans, respectively, as of September 30, 2015 . Residential mortgage loans held for sale, at fair value, consisted of $28.9 million and $82.6 million of agency-conforming and jumbo mortgage loans, respectively, as of December 31, 2014 . Amortized cost approximates fair value. 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 Interest Rates Maturity Dates (3) As of September 30, 2015: Whole loans, floating rate (1) (4) (5) 86 $ 1,603,385 LIBOR plus 1.75% to October 2015 to February 2019 B notes, fixed rate 1 15,964 8.68% April 2016 Mezzanine loans, fixed rate (6) 2 45,387 9.01% September 2016 Total (2) 89 $ 1,664,736 As of December 31, 2014: Whole loans, floating rate (1) (4) (5) 73 $ 1,263,592 LIBOR plus 1.75% to May 2015 to B notes, fixed rate 1 16,072 8.68% April 2016 Mezzanine loans, floating rate 1 12,558 LIBOR plus 15.32% April 2016 Mezzanine loans, fixed rate 3 54,808 0.50% to 18.71% January 2016 to Total (2) 78 $ 1,347,030 (1) Whole loans ha d $103.9 million a nd $105.1 million in unfunded loan commitments as of September 30, 2015 and December 31, 2014 , 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) Totals do not include allowance for loan losses of $42.1 million and $4.0 million as of September 30, 2015 and December 31, 2014 , respectively. (3) Maturity dates do not include possible extension options that may be available to the borrowers. (4) Includes two whole loans with a combined $12.0 million mezzanine component that have fixed rates of 12.0% , and two whole loans with a combined $4.2 million mezzanine component that have fixed rates of 15.0% , as of September 30, 2015 and December 31, 2014 . (5) Includes a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of September 30, 2015 and December 31, 2014 . (6) Contracted interest rates and maturity dates do not include rates or maturity dates associated with one loan with an amortized cost of $38.1 million that was fully reserved as of June 30, 2015.
Summary of the weighted average life of bank loans at amortized cost	The following is a summary of the weighted average maturity of the Company’s middle market loans, at amortized cost (in thousands): September 30, December 31, Less than one year $ — $ — Greater than one year and less than five years 210,773 132,353 Five years or greater 138,698 117,760 $ 349,471 $ 250,113 The following is a summary of the weighted average maturity of the Company’s bank loans, at amortized cost and loans held-for-sale, at the lower of cost or market (in thousands): September 30, December 31, Less than one year $ 2,518 $ 7,829 Greater than one year and less than five years 145,216 274,332 Five years or greater 4,893 48,769 $ 152,627 $ 330,930
Summary lien position and status of our bank and middle market loans	The following table provides information as to the lien position and status of the Company's bank loans, at amortized cost (in thousands): Apidos I Apidos III Apidos Cinco Total As of September 30, 2015 Loans held for investment: First lien loans $ — $ — $ 146,651 $ 146,651 Second lien loans — — 2,508 2,508 Third lien loans — — — — Defaulted first lien loans — — 215 215 Defaulted second lien loans — — 259 259 Total — — 149,633 149,633 First lien loans held for sale at fair value 153 — 2,841 2,994 Total $ 153 $ — $ 152,474 $ 152,627 As of December 31, 2014: Loans held for investment: First lien loans $ 153 $ 80,196 $ 245,377 $ 325,726 Second lien loans — — 3,572 3,572 Third lien loans — — — — Defaulted first lien loans — — — — Defaulted second lien loans — 971 379 1,350 Total 153 81,167 249,328 330,648 First lien loans held for sale at fair value — — 282 282 Total $ 153 $ 81,167 $ 249,610 $ 330,930
Schedule lien position and status of middle market loans, at amortized cost	The following table provides information as to the lien position and status of middle market loans, at amortized cost (in thousands): September 30, December 31, First Lien $ 221,961 $ 149,287 Second Lien 122,554 100,826 First Lien Defaulted — — Second Lien Defaulted 4,956 — $ 349,471 $ 250,113
Summary of the weighted average life of the commercial real estate loans at amortized cost	The following is a summary of the weighted average maturity of the Company’s commercial real estate loans, at amortized cost (in thousands): Description 2015 2016 2017 and Thereafter Total As of September 30, 2015: B notes $ — $ — $ 15,964 $ 15,964 Mezzanine loans — 38,072 7,315 45,387 Whole loans — 39,527 1,563,858 1,603,385 Total (1) $ — $ 77,599 $ 1,587,137 $ 1,664,736 As of December 31, 2014: 2015 2016 2017 and Thereafter Total B notes $ — $ 16,072 $ — $ 16,072 Mezzanine loans — 16,736 50,630 67,366 Whole loans — 27,665 1,235,927 1,263,592 Total (1) $ — $ 60,473 $ 1,286,557 $ 1,347,030 (1) Weighted average maturity 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 loans (in thousands, except percentages) by asset class: Description Allowance for Loan Loss Percentage of Total Allowance As of September 30, 2015: B notes $ 20 0.04% Mezzanine loans 38,080 80.54% Whole loans 4,014 8.49% Bank loans 1,084 2.29% Middle market loans 4,086 8.64% Total $ 47,284 As of December 31, 2014: B notes $ 55 1.19% Mezzanine loans 230 4.99% Whole loans 3,758 81.46% Bank loans 570 12.36% Total $ 4,613

INVESTMENTS IN UNCONSOLIDATED39

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unconsolidated Entities	The following table shows the Company's investments in unconsolidated entities as of September 30, 2015 and December 31, 2014 and equity in earnings of unconsolidated subsidiaries for the three and nine months ended September 30, 2015 and 2014 (in thousands): Equity in Earnings of Unconsolidated Subsidiaries Balance as of Balance as of For the For the For the For the Ownership % September 30, December 31, September 30, September 30, September 30, September 30, Varde Investment Partners, L.P 7.5% $ 654 $ 654 $ — $ — $ — $ (19 ) RRE VIP Borrower, LLC (1) 3% to 5% — — — 46 770 2,506 Investment in LCC Preferred Stock 28.4% 40,779 39,416 961 1,362 13 (859 ) Investment in CVC Global Credit Opportunities Fund (2) 14.1% 12,877 18,209 (628 ) 293 47 2,004 Investment in (3) 60.7% — — — — — (75 ) Investment in School Lane House (1) — — 1 1 57 1,106 Subtotal 54,310 58,279 334 1,702 887 4,663 Investment in RCT I and II (4) 3.0% 1,548 1,548 (610 ) (1,805 ) (601 ) (1,785 ) Investment in Preferred Equity (1) (5) — — — — — 410 Total $ 55,858 $ 59,827 $ (276 ) $ (103 ) $ 286 $ 3,288 (1) Investment in School Lane House, Investment in RRE VIP Borrower and the Investment in Preferred Equity were sold or repaid as of December 31, 2014. (2) I n March 2015, the Company elected a partial redemption of $5.0 million from the fund. (3) In January 2013, LTCC invested $2.0 million into LCF for the purpose of originating and acquiring life settlement contracts. In February 2014, the Company invested an additional $1.4 million which resulted in the consolidation of LCF during the first quarter of 2014. Ownership percentage represents ownership following the additional investment and consolidation. (4) For the three and nine months ended September 30, 2015 and 2014 , these amounts are recorded in interest expense on the Company's consolidated statements of operations. (5) For the nine months ended September 30, 2014 , these amounts are recorded in interest income on loans on the Company's consolidated statements of operations.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2015
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 Middle Market Loans Residential Mortgage Loans Loans Receivable-Related Party Total As of September 30, 2015: Allowance for Loan Losses: Allowance for losses at January 1, 2015 $ 4,043 $ 570 $ — $ — $ — $ 4,613 Provision (recovery) for loan losses 38,025 1,912 4,223 (110 ) (216 ) 43,834 Loans charged-off — (1,398 ) (137 ) 110 216 (1,209 ) Recoveries 46 — — — — 46 Allowance for losses at September 30, 2015 $ 42,114 $ 1,084 $ 4,086 $ — $ — $ 47,284 Ending balance: Individually evaluated for impairment $ 40,274 $ 345 $ 4,086 $ — $ — $ 44,705 Collectively evaluated for impairment $ 1,840 $ 739 $ — $ — $ — $ 2,579 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans: Ending balance: Individually evaluated for impairment $ 129,078 $ 474 $ 349,471 $ — $ — $ 479,023 Collectively evaluated for impairment $ 1,535,658 $ 149,159 $ — $ 2,422 $ — $ 1,687,239 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — As of December 31, 2014: Allowance for Loan Losses: Allowance for losses at January 1, 2014 $ 10,416 $ 3,391 $ — $ — $ — $ 13,807 Provision for loan losses (3,758 ) 4,173 92 — 1,297 1,804 Loans charged-off (2,615 ) (6,994 ) (92 ) — (1,297 ) (10,998 ) Allowance for losses at December 31, 2014 $ 4,043 $ 570 $ — $ — $ — $ 4,613 Ending balance: Individually evaluated for impairment $ — $ 570 $ — $ — $ — $ 570 Collectively evaluated for impairment $ 4,043 $ — $ — $ — $ — $ 4,043 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans: Ending balance: Individually evaluated for impairment $ 166,180 $ 1,350 $ 250,113 $ — $ 1,277 $ 418,920 Collectively evaluated for impairment $ 1,180,850 $ 329,580 $ — $ 2,802 $ — $ 1,513,232 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 September 30, 2015 Whole loans $ 1,568,683 $ 32,500 $ — $ 2,202 $ — $ 1,603,385 B notes 15,964 — — — — 15,964 Mezzanine loans 7,315 — — 38,072 — 45,387 $ 1,591,962 $ 32,500 $ — $ 40,274 $ — $ 1,664,736 As of December 31, 2014: Whole loans $ 1,231,092 $ 32,500 $ — $ — $ — $ 1,263,592 B notes 16,072 — — — — 16,072 Mezzanine loans 45,432 21,934 — — — 67,366 $ 1,292,596 $ 54,434 $ — $ — $ — $ 1,347,030 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 September 30, 2015: Bank loans $ 133,727 $ 10,836 $ 2,148 $ 2,448 $ 474 $ 2,994 $ 152,627 As of December 31, 2014: Bank loans $ 291,214 $ 32,660 $ 5,424 $ — $ 1,350 $ 282 $ 330,930 Credit risk profiles of middle market loans were as follows (in thousands): Rating 1 Rating 2 Rating 3 Rating 4 Rating 5 Held for Sale Total As of September 30, 2015: Middle market loans $ 52,206 $ 255,237 $ 37,072 $ — $ 4,956 $ — $ 349,471 As of December 31, 2014: Middle market loans $ — $ 240,245 $ 9,868 $ — $ — $ — $ 250,113
Loan portfolios aging analysis	The following table shows the loan portfolio aging analysis as of the dates indicated at amortized cost (in thousands): 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current (3) Total Loans Receivable Total Loans > 90 Days and Accruing As of September 30, 2015: Whole loans $ — $ — $ — $ — $ 1,603,385 $ 1,603,385 $ — B notes — — — — 15,964 15,964 — Mezzanine loans — — — — 45,387 45,387 — Bank loans (1) — — 474 474 152,153 152,627 — Middle market loans — — 4,956 4,956 344,515 349,471 — Residential mortgage loans (2) — — 190 190 115,239 115,429 — Total loans $ — $ — $ 5,620 $ 5,620 $ 2,276,643 $ 2,282,263 $ — As of December 31, 2014: Whole loans $ — $ — $ — $ — $ 1,263,592 $ 1,263,592 $ — B notes — — — — 16,072 16,072 — Mezzanine loans — — — — 67,366 67,366 — Bank loans (1) — — 1,350 1,350 329,580 330,930 — Middle market loans — — — — 250,113 250,113 — Residential mortgage loans (2) 443 82 119 644 113,612 114,256 — Loans receivable- related party — — — — 1,277 1,277 — Total loans $ 443 $ 82 $ 1,469 $ 1,994 $ 2,041,612 $ 2,043,606 $ — (1) Contains $3.0 million and $282,000 of bank loans held for sale at September 30, 2015 and December 31, 2014 , respectively. (2) Contains $113.0 million and $113.4 million of residential mortgage loans held for sale at fair value at September 30, 2015 and December 31, 2014 , respectively. (3) Current loans include one impaired mezzanine loan and one impaired whole loan with amortized costs of $38.1 million and $2.2 million , respectively, that were both fully reserved as of September 30, 2015 .
Impaired loans	The following tables show impaired loans as of the dates indicated (in thousands): Recorded Investment Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized As of September 30, 2015: Loans without a specific valuation allowance: Whole loans $ 129,078 $ 129,078 $ — $ 128,591 $ 15,659 B notes $ — $ — $ — $ — $ — Mezzanine loans $ — $ — $ — $ — $ — Bank loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ 2,422 $ 2,422 $ — $ 2,785 $ 116 Loans receivable - related party $ — $ — $ — $ — $ — Loans with a specific valuation allowance: Whole loans $ 2,202 $ 2,202 $ (2,202 ) $ 2,202 $ 45 B notes $ — $ — $ — $ — $ — Mezzanine loans $ 38,072 $ 38,072 $ (38,072 ) $ 38,072 $ — Bank loans $ 474 $ 474 $ (345 ) $ 237 $ — Middle market loans $ 4,956 $ 4,900 $ (4,086 ) $ 4,956 $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans receivable - related party $ — $ — $ — $ — $ — Total: Whole loans $ 131,280 $ 131,280 $ (2,202 ) $ 130,793 $ 15,704 B notes — — — — — Mezzanine loans 38,072 38,072 (38,072 ) 38,072 — Bank loans 474 474 (345 ) 237 — Middle market loans 4,956 4,900 (4,086 ) 4,956 — Residential mortgage loans 2,422 2,422 — 2,785 116 Loans receivable - related party — — — — — $ 177,204 $ 177,148 $ (44,705 ) $ 176,843 $ 15,820 As of December 31, 2014: Loans without a specific valuation allowance: Whole loans $ 128,108 $ 128,108 $ — $ 130,445 $ 12,679 B notes $ — $ — $ — $ — $ — Mezzanine loans $ 38,072 $ 38,072 $ — $ 38,072 $ 2,859 Bank loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ 2,082 $ 2,082 $ — $ 2,082 $ 148 Loans receivable - related party $ — $ — $ — $ — $ — Loans with a specific valuation allowance: Whole loans $ — $ — $ — $ — $ — B notes $ — $ — $ — $ — $ — Mezzanine loans $ — $ — $ — $ — $ — Bank loans $ 1,350 $ 1,350 $ (570 ) $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans receivable - related party $ — $ — $ — $ — $ — Total: Whole loans $ 128,108 $ 128,108 $ — $ 130,445 $ 12,679 B notes — — — — — Mezzanine loans 38,072 38,072 — 38,072 2,859 Bank loans 1,350 1,350 (570 ) — — Middle market loans — — — — — Residential mortgage loans 2,082 2,082 — 2,082 148 Loans receivable - related party — — — — — $ 169,612 $ 169,612 $ (570 ) $ 170,599 $ 15,686
Troubled debt restructurings on financing receivables	The following tables show troubled-debt restructurings in the Company's loan portfolio (in thousands): Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Nine Months Ended September 30, 2015 Whole loans 3 $ 99,959 $ 99,959 B notes — — — Mezzanine loans 1 38,072 — Bank loans — — — Middle market loans — — — Residential mortgage loans — — — Loans receivable - related party — — — Total loans 4 $ 138,031 $ 99,959 Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Nine Months Ended September 30, 2014 Whole loans 2 $ 16,039 $ 16,039 B notes — — — Mezzanine loans 1 38,072 38,072 Bank loans — — — Middle market loans — — — Residential mortgage loans — — — Loans receivable - related party — — — Total loans 3 $ 54,111 $ 54,111

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intangible assets	The following table summarizes the activity of intangible assets for the period indicated (in thousands): Management Contracts Wholesale/Correspondent Relationships Mortgage Servicing Rights Total Balance, January 1, 2015 $ 9,434 $ 302 $ 8,874 $ 18,610 Additions — — 12,521 12,521 Sales — — — — Amortization (1,346 ) (191 ) (3,138 ) (4,675 ) Total before impairment adjustment 8,088 111 18,257 26,456 Temporary impairment adjustment — — (650 ) (650 ) Balance, September 30, 2015 $ 8,088 $ 111 $ 17,607 $ 25,806
Schedule loan servicing portfolio	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): September 30, December 31, Balance, beginning of period $ 894,767 $ 433,153 Additions 923,473 519,915 Payoffs, sales and curtailments (65,013 ) (58,301 ) Balance, end of period $ 1,753,227 $ 894,767
Servicing fees	The value of MSRs is driven by the net positive, or in some cases net negative, cash flows associated with servicing activities. These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within fee income as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Servicing fees from capitalized portfolio $ 1,071 $ 413 $ 2,533 $ 1,057 Late fees $ 37 $ 20 $ 78 $ 59 Other ancillary servicing revenue $ 2 $ 1 $ 9 $ 4

BORROWINGS (Tables)

BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Instrument [Line Items]
Information with Respect to Borrowings	Certain information with respect to the Company’s borrowings is summarized in the following table (in thousands, except percentages): Principal Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Weighted Average Value of As of September 30, 2015: RREF CDO 2006-1 Senior Notes $ 52,820 $ — $ 52,820 2.37% 30.9 years $ 93,757 RREF CDO 2007-1 Senior Notes 127,195 — 127,195 1.20% 31.0 years 247,080 RCC CRE Notes 2013 Senior Notes 127,215 1,382 125,833 2.66% 13.2 years 141,114 RCC 2014-CRE2 Senior Notes 235,344 3,314 232,030 1.50% 16.6 years 349,681 RCC 2015-CRE3 Senior Notes 282,127 3,683 278,444 2.10% 16.5 years 340,885 RCC 2015-CRE4 Senior Notes 223,735 3,332 220,403 1.92% 16.9 years 307,697 Apidos Cinco CDO Senior Notes 152,310 — 152,310 1.05% 4.6 years 171,209 Moselle CLO S.A. Securitized Borrowings, at fair value (1) 57 — 57 N/A N/A 354 Unsecured Junior Subordinated Debentures (2) 51,548 188 51,360 4.24% 21.1 years — 6.0% Convertible Senior Notes 115,000 5,339 109,661 6.00% 3.2 years — 8.0% Convertible Senior Notes 100,000 4,885 95,115 8.00% 4.3 years — CRE - Term Repurchase Facilities (3) 88,050 2,756 85,294 2.27% 19 days 140,107 CMBS - Term Repurchase Facility (4) 26,328 2 26,326 1.41% 19 days 32,539 Residential Investments - Term Repurchase Facility (5) 4,629 — 4,629 2.75% 356 days 5,134 Residential Mortgage Financing Agreements 97,124 — 97,124 2.78% 352 days 154,531 CMBS - Short Term Repurchase Agreements (6) 63,548 — 63,548 1.72% 46 days 90,444 Senior Secured Revolving Credit Agreement 162,000 3,258 158,742 3.03% 3.5 years 344,084 Total $ 1,909,030 $ 28,139 $ 1,880,891 2.61% 12.0 years $ 2,418,616 Principal Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Weighted Average Value of As of December 31, 2014: RREF CDO 2006-1 Senior Notes $ 61,423 $ — $ 61,423 2.12% 31.6 years $ 139,242 RREF CDO 2007-1 Senior Notes 130,340 133 130,207 1.19% 31.8 years 271,423 RCC CRE Notes 2013 Senior Notes 226,840 2,683 224,157 2.11% 14.0 years 249,983 RCC 2014-CRE2 Senior Notes 235,344 3,687 231,657 1.45% 17.3 years 346,585 Apidos CDO III Senior Notes 74,646 — 74,646 1.18% 5.7 years 85,553 Apidos Cinco CDO Senior Notes 255,664 201 255,463 0.81% 5.4 years 272,512 Moselle CLO S.A. Senior Notes, at fair value (7) 63,321 — 63,321 1.49% 5.0 years 93,576 Moselle CLO S.A. Securitized Borrowings, at fair value (1) 5,619 — 5,619 1.49% 5.0 years — Unsecured Junior Subordinated Debentures (2) 51,548 343 51,205 4.19% 21.8 years — 6.0% Convertible Senior Notes 115,000 6,626 108,374 6.00% 3.9 years — CRE - Term Repurchase Facilities (3) 207,640 1,958 205,682 2.43% 20 days 297,571 CMBS - Term Repurchase Facility (4) 24,967 — 24,967 1.35% 20 days 30,180 Residential Investments - Term Repurchase Facility (5) 22,248 36 22,212 1.16% 1 day 27,885 Residential Mortgage Financing Agreements 102,576 — 102,576 2.78% 207 days 147,472 CMBS - Short Term Repurchase Agreements (6) 44,225 — 44,225 1.63% 17 days 62,446 Senior Secured Revolving Credit Agreement 113,500 2,363 111,137 2.66% 3.7 years 262,687 Total $ 1,734,901 $ 18,030 $ 1,716,871 2.09% 10.0 years $ 2,287,115 (1) The securitized borrowings were collateralized by the same assets as the Moselle CLO Senior Notes. (2) Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively. (3) Amounts also include accrued interest expense of $63,000 and $198,000 related to CRE repurchase facilities as of September 30, 2015 and December 31, 2014 , respectively. (4) Amounts also include accrued interest expense of $14,000 and $12,000 related to CMBS repurchase facilities as of September 30, 2015 and December 31, 2014 , respectively. Amounts do not reflect CMBS repurchase agreement borrowings that are components of linked transactions as of December 31, 2014 . (5) Amounts also include accrued interest expense of $8,000 and $20,000 related to residential investment facilities as of September 30, 2015 and December 31, 2014 , respectively. (6) Amounts also include accrued interest expense of $26,000 and $31,000 related to CMBS short term repurchase facilities as of September 30, 2015 and December 31, 2014 . (7) The fair value option was elected for the borrowings associated with Moselle CLO. As such, the outstanding borrowings and principal outstanding amounts are stated at fair value. The unpaid principal amounts of these borrowings were $63.3 million at December 31, 2014 .
Schedule of Securitizations	The following table sets forth certain information with respect to the Company's securitizations: Securitization Closing Date Maturity Date Reinvestment Period End Total Note Paydowns as of September 30, 2015 (in millions) RREF CDO 2006-1 Senior Notes August 2006 August 2046 September 2011 $ 180.4 RREF CDO 2007-1 Senior Notes June 2007 September 2046 June 2012 $ 216.6 RCC CRE Notes 2013 Senior Notes December 2013 December 2028 N/A $ 133.6 RCC 2014-CRE2 Senior Notes July 2014 April 2032 N/A $ — RCC 2015-CRE3 Senior Notes February 2015 March 2032 N/A $ — RCC 2015-CRE4 Senior Notes August 2015 August 2032 N/A $ — Apidos CDO III Senior Notes May 2006 September 2020 June 2012 $ 262.5 Apidos Cinco CDO Senior Notes May 2007 May 2020 May 2014 $ 169.7 Moselle CLO S.A. Senior Notes October 2005 January 2020 January 2012 $ 167.2 Moselle CLO S.A. Securitized Borrowings October 2005 January 2020 January 2012 $ 5.0
Schedule of Linked Transactions	The assets in the following table were accounted for as linked transactions as of December 31, 2014 . These linked repurchase agreements are not included in borrowings on the Company's consolidated balance sheets at that date ( see Note 20 ). As of December 31, 2014 Borrowings (1) Value of Collateral Number Weighted Average CMBS Term Repurchase Facility Wells Fargo Bank $ 4,941 $ 6,371 7 1.67% Short-Term Repurchase JP Morgan Securities, LLC — — — —% Wells Fargo Securities, LLC 4,108 6,233 2 1.37% Deutsche Bank Securities, LLC 24,348 36,001 10 1.57% Totals $ 33,397 $ 48,605
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 (1) Weighted Average Weighted Average As of September 30, 2015: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 5,894 19 1.41% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 505 356 2.75% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 49,604 19 2.21% Morgan Stanley Bank, National Association $ 2,864 22 2.80% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 6,070 11 1.85% Deutsche Bank Securities, LLC $ 20,853 56 1.73% Residential Mortgage Financing Agreements Wells Fargo Bank $ 45,289 365 2.75% New Century Bank $ 12,119 334 2.82% As of December 31, 2014: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 6,486 20 1.35% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 5,017 1 1.16% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 76,148 20 2.38% Deutsche Bank Securities, LLC $ 13,017 19 2.78% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 2,127 9 1.66% Deutsche Bank Securities, LLC $ 11,810 20 1.62% Residential Mortgage Financing Agreements New Century Bank $ 853 242 2.82% Wells Fargo Bank $ 6,902 183 2.75% (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.
Schedule of Contractual Obligations and Commitments	Total 2015 2016 2017 2018 2019 and Thereafter CDOs $ 332,382 $ 57 $ — $ — $ — $ 332,325 CRE Securitizations 856,710 — — — — 856,710 Repurchase Agreements 276,921 175,168 101,753 — — — Unsecured Junior Subordinated Debentures 51,360 — — — — 51,360 6.0 % Convertible Notes 109,661 — — — 109,661 — 8.0 % Convertible Notes 95,115 — — — — 95,115 Senior Secured Revolving Credit Facility 158,742 — — — 158,742 Total $ 1,880,891 $ 175,225 $ 101,753 $ — $ 109,661 $ 1,494,252
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 (dollars in thousands): As of September 30, 2015 As of December 31, 2014 Outstanding Value of Number of Weighted Average Outstanding Value of Number of Weighted Average CMBS Term Wells Fargo Bank (1) $ 26,326 $ 32,539 27 1.41% $ 24,967 $ 30,180 33 1.35% CRE Term Wells Fargo Bank (2) 78,230 128,354 6 2.21% 179,762 258,223 15 2.38% Deutsche Bank AG (3) — — — —% 25,920 39,348 2 2.78% Morgan Stanley Bank (4) 7,064 11,753 1 2.80% — — — —% Short-Term Repurchase Deutsche Bank Securities, LLC 49,939 70,484 20 1.73% 33,783 44,751 8 1.62% Wells Fargo Securities, LLC 13,609 19,960 4 1.85% 10,442 17,695 1 1.66% Residential Investments Term Repurchase Facility Wells Fargo Bank (5) 4,629 5,134 6 2.75% 22,212 27,885 6 1.16% Residential Mortgage New Century Bank 41,975 54,093 194 2.82% 41,387 51,961 158 2.82% Wells Fargo Bank 55,149 100,438 163 2.75% 61,189 95,511 104 2.75% Totals $ 276,921 $ 422,755 $ 399,662 $ 565,554 (1) The Wells Fargo CMBS term repurchase facility borrowing includes $2,000 and $0 of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (2) The Wells Fargo CRE term repurchase facility borrowing includes $927,000 and $1.7 million of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (3) The Deutsche Bank CRE term repurchase facility includes $0 and $268,000 of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (4) The Morgan Stanley CRE term repurchase facility includes $1.8 million and $0 of deferred debt issuance costs as of September 30, 2015 and December 31, 2014 , respectively. (5) The Wells Fargo residential investments term repurchase facility includes $36,000 of deferred debt issuance costs as of December 31, 2014 .

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Tables)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class, Issues	For the Nine Months Ended Total Outstanding Number of Shares Weighted Average Offering Price Number of Shares Weighted Average Offering Price 8.50% Series A Preferred Stock — $ — 1,069,016 $ 24.05 8.25% Series B Preferred Stock 139,333 $ 22.34 5,740,479 $ 23.81 8.625% Series C Preferred Stock — $ — 4,800,000 $ 25.00

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 12,301 453,213 40,396 505,910 Issued 13,896 250,365 43,351 307,612 Vested (10,930 ) (98,769 ) (1,860 ) (111,559 ) Forfeited — (3,817 ) (3,716 ) (7,533 ) Unvested shares as of September 30, 2015 15,267 600,992 78,171 694,430
Schedule of restricted stock granted	The following table summarizes the restricted common stock grants during the nine months ended September 30, 2015 : Date Shares (2) Vesting/Year Date(s) February 3, 2015 1,819 100% 2/3/16 February 5, 2015 241,524 33.3% 2/5/16, 2/5/17, 2/5/18 February 5, 2015 28,818 33.3% 2/5/16, 2/5/17, 2/5/18 March 9, 2015 8,047 100% 3/9/16 March 12, 2015 1,906 100% 3/12/16 March 31, 2015 8,841 100% 5/15/16 (1) June 8, 2015 2,124 100% 6/8/16 August 10, 2015 14,503 100% 3/31/16, 3/31/17, 3/31/18 September 1, 2015 (3) 30 various various (1) In connection with a grant of restricted common stock made on September 24, 2014 , the Company agreed to issue up to 17,682 additional shares of common stock if certain loan origination performance thresholds were achieved by personnel from the Company’s loan origination team. The performance criteria are measured at the end of two annual measurement periods which began April 1, 2014 . The agreement also provided 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 were paid at the end of each annual measurement period if the performance criteria were met. If the performance criteria are not met, the accrued dividends will be forfeited. As a consequence, the Company does not record the dividend equivalent rights until earned. On March 31, 2015 , the first annual measurement period ended and 8,841 shares were earned. These shares will vest over the subsequent 12 months at a rate of one-fourth per quarter. In addition, approximately $21,000 of accrued dividend equivalent rights were earned and paid. (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 PCM. (3) In connection with the Company's one-for-four reverse stock split, 30 shares of unvested shares of common stock were issued on September 1, 2015 due to rounding.
Summary of stock option transactions	The following table summarizes the status of the Company’s vested stock options as of September 30, 2015 : 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, 2015 160,167 $ 57.80 Vested — — Exercised — — Forfeited — — Expired (133,917 ) $ 60.00 Vested as of September 30, 2015 26,250 $ 46.60 3.20 $ —
Summary of share based compensation expense	The components of equity compensation expense for the periods presented as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Options granted to Manager and non-employees $ — $ — $ — $ (2 ) Restricted shares granted to non-employees (1) (466 ) 549 840 3,762 Restricted shares granted to employees 177 185 528 545 Restricted shares granted to non-employee directors 64 64 193 192 Total equity compensation expense $ (225 ) $ 798 $ 1,561 $ 4,497 (1) Non-employees are employees of Resource America.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
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): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Basic: Net income (loss) allocable to common shares $ 6,778 $ 7,328 $ (14,831 ) $ 37,121 Weighted average number of shares outstanding 32,515,226 32,413,591 32,726,194 31,858,595 Basic net income (loss) per share $ 0.21 $ 0.23 $ (0.45 ) $ 1.17 Diluted: Net income (loss) allocable to common shares $ 6,778 $ 7,328 $ (14,831 ) $ 37,121 Weighted average number of shares outstanding 32,515,226 32,413,591 32,726,194 31,858,595 Additional shares due to assumed conversion of dilutive instruments 435,991 393,349 — 317,884 Adjusted weighted-average number of common shares outstanding 32,951,217 32,806,940 32,726,194 32,176,479 Diluted net income (loss) per share $ 0.21 $ 0.22 $ (0.45 ) $ 1.15

ACCUMULATED OTHER COMPREHENSI46

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule of accumulated other comprehensive loss	The following table presents the changes in each component of accumulated other comprehensive income for the nine months ended September 30, 2015 (dollars in thousands): Net unrealized (loss) gain on derivatives Net unrealized (loss) gain on securities, Foreign Currency Translation Accumulated other comprehensive income (loss) January 1, 2015 $ (8,967 ) $ 15,422 $ (412 ) $ 6,043 Other comprehensive gain (loss) before reclassifications 3,424 (345 ) 343 3,422 Amounts reclassified from accumulated other 538 (12,139 ) — (11,601 ) Net current-period other comprehensive income 3,962 (12,484 ) 343 (8,179 ) Unrealized gains (losses) on available-for-sale securities allocable to non-controlling interests — 2,510 — 2,510 September 30, 2015 $ (5,005 ) $ 5,448 $ (69 ) $ 374

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	9 Months Ended
	Sep. 30, 2015
DISTRIBUTIONS [Abstract]
Dividends Declared	The following tables presents dividends declared (on a per share basis) for the three and nine months ended September 30, 2015 and year ended December 31, 2014 : Common Stock Date Paid Total Dividend (in thousands) 2015 March 31 April 28 $ 21,444 $ 0.64 June 30 July 28 $ 21,426 $ 0.64 September 30 October 28 $ 20,667 $ 0.64 2014 March 31 April 28 $ 25,921 $ 0.80 June 30 July 28 $ 26,179 $ 0.80 September 30 October 28 $ 26,629 $ 0.80 December 31 January 28, 2015 $ 26,563 $ 0.80 Preferred Stock Series A Series B Series C Date Paid Total Dividend Date Paid Total Dividend Date Paid Total Dividend (in thousands) (in thousands) (in thousands) 2015 March 31 April 30 $ 568 $ 0.53125 April 30 $ 2,960 $ 0.515625 April 30 $ 2,588 $ 0.539063 June 30 July 30 $ 568 $ 0.53125 July 30 $ 2,960 $ 0.515625 July 30 $ 2,588 $ 0.539063 Sept. 30 Oct. 30 $ 568 $ 0.53125 Oct. 30 $ 2,960 $ 0.515625 Oct. 30 $ 2,588 $ 0.539063 2014 March 31 April 30 $ 463 $ 0.53125 April 30 $ 2,057 $ 0.515625 — — — June 30 July 30 $ 537 $ 0.53125 July 30 $ 2,378 $ 0.515625 July 30 $ 1,437 $ 0.299479 September 30 October 30 $ 537 $ 0.53125 October 30 $ 2,430 $ 0.515625 October 30 $ 2,588 $ 0.539063 December 31 January 30, 2015 $ 568 $ 0.53125 January 30, 2015 $ 2,888 $ 0.515625 January 30, 2015 $ 2,588 $ 0.539063

FAIR VALUE OF FINANCIAL INSTR48

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair value assets and liabilities measured on recurring basis	The following table presents information about the Company’s assets and liabilities 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 As of September 30, 2015: Assets: Investment securities, trading $ — $ — $ 25,715 $ 25,715 Investment securities available-for-sale — 4,627 229,973 234,600 Loans held for sale — 60,958 52,049 113,007 Derivatives — 1 3,729 3,730 Total assets at fair value $ — $ 65,586 $ 311,466 $ 377,052 Liabilities: Derivatives $ — $ 1,586 $ 5,880 $ 7,466 Total liabilities at fair value $ — $ 1,586 $ 5,880 $ 7,466 As of December 31, 2014: Assets: Investment securities, trading $ — $ — $ 20,786 $ 20,786 Investment securities available-for-sale — 33,158 242,562 275,720 CMBS - linked transactions — — 15,367 15,367 Derivatives 3,429 7 1,868 5,304 Total assets at fair value $ 3,429 $ 33,165 $ 280,583 $ 317,177 Liabilities: Moselle CLO Notes $ — $ — $ 68,940 $ 68,940 Derivatives — — 8,476 8,476 Total liabilities at fair value $ — $ — $ 77,416 $ 77,416
Fair value assets unobservable input reconciliation	The following table presents additional information about assets that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands): CMBS (1) ABS Structured Warrants Interest Rate Lock Commitments Loans Held for Sale Total Balance, January 1, 2015 $ 185,772 $ 72,157 $ 20,786 $ 898 $ 970 $ 83,380 $ 363,963 Included in earnings 1,676 2,478 2,530 (71 ) 25,713 (1,272 ) 31,054 Unlinked transactions 33,239 — — — — — 33,239 Purchases/Originations 10,373 24,812 22,126 — — 246,927 304,238 Sales (26,292 ) (17,283 ) — — (270,827 ) (314,402 ) Paydowns (51,918 ) (5,094 ) (1,986 ) — — (6,159 ) (65,157 ) Issuances — — — — — — — Settlements — (11,216 ) — — (24,595 ) — (35,811 ) Included in OCI (1,317 ) (8,568 ) (458 ) — — — (10,343 ) Transfers into Level 3 — 3,871 — — — — 3,871 Balance, September 30, 2015 $ 177,825 $ 52,148 $ 25,715 $ 827 $ 2,088 $ 52,049 $ 310,652 (1) Beginning balance includes linked transactions. Due to a change in accounting guidance, as of January 1, 2015, the concept of linked transactions no longer exists. The following table presents additional information about liabilities that are measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs (in thousands): Interest rate swaps Beginning balance, January 1, 2015 $ 8,680 Unrealized gains - included in accumulated other comprehensive income (3,552 ) Included in earnings 127 Ending balance, September 30, 2015 $ 5,255
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 As of September 30, 2015: Assets : Loans held for sale $ — $ 2,999 $ — $ 2,999 Impaired loans — 998 32,500 33,498 Total assets at fair value $ — $ 3,997 $ 32,500 $ 36,497 As of December 31, 2014: Assets : Loans held for sale $ — $ 36,956 $ — $ 36,956 Impaired loans — 1,678 137,811 139,489 Total assets at fair value $ — $ 38,634 $ 137,811 $ 176,445
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 September 30, 2015 , for which quantitative information with respect to unobservable inputs was available, the significant unobservable inputs used in the fair value measurements were as follows (in thousands, except were otherwise indicated) : Fair Value at September 30, 2015 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Interest rate swap agreements $ 5,255 Discounted cash flow Weighted average credit spreads 4.83 % Warrant $ 827 Option pricing model Market capitalization (in millions) $ 146.0 Volatility 50.00 %
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 in the following table (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) As of September 30, 2015: Loans held-for-investment $ 2,118,978 $ 2,107,162 $ — $ 491,206 $ 1,615,956 CDO notes $ 1,189,092 $ 1,076,523 $ — $ — $ 1,076,523 Junior subordinated notes $ 51,360 $ 17,854 $ — $ — $ 17,854 Convertible notes $ 204,776 $ 204,776 $ — $ — $ 204,776 Repurchase agreements $ 276,921 $ 276,921 $ — $ — $ 276,921 Senior secured revolving credit agreement $ 158,742 $ 158,742 $ — $ — $ 158,742 As of December 31, 2014: Loans held-for-investment $ 1,925,980 $ 1,909,019 $ — $ 570,071 $ 1,338,948 Loans receivable-related party $ 558 $ 558 $ — $ — $ 558 CDO notes $ 1,046,493 $ 975,762 $ — $ — $ 975,762 Junior subordinated notes $ 51,205 $ 17,699 $ — $ — $ 17,699 Convertible notes $ 108,374 $ 108,374 $ — $ — $ 108,374 Repurchase agreements $ 399,662 $ 399,662 $ — $ — $ 399,662 Senior secured revolving credit agreement $ 111,137 $ 111,137 $ — $ — $ 111,137

MARKET RISK AND DERIVATIVE IN49

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Derivatives, Fair Value [Line Items]
Components of Unrealized Net Gains and Net Income from Linked Transactions	The following table presents certain information about the components of the unrealized gain (loss) and net interest income from linked transactions, net, included in the Company's consolidated statements of operations for the periods presented as follows ( in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Components of Unrealized Net (Losses) Gains and Net Interest Income Income from linked transactions Interest income attributable to CMBS underlying linked transactions $ — $ 495 $ — $ 2,295 Interest expense attributable to linked repurchase agreement borrowings underlying linked transactions — (107 ) — (514 ) Change in fair value of linked transactions included in earnings — (211 ) — 5,713 Unrealized gain (loss) and net interest income from linked transactions, net $ — $ 177 $ — $ 7,494
Available-for-sale Securities	The following table summarizes the Company's sales of investment securities available-for-sale (in thousands, except number of securities): For the Three Months Ended For the Nine Months Ended Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) September 30, 2015: ABS 8 — $ 15,462 $ 2,437 15 3 $ 31,399 $ 10,547 RMBS — — $ — $ — 6 — $ 28,305 $ 984 September 30, 2014: ABS 3 — $ 6,947 $ 2,974 3 1 $ 9,447 $ 3,000 Corporate bonds — 1 $ 1,000 $ 48 — 2 $ 1,630 $ 47 CMBS — — $ — $ — 6 — $ 28,470 $ 182 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 As of September 30, 2015: CMBS $ 175,167 $ 3,902 $ (1,244 ) $ 177,825 RMBS 2,286 111 (77 ) 2,320 ABS 47,110 5,419 (381 ) 52,148 Corporate bonds 2,420 — (113 ) 2,307 Total $ 226,983 $ 9,432 $ (1,815 ) $ 234,600 As of December 31, 2014: CMBS $ 168,669 $ 4,938 $ (3,202 ) $ 170,405 RMBS 29,814 937 — 30,751 ABS 55,617 16,876 (336 ) 72,157 Corporate bonds 2,415 10 (18 ) 2,407 Total $ 256,515 $ 22,761 $ (3,556 ) $ 275,720 (1) As of September 30, 2015 and December 31, 2014 , $118.8 million and $197.8 million , respectively, of investment securities available-for-sale were pledged as collateral under related financings.
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Derivative Instruments	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 operations for the years presented: Fair Value of Derivative Instruments as of September 30, 2015 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements $ 111,772 Derivatives, at fair value $ 2,088 Forward contracts - residential mortgage lending $ 124,483 Derivatives, at fair value $ 814 Forward contracts - foreign currency, hedging (1)(2) $ 11,127 Derivatives, at fair value $ 1 Warrants (5) $ 553 Derivatives, at fair value $ 827 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (3) $ 121,867 Derivatives, at fair value $ 5,255 Forward contracts - residential mortgage lending $ 242,919 Derivatives, at fair value $ 2,040 Forward contracts - foreign currency, hedging (4)(2) $ 15,699 Derivatives, at fair value $ 45 Forward contracts - TBA securities $ 31,000 Derivatives, at fair value $ 126 Interest rate swap contracts $ 104,367 Accumulated other comprehensive (income) loss $ 5,004 (1) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €10.3 million as of September 30, 2015 . (2) Foreign currency forward contracts are accounted for as fair value hedges. (3) Interest rate swap contracts are accounted for as cash flow hedges. (4) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €14.5 million as of September 30, 2015 . (5) The notional amount of the Company's warrants is the calculated number of shares available for purchase. Fair Value of Derivative Instruments as of December 31, 2014 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements $ 59,467 Derivatives, at fair value $ 970 Forward contracts - residential mortgage lending $ 5,000 Derivatives, at fair value $ 7 Forward contracts - RMBS securities $ 42,614 Derivatives, at fair value $ 1,297 Forward contracts - foreign currency, hedging (1)(2) $ 54,948 Derivatives, at fair value $ 3,377 Options - U.S. Treasury futures $ 90 Derivatives, at fair value $ 52 Warrants $ 492 Derivatives, at fair value $ 898 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (3) $ 124,017 Derivatives, at fair value $ 8,680 Interest rate lock agreements $ 798 Derivatives, at fair value $ 10 Forward contracts - residential mortgage lending $ 154,692 Derivatives, at fair value $ 1,036 Forward contracts - TBA securities $ 15,000 Derivatives, at fair value $ 47 Interest rate swap contracts $ 124,017 Accumulated other comprehensive (income) loss $ 8,680 (1) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €45.4 million as of December 31, 2014. (2) Foreign currency forward contracts are accounted for as fair value hedges. (3) Interest rate swap contracts are accounted for as cash flow hedges.
The Effect of Derivative Instruments on the Statement of Income	The Effect of Derivative Instruments on the Statements of Operations for the Nine Months Ended September 30, 2015 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ 4,923 Interest rate swap contracts, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (34 ) Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 1,128 Forward contracts - RMBS securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (122 ) Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (197 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,254 Options - U.S. Treasury futures Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 184 Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 415 (1) Negative values indicate a decrease to the associated consolidated statements of operations line items. The Effect of Derivative Instruments on the Statements of Operations for the Nine Months Ended September 30, 2014 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts Interest expense $ 4,917 Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 733 Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (254 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,192 Total return swap Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 960 Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (280 ) (1) Negative values indicate a decrease to the associated consolidated statements of operations line items.
Linked Transactions [Member]
Derivatives, Fair Value [Line Items]
Available-for-sale Securities	The following table summarizes the Company's investment securities, underlying linked transactions,which are carried at fair value (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of December 31, 2014: CMBS linked transactions $ 48,138 $ 539 $ (72 ) $ 48,605 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 As of December 31, 2014: Less than one year $ 7,834 $ 7,775 5.36% Greater than one year and less than five years 36,587 36,274 4.65% Greater than five years and less than ten years 4,184 4,089 4.52% Greater than ten years — — —% Total $ 48,605 $ 48,138 4.66%
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 As of December 31, 2014: CMBS linked transactions $ 7,609 $ (57 ) $ 777 $ (15 ) $ 8,386 $ (72 )
CMBS Linked Repurchase Agreements	The following table summarizes the Company's CMBS linked repurchase agreements (in thousands, except percentages): As of December 31, 2014 Maturity or Repricing Balance Weighted Average Interest Rate Within 30 days $ 33,397 1.56 % >30 days to 90 days — — % Total $ 33,397 1.56 %

OFFSETTING OF FINANCIAL ASSET50

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Offsetting [Abstract]
Offsetting Financial Assets and Derivative Assets	The following table presents a summary of the Company's offsetting of derivative assets for the periods presented (in thousands): (iv) (i) (ii) (iii) = (i) - (ii) Financial Cash (v) = (iii) - (iv) As of September 30, 2015: Derivative hedging instruments, at fair value $ 3,730 $ — $ 3,730 $ — $ — $ 3,730 Total $ 3,730 $ — $ 3,730 $ — $ — $ 3,730 As of December 31, 2014: Derivative hedging instruments, at fair value $ 4,334 $ — $ 4,334 $ — $ — $ 4,334 Linked transactions 48,764 33,397 15,367 — — 15,367 Total $ 53,098 $ 33,397 $ 19,701 $ — $ — $ 19,701
Offsetting Financial Liabilities and Derivative Liabilities	The following table presents a summary of the Company's offsetting of financial liabilities and derivative liabilities for the periods presented as follows (in thousands): (iv) (i) (ii) (iii) = (i) - (ii) Financial (1) Cash (2) (v) = (iii) - (iv) As of September 30, 2015: Derivative hedging instruments, (3) $ 7,466 $ — $ 7,466 $ — $ 1,430 $ 6,036 Repurchase agreements and term facilities (4) 276,921 — 276,921 — — 276,921 Total $ 284,387 $ — $ 284,387 $ — $ 1,430 $ 282,957 As of December 31, 2014: Derivative hedging instruments, (3) $ 8,466 $ — $ 8,466 $ — $ 500 $ 7,966 Repurchase agreements and term facilities (4) 399,662 — 399,662 399,662 — — Linked transactions 33,397 33,397 — — — Total $ 441,525 $ 33,397 $ 408,128 $ 399,662 $ 500 $ 7,966 (1) Amounts represent collateral pledged that is available to be offset against liability balances associated with term facilities, repurchase agreements and derivative transactions. (2) Amounts represent amounts pledged as collateral against derivative transactions. (3) The fair value of securities and/or cash and cash equivalents pledged against the Company's swaps was $1.4 million and $2.6 million at September 30, 2015 and December 31, 2014 , respectively. (4) The combined fair value of securities and loans pledged against the Company's various term facilities and repurchase agreements was $422.8 million and $565.6 million at September 30, 2015 and December 31, 2014 , respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Summarized operating segment data are as follows (in thousands): Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total (4) For the Three Months Ended September 30, 2015: Interest income: External customers $ 25,646 $ 3,341 $ 8,254 $ 1,119 $ — $ 38,360 Other 12 803 2 — 7 824 Total interest income 25,658 4,144 8,256 1,119 7 39,184 Interest expense 8,869 368 1,480 999 5,046 16,762 Net interest income 16,789 3,776 6,776 120 (5,039 ) 22,422 Amortization of MSRs — — — (1,307 ) — (1,307 ) Other income from external customers — 1,033 — 1,540 17 2,590 Total revenues 16,789 4,809 6,776 353 (5,022 ) 23,705 Less: Segment operating expenses 50 272 1,240 71 1,361 2,994 General and administrative 768 569 978 7,297 1,726 11,338 Depreciation and amortization — 454 — 142 32 628 Provision (recovery) for loan losses (47 ) 178 903 — — 1,034 Equity in earnings of unconsolidated subsidiaries — (333 ) — — (1 ) (334 ) Other (income) expense 352 (2,566 ) 147 (2,368 ) (446 ) (4,881 ) Income (loss) before taxes 15,666 6,235 3,508 (4,789 ) (7,694 ) 12,926 Income tax (expense) benefit — (286 ) — 2,161 (79 ) 1,796 Net income (loss) $ 15,666 $ 5,949 $ 3,508 $ (2,628 ) $ (7,773 ) $ 14,722 Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total (4) For the Three Months Ended September 30, 2014: Interest income: External customers $ 19,596 $ 8,518 $ 3,264 $ 816 $ — $ 32,194 Other — 1,586 — — 61 1,647 Total interest income 19,596 10,104 3,264 816 61 33,841 Interest expense 6,501 1,764 65 419 2,759 11,508 Net interest income 13,095 8,340 3,199 397 (2,698 ) 22,333 Amortization of MSRs — — — (423 ) — (423 ) Other income from external customers 1,117 1,519 — 1,352 (87 ) 3,901 Total revenues 14,212 9,859 3,199 1,326 (2,785 ) 25,811 Less: Segment operating expenses 695 575 8 819 3,002 5,099 General and administrative 347 1,151 12 5,132 1,705 8,347 Depreciation and amortization 3 454 — 96 9 562 Provision (recovery) for loan losses 803 663 — (26 ) (1 ) 1,439 Equity in earnings of unconsolidated subsidiaries (828 ) (60 ) — — 1 (887 ) Other (income) expense 1,758 2,531 — (2,106 ) (5,026 ) (2,843 ) Income (loss) before taxes 11,434 4,545 3,179 (2,589 ) (2,475 ) 14,094 Income tax (expense) benefit — (56 ) — 291 2 237 Net income (loss) $ 11,434 $ 4,489 $ 3,179 $ (2,298 ) $ (2,473 ) $ 14,331 For the Nine Months Ended September 30, 2015: Interest income: External customers $ 70,237 $ 14,499 $ 22,089 $ 3,465 $ 302 $ 110,592 Other 82 2,607 4 1 81 2,775 Total interest income 70,319 17,106 22,093 3,466 383 113,367 Interest expense 23,798 2,225 3,682 2,988 14,774 47,467 Net interest income 46,521 14,881 18,411 478 (14,391 ) 65,900 Amortization of MSRs — — — (3,138 ) — (3,138 ) Other income from external customers — 3,398 — 6,058 49 9,505 Total revenues 46,521 18,279 18,411 3,398 (14,342 ) 72,267 Less: Segment operating expenses 56 940 2,444 982 7,471 11,893 General and administrative 1,517 2,238 2,262 22,227 5,745 33,989 Depreciation and amortization — 1,346 1 372 95 1,814 Impairment losses — 59 — — — 59 Provision (recovery) for loan losses 38,025 1,696 4,223 (110 ) — 43,834 Equity in earnings of unconsolidated subsidiaries (46 ) (1,655 ) — — (1 ) (1,702 ) Other (income) expense 1,200 (883 ) 39 (18,239 ) (12,683 ) (30,566 ) Income (loss) before taxes 5,769 14,538 9,442 (1,834 ) (14,969 ) 12,946 Income tax (expense) benefit (39 ) (1,782 ) — (821 ) (327 ) (2,969 ) Net income (loss) $ 5,730 $ 12,756 $ 9,442 $ (2,655 ) $ (15,296 ) $ 9,977 Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total (4) For the Nine Months Ended September 30, 2014: Interest income: External customers $ 55,723 $ 22,460 $ 6,589 $ 1,265 $ — $ 86,037 Other 1 5,283 — — 197 5,481 Total interest income 55,724 27,743 6,589 1,265 197 91,518 Interest expense 17,365 5,207 65 689 8,420 31,746 Net interest income 38,359 22,536 6,524 576 (8,223 ) 59,772 Amortization of MSRs — — — (1,074 ) — (1,074 ) Other income from external customers 7,777 4,876 — 3,670 (137 ) 16,186 Total revenues 46,136 27,412 6,524 3,172 (8,360 ) 74,884 Less: Segment operating expenses 5,168 2,200 8 1,178 11,111 19,665 General and administrative 1,804 3,366 12 12,765 5,554 23,501 Depreciation and amortization 484 1,346 — 285 43 2,158 Provision (recovery) for loan losses (3,759 ) 1,969 — — 51 (1,739 ) Equity in earnings of unconsolidated subsidiaries (3,592 ) (1,146 ) — — 75 (4,663 ) Other (income) expense (6,252 ) (8,924 ) — (5,844 ) 8,156 (12,864 ) Income (loss) before taxes 52,283 28,601 6,504 (5,212 ) (33,350 ) 48,826 Income tax (expense) benefit 303 (250 ) — 1,181 (567 ) 667 Net income (loss) $ 52,586 $ 28,351 $ 6,504 $ (4,031 ) $ (33,917 ) $ 49,493 (1) Includes interest expense for the Convertible Senior Notes of $ 4.4 million and $13.0 million for the three and nine months ended September 30, 2015 , respectively, and $2.2 million and $6.6 million for the three and nine months ended September 30, 2014 , respectively. (2) Includes interest expense for the Unsecured Junior Subordinated Debentures of $610,000 and $1.8 million for the three and nine months ended September 30, 2015 , respectively, and $601,000 and $1.8 million for the three and nine months ended September 30, 2014 , respectively. (3) Includes general corporate expenses and inter-segment eliminations not allocable to any particular operating segment. (4) Net interest income ties, however the breakout between total interest income and interest expense does not tie directly to the Consolidated Statement of Operations for the three and nine months ended September 30, 2015 due to a cumulative inter-segment reclassification between interest income and interest expense. The following table presents total assets by segment for the periods indicated (in thousands): Total Assets Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1) Total September 30, 2015 $ 2,252,312 $ 524,096 $ 353,741 $ 236,585 $ (580,692 ) $ 2,786,042 December 31, 2014 $ 1,821,461 $ 743,086 $ 276,642 $ 205,491 $ (318,001 ) $ 2,728,679 (1) Includes inter-segment eliminations and assets not allocable to any particular operating segment.

ORGANIZATION AND BASIS OF PRE52

ORGANIZATION AND BASIS OF PRESENTATION (Details) - Entity	Apr. 30, 2015	Jul. 09, 2014	Feb. 26, 2014	May. 31, 2013	Sep. 30, 2015
RREF 2006-1 | RCC Real Estate [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
Northport LLC [Member] | RCC Commercial [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					29.60%
Northport LLC [Member] | Resource TRS, LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					25.80%
Northport LLC [Member] | Resource TRS, Inc [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					44.60%
Apidos III | RCC Commercial [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
Apidos Cinco | RCC Commercial II [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
Whitney CLO I
Variable Interest Entity [Line Items]
Ownership percentage in VIE				68.30%
Whitney CLO I | RCC Commercial II [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					68.30%
Moselle | RCC Commercial II [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					88.60%
Apidos I | RCC Commercial III [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					90.00%
Apidos I | RSO EquityCo, LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					10.00%
RREF 2007-1 | RCC Real Estate [Member]
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased					100.00%
RCC CRE Notes 2013 | RCC Real Estate [Member]
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased					100.00%
Resource Capital Corp. 2014-CRE2, Ltd. [Member] | RCC Real Estate [Member]
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased					100.00%
Resource Capital Asset Management CDOs | Resource TRS II [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
Number of CDO issuers					3
Apidos CLO VIII Ltd. [Member] | Resource TRS III [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					33.00%
Apidos CLO VIII Ltd. [Member] | RSO EquityCo, LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					10.00%
Life Care Funding, LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE	60.70%		50.20%
Life Care Funding, LLC [Member] | Long Term Care Conversion Funding [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					60.70%
Long Term Care Conversion Funding [Member] | Long Term Care Conversion, Inc [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
Primary Capital Advisors LLC [Member] | RCC Residential, Inc. [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
RCM Global, LLC | RCC Residential, Inc. [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE		63.80%			46.40%
RCC Opportunities Trust [Member] | RCC Depositor, LLC [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE					100.00%
Resource Capital Corp. 2015-CRE3, Ltd. [Member] | RCC Real Estate [Member]
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased					100.00%

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	Aug. 31, 2015	Aug. 03, 2015	Sep. 30, 2015USD ($)shares		Dec. 31, 2014USD ($)shares		Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Common stock, shares authorized (in shares)			125,000,000		125,000,000
Preferred stock, shares authorized (in shares)			100,000,000
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25	4
Cash and cash equivalents | $			$ 104,735	[1]	$ 79,905	[1]	$ 163,269	$ 262,270
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details)		Jul. 09, 2014USD ($)	Nov. 16, 2011USD ($)shares	Feb. 28, 2014	May. 31, 2013	Feb. 28, 2013Entity	Oct. 31, 2012	Feb. 28, 2011USD ($)Entity	Sep. 30, 2015USD ($)EntityPositionDirector		Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)EntitycreditPositionDirector		Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)shares		Apr. 30, 2015USD ($)
Variable Interest Entity [Line Items]
Number of credits supported in VIE | credit												2
Investments in unconsolidated entities									$ 55,858,000	[1]		$ 55,858,000	[1]		$ 59,827,000	[1]	$ 750,000
Borrowings	[2]								1,880,891,000			1,880,891,000			1,716,871,000
Intangible assets	[1]								25,806,000			25,806,000			18,610,000
Fee income									1,266,000		$ 2,344,000	6,317,000		$ 7,166,000
RCC Residential, Inc. [Member]
Variable Interest Entity [Line Items]
Acquisition of membership interests		$ 15,000,000
Payments to acquire businesses and interest in affiliates		$ 23,500,000
Ownership percentage (percent)		63.80%
Investment in LCC Preferred Stock
Variable Interest Entity [Line Items]
Investments in unconsolidated entities			$ 36,300,000						40,779,000			40,779,000			39,416,000
Investment in RCAM [Member]
Variable Interest Entity [Line Items]
Number of CLOs held by purchased entity | Entity								5
Acquisition								$ 22,500,000
Fee income									$ 791,000		1,200,000	$ 2,700,000		4,000,000
VIE, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of consolidated VIEs | Entity									13			13
Financial support provided to VIEs									$ 0		$ 209,000	$ 0		$ 758,000
VIE, Primary Beneficiary [Member] | Moselle
Variable Interest Entity [Line Items]
Acquisition of membership interests												30,400,000
VIE, Primary Beneficiary [Member] | Investment in RCAM [Member]
Variable Interest Entity [Line Items]
Preferred equity interest acquired							66.60%
VIE, Primary Beneficiary [Member] | Whitney CLO I
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased					68.30%
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities									66,798,000			66,798,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Pelium [Member]
Variable Interest Entity [Line Items]
Investment Maximum									3,000,000			3,000,000
Investments in unconsolidated entities									$ 3,000,000			$ 3,000,000
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC
Variable Interest Entity [Line Items]
Preferred stock, coupon authorized (in hundredths)												8.00%
Ownership percentage in VIE			26.70%
Investments in unconsolidated entities															39,400,000
Variable interest entity, number of board positions held by the company | Position									2			2
Variable interest entity, total number of board positions | Position									6			6
Investment in unconsolidated entities									$ 40,779,000			$ 40,779,000
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC | Preferred Shares - Series A [Member]
Variable Interest Entity [Line Items]
Acquisition of membership interests															$ 3,700,000
Shares received in equity method transaction (in shares) | shares			31,341
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC | Preferred Shares - Series B [Member]
Variable Interest Entity [Line Items]
Shares received in equity method transaction (in shares) | shares			4,872
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC | Series D Preferred Stock [Member]
Variable Interest Entity [Line Items]
Shares received in equity method transaction (in shares) | shares			2,364
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC | Series A1 Preferred Stock [Member]
Variable Interest Entity [Line Items]
Shares received in equity method transaction (in shares) | shares															3,682
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC | Series E Preferred Stock [Member]
Variable Interest Entity [Line Items]
Acquisition of membership interests															$ 4,400,000
Shares received in equity method transaction (in shares) | shares															4,445
Variable Interest Entity, Not Primary Beneficiary [Member] | LCC | Investment in LCC Preferred Stock
Variable Interest Entity [Line Items]
Ownership percentage (percent)									28.40%			28.40%
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment in RCT I and II
Variable Interest Entity [Line Items]
Ownership percentage in VIE												100.00%
Investments in unconsolidated entities									$ 1,500,000			$ 1,500,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Interest in RCT I
Variable Interest Entity [Line Items]
Percentage of total value of trusts owned									3.00%			3.00%
Borrowings									$ 25,800,000			$ 25,800,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Interest in RCT II
Variable Interest Entity [Line Items]
Percentage of total value of trusts owned									3.00%			3.00%
Borrowings									$ 25,800,000			$ 25,800,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment in RCAM [Member]
Variable Interest Entity [Line Items]
Number of CLOs held by purchased entity | Entity								4
Number of CLOs liquidated | Entity						1
Variable Interest Entity, Not Primary Beneficiary [Member] | Investment in ZAIS
Variable Interest Entity [Line Items]
Investment Maximum									10,000,000			10,000,000
Investments in unconsolidated entities									10,000,000			10,000,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Harvest XV [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities									$ 11,200,000			$ 11,200,000
Class 1 Subordinated Notes [Member] | Moselle CLO S.A. Senior Notes [Member]
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased				100.00%
Class 2 Subordinated Notes [Member] | Moselle CLO S.A. Senior Notes [Member]
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased				67.90%
RCC Residential, Inc. [Member] | RCM Global, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE		63.80%										46.40%
Variable interest entity, total number of board positions | Director									5			5
Investment in RCAM [Member]
Variable Interest Entity [Line Items]
Intangible assets									$ 8,088,000			$ 8,088,000			$ 9,400,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811
[2]	September 30, 2015 December 31, 2014Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $1,189,092 $1,046,494 Accrued interest expense953 1,000 Derivatives, at fair value4,774 8,439Unsettled loan purchases— (529) Accounts payable and other liabilities208 (386) Total liabilities of consolidated VIEs$1,195,027 $1,055,018

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 188	$ 25
Restricted cash	22,206	121,247
Investment securities available-for-sale, pledged as collateral, at fair value	76,517	119,203
Loans, pledged as collateral	1,566,454	1,261,137
Loans held for sale	2,994	282
Interest receivable	7,848	8,941
Prepaid assets	194	221
Principal paydown receivable	32,100	25,767
Other assets	882	(12)
Total assets of consolidated VIEs	1,709,383	1,536,811
LIABILITIES
Borrowings	1,189,092	1,046,494
Accrued interest expense	953	1,000
Derivatives, at fair value	4,774	8,439
Unsettled loan purchases	0	(529)
Accounts payable and other liabilities	208	(386)
Total liabilities of consolidated VIEs	1,195,027	$ 1,055,018
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	188
Restricted cash	22,206
Investment securities available-for-sale, pledged as collateral, at fair value	76,517
Loans, pledged as collateral	1,566,454
Loans held for sale	2,994
Interest receivable	7,848
Prepaid assets	194
Principal paydown receivable	32,100
Other assets	882
Total assets of consolidated VIEs	1,709,383
LIABILITIES
Borrowings	1,189,092
Accrued interest expense	953
Derivatives, at fair value	4,774
Unsettled loan purchases	0
Accounts payable and other liabilities	208
Total liabilities of consolidated VIEs	1,195,027
Restricted cash available for reinvestment in certain of the CDOs	6,900
Apidos I | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	71
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	0
Loans held for sale	153
Interest receivable	0
Prepaid assets	0
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	224
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	0
Apidos III | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	192
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	5
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	197
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	0
Apidos Cinco | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	14,503
Investment securities available-for-sale, pledged as collateral, at fair value	9,653
Loans, pledged as collateral	148,549
Loans held for sale	2,841
Interest receivable	805
Prepaid assets	29
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	176,380
LIABILITIES
Borrowings	152,310
Accrued interest expense	209
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	13
Total liabilities of consolidated VIEs	152,532
Whitney CLO I | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	116
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
Other assets	0
Total assets of consolidated VIEs	116
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	0
RREF 2006-1 | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	24
Investment securities available-for-sale, pledged as collateral, at fair value	5,933
Loans, pledged as collateral	88,193
Loans held for sale	0
Interest receivable	350
Prepaid assets	69
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	94,569
LIABILITIES
Borrowings	52,820
Accrued interest expense	25
Derivatives, at fair value	197
Unsettled loan purchases	0
Accounts payable and other liabilities	17
Total liabilities of consolidated VIEs	53,059
RREF 2007-1 | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	255
Investment securities available-for-sale, pledged as collateral, at fair value	55,781
Loans, pledged as collateral	190,614
Loans held for sale	0
Interest receivable	1,329
Prepaid assets	74
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	248,053
LIABILITIES
Borrowings	127,195
Accrued interest expense	101
Derivatives, at fair value	4,577
Unsettled loan purchases	0
Accounts payable and other liabilities	5
Total liabilities of consolidated VIEs	131,878
RCC CRE Notes 2013 | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	1,686
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	139,956
Loans held for sale	0
Interest receivable	740
Prepaid assets	12
Principal paydown receivable	32,100
Other assets	161
Total assets of consolidated VIEs	174,655
LIABILITIES
Borrowings	125,833
Accrued interest expense	122
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	(2)
Total liabilities of consolidated VIEs	125,953
RCC 2014-CRE2 | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	0
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	351,620
Loans held for sale	0
Interest receivable	1,324
Prepaid assets	5
Principal paydown receivable	0
Other assets	8
Total assets of consolidated VIEs	352,957
LIABILITIES
Borrowings	232,030
Accrued interest expense	127
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	10
Total liabilities of consolidated VIEs	232,167
RCC 2015-CRE3 | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	0
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	342,944
Loans held for sale	0
Interest receivable	1,241
Prepaid assets	0
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	344,185
LIABILITIES
Borrowings	278,444
Accrued interest expense	214
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	278,658
RCC 2015-CRE4 | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	5,005
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	304,578
Loans held for sale	0
Interest receivable	1,109
Prepaid assets	0
Principal paydown receivable	0
Other assets	0
Total assets of consolidated VIEs	310,692
LIABILITIES
Borrowings	220,403
Accrued interest expense	155
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	220,558
Moselle | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	354
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
Other assets	0
Total assets of consolidated VIEs	354
LIABILITIES
Borrowings	57
Accrued interest expense	0
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	154
Total liabilities of consolidated VIEs	211
RCM Global, LLC | Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	188
Restricted cash	0
Investment securities available-for-sale, pledged as collateral, at fair value	5,150
Loans, pledged as collateral	0
Loans held for sale	0
Interest receivable	950
Prepaid assets	0
Principal paydown receivable	0
Other assets	713
Total assets of consolidated VIEs	7,001
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Unsettled loan purchases	0
Accounts payable and other liabilities	11
Total liabilities of consolidated VIEs	$ 11

VARIABLE INTEREST ENTITIES (S56

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 188	$ 25
Restricted cash	22,206	121,247
Investment securities available-for-sale, pledged as collateral, at fair value	76,517	119,203
Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million	1,566,454	1,261,137
Loans held for sale	2,994	282
Interest receivable	7,848	8,941
Prepaid expenses	194	221
Principal paydown receivable	32,100	25,767
Other assets	882	(12)
Other assets	1,709,383	1,536,811
Borrowings	1,189,092	1,046,494
Accrued interest expense	953	1,000
Derivatives, at fair value	4,774	8,439
Unsettled loan purchases	0	(529)
Accounts payable and other liabilities	208	(386)
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	1,195,027	$ 1,055,018
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	66,798
Intangible assets	8,088
Total assets	74,886
Borrowings	51,360
Total liabilities	51,360
Net asset (liability)	23,526
Variable Interest Entity, Not Primary Beneficiary [Member] | Investments in Unconsolidated Entities
Variable Interest Entity [Line Items]
Unconsolidated Variable Interest Entities, Maximum Exposure to Loss	66,798
Variable Interest Entity, Not Primary Beneficiary [Member] | Intangible Assets
Variable Interest Entity [Line Items]
Unconsolidated Variable Interest Entities, Maximum Exposure to Loss	8,088
VIE, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Cash and cash equivalents	188
Restricted cash	22,206
Investment securities available-for-sale, pledged as collateral, at fair value	76,517
Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million	1,566,454
Loans held for sale	2,994
Interest receivable	7,848
Prepaid expenses	194
Principal paydown receivable	32,100
Other assets	882
Other assets	1,709,383
Borrowings	1,189,092
Accrued interest expense	953
Derivatives, at fair value	4,774
Unsettled loan purchases	0
Accounts payable and other liabilities	208
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	1,195,027
LCC | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	40,779
Intangible assets	0
Total assets	40,779
Borrowings	0
Total liabilities	0
Net asset (liability)	40,779
Unsecured Junior Subordinated Debentures | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	1,548
Intangible assets	0
Total assets	1,548
Borrowings	51,360
Total liabilities	51,360
Net asset (liability)	(49,812)
Resource Capital Asset Management CDOs | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	0
Intangible assets	8,088
Total assets	8,088
Borrowings	0
Total liabilities	0
Net asset (liability)	8,088
Investment in ZAIS and Harvest XV | Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	24,471
Intangible assets	0
Total assets	24,471
Borrowings	0
Total liabilities	0
Net asset (liability)	$ 24,471

SUPPLEMENTAL CASH FLOW INFORM57

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Class of Stock [Line Items]
Reclassification of linked transactions, net at fair value to investment securities available-for-sale, pledged as collateral, at fair value and borrowings	$ 15,367	$ 0
Non-cash investing activities include the following: [Abstract]
Reclassification of linked transactions, net at fair value to investment securities available-for-sale, pledged as collateral, at fair value	48,764	0
Non-cash financing activities include the following:
Reclassification of linked transactions, net at fair value to borrowings	33,397	0
Common Stock [Member]
Non-cash financing activities include the following:
Distributions on common and preferred stock declared but not paid	20,667	26,629
Preferred Stock [Member]
Non-cash financing activities include the following:
Distributions on common and preferred stock declared but not paid	$ 4,077	$ 5,555

INVESTMENT SECURITIES TRADING58

INVESTMENT SECURITIES TRADING (Schedule of Investment Trading Securities at Fair Value) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost		$ 28,531	$ 24,772
Unrealized Gains		1,952	1,098
Unrealized Losses		(4,768)	(5,084)
Fair Value	[1]	25,715	20,786
Structured Notes [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost		26,635	22,876
Unrealized Gains		1,952	1,098
Unrealized Losses		(2,872)	(3,188)
Fair Value		25,715	20,786
RMBS [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost		1,896	1,896
Unrealized Gains		0	0
Unrealized Losses		(1,896)	(1,896)
Fair Value		$ 0	$ 0
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

INVESTMENT SECURITIES TRADING59

INVESTMENT SECURITIES TRADING (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)Security	Sep. 30, 2014USD ($)Security	Dec. 31, 2014Security
Investments, Debt and Equity Securities [Abstract]
Trading Securities, Number Sold	19	2
Trading Securities, Realized Gain | $	$ 1.4	$ 2.5
Number of trading securities held	50		37

INVESTMENT SECURITIES AVAILAB60

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 226,983	$ 256,515
Unrealized Gains	9,432	22,761
Unrealized Losses	(1,815)	(3,556)
Fair Value	234,600	275,720
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	175,167	168,669
Unrealized Gains	3,902	4,938
Unrealized Losses	(1,244)	(3,202)
Fair Value	177,825	170,405
RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,286	29,814
Unrealized Gains	111	937
Unrealized Losses	(77)	0
Fair Value	2,320	30,751
ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	47,110	55,617
Unrealized Gains	5,419	16,876
Unrealized Losses	(381)	(336)
Fair Value	52,148	72,157
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,420	2,415
Unrealized Gains	0	10
Unrealized Losses	(113)	(18)
Fair Value	$ 2,307	$ 2,407

INVESTMENT SECURITIES AVAILAB61

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value
Less than one year	$ 125,357	$ 78,095
Greater than one year and less than five years	82,189	115,302
Greater than five years and less than ten years	13,643	20,177
Greater than ten years	13,411	62,146
Total	234,600	275,720
Amortized Cost
Less than one year	124,387	79,649
Greater than one year and less than five years	77,757	100,909
Greater than five years and less than ten years	11,779	17,516
Greater than ten years	13,060	58,441
Total	$ 226,983	$ 256,515
Weighted Average Coupon
Less than one year	8.18%	4.13%
Greater than one year and less than five years	6.66%	4.64%
Greater than five years and less than ten years	10.19%	16.45%
Greater than ten years	9.02%	7.86%
Total	7.81%	6.08%

INVESTMENT SECURITIES AVAILAB62

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Gross Unrealized Loss and Fair Value of Securities) (Details) $ in Thousands	Sep. 30, 2015USD ($)Security	Dec. 31, 2014USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 83,218	$ 38,307
Unrealized Losses, less than 12 months	$ (618)	$ (851)
Number of Securities, less than 12 months | Security	50	31
Fair value, more than 12 months	$ 19,143	$ 26,541
Unrealized losses, more than 12 Months	$ (1,197)	$ (2,705)
Number of Securities, more than 12 Months | Security	22	16
Fair value, total	$ 102,361	$ 64,848
Unrealized losses, total	$ (1,815)	$ (3,556)
Number of Securities, total | Security	72	47
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 73,950	$ 35,860
Unrealized Losses, less than 12 months	$ (340)	$ (555)
Number of Securities, less than 12 months | Security	38	22
Fair value, more than 12 months	$ 16,649	$ 25,583
Unrealized losses, more than 12 Months	$ (904)	$ (2,647)
Number of Securities, more than 12 Months | Security	13	13
Fair value, total	$ 90,599	$ 61,443
Unrealized losses, total	$ (1,244)	$ (3,202)
Number of Securities, total | Security	51	35
ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 7,082	$ 1,000
Unrealized Losses, less than 12 months	$ (195)	$ (278)
Number of Securities, less than 12 months | Security	8	8
Fair value, more than 12 months	$ 1,132	$ 958
Unrealized losses, more than 12 Months	$ (186)	$ (58)
Number of Securities, more than 12 Months | Security	8	3
Fair value, total	$ 8,214	$ 1,958
Unrealized losses, total	$ (381)	$ (336)
Number of Securities, total | Security	16	11
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 945	$ 1,447
Unrealized Losses, less than 12 months	$ (6)	$ (18)
Number of Securities, less than 12 months | Security	2	1
Fair value, more than 12 months	$ 1,362	$ 0
Unrealized losses, more than 12 Months	$ (107)	$ 0
Number of Securities, more than 12 Months | Security	1	0
Fair value, total	$ 2,307	$ 1,447
Unrealized losses, total	$ (113)	$ (18)
Number of Securities, total | Security	3	1
RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 1,241
Unrealized Losses, less than 12 months	$ (77)
Number of Securities, less than 12 months | Security	2
Fair value, more than 12 months	$ 0
Unrealized losses, more than 12 Months	$ 0
Number of Securities, more than 12 Months | Security	0
Fair value, total	$ 1,241
Unrealized losses, total	$ (77)
Number of Securities, total | Security	2

INVESTMENT SECURITIES AVAILAB63

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Summary of Sales of Investment Securities Available-for-Sale) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Security	Sep. 30, 2014USD ($)Security	Sep. 30, 2015USD ($)Security	Sep. 30, 2014USD ($)Security
ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Positions Sold	8	3	15	3
Positions Redeemed	0	0	3	1
Par Amount Sold/Redeemed | $	$ 15,462	$ 6,947	$ 31,399	$ 9,447
Realized Gain (Loss) | $	$ 2,437	$ 2,974	$ 10,547	$ 3,000
RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Positions Sold	0		6
Positions Redeemed	0		0
Par Amount Sold/Redeemed | $	$ 0		$ 28,305
Realized Gain (Loss) | $	$ 0		$ 984
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Positions Sold		0		0
Positions Redeemed		1		2
Par Amount Sold/Redeemed | $		$ 1,000		$ 1,630
Realized Gain (Loss) | $		$ 48		$ 47
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Positions Sold		0		6
Positions Redeemed		0		0
Par Amount Sold/Redeemed | $		$ 0		$ 28,470
Realized Gain (Loss) | $		$ 0		$ 182

INVESTMENT SECURITIES AVAILAB64

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Available-for-sale Securities [Abstract]
Investment securities available-for-sale, pledged as collateral, at fair value	[1]	$ 118,797	$ 197,800
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details) $ in Thousands	Sep. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan
Receivables with Imputed Interest [Line Items]
Principal, Gross	$ 2,176,677	$ 1,940,406
Unamortized (Discount) Premium, net	(10,415)	(9,813)
Gross carrying value of loans held for investment	2,166,262	1,930,593
Allowance for loan loss	(47,284)	(4,613)
Unamortized (discount) premium, gross, allowance for loan loss	0	0
Carrying value, allowance for loan loss	(47,284)	(4,613)
Principal, Net	2,129,393	1,935,793
Unamortized (discount) premium, Loans Held for Investment, net	(10,415)	(9,813)
Net carrying value of loans held for investment	2,118,978	1,925,980
First lien loans held for sale at fair value	116,001	113,675
Unamortized (discount) premium, Loans Held for Sale	0
Loans Receivable Held-for-sale, Amount, Carrying Value	116,001
Loans Receivable, Net		113,675
Loans held for investment and held for sale	2,245,394	2,049,468
Unamortized (discount) premium, net	(10,415)	(9,813)
Loans held for investment and held for sale, net carrying value	2,234,979	2,039,655
Deferred amendment fees	$ 45	$ 88
Number of defaulted loans | Loan	2	2
Bank Loans [Member]
Receivables with Imputed Interest [Line Items]
Principal, Gross	$ 150,122	$ 332,058
Unamortized (Discount) Premium, net	(489)	(1,410)
Gross carrying value of loans held for investment	149,633	330,648
First lien loans held for sale at fair value	2,994	282
Deferred upfront fee	19	82
Middle-market Loans [Member]
Receivables with Imputed Interest [Line Items]
Principal, Gross	350,325	250,859
Unamortized (Discount) Premium, net	(854)	(746)
Gross carrying value of loans held for investment	349,471	250,113
Residential mortgage loans [Member]
Receivables with Imputed Interest [Line Items]
Principal, Gross	2,422	2,802
Unamortized (Discount) Premium, net	0	0
Gross carrying value of loans held for investment	2,422	2,802
First lien loans held for sale at fair value	113,007	113,393
Residential mortgage loans [Member]
Receivables with Imputed Interest [Line Items]
Unamortized (Discount) Premium, net	0
First lien loans held for sale at fair value	113,007	113,393
Agency-Conforming [Member]
Receivables with Imputed Interest [Line Items]
First lien loans held for sale at fair value	60,500	28,900
Jumbo Mortgage Loans [Member]
Receivables with Imputed Interest [Line Items]
First lien loans held for sale at fair value	52,500	82,600
Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Principal, Gross	1,673,808	1,354,687
Unamortized (Discount) Premium, net	(9,072)	(7,657)
Gross carrying value of loans held for investment	1,664,736	1,347,030
Loan origination fees	$ 9,500	$ 8,100
Commercial Real Estate Loans [Member] | Whole Loans [Member]
Receivables with Imputed Interest [Line Items]
Fixed contractual interest in floating rate whole loan, Rate Two	12.00%	12.00%
Fixed contractual interest in floating rate whole loan, Rate One	15.00%	15.00%
Principal, Gross	$ 1,612,442	$ 1,271,121
Unamortized (Discount) Premium, net	(9,057)	(7,529)
Gross carrying value of loans held for investment	1,603,385	1,263,592
Commercial Real Estate Loans [Member] | B Notes [Member]
Receivables with Imputed Interest [Line Items]
Principal, Gross	15,984	16,120
Unamortized (Discount) Premium, net	(20)	(48)
Gross carrying value of loans held for investment	15,964	16,072
Commercial Real Estate Loans [Member] | Mezzanine Loans [Member]
Receivables with Imputed Interest [Line Items]
Principal, Gross	45,382	67,446
Unamortized (Discount) Premium, net	5	(80)
Gross carrying value of loans held for investment	$ 45,387	$ 67,366

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans Held for Investment) (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan	Jun. 30, 2015USD ($)
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 47,284	$ 4,613
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		44,705	570
Provision (recovery) for loan losses		43,834	1,804
Interest receivable	[1]	$ 13,923	$ 16,260
Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Quantity | Loan		89	78
Amortized Cost		$ 1,664,736	$ 1,347,030
Allowance for loan loss		1,100	570
Whole Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		4,014	3,758
Whole Loans [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Amortized Cost		$ 1,603,385	$ 1,263,592
Fixed contractual interest in floating rate whole loan		15.00%	15.00%
Preferred equity tranche [Member]
Receivables with Imputed Interest [Line Items]
Amortized Cost		$ 799
Preferred equity tranche [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Fixed preferred equity interest in floating rate whole loan		10.00%
Whole Loans, Floating Rate [Member]
Receivables with Imputed Interest [Line Items]
Loans held for investment, unfunded loan commitments		$ 103,900	$ 105,100
Whole Loans, Floating Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Quantity | Loan		86	73
Amortized Cost		$ 1,603,385	$ 1,263,592
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.			12,000
Quantity of Loans, Fixed Contractual Interest in Floating Rate Whole Loan, Rate Two | Loan		2
B Notes [Member]
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 20	55
B Notes [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Amortized Cost		$ 15,964	$ 16,072
B Notes, Fixed Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Quantity | Loan		1	1
Amortized Cost		$ 15,964	$ 16,072
Stated interest rate		8.68%	8.68%
Maturity Dates		April 2,016	April 2,016
Mezzanine Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 38,080	$ 230
Mezzanine Loans [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Amortized Cost		$ 45,387	$ 67,366
Mezzanine Loans, Fixed Rate, Tranche Two [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Stated interest rate		0.50%
Mezzanine Loans, Fixed Rate [Member]
Receivables with Imputed Interest [Line Items]
Quantity | Loan		1
Mezzanine Loans, Fixed Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Quantity | Loan		2	3
Amortized Cost		$ 45,387	$ 54,808
Mezzanine Loans, Floating Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Quantity | Loan			1
Amortized Cost			$ 12,558
Maturity Dates			April 2,016
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.		4,200	$ 4,200
Variable rate basis			LIBOR
Basis spread on variable rate			15.32%
Not included in total [Member]
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 42,100	$ 4,000
Minimum [Member] | Whole Loans, Floating Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Maturity Dates		January 2,015	March 2,014
Variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		1.75%	1.75%
Minimum [Member] | Mezzanine Loans, Fixed Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Stated interest rate		9.01%	0.50%
Maturity Dates		January 2,016	September 2,014
Maximum [Member] | Whole Loans, Floating Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Maturity Dates		February 2,019	February 2,019
Variable rate basis		LIBOR	LIBOR
Basis spread on variable rate		15.00%	15.00%
Maximum [Member] | Mezzanine Loans, Fixed Rate [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Stated interest rate		16.00%	18.71%
Maturity Dates		September 2,016	September 2,019
Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		$ 40,274	$ 0
Provision (recovery) for loan losses		$ 38,025	$ (3,758)
Mezzanine Loans [Member]
Receivables with Imputed Interest [Line Items]
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment				$ 38,100
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

LOANS (Weighted Average Life of

LOANS (Weighted Average Life of Commercial Real Estate Loans, at Amortized Cost) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Receivables with Imputed Interest [Line Items]
Interest receivable	[1]	$ 13,923	$ 16,260
Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
2,015		0	0
2,016		77,599	60,473
2017 and thereafter		1,587,137	1,286,557
Total		1,664,736	1,347,030
Commercial Real Estate Loans [Member] | B Notes [Member]
Receivables with Imputed Interest [Line Items]
2,015		0	0
2,016		0	16,072
2017 and thereafter		15,964	0
Total		15,964	16,072
Commercial Real Estate Loans [Member] | Mezzanine Loans [Member]
Receivables with Imputed Interest [Line Items]
2,015		0	0
2,016		38,072	16,736
2017 and thereafter		7,315	50,630
Total		45,387	67,366
Commercial Real Estate Loans [Member] | Whole Loans [Member]
Receivables with Imputed Interest [Line Items]
2,015		0	0
2,016		39,527	27,665
2017 and thereafter		1,563,858	1,235,927
Total		$ 1,603,385	$ 1,263,592
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

LOANS (Weighted Average Life 68

LOANS (Weighted Average Life of Middle-Market and Bank Loans, at Amortized Cost) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Middle-market Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less than one year	$ 0	$ 0
Greater than one year and less than five years	210,773	132,353
Five years or greater	138,698	117,760
Total	349,471	250,113
Bank Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less than one year	2,518	7,829
Greater than one year and less than five years	145,216	274,332
Five years or greater	4,893	48,769
Total	$ 152,627	$ 330,930

LOANS (Allocation of Allowance

LOANS (Allocation of Allowance for Loan Loss for Commercial and Bank Loans) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 47,284	$ 4,613
B Notes [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 20	$ 55
Percentage of Total Allowance	0.04%	1.19%
Mezzanine Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 38,080	$ 230
Percentage of Total Allowance	80.54%	4.99%
Whole Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 4,014	$ 3,758
Percentage of Total Allowance	8.49%	81.46%
Bank Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 1,084	$ 570
Percentage of Total Allowance	2.29%	12.36%
Middle-market Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 4,086
Percentage of Total Allowance	8.64%

LOANS (Loan Held for Investment

LOANS (Loan Held for Investment) (Details)	Sep. 30, 2015	Dec. 31, 2014
Commercial Real Estate Loans [Member] | Industry Grouping of Automobile and Healthcare [Member]
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	13.20%	8.50%
Commercial Real Estate Loans [Member] | Industry Grouping of Diversified/conglomerate Service [Member]
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	12.50%	11.70%
Commercial Real Estate Loans [Member] | Industry Grouping of Healthcare, Education and Childcare [Member]
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	9.60%	17.50%
Commercial Real Estate Loans [Member] | CALIFORNIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	23.30%	27.40%
Commercial Real Estate Loans [Member] | ARIZONA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	5.90%	7.30%
Commercial Real Estate Loans [Member] | TEXAS
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	30.40%	27.30%
Middle-market Loans [Member] | Industry Grouping of Diversified/conglomerate Service [Member]
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	13.00%	2.80%
Residential Mortgage Loans [Member] | GEORGIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	46.70%	56.00%
Residential Mortgage Loans [Member] | VIRGINIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	9.10%	7.00%
Residential Mortgage Loans [Member] | FLORIDA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	5.20%
Residential Mortgage Loans [Member] | SOUTH CAROLINA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	4.10%
Residential Mortgage Loans [Member] | TENNESSEE
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)		4.00%
Residential Mortgage Loans [Member] | UTAH
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	10.50%	8.00%
Residential Mortgage Loans [Member] | ALABAMA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)		5.00%

LOANS (Lien position and status

LOANS (Lien position and status of our bank and middle market loans (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Loans held for investment:	$ 149,633	$ 330,648
First lien loans held for sale at fair value	116,001	113,675
Total	152,627	330,930
Apidos I
Related Party Transaction [Line Items]
Loans held for investment:	0	153
Total	153	153
Apidos III
Related Party Transaction [Line Items]
Loans held for investment:	0	81,167
Total	0	81,167
Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:	149,633	249,328
Total	152,474	249,610
First Lien [Member]
Related Party Transaction [Line Items]
Loans held for investment:	146,651	325,726
First lien loans held for sale at fair value	2,994	282
First Lien [Member] | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:	0	153
First lien loans held for sale at fair value	153	0
First Lien [Member] | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:	0	80,196
First lien loans held for sale at fair value	0	0
First Lien [Member] | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:	146,651	245,377
First lien loans held for sale at fair value	2,841	282
Second Lien [Member]
Related Party Transaction [Line Items]
Loans held for investment:	2,508	3,572
Second Lien [Member] | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Second Lien [Member] | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Second Lien [Member] | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:	2,508	3,572
Third Lien [Member]
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Third Lien [Member] | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Third Lien [Member] | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Third Lien [Member] | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Defaulted First Lien [Member]
Related Party Transaction [Line Items]
Loans held for investment:	215	0
Defaulted First Lien [Member] | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Defaulted First Lien [Member] | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Defaulted First Lien [Member] | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:	215	0
Defaulted Second Lien [Member]
Related Party Transaction [Line Items]
Loans held for investment:	259	1,350
Defaulted Second Lien [Member] | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:	0	0
Defaulted Second Lien [Member] | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:	0	971
Defaulted Second Lien [Member] | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:	$ 259	$ 379

LOANS (Loans Held for Investmen

LOANS (Loans Held for Investment, Middle-Market Loans) (Details) - Middle-market Loans [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	$ 349,471	$ 250,113
First Lien [Member]
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	221,961	149,287
Second Lien [Member]
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	122,554	100,826
Defaulted First Lien [Member]
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	0	0
Defaulted Second Lien [Member]
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	$ 4,956	$ 0

LOANS (Narrative) (Details)

LOANS (Narrative) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Receivables with Imputed Interest [Line Items]
Principal paydown receivable	[1]	$ 32,100	$ 40,920
Loans held for sale, net	[1]	116,001	113,675
Allowance for loan loss		47,284	4,613
Middle-market Loans [Member]
Receivables with Imputed Interest [Line Items]
Loans held for sale, net		345,400	250,100
Allowance for loan loss		4,086
Bank Loans [Member]
Receivables with Imputed Interest [Line Items]
Loans held for sale, net		151,500	330,400
Allowance for loan loss		1,084	570
Whole Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 4,014	$ 3,758
Middle-market Loans [Member] | Minimum [Member]
Receivables with Imputed Interest [Line Items]
Basis spread on variable rate		6.25%	5.50%
Middle-market Loans [Member] | Maximum [Member]
Receivables with Imputed Interest [Line Items]
Basis spread on variable rate		11.75%	9.25%
Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 1,100	$ 570
Bank Loans [Member] | Minimum [Member]
Receivables with Imputed Interest [Line Items]
Variable rate basis		three month London Interbank Offered Rate
Basis spread on variable rate		1.25%	1.25%
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		8.00%	8.75%
Industry Grouping of Diversified/conglomerate Service [Member] | Middle-market Loans [Member]
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)		13.00%	2.80%
Industry Grouping of Diversified/conglomerate Service [Member] | Commercial Real Estate Loans [Member]
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)		12.50%	11.70%
Industry Grouping of Persona, Food and Miscellaneous Service [Member] | Middle-market Loans [Member]
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)		13.00%	13.70%
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

INVESTMENTS IN UNCONSOLIDATED74

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Schedule of Unconsolidated Entities (Details) - USD ($)	Dec. 01, 2009	Mar. 31, 2015	Feb. 28, 2014	Jan. 31, 2013	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Apr. 30, 2015	Dec. 31, 2014		Nov. 16, 2011
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities					$ 55,858,000	[1]		$ 55,858,000	[1]		$ 750,000	$ 59,827,000	[1]
Equity in Earnings of Unconsolidated Subsidiaries					$ (276,000)		$ 286,000	$ (103,000)		$ 3,288,000
Varde Investment Partners, L.P
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %					7.50%			7.50%
Investments in Unconsolidated Entities					$ 654,000			$ 654,000				654,000
Equity in Earnings of Unconsolidated Subsidiaries					0		0	0		(19,000)
RRE VIP Borrower, LLC
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities					0			0				0
Equity in Earnings of Unconsolidated Subsidiaries					0		770,000	46,000		2,506,000
Acquisition of membership interests	$ 2,100,000
Investment in LCC Preferred Stock
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities					40,779,000			40,779,000				39,416,000		$ 36,300,000
Equity in Earnings of Unconsolidated Subsidiaries					$ 961,000		13,000	$ 1,362,000		(859,000)
Investment in CVC Global Credit Opportunities Fund
Schedule of Equity Method Investments [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates		$ 5,000,000
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %					14.10%			14.10%
Investments in Unconsolidated Entities					$ 12,877,000			$ 12,877,000				18,209,000
Equity in Earnings of Unconsolidated Subsidiaries					$ (628,000)		47,000	$ 293,000		2,004,000
Investment in Life Care Funding
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %					60.70%			60.70%
Investments in Unconsolidated Entities					$ 0			$ 0				0
Equity in Earnings of Unconsolidated Subsidiaries					0		0	0		(75,000)
Acquisition of membership interests			$ 1,400,000	$ 2,000,000
Investment in School Lane House
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities					0			0				0
Equity in Earnings of Unconsolidated Subsidiaries					1,000		57,000	1,000		1,106,000
Investments in Unconsolidated Entities
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities					54,310,000			54,310,000				58,279,000
Equity in Earnings of Unconsolidated Subsidiaries					$ 334,000		887,000	$ 1,702,000		4,663,000
Investment in RCT I and II
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %					3.00%			3.00%
Investments in Unconsolidated Entities					$ 1,548,000			$ 1,548,000				1,548,000
Equity in Earnings of Unconsolidated Subsidiaries					(610,000)		(601,000)	(1,805,000)		(1,785,000)
Investment in Preferred Equity
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities					0			0				$ 0
Equity in Earnings of Unconsolidated Subsidiaries					$ 0		$ 0	$ 0		$ 410,000
Minimum [Member] | RRE VIP Borrower, LLC
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %					3.00%			3.00%
Maximum [Member] | RRE VIP Borrower, LLC
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %					5.00%			5.00%
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

FINANCING RECEIVABLES (Allowanc

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	$ 4,613	$ 13,807
Provision (recovery) for loan losses	43,834	1,804
Loans charged-off	(1,209)	(10,998)
Recoveries	46
Allowance for losses at end of period	47,284	4,613
Allowance for losses, ending balance:
Individually evaluated for impairment	44,705	570
Collectively evaluated for impairment	2,579	4,043
Financing Receivable, Allowance for Credit Losses	47,284	4,613
Loans, ending balance:
Individually evaluated for impairment	479,023	418,920
Individually evaluated for impairment	1,687,239	1,513,232
Commercial Real Estate Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	4,043	10,416
Provision (recovery) for loan losses	38,025	(3,758)
Loans charged-off	0	(2,615)
Recoveries	46
Allowance for losses at end of period	42,114	4,043
Allowance for losses, ending balance:
Individually evaluated for impairment	40,274	0
Collectively evaluated for impairment	1,840	4,043
Loans, ending balance:
Individually evaluated for impairment	129,078	166,180
Individually evaluated for impairment	1,535,658	1,180,850
Bank Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	570	3,391
Provision (recovery) for loan losses	1,912	4,173
Loans charged-off	(1,398)	(6,994)
Recoveries	0
Allowance for losses at end of period	1,084	570
Allowance for losses, ending balance:
Individually evaluated for impairment	345	570
Collectively evaluated for impairment	739	0
Loans, ending balance:
Individually evaluated for impairment	474	1,350
Individually evaluated for impairment	149,159	329,580
Middle-market Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	0	0
Provision (recovery) for loan losses	4,223	92
Loans charged-off	(137)	(92)
Recoveries	0
Allowance for losses at end of period	4,086	0
Allowance for losses, ending balance:
Individually evaluated for impairment	4,086	0
Collectively evaluated for impairment	0	0
Loans, ending balance:
Individually evaluated for impairment	349,471	250,113
Individually evaluated for impairment	0	0
Residential Mortgage Loans [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	0	0
Provision (recovery) for loan losses	(110)	0
Loans charged-off	110	0
Recoveries	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, ending balance:
Individually evaluated for impairment	0	0
Individually evaluated for impairment	2,422	2,802
Loans Receivable - Related Party [Member]
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	0	0
Provision (recovery) for loan losses	(216)	1,297
Loans charged-off	216	(1,297)
Recoveries	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, ending balance:
Individually evaluated for impairment	0	1,277
Individually evaluated for impairment	0	0
Receivables Acquired with Deteriorated Credit Quality [Member]
Allowance for losses, ending balance:
Financing Receivable, Allowance for Credit Losses	0	0
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial Real Estate Loans [Member]
Allowance for losses, ending balance:
Financing Receivable, Allowance for Credit Losses	0	0
Receivables Acquired with Deteriorated Credit Quality [Member] | Bank Loans [Member]
Allowance for losses, ending balance:
Financing Receivable, Allowance for Credit Losses	0	0
Receivables Acquired with Deteriorated Credit Quality [Member] | Middle-market Loans [Member]
Allowance for losses, ending balance:
Financing Receivable, Allowance for Credit Losses	0	0
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential Mortgage Loans [Member]
Allowance for losses, ending balance:
Financing Receivable, Allowance for Credit Losses	0	0
Receivables Acquired with Deteriorated Credit Quality [Member] | Loans Receivable - Related Party [Member]
Allowance for losses, ending balance:
Financing Receivable, Allowance for Credit Losses	$ 0	$ 0

FINANCING RECEIVABLES (Credit R

FINANCING RECEIVABLES (Credit Risk Profiles of Bank Loans, Middle Market Loans and Commercial Real Estate Loans) (Details) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)LoanProperty	Jun. 30, 2015USD ($)	Jun. 29, 2015USD ($)	Sep. 30, 2014USD ($)Loan	Sep. 30, 2015USD ($)LoanProperty	Sep. 30, 2014USD ($)Loan	Dec. 31, 2014USD ($)Loan	Mar. 31, 2014Loan
Schedule Of Financing Receivables [Line Items]
Provision (recovery) for loan losses					$ 43,834		$ 1,804
Loans and receivables	$ 2,129,393				2,129,393		1,935,793
Loans held for sale	$ 116,001				$ 116,001		$ 113,675
Number of defaulted loans | Loan	2				2		2
Interest income − other	$ 968			$ 1,647	$ 2,919	$ 5,481
Provision (recovery) for loan losses	1,034			$ 1,439	43,834	$ (1,739)
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	44,705				44,705		$ 570
Middle-market Loans [Member]
Schedule Of Financing Receivables [Line Items]
Provision (recovery) for loan losses					4,223		92
Loans and receivables	349,471				349,471		250,113
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	4,086				4,086		0
Middle-market Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	52,206				52,206		0
Middle-market Loans [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	255,237				255,237		240,245
Middle-market Loans [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	37,072				37,072		9,868
Middle-market Loans [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
Middle-market Loans [Member] | Rating 5 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$ 4,956				$ 4,956		0
Number of defaulted loans | Loan	1				1
Middle-market Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans held for sale	$ 0				$ 0		0
Bank Loans [Member]
Schedule Of Financing Receivables [Line Items]
Provision (recovery) for loan losses					1,912		4,173
Loans and receivables	152,627				152,627		330,930
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	345				345		570
Bank Loans [Member] | Nonperforming Financing Receivable [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	474				474		1,400
Number of defaulted loans | Loan				1,000		1,000		1
Bank Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	133,727				133,727		291,214
Bank Loans [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	10,836				10,836		32,660
Bank Loans [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	2,148				2,148		5,424
Bank Loans [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	2,448				2,448		0
Bank Loans [Member] | Rating 5 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	474				474		1,350
Bank Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	3,000				3,000		282
Loans held for sale	2,994				2,994		282
Whole Loans [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,603,385				1,603,385		1,263,592
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	2,200				2,200
Whole Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,568,683				1,568,683		1,231,092
Whole Loans [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	32,500				32,500		32,500
Whole Loans [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
Whole Loans [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	2,202				2,202		0
Whole Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans held for sale	0				0		0
B Notes [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	15,964				15,964		16,072
B Notes [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	15,964				15,964		16,072
B Notes [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
B Notes [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
B Notes [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
B Notes [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans held for sale	$ 0				$ 0		0
Mezzanine Loans [Member]
Schedule Of Financing Receivables [Line Items]
Number of Properties, Loan Portfolio | Property	13				13
Loans and receivables	$ 45,387	$ 38,100			$ 45,387		67,366
Interest income − other		3,000	$ 300,000
Provision (recovery) for loan losses		41,100
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment		$ 38,100
Mezzanine Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	7,315				7,315		45,432
Mezzanine Loans [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		21,934
Mezzanine Loans [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
Mezzanine Loans [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	38,072				38,072		0
Mezzanine Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans held for sale	0				0		0
Commercial Real Estate Loans [Member]
Schedule Of Financing Receivables [Line Items]
Provision (recovery) for loan losses					38,025		(3,758)
Loans and receivables	1,664,736				1,664,736		1,347,030
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	40,274				40,274		0
Commercial Real Estate Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,591,962				1,591,962		1,292,596
Commercial Real Estate Loans [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	32,500				32,500		54,434
Commercial Real Estate Loans [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0				0		0
Commercial Real Estate Loans [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	40,274				40,274		0
Commercial Real Estate Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans held for sale	$ 0				$ 0		$ 0

FINANCING RECEIVABLES (Resident

FINANCING RECEIVABLES (Residential Mortgage Loans) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (recovery) for loan losses	$ 43,834	$ 1,804
Number of defaulted loans | Loan	2	2
Residential Mortgage Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (recovery) for loan losses	$ (110)	$ 0

FINANCING RECEIVABLES (Loans Re

FINANCING RECEIVABLES (Loans Receivable - Related Party) (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan	Jun. 30, 2015USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan losses	$ 43,834	$ 1,804
Number of defaulted loans | Loan	2	2
Capital Leases, Income Statement, Direct Financing Lease Revenue		$ 2,100
Total Past Due	$ 5,620	1,994
Current	2,276,643	2,041,612
Total Loans Receivable	2,282,263	2,043,606
Total Loans Greater Than 90 days and accruing	0	0
Loans, fair value method elected, unpaid principal balance	177,148	169,612
Loans and receivables	2,129,393	1,935,793
First lien loans held for sale at fair value	116,001	113,675
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	(44,705)	(570)
Whole Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	1,603,385	1,263,592
Total Loans Receivable	1,603,385	1,263,592
Total Loans Greater Than 90 days and accruing	0	0
Loans, fair value method elected, unpaid principal balance	131,280	128,108
Loans and receivables	1,603,385	1,263,592
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	(2,200)
B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	15,964	16,072
Total Loans Receivable	15,964	16,072
Total Loans Greater Than 90 days and accruing	0	0
Loans, fair value method elected, unpaid principal balance	0	0
Loans and receivables	15,964	16,072
Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	45,387	67,366
Total Loans Receivable	45,387	67,366
Total Loans Greater Than 90 days and accruing	0	0
Loans, fair value method elected, unpaid principal balance	38,072	38,072
Loans and receivables	45,387	67,366	$ 38,100
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment			$ (38,100)
Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan losses	1,912	4,173
Total Past Due	474	1,350
Current	152,153	329,580
Total Loans Receivable	152,627	330,930
Total Loans Greater Than 90 days and accruing	0	0
Loans, fair value method elected, unpaid principal balance	474	1,350
Loans and receivables	152,627	330,930
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	(345)	(570)
Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan losses	38,025	(3,758)
Loans and receivables	1,664,736	1,347,030
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	(40,274)	0
Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan losses	4,223	92
Total Past Due	4,956	0
Current	344,515	250,113
Total Loans Receivable	349,471	250,113
Total Loans Greater Than 90 days and accruing		0
Loans, fair value method elected, unpaid principal balance	4,900	0
Loans and receivables	349,471	250,113
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	(4,086)	0
Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan losses	(110)	0
Total Past Due	190	644
Current	115,239	113,612
Total Loans Receivable	115,429	114,256
Total Loans Greater Than 90 days and accruing	0	0
Loans, fair value method elected, unpaid principal balance	2,422	2,082
First lien loans held for sale at fair value	113,007	113,393
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	0	0
Loans Receivable - Related Party [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan losses	(216)	$ 1,297
Number of defaulted loans | Loan		1
Total Past Due		$ 0
Current		1,277
Total Loans Receivable		1,277
Total Loans Greater Than 90 days and accruing		0
Loans, fair value method elected, unpaid principal balance	0	0
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment	0	0
Held for Sale [Member] | Whole Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value	0	0
Held for Sale [Member] | B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value	0	0
Held for Sale [Member] | Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value	0	0
Held for Sale [Member] | Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and receivables	3,000	282
First lien loans held for sale at fair value	2,994	282
Held for Sale [Member] | Commercial Real Estate Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value	0	0
Held for Sale [Member] | Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value	0	0
Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	443
Financing Receivables, 30 to 59 Days Past Due [Member] | Whole Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due [Member] | B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due [Member] | Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due [Member] | Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due [Member] | Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	443
Financing Receivables, 30 to 59 Days Past Due [Member] | Loans Receivable - Related Party [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0
Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	82
Financing Receivables, 60 to 89 Days Past Due [Member] | Whole Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member] | B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	82
Financing Receivables, 60 to 89 Days Past Due [Member] | Loans Receivable - Related Party [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	5,620	1,469
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Whole Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	474	1,350
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	4,956	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 190	119
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loans Receivable - Related Party [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		$ 0

FINANCING RECEIVABLES (Impaired

FINANCING RECEIVABLES (Impaired Loans) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	$ 0	$ 0
Recorded Investment	177,204	169,612
Unpaid Principal Balance	177,148	169,612
Specific Allowance	(44,705)	(570)
Average Investment in Impaired Loans	176,843	170,599
Interest Income Recognized	15,820	15,686
Whole Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	129,078	128,108
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	0	0
Loans with a specific valuation allowance, Recorded balance	2,202	0
Recorded Investment	131,280	128,108
Loans without a specific valuation allowance, Unpaid Principal Balance	129,078	128,108
Loans with a specific valuation allowance, Unpaid Principal Balance	2,202	0
Unpaid Principal Balance	131,280	128,108
Specific Allowance	(2,202)	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	128,591	130,445
Loans with specific valuation allowance, Average Investment in Impaired Loans	2,202	0
Average Investment in Impaired Loans	130,793	130,445
Loans with a specific valuation allowance, Interest Income Recognized	45	0
Interest Income Recognized	15,704	12,679
Loans without a specific valuation allowance, Interest Income Recognized	15,659	12,679
B Notes [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	0	0
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Investment	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 with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Mezzanine Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	38,072
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	0	0
Loans with a specific valuation allowance, Recorded balance	38,072	0
Recorded Investment	38,072	38,072
Loans without a specific valuation allowance, Unpaid Principal Balance	0	38,072
Loans with a specific valuation allowance, Unpaid Principal Balance	38,072	0
Unpaid Principal Balance	38,072	38,072
Specific Allowance	(38,072)	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	38,072
Loans with specific valuation allowance, Average Investment in Impaired Loans	38,072	0
Average Investment in Impaired Loans	38,072	38,072
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	2,859
Loans without a specific valuation allowance, Interest Income Recognized	0	2,859
Bank Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	0	0
Loans with a specific valuation allowance, Recorded balance	474	1,350
Recorded Investment	474	1,350
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	474	1,350
Unpaid Principal Balance	474	1,350
Specific Allowance	(345)	(570)
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	237	0
Average Investment in Impaired Loans	237	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing		0
Loans with a specific valuation allowance, Recorded balance	4,956	0
Recorded Investment	4,956	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0
Loans with a specific valuation allowance, Unpaid Principal Balance	4,900	0
Unpaid Principal Balance	4,900	0
Specific Allowance	(4,086)	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	4,956	0
Average Investment in Impaired Loans	4,956	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Residential Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	2,422	2,082
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing	0	0
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Investment	2,422	2,082
Loans without a specific valuation allowance, Unpaid Principal Balance	2,422	2,082
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	2,422	2,082
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	2,785	2,082
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	2,785	2,082
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	116	148
Loans without a specific valuation allowance, Interest Income Recognized	116	148
Loans Receivable - Related Party [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing		0
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Investment	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 with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Loans without a specific valuation allowance, Interest Income Recognized	$ 0	$ 0

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Troubled-debt Restructurings) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Loan	Sep. 30, 2014USD ($)Loan
Troubled debt restructuring [Abstract]
Number of Loans | Loan	4	3
Pre-Modification Outstanding Recorded Balance	$ 138,031	$ 54,111
Post-Modification Outstanding Recorded Balance	$ 99,959	$ 54,111
Whole Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	3	2
Pre-Modification Outstanding Recorded Balance	$ 99,959	$ 16,039
Post-Modification Outstanding Recorded Balance	$ 99,959	$ 16,039
B Notes [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	0	0
Pre-Modification Outstanding Recorded Balance	$ 0	$ 0
Post-Modification Outstanding Recorded Balance	$ 0	$ 0
Mezzanine Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	1	1
Pre-Modification Outstanding Recorded Balance	$ 38,072	$ 38,072
Post-Modification Outstanding Recorded Balance	$ 0	$ 38,072
Bank Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	0	0
Pre-Modification Outstanding Recorded Balance	$ 0	$ 0
Post-Modification Outstanding Recorded Balance	$ 0	$ 0
Middle-market Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	0	0
Pre-Modification Outstanding Recorded Balance	$ 0	$ 0
Post-Modification Outstanding Recorded Balance	$ 0	$ 0
Residential Mortgage Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	0	0
Pre-Modification Outstanding Recorded Balance	$ 0	$ 0
Post-Modification Outstanding Recorded Balance	$ 0	$ 0
Loans Receivable - Related Party [Member]
Troubled debt restructuring [Abstract]
Number of Loans | Loan	0	0
Pre-Modification Outstanding Recorded Balance	$ 0	$ 0
Post-Modification Outstanding Recorded Balance	$ 0	$ 0

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($)	Jul. 31, 2015	Apr. 30, 2015	Feb. 26, 2014	Sep. 30, 2015	[1]	Feb. 27, 2015	Dec. 31, 2014	[1]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Investments in unconsolidated entities		$ 750,000		$ 55,858,000			$ 59,827,000
Life Care Funding, LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage in VIE		60.70%	50.20%
Payments to Acquire Equity Method Investments	$ 375,000	$ 375,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net						$ 4,100,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

INTANGIBLE ASSETS (Intangible A

INTANGIBLE ASSETS (Intangible Assets) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	$ 18,610
Additions	12,521
Sales	0
Amortization	(4,675)
Balance, beginning of end	26,456
Temporary impairment adjustment	(650)
Balance, end of period	25,806	[1]
Investment in RCAM [Member]
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	9,434
Additions	0
Sales	0
Amortization	(1,346)
Balance, beginning of end	8,088
Temporary impairment adjustment	0
Balance, end of period	8,088
Servicing Contracts [Member]
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	8,874
Additions	12,521
Sales	0
Amortization	(3,138)
Balance, beginning of end	18,257
Temporary impairment adjustment	(650)
Balance, end of period	17,607
Wholesale or Correspondent Relationships [Member] | Investment in PCA [Member]
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	302
Additions	0
Sales	0
Amortization	(191)
Balance, beginning of end	111
Temporary impairment adjustment	0
Balance, end of period	$ 111
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

INTANGIBLE ASSETS (Mortgage Ser

INTANGIBLE ASSETS (Mortgage Servicing Rights) (Details) - Servicing Contracts [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Principal Amount Outstanding of Loans Held-in-portfolio [Roll Forward]
Balance, beginning of period	$ 894,767	$ 433,153
Additions	923,473	519,915
Payoffs, sales and curtailments	(65,013)	(58,301)
Balance, end of period	$ 1,753,227	$ 894,767

INTANGIBLE ASSETS (Servicing Ac

INTANGIBLE ASSETS (Servicing Activities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2019	$ 1,000		$ 1,000
Servicing Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2019	3,100		3,100
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	4,100		4,100
Other Income [Member] | Servicing Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Servicing fees from capitalized portfolio	1,071	$ 413	2,533	$ 1,057
Late fees	37	20	78	59
Other ancillary servicing revenue	$ 2	$ 1	$ 9	$ 4

INTANGIBLE ASSETS (Narrative) (

INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Amortization of MSRs			$ 518	$ 517	$ 1,500	$ 1,500
Expected amortization, 2015	$ 2,000		2,000		2,000
Expected amortization, 2016	1,800		1,800		1,800
Expected amortization, 2017	1,800		1,800		1,800
Expected amortization, 2018	1,600		1,600		1,600
Expected amortization, 2019	1,000		1,000		1,000
Fee income			1,266	2,344	$ 6,317	7,166
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					6 years		6 years 7 months 6 days
Servicing Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of MSRs			1,300	423	$ 3,100	1,100
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	4,100		4,100		4,100
Expected amortization, 2016	3,900		3,900		3,900
Expected amortization, 2017	3,800		3,800		3,800
Expected amortization, 2018	3,700		3,700		3,700
Expected amortization, 2019	$ 3,100		3,100		3,100
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	1 year 2 months 12 days	1 year 4 months 24 days
Principal Amount Outstanding of Loans Held-in-portfolio	$ 1,753,227	$ 894,767	1,753,227		1,753,227		$ 894,767	$ 433,153
Investment in RCAM [Member]
Finite-Lived Intangible Assets [Line Items]
Fee income			791	1,200	2,700	4,000
Other Income [Member] | Servicing Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Servicing fees from capitalized portfolio			$ 1,071	$ 413	$ 2,533	$ 1,057

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal Outstanding		$ 1,909,030	$ 1,734,901
Unamortized Issuance Costs and Discounts		28,139	18,030
Outstanding Borrowings		$ 1,880,891	$ 1,716,871
Weighted Average Borrowing Rate		2.61%	2.09%
Weighted Average Remaining Maturity		12 years	10 years
Value of Collateral		$ 2,418,616	$ 2,287,115
Accrued interest costs	[1]	5,437	2,123
RREF CDO 2006-1 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding		52,820	61,423
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		$ 52,820	$ 61,423
Weighted Average Borrowing Rate		2.37%	2.12%
Weighted Average Remaining Maturity		30 years 11 months 6 days	31 years 7 months 6 days
Value of Collateral		$ 93,757	$ 139,242
RREF CDO 2007-1 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding		127,195	130,340
Unamortized Issuance Costs and Discounts		0	133
Outstanding Borrowings		$ 127,195	$ 130,207
Weighted Average Borrowing Rate		1.20%	1.19%
Weighted Average Remaining Maturity		31 years	31 years 9 months 18 days
Value of Collateral		$ 247,080	$ 271,423
RCC CRE Notes 2013
Debt Instrument [Line Items]
Principal Outstanding		127,215	226,840
Unamortized Issuance Costs and Discounts		1,382	2,683
Outstanding Borrowings		$ 125,833	$ 224,157
Weighted Average Borrowing Rate		2.66%	2.11%
Weighted Average Remaining Maturity		13 years 2 months 24 days	14 years
Value of Collateral		$ 141,114	$ 249,983
RCC 2014-CRE2
Debt Instrument [Line Items]
Principal Outstanding		235,344	235,344
Unamortized Issuance Costs and Discounts		3,314	3,687
Outstanding Borrowings		$ 232,030	$ 231,657
Weighted Average Borrowing Rate		1.50%	1.45%
Weighted Average Remaining Maturity		16 years 7 months 18 days	17 years 3 months 18 days
Value of Collateral		$ 349,681	$ 346,585
RCC 2015-CRE3
Debt Instrument [Line Items]
Principal Outstanding		282,127
Unamortized Issuance Costs and Discounts		3,683
Outstanding Borrowings		$ 278,444
Weighted Average Borrowing Rate		2.10%
Weighted Average Remaining Maturity		16 years 6 months 12 days
Value of Collateral		$ 340,885
RCC CRE Notes 2015-CRE4 [Member]
Debt Instrument [Line Items]
Principal Outstanding		223,735
Unamortized Issuance Costs and Discounts		3,332
Outstanding Borrowings		$ 220,403
Weighted Average Borrowing Rate		1.92%
Weighted Average Remaining Maturity		16 years 10 months 12 days
Value of Collateral		$ 307,697
Apidos CDO III Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding			74,646
Unamortized Issuance Costs and Discounts			0
Outstanding Borrowings			$ 74,646
Weighted Average Borrowing Rate			1.18%
Weighted Average Remaining Maturity			5 years 8 months 12 days
Value of Collateral			$ 85,553
Apidos Cinco CDO Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding		152,310	255,664
Unamortized Issuance Costs and Discounts		0	201
Outstanding Borrowings		$ 152,310	$ 255,463
Weighted Average Borrowing Rate		1.05%	0.81%
Weighted Average Remaining Maturity		4 years 7 months 24 days	5 years 4 months 24 days
Value of Collateral		$ 171,209	$ 272,512
Moselle CLO S.A. Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding			63,321
Unamortized Issuance Costs and Discounts			0
Outstanding Borrowings			$ 63,321
Weighted Average Borrowing Rate			1.49%
Weighted Average Remaining Maturity			5 years
Value of Collateral			$ 93,576
Accrued interest costs		8	20
Line of Credit Facility, Fair Value of Amount Outstanding			63,300
Moselle CLO S.A. Securitized Borrowings [Member]
Debt Instrument [Line Items]
Principal Outstanding		57	5,619
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		57	$ 5,619
Weighted Average Borrowing Rate			1.49%
Weighted Average Remaining Maturity			5 years
Value of Collateral		354	$ 0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding		51,548	51,548
Unamortized Issuance Costs and Discounts		188	343
Outstanding Borrowings		$ 51,360	$ 51,205
Weighted Average Borrowing Rate		4.24%	4.19%
Weighted Average Remaining Maturity		21 years 1 month 18 days	21 years 9 months 18 days
Value of Collateral		$ 0	$ 0
Six Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding		115,000	115,000
Unamortized Issuance Costs and Discounts		5,339	6,626
Outstanding Borrowings		$ 109,661	$ 108,374
Weighted Average Borrowing Rate		6.00%	6.00%
Weighted Average Remaining Maturity		3 years 2 months 24 days	3 years 10 months 24 days
Value of Collateral		$ 0	$ 0
Eight Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding		100,000
Unamortized Issuance Costs and Discounts		4,885
Outstanding Borrowings		$ 95,115
Weighted Average Borrowing Rate		8.00%
Weighted Average Remaining Maturity		4 years 4 months
Value of Collateral		$ 0
CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Principal Outstanding		88,050	207,640
Unamortized Issuance Costs and Discounts		2,756	1,958
Outstanding Borrowings		$ 85,294	$ 205,682
Weighted Average Borrowing Rate		2.27%	2.43%
Weighted Average Remaining Maturity		19 days	20 days
Value of Collateral		$ 140,107	$ 297,571
Accrued interest costs		63	198
Repurchase Agreements Debt [Member]
Debt Instrument [Line Items]
Principal Outstanding			24,967
Unamortized Issuance Costs and Discounts			0
Outstanding Borrowings			$ 24,967
Weighted Average Borrowing Rate			1.35%
Weighted Average Remaining Maturity			20 days
Value of Collateral			$ 30,180
CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Principal Outstanding		26,328
Unamortized Issuance Costs and Discounts		2
Outstanding Borrowings		$ 26,326
Weighted Average Borrowing Rate		1.41%
Weighted Average Remaining Maturity		19 days
Value of Collateral		$ 32,539
Accrued interest costs		14	12
Residential Investments - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Principal Outstanding		4,629
Unamortized Issuance Costs and Discounts		0
Outstanding Borrowings		$ 4,629
Weighted Average Borrowing Rate		2.75%
Weighted Average Remaining Maturity		356 days
Value of Collateral		$ 5,134
RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Principal Outstanding			22,248
Unamortized Issuance Costs and Discounts			36
Outstanding Borrowings			$ 22,212
Weighted Average Borrowing Rate			1.16%
Weighted Average Remaining Maturity			1 day
Value of Collateral			$ 27,885
Accrued interest costs		26	31
Mortgages [Member]
Debt Instrument [Line Items]
Principal Outstanding		97,124	102,576
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		$ 97,124	$ 102,576
Weighted Average Borrowing Rate		2.78%	2.78%
Weighted Average Remaining Maturity		352 days	207 days
Value of Collateral		$ 154,531	$ 147,472
CMBS - Short Term Repurchase Agreements [Member]
Debt Instrument [Line Items]
Principal Outstanding		63,548	44,225
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		$ 63,548	$ 44,225
Weighted Average Borrowing Rate		1.72%	1.63%
Weighted Average Remaining Maturity		46 days	17 days
Value of Collateral		$ 90,444	$ 62,446
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal Outstanding			113,500
Unamortized Issuance Costs and Discounts		3,258	2,363
Outstanding Borrowings		$ 158,742	$ 111,137
Weighted Average Borrowing Rate		3.03%	2.66%
Weighted Average Remaining Maturity		3 years 6 months	3 years 8 months 12 days
Value of Collateral		$ 344,084	$ 262,687
[1]	September 30, 2015 December 31, 2014Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $1,189,092 $1,046,494 Accrued interest expense953 1,000 Derivatives, at fair value4,774 8,439Unsettled loan purchases— (529) Accounts payable and other liabilities208 (386) Total liabilities of consolidated VIEs$1,195,027 $1,055,018

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Millions	Sep. 30, 2015USD ($)
RREF CDO 2006-1 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	$ 180.4
RREF CDO 2007-1 Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	216.6
RCC CRE Notes 2013
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	133.6
RCC 2014-CRE2
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	0
RCC 2015-CRE3
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	0
Apidos CDO III Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	262.5
Apidos Cinco CDO Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	169.7
Moselle CLO S.A. Securitized Borrowings [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	5
Moselle CLO S.A. Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	167.2
RCC CRE Notes 2015-CRE4 [Member]
Debt Instrument [Line Items]
Debt Instrument, Cumulative Amount Repaid	$ 0

BORROWINGS (Narrative)-RCC 2015

BORROWINGS (Narrative)-RCC 2015-CRE3 (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2015	Dec. 31, 2014	Aug. 31, 2015	Feb. 24, 2015	Dec. 31, 2013
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 282.1		$ 223.7
Percentage of senior notes acquired by the parent			100.00%
RCC 2015-CRE3
Debt Instrument [Line Items]
Closing transaction amount				$ 346.2
Ownership interests in variable interest entity	100.00%
RCC CRE Notes 2013
Debt Instrument [Line Items]
Closing transaction amount					$ 307.8
RCC CRE Notes 2013 | Senior Notes Class E [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 20.8
Basis spread on variable rate		4.75%
RCC CRE Notes 2013 | Senior Notes Class F [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 15.6
Basis spread on variable rate		5.50%
RCC CRE Notes 2013 | Senior Notes Class A [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 193.9
Basis spread on variable rate		1.40%
RCC CRE Notes 2013 | Senior Notes Class A-S [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 17.3
Basis spread on variable rate		1.65%
RCC CRE Notes 2013 | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 19.5
Basis spread on variable rate		2.40%
RCC CRE Notes 2013 | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 20.8
Basis spread on variable rate		3.15%
RCC CRE Notes 2013 | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 30.7
Basis spread on variable rate		4.00%
RCC Commercial [Member] | RCC 2015-CRE3
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	$ 27.7
RCC Commercial [Member] | RCC 2015-CRE3 | Senior Notes Class E [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	20.8
RCC Commercial [Member] | RCC 2015-CRE3 | Senior Notes Class F [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	$ 15.6

BORROWINGS (Narrative)-Converti

BORROWINGS (Narrative)-Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	Jan. 13, 2015USD ($)$ / shares	Jan. 31, 2015	Sep. 30, 2015USD ($)	Aug. 31, 2015USD ($)$ / shares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)$ / shares	Oct. 21, 2013USD ($)
Debt Instrument [Line Items]
Principal Outstanding			$ 1,909,030		$ 1,909,030		$ 1,909,030		$ 1,734,901
Debt Instrument, Face Amount				$ 223,700				$ 282,100
Outstanding Borrowings			$ 1,880,891		1,880,891		$ 1,880,891		$ 1,716,871
Reissuance of debt					16,597	$ 39,635
Convertible Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Convertible Debt [Member] | Six Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Conversion Ratio				150.1502			37.53755
Debt Instrument, Convertible, Conversion Price | $ / shares				$ 26.64					$ 6.66
Convertible Debt [Member] | Eight Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000
Debt Instrument, Unamortized Discount										$ 1,000
Outstanding Borrowings										$ 2,100
Reissuance of debt	97,000
Debt Instrument, Convertible, Discount Adjustment, Fair Value Without Conversion Feature	$ 2,500
Debt Instrument, Convertible, Conversion Ratio		187.4414	46.86035
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 21.36								$ 5.34
Six Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding			$ 115,000		115,000		$ 115,000		$ 115,000
Outstanding Borrowings			109,661		109,661		109,661		$ 108,374
Eight Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Principal Outstanding			100,000		100,000		100,000
Outstanding Borrowings			$ 95,115		$ 95,115		$ 95,115

BORROWINGS (Repurchase and Mort

BORROWINGS (Repurchase and Mortgage Finance Facilities) (Details) $ in Thousands		Sep. 30, 2015USD ($)Loan	Aug. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)Loan
Debt Instrument [Line Items]
Outstanding Borrowings			$ 223,700	$ 282,100
Weighted Average Interest Rate		2.61%			2.09%
Long-term debt, gross		$ 1,909,030			$ 1,734,901
Outstanding Borrowings		1,880,891			1,716,871
Linked Transactions, Fair Value Disclosure	[1]	$ 0			15,367
Linked Transactions [Member]
Debt Instrument [Line Items]
Outstanding Borrowings					33,397
Linked Transactions, Fair Value Disclosure					$ 48,605
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate		3.03%			2.66%
Long-term debt, gross					$ 113,500
Outstanding Borrowings		$ 158,742			$ 111,137
CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate		1.41%
Long-term debt, gross		$ 26,328
Outstanding Borrowings		$ 26,326
CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate		2.27%			2.43%
Long-term debt, gross		$ 88,050			$ 207,640
Outstanding Borrowings		85,294			205,682
Repurchase Agreements [Member]
Debt Instrument [Line Items]
Long-term debt, gross		276,921			399,662
CMBS bonds held as collateral, fair value		422,755			565,554
Wells Fargo Bank, National Association [Member] | CRE - Term Repurchase Facility [Member] | RCC Real Estate [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		927			1,700
Wells Fargo Bank, National Association [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		55,149			61,189
Value of Collateral		$ 100,438			$ 95,511
Number of Positions as Collateral | Loan		163			104
Weighted Average Interest Rate		2.75%			2.75%
Deutsche Bank Securities, Inc [Member] | RCC Real Estate [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		$ 0			$ 268
Deutsche Bank Securities, Inc [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		49,939			33,783
Value of Collateral		$ 70,484			$ 44,751
Number of Positions as Collateral | Loan		20			8
Weighted Average Interest Rate		1.73%			1.62%
Deutsche Bank Securities, Inc [Member] | Repurchase Agreements [Member] | Linked Transactions [Member]
Debt Instrument [Line Items]
Outstanding Borrowings					$ 24,348
Number of Positions as Collateral | Loan					10
Weighted Average Interest Rate					1.57%
Linked Transactions, Fair Value Disclosure					$ 36,001
Wells Fargo Securities, LLC [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		$ 13,609			10,442
Value of Collateral		$ 19,960			$ 17,695
Number of Positions as Collateral | Loan		4			1
Weighted Average Interest Rate		1.85%			1.66%
Wells Fargo Securities, LLC [Member] | Repurchase Agreements [Member] | Linked Transactions [Member]
Debt Instrument [Line Items]
Outstanding Borrowings					$ 4,108
Number of Positions as Collateral | Loan					2
Weighted Average Interest Rate					1.37%
Linked Transactions, Fair Value Disclosure					$ 6,233
New Century Bank [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		$ 41,975			41,387
Value of Collateral		$ 54,093			$ 51,961
Number of Positions as Collateral | Loan		194			158
Weighted Average Interest Rate		2.82%			2.82%
JP Morgan Securities, LLC [Member] | Repurchase Agreements [Member] | Linked Transactions [Member]
Debt Instrument [Line Items]
Outstanding Borrowings					$ 0
Number of Positions as Collateral | Loan					0
Weighted Average Interest Rate					0.00%
Linked Transactions, Fair Value Disclosure					$ 0
CMBS - Term Repurchase Facilities [Member] | Wells Fargo Bank, National Association [Member] | Linked Transactions [Member]
Debt Instrument [Line Items]
Outstanding Borrowings					$ 4,941
Number of Positions as Collateral | Loan					7
Weighted Average Interest Rate					1.67%
Linked Transactions, Fair Value Disclosure					$ 6,371
CMBS - Term Repurchase Facilities [Member] | Wells Fargo Bank, National Association [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		$ 26,326			24,967
Value of Collateral		$ 32,539			$ 30,180
Number of Positions as Collateral | Loan		27			33
Weighted Average Interest Rate		1.41%			1.35%
Outstanding Borrowings		$ 0			$ 0
CRE - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		78,230			179,762
Value of Collateral		$ 128,354			$ 258,223
Number of Positions as Collateral | Loan		6			15
Weighted Average Interest Rate		2.21%			2.38%
CRE - Term Repurchase Facility [Member] | Deutsche Bank Securities, Inc [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		$ 0			$ 25,920
Value of Collateral		$ 0			$ 39,348
Number of Positions as Collateral | Loan		0			2
Weighted Average Interest Rate		0.00%			2.78%
CRE - Term Repurchase Facility [Member] | Morgan Stanley Bank [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		$ 7,064			$ 0
Value of Collateral		$ 11,753			$ 0
Number of Positions as Collateral | Loan		1			0
Weighted Average Interest Rate		2.80%			0.00%
Outstanding Borrowings		$ 1,800			$ 0
RMBS - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Outstanding Borrowings		4,629			22,212
Value of Collateral		$ 5,134			$ 27,885
Number of Positions as Collateral | Loan		6			6
Weighted Average Interest Rate		2.75%			1.16%
Outstanding Borrowings					$ 36
Revolving Credit Facility [Member] | Northport LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 162,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	12 years	10 years
Weighted Average Interest Rate	2.61%	2.09%
CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	19 days
Weighted Average Interest Rate	1.41%
Residential Investments - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	356 days
Weighted Average Interest Rate	2.75%
RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Remaining Maturity		1 day
Weighted Average Interest Rate		1.16%
CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	19 days	20 days
Weighted Average Interest Rate	2.27%	2.43%
Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.75%	2.75%
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.85%	1.66%
Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.73%	1.62%
Repurchase Agreements [Member] | New Century Bank [Member]
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.82%	2.82%
Linked and Non-linked Transactions [Member] | CMBS - Term Repurchase Facilities [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 5,894	$ 6,486
Weighted Average Remaining Maturity	19 days	20 days
Weighted Average Interest Rate	1.41%	1.35%
Linked and Non-linked Transactions [Member] | Residential Investments - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 505
Weighted Average Remaining Maturity	356 days
Weighted Average Interest Rate	2.75%
Linked and Non-linked Transactions [Member] | RMBS - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Amount at Risk		$ 5,017
Weighted Average Remaining Maturity		1 day
Weighted Average Interest Rate		1.16%
Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 49,604	$ 76,148
Weighted Average Remaining Maturity	19 days	20 days
Weighted Average Interest Rate	2.21%	2.38%
Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member] | Morgan Stanley National Association [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 2,864
Weighted Average Remaining Maturity	22 days
Weighted Average Interest Rate	2.80%
Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Amount at Risk		$ 13,017
Weighted Average Remaining Maturity		19 days
Weighted Average Interest Rate		2.78%
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 45,289	$ 6,902
Weighted Average Remaining Maturity	365 days	183 days
Weighted Average Interest Rate	2.75%	2.75%
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 6,070	$ 2,127
Weighted Average Remaining Maturity	11 days	9 days
Weighted Average Interest Rate	1.85%	1.66%
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 20,853	$ 11,810
Weighted Average Remaining Maturity	56 days	20 days
Weighted Average Interest Rate	1.73%	1.62%
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | New Century Bank [Member]
Debt Instrument [Line Items]
Amount at Risk	$ 12,119	$ 853
Weighted Average Remaining Maturity	334 days	242 days
Weighted Average Interest Rate	2.82%	2.82%

BORROWINGS (Narrative) Resident

BORROWINGS (Narrative) Residential Investments and Mortgage Financing (Details) - USD ($)	Sep. 20, 2015	Apr. 10, 2015	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 18, 2014
Debt Instrument [Line Items]
Debt Instrument, Term, Option to Extend		1 year
Wells Fargo Bank, National Association [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				25.00%
Maximum amount of facility			$ 30,000,000	$ 30,000,000	$ 285,000,000
Maximum Borrowing Threshold, Percent			40.00%
Northport LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of facility						$ 110,000,000
RCC Real Estate SPE 6 [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.65%
RCC Real Estate SPE 6 [Member] | Morgan Stanley Bank [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Requirement, Maximum Judgment Allowed Against Subsidiary			$ 250,000	250,000
Debt Instrument, Covenant Requirement, Maximum Judgment Allowed Against Company			15,000,000	15,000,000
Maximum amount of facility			$ 250,000,000	$ 250,000,000
Debt Instrument, Term	3 years
Debt Instrument, Term, Option to Extend	1 year
RCC Real Estate SPE 6 [Member] | Maximum [Member] | Morgan Stanley Bank [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Debt Instrument, Unused Fee, Percent	0.50%
Debt Instrument, Unused Fee, Outstanding Borrowing Threshold, Percent	65.00%
RCC Real Estate SPE 6 [Member] | Minimum [Member] | Morgan Stanley Bank [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Debt Instrument, Unused Fee, Percent	0.25%
Debt Instrument, Unused Fee, Outstanding Borrowing Threshold, Percent	50.00%

BORROWINGS (Narrative)-Senior S

BORROWINGS (Narrative)-Senior Secured Revolving Credit Facility (Details) $ / shares in Units, $ in Thousands

Jun. 30, 2015

Apr. 10, 2015

Jan. 31, 2015

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Jun. 29, 2015USD ($)

Sep. 30, 2014USD ($)

Jun. 30, 2015

Feb. 18, 2015

Aug. 31, 2015USD ($)$ / shares

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Sep. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Feb. 28, 2015USD ($)

Jan. 13, 2015USD ($)$ / shares

Dec. 31, 2014USD ($)$ / shares

Sep. 18, 2014USD ($)

Debt Instrument [Line Items]

Interest income − other

$ 968

$ 1,647

$ 2,919

$ 5,481

Principal Outstanding

1,909,030

1,909,030

$ 1,909,030

$ 1,734,901

Debt Instrument, Term, Option to Extend

1 year

Debt Instrument, Face Amount

$ 223,700

$ 282,100

Northport LLC [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Maximum amount of facility

$ 110,000

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Principal Outstanding

$ 113,500

Revolving Credit Facility [Member] | Northport LLC [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Maximum amount of facility

225,000

225,000

225,000

Principal Outstanding

162,000

162,000

162,000

Line of credit facility, increase borrowing capacity

85,000

85,000

85,000

Line of credit facility, maximum borrowing capacity, effective commitment

$ 125,000

$ 125,000

$ 140,000

Convertible Debt [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage

8.00%

Northport LLC [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

25.00%

Line of Credit Facility, Remaining Borrowing Capacity

$ 63,000

$ 63,000

$ 63,000

Northport LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

2.75%

Northport LLC [Member] | Prime Rate [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

3.25%

Northport LLC [Member] | Base Rate [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

1.75%

Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

0.25%

Minimum [Member] | Northport LLC [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Commitment Fee Percentage, Ramp Up Period

0.375%

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, Ramp Up Period

35.00%

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

35.00%

Maximum [Member] | Northport LLC [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of Credit Facility, Commitment Fee Percentage, Ramp Up Period

0.50%

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, Ramp Up Period

35.00%

Line of Credit Facility, Unused Capacity, Commitment Fee Percentage

35.00%

Line of Credit Facility, Commitment Fee Percentage

1.00%

Mezzanine Loans [Member]

Debt Instrument [Line Items]

Interest income − other

$ 3,000

$ 300,000

Eight Percent Convertible Senior Notes [Member] | Convertible Debt [Member]

Debt Instrument [Line Items]

Debt Instrument, Convertible, Conversion Ratio

187.4414

46.86035

Debt Instrument, Convertible, Conversion Price | $ / shares

$ 21.36

$ 5.34

Debt Instrument, Face Amount

$ 100,000

Six Percent Convertible Senior Notes [Member] | Convertible Debt [Member]

Debt Instrument [Line Items]

Debt Instrument, Convertible, Conversion Ratio

150.1502

37.53755

Debt Instrument, Convertible, Conversion Price | $ / shares

$ 26.64

$ 6.66

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total		$ 1,880,891
2,015		175,225
2,016		101,753
2,017		0
2,018		109,661
2019 and Thereafter		1,494,252
Accrued interest expense	[1]	5,437	$ 2,123
Collateralized Debt Obligations [Member]
Debt Instrument [Line Items]
Total		332,382
2,015		57
2,016		0
2,017		0
2,018		0
2019 and Thereafter		332,325
CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Total		856,710
2,015		0
2,016		0
2,017		0
2,018		0
2019 and Thereafter		856,710
Accrued interest expense		63	$ 198
Repurchase Agreements Debt [Member]
Debt Instrument [Line Items]
Total		276,921
2,015		175,168
2,016		101,753
2,017		0
2,018		0
2019 and Thereafter		0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total		51,360
2,015		0
2,016		0
2,017		0
2,018		0
2019 and Thereafter		51,360
Convertible Debt [Member] | Six Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Total		109,661
2,015		0
2,016		0
2,017		0
2,018		109,661
2019 and Thereafter		0
Convertible Debt [Member] | Eight Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Total		95,115
2,015		0
2,016		0
2,017		0
2,018		0
2019 and Thereafter		95,115
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total		158,742
2,015		0
2,016		0
2,017		$ 0
2,018
2019 and Thereafter		$ 158,742
[1]	September 30, 2015 December 31, 2014Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $1,189,092 $1,046,494 Accrued interest expense953 1,000 Derivatives, at fair value4,774 8,439Unsettled loan purchases— (529) Accounts payable and other liabilities208 (386) Total liabilities of consolidated VIEs$1,195,027 $1,055,018

BORROWINGS (Narrative)-RCC 2095

BORROWINGS (Narrative)-RCC 2015-CRE4 (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended
	Aug. 31, 2015	Sep. 30, 2015	Feb. 28, 2015
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 223.7		$ 282.1
Percentage of senior notes acquired by the parent	100.00%
RCC CRE Notes 2015-CRE4 [Member]
Debt Instrument [Line Items]
Closing transaction amount	$ 312.9
RCC CRE Notes 2015-CRE4 [Member] | Senior Notes Class A [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 179.9
Basis spread on variable rate		1.40%
RCC CRE Notes 2015-CRE4 [Member] | Senior Notes Class A-S [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 43.8
Basis spread on variable rate		3.00%
RCC CRE Notes 2015-CRE4 [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 26.6
RCC CRE Notes 2015-CRE4 [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		4.75%
RCC Commercial [Member] | RCC CRE Notes 2015-CRE4 [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	$ 62.6
Ownership interests in variable interest entity	100.00%
RCC Commercial [Member] | RCC CRE Notes 2015-CRE4 [Member] | Senior Notes Class E [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	$ 26.6

SHARE ISSUANCE AND REPURCHASE96

SHARE ISSUANCE AND REPURCHASE (Details) - $ / shares	1 Months Ended	3 Months Ended	9 Months Ended
	Jun. 30, 2014	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Preferred Shares - Series A
Class of Stock [Line Items]
Stock issued during period, shares, new issues		0
Stock issued during period, weighted average offering price per share, new issues	$ 24.05	$ 0
Preferred stock, shares outstanding (in shares)		1,069,016	1,069,016	1,069,016
Preferred stock, coupon authorized (in hundredths)			8.50%
Preferred Shares - Series B
Class of Stock [Line Items]
Stock issued during period, shares, new issues		139,333
Stock issued during period, weighted average offering price per share, new issues	23.81	$ 22.34
Preferred stock, shares outstanding (in shares)		5,740,479	5,740,479	5,601,146
Preferred stock, coupon authorized (in hundredths)			8.25%
Preferred Shares - Series C
Class of Stock [Line Items]
Stock issued during period, shares, new issues		0
Stock issued during period, weighted average offering price per share, new issues	$ 25	$ 0
Preferred stock, shares outstanding (in shares)		4,800,000	4,800,000	4,800,000
Preferred stock, coupon authorized (in hundredths)			8.625%

SHARE ISSUANCE AND REPURCHASE97

SHARE ISSUANCE AND REPURCHASE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Aug. 03, 2015	Dec. 31, 2014	Mar. 21, 2013
Class of Stock [Line Items]
Shares issued from dividend reinvestment plan (in shares)		5,280	15,405
Proceeds from dividend reinvestment plan		$ 74	$ 261
Stock Repurchase Program, Authorized Amount				$ 50,000
Treasury Stock, Value, Acquired, Cost Method	$ 15,400
Treasury Stock, Shares, Acquired	1,200,000
Outstanding Shares, Stock Acquired, Percentage	3.50%
Preferred Shares - Series A
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25		$ 25
Preferred Shares - Series B
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	25	25	25		25
Preferred Shares - Series C
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25	$ 25		$ 25
Dividend Reinvestment Plan March 21 2013 [Member] | Common Stock [Member]
Class of Stock [Line Items]
Shares authorized for dividend reinvestment plan (in shares)						5,000,000

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) $ in Thousands	Sep. 01, 2015shares	Sep. 24, 2014shares	Mar. 30, 2014USD ($)shares	Oct. 31, 2013USD ($)	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)Directorshares	Sep. 30, 2014USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued pursuant to the Management agreement (in shares) | shares					0	0	0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non employee directors granted shares (directors) | Director							7
Estimated fair value of shares granted							$ 5,900	$ 5,000
Stock based compensation (in shares) | shares	30
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual Term							10 years
Loan Origination Performance Plan [Member] | Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares		17,682
Share grants on achievement of performance threshold (in shares) | shares			8,841
Dividends payable on performance shares granted and earned			$ 21
Equity Compensation Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense					$ 177	$ 163	$ 528	486
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					3,300		$ 3,300
Weighted Average Remaining Contractual Term (in years)							2 years 1 month 6 days
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense					50	52	$ 136	156
Primary Capital Advisors LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 7,600
Issuance of restricted stock				$ 800
Non Employee Directors [Member] | Equity Compensation Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense					$ 64	$ 63	$ 193	$ 192
Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Term (in years)							3 years 2 months 12 days

SHARE-BASED COMPENSATION (Restr

SHARE-BASED COMPENSATION (Restricted Stock Activity) (Details) - shares	Sep. 01, 2015	Sep. 30, 2015
Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	30
February 3, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		1,819
Vesting/Year		100.00%
February 5, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		241,524
Vesting/Year		33.30%
February 5, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		28,818
Vesting/Year		33.30%
March 9, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		8,047
Vesting/Year		100.00%
March 12, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		1,906
Vesting/Year		100.00%
March 31, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		8,841
Vesting/Year		100.00%
June 8, 2015 | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		2,124
Vesting/Year		100.00%
Grant Date, Range Eight [Member] | 2007 Omnibus Equity Compensation Plan [Member] | Restricted Stock [Member]
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)		14,503
Vesting/Year		100.00%
Non Employee Directors [Member]
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)		12,301
Issued (shares)		13,896
Vested (shares)		(10,930)
Forfeited (shares)		0
Unvested shares, end of period (in shares)		15,267
Non-Employees [Member]
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)		453,213
Issued (shares)		250,365
Vested (shares)		(98,769)
Forfeited (shares)		(3,817)
Unvested shares, end of period (in shares)		600,992
Employees [Member]
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)		40,396
Issued (shares)		43,351
Vested (shares)		(1,860)
Forfeited (shares)		(3,716)
Unvested shares, end of period (in shares)		78,171
Manager and Non Employees [Member]
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)		505,910
Issued (shares)		307,612
Vested (shares)		(111,559)
Forfeited (shares)		(7,533)
Unvested shares, end of period (in shares)		694,430

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Stock options outstanding [Roll Forward]
Outstanding beginning of period (in shares) | shares	160,167
Vested (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Expired (in shares) | shares	(133,917)
Outstanding end of period (in shares) | shares	26,250
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)	$ 57.80
Vested (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (usd per share)	0
Expired (in shares)	60
Outstanding end of period (in dollars per share)	$ 46.60
Weighted Average Remaining Contractual Term (in years)	3 years 2 months 12 days
Aggregate Intrinsic Value (in thousands) | $	$ 0

SHARE-BASED COMPENSATION (Compo

SHARE-BASED COMPENSATION (Components of Equity Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ (225)	$ 798	$ 1,561	$ 4,497
Manager and Non Employees [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	0	0	0	(2)
Manager and Non Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	(466)	549	840	3,762
Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	177	185	528	545
Non Employee Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 64	$ 64	$ 193	$ 192

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	Aug. 31, 2015	Aug. 03, 2015	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25	4
Dilutive shares excluded from calculation of diluted net income per share			9,002,864	4,476,985		17,907,939
Basic:
Net income (loss) allocable to common shares | $			$ 6,778	$ 7,328	$ (14,831)	$ 37,121
Weighted average number of shares outstanding			32,515,226	32,413,591	32,726,194	31,858,595
Basic net income (loss) per share (in dollars per share) | $ / shares			$ 0.21	$ 0.23	$ (0.45)	$ 1.17
Diluted:
Net income (loss) allocable to common shares | $			$ 6,778	$ 7,328	$ (14,831)	$ 37,121
Weighted average number of shares outstanding			32,515,226	32,413,591	32,726,194	31,858,595
Additional shares due to assumed conversion of dilutive instruments			435,991	393,349	0	317,884
Adjusted weighted-average number of common shares outstanding			32,951,217	32,806,940	32,726,194	32,176,479
Diluted net income (loss) per share (in dollars per share) | $ / shares			$ 0.21	$ 0.22	$ (0.45)	$ 1.15
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive shares excluded from calculation of diluted net income per share			0		349,249

ACCUMULATED OTHER COMPREHENS103

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 1, 2015			$ 6,043
Unrealized gains on derivatives, net	$ 1,080	$ 1,160	3,424	$ 2,351
Unrealized gains (losses) on available-for-sale securities, net	(1,769)	8,956	(345)	7,466
Foreign currency translation adjustment	(86)	23	343	(157)
Other comprehensive gain (loss) before reclassifications			3,422
Reclassification adjustments associated with unrealized gains (losses) from interest rate hedges included in net income	412	71	538	212
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income	(1,805)	3,974	(12,139)	8,161
Amounts reclassified from accumulated other comprehensive income			(11,601)
Net current-period other comprehensive income			(8,179)
Unrealized (gains) losses on available-for-sale securities allocable to non-controlling interests	1,233	$ 0	2,510	$ 0
September 30, 2015	374		374
Net unrealized (loss) gain on derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 1, 2015			(8,967)
Unrealized gains on derivatives, net			3,424
Reclassification adjustments associated with unrealized gains (losses) from interest rate hedges included in net income			538
Net current-period other comprehensive income			3,962
Unrealized (gains) losses on available-for-sale securities allocable to non-controlling interests			0
September 30, 2015	(5,005)		(5,005)
Net unrealized (loss) gain on securities, available-for-sale [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 1, 2015			15,422
Unrealized gains (losses) on available-for-sale securities, net			(345)
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income			(12,139)
Net current-period other comprehensive income			(12,484)
Unrealized (gains) losses on available-for-sale securities allocable to non-controlling interests			2,510
September 30, 2015	5,448		5,448
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
January 1, 2015			(412)
Foreign currency translation adjustment			343
Net current-period other comprehensive income			343
Unrealized (gains) losses on available-for-sale securities allocable to non-controlling interests			0
September 30, 2015	$ (69)		$ (69)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with Resource America) (Details)		Nov. 07, 2013USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Transactionshares		Dec. 31, 2014USD ($)Transaction		Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Transactionshares		Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)Transaction		Apr. 30, 2015USD ($)	Oct. 31, 2014Transaction	Oct. 31, 2013Transaction	Nov. 16, 2011USD ($)	Jun. 17, 2011USD ($)	Nov. 24, 2010USD ($)
Related Party Transaction [Line Items]
Provision (recovery) for loan losses									$ 43,834,000			$ 1,804,000
Direct financing leases				$ 1,135,000		$ 2,109,000			1,135,000			2,109,000
Base management fees paid by the Company				3,252,000				$ 3,606,000	10,312,000		$ 10,000,000
General and administrative - Corporate				4,372,000				3,716,000	13,222,000		11,305,000
Sale (purchase) of and principal payments on securities, trading, net									(3,120,000)		(3,571,000)
Investment securities, trading	[1]			25,715,000		20,786,000			25,715,000			20,786,000
Equity in Earnings of Unconsolidated Subsidiaries				(276,000)				286,000	(103,000)		3,288,000
Investments in unconsolidated entities				$ 55,858,000	[1]	59,827,000	[1]		$ 55,858,000	[1]		59,827,000	[1]	$ 750,000
Resource America [Member]
Related Party Transaction [Line Items]
Loan origination fee									2.00%
Resource Capital Corp [Member] | Resource America [Member]
Related Party Transaction [Line Items]
Number of common shares of the Company owned by a related party (in shares) | shares				715,398					715,398
Ownership percentage (percent)				2.20%					2.20%
Restricted stock options to purchase restricted shares in Company owned by a related party (shares) | shares				2,166					2,166
Resource Capital Corp [Member] | Manager pursuant to the Management Agreement [Member]
Related Party Transaction [Line Items]
Base management fees paid by the Company				$ 6,800,000				3,500,000	$ 13,600,000		9,600,000
Incentive management fees				0		1,900,000		0	0		0
General and administrative - Corporate				1,300,000				1,100,000	4,000,000		3,500,000
Investment Maximum																			$ 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%
Total indebtedness				1,800,000		1,600,000			1,800,000			1,600,000
Accrued base management fees				1,000,000		1,200,000			1,000,000			1,200,000
Expense reimbursement payable				$ 790,000		$ 480,000			$ 790,000			$ 480,000
Number of executed CDO transactions (transactions) | Transaction				11		9			11			9
Number of liquidated CDO transactions | Transaction															1	1
Resource Capital Corp [Member] | Resource Capital Markets, Inc. [Member]
Related Party Transaction [Line Items]
Base management fees paid by the Company				$ 0					$ 0
Sale (purchase) of and principal payments on securities, trading, net									(400,000)
Share of net profits as per the Investment Management Agreement				0
Investment securities, trading				3,800,000		$ 3,400,000			3,800,000			$ 3,400,000
Expense reimbursements				21,000				6,000	118,000		132,000
Total indebtedness				197,000		121,000			197,000			121,000
Elevation Home Loans, LLC [Member]
Related Party Transaction [Line Items]
Purchase of membership interests		$ 830,000
Purchase of membership interests, number of shares of restricted Company common stock issued as consideration | shares		136,659
Investment in LCC Preferred Stock
Related Party Transaction [Line Items]
Equity in Earnings of Unconsolidated Subsidiaries				961,000				$ 13,000	1,362,000		$ (859,000)
Investments in unconsolidated entities				$ 40,779,000		39,416,000			$ 40,779,000			39,416,000					$ 36,300,000
Pelium [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)			80.40%	80.20%				80.40%	80.20%		80.40%
Acquisition of membership interests			$ 17,500,000
Contributions			$ 40,000,000
Ownership interest			10.00%
Ownership interest increase				20.00%					20.00%
CVC Global Credit Opportunities Fund, LP [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)				14.10%					14.10%
Equity in Earnings of Unconsolidated Subsidiaries				$ (628,000)				$ 47,000	$ 293,000		$ 2,004,000
Investments in unconsolidated entities				12,877,000		18,209,000			12,877,000			18,209,000
Commercial Real Estate Loans [Member] | Resource Real Estate [Member]
Related Party Transaction [Line Items]
Related party transaction, due from (to) related party				$ 0		$ 100,000			$ 0			$ 100,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

RELATED PARTY TRANSACTIONS (105

RELATED PARTY TRANSACTIONS (Relationship with LEAF Financial) (Details) - USD ($)		Jan. 11, 2013	Feb. 15, 2012	Sep. 03, 2011	Mar. 05, 2010	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014		Mar. 05, 2011	Apr. 30, 2015	Nov. 16, 2011
Related Party Transaction [Line Items]
Income (Loss) and Interest Expense from Equity Method Investments						$ (276,000)		$ 286,000	$ (103,000)		$ 3,288,000
Investments in unconsolidated entities						55,858,000	[1]		55,858,000	[1]		$ 59,827,000	[1]		$ 750,000
Provision (recovery) for loan losses									(43,834,000)			(1,804,000)
Direct financing leases						1,135,000			$ 1,135,000			2,109,000
Lease Equity Appreciation Fund II [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Commitment Fee Percentage					1.00%
Resource Capital Corp [Member] | Lease Equity Appreciation Fund II [Member]
Related Party Transaction [Line Items]
Maximum amount of facility					$ 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%
Line of credit facility, extension fee percentage (in hundredths)		1.00%	1.00%	1.00%
Direct financing leases	[1]					1,135,000			$ 1,135,000			2,109,000
Investment in LCC Preferred Stock
Related Party Transaction [Line Items]
Income (Loss) and Interest Expense from Equity Method Investments						961,000		$ 13,000	1,362,000		$ (859,000)
Investments in unconsolidated entities						40,779,000			40,779,000			39,416,000				$ 36,300,000
Loans Receivable - Related Party [Member]
Related Party Transaction [Line Items]
Provision (recovery) for loan losses									216,000			(1,297,000)
Loans Receivable - Related Party [Member] | Resource Capital Corp [Member] | Lease Equity Appreciation Fund II [Member]
Related Party Transaction [Line Items]
Provision (recovery) for loan losses						$ 0			$ 216,000			$ (1,297,000)
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

RELATED PARTY TRANSACTIONS (106

RELATED PARTY TRANSACTIONS (Relationship with CVC Credit Partners, LLC) (Details)	Feb. 24, 2011USD ($)	Oct. 31, 2015USD ($)	Mar. 31, 2015USD ($)	May. 31, 2013	Oct. 31, 2012	Sep. 30, 2015USD ($)Entity		Sep. 30, 2014USD ($)	Jul. 31, 2013USD ($)	Sep. 30, 2015USD ($)Entity		Sep. 30, 2014USD ($)	Apr. 30, 2015USD ($)	Dec. 31, 2014USD ($)		Nov. 16, 2011USD ($)
Related Party Transaction [Line Items]
Number of CLO issuers | Entity						5				5
Income (Loss) and Interest Expense from Equity Method Investments						$ (276,000)		$ 286,000		$ (103,000)		$ 3,288,000
Investments in unconsolidated entities						55,858,000	[1]			55,858,000	[1]		$ 750,000	$ 59,827,000	[1]
Churchill Pacific Asset Management LLC [Member]
Related Party Transaction [Line Items]
Assets under management, carrying amount						$ 1,900,000,000				$ 1,900,000,000
CVC Credit Partners, LLC [Member]
Related Party Transaction [Line Items]
Asset management fees percentage (in hundredths)						1.50%				1.50%
Resource America [Member] | CVC Capital Partners [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)						24.00%				24.00%
Resource Capital Corp [Member]
Related Party Transaction [Line Items]
Preferred equity interest acquired					66.60%
Resource Capital Corp [Member] | Churchill Pacific Asset Management LLC [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)	100.00%
Purchase price of acquired entity paid by acquiring entity	$ 22,500,000
Apidos Capital Management LLC [Member] | CVC Capital Partners [Member]
Related Party Transaction [Line Items]
Percentage of subordinated fees the company is entitled to collect (in hundredths)						10.00%				10.00%
Percentage of incentive fees the company is entitled to collect (in hundredths)						50.00%				50.00%
Subordinated fees received						$ 173,000		309,000		$ 631,000		1,000,000
Whitney CLO I
Related Party Transaction [Line Items]
Ownership percentage in VIE				68.30%
Investment in LCC Preferred Stock
Related Party Transaction [Line Items]
Income (Loss) and Interest Expense from Equity Method Investments						961,000		13,000		1,362,000		(859,000)
Investments in unconsolidated entities						$ 40,779,000				$ 40,779,000				39,416,000		$ 36,300,000
CVC Global Credit Opportunities Fund, LP [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)						14.10%				14.10%
Income (Loss) and Interest Expense from Equity Method Investments						$ (628,000)		$ 47,000		$ 293,000		$ 2,004,000
Proceeds from Divestiture of Businesses and Interests in Affiliates			$ 5,000,000
Investments in unconsolidated entities						$ 12,877,000				$ 12,877,000				$ 18,209,000
CVC Global Credit Opportunities Fund, LP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member]
Related Party Transaction [Line Items]
Acquisition of membership interests									$ 15,000,000
Subsequent Event [Member] | CVC Global Credit Opportunities Fund, LP [Member]
Related Party Transaction [Line Items]
Proceeds from Divestiture of Businesses and Interests in Affiliates		$ 4,000,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

RELATED PARTY TRANSACTIONS (107

RELATED PARTY TRANSACTIONS (Relationship with Resource Real Estate) (Details)		Aug. 18, 2015USD ($)	Jun. 24, 2015USD ($)	Apr. 10, 2015USD ($)Loanoption	Feb. 24, 2015USD ($)	Jul. 30, 2014USD ($)	Jul. 09, 2014USD ($)	May. 23, 2012USD ($)	Jun. 21, 2011USD ($)	Jan. 15, 2010USD ($)	Dec. 01, 2009USD ($)	Aug. 09, 2006USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2015USD ($)Director	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Director	Sep. 30, 2014USD ($)	May. 23, 2012	Dec. 31, 2014USD ($)	Apr. 30, 2015USD ($)extension	Oct. 31, 2014Transaction	Oct. 31, 2013Transaction
Related Party Transaction [Line Items]
Direct financing leases															$ 1,135,000	$ 2,109,000		$ 1,135,000			$ 2,109,000
Debt Instrument, Number Of Options To Extend | option				2
Debt Instrument, Term, Option to Extend				1 year
Base management fees paid by the Company															3,252,000		$ 3,606,000	10,312,000	$ 10,000,000
Equity in Earnings of Unconsolidated Subsidiaries															(276,000)		286,000	(103,000)	3,288,000
Number of Bridge Loans | Loan				2
Loans receivable–related party	[1]														0	558,000		0			558,000
Placement agent fee						$ 175,000								$ 205,000
Resource America [Member]
Related Party Transaction [Line Items]
Payments to acquire additional interest in subsidiaries													$ 2,800,000
RREF 2006-1
Related Party Transaction [Line Items]
Description of variable rate basis												LIBOR
Basis spread on variable rate												3.50%
Variable rate basis, floor												2.50%
CVC Global Credit Opportunities Fund, LP [Member]
Related Party Transaction [Line Items]
Equity in Earnings of Unconsolidated Subsidiaries															$ (628,000)		$ 47,000	$ 293,000	$ 2,004,000
Ownership percentage (percent)															14.10%			14.10%
Pelium [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)													80.40%		80.20%		80.40%	80.20%	80.40%
Payments to acquire additional interest in subsidiaries													$ 2,500,000
Acquisition of membership interests													$ 17,500,000
Ownership interest													10.00%
Ownership Percentage, Duration													5 years
Ownership interest increase															20.00%			20.00%
Contributions													$ 40,000,000
RRE VIP Borrower, LLC
Related Party Transaction [Line Items]
Equity in Earnings of Unconsolidated Subsidiaries															$ 0		$ 770,000	$ 46,000	$ 2,506,000
Equity method investments																0					0
Acquisition of membership interests											$ 2,100,000
SLH Partners [Member] | Resource Capital Corp [Member]
Related Party Transaction [Line Items]
Amount of loan to related party									$ 7,000,000
Equity method investments														975,000
Gain on Sale of Investments																					912,000
Ownership percentage (percent)									10.00%
Loans receivable - related party, principal payments								$ 7,000,000
Line of credit facility, interest rate during period (in hundredths)																				10.00%
Line of Credit Facility, Commitment Fee Percentage									1.00%
Exit fee								$ 70,000
Varde Investment Partners, L.P
Related Party Transaction [Line Items]
Equity in Earnings of Unconsolidated Subsidiaries															$ 0		0	$ 0	(19,000)
Ownership percentage (percent)															7.50%			7.50%
RCC Residential, Inc. [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)							63.80%
Acquisition of membership interests							$ 15,000,000
Pearlmark Mezzanine Realty Partners IV, L.P. [Member]
Related Party Transaction [Line Items]
Other Commitment			$ 50,000,000
Property Management Fee, Percent Fee			1.00%
Management Fee, Invested Capital, Percent Fee			1.50%
Rebate, Percentage			25.00%
Investment Management Fees Payable															$ 50,000			$ 50,000
Resource America [Member] | Resource Capital Corp [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)															2.20%			2.20%
Resource America [Member] | Pearlmark Mezzanine Realty Partners IV, L.P. [Member]
Related Party Transaction [Line Items]
Ownership percentage in VIE			50.00%
Manager pursuant to the Management Agreement [Member] | Resource Capital Corp [Member]
Related Party Transaction [Line Items]
Base management fees paid by the Company															$ 6,800,000		3,500,000	$ 13,600,000	9,600,000
Incentive management fees															$ 0	1,900,000	0	$ 0	0
Number of liquidated CDO transactions | Transaction																							1	1
Lynnfield Place [Member] | RCC Real Estate [Member]
Related Party Transaction [Line Items]
Amount of loan to related party												$ 22,400,000
Resource Real Estate Management, LLC [Member] | RCC Real Estate [Member]
Related Party Transaction [Line Items]
Asset management fees percentage (in hundredths)															4.00%			4.00%
Base management fees paid by the Company																	36,000	$ 0	105,000
Resource Real Estate Management, LLC [Member] | RRE VIP Borrower, LLC
Related Party Transaction [Line Items]
Asset management fees percentage (in hundredths)															1.00%			1.00%
Base management fees paid by the Company															$ 0		$ 0		$ 6,000
Resource Real Estate Management, LLC [Member] | SLH Partners [Member] | Resource Capital Corp [Member]
Related Party Transaction [Line Items]
Asset management fees percentage (in hundredths)															2.00%			2.00%
Resource Real Estate Management, LLC [Member] | Varde Investment Partners, L.P
Related Party Transaction [Line Items]
Base management fees paid by the Company															$ 0
Resource Capital Partners Inc [Member] | Resource Capital Corp [Member]
Related Party Transaction [Line Items]
Amount of loan to related party										$ 2,000,000
Debt instrument, interest rate, stated percentage															8.00%			8.00%
Related party loan, additional interest in addition to stated interest rate (in hundredths)															5.00%			5.00%
Number of Extensions | extension																						2
Loan Extension, Period of Time																		1 year
Loans receivable–related party																						$ 558,000
Resource Real Estate Opportunity Fund, L.P. [Member] | Resource America [Member]
Related Party Transaction [Line Items]
Ownership percentage (percent)										5.00%
RCC CRE Notes 2013
Related Party Transaction [Line Items]
Closing transaction amount														$ 307,800,000
Special servicing fee rate														0.25%
RCC 2014-CRE2
Related Party Transaction [Line Items]
Closing transaction amount						$ 353,900,000
RCC 2015-CRE3
Related Party Transaction [Line Items]
Closing transaction amount					$ 346,200,000
Placement agent fee					$ 100,000
RCC 2015-CRE4
Related Party Transaction [Line Items]
Closing transaction amount		$ 312,900,000
Placement agent fee		$ 85,000
Commercial Real Estate Loans [Member] | Resource Real Estate [Member]
Related Party Transaction [Line Items]
Related party transaction, due from (to) related party															$ 0	$ 100,000		$ 0			$ 100,000
Whispertree Apartments [Member] | Resource Real Estate Management, LLC [Member] | RCC Real Estate [Member]
Related Party Transaction [Line Items]
Base management fees paid by the Company															$ 0
RCM Global, LLC | RCC Residential, Inc. [Member]
Related Party Transaction [Line Items]
Gain on Sale of Investments																		$ 4,900,000
Ownership percentage in VIE							63.80%											46.40%
Variable interest entity, total number of board positions | Director															5			5
Variable Interest Entity, Approval Number of Board Positions | Director															3			3
Bridge Loan One [Member] | Bridge Loan [Member]
Related Party Transaction [Line Items]
Basis spread on variable rate				5.75%
Bridge Loan				$ 2,500,000
Bridge Loan Two [Member] | Bridge Loan [Member]
Related Party Transaction [Line Items]
Bridge Loan				$ 3,300,000
Minimum [Member] | RRE VIP Borrower, LLC
Related Party Transaction [Line Items]
Ownership percentage (percent)															3.00%			3.00%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Related Party Transaction [Line Items]
Basis spread on variable rate				0.25%
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

RELATED PARTY TRANSACTIONS (108

RELATED PARTY TRANSACTIONS (Relationship with Law Firm) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Resource Capital Corp [Member] | Ledgewood [Member]
Related Party Transaction [Line Items]
Legal fees	$ 13	$ 45	$ 348	$ 202

DISTRIBUTIONS Dividends Declare

DISTRIBUTIONS Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Common Stock [Member]
Class of Stock [Line Items]
Total Dividend Paid	$ 20,667	$ 21,426	$ 21,444	$ 26,563	$ 26,629	$ 26,179	$ 25,921
Dividend Per Share	$ 0.64	$ 0.64		$ 0.8	$ 0.8	$ 0.8	$ 0.8
Preferred Shares - Series A
Class of Stock [Line Items]
Total Dividend Paid	$ 568	$ 568	$ 568
Dividend Per Share	$ 0.53125	$ 0.53125	$ 0.53125
Preferred Shares - Series B
Class of Stock [Line Items]
Total Dividend Paid	$ 2,960	$ 2,960	$ 2,960
Dividend Per Share	$ 0.515625	$ 0.515625	$ 0.515625
Preferred Shares - Series A [Member]
Class of Stock [Line Items]
Total Dividend Paid				$ 568	$ 537	$ 537	$ 463
Dividend Per Share				$ 0.53125	$ 0.53125	$ 0.53125	$ 0.53125
Preferred Shares - Series B [Member]
Class of Stock [Line Items]
Total Dividend Paid				$ 2,888	$ 2,430	$ 2,378	$ 2,057
Dividend Per Share				$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Total Dividend Paid	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 1,437
Dividend Per Share	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.299479

DISTRIBUTIONS Narrative (Detail

DISTRIBUTIONS Narrative (Details)	Aug. 31, 2015	Aug. 03, 2015	Sep. 30, 2015
DISTRIBUTIONS [Abstract]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.25	4
REIT required taxable income distribution, percentage			90.00%
REIT taxable income distribution for exempt federal income taxes, Percentage			100.00%

FAIR VALUE OF FINANCIAL INST111

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	$ 234,600		$ 234,600		$ 275,720
Provision for (recovery of) loan losses	1,034	$ 1,439	43,834	$ (1,739)
Principal Outstanding	1,909,030		1,909,030		1,734,901
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements			(35,811)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			(31,054)
Transfers into Level 3			3,871
Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	234,600		234,600		275,720
Recurring Basis [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	4,627		4,627		33,158
Recurring Basis [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities	229,973		229,973		242,562
Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for (recovery of) loan losses	920	24	42,400	464
Residential mortgage loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements			(2,300)
Forward Sale Contract	2,100		2,100		1,200
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings			$ 3,200
Eight Percent Convertible Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate			8.60%
Principal Outstanding	100,000		$ 100,000
Moselle CLO S.A. Securitized Borrowings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Outstanding	57		$ 57		5,619
Six Percent Convertible Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate			7.00%
Principal Outstanding	115,000		$ 115,000		$ 115,000
Assets Held-for-sale [Member] | Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for (recovery of) loan losses	$ 35	$ 597	$ 841	$ 658
Expected Future Cash Flows [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate			15.00%
Expected Future Cash Flows [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate			25.00%

FAIR VALUE OF FINANCIAL INST112

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Assets:
Investment securities, trading	[1]	$ 25,715	$ 20,786
Investment securities available-for-sale		234,600	275,720
CMBS - linked transactions	[1]	0	15,367
Derivatives	[1]	3,730	5,304
Level 3 [Member]
Liabilities:
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		(31,054)
Settlements		(35,811)
Recurring Basis [Member]
Assets:
Investment securities, trading		25,715	20,786
Investment securities available-for-sale		234,600	275,720
Loans held for sale		113,007
CMBS - linked transactions			15,367
Derivatives		3,730	5,304
Total assets at fair value		377,052	317,177
Liabilities:
Moselle CLO Notes			68,940
Derivatives		7,466	8,476
Total liabilities at fair value		7,466	77,416
Recurring Basis [Member] | Level 1 [Member]
Assets:
Investment securities, trading		0	0
Investment securities available-for-sale		0	0
Loans held for sale		0
CMBS - linked transactions			0
Derivatives		0	3,429
Total assets at fair value		0	3,429
Liabilities:
Moselle CLO Notes			0
Derivatives		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		4,627	33,158
Loans held for sale		60,958
CMBS - linked transactions			0
Derivatives		1	7
Total assets at fair value		65,586	33,165
Liabilities:
Moselle CLO Notes			0
Derivatives		1,586	0
Total liabilities at fair value		1,586	0
Recurring Basis [Member] | Level 3 [Member]
Assets:
Investment securities, trading		25,715	20,786
Investment securities available-for-sale		229,973	242,562
Loans held for sale		52,049
CMBS - linked transactions			15,367
Derivatives		3,729	1,868
Total assets at fair value		311,466	280,583
Liabilities:
Moselle CLO Notes			68,940
Derivatives		5,880	8,476
Total liabilities at fair value		5,880	77,416
Residential Mortgage Loans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward Sale Contract		2,100	$ 1,200
Liabilities:
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings		3,200
Settlements		$ (2,300)
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

FAIR VALUE OF FINANCIAL INST113

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) - Level 3 [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 363,963
Total gains or losses (realized or unrealized):
Included in earnings	31,054
Unlinked transactions	33,239
Purchases/Originations	304,238
Sales	(314,402)
Paydowns	(65,157)
Issuances	0
Settlements	(35,811)
Included in OCI	(10,343)
Transfers into Level 3	3,871
Ending balance	310,652
CMBS Including Linked Transactions [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	185,772
Total gains or losses (realized or unrealized):
Included in earnings	1,676
Unlinked transactions	33,239
Purchases/Originations	$ 10,373
Sales
Paydowns	$ (51,918)
Issuances	0
Settlements	0
Included in OCI	(1,317)
Transfers into Level 3	0
Ending balance	177,825
ABS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	72,157
Total gains or losses (realized or unrealized):
Included in earnings	2,478
Unlinked transactions	0
Purchases/Originations	24,812
Sales	(26,292)
Paydowns	(5,094)
Issuances	0
Settlements	(11,216)
Included in OCI	(8,568)
Transfers into Level 3	3,871
Ending balance	52,148
RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	20,786
Total gains or losses (realized or unrealized):
Included in earnings	2,530
Unlinked transactions	0
Purchases/Originations	22,126
Sales	(17,283)
Paydowns	(1,986)
Issuances	0
Settlements	0
Included in OCI	(458)
Transfers into Level 3	0
Ending balance	25,715
Structured Finance [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	898
Total gains or losses (realized or unrealized):
Included in earnings	(71)
Unlinked transactions	0
Purchases/Originations	0
Sales	0
Paydowns	0
Issuances	0
Settlements	0
Included in OCI	0
Transfers into Level 3	0
Ending balance	827
Interest rate lock agreements [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	970
Total gains or losses (realized or unrealized):
Included in earnings	25,713
Unlinked transactions	0
Purchases/Originations	0
Sales	0
Paydowns	0
Issuances	0
Settlements	(24,595)
Included in OCI	0
Transfers into Level 3	0
Ending balance	2,088
Held for Sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	83,380
Total gains or losses (realized or unrealized):
Included in earnings	(1,272)
Unlinked transactions	0
Purchases/Originations	246,927
Sales	(270,827)
Paydowns	(6,159)
Issuances	0
Settlements	0
Included in OCI	0
Transfers into Level 3	0
Ending balance	$ 52,049

FAIR VALUE OF FINANCIAL INST114

FAIR VALUE OF FINANCIAL INSTRUMENTS (Liabilities Measured on Recurring Basis Level 3 Inputs) (Details) - Interest Rate Swap [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, January 1, 2015	$ 8,680
Unrealized gains - included in accumulated other comprehensive income	(3,552)
Included in earnings	127
Ending balance, September 30, 2015	$ 5,255

FAIR VALUE OF FINANCIAL INST115

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities, Quantitative Information) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	$ 2,999	$ 36,956
Impaired loans, fair value	33,498	139,489
Total assets at fair value	36,497	176,445
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	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	2,999	36,956
Impaired loans, fair value	998	1,678
Total assets at fair value	3,997	38,634
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	0	0
Impaired loans, fair value	32,500	137,811
Total assets at fair value	$ 32,500	$ 137,811

FAIR VALUE OF FINANCIAL INST116

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Observable Outputs) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Discounted Cash Flow Technique [Member] | Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	$ 5,255
Option Pricing Model [Member] | Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Assumptions, Market Capitalization	$ 146,000
Fair Value Assumptions, Expected Volatility Rate	50.00%
Assets at fair value	$ 827
Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Average fixed interest rate (in hundredths)		5.12%
Interest Rate Swap [Member] | Discounted Cash Flow Technique [Member] | Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Average fixed interest rate (in hundredths)	4.83%

FAIR VALUE OF FINANCIAL INST117

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	[1]	$ 2,118,978	$ 1,925,980
Loans receivable-related party	[1]	0	558
Senior secured revolving credit agreement		28,139	18,030
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		2,118,978	1,925,980
Loans receivable-related party			558
CDO notes		1,189,092	1,046,493
Junior subordinated notes		51,360	51,205
Convertible notes		204,776	108,374
Repurchase agreements		276,921	399,662
Senior secured revolving credit agreement		158,742	111,137
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		2,107,162	1,909,019
Loans receivable-related party			558
CDO notes		1,076,523	975,762
Junior subordinated notes		17,854	17,699
Convertible notes		204,776	108,374
Repurchase agreements		276,921	399,662
Senior secured revolving credit agreement		158,742	111,137
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		0	0
Loans receivable-related party			0
CDO notes		0	0
Junior subordinated notes		0	0
Convertible notes		0	0
Repurchase agreements		0	0
Senior secured revolving credit agreement		0	0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		491,206	570,071
Loans receivable-related party			0
CDO notes		0	0
Junior subordinated notes		0	0
Convertible notes		0	0
Repurchase agreements		0	0
Senior secured revolving credit agreement		0	0
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		1,615,956	1,338,948
Loans receivable-related party			558
CDO notes		1,076,523	975,762
Junior subordinated notes		17,854	17,699
Convertible notes		204,776	108,374
Repurchase agreements		276,921	399,662
Senior secured revolving credit agreement		$ 158,742	$ 111,137
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

MARKET RISK AND DERIVATIVE I118

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
		Jun. 30, 2007USD ($)	Sep. 30, 2015USD ($)Derivative	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Derivative	Sep. 30, 2014USD ($)	Sep. 30, 2008USD ($)	Dec. 31, 2014USD ($)Derivative
Derivatives, Fair Value [Line Items]
Linked Transactions, Fair Value Disclosure	[1]		$ 0		$ 0			$ 15,367
Fair value			$ (7,466)		$ (7,466)			$ (8,466)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Number of derivative instruments held | Derivative			10		10			10
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement			$ 333		$ 333
Average fixed interest rate (in hundredths)								5.12%
Notional amount			121,900		121,900		$ 45,000	$ 124,000
Fair value			(5,300)		(5,300)			(8,700)
Unrealized losses on non-designated derivative instruments			5,300		5,300			9,000
Gain (loss) on swap termination		$ 2,600					(4,200)
Notional amount of derivative instrument terminated							$ 53,600
Linked Transactions [Member]
Derivatives, Fair Value [Line Items]
Linked Transactions, Fair Value Disclosure								48,605
Fair value								0
Unrealized Gain (Loss) and Net Interest Income on Derivatives			$ 0	$ 177	$ 0	$ 7,494
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)			4.83%		4.83%
Linked Transactions, Net at Fair Value [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Linked Transactions, Fair Value Disclosure								$ 15,400
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

MARKET RISK AND DERIVATIVE I119

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) $ in Thousands, € in Millions	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)
Derivatives, Fair Value [Line Items]
Fair Value	$ 3,730			$ 4,334
Fair Value	7,466			8,466
Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion		$ 960
Interest rate lock agreements [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	111,772			59,467
Notional Amount				798
Interest rate lock agreements [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	1,128	733
Interest rate lock agreements [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value	2,088			970
Fair Value				10
Interest rate swap contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	121,867			124,017
Interest rate swap contracts [Member] | Interest expense [Member]
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	4,923	4,917
Interest rate swap contracts [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(34)
Interest rate swap contracts [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value	5,255			8,680
Interest rate swap contracts [Member] | Accumulated other comprehensive loss [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	104,367
Fair Value	5,004			8,680
RMBS [Member]
Derivatives, Fair Value [Line Items]
Notional Amount				42,614
RMBS [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(122)
RMBS [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value				1,297
Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	124,483			5,000
Notional Amount	242,919			154,692
Forward Contracts [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	(197)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(254)
Forward Contracts [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value	814			7
Fair Value	2,040			1,036
Warrant [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	553			492
Warrant [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value				898
Forward contracts-foreign currency [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	11,127		€ 10.3	54,948	€ 45.4
Notional Amount	15,699		€ 14.5
Forward contracts-foreign currency [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	2,254	2,192
Forward contracts-foreign currency [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value	1			3,377
Fair Value	45
US Treasury Securities [Member]
Derivatives, Fair Value [Line Items]
Notional Amount				90
US Treasury Securities [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	184
US Treasury Securities [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value				52
Forward contracts-TBA securities [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	31,000			15,000
Forward contracts-TBA securities [Member] | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	415	$ (280)
Forward contracts-TBA securities [Member] | Derivatives, at fair value [Member]
Derivatives, Fair Value [Line Items]
Fair Value	$ 126			$ 47

MARKET RISK AND DERIVATIVE I120

MARKET RISK AND DERIVATIVE INSTRUMENTS (Summary of Linked Transactions) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Linked transactions, net at fair value	[1]	$ 0		$ 0		$ 15,367
CMBS Linked Transactions [Abstract]
Total		226,983		226,983		256,515
Fair Value
Less than one year		125,357		125,357		78,095
Greater than one year and less than five years		82,189		82,189		115,302
Greater than five years and less than ten years		13,643		13,643		20,177
Greater than ten years		13,411		13,411		62,146
Amortized Cost
Less than one year		124,387		124,387		79,649
Greater than one year and less than five years		77,757		77,757		100,909
Greater than five years and less than ten years		11,779		11,779		17,516
Greater than ten years		13,060		13,060		58,441
Total		226,983		226,983		256,515
Linked Transactions, Continuous Unrealized Loss Position [Abstract]
Fair Value, less than 12 months		83,218		83,218		38,307
Unrealized Losses, less than 12 months		(618)		(618)		(851)
Fair value, more than 12 months		19,143		19,143		26,541
Gross unrealized losses, more than 12 Months		(1,197)		(1,197)		(2,705)
Fair value, total		102,361		102,361		64,848
Unrealized losses, total		(1,815)		(1,815)		(3,556)
Linked Transactions [Member]
Derivatives, Fair Value [Line Items]
Linked transactions, net at fair value						48,605
Components of Unrealized Net Gains and Net Interest Income from Linked Transactions [Abstract]
Interest income attributable to CMBS underlying linked transactions		0	$ 495	0	$ 2,295
Interest expense attributable to linked repurchase agreement borrowings underlying linked transactions		0	(107)	0	(514)
Change in fair value of linked transactions included in earnings		0	(211)	0	5,713
Unrealized gain (loss) and net interest income from linked transactions, net		$ 0	$ 177	$ 0	$ 7,494
Linked Transactions [Member] | CMBS [Member]
CMBS Linked Transactions [Abstract]
Total						48,138
Unrealized Gains						539
Unrealized Losses						(72)
Fair Value						48,605
Fair Value
Less than one year						7,834
Greater than one year and less than five years						36,587
Greater than five years and less than ten years						4,184
Greater than ten years						0
Total						48,605
Amortized Cost
Less than one year						7,775
Greater than one year and less than five years						36,274
Greater than five years and less than ten years						4,089
Greater than ten years						0
Total						$ 48,138
Weighted Average Coupon
Less than one year						5.36%
Greater than one year and less than five years						4.65%
Greater than five years and less than ten years						4.52%
Greater than ten years						0.00%
Total						4.66%
Linked Transactions, Continuous Unrealized Loss Position [Abstract]
Fair Value, less than 12 months						$ 7,609
Unrealized Losses, less than 12 months						(57)
Fair value, more than 12 months						777
Gross unrealized losses, more than 12 Months						(15)
Fair value, total						8,386
Unrealized losses, total						(72)
CMBS Linked Repurchase Agreements [Abstract]
CMBS Linked repurchase agreement, Balance						$ 33,397
CMBS Linked repurchase agreement, Weighted Average Interest Rate						1.56%
Linked Transactions [Member] | CMBS [Member] | Within 30 days [Member]
CMBS Linked Repurchase Agreements [Abstract]
CMBS Linked repurchase agreement, Balance						$ 33,397
CMBS Linked repurchase agreement, Weighted Average Interest Rate						1.56%
Linked Transactions [Member] | CMBS [Member] | 30 days to 90 days [Member]
CMBS Linked Repurchase Agreements [Abstract]
CMBS Linked repurchase agreement, Balance						$ 0
CMBS Linked repurchase agreement, Weighted Average Interest Rate						0.00%
Not Designated as Hedging Instrument [Member] | Linked Transactions, Net at Fair Value [Member]
Derivatives, Fair Value [Line Items]
Linked transactions, net at fair value						$ 15,400
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

OFFSETTING OF FINANCIAL ASSE121

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Offsetting Derivative Assets [Abstract]
Fair Value	$ 3,730	$ 4,334
Derivative Asset, Fair Value, Gross Liability	0	0
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	3,730	4,334
Derivative, Collateral, Obligation to Return Securities	0	0
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	3,730	4,334
Total-Assets
Gross Amounts of Recognized Assets	3,730	53,098
Gross Amounts Offset in the Consolidated Balance Sheets	0	33,397
Net Amounts of Assets Included in the Consolidated Balance Sheets-Total	3,730	19,701
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments	0	0
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	3,730	19,701
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Liabilities	7,466	8,466
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included in the Consolidated Balance Sheets	7,466	8,466
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments	0	0
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged	1,430	500
Net Amount	6,036	7,966
Total-Liabilities
Gross Amounts Offset in the Consolidated Balance Sheets	284,387	441,525
Gross Amounts Offset in the Consolidated Balance Sheets	0	33,397
Net Amounts of Liabilities Included in the Consolidated Balance Sheets	284,387	408,128
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments	0	399,662
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged	1,430	500
Net Amount	282,957	7,966
Repurchase agreements and term facilties
Gross Amounts of Recognized Liabilities	276,921	399,662
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included in the Consolidated Balance Sheets	276,921	399,662
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments	0	399,662
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	276,921	0
Fair value of securities pledged against swaps	1,400	2,600
Fair value of securities pledged against repurchase agreements	$ 422,800	565,600
Linked Transactions [Member]
Offsetting Derivative Assets [Abstract]
Fair Value		48,764
Derivative Asset, Fair Value, Gross Liability		33,397
Derivative Asset, Fair Value, Amount Not Offset Against Collateral		15,367
Derivative, Collateral, Obligation to Return Securities		0
Derivative, Collateral, Obligation to Return Cash		0
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election		15,367
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Liabilities		33,397
Gross Amounts Offset in the Consolidated Balance Sheets		33,397
Net Amounts of Liabilities Included in the Consolidated Balance Sheets		0
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments		0
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged		$ 0

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details)		3 Months Ended			9 Months Ended
		Sep. 30, 2015USD ($)		Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Loan		Sep. 30, 2014USD ($)	Apr. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | Loan					5
Interest income:		$ 39,328,000		$ 33,841,000	$ 113,511,000		$ 91,518,000
Interest expense		16,906,000		11,508,000	47,611,000		31,746,000
Net interest income		22,422,000		22,333,000	65,900,000		59,772,000
Amortization of MSRs		(518,000)		(517,000)	(1,500,000)		(1,500,000)
Interest income - other		968,000		1,647,000	2,919,000		5,481,000
Total revenues		23,705,000		25,811,000	72,267,000		74,884,000
Segment operating expenses		15,994,000		15,447,000	91,589,000		43,585,000
General and administrative - Corporate		4,372,000		3,716,000	13,222,000		11,305,000
Depreciation and amortization		628,000		562,000	1,814,000		2,158,000
Impairment losses		0		0	59,000		0
Provision (recovery) for loan losses		1,034,000		1,439,000	43,834,000		(1,739,000)
Equity in net (earnings) losses of unconsolidated subsidiaries		(334,000)		(887,000)	(1,702,000)		(4,663,000)
Additions					12,521,000
Other income (expense)		0		0	0		1,262,000
INCOME (LOSS) BEFORE TAXES		12,926,000		14,094,000	12,946,000		48,826,000
Income tax (expense) benefit		1,796,000		237,000	(2,969,000)		667,000
NET INCOME (LOSS)		14,722,000		14,331,000	9,977,000		49,493,000
Investments in unconsolidated entities		55,858,000	[1]		55,858,000	[1]		$ 750,000	$ 59,827,000	[1]
Total Assets	[1]	2,786,042,000			2,786,042,000				2,728,679,000
Commercial Real Estate Loans [Member]
Segment Reporting Information [Line Items]
Interest expense		8,869,000		6,501,000	23,798,000		17,365,000
Net interest income		16,789,000		13,095,000	46,521,000		38,359,000
Amortization of MSRs		0		0	0		0
Interest income - other		0		1,117,000	0		7,777,000
Total revenues		16,789,000		14,212,000	46,521,000		46,136,000
Segment operating expenses		50,000		695,000	56,000		5,168,000
General and administrative - Corporate		768,000		347,000	1,517,000		1,804,000
Depreciation and amortization		0		3,000	0		484,000
Impairment losses					0
Provision (recovery) for loan losses		(47,000)		803,000	38,025,000		(3,759,000)
Equity in net (earnings) losses of unconsolidated subsidiaries		0		(828,000)	(46,000)		(3,592,000)
Other income (expense)		352,000		1,758,000	1,200,000		(6,252,000)
INCOME (LOSS) BEFORE TAXES		15,666,000		11,434,000	5,769,000		52,283,000
Income tax (expense) benefit		0		0	(39,000)		303,000
NET INCOME (LOSS)		15,666,000		11,434,000	5,730,000		52,586,000
Total Assets		2,252,312,000			2,252,312,000				1,821,461,000
Commercial Finance [Member]
Segment Reporting Information [Line Items]
Interest expense		368,000		1,764,000	2,225,000		5,207,000
Net interest income		3,776,000		8,340,000	14,881,000		22,536,000
Amortization of MSRs		0		0	0		0
Interest income - other		1,033,000		1,519,000	3,398,000		4,876,000
Total revenues		4,809,000		9,859,000	18,279,000		27,412,000
Segment operating expenses		272,000		575,000	940,000		2,200,000
General and administrative - Corporate		569,000		1,151,000	2,238,000		3,366,000
Depreciation and amortization		454,000		454,000	1,346,000		1,346,000
Impairment losses					59,000
Provision (recovery) for loan losses		178,000		663,000	1,696,000		1,969,000
Equity in net (earnings) losses of unconsolidated subsidiaries		(333,000)		(60,000)	(1,655,000)		(1,146,000)
Other income (expense)		(2,566,000)		2,531,000	(883,000)		(8,924,000)
INCOME (LOSS) BEFORE TAXES		6,235,000		4,545,000	14,538,000		28,601,000
Income tax (expense) benefit		(286,000)		(56,000)	(1,782,000)		(250,000)
NET INCOME (LOSS)		5,949,000		4,489,000	12,756,000		28,351,000
Total Assets		524,096,000			524,096,000				743,086,000
Middle-market Loans [Member]
Segment Reporting Information [Line Items]
Interest expense		1,480,000		65,000	3,682,000		65,000
Net interest income		6,776,000		3,199,000	18,411,000		6,524,000
Amortization of MSRs		0		0	0		0
Interest income - other		0		0	0		0
Total revenues		6,776,000		3,199,000	18,411,000		6,524,000
Segment operating expenses		1,240,000		8,000	2,444,000		8,000
General and administrative - Corporate		978,000		12,000	2,262,000		12,000
Depreciation and amortization		0		0	1,000		0
Impairment losses					0
Provision (recovery) for loan losses		903,000		0	4,223,000		0
Equity in net (earnings) losses of unconsolidated subsidiaries		0		0	0		0
Other income (expense)		147,000		0	39,000		0
INCOME (LOSS) BEFORE TAXES		3,508,000		3,179,000	9,442,000		6,504,000
Income tax (expense) benefit		0		0	0		0
NET INCOME (LOSS)		3,508,000		3,179,000	9,442,000		6,504,000
Total Assets		353,741,000			353,741,000				276,642,000
Residential Mortgage Loans [Member]
Segment Reporting Information [Line Items]
Interest expense		999,000		419,000	2,988,000		689,000
Net interest income		120,000		397,000	478,000		576,000
Amortization of MSRs		(1,307,000)		(423,000)	(3,138,000)		(1,074,000)
Interest income - other		1,540,000		1,352,000	6,058,000		3,670,000
Total revenues		353,000		1,326,000	3,398,000		3,172,000
Segment operating expenses		71,000		819,000	982,000		1,178,000
General and administrative - Corporate		7,297,000		5,132,000	22,227,000		12,765,000
Depreciation and amortization		142,000		96,000	372,000		285,000
Impairment losses					0
Provision (recovery) for loan losses		0		(26,000)	(110,000)		0
Equity in net (earnings) losses of unconsolidated subsidiaries		0		0	0		0
Other income (expense)		(2,368,000)		(2,106,000)	(18,239,000)		(5,844,000)
INCOME (LOSS) BEFORE TAXES		(4,789,000)		(2,589,000)	(1,834,000)		(5,212,000)
Income tax (expense) benefit		2,161,000		291,000	(821,000)		1,181,000
NET INCOME (LOSS)		(2,628,000)		(2,298,000)	(2,655,000)		(4,031,000)
Total Assets		236,585,000			236,585,000				205,491,000
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Interest expense		5,046,000		2,759,000	14,774,000		8,420,000
Net interest income		(5,039,000)		(2,698,000)	(14,391,000)		(8,223,000)
Amortization of MSRs		0		0	0		0
Interest income - other		17,000		(87,000)	49,000		(137,000)
Total revenues		(5,022,000)		(2,785,000)	(14,342,000)		(8,360,000)
Segment operating expenses		1,361,000		3,002,000	7,471,000		11,111,000
General and administrative - Corporate		1,726,000		1,705,000	5,745,000		5,554,000
Depreciation and amortization		32,000		9,000	95,000		43,000
Impairment losses					0
Provision (recovery) for loan losses		0		(1,000)	0		51,000
Equity in net (earnings) losses of unconsolidated subsidiaries		(1,000)		1,000	(1,000)		75,000
Other income (expense)		(446,000)		(5,026,000)	(12,683,000)		8,156,000
INCOME (LOSS) BEFORE TAXES		(7,694,000)		(2,475,000)	(14,969,000)		(33,350,000)
Income tax (expense) benefit		(79,000)		2,000	(327,000)		(567,000)
NET INCOME (LOSS)		(7,773,000)		(2,473,000)	(15,296,000)		(33,917,000)
Total Assets		(580,692,000)			(580,692,000)				$ (318,001,000)
cumulative intercompany reclassification [Member]
Segment Reporting Information [Line Items]
Interest expense		16,762,000		11,508,000	47,467,000		31,746,000
Net interest income		22,422,000		22,333,000	65,900,000		59,772,000
Amortization of MSRs		(1,307,000)		(423,000)	(3,138,000)		(1,074,000)
Interest income - other		2,590,000		3,901,000	9,505,000		16,186,000
Total revenues		23,705,000		25,811,000	72,267,000		74,884,000
Segment operating expenses		2,994,000		5,099,000	11,893,000		19,665,000
General and administrative - Corporate		11,338,000		8,347,000	33,989,000		23,501,000
Depreciation and amortization		628,000		562,000	1,814,000		2,158,000
Impairment losses					59,000
Provision (recovery) for loan losses		1,034,000		1,439,000	43,834,000		(1,739,000)
Equity in net (earnings) losses of unconsolidated subsidiaries		(334,000)		(887,000)	(1,702,000)		(4,663,000)
Other income (expense)		(4,881,000)		(2,843,000)	(30,566,000)		(12,864,000)
INCOME (LOSS) BEFORE TAXES		12,926,000		14,094,000	12,946,000		48,826,000
Income tax (expense) benefit		1,796,000		237,000	(2,969,000)		667,000
NET INCOME (LOSS)		14,722,000		14,331,000	9,977,000		49,493,000
Other [Member] | Commercial Real Estate Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		12,000		0	82,000		1,000
Other [Member] | Commercial Finance [Member]
Segment Reporting Information [Line Items]
Interest income:		803,000		1,586,000	2,607,000		5,283,000
Other [Member] | Middle-market Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		2,000		0	4,000		0
Other [Member] | Residential Mortgage Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		0		0	1,000		0
Other [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Interest income:		7,000		61,000	81,000		197,000
Other [Member] | cumulative intercompany reclassification [Member]
Segment Reporting Information [Line Items]
Interest income:		824,000		1,647,000	2,775,000		5,481,000
Operating Segments [Member] | Commercial Real Estate Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		25,658,000		19,596,000	70,319,000		55,724,000
Operating Segments [Member] | Commercial Finance [Member]
Segment Reporting Information [Line Items]
Interest income:		4,144,000		10,104,000	17,106,000		27,743,000
Operating Segments [Member] | Middle-market Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		8,256,000		3,264,000	22,093,000		6,589,000
Operating Segments [Member] | Residential Mortgage Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		1,119,000		816,000	3,466,000		1,265,000
Operating Segments [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Interest income:		7,000		61,000	383,000		197,000
Operating Segments [Member] | cumulative intercompany reclassification [Member]
Segment Reporting Information [Line Items]
Interest income:		39,184,000		33,841,000	113,367,000		91,518,000
External Customers [Member] | Commercial Real Estate Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		25,646,000		19,596,000	70,237,000		55,723,000
External Customers [Member] | Commercial Finance [Member]
Segment Reporting Information [Line Items]
Interest income:		3,341,000		8,518,000	14,499,000		22,460,000
External Customers [Member] | Middle-market Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		8,254,000		3,264,000	22,089,000		6,589,000
External Customers [Member] | Residential Mortgage Loans [Member]
Segment Reporting Information [Line Items]
Interest income:		1,119,000		816,000	3,465,000		1,265,000
External Customers [Member] | Corporate and Other [Member]
Segment Reporting Information [Line Items]
Interest income:		0		0	302,000		0
External Customers [Member] | cumulative intercompany reclassification [Member]
Segment Reporting Information [Line Items]
Interest income:		38,360,000		32,194,000	110,592,000		86,037,000
Convertible Debt [Member]
Segment Reporting Information [Line Items]
Interest expense		$ 4,400,000		$ 2,200,000	$ 13,000,000		$ 6,600,000
[1]	September 30, 2015December 31, 2014Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$188 $25 Restricted cash22,206 121,247 Investment securities available-for-sale, pledged as collateral, at fair value76,517 119,203 Loans held for sale2,994 282Loans, pledged as collateral and net of allowances of $43.0 million and $3.3 million1,566,454 1,261,137 Interest receivable7,848 8,941 Prepaid expenses194 221 Principal paydown receivable32,100 25,767 Other assets882 (12) Total assets of consolidated VIEs$1,709,383 $1,536,811

SEGMENT REPORTING Footnotes (De

SEGMENT REPORTING Footnotes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Interest expense	$ 16,906	$ 11,508	$ 47,611	$ 31,746
Convertible Debt [Member]
Debt Instrument [Line Items]
Interest expense	4,400	2,200	13,000	6,600
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Interest expense	$ 610	$ 601	$ 1,800	$ 1,800

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	Nov. 03, 2015	Sep. 30, 2015	Nov. 03, 2015
Subsequent Event [Line Items]
Treasury Stock, Shares, Acquired		1,200,000
Treasury Stock, Value, Acquired, Cost Method		$ 15.4
Outstanding Shares, Stock Acquired, Percentage		3.50%
Subsequent Event [Member]
Subsequent Event [Line Items]
Equity and Debt Securities, Authorized Amount	$ 9.9		$ 9.9
Treasury Stock, Shares, Acquired	754,187
Treasury Stock, Value, Acquired, Cost Method			$ 25.3
Outstanding Shares, Stock Acquired, Percentage			5.80%