ACRES Commercial Realty (ACR) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
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	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,197,445

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Mar. 31, 2016	Dec. 31, 2015
ASSETS:
Cash and cash equivalents	[1]	$ 71,403,000	$ 78,756,000
Restricted cash	[1]	8,721,000	40,635,000
Investment securities, trading	[1]	3,886,000	25,550,000
Investment securities available-for-sale, pledged as collateral, at fair value	[1]	87,662,000	162,306,000
Investment securities available-for-sale, at fair value	[1]	212,527,000	45,782,000
Loans held for sale ($122.5 million and $94.5 million at fair value)	[1]	126,153,000	95,946,000
Loans, pledged as collateral and net of allowances of $4.1 million and $47.5 million	[1]	1,771,917,000	2,160,751,000
Investments in unconsolidated entities	[1]	74,356,000	50,030,000
Derivatives, at fair value	[1]	4,689,000	3,446,000
Interest receivable	[1]	10,788,000	14,009,000
Deferred tax asset, net	[1]	12,634,000	12,646,000
Principal paydown receivable	[1]	0	17,941,000
Direct financing leases, net of allowances of $0.5 million	[1]	714,000	931,000
Intangible assets	[1]	25,511,000	26,228,000
Prepaid expenses	[1]	2,778,000	3,180,000
Other assets	[1]	12,540,000	22,295,000
Total assets	[1]	2,426,279,000	2,760,432,000
LIABILTITES:
Borrowings	[2]	1,602,025,000	1,895,288,000
Distribution payable	[2]	17,125,000	17,351,000
Accrued interest expense	[2]	5,024,000	5,604,000
Derivatives, at fair value	[2]	2,742,000	3,941,000
Accrued tax liability	[2]	815,000	549,000
Accounts payable and other liabilities	[2]	10,912,000	10,939,000
Total liabilities	[2]	1,638,643,000	1,933,672,000
EQUITY
Common stock, par value $0.001: 125,000,000 shares authorized; 31,217,415 and 31,562,724 shares issued and outstanding (including 910,790 and 691,369 unvested restricted shares)		31,000	32,000
Additional paid-in capital		1,217,493,000	1,228,346,000
Accumulated other comprehensive income (loss)		(1,895,000)	(2,923,000)
Distributions in excess of earnings		(426,935,000)	(406,603,000)
Total stockholders’ equity		788,706,000	818,864,000
Non-controlling interests		(1,070,000)	7,896,000
Total equity		787,636,000	826,760,000
TOTAL LIABILITIES AND EQUITY		2,426,279,000	2,760,432,000
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
Accumulated Distributions in Excess of Net Income
EQUITY
Total equity			$ (406,603,000)
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672
[2]	March 31, 2016 December 31, 2015Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $725,109 $1,032,581 Accrued interest expense635 923 Derivatives, at fair value— 3,346 Accounts payable and other liabilities44 (117) Total liabilities of consolidated VIEs$725,788 $1,036,733

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
ASSETS:
Loans, pledged as collateral, amount at fair value	$ 122,500	$ 94,500
Loans receivable, allowance	4,100	47,500
Provision (recovery) for loan and lease losses	$ 4,620	$ 47,536
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)	31,217,415	31,562,724
Common stock, shares outstanding (in shares)	31,217,415	31,562,724
Common stock, shares issued, non-vested restricted shares (in shares)	910,790	691,369
Assets of consolidated Variable Interest Entities (VIEs) included in the total assets above:
Cash and cash equivalents	$ 0	$ 95
Restricted cash	7,986	39,061
Investment securities available-for-sale, pledged as collateral, at fair value	0	66,137
Loans held for sale	153	1,475
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million	1,039,119	1,416,441
Interest receivable	4,185	6,592
Prepaid expenses	64	238
Principal paydown receivable	0	17,800
Other assets	0	833
Total assets of consolidated VIEs	1,051,507	1,548,672
Liabilities of consolidated VIEs included in the total liabilities above:
Borrowings	725,109	1,032,581
Accrued interest expense	635	923
Derivatives, at fair value	0	3,346
Accounts payable and other liabilities	44	(117)
Total liabilities of consolidated VIEs	725,788	1,036,733
Loan allowances, VIEs	$ 1,100	$ 42,800
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)	5,544,579	5,740,479
Preferred stock, shares outstanding (in shares)	5,544,579	5,740,479
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
Direct Financing Leases
ASSETS:
Provision (recovery) for loan and lease losses	$ 465	$ 465

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Interest income:
Loans	$ 34,112	$ 32,663
Securities	4,798	4,052
Leases	(54)	95
Interest income - other	1,241	832
Total interest income	40,097	37,642
Interest expense	15,771	14,902
Net interest income	24,326	22,740
Dividend income	17	16
Fee income	(701)	1,170
Total revenues	23,642	23,926
OPERATING EXPENSES
Management fees - related party	4,037	3,560
Equity compensation - related party	1,263	995
Rental operating expense	0	6
Lease operating	3	23
General and administrative	10,070	10,971
Depreciation and amortization	641	565
Impairment losses	0	59
Provision (recovery) for loan and lease losses	37	3,990
Total operating expenses	16,051	20,169
Net interest and other revenues less operating expenses	7,591	3,757
OTHER INCOME (EXPENSE)
Equity in earnings of unconsolidated subsidiaries	2,222	706
Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives	4,828	13,967
Net realized and unrealized gain (loss) on investment securities, trading	145	2,074
Unrealized gain (loss) and net interest income on linked transactions, net	0	235
(Loss) on reissuance/gain on extinguishment of debt	0	(900)
(Loss) gain on sale of real estate	(3)	(22)
Total other income (expense)	7,192	16,060
INCOME (LOSS) BEFORE TAXES	14,783	19,817
Income tax (expense) benefit	(763)	(1,847)
NET INCOME (LOSS)	14,020	17,970
Net (income) loss allocated to preferred shares	(6,048)	(6,091)
Carrying value in excess of consideration paid for preferred shares	1,611	0
Net (income) loss allocable to non-controlling interest, net of taxes	90	(2,477)
NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES	$ 9,673	$ 9,402
NET INCOME (LOSS) PER COMMON SHARE – BASIC (in dollars per share)	$ 0.32	$ 0.29
NET INCOME (LOSS) PER COMMON SHARE – DILUTED (in dollars per share)	$ 0.31	$ 0.28
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC (in shares)	30,600,407	32,814,227
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED (in shares)	31,038,095	33,076,104

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14,020	$ 17,970
Other comprehensive income (loss):
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income	301	(6,258)
Unrealized gains (losses) on available-for-sale securities, net	(1,318)	3,123
Reclassification adjustments associated with unrealized gains (losses) from interest rate hedges included in net income	61	90
Unrealized gains on derivatives, net	27	1,142
Foreign currency translation adjustments	0	429
Total other comprehensive income (loss)	(929)	(1,474)
Comprehensive income (loss) before allocation to non-controlling interests and preferred shares	13,091	16,496
Unrealized (gains) losses on available-for-sale securities allocable to non-controlling interests	0	807
Net (income) loss allocable to non-controlling interests	90	(2,477)
Net (income) loss allocated to preferred shares	(6,048)	(6,091)
Carrying value in excess of consideration paid for preferred shares	1,611	0
Comprehensive income (loss) allocable to common shares	$ 8,744	$ 8,735

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Parent [Member]	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Distributions in Excess of Earnings	Non-Controlling Interests	Preferred Shares - Series APreferred Stock	Preferred Shares - Series BPreferred Stock	Preferred Shares - Series CPreferred Stock	Preferred Stock	Preferred StockParent [Member]	Preferred StockAdditional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance prior to adjustment	$ 826,760	$ 818,864	$ 32	$ 1,228,346	$ (2,923)	$ 0	$ (406,603)	$ 7,896	$ 1	$ 6	$ 5
Deconsolidation of variable interest entities	(23,851)	(14,975)			1,957		(16,932)	(8,876)
Balance at Dec. 31, 2015	$ 802,909	803,889	$ 32	1,228,346	(966)	0	(423,535)	(980)	1	6	5
Balance (in shares) at Dec. 31, 2015	31,562,724		31,562,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from dividend reinvestment and stock purchase plan (in shares)	3,541		3,541
Proceeds from dividend reinvestment and stock purchase plan	$ 35	35		35
Proceeds from issuance of preferred stock												$ 0	$ 0	$ 0
Offering costs	0	0		0
Discount on 8.0% convertible senior notes	19	19		19
Stock based compensation (in shares)			301,613
Stock based compensation	0	0		0
Amortization of stock based compensation	1,263	1,263		1,263
Purchase and retirement of shares (in shares)			(650,463)
Purchase and retirement of common shares	(7,446)	(7,446)	$ (1)	(7,445)
Net income	14,020	14,110				14,110		(90)
Preferred dividends	(6,048)	(6,048)				(6,048)
Preferred stock redemption	(3,114)	(3,114)		(4,725)		1,611
Securities available-for-sale, fair value adjustment, net	(1,017)	(1,017)			(1,017)
Designated derivatives, fair value adjustment	88	88			88
Distributions on common stock	$ (13,073)	(13,073)				(9,673)	(3,400)
Balance (in shares) at Mar. 31, 2016	31,217,415		31,217,415
Balance at Mar. 31, 2016	$ 787,636	$ 788,706	$ 31	$ 1,217,493	$ (1,895)	$ 0	$ (426,935)	$ (1,070)	$ 1	$ 6	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance prior to adjustment	$ 787,636

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)Entity		Mar. 31, 2015USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 14,020		$ 17,970
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for (recovery of) loan losses		37		3,990
Depreciation, amortization, and accretion		652		3,729
Amortization of stock-based compensation		1,263		995
Deferred income tax (benefit) expense		0		(48)
Sale (origination) of residential mortgage loans held for sale, net		(34,291)		(58,136)
Sale (purchase) of and principal payments on securities, trading, net		3		(8,173)
Net realized and unrealized loss (gain) on investment securities, trading		(145)		(2,074)
Net realized and unrealized (gain) loss on sales of investment securities available-for-sale and loans		(4,828)		(14,423)
Loss (gain) on the reissuance (extinguishment) of debt		0		900
Loss (gain) on sale of real estate		3		22
Settlement of derivative instruments		(1,403)		82
Net impairment losses recognized in earnings		0		59
Unrealized gain (loss) and net interest income on linked transactions, net		0		(235)
Equity in net (earnings) losses of unconsolidated subsidiaries		(2,222)		(706)
Changes in operating assets and liabilities, net of acquisitions		8,622		4,282
Net cash provided by (used in) operating activities		(18,289)		(51,766)
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) decrease in restricted cash		14,365		94,734
Deconsolidation of VIEs	[1]	472		0
Purchase of securities available-for-sale		(6,467)		(4,000)
Principal payments on securities available-for-sale		16,229		37,860
Proceeds from sale of securities available-for-sale		0		7,113
Return of capital from (investment in) unconsolidated entity		9,381		4,391
Purchase and origination of loans		(110,026)		(207,983)
Principal payments received on loans		133,166		91,294
Proceeds from sale of loans		138		16,922
Purchase of furniture and fixtures		(23)		0
Acquisition of property and equipment		0		(171)
Investment in loans - related parties		0		(903)
Settlement of derivative instruments		56		3,091
Net cash (used in) provided by investing activities		56,347		42,348
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuances of common stock and dividend reinvestment and stock purchase plan (net of offering costs of $0 and $0)		33		106
Proceeds from issuance of preferred shares (net of offering costs of $0 and $111)		0		3,002
Repurchase of common stock		(7,445)		(5)
Repurchase of preferred shares		(3,114)		0
Net proceeds (borrowings) from repurchase agreements		49,796		(64,812)
Proceeds from borrowings:
Securitizations		0		282,127
Convertible senior notes		0		99,000
Senior secured revolving credit facility		19,000		21,500
Reissuance of debt		0		8,100
Payments on borrowings:
Securitizations		(28,334)		(161,713)
Senior secured revolving credit facility		(56,000)		0
Payment of debt issuance costs		0		(6,639)
Distributions to non-controlling interest and subordinated note holders		0		(2,987)
Proceeds received from non-controlling interests		0		1,802
Distributions paid on preferred stock		(6,115)		(6,044)
Distributions paid on common stock		(13,232)		(26,563)
Net cash provided by (used in) financing activities		(45,411)		146,874
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,353)		137,456
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		78,756	[2]	79,905
CASH AND CASH EQUIVALENTS AT END OF PERIOD		71,403	[2]	217,361
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash		12,946		9,378
Income taxes paid in cash		$ 43		$ 1,739
VIE, Primary Beneficiary
Number of consolidated VIEs | Entity		7
[1]	Cash and cash equivalents as of January 1, 2016 decreased by $472,000 due to the adoption of the amendments to the consolidation accounting guidance resulting in the deconsolidation of five variable interest entities (see Note 2).
[2]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from dividend reinvestment and stock purchase plan, offering costs	$ 0	$ 0
Offering costs on stock issuance	$ 80	$ 111

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
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 was the primary beneficiary of the Company. In December 2015, Resource America early adopted the consolidation guidance issued by the Financial Accounting Standards Board ("FASB") ( see Note 2 ) and it was determined that the Company was no longer a VIE. Therefore, the Company's financial statements are no longer consolidated into Resource America's financial statements. On January 1, 2016, the Company adopted the amendments to the consolidation guidance as outlined in Note 2. As a result of its evaluation, the Company determined that it is no longer the primary beneficiary of the following VIEs and therefore, deconsolidated these entities: Resource Real Estate Funding CDO 2006-1, Ltd. (“RREF CDO 2006-1”), Resource Real Estate Funding CDO 2007-1, Ltd. (“RREF CDO 2007-1”), Apidos Cinco CDO, Ltd. (“Apidos Cinco CDO”), Pelium Capital Partners, L.P., ("Pelium Capital") and RCM Global, LLC ("RCM Global"). 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: ◦ 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”). This entity was deconsolidated as of January 1, 2016 and the retained investment is now accounted for as an investment security, available-for-sale ( see Note 2 ) in its consolidated financial statements. On April 25, 2016, RREF CDO 2006-1 was liquidated. As a result of the liquidation and in return for the Company's interests in RREF CDO 2006-1, the Company was distributed the remaining assets of the CDO ( see Note 24 ). ◦ 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. This entity was deconsolidated as of January 1, 2016 and the retained investment is now accounted for as an investment security, available-for-sale ( see Note 2 ) in its consolidated financial statements. ◦ Resource Capital Corp. CRE Notes 2013, Ltd. (“RCC CRE Notes 2013”), a Cayman Islands limited liability company and QRS, 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, 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, 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, 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”), 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, a Cayman Islands limited liability company and TRS, was established to complete a CDO issuance secured by a portfolio of bank loans, ABS and corporate bonds. This entity was deconsolidated as of January 1, 2016 and the retained investment is now accounted for as an investment security, available-for-sale ( see Note 2 ). ◦ 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 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 a 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 March 31, 2016 . The remaining 29.6% of the equity is owned by RCC Commercial. ◦ Pelium Capital, a Delaware limited partnership, which holds investment securities, trading. Resource TRS owns 80.2% of the equity in Pelium Capital as of March 31, 2016 . This entity was deconsolidated as of January 1, 2016 and the retained investment is now accounted for as an equity method investment ( see Note 2 ). • 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 previously owned 33% of the equity of Apidos CLO VIII, Ltd (“Apidos CLO VIII”), a Cayman Islands limited liability company and TRS, which was liquidated in October 2013. • 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 70.9% 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, which owns a beneficial interest in the warehouse credit facility of ZAIS CLO 4, Limited, is a Cayman Islands exempted limited liability company, in equity form, that is 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 25.4% of the following entity: ▪ RCM Global, a Delaware limited liability company, holds a portfolio of investment securities, available-for-sale. This entity was deconsolidated as of January 1, 2016 and the retained investment is now accounted for as an equity method investment ( see Note 2 ). ▪ 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 mortgage 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 Opportunities Trust ("RCC Opp Trust"). * RCC Opp Trust, a Delaware statutory trust, which holds a portfolio of residential mortgage loans, available-for-sale.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
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 its 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”) and the accounting policies set forth in Note 2 included in our annual report on Form 10-K for the year ended December 31, 2015. 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 March 31, 2016 and December 31, 2015 , approximately $67.6 million and $74.3 million of the reported cash balances 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. Income Taxes Because modest changes in projected income or loss produce a significant variance in estimates of the Company's annual effective tax rate, the Company records its tax provision (benefit) based on its actual effective tax rate. Recent Accounting Standards In March 2016, the FASB issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods beginning on or after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of this guidance and its impact on our consolidated financial statements. In January 2016, the FASB issued guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments in order to provide users of financial statements with more decision-useful information. The guidance requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. It is effective for annual reporting periods, and the interim periods within those periods, beginning after December 15, 2017 and early adoption is permitted for certain provisions. The Company is currently evaluating the effect of adoption. In September 2015, the 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. Adoption did not have a material impact on the Company's consolidated financial statements. 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. 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 VIEs; (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. On January 1, 2016, the Company adopted the above guidance as required. As a result of its re-evaluation, the Company determined it is no longer the primary beneficiary of the following VIEs; and, therefore, they were deconsolidated: RREF CDO 2006-1, RREF CDO 2007-1, Apidos Cinco CDO, Pelium Capital, and RCM Global. As a result of these deconsolidations, the Company will no longer reflect the underlying collateral (loans and securities) of those VIEs in its consolidated financial statements. Instead, the Company will prospectively reflect in its consolidated balance sheet, its direct investments (the "retained investments") in the issued and outstanding securities of those VIEs. The Company's retained investments in RREF CDO 2006-1, RREF CDO 2007-1, Apidos Cinco CDO are now accounted for as investment securities, available-for-sale and, as a result, are marked-to-market while the Company's retained investments in Pelium Capital and RCM Global are accounted for as equity method investments. The Company has elected to retrospectively reflect the deconsolidation of these entities on a modified basis, which resulted in a reduction to the beginning balance of retained earnings as of January 1, 2016, of $16.9 million . The reduction to retained earnings represents the effect of marking the investments to market as of the date of the required adoption. The following table summarizes the net impact of the deconsolidation of the five VIEs upon adoption on January 1, 2016 (in thousands) net of eliminations: Total Deconsolidated VIEs Retained Interest as of 1/1/2016 Net Impact on Deconsolidation ASSETS: Cash and cash equivalents $ 472 $ — $ 472 Restricted cash 17,076 — 17,076 Loans, pledged as collateral and net of allowances (1)(2)(3) 364,589 — 364,589 Loans held for sale 1,322 — 1,322 Investment securities available-for-sale, at fair value 68,997 166,769 (97,772 ) Investment securities, trading 21,851 — 21,851 Investments in deconsolidated entities 17,250 23,175 (5,925 ) Interest receivable 4,299 — 4,299 Principal paydown receivable 17,800 — 17,800 Prepaid expenses 256 — 256 Other assets 972 — 972 Total assets $ 514,884 $ 189,944 $ 324,940 LIABILTITES: Borrowings $ 297,191 $ — $ 297,191 Accrued interest expense 297 — 297 Derivative liabilities, at fair value 3,346 — 3,346 Accounts payable and other liabilities 255 — 255 Total liabilities 301,089 — 301,089 Retained earnings 206,876 189,944 16,932 Non-controlling interests 8,876 — 8,876 Accumulated other comprehensive loss (1,957 ) — (1,957 ) Total equity 213,795 189,944 23,851 Total liabilities and equity $ 514,884 $ 189,944 $ 324,940 (1) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, $40.3 million of specific reserves and $142,000 of general reserves on CRE loans were deconsolidated as of January 1, 2016. (2) As part of the deconsolidation of Apidos Cinco CDO, $1.3 million of specific reserves on the bank loans were deconsolidated as of January 1, 2016. (3) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, the Company deconsolidated four loans representing the senior participations in commercial real estate loans totaling $91.3 million that were previously disclosed as both impaired loans and troubled debt restructurings as of December 31, 2015. 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. Adoption did not have a material impact on the Company's consolidated financial statements. 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 is currently evaluating the effect of adoption. 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. Adoption did not have a material impact on the Company's consolidated financial statements. Reclassifications Certain reclassifications have been made to the 2015 consolidated financial statements to conform to the 2016 presentation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2016
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), securitizations, guarantees and other financial contracts in order to determine if they are variable interests in VIEs. The Company regularly monitors these legal interests and contracts and, to the extent it has determined that it has a variable interest, analyzes the related 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. Consolidated VIEs (the Company is the primary beneficiary) Based on management’s analysis, the Company is the primary beneficiary of seven VIEs at March 31, 2016 : Apidos CDO I, Apidos CDO III, Whitney CLO I, RCC CRE Notes 2013, RCC 2014-CRE2, RCC 2015-CRE3 and RCC 2015-CRE4 (collectively the "Consolidiated VIEs"). In performing the primary beneficiary analysis for the Consolidated VIEs , it was determined that the Company was part of a related party group and was the party within that group that both has the power to direct the activities that are most significant to each of these VIEs and that has the right to receive benefits or the obligation to absorb losses that could potentially be significant to these VIEs. The Consolidated VIEs 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. All of the Company's VIEs were reevaluated under the revised consolidation model effective for the Company on January 1, 2016 (see Note 2). As of December 31, 2015, the Company was the primary beneficiary of thirteen VIEs: 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 (collectively, the "Consolidated VIEs at December 31, 2015"). In performing the primary beneficiary analysis for the Consolidated VIEs at December 31, 2015, it was determined that the parties that have the power to direct the activities that are most significant to each of these VIEs and that had the right to receive benefits or the obligation to absorb losses that could potentially be significant to these VIEs, were a related-party group. It was then determined that the Company was the party within that group that was 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. As of March 31, 2016 , the Company's interest in the Moselle CLO Subordinated Notes was fully redeemed. 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. For a discussion of the Company’s consolidated 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 seven consolidated VIEs have no recourse to the general credit of the Company. During the three months ended March 31, 2016 , the Company has provided no financial support to any 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 March 31, 2016 (in thousands): Apidos I Apidos III Whitney CLO I RCC CRE Notes 2013 RCC 2014-CRE2 RCC 2015-CRE3 RCC 2015-CRE4 Total ASSETS Restricted cash (1) $ 69 $ 123 $ 169 $ 949 $ 13 $ 6,661 $ 2 $ 7,986 Loans, pledged as collateral — — — 94,228 297,475 337,192 310,224 1,039,119 Loans held for sale 153 — — — — — — 153 Interest receivable — — — 411 1,198 1,363 1,213 4,185 Prepaid assets — — — 17 16 16 15 64 Total assets (2) $ 222 $ 123 $ 169 $ 95,605 $ 298,702 $ 345,232 $ 311,454 $ 1,051,507 LIABILITIES Borrowings $ — $ — $ — $ 48,005 $ 177,478 $ 278,878 $ 220,748 $ 725,109 Accrued interest expense — — — 65 126 256 188 635 Accounts payable and other liabilities — — — 13 31 — — 44 Total liabilities $ — $ — $ — $ 48,083 $ 177,635 $ 279,134 $ 220,936 $ 725,788 (1) Includes $962,000 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. Unconsolidated VIEs (the Company is not the primary beneficiary, but has a variable interest) Based on management’s analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in the Company’s financial statements as of March 31, 2016 . 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. RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO 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. On January 1, 2016, the Company adopted the amendments to the consolidation guidance as outlined in Note 2 . As a result of its evaluation, the Company determined that it was no longer the primary beneficiary of these VIEs and these investments were deconsolidated. At deconsolidation, the Company recorded its investments in RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO at fair value and will account for these investments as investment securities available-for-sale in its consolidated financial statements. RCM Global, LLC 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. On January 1, 2016, the Company adopted the amendments to the consolidation guidance as outlined in Note 2 . Upon adoption, the Company reevaluated its variable interest in RCM Global and determined it would not be the primary beneficiary of RCM Global, as its investment in the limited liability company does not provide the Company with a controlling financial interest. As a result of its evaluation, the Company deconsolidated its investment in RCM Global. As of January 1, 2016, the Company accounted for its investment in RCM Global as an investment in an unconsolidated entity in its consolidated financial statements. Pelium Capital 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 which can increase its interest to 20% if the Company's capital contributions aggregate $40.0 million . Resource America contributed cash of $2.8 million to the formation of Pelium Capital. At December 31, 2015, Pelium Capital was accounted for a consolidated voting interest subsidiary. On January 1, 2016, the Company adopted the amendments to the consolidation guidance as outlined in Note 2 . Upon adoption, the Company reevaluated its interest in Pelium Capital and determined that although it now possessed a variable interest in Pelium Capital, it would not be the primary beneficiary of Pelium Capital, as its investment in the limited liability company does not provide the Company with a controlling financial interest. As a result of its reevaluation, the Company deconsolidated its investment in Pelium Capital on January 1, 2016, and accounted for its investment in Pelium Capital as an investment in an unconsolidated entity in its consolidated financial statements. 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. 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 29.0% at March 31, 2016 . The Company’s investment in LCC was recorded at $43.4 million and $42.0 million as of March 31, 2016 and December 31, 2015 , 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 29.0% 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 (see Note 17 ). 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 $4.8 million and $5.3 million at March 31, 2016 and December 31, 2015 , respectively. The Company recognized fee income of $402,000 and $965,000 for the three months ended March 31, 2016 and 2015 , 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. In January 2016 another RCAM-managed CLO was called and $2.4 million of impairment, on a pre-tax basis, was recorded in depreciation and amortization on the Company's consolidated statements of operations the related intangible asset, as of December 31, 2015. 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 unconsolidated subsidiary Pelium Capital together with a 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 March 31, 2016 , 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. Investments in the Harvest CLO Securities In September 2013 and March 2014, the Company made investments in Harvest CLO VII Limited and Harvest CLO VIII Limited (collectively, the “Harvest Securities”), respectively, offshore limited liability companies created to acquire syndicated bank loans and issue collateral loan obligations, through its wholly-owned, direct subsidiary Commercial II. The Harvest Securities are managed by 3i Debt Management Investments Limited (the “Portfolio 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 Portfolio Manager can be replaced only for cause by the Harvest Securities’ trustee. Although the Company has investments in the Harvest Securities that are potentially significant, because it was determined that the Company did not have the ability to unilaterally kick out the Portfolio Manager, the Company was not determined to be the primary beneficiary and, hence, not required to consolidate the Harvest Securities. As of March 31, 2016 , the Company had investments of $3.9 million in Harvest CLO VII Limited and $4.7 million in Harvest CLO VIII Limited. The Company accounts for its investments in the Harvest Securities as investment securities available-for-sale in its consolidated financial statements. Investment in Harvest CLO XV Designated Activity Company In September 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 March 31, 2016 , the Company's investment in Harvest XV's warehouse was $17.3 million . 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 March 31, 2016 (in thousands): Unconsolidated Variable Interest Entities LCC Unsecured Junior Subordinated Debentures Resource Capital Asset Management CDOs Investment in ZAIS and Harvest RREF CDO 2006-1 RREF CDO 2007-1 Apidos Cinco CDO RCM Global LLC Pelium Capital Total Maximum Exposure to Loss Investment in unconsolidated entities $ 43,428 $ 1,548 $ — $ 35,660 $ 58,401 $ 92,695 $ 17,542 $ 470 $ 22,363 $ 272,107 $ 272,107 Intangible assets — — 4,841 — — — — — — 4,841 $ 4,841 Total assets 43,428 1,548 4,841 35,660 58,401 92,695 17,542 470 22,363 276,948 Borrowings — 51,467 — — — — — — — 51,467 N/A Total liabilities — 51,467 — — — — — — — 51,467 N/A Net asset (liability) $ 43,428 $ (49,919 ) $ 4,841 $ 35,660 $ 58,401 $ 92,695 $ 17,542 $ 470 $ 22,363 $ 225,481 N/A As of March 31, 2016 , 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	3 Months Ended
	Mar. 31, 2016
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 Three Months Ended March 31, 2016 2015 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) $ — $ 48,605 Non-cash financing activities include the following: Distributions on common stock accrued but not paid $ 13,073 $ 21,423 Distributions on preferred stock accrued but not paid $ 4,010 $ 6,116 Reclassification of linked transactions, net at fair value to borrowings (1) $ — $ 33,377 (1) As a result of an accounting standards update adopted on January 1, 2015, 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	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES TRADING	NOTE 5 - INVESTMENT SECURITIES, TRADING 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. 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): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of March 31, 2016: Structured notes $ 5,994 $ — $ (2,108 ) $ 3,886 RMBS 1,896 — (1,896 ) — Total $ 7,890 $ — $ (4,004 ) $ 3,886 As of December 31, 2015: Structured notes $ 28,576 $ 1,674 $ (4,700 ) $ 25,550 RMBS 1,896 — (1,896 ) — Total $ 30,472 $ 1,674 $ (6,596 ) $ 25,550 As a result of updated accounting guidance, effective January 1, 2016 ( see Note 2 ), the Company deconsolidated all of the assets of Pelium Capital, resulting in the removal of $21.9 million of investment securities, trading and is the primary cause of the decrease of securities during the period. The Company sold no securities during the three months ended March 31, 2016 . The Company sold twelve securities during the three months ended March 31, 2015 , for a net realized gain of approximately $432,000 . The Company held six and 56 investment securities, trading as of March 31, 2016 and December 31, 2015 , respectively.

INVESTMENT SECURITIES AVAILABLE

INVESTMENT SECURITIES AVAILABLE-FOR-SALE	3 Months Ended
	Mar. 31, 2016
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 Unrealized Gains Unrealized Losses Fair Value (1) As of March 31, 2016: CMBS $ 91,192 $ 313 $ (1,940 ) $ 89,565 RMBS 2,033 111 (74 ) 2,070 ABS 208,213 1,326 (985 ) 208,554 Total $ 301,438 $ 1,750 $ (2,999 ) $ 300,189 As of December 31, 2015: CMBS $ 158,584 $ 2,631 $ (1,791 ) $ 159,424 RMBS 2,156 122 (88 ) 2,190 ABS 41,994 3,218 (998 ) 44,214 Corporate bonds 2,422 — (162 ) 2,260 Total $ 205,156 $ 5,971 $ (3,039 ) $ 208,088 (1) As of March 31, 2016 and December 31, 2015 , $87.7 million and $162.3 million , respectively, of investment securities available-for-sale were pledged as collateral under related financings. As a result of updated accounting guidance, effective January 1, 2016 ( see Note 2 ), the Company deconsolidated all of the assets of RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO, resulting in the removal of $364.6 million of loans, pledged as collateral. These investments are now recorded as investment securities available-for-sale, which is the primary cause of the increase in securities during the period. This increase was offset by a decrease of $69.0 million of investment securities available-for-sale as a result of the deconsolidation of RREF CDO 2006-1, RREF CDO 2007-1, Apidos Cinco CDO, Pelium Capital and RCM Global. 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 March 31, 2016: Less than one year $ 234,151 (1) $ 234,946 8.44% Greater than one year and less than five years 49,104 49,821 5.12% Greater than five years and less than ten years 9,043 8,923 8.88% Greater than ten years 7,891 7,748 11.56% Total $ 300,189 $ 301,438 7.99% As of December 31, 2015: Less than one year $ 117,221 (1) $ 118,215 7.13% Greater than one year and less than five years 71,370 68,808 5.31% Greater than five years and less than ten years 12,382 11,271 10.45% Greater than ten years 7,115 6,862 16.85% Total $ 208,088 $ 205,156 7.03% (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 March 31, 2016 , the contractual maturities of the CMBS investment securities available-for-sale range from April 2016 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 2018 to July 2027 . 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 March 31, 2016: CMBS $ 55,648 $ (1,576 ) 24 $ 13,151 $ (364 ) 9 $ 68,799 $ (1,940 ) 33 ABS 5,991 (985 ) 5 — — — 5,991 (985 ) 5 RMBS 1,106 (74 ) 2 — — — 1,106 (74 ) 2 Total temporarily impaired securities $ 62,745 $ (2,635 ) 31 $ 13,151 $ (364 ) 9 $ 75,896 $ (2,999 ) 40 As of December 31, 2015: CMBS $ 79,570 $ (849 ) 31 $ 13,783 $ (942 ) 15 $ 93,353 $ (1,791 ) 46 ABS 2,330 (824 ) 5 668 (174 ) 5 2,998 (998 ) 10 Corporate bonds 65 (18 ) 1 1,327 (144 ) 1 1,392 (162 ) 2 RMBS 1,157 (88 ) 2 — — — 1,157 (88 ) 2 Total temporarily impaired securities $ 83,122 $ (1,779 ) 39 $ 15,778 $ (1,260 ) 21 $ 98,900 $ (3,039 ) 60 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 three months ended March 31, 2016 and 2015 , 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 Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) March 31, 2015: ABS 4 2 $ 11,911 $ 6,269 There were no sales or redemptions during the three months ended March 31, 2016 .

LOANS

LOANS	3 Months Ended
	Mar. 31, 2016
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) (3) As of March 31, 2016: CRE whole loans $ 1,461,959 $ (8,831 ) $ 1,453,128 Middle market loans 321,848 (608 ) 321,240 Residential mortgage loans, held for investment 1,704 — 1,704 Subtotal loans before allowance 1,785,511 (9,439 ) 1,776,072 Allowance for loan loss (4,155 ) — (4,155 ) Total loans held for investment, net of allowance 1,781,356 (9,439 ) 1,771,917 Bank loans held for sale 153 — 153 Middle market held for sale 3,459 — 3,459 Residential mortgage loans held for sale, at fair value (4) 122,541 — 122,541 Total loans held for sale 126,153 — 126,153 Total loans, net $ 1,907,509 $ (9,439 ) $ 1,898,070 As of December 31, 2015: Commercial real estate loans: Whole loans $ 1,640,744 $ (9,943 ) $ 1,630,801 B notes 15,934 — 15,934 Mezzanine loans 45,368 4 45,372 Total commercial real estate loans 1,702,046 (9,939 ) 1,692,107 Bank loans 134,890 (373 ) 134,517 Middle market loans 380,687 (1,235 ) 379,452 Residential mortgage loans, held for investment 1,746 — 1,746 Subtotal loans before allowance 2,219,369 (11,547 ) 2,207,822 Allowance for loan loss (47,071 ) — (47,071 ) Total loans held for investment, net of allowance 2,172,298 (11,547 ) 2,160,751 Bank loans held for sale 1,475 — 1,475 Residential mortgage loans held for sale, at fair value (4) 94,471 — 94,471 Total loans held for sale 95,946 — 95,946 Total loans, net $ 2,268,244 $ (11,547 ) $ 2,256,697 (1) Amounts included deferred amendment fees of $26,000 and deferred upfront fees of $206,000 being amortized over the life of the loans as of March 31, 2016 . Amounts include deferred amendment fees of $42,000 and deferred upfront fees of $12,000 being amortized over the life of the loans as of December 31, 2015 . Amounts also include loan origination fees of $8.8 million and $9.9 million as of March 31, 2016 and December 31, 2015 , respectively. (2) As a result of the consolidation guidance adopted January 1, 2016, the Company deconsolidated loans held for investment in the amount of $271.8 million of its CRE loans and $134.5 million of its bank loans and the related allowance for loan losses of $41.7 million .( see Note 2 ). (3) Substantially all loans are pledged as collateral under various borrowings at March 31, 2016 and December 31, 2015 , respectively. (4) 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 March 31, 2016: Whole loans, floating rate (1) (3) (4) (5) (6) (7) 76 $ 1,453,128 LIBOR plus 2.50% to July 2016 to April 2019 Total (2) (9) 76 $ 1,453,128 As of December 31, 2015: Whole loans, floating rate (1) (3) (4) (5) (6) (7) 87 $ 1,630,801 LIBOR plus 1.75% to February 2016 to February 2019 B notes, fixed rate 1 15,934 8.68% April 2016 Mezzanine loans, fixed rate (8) 2 45,372 9.01% September 2016 Total (2) 90 $ 1,692,107 (1) Whole loans had $102.5 million and $112.6 million in unfunded loan commitments as of March 31, 2016 and December 31, 2015 , 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 $1.5 million and $41.8 million as of March 31, 2016 and December 31, 2015 , 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 $11.2 million and $51.2 million senior component that entered into modifications in 2016 and 2015 that resulted in a fixed rate of 0.50% as of March 31, 2016 and December 31, 2015 , respectively (the difference of which was a result of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1 - see Note 2). The two loans were previously identified as troubled debt restructurings ("TDR's"). (5) 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 March 31, 2016 and December 31, 2015 . (6) Includes a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of March 31, 2016 and December 31, 2015 . (7) Contracted interest rates do not include a whole loan with an amortized cost of $2.0 million and $32.5 million that entered into a modification in 2016 and 2015 which reduced the floating rate spread to 1.00% as of March 31, 2016 and December 31, 2015 , respectively (the difference of which was a result of the deconsolidation of RREF CDO 2007-1 - see Note 2). The loan was previously identified as a TDR. (8) 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. (9) As a result of updated accounting guidance, effective January 1, 2016 ( see Note 2 ), the Company deconsolidated all of the assets of RREF CDO 2006-1 and RREF CDO 2007-1, resulting in the removal of $271.8 million of loans, pledged as collateral. The following is a summary of the weighted average maturity of the Company’s commercial real estate loans, at amortized cost (in thousands): Description 2016 2017 2018 and Thereafter Total As of March 31, 2016: Whole loans $ — $ 45,381 $ 1,407,747 $ 1,453,128 Total (1) $ — $ 45,381 $ 1,407,747 $ 1,453,128 As of December 31, 2015: 2016 2017 2018 and Thereafter Total B notes $ 15,934 $ — $ — $ 15,934 Mezzanine loans 13,011 — 32,361 45,372 Whole loans 9,958 140,712 1,480,131 1,630,801 Total (1) $ 38,903 $ 140,712 $ 1,512,492 $ 1,692,107 (1) Contractual maturity of commercial real estate loans assumes full exercise of extension options available to borrowers. At March 31, 2016 , approximately 31.0% , 24.7% and 8.5% of the Company's commercial real estate portfolio was concentrated in Texas, California, and Georgia, respectively. At December 31, 2015 , approximately 28.7% , 26.8% , and 7.4% of the Company's commercial real estate loan portfolio was concentrated in California, Texas, and Georgia, respectively. Bank Loans The following table provides information as to the lien position and status of the Company's bank loans, at amortized cost (in thousands) prior to deconsolidation of Apidos Cinco CDO as of January 1, 2016: Apidos I Apidos III Apidos Cinco Total As of December 31, 2015: Loans held for investment: First lien loans $ — $ — $ 131,281 $ 131,281 Second lien loans — — 1,692 1,692 Defaulted first lien loans — — 1,544 1,544 Defaulted second lien loans — — — — Total — — 134,517 134,517 First lien loans held for sale at fair value 153 — 1,322 1,475 Total $ 153 $ — $ 135,839 $ 135,992 At March 31, 2016 , the Company had approximately $153,000 of bank loans, which were classified as loans held for sale. At December 31, 2015 , the Company’s bank loan portfolio, including loans held for sale, consisted of $134.7 million (net of allowance of $1.3 million ) of floating rate loans, which bear interest ranging between the three month LIBOR plus 1.25% and the three month LIBOR plus 8% with maturity dates ranging from January 2016 to August 2021 . 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): December 31, Less than one year $ 3,922 Greater than one year and less than five years 128,480 Five years or greater 3,590 $ 135,992 At December 31, 2015 , approximately 13.5% , 13.0% and 9.6% of the Company’s bank loan portfolio was concentrated in the collective industry grouping of automobile, diversified/conglomerate service and retail stores, respectively. Middle Market Loans The following table provides information as to the lien position and status of middle market loans, at carrying value (in thousands): March 31, December 31, First Lien $ 184,374 $ 248,367 Second Lien 134,215 127,146 Second lien loans held for sale at fair value 3,459 $ 322,048 $ 375,513 At March 31, 2016 , the Company’s middle market loan portfolio consisted of $322.0 million (net of allowance of $2.7 million ) of floating rate loans, which bear interest ranging between one or three month LIBOR plus 6.25% and one or three month LIBOR plus 12% with maturity dates ranging from June 2017 to July 2023 . At December 31, 2015 , the Company’s middle market loan portfolio consisted of $375.5 million (net of allowance of $3.9 million ) of floating rate loans, which bore interest ranging between one or three month LIBOR plus 6.25% and three month LIBOR plus 12% with maturity dates ranging from December 2016 to July 2023 . The following is a summary of the weighted average maturity of the Company’s middle market loans, at carrying value (in thousands): March 31, December 31, Less than one year $ — $ 14,960 Greater than one year and less than five years 220,146 250,709 Five years or greater 101,902 109,844 $ 322,048 $ 375,513 At March 31, 2016 and December 31, 2015 , approximately 15.0% and 12.8% , respectively, of the Company's middle market loan portfolio was concentrated in the collective industry grouping of diversified and conglomerate service and 13.2% and 12.4% , respectively, of the Company's middle market loan portfolio was concentrated in the collective industry grouping of healthcare, education, and childcare. Residential Mortgage Loans The Company originates and services residential mortgage loans through its indirect wholly-owned subsidiary PCM. PCM is an approved seller/servicer for the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association and is licensed to originate loans insured by the Federal Housing Administration, the Department of Veterans Affairs and the United States Department of Agriculture and is licensed to transact business in 41 states. In order to maintain its licenses and status as an approved seller/servicer, PCM must meet certain capital requirements. PCM was in compliance with those capital requirements as of March 31, 2016 . Residential mortgage loans held for sale, at fair value, consisted of $31.6 million and $90.9 million of agency-conforming and jumbo mortgage loans (net of allowance of $11,000 ), respectively, as of March 31, 2016 . Residential mortgage loans held for sale, at fair value, consisted of $29.2 million and $65.3 million of agency-conforming and jumbo mortgage loans (net of allowance of $11,000 ), respectively, as of December 31, 2015 . During the quarter ended March 31, 2016 , approximately 39.5% of the Company's residential mortgage loans were originated in Georgia, 16.9% in Utah, 15.2% in California, 6.5% in Virginia, and 4.6% in Florida. During the year ended December 31, 2015 , approximately 44.9% of the Company's residential mortgage loans were originated in Georgia, 11.2% in Utah, 9.1% in Virginia, 4.4% in Florida, and 4.1% in Colorado. Allowance for Loan Losses 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 (in thousands): Description Allowance for Loan Loss Percentage of Total Allowance As of March 31, 2016: CRE whole loans $ 1,493 35.93% Middle market loans 2,651 63.81% Residential mortgage loans 11 0.26% Total $ 4,155 As of December 31, 2015: B notes $ 15 0.03% Mezzanine loans 38,079 80.90% Whole loans 3,745 7.96% Bank loans 1,282 2.72% Middle market loans 3,939 8.37% Residential mortgage loans 11 0.02% Total $ 47,071 (1) As a result of amendments to consolidation accounting guidance adopted January 1, 2016, the Company deconsolidated loans held for investment in the amount of $271.8 million of its CRE loans and $134.5 million of its bank loans and the related allowance for loan losses of $41.7 million ( see Note 2 ). Principal Paydown Receivables 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 March 31, 2016 , the Company had no principal paydown receivables. At December 31, 2015 , principal paydown receivables relating to the Company's loan portfolio totaled $17.9 million , the entirety of which the Company received in cash during January 2016.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 and equity in earnings of unconsolidated subsidiaries for the three months ended March 31, 2016 and 2015 (in thousands): Equity in Earnings of Unconsolidated Subsidiaries Balance as of Balance as of For the For the Ownership % March 31, December 31, March 31, March 31, RRE VIP Borrower, LLC (1) —% $ — $ — $ 25 $ 46 Investment in LCC Preferred Stock 29.0% 43,428 42,017 1,411 52 Investment in CVC Global Credit Opportunities Fund (2) —% — — — 608 Pearlmark Mezz IV L.P. (3) 47.4% 6,547 6,465 248 — RCM Global, LLC (4) 25.4% 470 — 177 — Pelium Capital Partners, L.P. (4) 80.2% 22,363 — 361 — Subtotal 72,808 48,482 2,222 706 Investment in RCT I and II (5) 3.0% 1,548 1,548 (641 ) (593 ) Total $ 74,356 $ 50,030 $ 1,581 $ 113 (1) The investment in RRE VIP Borrower was sold as of December 31, 2014. Earnings for the three months ended March 31, 2016 and 2015 are related to insurance premium refunds and the liquidation of bank accounts with respect to the underlying sold properties of the portfolio. (2) In December 2015, the Company elected a full redemption of its remaining investment from the fund. (3) The Company has committed to invest up to $50.0 million in Pearlmark Mezzanine Realty Partners IV, L.P. The commitment termination date ends the earlier of when the original commitment is fully funded, or the fifth anniversary following the final closing date of June 24, 2015. (4) Pursuant to the new consolidation guidance adopted January 1, 2016, these previously consolidated VIEs are now accounted for under the equity method. (5) For the three months ended March 31, 2016 and 2015 , these amounts are recorded in interest expense on the Company's consolidated statements of operations.

FINANCING RECEIVABLES

FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
FINANCING RECEIVABLES	NOTE 9 - FINANCING RECEIVABLES The following tables show the allowance for loan and lease losses and recorded investments in loans and leases for the years indicated (in thousands): Commercial Real Estate Loans Bank Loans Middle Market Loans Residential Mortgage Loans Direct Financing Leases Total As of March 31, 2016: Allowance for Loan and Leases Losses: Allowance for losses at January 1, 2016 $ 41,839 $ 1,282 $ 3,939 $ 11 $ 465 $ 47,536 Provision (recovery) for loan and lease losses 68 (138 ) 107 — — 37 Loans charged-off — 138 (1,395 ) — — (1,257 ) Recoveries — — — — — — Deconsolidation of VIEs (40,414 ) (1,282 ) — — — (41,696 ) Allowance for losses at March 31, 2016 $ 1,493 $ — $ 2,651 $ 11 $ 465 $ 4,620 Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ 465 $ 465 Collectively evaluated for impairment $ 1,493 $ — $ 2,651 $ 11 $ — $ 4,155 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans and Leases: Ending balance: Individually evaluated for impairment $ 38,133 $ — $ 54,469 $ — $ 1,179 $ 93,781 Collectively evaluated for impairment $ 1,414,995 $ — $ 266,771 $ 1,704 $ — $ 1,683,470 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — As of December 31, 2015: Allowance for Loan and Lease Losses: Allowance for losses at January 1, 2015 $ 4,043 $ 570 $ — $ — $ — $ 4,613 Provision for loan and lease losses 37,735 2,887 8,901 (99 ) 465 49,889 Loans charged-off — (2,175 ) (4,962 ) 110 — (7,027 ) Recoveries 61 — — — — 61 Allowance for losses at December 31, 2015 $ 41,839 $ 1,282 $ 3,939 $ 11 $ 465 $ 47,536 Ending balance: Individually evaluated for impairment $ 40,274 $ 1,282 $ — $ — $ 465 $ 42,021 Collectively evaluated for impairment $ 1,565 $ — $ 3,939 $ 11 $ — $ 5,515 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans and Leases: Ending balance: Individually evaluated for impairment $ 169,707 $ 1,544 $ — $ — $ 1,396 $ 172,647 Collectively evaluated for impairment $ 1,522,400 $ 132,973 $ 379,452 $ 1,746 $ — $ 2,036,571 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Credit quality indicators 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 to 5 with 1 representing the Company’s highest rating and 5 representing its lowest rating. Bank loans are first individually evaluated for impairment. To the extent no individual impairment is determined, a general reserve is established. The characteristics of each rating category are as follows: 1. Loans with a rating of 1 are considered performing within expectations. All interest and principal payments are current, all future payments are anticipated and loss is not probable; 2. Loans with a rating of a 2 are considered to have limited liquidity concerns and are watched closely. Loans identified in this category show remote signs of liquidity concerns, loss is not probable and therefore no reserve is established; 3. Loans with a rating of a 3 are considered to have possible future liquidity concerns. Loans identified in this category show some liquidity concerns, but the ability to estimate potential defaults is not quantifiable and therefore no reserve is established; 4. Loans with a rating of a 4 are considered to have nearer term liquidity concerns. These loans have a reasonable possibility of future default. However, the risk of loss is not assignable to one specific credit. The noted risk of the loans in this category is covered by general reserves; and 5. Loans with a rating of a 5 have defaulted in payment of principal and interest or default is imminent. It is probable that impairment has occurred on these loans based on their payment status and that impairment is estimable. The noted risk of the loans in this category is covered by specific reserves. 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 December 31, 2015: Bank loans $ 113,897 $ 17,578 $ 1,498 $ — $ 1,544 $ 1,475 $ 135,992 As of March 31, 2016 all of the Company's bank loans were deconsolidated (see Note 2) with the exception of loans with an amortized aggregate cost of $153,000 , which were classified as held for sale. As of December 31, 2015 , all of the Company's bank loans were current with respect to debt service with the exception of one loan with an amortized aggregate cost of $1.5 million , on which there was a reserve. Middle Market Loans At inception, all middle market loans are graded at a 2. Updates to assigned grades are made continually as new information is received. Loans are graded on a scale of 1 to 5 with 1 representing the Company’s highest rating and 5 representing its lowest rating. Middle market loans are only evaluated individually for impairment. The characteristics of each rating category are as follows: 1. A loan with a rating of a 1 is considered performing above expectations and the likelihood of loss is remote; 2. A loan with a rating of a 2 is considered performing within expectations and the likelihood of loss is remote; 3. 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. Loans receiving this rating may be out of compliance with financial covenants; however, these loans are current with respect to interest and principal; 4. A loan with a rating of a 4 is considered performing below expectations and some loss of interest or dividend is expected but no loss of principal. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due, but generally not more than 180 days past due; and 5. A loan with a rating of a 5 is considered performing substantially below expectations, in default and some loss of principal is expected. The borrower is out of compliance with most or all of the debt covenants and payments are substantially delinquent. 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 March 31, 2016: Middle market loans $ 53,269 $ 249,042 $ 18,929 $ — $ — $ 3,459 $ 324,699 As of December 31, 2015: Middle market loans $ 44,252 $ 305,578 $ 29,622 $ — $ — $ — $ 379,452 All of the Company’s middle market loans were current with respect to debt service as of March 31, 2016 and December 31, 2015 . Commercial Real Estate Loans Loans are graded at inception and updates to assigned grades are made continually as new information is received, as such, a loan previously rated 4 may, over time and with improved performance, be rated less than 4. Loans are graded on a scale of 1 to 4 with 1 representing the Company’s highest rating and 4 representing its lowest rating. Commercial real estate loans are first individually evaluated for impairment. To the extent no individual impairment is determined, a general reserve is established. The characteristics of each rating category are as follows: 1. A loan with a rating of a 1 is considered to have satisfactory performance with no issues noted. All interest and principal payments are current and the probability of loss is remote; 2. A loan is graded with a rating of a 2 if a surveillance trigger event has occurred, but loss is not probable at this time. Such trigger events could include but are not limited to a trending decrease in occupancy rates or a flattening of lease revenues; and to a lesser extent, ground lease defaults, ground lease expirations that occur in the next six months or the borrower is delinquent on payment of property taxes or insurance.; 3. A loan with a rating of 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. Loans identified in this category show some liquidity concerns. However, the risk of loss is not specifically assignable to any individual loan. The noted risk of the loans in this category is generally covered by general reserves; 4. A loan with a rating of a 4 is considered to be in payment default or default is expected, full recovery of the unpaid principal balance is improbable and loss is considered probable. The noted risk of the loans in this category is covered by specific reserves. Credit risk profiles of commercial real estate loans were as follows (in thousands): Rating 1 Rating 2 Rating 3 Rating 4 Held for Sale Total As of March 31, 2016: CRE Whole loans $ 1,451,128 $ 2,000 $ — $ — $ — $ 1,453,128 As of December 31, 2015: CRE Whole loans $ 1,596,099 $ 32,500 $ — $ 2,202 $ — $ 1,630,801 B notes 15,934 — — — — 15,934 Mezzanine loans 7,300 — — 38,072 — 45,372 $ 1,619,333 $ 32,500 $ — $ 40,274 $ — $ 1,692,107 The Company had no delinquent commercial real estate loans as of March 31, 2016 . All of the Company's commercial real estate loans were current with exception of one mezzanine loan that had defaulted as of December 31, 2015 . This loan was deconsolidated as part of the Company's adoption of amendments to consolidation accounting guidance as required on January 1, 2016 (see Note 2). 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. Direct Financing Leases During the year ended December 31, 2015, the Company recorded a provision against the value of the direct financing leases in the amount of $465,000 . As of March 31, 2016 , the Company held $714,000 of direct financing leases, net of provisions. Loan Portfolios Aging Analysis The following table presents the loan and lease 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 (2) Total Loans Receivable Total Loans > 90 Days and Accruing As of March 31, 2016: CRE whole loans $ — $ — $ — $ — $ 1,453,128 $ 1,453,128 $ — Middle market loans — — — — 321,240 321,240 — Direct Financing Leases 136 61 — 197 517 714 — Residential mortgage loans (1) 371 — 170 541 123,704 124,245 — Total loans $ 507 $ 61 $ 170 $ 738 $ 1,898,589 $ 1,899,327 $ — As of December 31, 2015: CRE whole loans (2) $ — $ — $ — $ — $ 1,630,801 $ 1,630,801 $ — B notes — — — — 15,934 15,934 — Mezzanine loans — 38,072 — 38,072 7,300 45,372 — Bank loans 1,544 — — 1,544 132,973 134,517 — Middle market loans — — — — 379,452 379,452 — Direct Financing Leases 12 214 — 226 1,170 1,396 — Residential mortgage loans (1) 27 41 80 148 96,069 96,217 — Total loans $ 1,583 $ 38,327 $ 80 $ 39,990 $ 2,263,699 $ 2,303,689 $ — (1) Contains $122.5 million and $94.5 million of residential mortgage loans held for sale at fair value at March 31, 2016 and December 31, 2015 , respectively. (2) Current loans include one impaired whole loan with an amortized costs of $2.2 million , which was fully reserved as of December 31, 2015 . Impaired Loans The following tables show impaired loans as of the dates indicated (in thousands): Recorded Balance (1) Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized As of March 31, 2016: Loans without a specific valuation allowance: CRE whole loans $ 38,133 $ 38,133 $ — $ 37,620 $ 178 Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans with a specific valuation allowance: CRE whole loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Total: CRE whole loans $ 38,133 $ 38,133 $ — $ 37,620 $ 178 Middle market loans — — — — — Residential mortgage loans — — — — — $ 38,133 $ 38,133 $ — $ 37,620 $ 178 As of December 31, 2015: Loans without a specific valuation allowance: CRE whole loans $ 129,433 $ 129,433 $ — $ 128,591 $ 3,939 B notes $ — $ — $ — $ — $ — Mezzanine loans $ — $ — $ — $ — $ — Bank loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans with a specific valuation allowance: CRE whole loans $ 2,202 $ 2,202 $ (2,202 ) $ 2,202 $ 63 B notes $ — $ — $ — $ — $ — Mezzanine loans $ 38,072 $ 38,072 $ (38,072 ) $ 38,072 $ (2,879 ) Bank loans $ 1,544 $ 1,551 $ (1,282 ) $ 1,544 $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Total: CRE whole loans $ 131,635 $ 131,635 $ (2,202 ) $ 130,793 $ 4,002 B notes — — — — — Mezzanine loans 38,072 38,072 (38,072 ) 38,072 (2,879 ) Bank loans 1,544 1,551 (1,282 ) 1,544 — Middle market loans — — — — — Residential mortgage loans — — — — — $ 171,251 $ 171,258 $ (41,556 ) $ 170,409 $ 1,123 (1) As a result of the adoption of new consolidation accounting guidance as required on January 1, 2016, the Company deconsolidated $91.3 million in senior participations of four loans that were previously classified as impaired loans in the Company's consolidated financial statements as of December 31, 2015 (see Note 2). 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 Three Months Ended March 31, 2016 CRE whole loans 3 $ 29,459 $ 29,459 Middle market loans — — — Residential mortgage loans — — — Total loans 3 $ 29,459 $ 29,459 Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Three Months Ended March 31, 2015 CRE Whole loans 2 $ 67,459 $ 67,459 Middle market loans — — — Residential mortgage loans — — — Total loans 2 $ 67,459 $ 67,459 As of March 31, 2016 and 2015 , there were no commercial real estate loan troubled-debt restructurings that subsequently defaulted.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	3 Months Ended
	Mar. 31, 2016
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. On December 15, 2015, the Company committed to an additional capital contribution in the amount of $1.3 million , increasing its ownership of LCF to 70.9% . The first installment of $750,000 was funded on January 5, 2016 and the second installment of $500,000 is expected to be funded no later than July 1, 2016 . 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 guidance on business combinations, the Company confirmed that no further adjustments are necessary.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
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, 2016 $ 5,316 $ 90 $ 20,822 $ 26,228 Additions — — 3,315 3,315 Sales — — — — Amortization (474 ) — (1,058 ) (1,532 ) Total before impairment adjustment 4,842 90 23,079 28,011 Temporary impairment adjustment — — (2,500 ) (2,500 ) Balance, March 31, 2016 $ 4,842 $ 90 $ 20,579 $ 25,511 Management Contracts and Wholesale/Correspondent Relationships The Company recognized fee income on management contracts of $402,000 and $965,000 for the three months ended March 31, 2016 and March 31, 2015 . The Company recorded amortization expense of $474,000 and $507,000 in relation to the Company's management contracts and wholesale/correspondent relationships for the three months ended March 31, 2016 and the three months ended March 31, 2015 , respectively. The Company expects to record amortization expense on its management contracts and wholesale/correspondent relationships of approximately $1.5 million for the year ending December 31, 2016 , $1.3 million for the year ending December 31, 2017 , $1.2 million for the year ending December 31, 2018 , $514,000 for the year ending 2019 , and $515,000 for the year ending December 31, 2020 . The weighted average amortization period was 5.5 years and 5.8 years at March 31, 2016 and December 31, 2015 , 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 guidance on servicing assets and liabilities, the Company utilizes the amortization method for the subsequent measurement of its MSRs. The total servicing portfolio was $2.2 billion and $2.0 billion as of March 31, 2016 and December 31, 2015 respectively. 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 months ended March 31, 2016 , the Company recognized $1.1 million of amortization expense related to MSRs. For the three months ended March 31, 2015 , the Company recognized $825,000 . The Company expects to recognize amortization related to its MSRs portfolio in the amount of $ 4.0 million for the year ending December 31, 2016 , $3.3 million for the year ending December 31, 2017, $2.7 million for the year ending December 31, 2018, $2.2 million for the year ending December 31, 2019, and $1.9 million for the year ending December 31, 2020. The weighted average amortization period was 1.3 years and 1.2 years at March 31, 2016 and December 31, 2015 , respectively. The weighted average remaining life was 5.8 years and 6.7 years at at March 31, 2016 and December 31, 2015 , respectively. The Company also records MSRs at fair value on a non-recurring basis. MSRs are recorded at fair value at inception and at the end of each reporting period if the fair value is less than unamortized cost. The Company uses a discounted cash flow approach to estimate the fair value of MSRs utilizing the valuation services of an independent third party. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees and escrow earnings. The fair value of MSRs was $20.6 million and $21.3 million at March 31, 2016 and December 31, 2015 , respectively. The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): March 31, December 31, Balance, beginning of period $ 1,998,273 $ 894,767 Additions 289,210 1,236,145 Payoffs, sales and curtailments (69,907 ) (132,639 ) Balance, end of period $ 2,217,576 $ 1,998,273 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 March 31, 2016 2015 Servicing fees from capitalized portfolio $ 1,433 $ 551 Late fees $ 49 $ 23 Other ancillary servicing revenue $ 5 $ 3

BORROWINGS

BORROWINGS	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: RCC CRE Notes 2013 Senior Notes $ 48,465 $ 460 $ 48,005 3.44% 12.7 years $ 94,847 RCC 2014-CRE2 Senior Notes 180,260 2,782 177,478 1.80% 16.1 years 296,295 RCC 2015-CRE3 Senior Notes 282,127 3,249 278,878 2.34% 16.0 years 342,405 RCC 2015-CRE4 Senior Notes 223,735 2,987 220,748 2.15% 16.4 years 308,928 Unsecured Junior Subordinated Debentures 51,548 81 51,467 4.43% 20.6 years — 6.0% Convertible Senior Notes 115,000 4,497 110,503 6.00% 2.7 years — 8.0% Convertible Senior Notes 100,000 4,330 95,670 8.00% 3.8 years — CRE - Term Repurchase Facilities (2) 257,500 2,000 255,500 2.75% 17 days 369,017 CMBS - Term Repurchase Facility (3) 24,316 1 24,315 1.65% 17 days 30,274 Trust Certificate - Term Repurchase Facility (4) 26,659 394 26,265 5.94% 2.6 years 89,181 Residential Investments - Term Repurchase Facility (5) 7,964 — 7,964 3.04% 187 days 8,903 Residential Mortgage Financing Agreements (6) 103,200 — 103,200 3.06% 169 days 143,658 CMBS - Short Term Repurchase Agreements (7) 51,825 — 51,825 2.08% 14 days 70,781 Senior Secured Revolving Credit Agreement 153,000 2,793 150,207 3.28% 3.0 years 326,092 Total $ 1,625,599 $ 23,574 $ 1,602,025 3.20% 8.6 years $ 2,080,381 Principal Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Weighted Average Value of As of December 31, 2015: RREF CDO 2006-1 Senior Notes (1) $ 52,772 $ — $ 52,772 2.60% 30.6 years $ 94,379 RREF CDO 2007-1 Senior Notes (1) 91,752 — 91,752 1.65% 30.8 years 210,904 RCC CRE Notes 2013 Senior Notes 58,465 664 57,801 3.21% 13.0 years 104,439 RCC 2014-CRE2 Senior Notes 198,594 2,991 195,603 1.68% 16.3 years 313,663 RCC 2015-CRE3 Senior Notes 282,127 3,466 278,661 2.25% 16.2 years 341,099 RCC 2015-CRE4 Senior Notes 223,735 3,160 220,575 2.06% 16.6 years 308,042 Apidos Cinco CDO Senior Notes (1) 135,417 — 135,417 1.25% 4.4 years 154,584 Unsecured Junior Subordinated Debentures 51,548 135 51,413 4.40% 20.8 years — 6.0% Convertible Senior Notes 115,000 4,917 110,083 6.00% 2.9 years — 8.0% Convertible Senior Notes 100,000 4,599 95,401 8.00% 4.0 years — CRE - Term Repurchase Facilities (2) 225,346 2,418 222,928 2.64% 17 days 321,267 CMBS - Term Repurchase Facility (3) 25,658 2 25,656 1.57% 18 days 31,650 Trust Certificates - Term Repurchase Facility (4) 26,659 415 26,244 5.85% 2.9 years 89,181 Residential Investments - Term Repurchase Facility (5) 782 — 782 2.75% 264 days 835 Residential Mortgage Financing Agreements (6) 85,819 — 85,819 3.10% 257 days 120,952 CMBS - Short Term Repurchase Agreements (7) 57,407 — 57,407 2.06% 18 days 79,347 Senior Secured Revolving Credit Agreement 190,000 3,026 186,974 3.09% 3.2 years 376,306 Total $ 1,921,081 $ 25,793 $ 1,895,288 2.89% 10.4 years $ 2,546,648 (1) On January 1, 2016, RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO were deconsolidated in accordance with guidance on consolidation ( see Note 2 ). (2) Amounts also include accrued interest expense of $384,000 and $315,000 related to CRE repurchase facilities as of March 31, 2016 and December 31, 2015 , respectively. (3) Amounts also include accrued interest expense of $13,000 and $18,000 related to CMBS repurchase facilities as of March 31, 2016 and December 31, 2015 , respectively. Amounts do not reflect CMBS repurchase agreement borrowings that are components of linked transactions as of December 31, 2015 . (4) Amounts also include accrued interest expense of $62,000 and $61,000 related to trust certificate repurchase facilities as of March 31, 2016 and December 31, 2015 , respectively. (5) Amounts also include accrued interest expense of $16,000 and $30,000 related to residential investment facilities as of March 31, 2016 and December 31, 2015 , respectively. (6) The value of collateral related to residential mortgage financing agreements is the appraised value of the collateral underlying the residential mortgage loans subject to repurchase as of March 31, 2016 and December 31, 2015 . (7) Amounts also include accrued interest expense of $45,000 and $40,000 related to CMBS short term repurchase facilities as of March 31, 2016 and December 31, 2015 . The Company is in compliance with covenants as defined in the respective agreements as of March 31, 2016. Securitizations The following table sets forth certain information with respect to the Company's securitizations: Securitization Closing Date Maturity Date Designated Principal Reinvestment Period (1) Total Note Paydowns as of March 31, 2016 (in millions) RCC CRE Notes 2013 December 2013 December 2028 N/A $ 212.4 RCC 2014-CRE2 July 2014 April 2032 July 2016 $ 55.1 RCC 2015-CRE3 February 2015 March 2032 February 2017 $ — RCC 2015-CRE4 August 2015 August 2032 August 2017 $ — (1) The designated principal reinvestment period is the period where principal payments received by each respective securitization may be designated by the Company to purchase funding participations of existing collateral originally underwritten at the close of each securitization which was funded outside of the deal structure. 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 March 31, 2016 eliminate in consolidation. On January 1, 2016, the Company adopted the amendments to the consolidation guidance ( see Note 2 ). As a result of its evaluation, the Company deconsolidated RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO. 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 (in thousands, except percentages): As of March 31, 2016 As of December 31, 2015 Outstanding Value of Number of Weighted Average Outstanding Value of Number of Weighted Average CMBS Term Wells Fargo Bank (1) $ 24,315 $ 30,274 23 1.65% $ 25,656 $ 31,650 21 1.57% CRE Term Wells Fargo Bank (2) 148,691 214,207 11 2.52% 123,937 179,169 9 2.39% Morgan Stanley Bank (3) 106,809 154,810 8 3.05% 98,991 142,098 7 2.96% Trust Certificates Term Repurchase Facility RSO Repo SPE Trust 2015 (4) 26,265 89,181 1 5.94% 26,244 89,181 1 5.85% Short-Term Repurchase Wells Fargo Securities, LLC 13,054 19,785 3 2.09% 13,548 19,829 3 1.93% Deutsche Bank Securities, LLC 38,771 50,996 15 2.13% 43,859 59,518 17 2.10% Residential Investments Term Repurchase Facility Wells Fargo Bank 7,964 8,903 13 3.04% 782 835 1 2.75% Residential Mortgage New Century Bank 43,000 55,845 197 3.24% 43,789 61,111 199 3.17% Wells Fargo Bank 60,200 87,813 209 2.93% 42,030 59,841 166 3.03% Totals $ 469,069 $ 711,814 $ 418,836 $ 643,232 (1) The Wells Fargo Bank CMBS term repurchase facility includes $1,000 and $2,000 of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. (2) The Wells Fargo Bank CRE term repurchase facility includes $419,000 and $675,000 of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. (3) The Morgan Stanley Bank CRE term repurchase facility includes $1.6 million and $1.7 million of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. (4) The RSO Repo SPE Trust 2015 term repurchase facility includes $395,000 and $415,000 of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. 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 March 31, 2016: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 6,066 17 days 1.65% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 64,963 18 days 2.52% Morgan Stanley Bank, National Association $ 46,048 15 days 3.05% Trust Certificates Term Repurchase Facility RSO Repo SPE Trust 2015 $ 62,575 2.6 years 5.94% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 6,756 11 days 2.09% Deutsche Bank Securities, LLC $ 13,973 15 days 2.13% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 940 187 days 3.04% Residential Mortgage Financing Agreements New Century Bank $ 12,844 64 days 3.24% Wells Fargo Bank, National Association $ 27,613 106 days 2.93% As of December 31, 2015: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 6,053 18 days 1.57% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 54,674 18 days 2.39% Morgan Stanley Bank, National Association $ 41,248 15 days 2.96% Trust Certificates Term Repurchase Facility RSO Repo SPE Trust 2015 $ 62,575 2.9 years 5.85% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 6,288 11 days 1.93% Deutsche Bank Securities, LLC $ 16,330 20 days 2.05% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 54 264 days 2.75% Residential Mortgage Financing Agreements New Century Bank $ 17,322 124 days 3.17% Wells Fargo Bank, National Association $ 17,811 134 days 3.03% (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. Contractual maturity dates of the Company's borrowings by category and year are presented in the table below (in thousands): Total 2016 2017 2018 2019 2020 and Thereafter CRE Securitizations $ 725,109 $ — $ — $ — $ — $ 725,109 Repurchase Agreements 469,069 442,804 — 26,265 — — Unsecured Junior Subordinated Debentures 51,467 — — — — 51,467 6.0 % Convertible Notes 110,503 — — 110,503 — — 8.0 % Convertible Notes 95,670 — — — — 95,670 Senior Secured Revolving Credit Facility 150,207 — — — 150,207 — Total $ 1,602,025 $ 442,804 $ — $ 136,768 $ 150,207 $ 872,246

SHARE ISSUANCE AND REPURCHASE

SHARE ISSUANCE AND REPURCHASE	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
SHARE ISSUANCE AND REPURCHASE	NOTE 13 - SHARE ISSUANCE AND REPURCHASE For the Three Months Ended Total Outstanding Number of Shares Repurchased Weighted Average Purchase Price Number of Shares Weighted Average Offering Price 8.50% Series A Preferred Stock — $ — 1,069,016 $ 24.29 8.25% Series B Preferred Stock 195,900 $ 15.80 5,544,579 $ 24.02 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 months ended March 31, 2016 , the Company sold 3,541 shares of common stock through this program, resulting in proceeds of approximately $35,000 . 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. During the three months ended March 31, 2016 , the Company repurchased $7.3 million of its common stock, representing approximately 643,000 shares. Since the inception of the program through March 31, 2016 , the Company has repurchased $33.2 million of its common stock, representing approximately 2.6 million shares or 7.9% of the outstanding balance. During the three months ended March 31, 2016 , the Company repurchased approximately $3.1 million of its outstanding Series B preferred stock, representing approximately 196,000 shares or 3.4% of the initial outstanding balance. In March 2016, the Company's board of directors approved a new securities repurchase program for up to $50.0 million of its outstanding securities, which replaced the August 2015 repurchase plan.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 14 - SHARE-BASED COMPENSATION The following table summarizes the Company's restricted common stock transactions: Non-Employee Directors Non-Employees Employees Total Unvested shares as of January 1, 2016 15,267 617,657 58,445 691,369 Issued 20,491 230,338 50,784 301,613 Vested (11,772 ) (51,968 ) (18,452 ) (82,192 ) Forfeited — — — — Unvested shares as of March 31, 2016 23,986 796,027 90,777 910,790 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 common stock granted during the three months ended March 31, 2016 and 2015 , including the grant date fair value of shares issued to the Company’s seven non-employee directors, was $2.5 million and $5.1 million , respectively. The estimated fair value of the unvested shares of restricted stock granted during the three months ended March 31, 2016 and 2015 , including the grant date fair value of shares issued to the Company’s employees, was $483,000 and $561,000 , respectively. The Company records 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 months ended March 31, 2016 and 2015 was $64,000 and $64,000 , respectively. As of March 31, 2016 , the total unrecognized restricted common stock expense was $3.8 million , with a weighted average amortization period remaining of 2.3 years . The following table summarizes restricted common stock grants during the three months ended March 31, 2016 : Date Shares Vesting/Year Date(s) January 21, 2016 130,903 33.3% 1/21/17, 1/21/18, 1/21/19 January 21, 2016 50,784 33.3% 1/21/17, 1/21/18, 1/21/19 February 1, 2016 3,421 100% 2/1/17 February 5, 2016 90,595 33.3% 2/5/17, 2/5/18, 2/5/19 March 8, 2016 13,912 100% 3/8/17 March 14, 2016 3,158 100% 3/14/17 March 31, 2016 8,840 100% 5/15/16 (1) (1) In connection with a grant of restricted common stock made on September 24, 2014 , the Company agreed to issue up to 17,682 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, 2016 , the final measurement period ended and 8,840 shares were earned. Approximately $42,000 of accrued dividend equivalent rights were paid in April 2016. These shares will vest over the subsequent 12 months at a rate of one-fourth per quarter. The following table summarizes the status of the Company’s vested stock options as of March 31, 2016 : 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, 2016 26,250 $ 46.60 Vested — — Exercised — — Forfeited — — Expired — — Vested as of March 31, 2016 26,250 $ 46.60 2.70 $ — There were no options granted during the three months ended March 31, 2016 or 2015 . The outstanding stock options have a contractual term of ten years, and will expire in May 2021. The components of equity compensation expense for the periods presented as follows (in thousands): For the Three Months Ended March 31, 2016 2015 Restricted shares granted to non-employees (1) $ 425 $ 764 Restricted shares granted to employees 774 167 Restricted shares granted to non-employee directors 64 64 Total equity compensation expense $ 1,263 $ 995 (1) Non-employees are employees of Resource America. Under the Company's Management Agreement, incentive compensation is paid quarterly. Up to 75% of the incentive compensation is paid in cash and at least 25% is paid in the form of an award of common stock. There were no incentive fees paid to the Manager for the three months ended March 31, 2016 and 2015 . Apart from incentive compensation payable under the Management Agreement, the Company has established no formal criteria for the issuance of equity awards as of March 31, 2016 . 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. During the three months ended March 31, 2016, this key employee ended his service period and all remaining amortization expense on unvested stock in the amount of $555,000 was accelerated. 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 months ended March 31, 2016 and 2015 , $774,000 and $166,000 of amortization of the stock grants was recorded to equity compensation expense, respectively. For the three months ended March 31, 2016 and 2015 , $38,000 and $43,000 of expense related to dividends on unvested shares was recorded to general and administrative expense on the Company’s consolidated statements of operations, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 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 March 31, 2016 2015 Basic: Net income allocable to common shares $ 9,673 $ 9,402 Weighted average number of shares outstanding 30,600,407 32,814,227 Basic net income per share $ 0.32 $ 0.29 Diluted: Net income allocable to common shares $ 9,673 $ 9,402 Weighted average number of shares outstanding 30,600,407 32,814,227 Additional shares due to assumed conversion of dilutive instruments 437,688 261,877 Adjusted weighted-average number of common shares outstanding 31,038,095 33,076,104 Diluted net income per share $ 0.31 $ 0.28 Potentially dilutive shares consisting of 9,002,864 shares issuable in connection with the potential conversion of the Company's 6.0% and 8.0% Convertible Senior Notes ( see Note 12 ) for the three months ended March 31, 2016 and 9,002,853 shares for the three months ended March 31, 2015 , were not included in the calculation of diluted net income per share because the effect was anti-dilutive.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 (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, 2016 $ (3,471 ) $ 2,568 $ (63 ) $ (966 ) Other comprehensive gain (loss) before reclassifications 27 (1,318 ) — (1,291 ) Amounts reclassified from accumulated other 61 301 — 362 March 31, 2016 $ (3,383 ) $ 1,551 $ (63 ) $ (1,895 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
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 VIE. Resource America's 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. In December 2015, Resource America elected to early adopt consolidation guidance issued by the FASB in February 2015 (see Note 2) and was required to reevaluate whether or not the Company should be consolidated into Resource America’s financial statements. It was determined that the Company is no longer a VIE and Resource America will no longer consolidate the Company’s financial statements. At March 31, 2016 , Resource America owned 715,396 shares, or 2.3% , of the Company’s outstanding common stock. The Company is managed by the Manager, which is a wholly-owned subsidiary of Resource America, pursuant to a Management Agreement that provides for both base and incentive management fees. For the three months ended March 31, 2016 and 2015 , the Manager earned base management fees of approximately $3.9 million and $3.4 million , respectively. No incentive management fees were earned for the three months ended March 31, 2016 or 2015 . 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. The Company also reimburses Resource America for additional costs incurred related to the Company's life care business, Long Term Care Conversion Funding, established for the purpose of originating and acquiring life settlement contracts. The initial agreement, authorized in December 2012, provided for an annual fee of $550,000 , with a two -year term. In March 2015, the agreement was amended for an additional year through 2016. This fee is paid quarterly. For the three months ended March 31, 2016 and 2015 the Company paid the Manager $1.0 million and $1.1 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 months ended March 31, 2016 and 2015 , 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 holds $3.9 million in fair market value of trading securities as of March 31, 2016 , an increase of $200,000 from $3.7 million at fair market value as of December 31, 2015 . The Company also reimburses RCM for expenses paid on the Company's behalf. For the three months ended March 31, 2016 and 2015 the Company paid RCM $8,000 and $32,000 , respectively, as expense reimbursements. At March 31, 2016 , the Company was indebted to the Manager for $1.7 million , comprised of base management fees of $1.0 million and expense reimbursements of $688,000 . At December 31, 2015 , the Company was indebted to the Manager for $2.5 million , comprised of base management fees of $978,000 and expense reimbursements of $1.6 million . At March 31, 2016 , the Company was indebted to RCM under the Company’s Investment Management Agreement for $282,000 , comprised entirely of expense reimbursements. At December 31, 2015 , the Company was indebted to RCM under the Company’s Investment Management Agreement for $152,000 , 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 34,165 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 11 securitizations as of March 31, 2016 and December 31, 2015 , 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 securitizations' entities and their assets. The Company has since liquidated three of these securitizations, one in October 2013, one in October 2014 and another in June 2015. On January 1, 2016, the Company adopted new consolidation guidance on variable interest entities and, as a result, three of the Company's remaining securitizations were deconsolidated. 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. There was no provision taken during the three months ended March 31, 2016 . During the three months ended March 31, 2015 , the Company recorded a partial recovery of the previously taken provision in the amount $188,000 . As of March 31, 2016 , the Company held $714,000 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 months ended March 31, 2016 and 2015 the Company recorded gains of $1.4 million and $52,000 , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. The Company’s investment in LCC was $43.4 million and $42.0 million as of March 31, 2016 and December 31, 2015 , 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 months ended March 31, 2016 and 2015 , CVC Credit Partners earned subordinated fees of $109,000 and $237,000 , 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 2013 two of the five CLOs were called and the notes were paid down in full. In January 2016 another RCAM-managed CLO was called and $2.4 million of the impairment, on a pre-tax basis, was recorded in depreciation and amortization on the Company's consolidated statements of operations on the related intangible asset as of December 31, 2015. 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. The fund pays 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 months ended March 31, 2015 , the Company recorded earnings of $608,000 , 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. In July 2015, a $625,000 withdrawal was requested and received. In October 2015, another $4.0 million withdrawal was requested and received. In December 2015, the Company elected to withdraw the remaining $8.6 million from the fund. The Company retained no investment in the fund as of December 31, 2015. 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. 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 $2,500 due from Resource Real Estate for loan origination costs in connection with the Company’s commercial real estate loan portfolio as of March 31, 2016 and December 31, 2015 , respectively. 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. There were no fees incurred for the three months ended March 31, 2016 and 2015 , as the last property associated with the joint venture was sold in July 2014. For the three months ended March 31, 2016 and 2015 , the Company recorded income of $25,000 and $46,000 , respectively, which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. The income recorded in 2016 and 2015 was related to insurance premium refunds and the liquidation of bank accounts with respect to the underlying sold properties of the portfolio. 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 . 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 $5.0 million of net gains for the year ended December 31, 2015. During the three months ended March 31, 2016 RCC Residential received a cash distribution in the amount of $599,000 . The Company's ownership interest decreased to 25.4% as of March 31, 2016 . On January 1, 2016, the Company adopted new consolidation guidance on variable interest entities and, as a result, the Company deconsolidated RCM Global and now accounts for this investment as an investment in unconsolidated entities on the consolidated balance sheet ( see Note 2 ). For the three months ended March 31, 2016 , the Company recorded earnings of $177,000 which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. 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 were eliminated in consolidation as of December 31, 2015. The Company's ownership interest in Pelium Capital was 80.2% as of March 31, 2016 . On January 1, 2016, the Company adopted new consolidation guidance on variable interest entities and, as a result, the Company deconsolidated Pelium Capital and now accounts for this investment as an investment in unconsolidated entities on the consolidated balance sheet ( see Note 2 ). For the three months ended March 31, 2016 , the Company recorded earnings of $361,000 which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. 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 to invest 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 March 31, 2016 , the Company is indebted for $143,000 for management fees, net of the rebate. 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. The Company has invested an aggregate of $6.9 million in capital in Pearlmark Mezz IV. For the three months ended March 31, 2016 , the Company recorded earnings of $248,000 which was recorded in equity in earnings of unconsolidated subsidiaries on the consolidated statements of operations. As of March 31, 2016 , the Company has an investment balance of $6.5 million and a 47.4% ownership interest in the fund. Relationship with Law Firm . Until 1996, Edward E. Cohen, a director who was the Company’s Chairman from its inception until November 2009, was of counsel to Ledgewood, P.C., a law firm. In addition, one of the Company’s executive officers, Jeffrey F. Brotman, was employed by Ledgewood until 2007. Mr. E. Cohen receives certain debt service payments from Ledgewood related to the termination of his affiliation with Ledgewood and its redemption of his interest in the firm. Mr. Brotman also receives certain debt service payments from Ledgewood related to the termination of his affiliation with the firm. For the three months ended March 31, 2016 and 2015 , the Company paid Ledgewood $96,000 and $274,000 , respectively, in connection with legal services rendered to the Company.

DISTRIBUTIONS

DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2016
DISTRIBUTIONS [Abstract]
DISTRIBUTIONS	NOTE 18 - DISTRIBUTIONS For the quarter ended March 31, 2016 , the Company declared and subsequently paid a dividend of $0.42 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 2016 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 present dividends declared (on a per share basis) for the three months ended March 31, 2016 and for the year ended December 31, 2015 : Common Stock Date Paid Total Dividend (in thousands) 2016 March 31 April 28 $ 13,073 $ 0.42 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 December 31 January 28, 2016 $ 13,274 $ 0.42 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) 2016 March 31 May 2 $ 568 $ 0.531250 May 2 $ 2,859 $ 0.515625 May 2 $ 2,588 $ 0.539063 2015 March 31 April 30 $ 568 $ 0.531250 April 30 $ 2,960 $ 0.515625 April 30 $ 2,588 $ 0.539063 June 30 July 30 $ 568 $ 0.531250 July 30 $ 2,960 $ 0.515625 July 30 $ 2,588 $ 0.539063 September 30 October 30 $ 568 $ 0.531250 October 30 $ 2,960 $ 0.515625 October 30 $ 2,588 $ 0.539063 December 31 February 1, 2016 $ 568 $ 0.531250 February 1, 2016 $ 2,960 $ 0.515625 February 1, 2016 $ 2,588 $ 0.539063

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Assets: Investment securities, trading $ — $ — $ 3,886 $ 3,886 Investment securities available-for-sale — 2,070 298,119 300,189 Loans held for sale — 94,378 31,775 126,153 Derivatives — 27 4,662 4,689 Total assets at fair value $ — $ 96,475 $ 338,442 $ 434,917 Liabilities: Derivatives $ — $ 2,474 $ 268 $ 2,742 Total liabilities at fair value $ — $ 2,474 $ 268 $ 2,742 As of December 31, 2015: Assets: Investment securities, trading $ — $ — $ 25,550 $ 25,550 Investment securities available-for-sale — 4,451 203,637 208,088 Loans held for sale — 66,588 29,358 95,946 Derivatives (net) — 826 2,620 3,446 Total assets at fair value $ — $ 71,865 $ 261,165 $ 333,030 Liabilities: Derivatives $ — $ — $ 3,941 $ 3,941 Total liabilities at fair value $ — $ — $ 3,941 $ 3,941 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. 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 ABS Structured Loans Held for Sale Warrants Interest Rate Lock Commitments Forwards - Residential Mortgage Loans Total Balance, January 1, 2016 $ 159,424 $ 44,213 $ 25,550 $ 29,358 $ 1,051 $ 1,224 $ 345 $ 261,165 Included in earnings (1) (83 ) 1,331 145 (180 ) — 6,369 (147 ) 7,435 Purchases/Originations 1,138 5,329 — 31,577 — — — 38,044 Sales — — — (28,735 ) — — — (28,735 ) Paydowns (13,930 ) (7,258 ) (3 ) (245 ) — — — (21,436 ) Issuances — — — — — — — — Settlements — — 46 — — (4,196 ) 16 (4,134 ) Capitalized Interest — 4,343 — — — — — 4,343 Included in OCI (1,208 ) (11,558 ) — — — — — (12,766 ) Deconsolidation of VIEs (55,776 ) 172,154 (21,852 ) — — — — 94,526 Transfers into Level 3 — — — — — — — — Balance, March 31, 2016 $ 89,565 $ 208,554 $ 3,886 $ 31,775 $ 1,051 $ 3,397 $ 214 $ 338,442 (1) Structured finance securities, loans held for sale, interest rate lock commitments, and forwards on residential mortgage loans include $145,000 , $(52,000) , $19,000 , and $(98,000) , respectively, in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date for the three months ended March 31, 2016 . 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 Forwards - Residential Mortgage Loans Interest Rate Lock Commitments Total Beginning balance, January 1, 2016 $ 3,459 $ 479 $ 3 $ 3,941 Included in earnings (66 ) (90 ) 8 (148 ) Settlements — (214 ) (9 ) (223 ) Unrealized gains - included in accumulated other comprehensive income (3,302 ) — — (3,302 ) Ending balance, March 31, 2016 $ 91 $ 175 $ 2 $ 268 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 March 31, 2016: Assets : Loans held for sale $ — $ 3,459 $ 153 $ 3,612 Impaired loans — — 38,133 38,133 Mortgage servicing rights — — 20,569 20,569 Total assets at fair value $ — $ 3,459 $ 58,855 $ 62,314 As of December 31, 2015: Assets : Loans held for sale $ — $ 1,279 $ 153 $ 1,432 Impaired loans — 262 129,433 129,695 Total assets at fair value $ — $ 1,541 $ 129,586 $ 131,127 Loans held for sale consist of bank loans and middle market loans identified for sale. Interest on middle market 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 Level 2 middle market loans held for sale is based on what secondary markets are currently offering for these loans. For bank loans held for sale, the carrying value approximates the fair value. Impaired loans consist of CRE loans that were identified for possible impairment. 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. As of December 31, 2015, the fair value of the mortgage servicing rights was $21.3 million . The fair values of the Company's mortgage servicing rights are reported in Note 11 . The amounts of nonrecurring fair value losses for specifically impaired loans for the three months ended March 31, 2016 and 2015 were $0 and $2.5 million , respectively. The amounts of nonrecurring fair value losses for loans held for sale for the three months ended March 31, 2016 and 2015 were $0 and $721,000 , respectively. In accordance with guidance on fair value measurements and disclosures, 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 for CMBS, ABS and structured finance securities from third-party pricing sources. Loans held for sale the fair value is estimated through a market approach by using the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan including the value attributable to servicing rights and credit risk. Loans are adjusted for spread to agency mortgage back securities of similar mortgage loans, at rates ranging between 1.4% and 7.1% . The fair value of interest rate lock commitments ("IRLCs") is estimated as the fair value of the of the underlying mortgage loan, which is based on quoted MBS prices and the estimated fair value of the mortgage servicing rights, adjusted for the probability that the mortgage will fund ("pull-through" rate). The estimated pull-through rate is based on the Company's historical data. IRLCs are included in derivatives on the Company's consolidated balance sheets. The average pull-through percentage used in measuring the fair value of IRLCs as of March 31, 2016 was 81.0% for assets and 25.3% for liabilities. The pull-through percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing data. Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pull-through percentage, and the impact to fair value of a change in pull-through would be partially offset by the related change in price. Forwards - residential mortgage loans fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. The fair value of forward delivery commitments is primarily based upon the current agency mortgage-backed security market to-be-announced pricing specific to the loan program, delivery coupon and delivery date of the trade. Best effort sales commitments are also executed for certain loans at the time the borrower commitment is made. These best effort sales commitments are valued using the committed price to the counterparty against the current market price of the interest rate lock commitment or mortgage loan held for sale. Forwards are included in derivatives on the Company's consolidated balance sheets. For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of March 31, 2016 , 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 March 31, 2016 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Interest rate swap agreements $ 91 Discounted cash flow Weighted average credit spreads 5.68 % Warrant $ 1,051 Option pricing model Market capitalization (in millions) $ 172.7 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 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 are reported in Note 20 . 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. CDO notes are valued using dealer quotes, typically the dealer who underwrote the CDO in which the notes are held. Junior subordinated notes are estimated by discounted cash flows with discounts rates between 14%-15% . Repurchase agreements and the senior secured revolving credit agreement are variable rate debt instruments indexed to LIBOR that reset periodically and, as a result, their carrying value approximates their fair value. 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 6.0% Convertible Senior Notes are discounted at a rate of 7.00% and the 8.0% 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 ratings 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 March 31, 2016: Loans held-for-investment $ 1,771,917 $ 1,763,790 $ — $ 44,326 $ 1,719,464 CDO notes $ 734,587 $ 713,526 $ — $ — $ 713,526 Junior subordinated notes $ 51,548 $ 22,919 $ — $ — $ 22,919 Convertible notes $ 215,000 $ 215,000 $ — $ — $ 215,000 Repurchase agreements $ 470,945 $ 470,945 $ — $ — $ 470,945 Senior secured revolving credit agreement $ 153,000 $ 153,000 $ — $ — $ 153,000 As of December 31, 2015: Loans held-for-investment $ 2,160,751 $ 2,150,061 $ — $ 222,100 $ 1,927,961 CDO notes $ 1,032,581 $ 923,817 $ — $ — $ 923,817 Junior subordinated notes $ 51,413 $ 17,907 $ — $ — $ 17,907 Convertible notes $ 205,484 $ 205,484 $ — $ — $ 205,484 Repurchase agreements $ 418,836 $ 418,836 $ — $ — $ 418,836 Senior secured revolving credit agreement $ 186,974 $ 186,974 $ — $ — $ 186,974

MARKET RISK AND DERIVATIVE INST

MARKET RISK AND DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
MARKET RISK AND DERIVATIVE INSTRUMENTS	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 and 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. On January 1, 2016, RREF CDO 2006-1 and RREF CDO 2007-1 were deconsolidated in accordance with new guidance on consolidation of VIEs ( see Note 2 ). The Company deconsolidated six interest rate swap contracts as part of the deconsolidation. The aggregate notional amount of these deconsolidated interest rate swaps was $99.9 million at January 1, 2016. At March 31, 2016 , the Company had one interest rate swap contract outstanding whereby the Company paid an average fixed rate of 5.68% and received a variable rate equal to one-month LIBOR . The aggregate notional amount of this contract was $1.9 million at March 31, 2016 . The counterparty for the Company’s designated interest rate hedge contract at such date was Credit Suisse International. The Company had master netting agreements with Credit Suisse International and Wells Fargo at March 31, 2016 . 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 March 31, 2016 , there were no centrally cleared interest rate swap contracts. The Company classifies its 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, 2015 , the Company had nine interest rate swap contracts outstanding whereby the Company paid an average fixed rate of 5.38% and received a variable rate equal to one-month LIBOR . The aggregate notional amount of these contracts was $102.8 million at December 31, 2015 . 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 $91,000 and $3.5 million as of March 31, 2016 and December 31, 2015 , respectively. The Company had aggregate unrealized losses of $43,000 and $3.5 million on the interest rate swap agreements as of March 31, 2016 and December 31, 2015 , 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. The Company is also exposed to foreign 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, to a lesser extent, 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 foreign currency forward contracts. The Company classifies these hedges as fair value hedges, which are hedges that mitigate 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 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 periods presented: Fair Value of Derivative Instruments as of March 31, 2016 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements $ 233,071 Derivatives, at fair value $ 3,397 Forward contracts - residential mortgage lending $ 58,979 Derivatives, at fair value $ 240 Warrants (1) $ 553 Derivatives, at fair value $ 1,051 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (2) $ 1,880 Derivatives, at fair value $ 91 Interest rate lock agreements $ 5,882 Derivatives, at fair value $ 2 Forward contracts - residential mortgage lending $ 274,319 Derivatives, at fair value $ 1,856 Forward contracts - foreign currency, hedging (3)(4) $ 31,565 Derivatives, at fair value $ 712 Forward contracts - TBA securities $ 26,000 Derivatives, at fair value $ 81 Interest rate swap contracts, hedging $ 1,880 Accumulated other comprehensive (income) loss $ 43 (1) The notional amount of the Company's warrants is calculated by multiplying the number of shares available for purchase by exercise price. (2) Interest rate swap contracts are accounted for as cash flow hedges. (3) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €27.7 million as of March 31, 2016 . (4) Foreign currency forward contracts are accounted for as fair value hedges. Fair Value of Derivative Instruments as of December 31, 2015 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements (1) $ 105,385 Derivatives, at fair value $ 1,224 Forward contracts - residential mortgage lending $ 92,413 Derivatives, at fair value $ 345 Forward contracts - foreign currency, hedging (2)(3) $ 24,850 Derivatives, at fair value $ 727 Forward contracts - TBA securities $ 29,500 Derivatives, at fair value $ 99 Warrants (4) $ 553 Derivatives, at fair value $ 1,051 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (5) $ 102,799 Derivatives, at fair value $ 3,459 Interest rate lock agreements (6) $ 505 Derivatives, at fair value $ 3 Forward contracts - residential mortgage lending $ 143,553 Derivatives, at fair value $ 479 Forward contracts - TBA securities $ 1,500 Derivatives, at fair value $ — Interest rate swap contracts, hedging $ 102,799 Accumulated other comprehensive (income) loss $ (3,471 ) (1) The notional amount of the Company's interest rate lock agreements in an asset position is the pull-through weighted total commitments with a weighted average pull-through percentage of 85.9% . (2) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €22.9 million as of December 31, 2015 . (3) Foreign currency forward contracts are accounted for as fair value hedges. (4) The notional amount of the Company's warrants is calculated by multiplying the number of shares available for purchase by the exercise price. (5) Interest rate swap contracts are accounted for as cash flow hedges. (6) The notional amount of the Company's interest rate lock agreements in a liability position is the pull-through weighted total commitments with a weighted average pull-through percentage of 19.5% . The Effect of Derivative Instruments on the Statements of Operations for the Three Months Ended March 31, 2016 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ 95 Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,175 Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (1,482 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (1,116 ) Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (481 ) (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 Three Months Ended March 31, 2015 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ 1,634 Interest rate swap contracts, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 112 Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,759 Forward contracts - RMBS securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 46 Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 283 Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 3,638 Options - U.S. Treasury futures Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 199 Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (115 ) (1) Negative values indicate a decrease to the associated consolidated statements of operations line items.

OFFSETTING OF FINANCIAL ASSETS

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2016
Offsetting [Abstract]
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES	NOTE 21 - OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES 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 March 31, 2016: Derivative hedging instruments, at fair value $ 4,688 $ — $ 4,688 $ — $ — $ 4,688 Total $ 4,688 $ — $ 4,688 $ — $ — $ 4,688 As of December 31, 2015: Derivative hedging instruments, at fair value $ 3,446 $ — $ 3,446 $ — $ — $ 3,446 Total $ 3,446 $ — $ 3,446 $ — $ — $ 3,446 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 March 31, 2016: Derivative hedging instruments, (3) $ 2,742 $ — $ 2,742 $ — $ 500 $ 2,242 Repurchase agreements and term facilities (4) 469,069 — 469,069 469,069 — — Total $ 471,811 $ — $ 471,811 $ 469,069 $ 500 $ 2,242 As of December 31, 2015: Derivative hedging instruments, (3) $ 3,941 $ — $ 3,941 $ — $ 500 $ 3,441 Repurchase agreements and term facilities (4) 418,836 — 418,836 418,836 — — Total $ 422,777 $ — $ 422,777 $ 418,836 $ 500 $ 3,441 (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 $500,000 and $500,000 at March 31, 2016 and December 31, 2015 , respectively. (4) The combined fair value of securities and loans pledged against the Company's various term facilities and repurchase agreements was $711.8 million and $643.2 million at March 31, 2016 and December 31, 2015 , 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 agreements 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	3 Months Ended
	Mar. 31, 2016
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 the Company's common stock between March 2, 2015 and August 4, 2015. In November 2015, the Court appointed Douglas Drees as the lead plaintiff in the action, and thereafter entered a stipulation and order directing the lead plaintiff to file an amended complaint. In February 2016, the lead plaintiff filed an amended complaint, alleging that the Company and certain of its officers and directors materially misrepresented certain risks of its commercial loan portfolio and its processes and controls for assessing the quality of its portfolio. Based on these allegations, the amended complaint asserts claims for violation of the securities laws and seeks a variety of relief, including unspecified monetary damages as well as costs and attorneys’ fees. The Company believes the amended complaint is without merit and intends to defend itself vigorously. In April 2016, the Company filed a motion to dismiss the amended complaint, which remains pending. In December 2015, Josh Reaves filed a shareholder derivative suit in the Supreme Court of New York alleging that the Company's directors and certain officers breached their fiduciary duties by causing the Company to misrepresent certain risks in its commercial loan portfolio, by failing to employ adequate internal and financial controls, and by failing to disclose the alleged internal control deficiencies. The complaint purports to seek relief on behalf of th Company for unspecified damages as well as costs and attorneys’ fees. The Company believes that the plaintiff, who failed to make a pre-suit demand on the board of directors, lacks standing to assert claims derivatively on the Company's behalf, and the Company intends to respond accordingly. In April 2016, the parties entered into a stipulation staying this proceeding until such time as the court has ruled on the pending motion to dismiss the Levin action referenced above or certain other triggering events occur. PCM is a party to various claims and legal proceedings at various times. If PCM believes that a loss arising from any of these matters is probable and can be reasonably estimated, the loss is recorded. Some of these claims may relate to claims for repurchases or indemnifications on loans that PCM has sold to investors. Such claims are included in the reserve for mortgage repurchases and indemnifications. There was no additional accrual for litigation outcomes as of March 31, 2016 or December 31, 2015. On May 13, 2014, ResCap Liquidating Trust (“ResCap”), as successor to Residential Funding Company, LLC (“RFC”), filed an adversary proceeding against PCM in United States Bankruptcy Court of the Southern District of New York. ResCap has sued some 90 sellers of residential mortgage loans for alleged breaches of warranty in various loans sold to RFC. RFC contends that such breaches caused it damages from loan losses and liability to other transferee's of the loans. The case remains pending and has been consolidated with other cases for discovery and pre-trial purposes. PCM intends to defend the action vigorously. Loans on one-to-four family residential mortgages originated by PCM are sold to various financial institutions and governmental entities with representations and warranties that are usual and customary for the industry. In the event of a breach of any of the representations and warranties related to a loan sold, PCM may be required to indemnify the investor against future losses, repurchase the mortgage loan or reimburse the investor for actual losses incurred (referred to as “make whole payments”). The maximum exposure to credit loss in the event of an indemnification or loan repurchase would be the unpaid principal balance of the loan along with any premium paid by the investor when the loan was purchased, accrued but unpaid interest and other minor cost reimbursements. This maximum exposure is at least partially mitigated by the value of the collateral underlying the mortgage loan. As of March 31, 2016 , outstanding demands for indemnification, repurchase or make whole payments totaled approximately $20.5 million , of which a substantial portion related to loans sold to four investors prior to 2011. Furthermore, a significant portion of these demands are involved in litigation with the investor. Unfunded commitments on the Company’s originated CRE loans generally fall into two categories: (1) pre-approved capital improvement projects; and (2) new or additional construction costs subject, in each case, to the borrower meeting specified criteria. Upon completion of the improvements or construction, the Company would receive additional interest income on the advanced amount. Unfunded commitments on the Company's originated middle market loans fall into two categories: (1) revolving credit facility; and (2) unfunded commitments subject to the borrower meeting pre-specified criteria. 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 March 31, 2016 .

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2016
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 For the Three Months Ended March 31, 2016: Interest income: External customers $ 25,039 $ 630 $ 12,204 $ 983 $ — $ 38,856 Other 19 1,209 5 — 8 1,241 Total interest income 25,058 1,839 12,209 983 8 40,097 Interest expense 8,224 — 1,697 772 5,078 15,771 Net interest income 16,834 1,839 10,512 211 (5,070 ) 24,326 Amortization of MSRs — — — (1,058 ) — (1,058 ) Other income from external customers — 572 — (216 ) 18 374 Total revenues 16,834 2,411 10,512 (1,063 ) (5,052 ) 23,642 Less: Segment operating expenses 66 269 1,514 807 2,647 5,303 General and administrative 392 349 1,054 6,289 1,986 10,070 Depreciation and amortization — 474 1 131 35 641 Provision (recovery) for loan losses 68 (138 ) 107 — — 37 Equity in earnings of unconsolidated subsidiaries (273 ) (1,949 ) — — — (2,222 ) Gain on sale of mortgages — — — (3,133 ) — (3,133 ) Other (income) expense 3 (1,440 ) — (976 ) 576 (1,837 ) Income (loss) before taxes 16,578 4,846 7,836 (4,181 ) (10,296 ) 14,783 Income tax (expense) benefit — (2,366 ) — 1,585 18 (763 ) Net income (loss) $ 16,578 $ 2,480 $ 7,836 $ (2,596 ) $ (10,278 ) $ 14,020 Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total For the Three Months Ended March 31, 2015: Interest income: External customers $ 22,346 $ 6,316 $ 6,511 $ 1,637 $ — $ 36,810 Other 5 764 1 — 62 832 Total interest income 22,351 7,080 6,512 1,637 62 37,642 Interest expense 7,091 1,069 880 1,117 4,745 14,902 Net interest income 15,260 6,011 5,632 520 (4,683 ) 22,740 Amortization of MSRs — — — (825 ) — (825 ) Other income from external customers — 1,215 — 780 16 2,011 Total revenues 15,260 7,226 5,632 475 (4,667 ) 23,926 Less: Segment operating expenses 5 419 541 1,021 2,598 4,584 General and administrative 416 1,171 486 7,398 1,500 10,971 Depreciation and amortization — 444 — 91 30 565 Impairment losses — 59 — — — 59 Provision (recovery) for loan losses — 1,228 2,565 197 — 3,990 Equity in earnings of unconsolidated subsidiaries (46 ) (660 ) — — — (706 ) Gain on sale of mortgages — — — (3,534 ) — (3,534 ) Other (income) expense 693 (3,014 ) 17 (4,766 ) (4,750 ) (11,820 ) Income (loss) before taxes 14,192 7,579 2,023 68 (4,045 ) 19,817 Income tax (expense) benefit (40 ) 51 — (1,507 ) (351 ) (1,847 ) Net income (loss) $ 14,152 $ 7,630 $ 2,023 $ (1,439 ) $ (4,396 ) $ 17,970 (1) Includes interest expense for the Convertible Senior Notes of $ 4.4 million for the three months ended March 31, 2016 and $4.1 million for the three months ended March 31, 2015 . (2) Includes interest expense for the Unsecured Junior Subordinated Debentures of $641,000 for the three months ended March 31, 2016 and $593,000 for the three months ended March 31, 2015 . (3) Includes general corporate expenses and inter-segment eliminations not allocable to any particular operating segment. The following table presents total assets by segment for the periods indicated (in thousands): Total Assets (2) Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1) Total March 31, 2016 $ 1,729,965 $ 144,254 $ 346,838 $ 178,839 $ 26,383 $ 2,426,279 December 31, 2015 $ 1,907,951 $ 298,028 $ 384,973 $ 149,351 $ 20,129 $ 2,760,432 (1) Includes assets not allocable to any particular operating segment. (2) On January 1, 2016, we adopted amendments to the consolidation accounting guidance (see Note 2) and deconsolidated two and three VIEs in the Commercial Real Estate Lending and Commercial Finance operating segments, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
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 repurchased approximately $245,000 of its common stock, representing 22,013 shares, during the period April 1, 2016 through May 9, 2016. In March 2016, the Company's board of directors approved a new securities repurchase program for up to $50.0 million of its outstanding securities. On April 25, 2016, the Company called and liquidated its investment in RREF CDO 2006-1, the Company's first CRE CDO which closed on August 10, 2006 and was comprised of $345.0 million of assets at closing. The Company received the remaining collateral of $66.3 million , at par, in exchange for its remaining interest after paying off the CDO debt.

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
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”) and the accounting policies set forth in Note 2 included in our annual report on Form 10-K for the year ended December 31, 2015. 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 March 31, 2016 and December 31, 2015 , approximately $67.6 million and $74.3 million of the reported cash balances 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.
Income Tax	Income Taxes Because modest changes in projected income or loss produce a significant variance in estimates of the Company's annual effective tax rate, the Company records its tax provision (benefit) based on its actual effective tax rate.
Recent Accounting Standards	Recent Accounting Standards In March 2016, the FASB issued guidance intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is in the process of evaluating the impact of this new guidance. In February 2016, the FASB issued guidance requiring lessees to recognize a lease liability and a right-of-use asset for all leases. Lessor accounting will remain largely unchanged. The guidance will also require new qualitative and quantitative disclosures to help financial statement users better understand the timing, amount and uncertainty of cash flows arising from leases. This guidance will be effective for reporting periods beginning on or after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of this guidance and its impact on our consolidated financial statements. In January 2016, the FASB issued guidance to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments in order to provide users of financial statements with more decision-useful information. The guidance requires equity investments to be measured at fair value with changes in fair value recognized in net income; simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet or the accompanying notes to the financial statements and clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. It is effective for annual reporting periods, and the interim periods within those periods, beginning after December 15, 2017 and early adoption is permitted for certain provisions. The Company is currently evaluating the effect of adoption. In September 2015, the 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. Adoption did not have a material impact on the Company's consolidated financial statements. 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. 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 VIEs; (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. On January 1, 2016, the Company adopted the above guidance as required. As a result of its re-evaluation, the Company determined it is no longer the primary beneficiary of the following VIEs; and, therefore, they were deconsolidated: RREF CDO 2006-1, RREF CDO 2007-1, Apidos Cinco CDO, Pelium Capital, and RCM Global. As a result of these deconsolidations, the Company will no longer reflect the underlying collateral (loans and securities) of those VIEs in its consolidated financial statements. Instead, the Company will prospectively reflect in its consolidated balance sheet, its direct investments (the "retained investments") in the issued and outstanding securities of those VIEs. The Company's retained investments in RREF CDO 2006-1, RREF CDO 2007-1, Apidos Cinco CDO are now accounted for as investment securities, available-for-sale and, as a result, are marked-to-market while the Company's retained investments in Pelium Capital and RCM Global are accounted for as equity method investments. The Company has elected to retrospectively reflect the deconsolidation of these entities on a modified basis, which resulted in a reduction to the beginning balance of retained earnings as of January 1, 2016, of $16.9 million . The reduction to retained earnings represents the effect of marking the investments to market as of the date of the required adoption. The following table summarizes the net impact of the deconsolidation of the five VIEs upon adoption on January 1, 2016 (in thousands) net of eliminations: Total Deconsolidated VIEs Retained Interest as of 1/1/2016 Net Impact on Deconsolidation ASSETS: Cash and cash equivalents $ 472 $ — $ 472 Restricted cash 17,076 — 17,076 Loans, pledged as collateral and net of allowances (1)(2)(3) 364,589 — 364,589 Loans held for sale 1,322 — 1,322 Investment securities available-for-sale, at fair value 68,997 166,769 (97,772 ) Investment securities, trading 21,851 — 21,851 Investments in deconsolidated entities 17,250 23,175 (5,925 ) Interest receivable 4,299 — 4,299 Principal paydown receivable 17,800 — 17,800 Prepaid expenses 256 — 256 Other assets 972 — 972 Total assets $ 514,884 $ 189,944 $ 324,940 LIABILTITES: Borrowings $ 297,191 $ — $ 297,191 Accrued interest expense 297 — 297 Derivative liabilities, at fair value 3,346 — 3,346 Accounts payable and other liabilities 255 — 255 Total liabilities 301,089 — 301,089 Retained earnings 206,876 189,944 16,932 Non-controlling interests 8,876 — 8,876 Accumulated other comprehensive loss (1,957 ) — (1,957 ) Total equity 213,795 189,944 23,851 Total liabilities and equity $ 514,884 $ 189,944 $ 324,940 (1) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, $40.3 million of specific reserves and $142,000 of general reserves on CRE loans were deconsolidated as of January 1, 2016. (2) As part of the deconsolidation of Apidos Cinco CDO, $1.3 million of specific reserves on the bank loans were deconsolidated as of January 1, 2016. (3) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, the Company deconsolidated four loans representing the senior participations in commercial real estate loans totaling $91.3 million that were previously disclosed as both impaired loans and troubled debt restructurings as of December 31, 2015. 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. Adoption did not have a material impact on the Company's consolidated financial statements. 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 is currently evaluating the effect of adoption. 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. Adoption did not have a material impact on the Company's consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2015 consolidated financial statements to conform to the 2016 presentation.

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Variable Interest Entity	The following table summarizes the net impact of the deconsolidation of the five VIEs upon adoption on January 1, 2016 (in thousands) net of eliminations: Total Deconsolidated VIEs Retained Interest as of 1/1/2016 Net Impact on Deconsolidation ASSETS: Cash and cash equivalents $ 472 $ — $ 472 Restricted cash 17,076 — 17,076 Loans, pledged as collateral and net of allowances (1)(2)(3) 364,589 — 364,589 Loans held for sale 1,322 — 1,322 Investment securities available-for-sale, at fair value 68,997 166,769 (97,772 ) Investment securities, trading 21,851 — 21,851 Investments in deconsolidated entities 17,250 23,175 (5,925 ) Interest receivable 4,299 — 4,299 Principal paydown receivable 17,800 — 17,800 Prepaid expenses 256 — 256 Other assets 972 — 972 Total assets $ 514,884 $ 189,944 $ 324,940 LIABILTITES: Borrowings $ 297,191 $ — $ 297,191 Accrued interest expense 297 — 297 Derivative liabilities, at fair value 3,346 — 3,346 Accounts payable and other liabilities 255 — 255 Total liabilities 301,089 — 301,089 Retained earnings 206,876 189,944 16,932 Non-controlling interests 8,876 — 8,876 Accumulated other comprehensive loss (1,957 ) — (1,957 ) Total equity 213,795 189,944 23,851 Total liabilities and equity $ 514,884 $ 189,944 $ 324,940 (1) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, $40.3 million of specific reserves and $142,000 of general reserves on CRE loans were deconsolidated as of January 1, 2016. (2) As part of the deconsolidation of Apidos Cinco CDO, $1.3 million of specific reserves on the bank loans were deconsolidated as of January 1, 2016. (3) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, the Company deconsolidated four loans representing the senior participations in commercial real estate loans totaling $91.3 million that were previously disclosed as both impaired loans and troubled debt restructurings as of December 31, 2015. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs as of March 31, 2016 (in thousands): Unconsolidated Variable Interest Entities LCC Unsecured Junior Subordinated Debentures Resource Capital Asset Management CDOs Investment in ZAIS and Harvest RREF CDO 2006-1 RREF CDO 2007-1 Apidos Cinco CDO RCM Global LLC Pelium Capital Total Maximum Exposure to Loss Investment in unconsolidated entities $ 43,428 $ 1,548 $ — $ 35,660 $ 58,401 $ 92,695 $ 17,542 $ 470 $ 22,363 $ 272,107 $ 272,107 Intangible assets — — 4,841 — — — — — — 4,841 $ 4,841 Total assets 43,428 1,548 4,841 35,660 58,401 92,695 17,542 470 22,363 276,948 Borrowings — 51,467 — — — — — — — 51,467 N/A Total liabilities — 51,467 — — — — — — — 51,467 N/A Net asset (liability) $ 43,428 $ (49,919 ) $ 4,841 $ 35,660 $ 58,401 $ 92,695 $ 17,542 $ 470 $ 22,363 $ 225,481 N/A The following table shows the classification and carrying value of assets and liabilities of the Company's consolidated VIEs as of March 31, 2016 (in thousands): Apidos I Apidos III Whitney CLO I RCC CRE Notes 2013 RCC 2014-CRE2 RCC 2015-CRE3 RCC 2015-CRE4 Total ASSETS Restricted cash (1) $ 69 $ 123 $ 169 $ 949 $ 13 $ 6,661 $ 2 $ 7,986 Loans, pledged as collateral — — — 94,228 297,475 337,192 310,224 1,039,119 Loans held for sale 153 — — — — — — 153 Interest receivable — — — 411 1,198 1,363 1,213 4,185 Prepaid assets — — — 17 16 16 15 64 Total assets (2) $ 222 $ 123 $ 169 $ 95,605 $ 298,702 $ 345,232 $ 311,454 $ 1,051,507 LIABILITIES Borrowings $ — $ — $ — $ 48,005 $ 177,478 $ 278,878 $ 220,748 $ 725,109 Accrued interest expense — — — 65 126 256 188 635 Accounts payable and other liabilities — — — 13 31 — — 44 Total liabilities $ — $ — $ — $ 48,083 $ 177,635 $ 279,134 $ 220,936 $ 725,788 (1) Includes $962,000 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.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity	The following table summarizes the net impact of the deconsolidation of the five VIEs upon adoption on January 1, 2016 (in thousands) net of eliminations: Total Deconsolidated VIEs Retained Interest as of 1/1/2016 Net Impact on Deconsolidation ASSETS: Cash and cash equivalents $ 472 $ — $ 472 Restricted cash 17,076 — 17,076 Loans, pledged as collateral and net of allowances (1)(2)(3) 364,589 — 364,589 Loans held for sale 1,322 — 1,322 Investment securities available-for-sale, at fair value 68,997 166,769 (97,772 ) Investment securities, trading 21,851 — 21,851 Investments in deconsolidated entities 17,250 23,175 (5,925 ) Interest receivable 4,299 — 4,299 Principal paydown receivable 17,800 — 17,800 Prepaid expenses 256 — 256 Other assets 972 — 972 Total assets $ 514,884 $ 189,944 $ 324,940 LIABILTITES: Borrowings $ 297,191 $ — $ 297,191 Accrued interest expense 297 — 297 Derivative liabilities, at fair value 3,346 — 3,346 Accounts payable and other liabilities 255 — 255 Total liabilities 301,089 — 301,089 Retained earnings 206,876 189,944 16,932 Non-controlling interests 8,876 — 8,876 Accumulated other comprehensive loss (1,957 ) — (1,957 ) Total equity 213,795 189,944 23,851 Total liabilities and equity $ 514,884 $ 189,944 $ 324,940 (1) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, $40.3 million of specific reserves and $142,000 of general reserves on CRE loans were deconsolidated as of January 1, 2016. (2) As part of the deconsolidation of Apidos Cinco CDO, $1.3 million of specific reserves on the bank loans were deconsolidated as of January 1, 2016. (3) As part of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1, the Company deconsolidated four loans representing the senior participations in commercial real estate loans totaling $91.3 million that were previously disclosed as both impaired loans and troubled debt restructurings as of December 31, 2015. The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company’s unconsolidated VIEs as of March 31, 2016 (in thousands): Unconsolidated Variable Interest Entities LCC Unsecured Junior Subordinated Debentures Resource Capital Asset Management CDOs Investment in ZAIS and Harvest RREF CDO 2006-1 RREF CDO 2007-1 Apidos Cinco CDO RCM Global LLC Pelium Capital Total Maximum Exposure to Loss Investment in unconsolidated entities $ 43,428 $ 1,548 $ — $ 35,660 $ 58,401 $ 92,695 $ 17,542 $ 470 $ 22,363 $ 272,107 $ 272,107 Intangible assets — — 4,841 — — — — — — 4,841 $ 4,841 Total assets 43,428 1,548 4,841 35,660 58,401 92,695 17,542 470 22,363 276,948 Borrowings — 51,467 — — — — — — — 51,467 N/A Total liabilities — 51,467 — — — — — — — 51,467 N/A Net asset (liability) $ 43,428 $ (49,919 ) $ 4,841 $ 35,660 $ 58,401 $ 92,695 $ 17,542 $ 470 $ 22,363 $ 225,481 N/A The following table shows the classification and carrying value of assets and liabilities of the Company's consolidated VIEs as of March 31, 2016 (in thousands): Apidos I Apidos III Whitney CLO I RCC CRE Notes 2013 RCC 2014-CRE2 RCC 2015-CRE3 RCC 2015-CRE4 Total ASSETS Restricted cash (1) $ 69 $ 123 $ 169 $ 949 $ 13 $ 6,661 $ 2 $ 7,986 Loans, pledged as collateral — — — 94,228 297,475 337,192 310,224 1,039,119 Loans held for sale 153 — — — — — — 153 Interest receivable — — — 411 1,198 1,363 1,213 4,185 Prepaid assets — — — 17 16 16 15 64 Total assets (2) $ 222 $ 123 $ 169 $ 95,605 $ 298,702 $ 345,232 $ 311,454 $ 1,051,507 LIABILITIES Borrowings $ — $ — $ — $ 48,005 $ 177,478 $ 278,878 $ 220,748 $ 725,109 Accrued interest expense — — — 65 126 256 188 635 Accounts payable and other liabilities — — — 13 31 — — 44 Total liabilities $ — $ — $ — $ 48,083 $ 177,635 $ 279,134 $ 220,936 $ 725,788 (1) Includes $962,000 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.

SUPPLEMENTAL CASH FLOW INFORM36

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
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 Three Months Ended March 31, 2016 2015 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) $ — $ 48,605 Non-cash financing activities include the following: Distributions on common stock accrued but not paid $ 13,073 $ 21,423 Distributions on preferred stock accrued but not paid $ 4,010 $ 6,116 Reclassification of linked transactions, net at fair value to borrowings (1) $ — $ 33,377 (1) As a result of an accounting standards update adopted on January 1, 2015, 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)	3 Months Ended
	Mar. 31, 2016
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): Amortized Cost Unrealized Gains Unrealized Losses Fair Value As of March 31, 2016: Structured notes $ 5,994 $ — $ (2,108 ) $ 3,886 RMBS 1,896 — (1,896 ) — Total $ 7,890 $ — $ (4,004 ) $ 3,886 As of December 31, 2015: Structured notes $ 28,576 $ 1,674 $ (4,700 ) $ 25,550 RMBS 1,896 — (1,896 ) — Total $ 30,472 $ 1,674 $ (6,596 ) $ 25,550

INVESTMENT SECURITIES AVAILAB38

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Tables)	3 Months Ended
	Mar. 31, 2016
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 Positions Sold Positions Redeemed Par Amount Sold/Redeemed Realized Gain (Loss) March 31, 2015: ABS 4 2 $ 11,911 $ 6,269 The following table summarizes the Company's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value (1) As of March 31, 2016: CMBS $ 91,192 $ 313 $ (1,940 ) $ 89,565 RMBS 2,033 111 (74 ) 2,070 ABS 208,213 1,326 (985 ) 208,554 Total $ 301,438 $ 1,750 $ (2,999 ) $ 300,189 As of December 31, 2015: CMBS $ 158,584 $ 2,631 $ (1,791 ) $ 159,424 RMBS 2,156 122 (88 ) 2,190 ABS 41,994 3,218 (998 ) 44,214 Corporate bonds 2,422 — (162 ) 2,260 Total $ 205,156 $ 5,971 $ (3,039 ) $ 208,088 (1) As of March 31, 2016 and December 31, 2015 , $87.7 million and $162.3 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 March 31, 2016: Less than one year $ 234,151 (1) $ 234,946 8.44% Greater than one year and less than five years 49,104 49,821 5.12% Greater than five years and less than ten years 9,043 8,923 8.88% Greater than ten years 7,891 7,748 11.56% Total $ 300,189 $ 301,438 7.99% As of December 31, 2015: Less than one year $ 117,221 (1) $ 118,215 7.13% Greater than one year and less than five years 71,370 68,808 5.31% Greater than five years and less than ten years 12,382 11,271 10.45% Greater than ten years 7,115 6,862 16.85% Total $ 208,088 $ 205,156 7.03% (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 March 31, 2016: CMBS $ 55,648 $ (1,576 ) 24 $ 13,151 $ (364 ) 9 $ 68,799 $ (1,940 ) 33 ABS 5,991 (985 ) 5 — — — 5,991 (985 ) 5 RMBS 1,106 (74 ) 2 — — — 1,106 (74 ) 2 Total temporarily impaired securities $ 62,745 $ (2,635 ) 31 $ 13,151 $ (364 ) 9 $ 75,896 $ (2,999 ) 40 As of December 31, 2015: CMBS $ 79,570 $ (849 ) 31 $ 13,783 $ (942 ) 15 $ 93,353 $ (1,791 ) 46 ABS 2,330 (824 ) 5 668 (174 ) 5 2,998 (998 ) 10 Corporate bonds 65 (18 ) 1 1,327 (144 ) 1 1,392 (162 ) 2 RMBS 1,157 (88 ) 2 — — — 1,157 (88 ) 2 Total temporarily impaired securities $ 83,122 $ (1,779 ) 39 $ 15,778 $ (1,260 ) 21 $ 98,900 $ (3,039 ) 60

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2016
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) (3) As of March 31, 2016: CRE whole loans $ 1,461,959 $ (8,831 ) $ 1,453,128 Middle market loans 321,848 (608 ) 321,240 Residential mortgage loans, held for investment 1,704 — 1,704 Subtotal loans before allowance 1,785,511 (9,439 ) 1,776,072 Allowance for loan loss (4,155 ) — (4,155 ) Total loans held for investment, net of allowance 1,781,356 (9,439 ) 1,771,917 Bank loans held for sale 153 — 153 Middle market held for sale 3,459 — 3,459 Residential mortgage loans held for sale, at fair value (4) 122,541 — 122,541 Total loans held for sale 126,153 — 126,153 Total loans, net $ 1,907,509 $ (9,439 ) $ 1,898,070 As of December 31, 2015: Commercial real estate loans: Whole loans $ 1,640,744 $ (9,943 ) $ 1,630,801 B notes 15,934 — 15,934 Mezzanine loans 45,368 4 45,372 Total commercial real estate loans 1,702,046 (9,939 ) 1,692,107 Bank loans 134,890 (373 ) 134,517 Middle market loans 380,687 (1,235 ) 379,452 Residential mortgage loans, held for investment 1,746 — 1,746 Subtotal loans before allowance 2,219,369 (11,547 ) 2,207,822 Allowance for loan loss (47,071 ) — (47,071 ) Total loans held for investment, net of allowance 2,172,298 (11,547 ) 2,160,751 Bank loans held for sale 1,475 — 1,475 Residential mortgage loans held for sale, at fair value (4) 94,471 — 94,471 Total loans held for sale 95,946 — 95,946 Total loans, net $ 2,268,244 $ (11,547 ) $ 2,256,697 (1) Amounts included deferred amendment fees of $26,000 and deferred upfront fees of $206,000 being amortized over the life of the loans as of March 31, 2016 . Amounts include deferred amendment fees of $42,000 and deferred upfront fees of $12,000 being amortized over the life of the loans as of December 31, 2015 . Amounts also include loan origination fees of $8.8 million and $9.9 million as of March 31, 2016 and December 31, 2015 , respectively. (2) As a result of the consolidation guidance adopted January 1, 2016, the Company deconsolidated loans held for investment in the amount of $271.8 million of its CRE loans and $134.5 million of its bank loans and the related allowance for loan losses of $41.7 million .( see Note 2 ). (3) Substantially all loans are pledged as collateral under various borrowings at March 31, 2016 and December 31, 2015 , respectively. (4) 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 March 31, 2016: Whole loans, floating rate (1) (3) (4) (5) (6) (7) 76 $ 1,453,128 LIBOR plus 2.50% to July 2016 to April 2019 Total (2) (9) 76 $ 1,453,128 As of December 31, 2015: Whole loans, floating rate (1) (3) (4) (5) (6) (7) 87 $ 1,630,801 LIBOR plus 1.75% to February 2016 to February 2019 B notes, fixed rate 1 15,934 8.68% April 2016 Mezzanine loans, fixed rate (8) 2 45,372 9.01% September 2016 Total (2) 90 $ 1,692,107 (1) Whole loans had $102.5 million and $112.6 million in unfunded loan commitments as of March 31, 2016 and December 31, 2015 , 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 $1.5 million and $41.8 million as of March 31, 2016 and December 31, 2015 , 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 $11.2 million and $51.2 million senior component that entered into modifications in 2016 and 2015 that resulted in a fixed rate of 0.50% as of March 31, 2016 and December 31, 2015 , respectively (the difference of which was a result of the deconsolidation of RREF CDO 2006-1 and RREF CDO 2007-1 - see Note 2). The two loans were previously identified as troubled debt restructurings ("TDR's"). (5) 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 March 31, 2016 and December 31, 2015 . (6) Includes a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of March 31, 2016 and December 31, 2015 . (7) Contracted interest rates do not include a whole loan with an amortized cost of $2.0 million and $32.5 million that entered into a modification in 2016 and 2015 which reduced the floating rate spread to 1.00% as of March 31, 2016 and December 31, 2015 , respectively (the difference of which was a result of the deconsolidation of RREF CDO 2007-1 - see Note 2). The loan was previously identified as a TDR. (8) 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. (9) As a result of updated accounting guidance, effective January 1, 2016 ( see Note 2 ), the Company deconsolidated all of the assets of RREF CDO 2006-1 and RREF CDO 2007-1, resulting in the removal of $271.8 million of loans, pledged as collateral.
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 carrying value (in thousands): March 31, December 31, Less than one year $ — $ 14,960 Greater than one year and less than five years 220,146 250,709 Five years or greater 101,902 109,844 $ 322,048 $ 375,513 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): December 31, Less than one year $ 3,922 Greater than one year and less than five years 128,480 Five years or greater 3,590 $ 135,992
Summary lien position and status of our bank and middle market loans	Bank Loans The following table provides information as to the lien position and status of the Company's bank loans, at amortized cost (in thousands) prior to deconsolidation of Apidos Cinco CDO as of January 1, 2016: Apidos I Apidos III Apidos Cinco Total As of December 31, 2015: Loans held for investment: First lien loans $ — $ — $ 131,281 $ 131,281 Second lien loans — — 1,692 1,692 Defaulted first lien loans — — 1,544 1,544 Defaulted second lien loans — — — — Total — — 134,517 134,517 First lien loans held for sale at fair value 153 — 1,322 1,475 Total $ 153 $ — $ 135,839 $ 135,992
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 carrying value (in thousands): March 31, December 31, First Lien $ 184,374 $ 248,367 Second Lien 134,215 127,146 Second lien loans held for sale at fair value 3,459 $ 322,048 $ 375,513
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 2016 2017 2018 and Thereafter Total As of March 31, 2016: Whole loans $ — $ 45,381 $ 1,407,747 $ 1,453,128 Total (1) $ — $ 45,381 $ 1,407,747 $ 1,453,128 As of December 31, 2015: 2016 2017 2018 and Thereafter Total B notes $ 15,934 $ — $ — $ 15,934 Mezzanine loans 13,011 — 32,361 45,372 Whole loans 9,958 140,712 1,480,131 1,630,801 Total (1) $ 38,903 $ 140,712 $ 1,512,492 $ 1,692,107 (1) Contractual 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 (in thousands): Description Allowance for Loan Loss Percentage of Total Allowance As of March 31, 2016: CRE whole loans $ 1,493 35.93% Middle market loans 2,651 63.81% Residential mortgage loans 11 0.26% Total $ 4,155 As of December 31, 2015: B notes $ 15 0.03% Mezzanine loans 38,079 80.90% Whole loans 3,745 7.96% Bank loans 1,282 2.72% Middle market loans 3,939 8.37% Residential mortgage loans 11 0.02% Total $ 47,071 (1) As a result of amendments to consolidation accounting guidance adopted January 1, 2016, the Company deconsolidated loans held for investment in the amount of $271.8 million of its CRE loans and $134.5 million of its bank loans and the related allowance for loan losses of $41.7 million ( see Note 2 )

INVESTMENTS IN UNCONSOLIDATED40

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Unconsolidated Entities	The following table shows the Company's investments in unconsolidated entities as of March 31, 2016 and December 31, 2015 and equity in earnings of unconsolidated subsidiaries for the three months ended March 31, 2016 and 2015 (in thousands): Equity in Earnings of Unconsolidated Subsidiaries Balance as of Balance as of For the For the Ownership % March 31, December 31, March 31, March 31, RRE VIP Borrower, LLC (1) —% $ — $ — $ 25 $ 46 Investment in LCC Preferred Stock 29.0% 43,428 42,017 1,411 52 Investment in CVC Global Credit Opportunities Fund (2) —% — — — 608 Pearlmark Mezz IV L.P. (3) 47.4% 6,547 6,465 248 — RCM Global, LLC (4) 25.4% 470 — 177 — Pelium Capital Partners, L.P. (4) 80.2% 22,363 — 361 — Subtotal 72,808 48,482 2,222 706 Investment in RCT I and II (5) 3.0% 1,548 1,548 (641 ) (593 ) Total $ 74,356 $ 50,030 $ 1,581 $ 113 (1) The investment in RRE VIP Borrower was sold as of December 31, 2014. Earnings for the three months ended March 31, 2016 and 2015 are related to insurance premium refunds and the liquidation of bank accounts with respect to the underlying sold properties of the portfolio. (2) In December 2015, the Company elected a full redemption of its remaining investment from the fund. (3) The Company has committed to invest up to $50.0 million in Pearlmark Mezzanine Realty Partners IV, L.P. The commitment termination date ends the earlier of when the original commitment is fully funded, or the fifth anniversary following the final closing date of June 24, 2015. (4) Pursuant to the new consolidation guidance adopted January 1, 2016, these previously consolidated VIEs are now accounted for under the equity method. (5) For the three months ended March 31, 2016 and 2015 , these amounts are recorded in interest expense on the Company's consolidated statements of operations.

FINANCING RECEIVABLES (Tables)

FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Allowance for loan losses and recorded investments in loans	The following tables show the allowance for loan and lease losses and recorded investments in loans and leases for the years indicated (in thousands): Commercial Real Estate Loans Bank Loans Middle Market Loans Residential Mortgage Loans Direct Financing Leases Total As of March 31, 2016: Allowance for Loan and Leases Losses: Allowance for losses at January 1, 2016 $ 41,839 $ 1,282 $ 3,939 $ 11 $ 465 $ 47,536 Provision (recovery) for loan and lease losses 68 (138 ) 107 — — 37 Loans charged-off — 138 (1,395 ) — — (1,257 ) Recoveries — — — — — — Deconsolidation of VIEs (40,414 ) (1,282 ) — — — (41,696 ) Allowance for losses at March 31, 2016 $ 1,493 $ — $ 2,651 $ 11 $ 465 $ 4,620 Ending balance: Individually evaluated for impairment $ — $ — $ — $ — $ 465 $ 465 Collectively evaluated for impairment $ 1,493 $ — $ 2,651 $ 11 $ — $ 4,155 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans and Leases: Ending balance: Individually evaluated for impairment $ 38,133 $ — $ 54,469 $ — $ 1,179 $ 93,781 Collectively evaluated for impairment $ 1,414,995 $ — $ 266,771 $ 1,704 $ — $ 1,683,470 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — As of December 31, 2015: Allowance for Loan and Lease Losses: Allowance for losses at January 1, 2015 $ 4,043 $ 570 $ — $ — $ — $ 4,613 Provision for loan and lease losses 37,735 2,887 8,901 (99 ) 465 49,889 Loans charged-off — (2,175 ) (4,962 ) 110 — (7,027 ) Recoveries 61 — — — — 61 Allowance for losses at December 31, 2015 $ 41,839 $ 1,282 $ 3,939 $ 11 $ 465 $ 47,536 Ending balance: Individually evaluated for impairment $ 40,274 $ 1,282 $ — $ — $ 465 $ 42,021 Collectively evaluated for impairment $ 1,565 $ — $ 3,939 $ 11 $ — $ 5,515 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ — Loans and Leases: Ending balance: Individually evaluated for impairment $ 169,707 $ 1,544 $ — $ — $ 1,396 $ 172,647 Collectively evaluated for impairment $ 1,522,400 $ 132,973 $ 379,452 $ 1,746 $ — $ 2,036,571 Loans acquired with deteriorated credit quality $ — $ — $ — $ — $ — $ —
Credit quality indicators for Bank loans and Commercial real estate 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 March 31, 2016: Middle market loans $ 53,269 $ 249,042 $ 18,929 $ — $ — $ 3,459 $ 324,699 As of December 31, 2015: Middle market loans $ 44,252 $ 305,578 $ 29,622 $ — $ — $ — $ 379,452 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 December 31, 2015: Bank loans $ 113,897 $ 17,578 $ 1,498 $ — $ 1,544 $ 1,475 $ 135,992 Credit risk profiles of commercial real estate loans were as follows (in thousands): Rating 1 Rating 2 Rating 3 Rating 4 Held for Sale Total As of March 31, 2016: CRE Whole loans $ 1,451,128 $ 2,000 $ — $ — $ — $ 1,453,128 As of December 31, 2015: CRE Whole loans $ 1,596,099 $ 32,500 $ — $ 2,202 $ — $ 1,630,801 B notes 15,934 — — — — 15,934 Mezzanine loans 7,300 — — 38,072 — 45,372 $ 1,619,333 $ 32,500 $ — $ 40,274 $ — $ 1,692,107
Loan portfolios aging analysis	The following table presents the loan and lease 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 (2) Total Loans Receivable Total Loans > 90 Days and Accruing As of March 31, 2016: CRE whole loans $ — $ — $ — $ — $ 1,453,128 $ 1,453,128 $ — Middle market loans — — — — 321,240 321,240 — Direct Financing Leases 136 61 — 197 517 714 — Residential mortgage loans (1) 371 — 170 541 123,704 124,245 — Total loans $ 507 $ 61 $ 170 $ 738 $ 1,898,589 $ 1,899,327 $ — As of December 31, 2015: CRE whole loans (2) $ — $ — $ — $ — $ 1,630,801 $ 1,630,801 $ — B notes — — — — 15,934 15,934 — Mezzanine loans — 38,072 — 38,072 7,300 45,372 — Bank loans 1,544 — — 1,544 132,973 134,517 — Middle market loans — — — — 379,452 379,452 — Direct Financing Leases 12 214 — 226 1,170 1,396 — Residential mortgage loans (1) 27 41 80 148 96,069 96,217 — Total loans $ 1,583 $ 38,327 $ 80 $ 39,990 $ 2,263,699 $ 2,303,689 $ — (1) Contains $122.5 million and $94.5 million of residential mortgage loans held for sale at fair value at March 31, 2016 and December 31, 2015 , respectively. (2) Current loans include one impaired whole loan with an amortized costs of $2.2 million , which was fully reserved as of December 31, 2015 .
Impaired loans	The following tables show impaired loans as of the dates indicated (in thousands): Recorded Balance (1) Unpaid Principal Balance Specific Allowance Average Investment in Impaired Loans Interest Income Recognized As of March 31, 2016: Loans without a specific valuation allowance: CRE whole loans $ 38,133 $ 38,133 $ — $ 37,620 $ 178 Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans with a specific valuation allowance: CRE whole loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Total: CRE whole loans $ 38,133 $ 38,133 $ — $ 37,620 $ 178 Middle market loans — — — — — Residential mortgage loans — — — — — $ 38,133 $ 38,133 $ — $ 37,620 $ 178 As of December 31, 2015: Loans without a specific valuation allowance: CRE whole loans $ 129,433 $ 129,433 $ — $ 128,591 $ 3,939 B notes $ — $ — $ — $ — $ — Mezzanine loans $ — $ — $ — $ — $ — Bank loans $ — $ — $ — $ — $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Loans with a specific valuation allowance: CRE whole loans $ 2,202 $ 2,202 $ (2,202 ) $ 2,202 $ 63 B notes $ — $ — $ — $ — $ — Mezzanine loans $ 38,072 $ 38,072 $ (38,072 ) $ 38,072 $ (2,879 ) Bank loans $ 1,544 $ 1,551 $ (1,282 ) $ 1,544 $ — Middle market loans $ — $ — $ — $ — $ — Residential mortgage loans $ — $ — $ — $ — $ — Total: CRE whole loans $ 131,635 $ 131,635 $ (2,202 ) $ 130,793 $ 4,002 B notes — — — — — Mezzanine loans 38,072 38,072 (38,072 ) 38,072 (2,879 ) Bank loans 1,544 1,551 (1,282 ) 1,544 — Middle market loans — — — — — Residential mortgage loans — — — — — $ 171,251 $ 171,258 $ (41,556 ) $ 170,409 $ 1,123 (1) As a result of the adoption of new consolidation accounting guidance as required on January 1, 2016, the Company deconsolidated $91.3 million in senior participations of four loans that were previously classified as impaired loans in the Company's consolidated financial statements as of December 31, 2015 (see Note 2).
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 Three Months Ended March 31, 2016 CRE whole loans 3 $ 29,459 $ 29,459 Middle market loans — — — Residential mortgage loans — — — Total loans 3 $ 29,459 $ 29,459 Number of Loans Pre-Modification Outstanding Recorded Balance Post-Modification Outstanding Recorded Balance Three Months Ended March 31, 2015 CRE Whole loans 2 $ 67,459 $ 67,459 Middle market loans — — — Residential mortgage loans — — — Total loans 2 $ 67,459 $ 67,459

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2016 $ 5,316 $ 90 $ 20,822 $ 26,228 Additions — — 3,315 3,315 Sales — — — — Amortization (474 ) — (1,058 ) (1,532 ) Total before impairment adjustment 4,842 90 23,079 28,011 Temporary impairment adjustment — — (2,500 ) (2,500 ) Balance, March 31, 2016 $ 4,842 $ 90 $ 20,579 $ 25,511
Schedule loan servicing portfolio	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): March 31, December 31, Balance, beginning of period $ 1,998,273 $ 894,767 Additions 289,210 1,236,145 Payoffs, sales and curtailments (69,907 ) (132,639 ) Balance, end of period $ 2,217,576 $ 1,998,273
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 March 31, 2016 2015 Servicing fees from capitalized portfolio $ 1,433 $ 551 Late fees $ 49 $ 23 Other ancillary servicing revenue $ 5 $ 3

BORROWINGS (Tables)

BORROWINGS (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: RCC CRE Notes 2013 Senior Notes $ 48,465 $ 460 $ 48,005 3.44% 12.7 years $ 94,847 RCC 2014-CRE2 Senior Notes 180,260 2,782 177,478 1.80% 16.1 years 296,295 RCC 2015-CRE3 Senior Notes 282,127 3,249 278,878 2.34% 16.0 years 342,405 RCC 2015-CRE4 Senior Notes 223,735 2,987 220,748 2.15% 16.4 years 308,928 Unsecured Junior Subordinated Debentures 51,548 81 51,467 4.43% 20.6 years — 6.0% Convertible Senior Notes 115,000 4,497 110,503 6.00% 2.7 years — 8.0% Convertible Senior Notes 100,000 4,330 95,670 8.00% 3.8 years — CRE - Term Repurchase Facilities (2) 257,500 2,000 255,500 2.75% 17 days 369,017 CMBS - Term Repurchase Facility (3) 24,316 1 24,315 1.65% 17 days 30,274 Trust Certificate - Term Repurchase Facility (4) 26,659 394 26,265 5.94% 2.6 years 89,181 Residential Investments - Term Repurchase Facility (5) 7,964 — 7,964 3.04% 187 days 8,903 Residential Mortgage Financing Agreements (6) 103,200 — 103,200 3.06% 169 days 143,658 CMBS - Short Term Repurchase Agreements (7) 51,825 — 51,825 2.08% 14 days 70,781 Senior Secured Revolving Credit Agreement 153,000 2,793 150,207 3.28% 3.0 years 326,092 Total $ 1,625,599 $ 23,574 $ 1,602,025 3.20% 8.6 years $ 2,080,381 Principal Unamortized Issuance Costs and Discounts Outstanding Borrowings Weighted Average Weighted Average Value of As of December 31, 2015: RREF CDO 2006-1 Senior Notes (1) $ 52,772 $ — $ 52,772 2.60% 30.6 years $ 94,379 RREF CDO 2007-1 Senior Notes (1) 91,752 — 91,752 1.65% 30.8 years 210,904 RCC CRE Notes 2013 Senior Notes 58,465 664 57,801 3.21% 13.0 years 104,439 RCC 2014-CRE2 Senior Notes 198,594 2,991 195,603 1.68% 16.3 years 313,663 RCC 2015-CRE3 Senior Notes 282,127 3,466 278,661 2.25% 16.2 years 341,099 RCC 2015-CRE4 Senior Notes 223,735 3,160 220,575 2.06% 16.6 years 308,042 Apidos Cinco CDO Senior Notes (1) 135,417 — 135,417 1.25% 4.4 years 154,584 Unsecured Junior Subordinated Debentures 51,548 135 51,413 4.40% 20.8 years — 6.0% Convertible Senior Notes 115,000 4,917 110,083 6.00% 2.9 years — 8.0% Convertible Senior Notes 100,000 4,599 95,401 8.00% 4.0 years — CRE - Term Repurchase Facilities (2) 225,346 2,418 222,928 2.64% 17 days 321,267 CMBS - Term Repurchase Facility (3) 25,658 2 25,656 1.57% 18 days 31,650 Trust Certificates - Term Repurchase Facility (4) 26,659 415 26,244 5.85% 2.9 years 89,181 Residential Investments - Term Repurchase Facility (5) 782 — 782 2.75% 264 days 835 Residential Mortgage Financing Agreements (6) 85,819 — 85,819 3.10% 257 days 120,952 CMBS - Short Term Repurchase Agreements (7) 57,407 — 57,407 2.06% 18 days 79,347 Senior Secured Revolving Credit Agreement 190,000 3,026 186,974 3.09% 3.2 years 376,306 Total $ 1,921,081 $ 25,793 $ 1,895,288 2.89% 10.4 years $ 2,546,648 (1) On January 1, 2016, RREF CDO 2006-1, RREF CDO 2007-1 and Apidos Cinco CDO were deconsolidated in accordance with guidance on consolidation ( see Note 2 ). (2) Amounts also include accrued interest expense of $384,000 and $315,000 related to CRE repurchase facilities as of March 31, 2016 and December 31, 2015 , respectively. (3) Amounts also include accrued interest expense of $13,000 and $18,000 related to CMBS repurchase facilities as of March 31, 2016 and December 31, 2015 , respectively. Amounts do not reflect CMBS repurchase agreement borrowings that are components of linked transactions as of December 31, 2015 . (4) Amounts also include accrued interest expense of $62,000 and $61,000 related to trust certificate repurchase facilities as of March 31, 2016 and December 31, 2015 , respectively. (5) Amounts also include accrued interest expense of $16,000 and $30,000 related to residential investment facilities as of March 31, 2016 and December 31, 2015 , respectively. (6) The value of collateral related to residential mortgage financing agreements is the appraised value of the collateral underlying the residential mortgage loans subject to repurchase as of March 31, 2016 and December 31, 2015 . (7) Amounts also include accrued interest expense of $45,000 and $40,000 related to CMBS short term repurchase facilities as of March 31, 2016 and December 31, 2015 . The Company is in compliance with covenants as defined in the respective agreements as of March 31, 2016.
Schedule of Securitizations	The following table sets forth certain information with respect to the Company's securitizations: Securitization Closing Date Maturity Date Designated Principal Reinvestment Period (1) Total Note Paydowns as of March 31, 2016 (in millions) RCC CRE Notes 2013 December 2013 December 2028 N/A $ 212.4 RCC 2014-CRE2 July 2014 April 2032 July 2016 $ 55.1 RCC 2015-CRE3 February 2015 March 2032 February 2017 $ — RCC 2015-CRE4 August 2015 August 2032 August 2017 $ — (1) The designated principal reinvestment period is the period where principal payments received by each respective securitization may be designated by the Company to purchase funding participations of existing collateral originally underwritten at the close of each securitization which was funded outside of the deal structure.
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 March 31, 2016: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 6,066 17 days 1.65% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 64,963 18 days 2.52% Morgan Stanley Bank, National Association $ 46,048 15 days 3.05% Trust Certificates Term Repurchase Facility RSO Repo SPE Trust 2015 $ 62,575 2.6 years 5.94% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 6,756 11 days 2.09% Deutsche Bank Securities, LLC $ 13,973 15 days 2.13% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 940 187 days 3.04% Residential Mortgage Financing Agreements New Century Bank $ 12,844 64 days 3.24% Wells Fargo Bank, National Association $ 27,613 106 days 2.93% As of December 31, 2015: CMBS Term Repurchase Facility Wells Fargo Bank, National Association $ 6,053 18 days 1.57% CRE Term Repurchase Facilities Wells Fargo Bank, National Association $ 54,674 18 days 2.39% Morgan Stanley Bank, National Association $ 41,248 15 days 2.96% Trust Certificates Term Repurchase Facility RSO Repo SPE Trust 2015 $ 62,575 2.9 years 5.85% Short-Term Repurchase Agreements - CMBS Wells Fargo Securities, LLC $ 6,288 11 days 1.93% Deutsche Bank Securities, LLC $ 16,330 20 days 2.05% Residential Investments Term Repurchase Facility Wells Fargo Bank, National Association $ 54 264 days 2.75% Residential Mortgage Financing Agreements New Century Bank $ 17,322 124 days 3.17% Wells Fargo Bank, National Association $ 17,811 134 days 3.03% (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	Contractual maturity dates of the Company's borrowings by category and year are presented in the table below (in thousands): Total 2016 2017 2018 2019 2020 and Thereafter CRE Securitizations $ 725,109 $ — $ — $ — $ — $ 725,109 Repurchase Agreements 469,069 442,804 — 26,265 — — Unsecured Junior Subordinated Debentures 51,467 — — — — 51,467 6.0 % Convertible Notes 110,503 — — 110,503 — — 8.0 % Convertible Notes 95,670 — — — — 95,670 Senior Secured Revolving Credit Facility 150,207 — — — 150,207 — Total $ 1,602,025 $ 442,804 $ — $ 136,768 $ 150,207 $ 872,246
CRE - Term Repurchase Facility
Debt Instrument [Line Items]
Repurchase and Mortgage Finance Facilities	The following table sets forth certain information with respect to the Company's borrowings (in thousands, except percentages): As of March 31, 2016 As of December 31, 2015 Outstanding Value of Number of Weighted Average Outstanding Value of Number of Weighted Average CMBS Term Wells Fargo Bank (1) $ 24,315 $ 30,274 23 1.65% $ 25,656 $ 31,650 21 1.57% CRE Term Wells Fargo Bank (2) 148,691 214,207 11 2.52% 123,937 179,169 9 2.39% Morgan Stanley Bank (3) 106,809 154,810 8 3.05% 98,991 142,098 7 2.96% Trust Certificates Term Repurchase Facility RSO Repo SPE Trust 2015 (4) 26,265 89,181 1 5.94% 26,244 89,181 1 5.85% Short-Term Repurchase Wells Fargo Securities, LLC 13,054 19,785 3 2.09% 13,548 19,829 3 1.93% Deutsche Bank Securities, LLC 38,771 50,996 15 2.13% 43,859 59,518 17 2.10% Residential Investments Term Repurchase Facility Wells Fargo Bank 7,964 8,903 13 3.04% 782 835 1 2.75% Residential Mortgage New Century Bank 43,000 55,845 197 3.24% 43,789 61,111 199 3.17% Wells Fargo Bank 60,200 87,813 209 2.93% 42,030 59,841 166 3.03% Totals $ 469,069 $ 711,814 $ 418,836 $ 643,232 (1) The Wells Fargo Bank CMBS term repurchase facility includes $1,000 and $2,000 of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. (2) The Wells Fargo Bank CRE term repurchase facility includes $419,000 and $675,000 of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. (3) The Morgan Stanley Bank CRE term repurchase facility includes $1.6 million and $1.7 million of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively. (4) The RSO Repo SPE Trust 2015 term repurchase facility includes $395,000 and $415,000 of deferred debt issuance costs as of March 31, 2016 and December 31, 2015 , respectively.

SHARE ISSUANCE AND REPURCHASE (

SHARE ISSUANCE AND REPURCHASE (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class, Issues	For the Three Months Ended Total Outstanding Number of Shares Repurchased Weighted Average Purchase Price Number of Shares Weighted Average Offering Price 8.50% Series A Preferred Stock — $ — 1,069,016 $ 24.29 8.25% Series B Preferred Stock 195,900 $ 15.80 5,544,579 $ 24.02 8.625% Series C Preferred Stock — $ — 4,800,000 $ 25.00

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted common stock transactions	The following table summarizes the Company's restricted common stock transactions: Non-Employee Directors Non-Employees Employees Total Unvested shares as of January 1, 2016 15,267 617,657 58,445 691,369 Issued 20,491 230,338 50,784 301,613 Vested (11,772 ) (51,968 ) (18,452 ) (82,192 ) Forfeited — — — — Unvested shares as of March 31, 2016 23,986 796,027 90,777 910,790
Schedule of restricted stock granted	The following table summarizes restricted common stock grants during the three months ended March 31, 2016 : Date Shares Vesting/Year Date(s) January 21, 2016 130,903 33.3% 1/21/17, 1/21/18, 1/21/19 January 21, 2016 50,784 33.3% 1/21/17, 1/21/18, 1/21/19 February 1, 2016 3,421 100% 2/1/17 February 5, 2016 90,595 33.3% 2/5/17, 2/5/18, 2/5/19 March 8, 2016 13,912 100% 3/8/17 March 14, 2016 3,158 100% 3/14/17 March 31, 2016 8,840 100% 5/15/16 (1) (1) In connection with a grant of restricted common stock made on September 24, 2014 , the Company agreed to issue up to 17,682 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, 2016 , the final measurement period ended and 8,840 shares were earned. Approximately $42,000 of accrued dividend equivalent rights were paid in April 2016. These shares will vest over the subsequent 12 months at a rate of one-fourth per quarter.
Summary of stock option transactions	The following table summarizes the status of the Company’s vested stock options as of March 31, 2016 : 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, 2016 26,250 $ 46.60 Vested — — Exercised — — Forfeited — — Expired — — Vested as of March 31, 2016 26,250 $ 46.60 2.70 $ —
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 March 31, 2016 2015 Restricted shares granted to non-employees (1) $ 425 $ 764 Restricted shares granted to employees 774 167 Restricted shares granted to non-employee directors 64 64 Total equity compensation expense $ 1,263 $ 995 (1) Non-employees are employees of Resource America.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Basic: Net income allocable to common shares $ 9,673 $ 9,402 Weighted average number of shares outstanding 30,600,407 32,814,227 Basic net income per share $ 0.32 $ 0.29 Diluted: Net income allocable to common shares $ 9,673 $ 9,402 Weighted average number of shares outstanding 30,600,407 32,814,227 Additional shares due to assumed conversion of dilutive instruments 437,688 261,877 Adjusted weighted-average number of common shares outstanding 31,038,095 33,076,104 Diluted net income per share $ 0.31 $ 0.28

ACCUMULATED OTHER COMPREHENSI47

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of accumulated other comprehensive loss	The following table presents the changes in each component of accumulated other comprehensive income for the three months ended March 31, 2016 (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, 2016 $ (3,471 ) $ 2,568 $ (63 ) $ (966 ) Other comprehensive gain (loss) before reclassifications 27 (1,318 ) — (1,291 ) Amounts reclassified from accumulated other 61 301 — 362 March 31, 2016 $ (3,383 ) $ 1,551 $ (63 ) $ (1,895 )

DISTRIBUTIONS (Tables)

DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
DISTRIBUTIONS [Abstract]
Dividends Declared	The following tables present dividends declared (on a per share basis) for the three months ended March 31, 2016 and for the year ended December 31, 2015 : Common Stock Date Paid Total Dividend (in thousands) 2016 March 31 April 28 $ 13,073 $ 0.42 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 December 31 January 28, 2016 $ 13,274 $ 0.42 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) 2016 March 31 May 2 $ 568 $ 0.531250 May 2 $ 2,859 $ 0.515625 May 2 $ 2,588 $ 0.539063 2015 March 31 April 30 $ 568 $ 0.531250 April 30 $ 2,960 $ 0.515625 April 30 $ 2,588 $ 0.539063 June 30 July 30 $ 568 $ 0.531250 July 30 $ 2,960 $ 0.515625 July 30 $ 2,588 $ 0.539063 September 30 October 30 $ 568 $ 0.531250 October 30 $ 2,960 $ 0.515625 October 30 $ 2,588 $ 0.539063 December 31 February 1, 2016 $ 568 $ 0.531250 February 1, 2016 $ 2,960 $ 0.515625 February 1, 2016 $ 2,588 $ 0.539063

FAIR VALUE OF FINANCIAL INSTR49

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Assets: Investment securities, trading $ — $ — $ 3,886 $ 3,886 Investment securities available-for-sale — 2,070 298,119 300,189 Loans held for sale — 94,378 31,775 126,153 Derivatives — 27 4,662 4,689 Total assets at fair value $ — $ 96,475 $ 338,442 $ 434,917 Liabilities: Derivatives $ — $ 2,474 $ 268 $ 2,742 Total liabilities at fair value $ — $ 2,474 $ 268 $ 2,742 As of December 31, 2015: Assets: Investment securities, trading $ — $ — $ 25,550 $ 25,550 Investment securities available-for-sale — 4,451 203,637 208,088 Loans held for sale — 66,588 29,358 95,946 Derivatives (net) — 826 2,620 3,446 Total assets at fair value $ — $ 71,865 $ 261,165 $ 333,030 Liabilities: Derivatives $ — $ — $ 3,941 $ 3,941 Total liabilities at fair value $ — $ — $ 3,941 $ 3,941
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 ABS Structured Loans Held for Sale Warrants Interest Rate Lock Commitments Forwards - Residential Mortgage Loans Total Balance, January 1, 2016 $ 159,424 $ 44,213 $ 25,550 $ 29,358 $ 1,051 $ 1,224 $ 345 $ 261,165 Included in earnings (1) (83 ) 1,331 145 (180 ) — 6,369 (147 ) 7,435 Purchases/Originations 1,138 5,329 — 31,577 — — — 38,044 Sales — — — (28,735 ) — — — (28,735 ) Paydowns (13,930 ) (7,258 ) (3 ) (245 ) — — — (21,436 ) Issuances — — — — — — — — Settlements — — 46 — — (4,196 ) 16 (4,134 ) Capitalized Interest — 4,343 — — — — — 4,343 Included in OCI (1,208 ) (11,558 ) — — — — — (12,766 ) Deconsolidation of VIEs (55,776 ) 172,154 (21,852 ) — — — — 94,526 Transfers into Level 3 — — — — — — — — Balance, March 31, 2016 $ 89,565 $ 208,554 $ 3,886 $ 31,775 $ 1,051 $ 3,397 $ 214 $ 338,442 (1) Structured finance securities, loans held for sale, interest rate lock commitments, and forwards on residential mortgage loans include $145,000 , $(52,000) , $19,000 , and $(98,000) , respectively, in earnings attributable to the change in unrealized gains or losses relating to assets still held at the reporting date for the three months ended March 31, 2016 . 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 Forwards - Residential Mortgage Loans Interest Rate Lock Commitments Total Beginning balance, January 1, 2016 $ 3,459 $ 479 $ 3 $ 3,941 Included in earnings (66 ) (90 ) 8 (148 ) Settlements — (214 ) (9 ) (223 ) Unrealized gains - included in accumulated other comprehensive income (3,302 ) — — (3,302 ) Ending balance, March 31, 2016 $ 91 $ 175 $ 2 $ 268
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 March 31, 2016: Assets : Loans held for sale $ — $ 3,459 $ 153 $ 3,612 Impaired loans — — 38,133 38,133 Mortgage servicing rights — — 20,569 20,569 Total assets at fair value $ — $ 3,459 $ 58,855 $ 62,314 As of December 31, 2015: Assets : Loans held for sale $ — $ 1,279 $ 153 $ 1,432 Impaired loans — 262 129,433 129,695 Total assets at fair value $ — $ 1,541 $ 129,586 $ 131,127
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 March 31, 2016 , 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 March 31, 2016 Valuation Technique Significant Unobservable Inputs Significant Unobservable Input Value Interest rate swap agreements $ 91 Discounted cash flow Weighted average credit spreads 5.68 % Warrant $ 1,051 Option pricing model Market capitalization (in millions) $ 172.7 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 March 31, 2016: Loans held-for-investment $ 1,771,917 $ 1,763,790 $ — $ 44,326 $ 1,719,464 CDO notes $ 734,587 $ 713,526 $ — $ — $ 713,526 Junior subordinated notes $ 51,548 $ 22,919 $ — $ — $ 22,919 Convertible notes $ 215,000 $ 215,000 $ — $ — $ 215,000 Repurchase agreements $ 470,945 $ 470,945 $ — $ — $ 470,945 Senior secured revolving credit agreement $ 153,000 $ 153,000 $ — $ — $ 153,000 As of December 31, 2015: Loans held-for-investment $ 2,160,751 $ 2,150,061 $ — $ 222,100 $ 1,927,961 CDO notes $ 1,032,581 $ 923,817 $ — $ — $ 923,817 Junior subordinated notes $ 51,413 $ 17,907 $ — $ — $ 17,907 Convertible notes $ 205,484 $ 205,484 $ — $ — $ 205,484 Repurchase agreements $ 418,836 $ 418,836 $ — $ — $ 418,836 Senior secured revolving credit agreement $ 186,974 $ 186,974 $ — $ — $ 186,974

MARKET RISK AND DERIVATIVE IN50

MARKET RISK AND DERIVATIVE INSTRUMENTS (Tables) - Interest Rate Swaps	3 Months Ended
	Mar. 31, 2016
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 periods presented: Fair Value of Derivative Instruments as of March 31, 2016 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements $ 233,071 Derivatives, at fair value $ 3,397 Forward contracts - residential mortgage lending $ 58,979 Derivatives, at fair value $ 240 Warrants (1) $ 553 Derivatives, at fair value $ 1,051 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (2) $ 1,880 Derivatives, at fair value $ 91 Interest rate lock agreements $ 5,882 Derivatives, at fair value $ 2 Forward contracts - residential mortgage lending $ 274,319 Derivatives, at fair value $ 1,856 Forward contracts - foreign currency, hedging (3)(4) $ 31,565 Derivatives, at fair value $ 712 Forward contracts - TBA securities $ 26,000 Derivatives, at fair value $ 81 Interest rate swap contracts, hedging $ 1,880 Accumulated other comprehensive (income) loss $ 43 (1) The notional amount of the Company's warrants is calculated by multiplying the number of shares available for purchase by exercise price. (2) Interest rate swap contracts are accounted for as cash flow hedges. (3) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €27.7 million as of March 31, 2016 . (4) Foreign currency forward contracts are accounted for as fair value hedges. Fair Value of Derivative Instruments as of December 31, 2015 (in thousands) Asset Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate lock agreements (1) $ 105,385 Derivatives, at fair value $ 1,224 Forward contracts - residential mortgage lending $ 92,413 Derivatives, at fair value $ 345 Forward contracts - foreign currency, hedging (2)(3) $ 24,850 Derivatives, at fair value $ 727 Forward contracts - TBA securities $ 29,500 Derivatives, at fair value $ 99 Warrants (4) $ 553 Derivatives, at fair value $ 1,051 Liability Derivatives Notional Amount Balance Sheet Location Fair Value Interest rate swap contracts, hedging (5) $ 102,799 Derivatives, at fair value $ 3,459 Interest rate lock agreements (6) $ 505 Derivatives, at fair value $ 3 Forward contracts - residential mortgage lending $ 143,553 Derivatives, at fair value $ 479 Forward contracts - TBA securities $ 1,500 Derivatives, at fair value $ — Interest rate swap contracts, hedging $ 102,799 Accumulated other comprehensive (income) loss $ (3,471 ) (1) The notional amount of the Company's interest rate lock agreements in an asset position is the pull-through weighted total commitments with a weighted average pull-through percentage of 85.9% . (2) Notional amount presented on currency converted basis. The notional amount of the Company's foreign currency hedging forward contracts was €22.9 million as of December 31, 2015 . (3) Foreign currency forward contracts are accounted for as fair value hedges. (4) The notional amount of the Company's warrants is calculated by multiplying the number of shares available for purchase by the exercise price. (5) Interest rate swap contracts are accounted for as cash flow hedges. (6) The notional amount of the Company's interest rate lock agreements in a liability position is the pull-through weighted total commitments with a weighted average pull-through percentage of 19.5% .
The Effect of Derivative Instruments on the Statement of Income	The Effect of Derivative Instruments on the Statements of Operations for the Three Months Ended March 31, 2016 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ 95 Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,175 Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (1,482 ) Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (1,116 ) Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (481 ) (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 Three Months Ended March 31, 2015 (in thousands) Derivatives Statement of Operations Location Realized and Unrealized Gain (Loss) (1) Interest rate swap contracts, hedging Interest expense $ 1,634 Interest rate swap contracts, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 112 Interest rate lock agreements Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 2,759 Forward contracts - RMBS securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 46 Forward contracts - residential mortgage lending Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 283 Forward contracts - foreign currency, hedging Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 3,638 Options - U.S. Treasury futures Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ 199 Forward contracts - TBA securities Net realized and unrealized gain (loss) on sales of investment securities available-for-sale and loans and derivatives $ (115 ) (1) Negative values indicate a decrease to the associated consolidated statements of operations line items.

OFFSETTING OF FINANCIAL ASSET51

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Derivative hedging instruments, at fair value $ 4,688 $ — $ 4,688 $ — $ — $ 4,688 Total $ 4,688 $ — $ 4,688 $ — $ — $ 4,688 As of December 31, 2015: Derivative hedging instruments, at fair value $ 3,446 $ — $ 3,446 $ — $ — $ 3,446 Total $ 3,446 $ — $ 3,446 $ — $ — $ 3,446
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 March 31, 2016: Derivative hedging instruments, (3) $ 2,742 $ — $ 2,742 $ — $ 500 $ 2,242 Repurchase agreements and term facilities (4) 469,069 — 469,069 469,069 — — Total $ 471,811 $ — $ 471,811 $ 469,069 $ 500 $ 2,242 As of December 31, 2015: Derivative hedging instruments, (3) $ 3,941 $ — $ 3,941 $ — $ 500 $ 3,441 Repurchase agreements and term facilities (4) 418,836 — 418,836 418,836 — — Total $ 422,777 $ — $ 422,777 $ 418,836 $ 500 $ 3,441 (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 $500,000 and $500,000 at March 31, 2016 and December 31, 2015 , respectively. (4) The combined fair value of securities and loans pledged against the Company's various term facilities and repurchase agreements was $711.8 million and $643.2 million at March 31, 2016 and December 31, 2015 , respectively.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2016
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 For the Three Months Ended March 31, 2016: Interest income: External customers $ 25,039 $ 630 $ 12,204 $ 983 $ — $ 38,856 Other 19 1,209 5 — 8 1,241 Total interest income 25,058 1,839 12,209 983 8 40,097 Interest expense 8,224 — 1,697 772 5,078 15,771 Net interest income 16,834 1,839 10,512 211 (5,070 ) 24,326 Amortization of MSRs — — — (1,058 ) — (1,058 ) Other income from external customers — 572 — (216 ) 18 374 Total revenues 16,834 2,411 10,512 (1,063 ) (5,052 ) 23,642 Less: Segment operating expenses 66 269 1,514 807 2,647 5,303 General and administrative 392 349 1,054 6,289 1,986 10,070 Depreciation and amortization — 474 1 131 35 641 Provision (recovery) for loan losses 68 (138 ) 107 — — 37 Equity in earnings of unconsolidated subsidiaries (273 ) (1,949 ) — — — (2,222 ) Gain on sale of mortgages — — — (3,133 ) — (3,133 ) Other (income) expense 3 (1,440 ) — (976 ) 576 (1,837 ) Income (loss) before taxes 16,578 4,846 7,836 (4,181 ) (10,296 ) 14,783 Income tax (expense) benefit — (2,366 ) — 1,585 18 (763 ) Net income (loss) $ 16,578 $ 2,480 $ 7,836 $ (2,596 ) $ (10,278 ) $ 14,020 Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1)(2)(3) Total For the Three Months Ended March 31, 2015: Interest income: External customers $ 22,346 $ 6,316 $ 6,511 $ 1,637 $ — $ 36,810 Other 5 764 1 — 62 832 Total interest income 22,351 7,080 6,512 1,637 62 37,642 Interest expense 7,091 1,069 880 1,117 4,745 14,902 Net interest income 15,260 6,011 5,632 520 (4,683 ) 22,740 Amortization of MSRs — — — (825 ) — (825 ) Other income from external customers — 1,215 — 780 16 2,011 Total revenues 15,260 7,226 5,632 475 (4,667 ) 23,926 Less: Segment operating expenses 5 419 541 1,021 2,598 4,584 General and administrative 416 1,171 486 7,398 1,500 10,971 Depreciation and amortization — 444 — 91 30 565 Impairment losses — 59 — — — 59 Provision (recovery) for loan losses — 1,228 2,565 197 — 3,990 Equity in earnings of unconsolidated subsidiaries (46 ) (660 ) — — — (706 ) Gain on sale of mortgages — — — (3,534 ) — (3,534 ) Other (income) expense 693 (3,014 ) 17 (4,766 ) (4,750 ) (11,820 ) Income (loss) before taxes 14,192 7,579 2,023 68 (4,045 ) 19,817 Income tax (expense) benefit (40 ) 51 — (1,507 ) (351 ) (1,847 ) Net income (loss) $ 14,152 $ 7,630 $ 2,023 $ (1,439 ) $ (4,396 ) $ 17,970 (1) Includes interest expense for the Convertible Senior Notes of $ 4.4 million for the three months ended March 31, 2016 and $4.1 million for the three months ended March 31, 2015 . (2) Includes interest expense for the Unsecured Junior Subordinated Debentures of $641,000 for the three months ended March 31, 2016 and $593,000 for the three months ended March 31, 2015 . (3) Includes general corporate expenses and inter-segment eliminations not allocable to any particular operating segment. The following table presents total assets by segment for the periods indicated (in thousands): Total Assets (2) Commercial Real Estate Lending Commercial Finance Middle Market Lending Residential Mortgage Lending Corporate & Other (1) Total March 31, 2016 $ 1,729,965 $ 144,254 $ 346,838 $ 178,839 $ 26,383 $ 2,426,279 December 31, 2015 $ 1,907,951 $ 298,028 $ 384,973 $ 149,351 $ 20,129 $ 2,760,432 (1) Includes assets not allocable to any particular operating segment. (2) On January 1, 2016, we adopted amendments to the consolidation accounting guidance (see Note 2) and deconsolidated two and three VIEs in the Commercial Real Estate Lending and Commercial Finance operating segments, respectively.

ORGANIZATION AND BASIS OF PRE53

ORGANIZATION AND BASIS OF PRESENTATION (Details) - Entity	Dec. 15, 2015	Apr. 30, 2015	Feb. 26, 2014	Jul. 31, 2014	May. 31, 2013	Mar. 31, 2016	Sep. 30, 2014
RREF 2006-1 | RCC Real Estate
Variable Interest Entity [Line Items]
Ownership percentage in VIE						100.00%
Northport LLC | RCC Commercial
Variable Interest Entity [Line Items]
Ownership percentage in VIE						29.60%
Northport LLC | Resource TRS, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE						25.80%
Northport LLC | Resource TRS, Inc
Variable Interest Entity [Line Items]
Ownership percentage in VIE						44.60%
Apidos III | RCC Commercial
Variable Interest Entity [Line Items]
Ownership percentage in VIE						100.00%
Apidos Cinco | RCC Commercial II
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
Variable Interest Entity [Line Items]
Ownership percentage in VIE						68.30%
Moselle | RCC Commercial II
Variable Interest Entity [Line Items]
Ownership percentage in VIE						88.60%
Apidos I | RCC Commercial III
Variable Interest Entity [Line Items]
Ownership percentage in VIE						90.00%
Apidos I | RSO EquityCo, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE						10.00%
RREF 2007-1 | RCC Real Estate
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased						100.00%
RCC CRE Notes 2013 Senior Notes | RCC Real Estate
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased						100.00%
Resource Capital Corp. 2014-CRE2, Ltd. | RCC Real Estate
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased						100.00%
Resource Capital Asset Management CDOs | Resource TRS II
Variable Interest Entity [Line Items]
Ownership percentage in VIE						100.00%
Number of CDO issuers						3
Apidos CLO VIII Ltd. | Resource TRS III
Variable Interest Entity [Line Items]
Ownership percentage in VIE						33.00%
Apidos CLO VIII Ltd. | RSO EquityCo, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE						10.00%
Life Care Funding, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE	70.90%	60.70%	50.20%
Life Care Funding, LLC | Long Term Care Conversion Funding
Variable Interest Entity [Line Items]
Ownership percentage in VIE						70.90%
Long Term Care Conversion Funding | Long Term Care Conversion, Inc
Variable Interest Entity [Line Items]
Ownership percentage in VIE						100.00%
Primary Capital Advisors LLC | RCC Residential, Inc.
Variable Interest Entity [Line Items]
Ownership percentage in VIE						100.00%
RCM Global, LLC | RCC Residential, Inc.
Variable Interest Entity [Line Items]
Ownership percentage in VIE				63.80%		25.40%
RCC Opportunities Trust | RCC Depositor, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE						100.00%
Resource Capital Corp. 2015-CRE3, Ltd. | RCC Real Estate
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased						100.00%
Pelium
Variable Interest Entity [Line Items]
Ownership percentage (percent)						80.20%	80.40%
CVC Capital Partners | Resource America
Variable Interest Entity [Line Items]
Ownership percentage (percent)						24.00%

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions		Aug. 31, 2015	Aug. 03, 2015	Mar. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Accounting Policies [Abstract]
Cash balance in excess of federal deposit Insurance limit, amount | $	[1]			$ 67.6	$ 74.3
Common stock, shares authorized (in shares)				125,000,000	125,000,000
Preferred stock, shares authorized (in shares)				100,000,000
Stock split, conversion ratio		0.25	4
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

SUMMARY OF SIGNIFICANT ACCOUN55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Variable Interest Entity (Details)	Mar. 31, 2016USD ($)	Jan. 01, 2016USD ($)Loan	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Deconsolidation of variable interest entities			$ (23,851,000)
ASSETS:
Cash and cash equivalents	$ 0		95,000
Restricted cash	7,986,000		39,061,000
Investment securities available-for-sale, pledged as collateral, at fair value	0		66,137,000
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million	1,039,119,000		1,416,441,000
Loans held for sale	153,000		1,475,000
Interest receivable	4,185,000		6,592,000
Prepaid expenses	64,000		238,000
Principal paydown receivable	0		17,800,000
Other assets	0		833,000
Total assets of consolidated VIEs	1,051,507,000		1,548,672,000
LIABILTITES:
Borrowings	725,109,000		1,032,581,000
Accrued interest expense	635,000		923,000
Derivatives, at fair value	0		3,346,000
Accounts payable and other liabilities	44,000		(117,000)
Total liabilities of consolidated VIEs	725,788,000		1,036,733,000
Equity [Abstract]
Specific Allowance	0		41,556,000
Allowance for loan loss	4,155,000		47,071,000
Impaired financing receivable, recorded investment	38,133,000		$ 171,251,000
VIE, Primary Beneficiary
ASSETS:
Restricted cash	7,986,000
Investment securities available-for-sale, pledged as collateral, at fair value		$ 364,600,000
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million	1,039,119,000
Loans held for sale	153,000
Interest receivable	4,185,000
Prepaid expenses	64,000
Total assets of consolidated VIEs	1,051,507,000
LIABILTITES:
Borrowings	725,109,000
Accrued interest expense	635,000
Accounts payable and other liabilities	44,000
Total liabilities of consolidated VIEs	$ 725,788,000
Total Deconsolidated VIEs
ASSETS:
Cash and cash equivalents		472,000
Restricted cash		17,076,000
Investment securities available-for-sale, pledged as collateral, at fair value		364,589,000
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million		1,322,000
Loans held for sale		68,997,000
Investment securities, trading		21,851,000
Investments in deconsolidated entities		17,250,000
Interest receivable		4,299,000
Prepaid expenses		256,000
Principal paydown receivable		17,800,000
Other assets		972,000
Total assets of consolidated VIEs		514,884,000
LIABILTITES:
Borrowings		297,191,000
Accrued interest expense		297,000
Derivatives, at fair value		3,346,000
Accounts payable and other liabilities		255,000
Total liabilities of consolidated VIEs		301,089,000
Equity [Abstract]
Retained earnings		206,876,000
Non-controlling interests		8,876,000
Accumulated other comprehensive loss		(1,957,000)
Total equity		213,795,000
Total liabilities and equity		$ 514,884,000
Number of impaired loans | Loan		4
Impaired financing receivable, recorded investment		$ 91,300,000
Retained Interest
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 and net of allowances of $1.1 million and $42.8 million		0
Loans held for sale		166,769,000
Investment securities, trading		0
Investments in deconsolidated entities		23,175,000
Interest receivable		0
Prepaid expenses		0
Principal paydown receivable		0
Other assets		0
Total assets of consolidated VIEs		189,944,000
LIABILTITES:
Borrowings		0
Accrued interest expense		0
Derivatives, at fair value		0
Accounts payable and other liabilities		0
Total liabilities of consolidated VIEs		0
Equity [Abstract]
Retained earnings		189,944,000
Non-controlling interests		0
Accumulated other comprehensive loss		0
Total equity		189,944,000
Total liabilities and equity		189,944,000
Net Impact on Deconsolidation
ASSETS:
Cash and cash equivalents		472,000
Restricted cash		17,076,000
Investment securities available-for-sale, pledged as collateral, at fair value		364,589,000
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million		1,322,000
Loans held for sale		(97,772,000)
Investment securities, trading		21,851,000
Investments in deconsolidated entities		(5,925,000)
Interest receivable		4,299,000
Prepaid expenses		256,000
Principal paydown receivable		17,800,000
Other assets		972,000
Total assets of consolidated VIEs		324,940,000
LIABILTITES:
Borrowings		297,191,000
Accrued interest expense		297,000
Derivatives, at fair value		3,346,000
Accounts payable and other liabilities		255,000
Total liabilities of consolidated VIEs		301,089,000
Equity [Abstract]
Retained earnings		16,932,000
Non-controlling interests		8,876,000
Accumulated other comprehensive loss		(1,957,000)
Total equity		23,851,000
Total liabilities and equity		324,940,000
Apidos Cinco CDO Senior Notes
Equity [Abstract]
Specific Allowance		1,300,000
RREF CDO 2006-1, CDO 2007-1 Senior Notes
Equity [Abstract]
Specific Allowance		40,300,000
Commercial Real Estate Loans
Equity [Abstract]
Allowance for loan loss		$ 142,000

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details)		Mar. 31, 2016USD ($)PositionEntityDirector		Jul. 09, 2014USD ($)	Nov. 16, 2011USD ($)shares	Sep. 30, 2014USD ($)	Jul. 31, 2014USD ($)	Feb. 28, 2014	May. 31, 2013	Feb. 28, 2013Entity	Oct. 31, 2012	Feb. 28, 2011USD ($)Entity	Mar. 31, 2016USD ($)PositionEntityDirector		Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Entityshares		Jan. 01, 2016Entity	Dec. 15, 2015USD ($)	Apr. 30, 2015USD ($)
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		$ 74,356,000	[1]										$ 74,356,000	[1]		$ 50,030,000	[1]		$ 1,300,000	$ 750,000
Borrowings	[2]	1,602,025,000											1,602,025,000			1,895,288,000
Intangible assets	[1]	$ 25,511,000											25,511,000			26,228,000
Fee income													$ (701,000)		$ 1,170,000
Pelium
Variable Interest Entity [Line Items]
Acquisition of membership interests						$ 17,500,000
Ownership percentage (percent)		80.20%				80.40%							80.20%
Payments to acquire additional interest in subsidiaries						$ 2,500,000
Ownership interest						10.00%
Ownership interest increase		20.00%											20.00%
Contributions						$ 40,000,000
RCC Residential, Inc.
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		$ 43,428,000			$ 36,300,000								$ 43,428,000			42,017,000
Investment in RCAM
Variable Interest Entity [Line Items]
Number of CLOs held by purchased entity | Entity												5
Acquisition												$ 22,500,000
Fee income													402,000		965,000
Impairment of intangible assets													$ 2,400,000			$ 2,400,000
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of consolidated VIEs | Entity		7											7			13		5
Financial support provided to VIEs															$ 0
VIE, Primary Beneficiary | Moselle
Variable Interest Entity [Line Items]
Acquisition of membership interests													$ 30,400,000
VIE, Primary Beneficiary | Investment in RCAM
Variable Interest Entity [Line Items]
Preferred equity interest acquired											66.60%
VIE, Primary Beneficiary | Whitney CLO I
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased									68.30%
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities		$ 272,107,000											272,107,000
Variable Interest Entity, Not Primary Beneficiary | Pelium
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 | LCC
Variable Interest Entity [Line Items]
Preferred stock, coupon authorized (in hundredths)													8.00%
Ownership percentage in VIE		29.00%			26.70%
Investments in unconsolidated entities																$ 42,000,000
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		$ 43,428,000											$ 43,428,000
Variable Interest Entity, Not Primary Beneficiary | LCC | Preferred Shares - Series A
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 | LCC | Preferred Shares - Series B
Variable Interest Entity [Line Items]
Shares received in equity method transaction (in shares) | shares					4,872
Variable Interest Entity, Not Primary Beneficiary | LCC | Series D Preferred Stock
Variable Interest Entity [Line Items]
Shares received in equity method transaction (in shares) | shares					2,364
Variable Interest Entity, Not Primary Beneficiary | LCC | Series A1 Preferred Stock
Variable Interest Entity [Line Items]
Shares received in equity method transaction (in shares) | shares																3,682
Variable Interest Entity, Not Primary Beneficiary | LCC | Series E Preferred Stock
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 | LCC | Investment in LCC Preferred Stock
Variable Interest Entity [Line Items]
Ownership percentage (percent)		29.00%											29.00%
Variable Interest Entity, Not Primary Beneficiary | 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 | 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 | 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 | Investment in RCAM
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 | 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 | Harvest XV
Variable Interest Entity [Line Items]
Investment in unconsolidated entities		17,300,000											17,300,000
Variable Interest Entity, Not Primary Beneficiary | Harvest CLO VII Limited
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		3,900,000											3,900,000
Variable Interest Entity, Not Primary Beneficiary | Harvest CLO VIII Limited
Variable Interest Entity [Line Items]
Investments in unconsolidated entities		$ 4,700,000											$ 4,700,000
Class 1 Subordinated Notes | Moselle CLO S.A. Senior Notes
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased								100.00%
Class 2 Subordinated Notes | Moselle CLO S.A. Senior Notes
Variable Interest Entity [Line Items]
Percentage of outstanding notes purchased								67.90%
Resource America
Variable Interest Entity [Line Items]
Payments to acquire additional interest in subsidiaries						$ 2,800,000
RCC Residential, Inc. | RCM Global, LLC
Variable Interest Entity [Line Items]
Ownership percentage in VIE							63.80%						25.40%
Variable interest entity, total number of board positions | Director		5											5
Investment in RCAM
Variable Interest Entity [Line Items]
Intangible assets		$ 4,842,000											$ 4,842,000			$ 5,300,000
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672
[2]	March 31, 2016 December 31, 2015Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $725,109 $1,032,581 Accrued interest expense635 923 Derivatives, at fair value— 3,346 Accounts payable and other liabilities44 (117) Total liabilities of consolidated VIEs$725,788 $1,036,733

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS:
Restricted cash	$ 7,986	$ 39,061
Loans, pledged as collateral	1,039,119	1,416,441
Loans held for sale	153	1,475
Interest receivable	4,185	6,592
Prepaid assets	64	238
Total assets of consolidated VIEs	1,051,507	1,548,672
LIABILITIES
Borrowings	725,109	1,032,581
Accrued interest expense	635	923
Accounts payable and other liabilities	44	(117)
Total liabilities of consolidated VIEs	725,788	$ 1,036,733
VIE, Primary Beneficiary
ASSETS:
Restricted cash	7,986
Loans, pledged as collateral	1,039,119
Loans held for sale	153
Interest receivable	4,185
Prepaid assets	64
Total assets of consolidated VIEs	1,051,507
LIABILITIES
Borrowings	725,109
Accrued interest expense	635
Accounts payable and other liabilities	44
Total liabilities of consolidated VIEs	725,788
Restricted cash available for reinvestment in certain of the CDOs	962
Apidos I | VIE, Primary Beneficiary
ASSETS:
Restricted cash	69
Loans, pledged as collateral	0
Loans held for sale	153
Interest receivable	0
Prepaid assets	0
Total assets of consolidated VIEs	222
LIABILITIES
Borrowings	0
Accrued interest expense	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	0
Apidos III | VIE, Primary Beneficiary
ASSETS:
Restricted cash	123
Loans, pledged as collateral	0
Loans held for sale	0
Interest receivable	0
Prepaid assets	0
Total assets of consolidated VIEs	123
LIABILITIES
Borrowings	0
Accrued interest expense	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	0
Whitney CLO I | VIE, Primary Beneficiary
ASSETS:
Restricted cash	169
Loans, pledged as collateral	0
Loans held for sale	0
Interest receivable	0
Prepaid assets	0
Total assets of consolidated VIEs	169
LIABILITIES
Borrowings	0
Accrued interest expense	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	0
RCC CRE Notes 2013 Senior Notes | VIE, Primary Beneficiary
ASSETS:
Restricted cash	949
Loans, pledged as collateral	94,228
Loans held for sale	0
Interest receivable	411
Prepaid assets	17
Total assets of consolidated VIEs	95,605
LIABILITIES
Borrowings	48,005
Accrued interest expense	65
Accounts payable and other liabilities	13
Total liabilities of consolidated VIEs	48,083
RCC 2014-CRE2 Senior Notes | VIE, Primary Beneficiary
ASSETS:
Restricted cash	13
Loans, pledged as collateral	297,475
Loans held for sale	0
Interest receivable	1,198
Prepaid assets	16
Total assets of consolidated VIEs	298,702
LIABILITIES
Borrowings	177,478
Accrued interest expense	126
Accounts payable and other liabilities	31
Total liabilities of consolidated VIEs	177,635
RCC 2015-CRE3 | VIE, Primary Beneficiary
ASSETS:
Restricted cash	6,661
Loans, pledged as collateral	337,192
Loans held for sale	0
Interest receivable	1,363
Prepaid assets	16
Total assets of consolidated VIEs	345,232
LIABILITIES
Borrowings	278,878
Accrued interest expense	256
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	279,134
RCC 2015-CRE4 | VIE, Primary Beneficiary
ASSETS:
Restricted cash	2
Loans, pledged as collateral	310,224
Loans held for sale	0
Interest receivable	1,213
Prepaid assets	15
Total assets of consolidated VIEs	311,454
LIABILITIES
Borrowings	220,748
Accrued interest expense	188
Accounts payable and other liabilities	0
Total liabilities of consolidated VIEs	$ 220,936

VARIABLE INTEREST ENTITIES (S58

VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Restricted cash	$ 7,986	$ 39,061
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million	1,039,119	1,416,441
Loans held for sale	153	1,475
Interest receivable	4,185	6,592
Prepaid expenses	64	238
Principal paydown receivable	0	17,800
Other assets	1,051,507	1,548,672
Borrowings	725,109	1,032,581
Accrued interest expense	635	923
Accounts payable and other liabilities	44	(117)
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	725,788	$ 1,036,733
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	272,107
Intangible assets	4,841
Total assets	276,948
Borrowings	51,467
Total liabilities	51,467
Net asset (liability)	225,481
Variable Interest Entity, Not Primary Beneficiary | Investments in Unconsolidated Entities
Variable Interest Entity [Line Items]
Unconsolidated Variable Interest Entities, Maximum Exposure to Loss	272,107
Variable Interest Entity, Not Primary Beneficiary | Intangible Assets
Variable Interest Entity [Line Items]
Unconsolidated Variable Interest Entities, Maximum Exposure to Loss	4,841
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	7,986
Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million	1,039,119
Loans held for sale	153
Interest receivable	4,185
Prepaid expenses	64
Other assets	1,051,507
Borrowings	725,109
Accrued interest expense	635
Accounts payable and other liabilities	44
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	725,788
LCC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	43,428
Intangible assets	0
Total assets	43,428
Borrowings	0
Total liabilities	0
Net asset (liability)	43,428
Unsecured Junior Subordinated Debentures | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	1,548
Intangible assets	0
Total assets	1,548
Borrowings	51,467
Total liabilities	51,467
Net asset (liability)	(49,919)
Resource Capital Asset Management CDOs | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	0
Intangible assets	4,841
Total assets	4,841
Borrowings	0
Total liabilities	0
Net asset (liability)	4,841
Investment in ZAIS and Harvest | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	35,660
Intangible assets	0
Total assets	35,660
Borrowings	0
Total liabilities	0
Net asset (liability)	35,660
RREF CDO 2006-1 Senior Notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	58,401
Intangible assets	0
Total assets	58,401
Borrowings	0
Total liabilities	0
Net asset (liability)	58,401
RREF CDO 2007-1 Senior Notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	92,695
Intangible assets	0
Total assets	92,695
Borrowings	0
Total liabilities	0
Net asset (liability)	92,695
Apidos Cinco CDO Senior Notes | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	17,542
Intangible assets	0
Total assets	17,542
Borrowings	0
Total liabilities	0
Net asset (liability)	17,542
RCM Global, LLC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	470
Intangible assets	0
Total assets	470
Borrowings	0
Total liabilities	0
Net asset (liability)	470
Pelium Capital | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investment in unconsolidated entities	22,363
Intangible assets	0
Total assets	22,363
Borrowings	0
Total liabilities	0
Net asset (liability)	$ 22,363

SUPPLEMENTAL CASH FLOW INFORM59

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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	$ 0	$ 48,605
Non-cash financing activities include the following:
Reclassification of linked transactions, net at fair value to borrowings	0	33,377
Common Stock
Non-cash financing activities include the following:
Distributions on common and preferred stock declared but not paid	13,073	21,423
Preferred Stock
Non-cash financing activities include the following:
Distributions on common and preferred stock declared but not paid	$ 4,010	$ 6,116

INVESTMENT SECURITIES TRADING60

INVESTMENT SECURITIES TRADING (Schedule of Investment Trading Securities at Fair Value) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost		$ 7,890	$ 30,472
Unrealized Gains		0	1,674
Unrealized Losses		(4,004)	(6,596)
Fair Value	[1]	3,886	25,550
Structured notes
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost		5,994	28,576
Unrealized Gains		0	1,674
Unrealized Losses		(2,108)	(4,700)
Fair Value		3,886	25,550
RMBS
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]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

INVESTMENT SECURITIES TRADING61

INVESTMENT SECURITIES TRADING (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)Security	Mar. 31, 2015USD ($)Security	Jan. 01, 2016USD ($)	Dec. 31, 2015USD ($)Security
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment securities, trading	[1]	$ 3,886			$ 25,550
Trading securities, number sold | Security		0	12
Trading securities, realized gain			$ 432
Number of trading securities held | Security		6			56
Pelium
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investment securities, trading				$ 21,900
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

INVESTMENT SECURITIES AVAILAB62

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 301,438	$ 205,156
Unrealized Gains	1,750	5,971
Unrealized Losses	(2,999)	(3,039)
Fair Value	300,189	208,088
CMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	91,192	158,584
Unrealized Gains	313	2,631
Unrealized Losses	(1,940)	(1,791)
Fair Value	89,565	159,424
RMBS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,033	2,156
Unrealized Gains	111	122
Unrealized Losses	(74)	(88)
Fair Value	2,070	2,190
ABS
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	208,213	41,994
Unrealized Gains	1,326	3,218
Unrealized Losses	(985)	(998)
Fair Value	$ 208,554	44,214
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,422
Unrealized Gains		0
Unrealized Losses		(162)
Fair Value		$ 2,260

INVESTMENT SECURITIES AVAILAB63

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value
Less than one year	$ 234,151	$ 117,221
Greater than one year and less than five years	49,104	71,370
Greater than five years and less than ten years	9,043	12,382
Greater than ten years	7,891	7,115
Total	300,189	208,088
Amortized Cost
Less than one year	234,946	118,215
Greater than one year and less than five years	49,821	68,808
Greater than five years and less than ten years	8,923	11,271
Greater than ten years	7,748	6,862
Total	$ 301,438	$ 205,156
Weighted Average Coupon
Less than one year	8.44%	7.13%
Greater than one year and less than five years	5.12%	5.31%
Greater than five years and less than ten years	8.88%	10.45%
Greater than ten years	11.56%	16.85%
Total	7.99%	7.03%

INVESTMENT SECURITIES AVAILAB64

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Gross Unrealized Loss and Fair Value of Securities) (Details) $ in Thousands	Mar. 31, 2016USD ($)Security	Dec. 31, 2015USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 62,745	$ 83,122
Unrealized Losses, less than 12 months	$ (2,635)	$ (1,779)
Number of Securities, less than 12 months | Security	31	39
Fair value, more than 12 months	$ 13,151	$ 15,778
Unrealized losses, more than 12 Months	$ (364)	$ (1,260)
Number of Securities, more than 12 Months | Security	9	21
Fair value, total	$ 75,896	$ 98,900
Unrealized losses, total	$ (2,999)	$ (3,039)
Number of Securities, total | Security	40	60
CMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 55,648	$ 79,570
Unrealized Losses, less than 12 months	$ (1,576)	$ (849)
Number of Securities, less than 12 months | Security	24	31
Fair value, more than 12 months	$ 13,151	$ 13,783
Unrealized losses, more than 12 Months	$ (364)	$ (942)
Number of Securities, more than 12 Months | Security	9	15
Fair value, total	$ 68,799	$ 93,353
Unrealized losses, total	$ (1,940)	$ (1,791)
Number of Securities, total | Security	33	46
ABS
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 5,991	$ 2,330
Unrealized Losses, less than 12 months	$ (985)	$ (824)
Number of Securities, less than 12 months | Security	5	5
Fair value, more than 12 months	$ 0	$ 668
Unrealized losses, more than 12 Months	$ 0	$ (174)
Number of Securities, more than 12 Months | Security	0	5
Fair value, total	$ 5,991	$ 2,998
Unrealized losses, total	$ (985)	$ (998)
Number of Securities, total | Security	5	10
Corporate bonds
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months		$ 65
Unrealized Losses, less than 12 months		$ (18)
Number of Securities, less than 12 months | Security		1
Fair value, more than 12 months		$ 1,327
Unrealized losses, more than 12 Months		$ (144)
Number of Securities, more than 12 Months | Security		1
Fair value, total		$ 1,392
Unrealized losses, total		$ (162)
Number of Securities, total | Security		2
RMBS
Schedule of Available-for-sale Securities [Line Items]
Fair Value, less than 12 months	$ 1,106	$ 1,157
Unrealized Losses, less than 12 months	$ (74)	$ (88)
Number of Securities, less than 12 months | Security	2	2
Fair value, more than 12 months	$ 0	$ 0
Unrealized losses, more than 12 Months	$ 0	$ 0
Number of Securities, more than 12 Months | Security	0	0
Fair value, total	$ 1,106	$ 1,157
Unrealized losses, total	$ (74)	$ (88)
Number of Securities, total | Security	2	2

INVESTMENT SECURITIES AVAILAB65

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Summary of Sales of Investment Securities Available-for-Sale) (Details) - ABS $ in Thousands	3 Months Ended
	Mar. 31, 2016Security	Mar. 31, 2015USD ($)Security
Schedule of Available-for-sale Securities [Line Items]
Positions Sold | Security	0	4
Positions Redeemed | Security		2
Par Amount Sold/Redeemed | $		$ 11,911
Realized Gain (Loss) | $		$ 6,269

INVESTMENT SECURITIES AVAILAB66

INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Jan. 01, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Investment securities available-for-sale, pledged as collateral, at fair value		$ 0		$ 66,137
Loans held for sale		153		1,475
Investment securities available-for-sale, pledged as collateral, at fair value	[1]	87,662		$ 162,306
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Investment securities available-for-sale, pledged as collateral, at fair value			$ 364,600
Loans held for sale		$ 153
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member]
Variable Interest Entity [Line Items]
Loans held for sale			$ 69,000
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

LOANS (Summary of Loans) (Detai

LOANS (Summary of Loans) (Details) $ in Thousands	Mar. 31, 2016USD ($)	Jan. 01, 2016USD ($)	Dec. 31, 2015USD ($)Loan
Receivables with Imputed Interest [Line Items]
Principal, gross	$ 1,785,511		$ 2,219,369
Unamortized (Discount) Premium, net	(9,439)		(11,547)
Gross carrying value of loans held for investment	1,776,072		2,207,822
Allowance for loan loss	(4,155)		(47,071)
Unamortized (discount) premium, gross, allowance for loan loss	0		0
Carrying value, allowance for loan loss	(4,155)		(47,071)
Principal, Net	1,781,356		2,172,298
Unamortized (discount) premium, Loans Held for Investment, net	(9,439)		(11,547)
Net carrying value of loans held for investment	1,771,917		2,160,751
First lien loans held for sale at fair value	126,153		95,946
Unamortized (discount) premium, Loans Held for Sale	0
Loans Receivable Held-for-sale, Amount, Carrying Value	126,153
Loans Receivable, Net			95,946
Loans held for investment and held for sale	1,907,509		2,268,244
Unamortized (discount) premium, net	(9,439)		(11,547)
Loans held for investment and held for sale, net carrying value	1,898,070		2,256,697
Deferred amendment fees	26		$ 42
Number of defaulted loans | Loan			1
Bank Loans
Receivables with Imputed Interest [Line Items]
Principal, gross		$ 134,500	$ 134,890
Unamortized (Discount) Premium, net			(373)
Gross carrying value of loans held for investment			134,517
Allowance for loan loss		(41,700)
First lien loans held for sale at fair value	153		1,475
Deferred upfront fee	206		12
Middle Market Loans
Receivables with Imputed Interest [Line Items]
Principal, gross	321,848		380,687
Unamortized (Discount) Premium, net	(608)		(1,235)
Gross carrying value of loans held for investment	321,240		379,452
First lien loans held for sale at fair value	3,459
Residential Mortgage Loans
Receivables with Imputed Interest [Line Items]
Principal, gross	1,704		1,746
Unamortized (Discount) Premium, net	0		0
Gross carrying value of loans held for investment	1,704		1,746
First lien loans held for sale at fair value	122,541		94,471
Residential Mortgage Loans
Receivables with Imputed Interest [Line Items]
Unamortized (Discount) Premium, net	0
First lien loans held for sale at fair value	122,541		94,471
Agency-Conforming
Receivables with Imputed Interest [Line Items]
First lien loans held for sale at fair value	31,600		29,200
Jumbo Mortgage Loans
Receivables with Imputed Interest [Line Items]
First lien loans held for sale at fair value	90,900		65,300
Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Principal, gross			1,702,046
Unamortized (Discount) Premium, net			(9,939)
Gross carrying value of loans held for investment			1,692,107
Loan origination fees	$ 8,800		$ 9,900
Commercial Real Estate Loans | CRE whole loans
Receivables with Imputed Interest [Line Items]
Fixed contractual interest in floating rate whole loan, Rate Two	12.00%
Fixed contractual interest in floating rate whole loan, Rate One			15.00%
Principal, gross	$ 1,461,959	$ 271,800	$ 1,640,744
Unamortized (Discount) Premium, net	(8,831)		(9,943)
Gross carrying value of loans held for investment	$ 1,453,128		1,630,801
Commercial Real Estate Loans | B notes
Receivables with Imputed Interest [Line Items]
Principal, gross			15,934
Unamortized (Discount) Premium, net			0
Gross carrying value of loans held for investment			15,934
Commercial Real Estate Loans | Mezzanine loans
Receivables with Imputed Interest [Line Items]
Principal, gross			45,368
Unamortized (Discount) Premium, net			4
Gross carrying value of loans held for investment			$ 45,372

LOANS (Commercial Real Estate L

LOANS (Commercial Real Estate Loans Held for Investment) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)Loan
Receivables with Imputed Interest [Line Items]
Allowance for loan loss	$ 4,155	$ 47,071
Individually evaluated for impairment	465	42,021
Provision (recovery) for loan and lease losses	$ 37	$ 49,889
Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Quantity | Loan	76	90
Amortized Cost	$ 1,453,128	$ 1,692,107
Allowance for loan loss		1,300
Whole Loans, Floating Rate
Receivables with Imputed Interest [Line Items]
Loans held for investment, unfunded loan commitments	$ 102,500	$ 112,600
Whole Loans, Floating Rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Quantity | Loan	76	87
Amortized Cost	$ 1,453,128	$ 1,630,801
Quantity of Loans, Fixed Contractual Interest in Floating Rate Whole Loan, Rate One | Loan	2	2
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.		$ 12,000
B notes, fixed rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Quantity | Loan		1
Amortized Cost		$ 15,934
Stated interest rate		8.68%
Maturity Dates		April 2,016
Mezzanine Loans, Fixed Rate
Receivables with Imputed Interest [Line Items]
Quantity | Loan		1
Mezzanine Loans, Fixed Rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Quantity | Loan		2
Amortized Cost		$ 45,372
Stated interest rate		9.01%
Maturity Dates	September 2,016
CRE whole loans
Receivables with Imputed Interest [Line Items]
Allowance for loan loss	$ 1,493	$ 3,745
CRE whole loans | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Amortized Cost	$ 1,453,128	$ 1,630,801
Fixed contractual interest in floating rate whole loan, Rate Two	12.00%
Fixed contractual interest in floating rate whole loan		15.00%
Preferred equity tranche
Receivables with Imputed Interest [Line Items]
Amortized Cost	$ 799	$ 799
Preferred equity tranche | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Fixed preferred equity interest in floating rate whole loan	10.00%
Mezzanine loans
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		38,079
Mezzanine loans | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Amortized Cost		45,372
Not included in total
Receivables with Imputed Interest [Line Items]
Allowance for loan loss	$ 1,500	41,800
Mezzanine Loans, Floating Rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.		4,200
Whole Loans, Floating Rate, Modification [Member] | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Amortized Cost	$ 2,000	$ 32,500
Minimum | Whole Loans, Floating Rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Maturity Dates	January 2,015	March 2,014
Variable rate basis	LIBOR	LIBOR
Basis spread on variable rate	2.50%	1.75%
Minimum | Whole Loans, Floating Rate, Modification [Member] | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Basis spread on variable rate	1.00%	1.00%
Maximum | Whole Loans, Floating Rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Maturity Dates	April 2,019	February 2,019
Variable rate basis	LIBOR	LIBOR
Basis spread on variable rate	15.00%	15.00%
Senior Component | Whole Loans, Floating Rate | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Quantity of Loans, Fixed Contractual Interest in Floating Rate Whole Loan, Rate One | Loan	2
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.	$ 11,200	$ 51,200
Senior Component | CRE whole loans | Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Fixed contractual interest in floating rate whole loan	0.50%	0.50%
Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Individually evaluated for impairment	$ 0	$ 40,274
Provision (recovery) for loan and lease losses	$ 68	37,735
Mezzanine loans
Receivables with Imputed Interest [Line Items]
Individually evaluated for impairment		$ 38,100

LOANS (Weighted Average Life of

LOANS (Weighted Average Life of Commercial Real Estate Loans, at Amortized Cost) (Details) - Commercial Real Estate Loans - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Receivables with Imputed Interest [Line Items]
2,016	$ 0	$ 38,903
2,017	45,381	140,712
2018 and thereafter	1,407,747	1,512,492
Total	1,453,128	1,692,107
B notes
Receivables with Imputed Interest [Line Items]
2,016		15,934
2,017		0
2018 and thereafter		0
Total		15,934
Mezzanine loans
Receivables with Imputed Interest [Line Items]
2,016		13,011
2,017		0
2018 and thereafter		32,361
Total		45,372
CRE whole loans
Receivables with Imputed Interest [Line Items]
2,016	0	9,958
2,017	45,381	140,712
2018 and thereafter	1,407,747	1,480,131
Total	$ 1,453,128	$ 1,630,801

LOANS (Weighted Average Life 70

LOANS (Weighted Average Life of Middle-Market and Bank Loans, at Amortized Cost) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Middle Market Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less than one year	$ 0	$ 14,960
Greater than one year and less than five years	220,146	250,709
Five years or greater	101,902	109,844
Total	$ 322,048	375,513
Bank Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less than one year		3,922
Greater than one year and less than five years		128,480
Five years or greater		3,590
Total		$ 135,992

LOANS (Allocation of Allowance

LOANS (Allocation of Allowance for Loan Loss for Commercial and Bank Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 4,155	$ 47,071
B notes
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss		$ 15
Percentage of Total Allowance		0.03%
Mezzanine loans
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss		$ 38,079
Percentage of Total Allowance		80.90%
CRE whole loans
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 1,493	$ 3,745
Percentage of Total Allowance	35.93%	7.96%
Bank Loans
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss		$ 1,282
Percentage of Total Allowance		2.72%
Middle Market Loans
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 2,651	$ 3,939
Percentage of Total Allowance	63.81%	8.37%
Residential Mortgage Loans
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$ 11	$ 11
Percentage of Total Allowance	0.26%	0.02%

LOANS (Loan Held for Investment

LOANS (Loan Held for Investment) (Details)	Mar. 31, 2016	Dec. 31, 2015
Commercial Real Estate Loans | TEXAS
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	31.00%	26.80%
Commercial Real Estate Loans | CALIFORNIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	24.70%	28.70%
Commercial Real Estate Loans | GEORGIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	8.50%	7.40%
Middle Market Loans | Industry Grouping of Diversified/conglomerate Service
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	15.00%	12.80%
Middle Market Loans | Industry Grouping of Healthcare, Education and Childcare
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	13.20%	12.40%
Residential Mortgage Loans | CALIFORNIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	15.20%
Residential Mortgage Loans | GEORGIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	39.50%	44.90%
Residential Mortgage Loans | VIRGINIA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	6.50%	9.10%
Residential Mortgage Loans | FLORIDA
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	4.60%	4.40%
Residential Mortgage Loans | UTAH
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)	16.90%	11.20%
Residential Mortgage Loans | COLORADO
Variable Interest Entity [Line Items]
Concentration of loan portfolio risk (in hundredths)		4.10%

LOANS (Lien position and status

LOANS (Lien position and status of our bank and middle market loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Loans held for investment:		$ 134,517
First lien loans held for sale at fair value	$ 126,153	95,946
Total		135,992
Apidos I
Related Party Transaction [Line Items]
Loans held for investment:		0
Total		153
Apidos III
Related Party Transaction [Line Items]
Loans held for investment:		0
Total		0
Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:		134,517
Total		135,839
First lien loans
Related Party Transaction [Line Items]
Loans held for investment:		131,281
First lien loans held for sale at fair value		1,475
First lien loans | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:		0
First lien loans held for sale at fair value		153
First lien loans | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:		0
First lien loans held for sale at fair value		0
First lien loans | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:		131,281
First lien loans held for sale at fair value		1,322
Second lien loans
Related Party Transaction [Line Items]
Loans held for investment:		1,692
Second lien loans | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:		0
Second lien loans | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:		0
Second lien loans | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:		1,692
Defaulted first lien loans
Related Party Transaction [Line Items]
Loans held for investment:		1,544
Defaulted first lien loans | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:		0
Defaulted first lien loans | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:		0
Defaulted first lien loans | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:		1,544
Defaulted second lien loans
Related Party Transaction [Line Items]
Loans held for investment:		0
Defaulted second lien loans | Apidos I
Related Party Transaction [Line Items]
Loans held for investment:		0
Defaulted second lien loans | Apidos III
Related Party Transaction [Line Items]
Loans held for investment:		0
Defaulted second lien loans | Apidos Cinco
Related Party Transaction [Line Items]
Loans held for investment:		$ 0

LOANS (Loans Held for Investmen

LOANS (Loans Held for Investment, Middle-Market Loans) (Details) - Middle Market Loans - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	$ 322,048	$ 375,513
First lien loans
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	184,374	248,367
Second lien loans
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	134,215	$ 127,146
Second lien loans held for sale at fair value
Financing Receivable, Impaired [Line Items]
Loans held for investment, amortized cost	$ 3,459

LOANS (Narrative) (Details)

LOANS (Narrative) (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016USD ($)state	Dec. 31, 2015USD ($)	Jan. 01, 2016USD ($)
Receivables with Imputed Interest [Line Items]
Investment securities available-for-sale, pledged as collateral, at fair value		$ 0	$ 66,137
Number of States in which Entity Operates | state		41
Principal paydown receivable	[1]	$ 0	17,941
Loans held for sale, net	[1]	126,153	95,946
Allowance for loan loss		4,155	47,071
Loans held for sale		126,153	95,946
Collectively evaluated for impairment		4,155	5,515
Principal, gross		1,785,511	2,219,369
Loans acquired with deteriorated credit quality		4,155	47,071
Middle Market Loans
Receivables with Imputed Interest [Line Items]
Loans held for sale, net		322,000	375,500
Allowance for loan loss		2,651	3,939
Loans held for sale		3,459
Principal, gross		321,848	380,687
Bank Loans
Receivables with Imputed Interest [Line Items]
Loans held for sale, net		153	134,700
Allowance for loan loss			1,282
Loans held for sale		153	1,475
Principal, gross			134,890	$ 134,500
Loans acquired with deteriorated credit quality				41,700
Residential Mortgage Loans
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		11	11
Loans held for sale		122,541	94,471
Principal, gross		1,704	1,746
CRE whole loans
Receivables with Imputed Interest [Line Items]
Allowance for loan loss		$ 1,493	$ 3,745
Middle Market Loans | Minimum
Receivables with Imputed Interest [Line Items]
Basis spread on variable rate		6.25%	6.25%
Middle Market Loans | Maximum
Receivables with Imputed Interest [Line Items]
Basis spread on variable rate		12.00%	12.00%
Commercial Real Estate Loans
Receivables with Imputed Interest [Line Items]
Allowance for loan loss			$ 1,300
Principal, gross			1,702,046
Commercial Real Estate Loans | CRE whole loans
Receivables with Imputed Interest [Line Items]
Principal, gross		$ 1,461,959	$ 1,640,744	$ 271,800
Bank Loans | Minimum
Receivables with Imputed Interest [Line Items]
Basis spread on variable rate			1.25%
Bank Loans | Maximum
Receivables with Imputed Interest [Line Items]
Variable rate basis		three month LIBOR	three month LIBOR
Basis spread on variable rate			8.00%
Industry Grouping of Automobile | Bank Loans
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)			13.50%
Industry Grouping of Diversified/conglomerate Service | Middle Market Loans
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)		15.00%	12.80%
Industry Grouping of Diversified/conglomerate Service | Bank Loans
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)			13.00%
Industry Grouping of Retail Stores | Bank Loans
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)			9.60%
Industry Grouping of Healthcare, Education and Childcare | Middle Market Loans
Receivables with Imputed Interest [Line Items]
Concentration of loan portfolio risk (in hundredths)		13.20%	12.40%
Agency-Conforming
Receivables with Imputed Interest [Line Items]
Loans held for sale		$ 31,600	$ 29,200
Jumbo Mortgage Loans
Receivables with Imputed Interest [Line Items]
Loans held for sale		$ 90,900	$ 65,300
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

INVESTMENTS IN UNCONSOLIDATED76

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Schedule of Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016		Mar. 31, 2015	Dec. 31, 2015		Dec. 15, 2015	Jun. 24, 2015	Apr. 30, 2015	Nov. 16, 2011
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities	$ 74,356,000	[1]		$ 50,030,000	[1]	$ 1,300,000		$ 750,000
Equity in Earnings of Unconsolidated Subsidiaries	$ 1,581,000		$ 113,000
RRE VIP Borrower, LLC
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	0.00%
Investments in Unconsolidated Entities	$ 0			0
Equity in Earnings of Unconsolidated Subsidiaries	25,000		46,000
Investment in LCC Preferred Stock
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities	43,428,000			42,017,000					$ 36,300,000
Equity in Earnings of Unconsolidated Subsidiaries	$ 1,400,000		52,000
Investment in CVC Global Credit Opportunities Fund
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	0.00%
Investments in Unconsolidated Entities	$ 0			0
Equity in Earnings of Unconsolidated Subsidiaries	0		608,000
Investments in Unconsolidated Entities
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities	72,808,000			48,482,000
Equity in Earnings of Unconsolidated Subsidiaries	$ 2,222,000		706,000
Investment in RCT I and II
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	3.00%
Investments in Unconsolidated Entities	$ 1,548,000			1,548,000
Equity in Earnings of Unconsolidated Subsidiaries	$ (641,000)		(593,000)
Pearlmark Mezzanine Realty Partners IV, L.P.
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	47.40%
Investments in Unconsolidated Entities	$ 6,547,000			6,465,000
Equity in Earnings of Unconsolidated Subsidiaries	$ 248,000		0
Other commitment							$ 50,000,000
RCM Global, LLC
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	25.40%
Investments in Unconsolidated Entities	$ 470,000			0
Equity in Earnings of Unconsolidated Subsidiaries	$ 177,000		0
Pelium Capital
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	80.20%
Investments in Unconsolidated Entities	$ 22,363,000			0
Equity in Earnings of Unconsolidated Subsidiaries	$ 361,000		$ 0
LCC | Variable Interest Entity, Not Primary Beneficiary
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Investments in Unconsolidated Entities				$ 42,000,000
LCC | Variable Interest Entity, Not Primary Beneficiary | Investment in LCC Preferred Stock
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Ownership %	29.00%
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

FINANCING RECEIVABLES (Allowanc

FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Jan. 01, 2016
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	$ 47,536,000	$ 4,613,000
Provision (recovery) for loan and lease losses	37,000	49,889,000
Loans charged-off	(1,257,000)	(7,027,000)
Recoveries	0	61,000
Deconsolidation of VIEs	(41,696,000)
Allowance for losses at end of period	4,620,000	47,536,000
Allowance for losses, ending balance:
Individually evaluated for impairment	465,000	42,021,000
Collectively evaluated for impairment	4,155,000	5,515,000
Loans acquired with deteriorated credit quality	4,155,000	47,071,000
Loans, ending balance:
Individually evaluated for impairment	93,781,000	172,647,000
Individually evaluated for impairment	1,683,470,000	2,036,571,000
Loans acquired with deteriorated credit quality	1,781,356,000	2,172,298,000
Commercial Real Estate Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	41,839,000	4,043,000
Provision (recovery) for loan and lease losses	68,000	37,735,000
Loans charged-off	0	0
Recoveries	0	61,000
Deconsolidation of VIEs	(40,414,000)
Allowance for losses at end of period	1,493,000	41,839,000
Allowance for losses, ending balance:
Individually evaluated for impairment	0	40,274,000
Collectively evaluated for impairment	1,493,000	1,565,000
Loans acquired with deteriorated credit quality			$ 142,000
Loans, ending balance:
Individually evaluated for impairment	38,133,000	169,707,000
Individually evaluated for impairment	1,414,995,000	1,522,400,000
Loans acquired with deteriorated credit quality		1,692,107,000
Bank Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	1,282,000	570,000
Provision (recovery) for loan and lease losses	(138,000)	2,887,000
Loans charged-off	138,000	(2,175,000)
Recoveries	0	0
Deconsolidation of VIEs	(1,282,000)
Allowance for losses at end of period	0	1,282,000
Allowance for losses, ending balance:
Individually evaluated for impairment	0	1,282,000
Collectively evaluated for impairment	0	0
Loans, ending balance:
Individually evaluated for impairment	0	1,544,000
Individually evaluated for impairment	0	132,973,000
Loans acquired with deteriorated credit quality		135,992,000
Middle Market Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	3,939,000	0
Provision (recovery) for loan and lease losses	107,000	8,901,000
Loans charged-off	(1,395,000)	(4,962,000)
Recoveries	0	0
Deconsolidation of VIEs	0
Allowance for losses at end of period	2,651,000	3,939,000
Allowance for losses, ending balance:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	2,651,000	3,939,000
Loans, ending balance:
Individually evaluated for impairment	54,469,000	0
Individually evaluated for impairment	266,771,000	379,452,000
Loans acquired with deteriorated credit quality	324,699,000	379,452,000
Residential Mortgage Loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	11,000	0
Provision (recovery) for loan and lease losses	0	(99,000)
Loans charged-off	0	110,000
Recoveries	0	0
Deconsolidation of VIEs	0
Allowance for losses at end of period	11,000	11,000
Allowance for losses, ending balance:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	11,000	11,000
Loans, ending balance:
Individually evaluated for impairment	0	0
Individually evaluated for impairment	1,704,000	1,746,000
Direct Financing Leases
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for losses at beginning of period	465,000	0
Provision (recovery) for loan and lease losses	0	465,000
Loans charged-off	0	0
Recoveries	0	0
Deconsolidation of VIEs	0
Allowance for losses at end of period	465,000	465,000
Allowance for losses, ending balance:
Individually evaluated for impairment	465,000	465,000
Collectively evaluated for impairment	0	0
Loans, ending balance:
Individually evaluated for impairment	1,179,000	1,396,000
Individually evaluated for impairment	0	0
Receivables Acquired with Deteriorated Credit Quality
Allowance for losses, ending balance:
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Loans acquired with deteriorated credit quality	0	0
Receivables Acquired with Deteriorated Credit Quality | Commercial Real Estate Loans
Allowance for losses, ending balance:
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Loans acquired with deteriorated credit quality	0	0
Receivables Acquired with Deteriorated Credit Quality | Bank Loans
Allowance for losses, ending balance:
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Loans acquired with deteriorated credit quality	0	0
Receivables Acquired with Deteriorated Credit Quality | Middle Market Loans
Allowance for losses, ending balance:
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Loans acquired with deteriorated credit quality	0	0
Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans
Allowance for losses, ending balance:
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Loans acquired with deteriorated credit quality	0	0
Receivables Acquired with Deteriorated Credit Quality | Direct Financing Leases
Allowance for losses, ending balance:
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Loans acquired with deteriorated credit quality	$ 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	12 Months Ended
	Mar. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)Loan
Schedule Of Financing Receivables [Line Items]
Loans in default | Loan	0	1
Loans and receivables	$ 1,781,356	$ 2,172,298
Loans held for sale	126,153	$ 95,946
Number of defaulted loans | Loan		1
Individually evaluated for impairment	465	$ 42,021
Middle Market Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	324,699	379,452
Individually evaluated for impairment	0	0
Middle Market Loans | Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables	53,269	44,252
Middle Market Loans | Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables	249,042	305,578
Middle Market Loans | Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables	18,929	29,622
Middle Market Loans | Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Middle Market Loans | Rating 5
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Middle Market Loans | Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans held for sale	3,459	0
Bank Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables		135,992
Individually evaluated for impairment	0	1,282
Bank Loans | Nonperforming Financing Receivable
Schedule Of Financing Receivables [Line Items]
Loans and receivables		1,500
Bank Loans | Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables		113,897
Bank Loans | Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables		17,578
Bank Loans | Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables		1,498
Bank Loans | Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
Bank Loans | Rating 5
Schedule Of Financing Receivables [Line Items]
Loans and receivables		1,544
Bank Loans | Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans held for sale	153	1,475
CRE whole loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,453,128	$ 1,630,801
Number of impaired loans | Loan		1
Individually evaluated for impairment		$ 2,200
CRE whole loans | Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,451,128	1,596,099
CRE whole loans | Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables	2,000	32,500
CRE whole loans | Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
CRE whole loans | Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	2,202
CRE whole loans | Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans held for sale	0	0
B notes
Schedule Of Financing Receivables [Line Items]
Loans and receivables		15,934
B notes | Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables		15,934
B notes | Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
B notes | Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
B notes | Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
B notes | Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans held for sale		0
Mezzanine loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables		45,372
Individually evaluated for impairment		38,100
Mezzanine loans | Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables		7,300
Mezzanine loans | Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
Mezzanine loans | Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
Mezzanine loans | Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables		38,072
Mezzanine loans | Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans held for sale		0
Commercial Real Estate Loans
Schedule Of Financing Receivables [Line Items]
Loans and receivables		1,692,107
Individually evaluated for impairment	$ 0	40,274
Commercial Real Estate Loans | Rating 1
Schedule Of Financing Receivables [Line Items]
Loans and receivables		1,619,333
Commercial Real Estate Loans | Rating 2
Schedule Of Financing Receivables [Line Items]
Loans and receivables		32,500
Commercial Real Estate Loans | Rating 3
Schedule Of Financing Receivables [Line Items]
Loans and receivables		0
Commercial Real Estate Loans | Rating 4
Schedule Of Financing Receivables [Line Items]
Loans and receivables		40,274
Commercial Real Estate Loans | Held for Sale
Schedule Of Financing Receivables [Line Items]
Loans held for sale		$ 0

FINANCING RECEIVABLES (Resident

FINANCING RECEIVABLES (Residential Mortgage Loans) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (recovery) for loan and lease losses	$ 37	$ 49,889
Number of defaulted loans | Loan		1
Residential Mortgage Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (recovery) for loan and lease losses	$ 0	$ (99)

FINANCING RECEIVABLES (Loans Re

FINANCING RECEIVABLES (Loans Receivable - Related Party) (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)Loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan and lease losses		$ 37	$ 49,889
Number of defaulted loans | Loan			1
Total Past Due		738	$ 39,990
Current		1,898,589	2,263,699
Total Loans Receivable		1,899,327	2,303,689
Total Loans Greater Than 90 days and accruing		0	0
Loans, fair value method elected, unpaid principal balance		38,133	171,258
Loans and receivables		1,781,356	2,172,298
First lien loans held for sale at fair value		126,153	95,946
Individually evaluated for impairment		(465)	(42,021)
Direct financing leases, net of allowances of $0.5 million	[1]	714	931
CRE whole loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
Current		1,453,128	1,630,801
Total Loans Receivable		1,453,128	1,630,801
Total Loans Greater Than 90 days and accruing		0	0
Loans, fair value method elected, unpaid principal balance		38,133	131,635
Loans and receivables		1,453,128	$ 1,630,801
Number of impaired loans | Loan			1
Individually evaluated for impairment			$ (2,200)
B notes
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
Current			15,934
Total Loans Receivable			15,934
Total Loans Greater Than 90 days and accruing			0
Loans, fair value method elected, unpaid principal balance			0
Loans and receivables			15,934
Mezzanine loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			38,072
Current			7,300
Total Loans Receivable			45,372
Total Loans Greater Than 90 days and accruing			0
Loans, fair value method elected, unpaid principal balance			38,072
Loans and receivables			45,372
Individually evaluated for impairment			(38,100)
Direct Financing Leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan and lease losses		0	465
Individually evaluated for impairment		(465)	(465)
Bank Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan and lease losses		(138)	2,887
Total Past Due			1,544
Current			132,973
Total Loans Receivable			134,517
Total Loans Greater Than 90 days and accruing			0
Loans, fair value method elected, unpaid principal balance			1,551
Loans and receivables			135,992
Individually evaluated for impairment		0	(1,282)
Commercial Real Estate Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan and lease losses		68	37,735
Loans and receivables			1,692,107
Individually evaluated for impairment		0	(40,274)
Middle Market Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan and lease losses		107	8,901
Total Past Due		0	0
Current		321,240	379,452
Total Loans Receivable		321,240	379,452
Total Loans Greater Than 90 days and accruing		0	0
Loans, fair value method elected, unpaid principal balance		0	0
Loans and receivables		324,699	379,452
Individually evaluated for impairment		0	0
Direct Financing Leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		197	226
Current		517	1,170
Total Loans Receivable		714	1,396
Total Loans Greater Than 90 days and accruing		0	0
Residential Mortgage Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Provision (recovery) for loan and lease losses		0	(99)
Total Past Due		541	148
Current		123,704	96,069
Total Loans Receivable		124,245	96,217
Total Loans Greater Than 90 days and accruing		0	0
Loans, fair value method elected, unpaid principal balance		0	0
First lien loans held for sale at fair value		122,541	94,471
Individually evaluated for impairment		0	0
Held for Sale | CRE whole loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value		0	0
Held for Sale | B notes
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value			0
Held for Sale | Mezzanine loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value			0
Held for Sale | Bank Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value		153	1,475
Held for Sale | Commercial Real Estate Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value			0
Held for Sale | Middle Market Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
First lien loans held for sale at fair value		3,459	0
30-59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		507	1,583
30-59 Days | CRE whole loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
30-59 Days | B notes
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
30-59 Days | Mezzanine loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
30-59 Days | Bank Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			1,544
30-59 Days | Middle Market Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
30-59 Days | Direct Financing Leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		136	12
30-59 Days | Residential Mortgage Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		371	27
60-89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		61	38,327
60-89 Days | CRE whole loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
60-89 Days | B notes
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
60-89 Days | Mezzanine loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			38,072
60-89 Days | Bank Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
60-89 Days | Middle Market Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
60-89 Days | Direct Financing Leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		61	214
60-89 Days | Residential Mortgage Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	41
Greater than 90 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		170	80
Greater than 90 Days | CRE whole loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
Greater than 90 Days | B notes
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
Greater than 90 Days | Mezzanine loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
Greater than 90 Days | Bank Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due			0
Greater than 90 Days | Middle Market Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
Greater than 90 Days | Direct Financing Leases
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		0	0
Greater than 90 Days | Residential Mortgage Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		$ 170	$ 80
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

FINANCING RECEIVABLES (Impaired

FINANCING RECEIVABLES (Impaired Loans) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)Loan	Jan. 01, 2016USD ($)Loan
Financing Receivable, Impaired [Line Items]
Recorded Balance	$ 38,133	$ 171,251
Unpaid Principal Balance	38,133	171,258
Specific Allowance	0	(41,556)
Average Investment in Impaired Loans	37,620	170,409
Interest Income Recognized	178	1,123
CRE whole loans
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	38,133	129,433
Loans with a specific valuation allowance, Recorded balance	0	2,202
Recorded Balance	38,133	131,635
Loans without a specific valuation allowance, Unpaid Principal Balance	38,133	129,433
Loans with a specific valuation allowance, Unpaid Principal Balance	0	2,202
Unpaid Principal Balance	38,133	131,635
Specific Allowance	0	(2,202)
Loans without a specific valuation allowance, Average Investment in Impaired Loans	37,620	128,591
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	2,202
Average Investment in Impaired Loans	37,620	130,793
Loans with a specific valuation allowance, Interest Income Recognized	0	63
Interest Income Recognized	178	4,002
Loans without a specific valuation allowance, Interest Income Recognized	178	$ 3,939
Number of impaired loans | Loan		1
B notes
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance		$ 0
Loans with a specific valuation allowance, Recorded balance		0
Recorded Balance		0
Loans without a specific valuation allowance, Unpaid Principal Balance		0
Loans with a specific valuation allowance, Unpaid Principal Balance		0
Unpaid Principal Balance		0
Specific Allowance		0
Loans without a specific valuation allowance, Average Investment in Impaired Loans		0
Loans with specific valuation allowance, Average Investment in Impaired Loans		0
Average Investment in Impaired Loans		0
Loans with a specific valuation allowance, Interest Income Recognized		0
Interest Income Recognized		0
Loans without a specific valuation allowance, Interest Income Recognized		0
Mezzanine loans
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance		0
Loans with a specific valuation allowance, Recorded balance		38,072
Recorded Balance		38,072
Loans without a specific valuation allowance, Unpaid Principal Balance		0
Loans with a specific valuation allowance, Unpaid Principal Balance		38,072
Unpaid Principal Balance		38,072
Specific Allowance		(38,072)
Loans without a specific valuation allowance, Average Investment in Impaired Loans		0
Loans with specific valuation allowance, Average Investment in Impaired Loans		38,072
Average Investment in Impaired Loans		38,072
Loans with a specific valuation allowance, Interest Income Recognized		(2,879)
Interest Income Recognized		(2,879)
Loans without a specific valuation allowance, Interest Income Recognized		0
Bank Loans
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance		0
Loans with a specific valuation allowance, Recorded balance		1,544
Recorded Balance		1,544
Loans without a specific valuation allowance, Unpaid Principal Balance		0
Loans with a specific valuation allowance, Unpaid Principal Balance		1,551
Unpaid Principal Balance		1,551
Specific Allowance		(1,282)
Loans without a specific valuation allowance, Average Investment in Impaired Loans		0
Loans with specific valuation allowance, Average Investment in Impaired Loans		1,544
Average Investment in Impaired Loans		1,544
Loans with a specific valuation allowance, Interest Income Recognized		0
Interest Income Recognized		0
Loans without a specific valuation allowance, Interest Income Recognized		0
Middle Market Loans
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Balance	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	0	0
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans 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
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Loans with a specific valuation allowance, Recorded balance	0	0
Recorded Balance	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	0	0
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans 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
Total Deconsolidated VIEs
Financing Receivable, Impaired [Line Items]
Recorded Balance			$ 91,300
Number of impaired loans | Loan			4

FINANCING RECEIVABLES (Loan Por

FINANCING RECEIVABLES (Loan Portfolio Troubled-debt Restructurings) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Loan	Mar. 31, 2015USD ($)Loan
Troubled debt restructuring [Abstract]
Number of Loans | Loan	3	2
Pre-Modification Outstanding Recorded Balance	$ 29,459	$ 67,459
Post-Modification Outstanding Recorded Balance	$ 29,459	$ 67,459
CRE whole loans
Troubled debt restructuring [Abstract]
Number of Loans | Loan	3	2
Pre-Modification Outstanding Recorded Balance	$ 29,459	$ 67,459
Post-Modification Outstanding Recorded Balance	$ 29,459	$ 67,459
Middle Market Loans
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
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. 01, 2016	Jan. 05, 2016	Dec. 15, 2015	Jul. 30, 2015	Apr. 30, 2015	Feb. 26, 2014	Mar. 31, 2016	[1]	Dec. 31, 2015	[1]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Investments in unconsolidated entities			$ 1,300,000		$ 750,000		$ 74,356,000		$ 50,030,000
Life Care Funding, LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ownership percentage in VIE			70.90%		60.70%	50.20%
Acquisition of membership interests		$ 750,000		$ 375,000	$ 375,000
Recognized identifiable assets acquired, goodwill, and liabilities assumed						$ 4,100,000
Scenario, Forecast | Life Care Funding, LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acquisition of membership interests	$ 500,000
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

INTANGIBLE ASSETS (Intangible A

INTANGIBLE ASSETS (Intangible Assets) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	$ 26,228
Additions	3,315
Sales	0
Amortization	(1,532)
Balance, beginning of end	28,011
Temporary impairment adjustment	(2,500)
Balance, end of period	25,511	[1]
Investment in RCAM
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	5,316
Additions	0
Sales	0
Amortization	(474)
Balance, beginning of end	4,842
Temporary impairment adjustment	0
Balance, end of period	4,842
Mortgage Servicing Rights
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	20,822
Additions	3,315
Sales	0
Amortization	(1,058)
Balance, beginning of end	23,079
Temporary impairment adjustment	(2,500)
Balance, end of period	20,579
Wholesale or Correspondent Relationships [Member] | Wholesale/Correspondent Relationships
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of period	90
Additions	0
Sales	0
Amortization	0
Balance, beginning of end	90
Temporary impairment adjustment	0
Balance, end of period	$ 90
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

INTANGIBLE ASSETS (Mortgage Ser

INTANGIBLE ASSETS (Mortgage Servicing Rights) (Details) - Mortgage Servicing Rights - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Principal Amount Outstanding of Loans Held-in-portfolio [Roll Forward]
Balance, beginning of period	$ 1,998,273	$ 894,767
Additions	289,210	1,236,145
Payoffs, sales and curtailments	(69,907)	(132,639)
Balance, end of period	$ 2,217,576	$ 1,998,273

INTANGIBLE ASSETS (Servicing Ac

INTANGIBLE ASSETS (Servicing Activities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2020	$ 515
Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2020	1,900
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	4,000
Other Income | Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Servicing fees from capitalized portfolio	1,433	$ 551
Late fees	49	23
Other ancillary servicing revenue	$ 5	$ 3

INTANGIBLE ASSETS (Narrative) (

INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of MSRs				$ 474	$ 507
Expected amortization, 2016		$ 1,500		1,500
Expected amortization, 2017		1,300		1,300
Expected amortization, 2018		1,200		1,200
Expected amortization, 2019		514		514
Expected amortization, 2020		515		515
Fee income				$ (701)	1,170
Acquired finite-lived intangible assets, weighted average useful life				5 years 6 months		5 years 9 months 18 days
Fair value	[1]	25,511	$ 26,228	$ 25,511		$ 26,228
Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Amortization of MSRs				1,100	825
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year		4,000		4,000
Expected amortization, 2017		3,300		3,300
Expected amortization, 2018		2,700		2,700
Expected amortization, 2019		2,200		2,200
Expected amortization, 2020		$ 1,900		1,900
Acquired finite-lived intangible assets, weighted average useful life		1 year 3 months 18 days	1 year 2 months 12 days
Finite-Lived intangible assets, remaining amortization period		5 years 9 months 18 days	6 years 8 months 12 days
Principal Amount Outstanding of Loans Held-in-portfolio		$ 2,217,576	$ 1,998,273	2,217,576		1,998,273	$ 894,767
Fair value		$ 20,579	$ 21,300	20,579		$ 21,300
Investment in RCAM
Finite-Lived Intangible Assets [Line Items]
Fee income				402	965
Other Income | Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Servicing fees from capitalized portfolio				$ 1,433	$ 551
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

BORROWINGS (Schedule of Debt) (

BORROWINGS (Schedule of Debt) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal Outstanding		$ 1,625,599	$ 1,921,081
Unamortized Issuance Costs and Discounts		23,574	25,793
Outstanding Borrowings		$ 1,602,025	$ 1,895,288
Weighted Average Borrowing Rate		3.20%	2.89%
Weighted Average Remaining Maturity		8 years 7 months	10 years 5 months
Value of Collateral		$ 2,080,381	$ 2,546,648
Accrued interest costs	[1]	5,024	5,604
RREF CDO 2006-1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding			52,772
Unamortized Issuance Costs and Discounts			0
Outstanding Borrowings			$ 52,772
Weighted Average Borrowing Rate			2.60%
Weighted Average Remaining Maturity			30 years 7 months 6 days
Value of Collateral			$ 94,379
RREF CDO 2007-1 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding			91,752
Unamortized Issuance Costs and Discounts			0
Outstanding Borrowings			$ 91,752
Weighted Average Borrowing Rate			1.65%
Weighted Average Remaining Maturity			30 years 9 months 18 days
Value of Collateral			$ 210,904
RCC CRE Notes 2013 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		48,465	58,465
Unamortized Issuance Costs and Discounts		460	664
Outstanding Borrowings		$ 48,005	$ 57,801
Weighted Average Borrowing Rate		3.44%	3.21%
Weighted Average Remaining Maturity		12 years 8 months 24 days	13 years
Value of Collateral		$ 94,847	$ 104,439
RCC 2014-CRE2 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		180,260	198,594
Unamortized Issuance Costs and Discounts		2,782	2,991
Outstanding Borrowings		$ 177,478	$ 195,603
Weighted Average Borrowing Rate		1.80%	1.68%
Weighted Average Remaining Maturity		16 years 1 month 18 days	16 years 3 months 18 days
Value of Collateral		$ 296,295	$ 313,663
RCC 2015-CRE3 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		282,127	282,127
Unamortized Issuance Costs and Discounts		3,249	3,466
Outstanding Borrowings		$ 278,878	$ 278,661
Weighted Average Borrowing Rate		2.34%	2.25%
Weighted Average Remaining Maturity		16 years 12 days	16 years 2 months 18 days
Value of Collateral		$ 342,405	$ 341,099
RCC 2015-CRE4 Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		223,735	223,735
Unamortized Issuance Costs and Discounts		2,987	3,160
Outstanding Borrowings		$ 220,748	$ 220,575
Weighted Average Borrowing Rate		2.15%	2.06%
Weighted Average Remaining Maturity		16 years 4 months 12 days	16 years 7 months 18 days
Value of Collateral		$ 308,928	$ 308,042
Apidos Cinco CDO Senior Notes
Debt Instrument [Line Items]
Principal Outstanding			135,417
Unamortized Issuance Costs and Discounts			0
Outstanding Borrowings			$ 135,417
Weighted Average Borrowing Rate			1.25%
Weighted Average Remaining Maturity			4 years 4 months 24 days
Value of Collateral			$ 154,584
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Principal Outstanding		51,548	51,548
Unamortized Issuance Costs and Discounts		81	135
Outstanding Borrowings		$ 51,467	$ 51,413
Weighted Average Borrowing Rate		4.43%	4.40%
Weighted Average Remaining Maturity		20 years 7 months 18 days	20 years 9 months 18 days
Value of Collateral		$ 0	$ 0
6.0% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		115,000	115,000
Unamortized Issuance Costs and Discounts		4,497	4,917
Outstanding Borrowings		$ 110,503	$ 110,083
Weighted Average Borrowing Rate		6.00%	6.00%
Weighted Average Remaining Maturity		2 years 8 months 24 days	2 years 10 months 24 days
Value of Collateral		$ 0	$ 0
8.0% Convertible Senior Notes
Debt Instrument [Line Items]
Principal Outstanding		100,000	100,000
Unamortized Issuance Costs and Discounts		4,330	4,599
Outstanding Borrowings		$ 95,670	$ 95,401
Weighted Average Borrowing Rate		8.00%	8.00%
Weighted Average Remaining Maturity		3 years 9 months	4 years
Value of Collateral		$ 0	$ 0
CRE - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding		257,500	225,346
Unamortized Issuance Costs and Discounts		2,000	2,418
Outstanding Borrowings		$ 255,500	$ 222,928
Weighted Average Borrowing Rate		2.75%	2.64%
Weighted Average Remaining Maturity		17 days	17 days
Value of Collateral		$ 369,017	$ 321,267
Accrued interest costs		384	315
CMBS - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding		24,316	25,658
Unamortized Issuance Costs and Discounts		1	2
Outstanding Borrowings		$ 24,315	$ 25,656
Weighted Average Borrowing Rate		1.65%	1.57%
Weighted Average Remaining Maturity		17 days	18 days
Value of Collateral		$ 30,274	$ 31,650
Accrued interest costs		13	18
Trust Certificate - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding		26,659	26,659
Unamortized Issuance Costs and Discounts		394	415
Outstanding Borrowings		$ 26,265	$ 26,244
Weighted Average Borrowing Rate		5.94%	5.85%
Weighted Average Remaining Maturity		2 years 7 months 12 days	2 years 10 months 24 days
Value of Collateral		$ 89,181	$ 89,181
Accrued interest costs		62	61
Residential Investments - Term Repurchase Facility
Debt Instrument [Line Items]
Principal Outstanding		7,964	782
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		$ 7,964	$ 782
Weighted Average Borrowing Rate		3.04%	2.75%
Weighted Average Remaining Maturity		187 days	264 days
Value of Collateral		$ 8,903	$ 835
Residential Mortgage Financing Agreements
Debt Instrument [Line Items]
Principal Outstanding		103,200	85,819
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		$ 103,200	$ 85,819
Weighted Average Borrowing Rate		3.06%	3.10%
Weighted Average Remaining Maturity		169 days	257 days
Value of Collateral		$ 143,658	$ 120,952
CMBS - Short Term Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding		51,825	57,407
Unamortized Issuance Costs and Discounts		0	0
Outstanding Borrowings		$ 51,825	$ 57,407
Weighted Average Borrowing Rate		2.08%	2.06%
Weighted Average Remaining Maturity		14 days	18 days
Value of Collateral		$ 70,781	$ 79,347
Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Principal Outstanding			190,000
Unamortized Issuance Costs and Discounts		2,793	3,026
Outstanding Borrowings		$ 150,207	$ 186,974
Weighted Average Borrowing Rate		3.28%	3.09%
Weighted Average Remaining Maturity		3 years	3 years 2 months 1 day
Value of Collateral		$ 326,092	$ 376,306
Moselle CLO S.A. Senior Notes
Debt Instrument [Line Items]
Accrued interest costs		16	30
RMBS - Term Repurchase Facility
Debt Instrument [Line Items]
Accrued interest costs		$ 45	$ 40
[1]	March 31, 2016 December 31, 2015Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $725,109 $1,032,581 Accrued interest expense635 923 Derivatives, at fair value— 3,346 Accounts payable and other liabilities44 (117) Total liabilities of consolidated VIEs$725,788 $1,036,733

BORROWINGS (Securitization) (De

BORROWINGS (Securitization) (Details) $ in Millions	Mar. 31, 2016USD ($)
RCC CRE Notes 2013 Senior Notes
Debt Instrument [Line Items]
Cumulative amount repaid	$ 212.4
RCC 2014-CRE2 Senior Notes
Debt Instrument [Line Items]
Cumulative amount repaid	55.1
RCC 2015-CRE3
Debt Instrument [Line Items]
Cumulative amount repaid	0
RCC 2015-CRE4 Senior Notes
Debt Instrument [Line Items]
Cumulative amount repaid	$ 0

BORROWINGS (Repurchase and Mort

BORROWINGS (Repurchase and Mortgage Finance Facilities) (Details) $ in Thousands	Mar. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)Loan
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.20%	2.89%
Principal Outstanding	$ 1,625,599	$ 1,921,081
Unamortized Issuance Costs and Discounts	$ 23,574	$ 25,793
Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.28%	3.09%
Principal Outstanding		$ 190,000
Unamortized Issuance Costs and Discounts	$ 2,793	$ 3,026
CMBS - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate	1.65%	1.57%
Principal Outstanding	$ 24,316	$ 25,658
Unamortized Issuance Costs and Discounts	$ 1	$ 2
CRE - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.75%	2.64%
Principal Outstanding	$ 257,500	$ 225,346
Unamortized Issuance Costs and Discounts	2,000	2,418
Repurchase Agreements
Debt Instrument [Line Items]
Principal Outstanding	469,069	418,836
CMBS bonds held as collateral, fair value	711,814	643,232
Wells Fargo Bank | CRE - Term Repurchase Facility | RCC Real Estate
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	419	675
Wells Fargo Bank | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	60,200	42,030
Value of Collateral	$ 87,813	$ 59,841
Number of Positions as Collateral | Loan	209	166
Weighted Average Interest Rate	2.93%	3.03%
Wells Fargo Securities, LLC | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	$ 13,054	$ 13,548
Value of Collateral	$ 19,785	$ 19,829
Number of Positions as Collateral | Loan	3	3
Weighted Average Interest Rate	2.09%	1.93%
Deutsche Bank Securities, LLC | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	$ 38,771	$ 43,859
Value of Collateral	$ 50,996	$ 59,518
Number of Positions as Collateral | Loan	15	17
Weighted Average Interest Rate	2.13%	2.10%
New Century Bank | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	$ 43,000	$ 43,789
Value of Collateral	$ 55,845	$ 61,111
Number of Positions as Collateral | Loan	197	199
Weighted Average Interest Rate	3.24%	3.17%
Trust Certificate - Term Repurchase Facility | RSO Repo SPE Trust 2015 | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	$ 26,265	$ 26,244
Value of Collateral	$ 89,181	$ 89,181
Number of Positions as Collateral | Loan	1	1
Weighted Average Interest Rate	5.94%	5.85%
CMBS - Term Repurchase Facility | Wells Fargo Bank | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	$ 24,315	$ 25,656
Value of Collateral	$ 30,274	$ 31,650
Number of Positions as Collateral | Loan	23	21
Weighted Average Interest Rate	1.65%	1.57%
Unamortized Issuance Costs and Discounts	$ 0	$ 0
CRE - Term Repurchase Facility | Wells Fargo Bank | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	148,691	123,937
Value of Collateral	$ 214,207	$ 179,169
Number of Positions as Collateral | Loan	11	9
Weighted Average Interest Rate	2.52%	2.39%
CRE - Term Repurchase Facility | Morgan Stanley Bank | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	$ 106,809	$ 98,991
Value of Collateral	$ 154,810	$ 142,098
Number of Positions as Collateral | Loan	8	7
Weighted Average Interest Rate	3.05%	2.96%
Unamortized Issuance Costs and Discounts	$ 1,600	$ 1,700
CRE - Term Repurchase Facility | RSO Repo SPE Trust 2015 | Repurchase Agreements
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	395	415
RMBS - Term Repurchase Facility | Wells Fargo Bank | Repurchase Agreements
Debt Instrument [Line Items]
Outstanding Borrowings	7,964	782
Value of Collateral	$ 8,903	$ 835
Number of Positions as Collateral | Loan	13	1
Weighted Average Interest Rate	3.04%	2.75%
Senior Secured Revolving Credit Agreement | Northport LLC | Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Principal Outstanding	$ 153,000

BORROWINGS (Amount at Risk Unde

BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	8 years 7 months	10 years 5 months
Weighted Average Interest Rate	3.20%	2.89%
CMBS - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	17 days	18 days
Weighted Average Interest Rate	1.65%	1.57%
CRE - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	17 days	17 days
Weighted Average Interest Rate	2.75%	2.64%
Residential Investments - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	187 days	264 days
Weighted Average Interest Rate	3.04%	2.75%
Trust Certificate - Term Repurchase Facility
Debt Instrument [Line Items]
Weighted Average Remaining Maturity	2 years 7 months 12 days	2 years 10 months 24 days
Weighted Average Interest Rate	5.94%	5.85%
Repurchase Agreements | Wells Fargo Bank
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.93%	3.03%
Repurchase Agreements | Wells Fargo Securities, LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.09%	1.93%
Repurchase Agreements | Deutsche Bank Securities, LLC
Debt Instrument [Line Items]
Weighted Average Interest Rate	2.13%	2.10%
Repurchase Agreements | New Century Bank
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.24%	3.17%
Linked and Non-linked Transactions | CMBS - Term Repurchase Facility | Wells Fargo Bank
Debt Instrument [Line Items]
Amount at Risk	$ 6,066	$ 6,053
Weighted Average Remaining Maturity	17 days	18 days
Weighted Average Interest Rate	1.65%	1.57%
Linked and Non-linked Transactions | CRE - Term Repurchase Facility | Wells Fargo Bank
Debt Instrument [Line Items]
Amount at Risk	$ 64,963	$ 54,674
Weighted Average Remaining Maturity	18 days	18 days
Weighted Average Interest Rate	2.52%	2.39%
Linked and Non-linked Transactions | CRE - Term Repurchase Facility | Morgan Stanley Bank, National Association
Debt Instrument [Line Items]
Amount at Risk	$ 46,048	$ 41,248
Weighted Average Remaining Maturity	15 days	15 days
Weighted Average Interest Rate	3.05%	2.96%
Linked and Non-linked Transactions | Residential Investments - Term Repurchase Facility | Wells Fargo Bank
Debt Instrument [Line Items]
Amount at Risk	$ 940
Weighted Average Remaining Maturity	187 days
Weighted Average Interest Rate	3.04%
Linked and Non-linked Transactions | Trust Certificate - Term Repurchase Facility | RSO Repo SPE Trust 2015
Debt Instrument [Line Items]
Amount at Risk	$ 62,575	$ 62,575
Weighted Average Remaining Maturity	2 years 7 months 6 days	2 years 10 months 24 days
Weighted Average Interest Rate	5.94%	5.85%
Linked and Non-linked Transactions | RMBS - Term Repurchase Facility | Wells Fargo Bank
Debt Instrument [Line Items]
Amount at Risk		$ 54
Weighted Average Remaining Maturity		264 days
Weighted Average Interest Rate		2.75%
Linked and Non-linked Transactions | Repurchase Agreements | Wells Fargo Bank
Debt Instrument [Line Items]
Amount at Risk	$ 27,613	$ 17,811
Weighted Average Remaining Maturity	106 days	134 days
Weighted Average Interest Rate	2.93%	3.03%
Linked and Non-linked Transactions | Repurchase Agreements | Wells Fargo Securities, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 6,756	$ 6,288
Weighted Average Remaining Maturity	11 days	11 days
Weighted Average Interest Rate	2.09%	1.93%
Linked and Non-linked Transactions | Repurchase Agreements | Deutsche Bank Securities, LLC
Debt Instrument [Line Items]
Amount at Risk	$ 13,973	$ 16,330
Weighted Average Remaining Maturity	15 days	20 days
Weighted Average Interest Rate	2.13%	2.05%
Linked and Non-linked Transactions | Repurchase Agreements | New Century Bank
Debt Instrument [Line Items]
Amount at Risk	$ 12,844	$ 17,322
Weighted Average Remaining Maturity	64 days	124 days
Weighted Average Interest Rate	3.24%	3.17%

BORROWINGS (Narrative)-Senior S

BORROWINGS (Narrative)-Senior Secured Revolving Credit Facility (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Outstanding Borrowings		$ 1,602,025	$ 1,895,288
Principal Outstanding		1,625,599	1,921,081
Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Outstanding Borrowings		150,207	186,974
Principal Outstanding			$ 190,000
Senior Secured Revolving Credit Agreement | Northport LLC | Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Principal Outstanding		$ 153,000
Northport LLC | Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	25.00%

BORROWINGS (Contractual Commitm

BORROWINGS (Contractual Commitments) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total		$ 1,602,025
2,016		442,804
2,017		0
2,018		136,768
2,019		150,207
2020 and Thereafter		872,246
Accrued interest expense	[1]	5,024	$ 5,604
CRE - Term Repurchase Facility
Debt Instrument [Line Items]
Total		725,109
2,016		0
2,017		0
2,018		0
2,019		0
2020 and Thereafter		725,109
Accrued interest expense		384	$ 315
Repurchase Agreements
Debt Instrument [Line Items]
Total		469,069
2,016		442,804
2,017		0
2,018		26,265
2,019		0
2020 and Thereafter		0
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Total		51,467
2,016		0
2,017		0
2,018		0
2,019		0
2020 and Thereafter		51,467
Convertible Debt | 6.0% Convertible Senior Notes
Debt Instrument [Line Items]
Total		110,503
2,016		0
2,017		0
2,018		110,503
2,019		0
2020 and Thereafter		0
Convertible Debt | 8.0% Convertible Senior Notes
Debt Instrument [Line Items]
Total		95,670
2,016		0
2,017		0
2,018		0
2,019		0
2020 and Thereafter		95,670
Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Total		150,207
2,016		0
2,017		0
2,018		0
2,019		150,207
2020 and Thereafter		$ 0
[1]	March 31, 2016 December 31, 2015Liabilities of consolidated VIEs included in the total liabilities above: Borrowings $725,109 $1,032,581 Accrued interest expense635 923 Derivatives, at fair value— 3,346 Accounts payable and other liabilities44 (117) Total liabilities of consolidated VIEs$725,788 $1,036,733

SHARE ISSUANCE AND REPURCHASE94

SHARE ISSUANCE AND REPURCHASE (Details) - $ / shares	1 Months Ended	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2016	Dec. 31, 2015
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	$ 24.29	$ 0
Preferred stock, shares outstanding (in shares)		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		195,900
Stock issued during period, weighted average offering price per share, new issues	24.02	$ 15.80
Preferred stock, shares outstanding (in shares)		5,544,579	5,740,479
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
Preferred stock, coupon authorized (in hundredths)		8.625%

SHARE ISSUANCE AND REPURCHASE95

SHARE ISSUANCE AND REPURCHASE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	8 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 15, 2016	Dec. 31, 2015	Aug. 03, 2015	Mar. 21, 2013
Class of Stock [Line Items]
Shares issued from dividend reinvestment plan (in shares)	3,541
Proceeds from dividend reinvestment plan	$ 35
Treasury stock, value	$ 7,300	$ 33,200
Treasury stock, (in shares)	643,000	2,600,000
Outstanding shares, stock acquired, percentage		7.90%
Preferred Shares - Series A
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
Preferred Shares - Series B
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 25	25		25
Treasury stock, value	$ 3,100
Treasury stock, (in shares)	196,000
Outstanding shares, stock acquired, percentage	3.40%
Preferred Shares - Series C
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25		$ 25
Dividend Reinvestment Plan March 21 2013 | Common Stock
Class of Stock [Line Items]
Shares authorized for dividend reinvestment plan (in shares)						5,000,000
Equity and Debt Securities Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 50,000		$ 50,000

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) $ in Thousands	Mar. 31, 2016USD ($)shares	Aug. 31, 2015	Aug. 03, 2015	Sep. 24, 2014periodshares	Oct. 31, 2013USD ($)	Mar. 31, 2016USD ($)Directorshares	Mar. 31, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio		0.25	4
Cash awards, percentage						75.00%
Common stock awards, percentage						25.00%
Shares issued pursuant to the Management agreement (in shares) | shares						0	0
Allocated share-based compensation expense						$ 555
Restricted Stock
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						$ 2,500	$ 5,100
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term						10 years
Loan Origination Performance Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock split, conversion ratio						0.25
Number of additional shares authorized | shares				17,682
Annual Measurement Periods, Number | period				2
Share grants on achievement of performance threshold (in shares) | shares	8,840
Dividends payable on performance shares granted and earned	$ 42					$ 42
Equity Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						774	166
Compensation cost not yet recognized	$ 3,800					$ 3,800
Weighted Average Remaining Contractual Term (in years)						2 years 3 months 18 days
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						$ 38	43
Primary Capital Advisors LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments to acquire businesses					$ 7,600
Issuance of restricted stock					$ 800
Employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Grant Date Fair Value						483	561
Non-Employee Directors | Equity Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense						$ 64	$ 64
Vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Remaining Contractual Term (in years)						2 years 8 months 12 days

SHARE-BASED COMPENSATION (Restr

SHARE-BASED COMPENSATION (Restricted Stock Activity) (Details)	3 Months Ended
	Mar. 31, 2016shares
January 21, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	130,903
Vesting/Year	33.30%
January 21, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	50,784
Vesting/Year	33.30%
February 1, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	3,421
Vesting/Year	100.00%
February 5, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	90,595
Vesting/Year	33.30%
March 8, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	13,912
Vesting/Year	100.00%
March 14, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	3,158
Vesting/Year	100.00%
March 31, 2016 | 2007 Omnibus Equity Compensation Plan | Restricted Stock
Restricted common stock transactions [Roll Forward]
Stock based compensation (in shares)	8,840
Vesting/Year	100.00%
Non-Employee Directors
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)	15,267
Issued (shares)	20,491
Vested (shares)	(11,772)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	23,986
Non-Employees
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)	617,657
Issued (shares)	230,338
Vested (shares)	(51,968)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	796,027
Employees
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)	58,445
Issued (shares)	50,784
Vested (shares)	(18,452)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	90,777
Manager and Non Employees
Restricted common stock transactions [Roll Forward]
Unvested shares, beginning of period (in shares)	691,369
Issued (shares)	301,613
Vested (shares)	(82,192)
Forfeited (shares)	0
Unvested shares, end of period (in shares)	910,790

SHARE-BASED COMPENSATION (Statu

SHARE-BASED COMPENSATION (Status of Vested Stock Options) (Details) - Vested $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Stock options outstanding [Roll Forward]
Outstanding beginning of period (in shares) | shares	26,250
Vested (in shares) | shares	0
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
Expired (in shares) | shares	0
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) | $ / shares	$ 46.60
Vested (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Forfeited (usd per share) | $ / shares	0
Expired (in shares) | $ / shares	0
Outstanding end of period (in dollars per share) | $ / shares	$ 46.60
Weighted Average Remaining Contractual Term (in years)	2 years 8 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
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 1,263	$ 995
Manager and Non Employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	425	764
Employees | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	774	167
Non-Employee Directors | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity compensation expense	$ 64	$ 64

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic:
Net income allocable to common shares	$ 9,673	$ 9,402
Weighted average number of shares outstanding	30,600,407	32,814,227
Basic net income (loss) per share (in dollars per share)	$ 0.32	$ 0.29
Diluted:
Net income allocable to common shares	$ 9,673	$ 9,402
Weighted average number of shares outstanding	30,600,407	32,814,227
Additional shares due to assumed conversion of dilutive instruments	437,688	261,877
Adjusted weighted-average number of common shares outstanding	31,038,095	33,076,104
Diluted net income (loss) per share (in dollars per share)	$ 0.31	$ 0.28
Antidilutive securities excluded (in shares)	9,002,864	9,002,853

ACCUMULATED OTHER COMPREHENS101

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Comprehensive Income (Loss), after Adoption of New Accounting Principle	$ (966)
Unrealized gains on derivatives, net	27	$ 1,142
Unrealized gains (losses) on available-for-sale securities, net	(1,318)	3,123
Foreign currency translation adjustment	0	429
Other comprehensive gain (loss) before reclassifications	(1,291)
Reclassification adjustments associated with unrealized gains (losses) from interest rate hedges included in net income	61	90
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income	301	$ (6,258)
Amounts reclassified from accumulated other comprehensive income	362
March 31, 2016	(1,895)
Net unrealized (loss) gain on derivatives
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Comprehensive Income (Loss), after Adoption of New Accounting Principle	(3,471)
Unrealized gains on derivatives, net	27
Reclassification adjustments associated with unrealized gains (losses) from interest rate hedges included in net income	61
March 31, 2016	(3,383)
Net unrealized (loss) gain on securities, available-for-sale
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Comprehensive Income (Loss), after Adoption of New Accounting Principle	2,568
Unrealized gains (losses) on available-for-sale securities, net	(1,318)
Reclassification adjustment for realized (gains) losses on available-for-sale securities included in net income	301
March 31, 2016	1,551
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Comprehensive Income (Loss), after Adoption of New Accounting Principle	(63)
Foreign currency translation adjustment	0
March 31, 2016	$ (63)

RELATED PARTY TRANSACTIONS (Rel

RELATED PARTY TRANSACTIONS (Relationship with Resource America) (Details)		Nov. 07, 2013USD ($)shares	Sep. 30, 2014USD ($)	Dec. 31, 2012USD ($)	Mar. 31, 2016USD ($)Transactionshares		Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)Transaction		Jan. 01, 2016USD ($)Transaction	Dec. 15, 2015USD ($)	Jun. 30, 2015Transaction	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 and lease losses					$ 37,000			$ 49,889,000
Direct financing leases, net of allowances of $0.5 million	[1]				714,000			931,000
Base management fees paid by the Company					4,037,000		$ 3,560,000
General and administrative					10,070,000		10,971,000
Sale (purchase) of and principal payments on securities, trading, net					3,000		(8,173,000)
Investment securities, trading	[1]				3,886,000			25,550,000
Equity in Earnings of Unconsolidated Subsidiaries					1,581,000		113,000
Investments in unconsolidated entities					$ 74,356,000	[1]		50,030,000	[1]		$ 1,300,000		$ 750,000
Resource America
Related Party Transaction [Line Items]
Loan origination fee					2.00%
Manager pursuant to the Management Agreement
Related Party Transaction [Line Items]
Related party, expense reimbursements, annual Fee				$ 550,000
Related party, expense reimbursements, annual fee, term				2 years
Resource Capital Corp | Resource America
Related Party Transaction [Line Items]
Number of common shares of the Company owned by a related party (in shares) | shares					715,396
Ownership percentage (percent)					2.30%
Resource Capital Corp | Manager pursuant to the Management Agreement
Related Party Transaction [Line Items]
Base management fees paid by the Company					$ 3,900,000		3,400,000
Incentive management fees					0		0
General and administrative					1,000,000		1,100,000
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					1,700,000			2,500,000
Accrued base management fees					1,000,000			978,000
Expense reimbursement payable					$ 688,000			$ 1,600,000
Number of executed CDO transactions (transactions) | Transaction					11			11,000				1		1	1
Number of liquidated CDO transactions | Transaction															3
Number of deconsolidated CDO transactions | Transaction										3
Resource Capital Corp | Resource Capital Markets, Inc.
Related Party Transaction [Line Items]
Base management fees paid by the Company					$ 0
Sale (purchase) of and principal payments on securities, trading, net					(200,000)
Share of net profits as per the Investment Management Agreement					0
Investment securities, trading					3,900,000			$ 3,700,000
Expense reimbursements					8,000		32,000
Total indebtedness					282,000			152,000
Elevation Home Loans, LLC
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		34,165
Investment in LCC Preferred Stock
Related Party Transaction [Line Items]
Equity in Earnings of Unconsolidated Subsidiaries					1,400,000		52,000
Investments in unconsolidated entities					$ 43,428,000			42,017,000								$ 36,300,000
Pelium
Related Party Transaction [Line Items]
Ownership percentage (percent)			80.40%		80.20%
Investment securities, trading										$ 21,900,000
Acquisition of membership interests			$ 17,500,000
Contributions			$ 40,000,000
Ownership interest			10.00%
Ownership interest increase					20.00%
Investment in CVC Global Credit Opportunities Fund
Related Party Transaction [Line Items]
Ownership percentage (percent)					0.00%
Equity in Earnings of Unconsolidated Subsidiaries					$ 0		$ 608,000
Investments in unconsolidated entities					0			0
Commercial Real Estate Loans | Resource Real Estate
Related Party Transaction [Line Items]
Related party transaction, due from (to) related party					$ 0			$ 2,500
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

RELATED PARTY TRANSACTIONS (103

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

Jan. 11, 2013

Feb. 15, 2012

Feb. 15, 2012

Feb. 14, 2012

Sep. 03, 2011

Mar. 05, 2010

Mar. 31, 2016

Mar. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Mar. 05, 2011

Dec. 15, 2015

Apr. 30, 2015

Nov. 16, 2011

Related Party Transaction [Line Items]

Income (Loss) and Interest Expense from Equity Method Investments

$ 1,581,000

$ 113,000

Investments in unconsolidated entities

74,356,000

[1]

$ 50,030,000

[1]

$ 1,300,000

$ 750,000

Provision (recovery) for loan losses

(37,000)

(49,889,000)

Capital Leases, Income Statement, Direct Financing Lease Revenue

$ 2,100,000

Direct financing leases, net of allowances of $0.5 million

[1]

714,000

931,000

Lease Equity Appreciation Fund II

Related Party Transaction [Line Items]

Line of credit facility, commitment fee percentage

1.00%

Resource Capital Corp | Lease Equity Appreciation Fund II

Related Party Transaction [Line Items]

Maximum amount of facility

$ 8,000,000

Line of credit facility, term (in years)

1 year

Interest rate during period (in hundredths)

10.00%

12.00%

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

1.00%

1.00%

1.00%

Direct financing leases, net of allowances of $0.5 million

[1]

714,000

Investment in LCC Preferred Stock

Related Party Transaction [Line Items]

Income (Loss) and Interest Expense from Equity Method Investments

1,400,000

52,000

Investments in unconsolidated entities

43,428,000

42,017,000

$ 36,300,000

Loans Receivable-Related Party | Resource Capital Corp | Lease Equity Appreciation Fund II

Related Party Transaction [Line Items]

Provision (recovery) for loan losses

$ 0

$ 188,000

$ (1,300,000)

[1]

March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

RELATED PARTY TRANSACTIONS (104

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

Feb. 24, 2011USD ($)

Dec. 31, 2015USD ($)Entity

Oct. 31, 2015USD ($)

Jul. 31, 2015USD ($)

Mar. 31, 2015USD ($)

May. 31, 2013

Oct. 31, 2012Entity

Mar. 31, 2016USD ($)Entity

Mar. 31, 2015USD ($)

Jul. 31, 2013USD ($)

Dec. 31, 2015USD ($)Entity

Dec. 15, 2015USD ($)

Apr. 30, 2015USD ($)

Dec. 31, 2013Entity

Nov. 16, 2011USD ($)

Related Party Transaction [Line Items]

Number of CLO issuers | Entity

5

1

5

5

2

Income (Loss) and Interest Expense from Equity Method Investments

$ 1,581,000

$ 113,000

Investments in unconsolidated entities

$ 50,030,000

[1]

74,356,000

[1]

$ 50,030,000

[1]

$ 1,300,000

$ 750,000

Churchill Pacific Asset Management LLC

Related Party Transaction [Line Items]

Assets under management, carrying amount

$ 1,900,000,000

CVC Credit Partners, LLC

Related Party Transaction [Line Items]

Asset management fees percentage (in hundredths)

1.50%

Resource America | CVC Capital Partners

Related Party Transaction [Line Items]

Ownership percentage (percent)

24.00%

Resource Capital Corp

Related Party Transaction [Line Items]

Preferred equity interest acquired

66.60%

Resource Capital Corp | Churchill Pacific Asset Management LLC

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 | CVC Capital Partners

Related Party Transaction [Line Items]

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

10.00%

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

50.00%

Subordinated fees received

$ 109,000

237,000

Incentive Fee Expense

0

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

1,400,000

52,000

Investments in unconsolidated entities

42,017,000

$ 43,428,000

42,017,000

$ 36,300,000

Investment in CVC Global Credit Opportunities Fund

Related Party Transaction [Line Items]

Ownership percentage (percent)

0.00%

Income (Loss) and Interest Expense from Equity Method Investments

$ 0

$ 608,000

Proceeds from Divestiture of Businesses and Interests in Affiliates

8,600,000

$ 4,000,000

$ 625,000

$ 5,000,000

Investments in unconsolidated entities

$ 0

0

0

Investment in CVC Global Credit Opportunities Fund | Variable Interest Entity, Not Primary Beneficiary

Related Party Transaction [Line Items]

Acquisition of membership interests

$ 15,000,000

Investment in RCAM

Related Party Transaction [Line Items]

Impairment of intangible assets

$ 2,400,000

$ 2,400,000

[1]

March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

RELATED PARTY TRANSACTIONS (105

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

Aug. 18, 2015USD ($)

Jun. 24, 2015USD ($)

Apr. 10, 2015USD ($)Loanoptionfund

Feb. 24, 2015USD ($)

Jul. 30, 2014USD ($)

Feb. 15, 2012

Feb. 14, 2012

Mar. 05, 2010

Jan. 15, 2010USD ($)

Dec. 01, 2009USD ($)

Sep. 30, 2014USD ($)

Jul. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Mar. 31, 2016USD ($)DirectorTransaction

Mar. 31, 2015USD ($)

Jun. 30, 2015USD ($)Transaction

Dec. 31, 2015USD ($)Transaction

Dec. 15, 2015USD ($)

Apr. 30, 2015USD ($)extension

Oct. 31, 2014Transaction

Jul. 09, 2014

Oct. 31, 2013Transaction

Related Party Transaction [Line Items]

Direct financing leases, net of allowances of $0.5 million

[1]

$ 714,000

$ 931,000

Number of options to extend | option

2

Option to extend

1 year

Base management fees paid by the Company

4,037,000

$ 3,560,000

Equity in Earnings of Unconsolidated Subsidiaries

1,581,000

113,000

Equity in earnings of unconsolidated subsidiaries

2,222,000

706,000

Investments in unconsolidated entities

74,356,000

[1]

50,030,000

[1]

$ 1,300,000

$ 750,000

Number of bridge loans | Loan

2

Number of Funds | fund

2

Placement agent fee

$ 175,000

$ 205,000

Resource America

Related Party Transaction [Line Items]

Payments to acquire additional interest in subsidiaries

$ 2,800,000

Investment in CVC Global Credit Opportunities Fund

Related Party Transaction [Line Items]

Equity in Earnings of Unconsolidated Subsidiaries

$ 0

608,000

Ownership percentage (percent)

0.00%

Investments in unconsolidated entities

$ 0

0

Pelium

Related Party Transaction [Line Items]

Ownership percentage (percent)

80.40%

80.20%

Equity in earnings of unconsolidated subsidiaries

$ 361,000

Payments to acquire additional interest in subsidiaries

$ 2,500,000

Acquisition of membership interests

$ 17,500,000

Ownership interest

10.00%

Ownership percentage

5 years

Contributions

$ 40,000,000

RRE VIP Borrower, LLC

Related Party Transaction [Line Items]

Equity in Earnings of Unconsolidated Subsidiaries

$ 25,000

46,000

Equity method investments

0

Ownership percentage (percent)

0.00%

Investments in unconsolidated entities

$ 0

0

Acquisition of membership interests

$ 2,100,000

RCC Residential, Inc.

Related Party Transaction [Line Items]

Ownership percentage (percent)

63.80%

Equity in earnings of unconsolidated subsidiaries

177,000

Acquisition of membership interests

$ 15,000,000

Pearlmark Mezzanine Realty Partners IV, L.P.

Related Party Transaction [Line Items]

Equity in Earnings of Unconsolidated Subsidiaries

$ 248,000

0

Ownership percentage (percent)

47.40%

Equity in earnings of unconsolidated subsidiaries

$ 248,000

Investments in unconsolidated entities

6,547,000

$ 6,465,000

Other commitment

$ 50,000,000

Acquisition of membership interests

6,900,000

Property ,anagement fee, percent fee

1.00%

Management fee, invested capital, percent fee

1.50%

Rebate, percentage

25.00%

Investment management fees payable

143,000

Lease Equity Appreciation Fund II

Related Party Transaction [Line Items]

Line of credit facility, commitment fee percentage

1.00%

Lease Equity Appreciation Fund II | Resource Capital Corp

Related Party Transaction [Line Items]

Direct financing leases, net of allowances of $0.5 million

[1]

$ 714,000

Interest rate during period (in hundredths)

10.00%

12.00%

CVC Capital Partners | Resource America

Related Party Transaction [Line Items]

Ownership percentage (percent)

24.00%

CVC Capital Partners | Apidos Capital Management LLC

Related Party Transaction [Line Items]

Subordinated fees received

$ 0

Resource America | Resource Capital Corp

Related Party Transaction [Line Items]

Ownership percentage (percent)

2.30%

Resource America | Pearlmark Mezzanine Realty Partners IV, L.P.

Related Party Transaction [Line Items]

Ownership percentage in VIE

50.00%

Manager pursuant to the Management Agreement | Resource Capital Corp

Related Party Transaction [Line Items]

Base management fees paid by the Company

$ 3,900,000

3,400,000

Incentive management fees

$ 0

$ 0

Number of liquidated CDO transactions | Transaction

3

Number of executed CDO transactions (transactions) | Transaction

11

1

11,000

1

1

Resource Real Estate Management, LLC | RRE VIP Borrower, LLC

Related Party Transaction [Line Items]

Asset management fees percentage (in hundredths)

1.00%

Base management fees paid by the Company

$ 0

Resource Real Estate Management, LLC | Varde Investment Partners, L.P

Related Party Transaction [Line Items]

Base management fees paid by the Company

$ 0

Resource Capital Partners Inc | Resource Capital Corp

Related Party Transaction [Line Items]

Amount of loan to related party

$ 2,000,000

Interest date, stated percentage

8.00%

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

5.00%

Number of extensions | extension

2

Period of time

1 year

Loans receivable–related party

$ 558,000

Resource Real Estate Opportunity Fund, L.P. | Resource America

Related Party Transaction [Line Items]

Ownership percentage (percent)

5.00%

RCC CRE Notes 2013 Senior Notes

Related Party Transaction [Line Items]

Closing transaction amount

$ 307,800,000

Special servicing fee rate

0.25%

RCC 2014-CRE2 Senior Notes

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 | Resource Real Estate

Related Party Transaction [Line Items]

Related party transaction, due from (to) related party

$ 0

$ 2,500

Whispertree Apartments | Resource Real Estate Management, LLC | RCC Real Estate

Related Party Transaction [Line Items]

Base management fees paid by the Company

0

RCM Global, LLC | RCC Residential, Inc.

Related Party Transaction [Line Items]

Gain on Sale of Investments

5,000,000

Variable Interest Entity, Distribution

$ 599,000

Ownership percentage in VIE

63.80%

25.40%

Variable interest entity, total number of board positions | Director

5

Variable interest entity, approval number of board positions | Director

3

Bridge Loan One | Bridge Loan

Related Party Transaction [Line Items]

Basis spread on variable rate

5.75%

Bridge loan

$ 2,500,000

Bridge Loan Two | Bridge Loan

Related Party Transaction [Line Items]

Bridge loan

$ 3,300,000

Minimum | London Interbank Offered Rate (LIBOR)

Related Party Transaction [Line Items]

Basis spread on variable rate

0.25%

[1]

March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

RELATED PARTY TRANSACTIONS (106

RELATED PARTY TRANSACTIONS (Relationship with Law Firm) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Resource Capital Corp | Ledgewood
Related Party Transaction [Line Items]
Legal fees	$ 96	$ 274

DISTRIBUTIONS Dividends Declare

DISTRIBUTIONS Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Common Stock
Class of Stock [Line Items]
Total Dividend Paid	$ 13,073	$ 13,274	$ 20,667	$ 21,426	$ 21,444
Dividend Per Share (in $ per share)	$ 0.42	$ 0.42	$ 0.64	$ 0.64	$ 0.64
Preferred Shares - Series A
Class of Stock [Line Items]
Total Dividend Paid	$ 568	$ 568	$ 568	$ 568	$ 568
Dividend Per Share (in $ per share)	$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250	$ 0.531250
Preferred Shares - Series B
Class of Stock [Line Items]
Total Dividend Paid	$ 2,859	$ 2,960	$ 2,960	$ 2,960	$ 2,960
Dividend Per Share (in $ per share)	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625	$ 0.515625
Series C Preferred Stock
Class of Stock [Line Items]
Total Dividend Paid	$ 2,588	$ 2,588	$ 2,588	$ 2,588	$ 2,588
Dividend Per Share (in $ per share)	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063	$ 0.539063

DISTRIBUTIONS Narrative (Detail

DISTRIBUTIONS Narrative (Details)	Aug. 31, 2015	Aug. 03, 2015	Mar. 31, 2016
DISTRIBUTIONS [Abstract]
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 INST109

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights			$ 21,300
Investment securities available-for-sale	$ 300,189		208,088
Provision for (recovery of) loan losses	$ 37	$ 3,990
Average Pull-through Rate, Assets	81.00%
Average Pull-through Rate, Liabilities	25.30%
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements	$ (4,134)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(7,435)
Transfers into Level 3	0
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	300,189		208,088
Recurring Basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	2,070		4,451
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available-for-sale	298,119		$ 203,637
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	20,569
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	0
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage servicing rights	20,569
Provision for (recovery of) loan losses	$ 0	2,500
8.0% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	8.60%
6.0% Convertible Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	7.00%
Assets Held-for-sale | Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for (recovery of) loan losses	$ 0	$ 721
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, comparability adjustments	1.40%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value inputs, comparability adjustments	7.10%
Expected Future Cash Flows | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	15.00%
Expected Future Cash Flows | Minimum | Unsecured Junior Subordinated Debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	14.00%
Expected Future Cash Flows | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	25.00%
Expected Future Cash Flows | Maximum | Unsecured Junior Subordinated Debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Inputs, Discount Rate	16.00%
Structured Finance Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Investments	$ 145
Structured Finance Securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements	46
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(145)
Transfers into Level 3	0
Held for Sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Investments	(52)
Held for Sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements	0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	180
Transfers into Level 3	0
Interest Rate Lock Commitments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Investments	19
Interest Rate Lock Commitments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements	(4,196)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(6,369)
Transfers into Level 3	0
Forwards - Residential Mortgage Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized Gain (Loss) on Investments	(98)
Forwards - Residential Mortgage Loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlements	16
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	147
Transfers into Level 3	$ 0

FAIR VALUE OF FINANCIAL INST110

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Assets:
Investment securities, trading	[1]	$ 3,886	$ 25,550
Investment securities available-for-sale		300,189	208,088
Derivatives	[1]	4,689	3,446
Recurring Basis
Assets:
Investment securities, trading		3,886	25,550
Investment securities available-for-sale		300,189	208,088
Loans held for sale		126,153	95,946
Derivatives		4,689	3,446
Total assets at fair value		434,917	333,030
Liabilities:
Derivatives		2,742	3,941
Total liabilities at fair value		2,742	3,941
Recurring Basis | Level 1
Assets:
Investment securities, trading		0	0
Investment securities available-for-sale		0	0
Loans held for sale		0	0
Derivatives		0	0
Total assets at fair value		0	0
Liabilities:
Derivatives		0	0
Total liabilities at fair value		0	0
Recurring Basis | Level 2
Assets:
Investment securities, trading		0	0
Investment securities available-for-sale		2,070	4,451
Loans held for sale		94,378	66,588
Derivatives		27	826
Total assets at fair value		96,475	71,865
Liabilities:
Derivatives		2,474	0
Total liabilities at fair value		2,474	0
Recurring Basis | Level 3
Assets:
Investment securities, trading		3,886	25,550
Investment securities available-for-sale		298,119	203,637
Loans held for sale		31,775	29,358
Derivatives		4,662	2,620
Total assets at fair value		338,442	261,165
Liabilities:
Derivatives		268	3,941
Total liabilities at fair value		$ 268	$ 3,941
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

FAIR VALUE OF FINANCIAL INST111

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 261,165
Total gains or losses (realized or unrealized):
Included in earnings	7,435
Purchases/Originations	38,044
Sales	(28,735)
Paydowns	(21,436)
Issuances	0
Settlements	(4,134)
Capitalized Interest	4,343
Included in OCI	(12,766)
Deconsolidation of VIEs	94,526
Transfers into Level 3	0
Ending balance	338,442
CMBS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	159,424
Total gains or losses (realized or unrealized):
Included in earnings	(83)
Purchases/Originations	1,138
Sales	0
Paydowns	(13,930)
Issuances	0
Settlements	0
Capitalized Interest	0
Included in OCI	(1,208)
Deconsolidation of VIEs	(55,776)
Transfers into Level 3	0
Ending balance	89,565
ABS
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	44,213
Total gains or losses (realized or unrealized):
Included in earnings	1,331
Purchases/Originations	5,329
Sales	0
Paydowns	(7,258)
Issuances	0
Settlements	0
Capitalized Interest	4,343
Included in OCI	(11,558)
Deconsolidation of VIEs	172,154
Transfers into Level 3	0
Ending balance	208,554
Structured Finance Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	25,550
Total gains or losses (realized or unrealized):
Included in earnings	145
Purchases/Originations	0
Sales	0
Paydowns	(3)
Issuances	0
Settlements	46
Capitalized Interest	0
Included in OCI	0
Deconsolidation of VIEs	(21,852)
Transfers into Level 3	0
Ending balance	3,886
Held for Sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	29,358
Total gains or losses (realized or unrealized):
Included in earnings	(180)
Purchases/Originations	31,577
Sales	(28,735)
Paydowns	(245)
Issuances	0
Settlements	0
Capitalized Interest	0
Included in OCI	0
Deconsolidation of VIEs	0
Transfers into Level 3	0
Ending balance	31,775
Structured notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,051
Total gains or losses (realized or unrealized):
Included in earnings	0
Purchases/Originations	0
Sales	0
Paydowns	0
Issuances	0
Settlements	0
Capitalized Interest	0
Included in OCI	0
Deconsolidation of VIEs	0
Transfers into Level 3	0
Ending balance	1,051
Interest Rate Lock Commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,224
Total gains or losses (realized or unrealized):
Included in earnings	6,369
Purchases/Originations	0
Sales	0
Paydowns	0
Issuances	0
Settlements	(4,196)
Capitalized Interest	0
Included in OCI	0
Deconsolidation of VIEs	0
Transfers into Level 3	0
Ending balance	3,397
Forwards - Residential Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	345
Total gains or losses (realized or unrealized):
Included in earnings	(147)
Purchases/Originations	0
Sales	0
Paydowns	0
Issuances	0
Settlements	16
Capitalized Interest	0
Included in OCI	0
Deconsolidation of VIEs	0
Transfers into Level 3	0
Ending balance	$ 214

FAIR VALUE OF FINANCIAL INST112

FAIR VALUE OF FINANCIAL INSTRUMENTS (Liabilities Measured on Recurring Basis Level 3 Inputs) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Interest Rate Swaps
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, January 1, 2016	$ 3,459
Included in earnings	(66)
Settlements	0
Unrealized gains - included in accumulated other comprehensive income	(3,302)
Ending balance, March 31, 2016	91
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, January 1, 2016	3,941
Included in earnings	(148)
Settlements	(223)
Unrealized gains - included in accumulated other comprehensive income	(3,302)
Ending balance, March 31, 2016	268
Level 3 | Interest Rate Lock Commitments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, January 1, 2016	3
Included in earnings	8
Settlements	(9)
Unrealized gains - included in accumulated other comprehensive income	0
Ending balance, March 31, 2016	2
Level 3 | Forwards - Residential Mortgage Loans
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance, January 1, 2016	479
Included in earnings	(90)
Settlements	(214)
Unrealized gains - included in accumulated other comprehensive income	0
Ending balance, March 31, 2016	$ 175

FAIR VALUE OF FINANCIAL INST113

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities, Quantitative Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Mortgage servicing rights		$ 21,300
Nonrecurring
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	$ 3,612	1,432
Impaired loans	38,133	129,695
Mortgage servicing rights	20,569
Total assets at fair value	62,314	131,127
Nonrecurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	0	0
Impaired loans	0	0
Mortgage servicing rights	0
Total assets at fair value	0	0
Nonrecurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	3,459	1,279
Impaired loans	0	262
Mortgage servicing rights	0
Total assets at fair value	3,459	1,541
Nonrecurring | Level 3
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale	153	153
Impaired loans	38,133	129,433
Mortgage servicing rights	20,569
Total assets at fair value	$ 58,855	$ 129,586

FAIR VALUE OF FINANCIAL INST114

FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Observable Outputs) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Discounted cash flow | Level 3 | Derivative Financial Instruments, Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets at fair value	$ 91
Option pricing model | Level 3 | Derivative Financial Instruments, Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Market capitalization (in millions)	$ 172,700
Volatility	50.00%
Assets at fair value	$ 1,051
Interest Rate Swaps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Average fixed interest rate (in hundredths)		5.38%
Interest Rate Swaps | Discounted cash flow | Level 3 | Derivative Financial Instruments, Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Average fixed interest rate (in hundredths)	5.68%

FAIR VALUE OF FINANCIAL INST115

FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	[1]	$ 1,771,917	$ 2,160,751
Senior secured revolving credit agreement		1,602,025	1,895,288
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		1,771,917	2,160,751
CDO notes		734,587	1,032,581
Junior subordinated notes		51,548	51,413
Convertible notes		215,000	205,484
Repurchase agreements		470,945	418,836
Senior secured revolving credit agreement		153,000	186,974
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		1,763,790	2,150,061
CDO notes		713,526	923,817
Junior subordinated notes		22,919	17,907
Convertible notes		215,000	205,484
Repurchase agreements		470,945	418,836
Senior secured revolving credit agreement		153,000	186,974
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		0	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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		44,326	222,100
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
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment		1,719,464	1,927,961
CDO notes		713,526	923,817
Junior subordinated notes		22,919	17,907
Convertible notes		215,000	205,484
Repurchase agreements		470,945	418,836
Senior secured revolving credit agreement		$ 153,000	$ 186,974
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

MARKET RISK AND DERIVATIVE I116

MARKET RISK AND DERIVATIVE INSTRUMENTS (Details) $ in Thousands	Mar. 31, 2016USD ($)Derivative	Jan. 01, 2016USD ($)Derivative	Dec. 31, 2015USD ($)Derivative
Derivatives, Fair Value [Line Items]
Fair value	$ (2,742)		$ (3,941)
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of derivative instruments held | Derivative	1		9
Average fixed interest rate (in hundredths)			5.38%
Notional amount	$ 1,900		$ 102,800
Fair value	(91)		(3,500)
Unrealized losses on non-designated derivative instruments	$ 43		$ 3,500
Derivative Financial Instruments, Liabilities | Discounted cash flow | Level 3 | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Average fixed interest rate (in hundredths)	5.68%
RREF CDO 2006-1, CDO 2007-1 Senior Notes | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Number of derivative instruments held | Derivative		6
Notional amount		$ 99,900

MARKET RISK AND DERIVATIVE I117

MARKET RISK AND DERIVATIVE INSTRUMENTS (Fair Value and Classification of Derivatives) (Details) $ in Thousands, € in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2016EUR (€)	Dec. 31, 2015EUR (€)
Derivatives, Fair Value [Line Items]
Fair Value	$ 4,688		$ 3,446
Fair Value	2,742		$ 3,941
Derivative asset, pass-through, weighted average, percentage			85.90%
Derivative liability, pass-through, weighted average, percentage			19.50%
Interest Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Notional Amount	233,071		$ 105,385
Notional Amount	5,882		505
Interest Rate Lock Commitments | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	2,175	$ 2,759
Interest Rate Lock Commitments | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	3,397		1,224
Fair Value	2		3
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	1,880		102,799
Interest Rate Swaps | Interest expense
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	95	1,634
Interest Rate Swaps | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)		112
Interest Rate Swaps | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	91		3,459
Interest Rate Swaps | Accumulated Other Comprehensive (Loss) Income
Derivatives, Fair Value [Line Items]
Notional Amount	1,880
Fair Value	43		3,471
RMBS | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)		46
Forward Contracts
Derivatives, Fair Value [Line Items]
Notional Amount	58,979		92,413
Notional Amount	274,319		143,553
Forward Contracts | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	(1,482)	283
Forward Contracts | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	240		345
Fair Value	1,856		479
Warrant
Derivatives, Fair Value [Line Items]
Notional Amount	553		553
Warrant | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value	1,051		1,051
Forward contracts-foreign currency
Derivatives, Fair Value [Line Items]
Notional Amount			24,850		€ 22.9
Notional Amount	31,565			€ 27.7
Forward contracts-foreign currency | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	(1,116)	3,638
Forward contracts-foreign currency | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value			727
Fair Value	712
US Treasury Securities | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)		199
Forward contracts - TBA securities
Derivatives, Fair Value [Line Items]
Notional Amount			29,500
Notional Amount	26,000		1,500
Forward contracts - TBA securities | Net realized gain on sales of investment securities available-for-sale and loans
Derivatives, Fair Value [Line Items]
Realized and Unrealized Gain (Loss)	(481)	$ (115)
Forward contracts - TBA securities | Derivatives, at fair value
Derivatives, Fair Value [Line Items]
Fair Value			99
Fair Value	$ 81		$ 0

OFFSETTING OF FINANCIAL ASSE118

OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Offsetting Derivative Assets [Abstract]
Fair Value	$ 4,688	$ 3,446
Derivative Asset, Fair Value, Gross Liability	0	0
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	4,688	3,446
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	4,688	3,446
Total-Assets
Gross Amounts of Recognized Assets	4,688	3,446
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Assets Included in the Consolidated Balance Sheets-Total	4,688	3,446
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	4,688	3,446
Offsetting Derivative Liabilities [Abstract]
Gross Amounts of Recognized Liabilities	2,742	3,941
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included in the Consolidated Balance Sheets	2,742	3,941
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	500	500
Net Amount	2,242	3,441
Repurchase agreements and term facilties
Gross Amounts of Recognized Liabilities	469,069	418,836
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included in the Consolidated Balance Sheets	469,069	418,836
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments	469,069	418,836
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged	0	0
Net Amount	0	0
Total-Liabilities
Gross Amounts Offset in the Consolidated Balance Sheets	471,811	422,777
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Net Amounts of Liabilities Included in the Consolidated Balance Sheets	471,811	422,777
Gross Amounts Not Offset in the Consolidated Balance Sheets- Financial Instruments	469,069	418,836
Gross Amounts Not Offset in the Consolidated Balance Sheets- Cash Collateral Pledged	500	500
Net Amount	2,242	3,441
Fair value of securities pledged against swaps	500	500
Fair value of securities pledged against repurchase agreements	$ 711,800	$ 643,200

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	May. 13, 2014Defendant	Dec. 31, 2015USD ($)Loanplantiff
PCM
Loss Contingencies [Line Items]
Loss contingency, number of defendants | Defendant	90
Loss contingency, estimate of possible loss | $		$ 20.5
Loss contingency, number of plaintiffs | plantiff		4
Commercial Real Estate Portfolio Segment
Loss Contingencies [Line Items]
Financing receivable, category of loans | Loan		2

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)Loan	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | Loan		5
Interest income:		$ 40,097	$ 37,642
Interest expense		15,771	14,902
Net interest income		24,326	22,740
Amortization of MSRs		(474)	(507)
Interest income - other		1,241	832
Total revenues		23,642	23,926
Segment operating expenses		16,051	20,169
General and administrative		10,070	10,971
Depreciation and amortization		641	565
Impairment losses		0	59
Provision (recovery) for loan and lease losses		37	3,990
Equity in net (earnings) losses of unconsolidated subsidiaries		(2,222)	(706)
INCOME (LOSS) BEFORE TAXES		14,783	19,817
Income tax (expense) benefit		(763)	(1,847)
NET INCOME (LOSS)		14,020	17,970
Total Assets (2)	[1]	2,426,279		$ 2,760,432
Commercial Real Estate Loans
Segment Reporting Information [Line Items]
Interest expense		8,224	7,091
Net interest income		16,834	15,260
Amortization of MSRs		0	0
Interest income - other		0	0
Total revenues		16,834	15,260
Segment operating expenses		66	5
General and administrative		392	416
Depreciation and amortization		0	0
Impairment losses			0
Provision (recovery) for loan and lease losses		68	0
Equity in net (earnings) losses of unconsolidated subsidiaries		(273)	(46)
Gain on sale of mortgages		0	0
Other (income) expense		3	693
INCOME (LOSS) BEFORE TAXES		16,578	14,192
Income tax (expense) benefit		0	(40)
NET INCOME (LOSS)		16,578	14,152
Total Assets (2)		1,729,965		1,907,951
Commercial Finance
Segment Reporting Information [Line Items]
Interest expense		0	1,069
Net interest income		1,839	6,011
Amortization of MSRs		0	0
Interest income - other		572	1,215
Total revenues		2,411	7,226
Segment operating expenses		269	419
General and administrative		349	1,171
Depreciation and amortization		474	444
Impairment losses			59
Provision (recovery) for loan and lease losses		(138)	1,228
Equity in net (earnings) losses of unconsolidated subsidiaries		(1,949)	(660)
Gain on sale of mortgages		0	0
Other (income) expense		(1,440)	(3,014)
INCOME (LOSS) BEFORE TAXES		4,846	7,579
Income tax (expense) benefit		(2,366)	51
NET INCOME (LOSS)		2,480	7,630
Total Assets (2)		144,254		298,028
Middle Market Loans
Segment Reporting Information [Line Items]
Interest expense		1,697	880
Net interest income		10,512	5,632
Amortization of MSRs		0	0
Interest income - other		0	0
Total revenues		10,512	5,632
Segment operating expenses		1,514	541
General and administrative		1,054	486
Depreciation and amortization		1	0
Impairment losses			0
Provision (recovery) for loan and lease losses		107	2,565
Equity in net (earnings) losses of unconsolidated subsidiaries		0	0
Gain on sale of mortgages		0	0
Other (income) expense		0	17
INCOME (LOSS) BEFORE TAXES		7,836	2,023
Income tax (expense) benefit		0	0
NET INCOME (LOSS)		7,836	2,023
Total Assets (2)		346,838		384,973
Residential Mortgage Loans
Segment Reporting Information [Line Items]
Interest expense		772	1,117
Net interest income		211	520
Amortization of MSRs		(1,058)	(825)
Interest income - other		(216)	780
Total revenues		(1,063)	475
Segment operating expenses		807	1,021
General and administrative		6,289	7,398
Depreciation and amortization		131	91
Impairment losses			0
Provision (recovery) for loan and lease losses		0	197
Equity in net (earnings) losses of unconsolidated subsidiaries		0	0
Gain on sale of mortgages		3,133	(3,534)
Other (income) expense		(976)	(4,766)
INCOME (LOSS) BEFORE TAXES		(4,181)	68
Income tax (expense) benefit		1,585	(1,507)
NET INCOME (LOSS)		(2,596)	(1,439)
Total Assets (2)		178,839		149,351
Corporate and Other
Segment Reporting Information [Line Items]
Interest expense		5,078	4,745
Net interest income		(5,070)	(4,683)
Amortization of MSRs		0	0
Interest income - other		18	16
Total revenues		(5,052)	(4,667)
Segment operating expenses		2,647	2,598
General and administrative		1,986	1,500
Depreciation and amortization		35	30
Impairment losses			0
Provision (recovery) for loan and lease losses		0	0
Equity in net (earnings) losses of unconsolidated subsidiaries		0	0
Gain on sale of mortgages		0	0
Other (income) expense		576	(4,750)
INCOME (LOSS) BEFORE TAXES		(10,296)	(4,045)
Income tax (expense) benefit		18	(351)
NET INCOME (LOSS)		(10,278)	(4,396)
Total Assets (2)		26,383		$ 20,129
Total
Segment Reporting Information [Line Items]
Interest expense		15,771	14,902
Net interest income		24,326	22,740
Amortization of MSRs		(1,058)	(825)
Interest income - other		374	2,011
Total revenues		23,642	23,926
Segment operating expenses		5,303	4,584
General and administrative		10,070	10,971
Depreciation and amortization		641	565
Provision (recovery) for loan and lease losses		37	3,990
Equity in net (earnings) losses of unconsolidated subsidiaries		(2,222)	(706)
Gain on sale of mortgages		3,133	(3,534)
Other (income) expense		(1,837)	(11,820)
INCOME (LOSS) BEFORE TAXES		14,783	19,817
Income tax (expense) benefit		(763)	(1,847)
NET INCOME (LOSS)		14,020	17,970
Other | Commercial Real Estate Loans
Segment Reporting Information [Line Items]
Interest income:		19	5
Other | Commercial Finance
Segment Reporting Information [Line Items]
Interest income:		1,209	764
Other | Middle Market Loans
Segment Reporting Information [Line Items]
Interest income:		5	1
Other | Residential Mortgage Loans
Segment Reporting Information [Line Items]
Interest income:		0	0
Other | Corporate and Other
Segment Reporting Information [Line Items]
Interest income:		8	62
Other | Total
Segment Reporting Information [Line Items]
Interest income:		1,241	832
Total interest income | Commercial Real Estate Loans
Segment Reporting Information [Line Items]
Interest income:		25,058	22,351
Total interest income | Commercial Finance
Segment Reporting Information [Line Items]
Interest income:		1,839	7,080
Total interest income | Middle Market Loans
Segment Reporting Information [Line Items]
Interest income:		12,209	6,512
Total interest income | Residential Mortgage Loans
Segment Reporting Information [Line Items]
Interest income:		983	1,637
Total interest income | Corporate and Other
Segment Reporting Information [Line Items]
Interest income:		8	62
Total interest income | Total
Segment Reporting Information [Line Items]
Interest income:		40,097	37,642
External customers | Commercial Real Estate Loans
Segment Reporting Information [Line Items]
Interest income:		25,039	22,346
External customers | Commercial Finance
Segment Reporting Information [Line Items]
Interest income:		630	6,316
External customers | Middle Market Loans
Segment Reporting Information [Line Items]
Interest income:		12,204	6,511
External customers | Residential Mortgage Loans
Segment Reporting Information [Line Items]
Interest income:		983	1,637
External customers | Corporate and Other
Segment Reporting Information [Line Items]
Interest income:		0	0
External customers | Total
Segment Reporting Information [Line Items]
Interest income:		38,856	36,810
Convertible Debt
Segment Reporting Information [Line Items]
Interest expense		$ 4,400	$ 4,100
[1]	March 31, 2016December 31, 2015Assets of consolidated Variable Interest Entities ("VIEs") included in the total assets above: Cash and cash equivalents$— $95 Restricted cash7,986 39,061 Investment securities available-for-sale, pledged as collateral, at fair value— 66,137 Loans held for sale153 1,475Loans, pledged as collateral and net of allowances of $1.1 million and $42.8 million1,039,119 1,416,441 Interest receivable4,185 6,592 Prepaid expenses64 238 Principal paydown receivable— 17,800 Other assets— 833 Total assets of consolidated VIEs$1,051,507 $1,548,672

SEGMENT REPORTING Footnotes (De

SEGMENT REPORTING Footnotes (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)Entity	Mar. 31, 2015USD ($)	Jan. 01, 2016Entity	Dec. 31, 2015Entity
Debt Instrument [Line Items]
Interest expense	$ 15,771	$ 14,902
Convertible Debt
Debt Instrument [Line Items]
Interest expense	4,400	4,100
Unsecured Junior Subordinated Debentures
Debt Instrument [Line Items]
Interest expense	641	593
Commercial Real Estate Loans
Debt Instrument [Line Items]
Interest expense	8,224	7,091
Commercial Finance
Debt Instrument [Line Items]
Interest expense	$ 0	$ 1,069
VIE, Primary Beneficiary
Debt Instrument [Line Items]
Number of consolidated VIEs | Entity	7		5	13
VIE, Primary Beneficiary | Commercial Real Estate Loans
Debt Instrument [Line Items]
Number of consolidated VIEs | Entity			2
VIE, Primary Beneficiary | Commercial Finance
Debt Instrument [Line Items]
Number of consolidated VIEs | Entity			3

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	8 Months Ended
	May. 09, 2016	Mar. 31, 2016	Mar. 31, 2016	Apr. 25, 2016	Aug. 10, 2006
Subsequent Event [Line Items]
Treasury stock, value		$ 7,300	$ 33,200
Treasury stock, (in shares)		643,000	2,600,000
Subsequent Event
Subsequent Event [Line Items]
Treasury stock, value	$ 245
Treasury stock, (in shares)	22,013
RREF 2006-1
Subsequent Event [Line Items]
Value of collateral					$ 345,000
RREF 2006-1 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument, collateral amount				$ 66,300