Elah (ELLH) 8-K 7 Oct 15 Other Events Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2014
Document Document And Entity Information [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Entity Registrant Name	REAL INDUSTRY, INC.
Entity Central Index Key	38,984

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 61,935	$ 47,847
Restricted cash	21	2,805
Deferred income taxes, net	5,104
Other current assets	979	950
Current assets of discontinued operations	18,058	14,755
Total current assets	86,097	66,357
Debt and equity offering costs	14,499
Intangible assets, net	108	196
Goodwill		400
Other noncurrent assets	1,256	2,193
Noncurrent assets of discontinued operations	19,963	20,977
TOTAL ASSETS	121,923	90,123
Current liabilities:
Trade payables	35	23
Accrued liabilities	7,061	2,033
Current liabilities of discontinued operations	8,073	8,649
Total current liabilities	15,169	10,705
Common stock warrant liability	5,600	9,300
Other noncurrent liabilities	336	100
Noncurrent liabilities of discontinued operations	15,200	20,100
TOTAL LIABILITIES	$ 36,305	$ 40,205
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued or outstanding
Common stock, $0.001 par value; 66,500,000 shares authorized; 17,099,882 issued and outstanding as of December 31, 2014; and 12,213,219 issued and 12,201,102 outstanding as of December 31, 2013	$ 17	$ 12
Treasury stock, at cost; zero and 12,117 shares, respectively, as of December 31, 2014 and 2013		(130)
Additional paid-in capital	482,006	451,853
Accumulated deficit	(396,314)	(401,817)
Total stockholders' equity — Real Industry, Inc.	85,709	49,918
Noncontrolling interest	(91)
TOTAL STOCKHOLDERS' EQUITY	85,618	49,918
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 121,923	$ 90,123

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	66,500,000	66,500,000
Common stock, shares issued	17,099,882	12,213,219
Common stock, shares outstanding	17,099,882	12,201,102
Treasury Stock, Shares	0	12,117

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating costs:
Total operating costs	$ 47,687	$ 48,979	$ 52,082
Other income (expense):
Change in fair value of common stock warrant liability	(3,700)	6,950	947
Gain on extinguishment of long-term debt			396
Goodwill impairment	(400)
Total other income (expense)	6,373	(5,414)	320
Income tax benefit	(4,680)	163	585
Loss from continuing operations	(148)	(14,185)	(8,768)
Earnings from discontinued operations, net of income taxes	5,560	4,151	1,300
Net earnings (loss)	5,412	(10,034)	(7,468)
Earnings (loss) attributable to noncontrolling interest	(91)
Net earnings (loss) attributable to Real Industry, Inc.	$ 5,503	$ (10,034)	$ (7,468)
Basic and diluted:
Continuing operations		$ (1.11)	$ (0.69)
Discontinued operations	$ 0.41	0.32	0.10
Basic and diluted earnings (loss) per share	$ 0.41	$ (0.79)	$ (0.59)
Continuing Operations
Operating revenues:
Total operating revenues	$ 2,232	$ 6,739	$ 8,049
Operating costs:
Cost of goods sold	433	142	498
Selling, general and administrative	13,409	12,926	13,022
Interest expense		3,352	3,021
Amortization of intangibles	88		73
Total operating costs	13,930	16,420	16,614
Operating loss	(11,698)	(9,681)	(8,565)
Other income (expense):
Change in fair value of common stock warrant liability	3,700	(6,950)	(947)
Gain on extinguishment of long-term debt			396
Goodwill impairment	(400)
Other, net	(136)	112	66
Total other income (expense)	3,164	(6,838)	(485)
Loss from continuing operations before income taxes	(8,534)	(16,519)	(9,050)
Income tax benefit	(8,386)	(2,334)	(282)
Loss from continuing operations	(148)	(14,185)	(8,768)
Net earnings (loss)	(148)	(14,185)	(8,768)
Earnings (loss) attributable to noncontrolling interest	(91)
Net earnings (loss) attributable to Real Industry, Inc.	(57)	(14,185)	(8,768)
Continuing Operations | Special Situations
Operating revenues:
Total operating revenues	$ 2,232	6,691	7,691
Continuing Operations | Corporate and Other
Operating revenues:
Total operating revenues		$ 48	$ 358

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net earnings (loss) attributable to Real Industry, Inc.	$ 5,503	$ (10,034)	$ (7,468)
Net change in unrealized gains during period:
Investment securities, available for sale		156	375
Reclassification of realized amounts included in net earnings (loss)		(380)	(347)
Other comprehensive income (loss)		(224)	28
Total comprehensive income (loss)	$ 5,503	$ (10,258)	$ (7,440)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Noncontrolling Interest
Beginning Balance at Dec. 31, 2011	$ 63,837	$ 11		$ 447,945	$ (384,315)	$ 196
Beginning Balance, Shares at Dec. 31, 2011		11,744,746
Net earnings (loss) attributable to Real Industry, Inc.	(7,468)				(7,468)
Issuance of restricted stock, net of forfeitures, Shares		321,034
Restricted common stock vested		$ 1		(1)
Common stock options exercised	$ 26			26
Common stock options exercised, Shares	8,534	8,534
Common stock warrant consideration	$ 60			60
Amortization of share-based compensation	1,743			1,743
Change in accumulated other comprehensive income	28					28
Ending Balance at Dec. 31, 2012	58,226	$ 12		449,773	(391,783)	224
Ending Balance, Shares at Dec. 31, 2012		12,074,314
Net earnings (loss) attributable to Real Industry, Inc.	(10,034)				(10,034)
Common stock acquired	$ (288)		$ (288)
Common stock acquired, Shares	(32,885)	(32,885)	32,885
Issuance of restricted common stock, net of forfeitures			$ 158	(158)
Issuance of restricted stock, net of forfeitures, Shares		139,005	(20,768)
Common stock options exercised	$ 62			62
Common stock options exercised, Shares	20,668	20,668
Common stock warrant consideration	$ 60			60
Amortization of share-based compensation	2,116			2,116
Change in accumulated other comprehensive income	(224)					$ (224)
Ending Balance at Dec. 31, 2013	49,918	$ 12	$ (130)	451,853	(401,817)
Ending Balance, Shares at Dec. 31, 2013		12,201,102	12,117
Net earnings (loss) attributable to Real Industry, Inc.	5,503				5,503
Earnings (loss) attributable to noncontrolling interest	(91)						$ (91)
Common stock issued, net	28,308	$ 5		28,303
Common stock issued, Shares		4,684,615
Common stock acquired	$ (99)		$ (99)
Common stock acquired, Shares	(9,229)	(9,229)	9,229
Issuance of restricted common stock, net of forfeitures			$ 229	(229)
Issuance of restricted stock, net of forfeitures, Shares		73,394	(21,346)
Common stock options exercised	$ 858			858
Common stock options exercised, Shares	150,000	150,000
Common stock warrant consideration	$ 48			48
Amortization of share-based compensation	1,173			1,173
Ending Balance at Dec. 31, 2014	$ 85,618	$ 17		$ 482,006	$ (396,314)		$ (91)
Ending Balance, Shares at Dec. 31, 2014		17,099,882

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net earnings (loss)	$ 5,412	$ (10,034)	$ (7,468)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Earnings from discontinued operations, net of income taxes	(5,560)	(4,151)	(1,707)
Depreciation and amortization	122	17	85
Change in fair value of common stock warrant liability	3,700	(6,950)	(947)
Change in market valuation allowance on loans held for sale, net			(2,776)
Release of deferred tax asset valuation allowance	(5,100)
Gain on sale of investment securities, available for sale		(379)	(347)
Amortization of share-based compensation	1,173	2,116	1,743
Gain on sale of nonmarketable equity securities	(2,067)	(14)
Discount recognized on payoff of loans receivable, net		(517)	(495)
Investment securities, available for sale impairment	0	0	620
Nonmarketable equity securities impairment		581
Inventory impairment	432
Goodwill impairment	400
Proceeds from sale of loans held for sale, net		27,083
Gain on sale of loans held for sale, net		(5,027)
Gain on extinguishment of long-term debt			(396)
Accretion of discounts		(200)	(656)
Other	(15)	181	131
Changes in assets and liabilities:
Restricted cash	2,784		1,627
Trade accounts receivable, net	16	19	(19)
Other current assets	(638)	2,663	(1,212)
Debt and equity offering costs	(14,499)
Other noncurrent assets	186	(2,004)	3,790
Trade payables	12	(19)	(32)
Accrued liabilities	5,047	695	(2,335)
Other noncurrent liabilities	260	147	696
Net cash provided by operating activities of discontinued operations	1,803	4,666	11,286
Net cash provided by (used in) operating activities	(13,932)	22,773	3,482
Cash flows from investing activities:
Proceeds from sale of investment securities, available for sale		3,227	2,580
Purchases of investment securities, available for sale			(2,560)
Repayments, net under revolving credit facilities in loans receivable, net			1,036
Proceeds from sale of nonmarketable equity securities	2,867	1,373
Principal collections on loans receivable, net	172	1,575	1,783
Purchases of property and equipment	(73)	(29)	(52)
Net cash provided by investing activities of discontinued operations	(101)	2,562	4,857
Net cash provided by investing activities	2,865	8,708	7,644
Cash flows from financing activities:
Principal payments on long-term debt		(37,246)	(1,358)
Common stock acquired	(99)	(288)
Proceeds from exercise of common stock options	858	62	26
Proceeds from issuance of common stock, net	28,308
Common stock warrant consideration	48	60	60
Net cash provided (used) by financing activities of discontinued operations	(3,100)	2,894	(6,923)
Net cash provided by (used in) financing activities	26,015	(34,518)	(8,195)
Increase (decrease) in cash and cash equivalents	14,948	(3,037)	2,931
Cash and cash equivalents, beginning of period	48,019	51,056	48,125
Cash and cash equivalents, end of period	62,967	48,019	51,056
Cash and cash equivalents, end of period - continuing operations	61,935	47,847	49,799
Cash and cash equivalents, end of period - discontinued operations	1,032	172	1,257
Cash and cash equivalents, end of period	48,019	48,019	51,056
Supplemental disclosure of cash flow information:
Cash paid for income taxes	627	598	289
Cash paid for interest	846	3,876	4,127
Supplemental disclosure of noncash information:
Transfer of loans receivable, net to (from) loans held for sale, net		(21,846)	23,000
Transfer of nonmarketable equity securities from other noncurrent assets to other current assets		1,940
Net transfers of loans held for sale, net in discontinued operations from real estate owned			385
Commercial loans received from sale of business			3,643
Nonmarketable equity security received from sale of business			800
Common stock received in exchange for investment securities, available for sale			1,940
Continuing Operations
Cash flows from operating activities:
Net earnings (loss)	(148)	(14,185)	(8,768)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Change in fair value of common stock warrant liability	(3,700)	6,950	947
Goodwill impairment	400
Gain on extinguishment of long-term debt			$ (396)
Cash flows from financing activities:
Cash and cash equivalents, end of period - continuing operations	$ 61,935	$ 47,847

Business and Operations

Business and Operations	12 Months Ended
	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business and Operations	NOTE 1 — BUSINESS AND OPERATIONS Real Industry, Inc. (“Real Industry,” the “Company,” “we” or “us” and formerly known as Signature Group Holdings, Inc.) is a holding company that owns all of the outstanding interests of its two primary operating companies, Real Alloy Intermediate Holding, LLC (“Real Alloy Parent”) and SGGH, LLC, as well as other ancillary operating companies. In 2014, Real Industry’s operations were largely concentrated in one operating segment, Industrial Supply, which included one of the largest independent circuit breaker suppliers in the United States, doing business as North American Breaker, Co. LLC (“NABCO”). On January 9, 2015, the Company sold its interest in NABCO. The consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “Annual Report”), filed with the Securities and Exchange Commission (“SEC” or “Commission”) on March 16, 2015, reflected NABCO in continuing operations in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company is reissuing these financial statements to reflect NABCO in discontinued operations for all periods presented, as it is reflected in the Company’s reports on Form 10-Q for the quarterly periods ended March 31, 2015 and June 30, 2015, filed with the SEC on May 12, 2015 and August 17, 2015, respectively. In 2013, management substantially wound down a second operating segment, Special Situations, which selectively acquired sub-performing and nonperforming commercial and industrial loans, leases and mortgages. The senior management team expects to grow our business through acquisitions as well as through organic efforts within existing operations described below. Our current business strategy seeks to leverage our public company status, considerable federal and California NOLs and the experience of our Board and management to acquire operating businesses at prices and on terms that are aligned with our growth plans. Retrospective reclassification of NABCO As described above, these consolidated financial statements are being reissued to retrospectively reclassify the assets and liabilities and results of operations of NABCO as a discontinued operation, held for sale, as of December 31, 2014. NABCO was sold in January 2015 and its assets and liabilities and results of operations have been reflected in discontinued operations in all periodic financial reports filed with the SEC since the Annual Report. The SEC requires a registrant to include or incorporate by reference in a registration statement filed with the SEC under the Securities Act of 1933, as amended (the “Securities Act”), the retrospective reclassification of previously issued financial statements to reflect the subsequent reclassification of operations to discontinued operations. Reincorporation A holding company reorganization and reincorporation from Nevada to Delaware (the “Reincorporation”) was completed o n January 2, 2014, Prior to the merger, Signature Nevada had 66,500,000 shares of $0.01 par value common stock authorized and 12,219,781 shares outstanding. Following the merger, Signature Delaware had 66,500,000 shares of $0.001 par value common stock authorized and 12,219,781 shares outstanding. The current corporate capital structure has been retrospectively reflected in the consolidated financial statements. Corporate Name Change At the Annual Meeting of Stockholders held on May 28, 2015, our stockholders approved a resolution to change the name of the corporation to Real Industry, Inc. See Note—16 Subsequent Events Operations Headquartered in Burbank, California, NABCO is one of the largest independent suppliers of circuit breakers in the United States. Industrial Supply focused on the replacement circuit breaker market, particularly for commercial and industrial circuit breakers, where replacement time is extremely important, but also supplies residential circuit breakers. NABCO operated from nine warehouse distribution locations across North America, which enabled it to provide speedy customer delivery times, a key attribute of its service-oriented model. NABCO’s assets were primarily comprised of inventory, accounts receivable and intangible assets, and its liabilities were primarily comprised of trade payables, a line of credit and long-term debt. As a result of its sale in January 2015, the assets, liabilities and results of operations of NABCO are presented in discontinued operations. Historically, Special Situations, a second operating segment, selectively acquired sub-performing and nonperforming commercial and industrial loans, corporate bonds, and mortgages, typically at a discount to the unpaid principal balance. Since the second quarter of 2013, when all of Special Situations’ residential real estate loans were sold generating cash proceeds of $27.1 million and a gain of $5.0 million, substantially all of the remaining assets have been monetized, including its nonmarketable preferred equity security upon the sale of the private company issuer in the fourth quarter of 2014, leaving only $1.2 million of commercial real estate loans held for investment in Special Situations as of December 31, 2014. Special Situations will not be a reportable segment in 2015. In addition to NABCO, the Company’s operations include other discontinued operations, where it holds and manages certain assets and liabilities related to the former businesses of Signature Nevada, now SGGH and then known as Fremont General Corporation (“Fremont”) and its primary operating subsidiary, Fremont Investment & Loan (“FIL”). The assets and liabilities of discontinued operations are being managed to maximize cash recoveries and limit costs and exposures. Recent Developments In October 2014, Real Alloy Holding, Inc. (“Real Alloy” and formerly SGH Acquisition Holdco, Inc., a wholly owned subsidiary of Real Alloy Parent), entered into a definitive Purchase and Sale Agreement (the “Real Alloy Purchase Agreement”) to acquire certain subsidiaries of Aleris Corporation (“Aleris”) comprising Aleris’ global recycling and specification alloys business (“GRSA” and collectively, the “GRSA Entities” or “GRSA Business”) for $525.0 million (the “Real Alloy Acquisition”), subject to adjustments for the cash, indebtedness, transaction expenses and net working capital of the GRSA Entities. In February 2015, the Real Alloy Acquisition was consummated. From October 2014 through February 2015, Real Industry, Real Alloy and other related subsidiaries completed a series of equity and debt financing transactions, and sold NABCO, to raise the capital required to fund the Real Alloy Acquisition, pay transaction costs and fund opening cash balances as highlighted below: · On October 28, 2014, Real Industry issued 0.3 million shares of its common stock for $10.00 per share in a private placement (the “October Private Placement”). · On December 19, 2014, Real Industry completed an underwritten equity offering of 4.4 million shares of its common stock for $6.50 per share, before the underwriting discount (the “Equity Offering”). · On January 8, 2015, SGH Escrow Corporation (“SGH Escrow”), a wholly owned subsidiary of Real Alloy Parent that was merged with and into Real Alloy following the closing of the Real Alloy Acquisition, with Real Alloy continuing as the surviving entity, issued $305 million of 10% senior secured notes due January 15, 2019 (the “Senior Secured Notes”). The Senior Secured Notes were issued at a price of 97.206%, for gross proceeds of approximately $296.5 million. See Note 16— Subsequent Events · On January 9, 2015, SGGH completed the sale of its wholly owned subsidiary, NABCO, for gross proceeds of $78.0 million, subject to customary adjustments, to PNC Riverarch Capital, a division of PNC Capital Finance, LLC (the “NABCO Sale”). See Note 16— Subsequent Events · On February 27, 2015, concurrent with the consummation of the Real Alloy Acquisition, Real Industry completed a rights offering (the “Rights Offering”) to its existing common stockholders, in which Real Industry issued 9,751,773 shares of its common stock for $5.64 per share, raising gross proceeds of $55.0 million. · Also, concurrent with the consummation of the Real Alloy Acquisition, Real Alloy made a $59.5 million initial draw on a new $110 million senior secured revolving asset-based credit facility (the “Asset-Based Facility”) and a €25.0 million, or $28.0 million, initial draw on a nonrecourse factoring facility with a maximum financing amount of €50 million (the “Factoring Facility”). · On February 27, 2015, the Real Alloy Acquisition closed, and the proceeds from the Senior Secured Notes were released from escrow. The $525 million purchase price was funded with $500 million in cash from certain proceeds from the NABCO Sale and the net proceeds of i) the October 2014 Private Placement; ii) the Equity Offering; iii) the Senior Secured Notes; iv) the Asset-Based Facility; v) the Factoring Facility; and vi) $25 million of a new series of non-participating preferred stock (the “Series B Preferred Stock”) issued to Aleris as part of the purchase price (clauses i) through vi) collectively, the “Financings”), and such shares, along with $5 million of cash, were placed into escrow to satisfy Aleris’ indemnification obligations. See Note 16— Subsequent Events

Financial Statement Presentatio

Financial Statement Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Financial Statement Presentation and Significant Accounting Policies	NOTE 2 — FINANCIAL STATEMENT PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements include the accounts of Real Industry On October 7, 2013, Signature Nevada filed Amended and Restated Articles of Incorporation in Nevada to effect a one-for-ten reverse stock split (the “Reverse Split”) of its authorized, issued and outstanding shares of common stock (the “Old Common Stock”). Effective October 15, 2013, as a result of the Reverse Split, Signature Nevada’s authorized common stock was reduced from 665,000,000 to 66,500,000, and every ten shares of Old Common Stock held by a stockholder were exchanged for one share of new common stock (the “New Common Stock”), with each fractional share rounded up to the nearest whole number. Immediately prior to the Reverse Split, Signature Nevada had 122,116,451 shares of Old Common Stock outstanding, and immediately following completion of the Reverse Split, 12,213,219 shares of New Common Stock were issued and outstanding. In the Reverse Split, fractional share interests of New Common Stock were rounded up to the nearest whole number. The New Common Stock traded on the OTCQX under the trading symbol ‘SGRH,’ and prior to the Rights Offering under the trading symbol ‘SGGH.’ On April 21, 2015, our common stock began trading on the Nasdaq Stock Exchange (“NASDAQ”) under the symbol ‘RELY’ as part of the NASDAQ Global Select Market. See Note 16— Subsequent Events Use of estimates Management has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in accordance with GAAP. Significant areas requiring the use of management estimates relate primarily to revenue recognition, allowance for doubtful accounts, sales returns and allowances, sales incentives, valuation of long-lived assets, litigation reserves, valuation of deferred income taxes, and the loan repurchase reserve. Actual results could differ from those estimates. Fair value measurements GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date, and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: — Level 1 — Quoted prices in active markets for identical assets or liabilities. — Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. — Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Revenue recognition Revenues from product sales are recognized after collection of the relevant receivable is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, including passage of title to the customer and transfer of the risk of loss related to those goods. Revenues are reported on a net sales basis, which is computed by deducting amounts related to product returns, discounts and allowances, and sales incentives from gross sales. Amounts billed to customers for shipping and handling are included in net sales and costs incurred related to shipping and handling are included in cost of goods sold. Management records a reduction to gross sales for returns and allowances based on estimated customer returns and allowances, which is influenced by historical experience. The actual amount of sales returns and allowances realized may differ from these estimates. Management closely monitors sales returns and allowances and updates estimates based on recent trends. Changes in estimates are recorded in the period of the revision. The aggregate of sales returns and allowances was approximately 4.0%, 3.9% and 4.5% of gross sales in the years ended December 31, 2014, 2013 and 2012, respectively, and were reported in discontinued operations. NABCO offers incentive programs to select customers based on purchase volumes. These incentive programs are individually negotiated with customers and contain a variety of different terms and conditions, including incentives calculated using tiered volume milestones and as a flat percentage of purchases. Incentives may be payable monthly, quarterly, or annually. The calculation of accrued incentives involves significant management estimates, especially where the terms of the incentive program involve tiered volume milestones. Incentives are accrued monthly based on estimates derived from expected annual sales, current program requirements, and historical experience, and are included in revenues and trade payables in discontinued operations. Cash and cash equivalents and restricted cash Cash and cash equivalents include cash on hand, cash on deposit at financial institutions and other short-term liquid investments. Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid investment instruments with maturities of three months or less at the acquisition date are classified as cash equivalents. Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash. Securities Investment securities classified as available for sale are carried at their estimated fair value. Unrealized gains and losses on these investments are included in accumulated other comprehensive income (loss) and reported as a separate component of stockholders’ equity, net of taxes. Unrealized losses that are other-than-temporary are recognized in earnings. Realized investment gains and losses are included in operating revenues in Special Situations. The Company performs a quarterly assessment of investment securities, available for sale with unrealized losses to determine whether the decline in the fair value of these securities below their cost basis is other-than-temporary. If a decline in fair value is judged to be other-than-temporary, the cost basis of the individual security is written down to estimated fair value, which then becomes the new cost basis. The new cost basis is not adjusted for subsequent recoveries in fair value. During the years ended December 31, 2014, 2013 and 2012, the Company recognized credit-related other-than-temporary impairment on investment securities, available for sale of zero, zero, and $0.6 million, respectively. The Company classifies nonmarketable equity securities in other noncurrent assets, or other current assets when the securities are held for sale, and are carried at the lower of cost or market. During the years ended December 31, 2014, 2013 and 2012, the Company recognized zero, $0.6 million and zero, respectively, of other-than-temporary impairment on nonmarketable equity securities. No securities are included in the Company’s consolidated balance sheet as of December 31, 2014. Trade accounts receivable, net Trade accounts receivable primarily arise from sales at NABCO and are included in discontinued operations. Management maintains an allowance for uncollectible accounts, which is determined based on the age of the receivable balances, adjusted for qualitative factors, such as past collection experience. Inventory Inventory consists of goods acquired for resale and is stated at the lower of cost or market, primarily at NABCO and is reported in discontinued operations. Inventory costs are determined on a moving-average historical cost basis. Management estimates damaged inventory based on actual customer returns. Management regularly reviews the adequacy of inventory reserves and makes adjustments as necessary. Loans receivable, net Loans receivable, net, consists of residential real estate loans, commercial real estate loans, commercial lines of credit and term debt. Loans receivable, net is reported at the principal amount outstanding, net of deferred fees and costs, if any, discounts or premiums, and the allowance for loan losses. The allowance for loan losses is increased by provisions charged against operations and reduced by loan amounts charged off. The allowance is maintained at a level considered adequate to provide for probable and inherent losses on loans receivable based on management’s evaluation of the portfolio. Future additions or reductions to the allowance for loan losses may be necessary based on changes in the amounts and timing of expected future cash flows due to changes in collateral values of the assets securing the loans receivable, general economic conditions and the financial condition of borrowers. During 2013, the residential real estate loans were sold and the commercial loans were repaid in full. The remaining commercial real estate loans are classified as held for investment, based on the Company’s intent and ability to hold such loans for the foreseeable future, within other noncurrent assets. Interest income — loans receivable Interest income is accrued on the unpaid principal balance at each loan’s stated interest rate. Loans are placed on nonaccrual status when they become ninety or more days past due, after a troubled debt restructuring (“TDR”), after a borrower files for bankruptcy protection, or when management believes that, after considering general economic conditions and collection efforts, the borrower’s financial condition is such that collection of contractually due principal and interest is doubtful. When a loan is placed on nonaccrual status, the accrued and unpaid interest is reversed as a reduction of interest income and accrued interest receivable. Interest income is subsequently recognized only to the extent cash payments are received or when the loan has been placed back on accrual status. Restructured loans may be returned to accrual status after exhibiting at least six months of current payment history, loans in nonaccrual status as a result of bankruptcy are returned to accrual status only after the bankruptcy case has been discharged or dismissed, and all other loans are returned to accrual status when they are no longer past due. Allowance for loan losses Loans receivable, net is comprised of one class of loans as of December 31, 2014 and 2013, commercial real estate loans. An allowance for loan losses is maintained at levels deemed adequate by management to provide for probable and inherent losses. Provisions for loan losses are added to, and charge-offs deducted from, the respective allowance for loan losses. Commercial real estate loans are comprised of participation interests in multi-family real estate loans. The allowance for commercial real estate loan losses is primarily based on default assumptions, which are based, at least in part, on past loss experience, loan portfolio composition and risk, current economic conditions that may affect the borrower’s ability to pay, delinquencies and underlying collateral values. Commercial real estate loans are deemed uncollectible and charged off at the completion of foreclosure. Loans receivable are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect scheduled payments of principal and interest when due according to the contractual terms of the loan agreements. Impairment is measured on a loan-by-loan basis by comparing the estimated fair value, less selling costs (“net realizable value”) of the underlying collateral against the recorded investment of the loan. While management uses available information to estimate losses on loans receivable, future additions to the allowance for loan losses may be necessary, based on changes in estimates resulting from changes in economic and other conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available. Troubled debt restructurings TDRs are renegotiated loans where borrower concessions have been granted that the Company would not otherwise make. Concessions may include forbearance through interest rate reductions or interest only periods, and accrued but unpaid interest and advances may be added to the outstanding principal balance. The Company classifies TDRs as impaired loans and evaluates the need for an allowance for loan losses at the time of restructuring. An allowance for loan losses is based on the present value of estimated future cash flows, taking into consideration the estimated net realizable value of the underlying collateral. As of December 31, 2014 and 2013, there were no TDRs in the commercial loan portfolio. Debt and equity offering costs Debt and equity offering costs represents fees, costs and expenses associated with ongoing capital raising efforts. Fees, costs and expenses associated with completed debt offerings are amortized to interest expense over the life of the underlying instruments. Fees, costs and expenses associated with completed equity offerings are reclassified as a reduction of additional paid-in capital. Fees, costs and expenses associated with commitments that are not utilized or debt and equity offerings that are not completed are expensed in the period that the underlying commitment expires or offering is terminated. Goodwill and intangible assets and liabilities Goodwill arises from business combinations and represents the excess of the purchase price over the estimated fair value of net assets acquired and is analyzed for impairment annually in the fourth quarter. GAAP permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the quantitative impairment test of the two-step goodwill impairment test. Intangible assets consist primarily of customer relationships and trade names, and intangible liabilities consist of lease intangibles recognized in business combinations. Intangible assets and liabilities with finite lives are amortized over their estimated useful lives, which represent the period over which the asset or liability is expected to contribute directly or indirectly to future cash flows. Intangible assets and liabilities with finite lives are reviewed for impairment whenever events and circumstances indicate the carrying value of such assets or liabilities may not be recoverable and exceed their fair value. The Company assesses qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If an impairment loss exists, the carrying amount of the intangible asset is adjusted to a new cost basis. The new cost basis is amortized over the remaining useful life of the asset. Tests for impairment or recoverability require significant management judgment, and future events affecting cash flows and market conditions could adversely impact the valuation of these assets and result in impairment losses. As of December 31, 2014 and 2013, no impairment has been recognized on intangible assets. As of December 31, 2014, $0.4 million of goodwill impairment related to Cosmed, Inc., a majority owned specialty cosmetics subsidiary of SGGH, has been recognized. Common stock warrant liability In June 2010, Signature Nevada issued warrants to purchase an aggregate of 1.5 million shares of Signature Nevada’s common stock (the “Warrants”) for an aggregate cash purchase price of $0.3 million. The Warrants have a term of ten years and had an original exercise price of $10.30 per share. The Warrants include anti-dilution and pricing protection provisions that provide for a reduction in the exercise price of the Warrants if any common stock (or equivalents) of the Company are issued at a price per share less than the exercise price during the term of the Warrants, excluding issuances under the Amended and Restated 2006 Signature Group Holdings, Inc. Performance Incentive Plan (the “Incentive Plan”). As a result of the Equity Offering in December 2014, in which the Company issued shares for $6.17 per share, net of the underwriting discount, the exercise price of the Warrants was reduced to $6.17 as of December 31, 2014. The Warrants are financial instruments classified as derivative liabilities and are remeasured at fair value at each reporting date with changes in fair value reported through earnings. The exercise price of the Warrants was further reduced to $5.64 per share following the completion of the common stock portion of the Rights Offering in February 2015. See Note 16— Subsequent Events Income taxes Deferred income taxes are computed using the liability method, under which deferred income taxes represent the tax effect of differences between the financial and income tax bases of assets and liabilities. As a result of generating losses since 2006, among other factors, the Company has determined that sufficient uncertainty exists as to the realizability of all of its deferred tax assets and, as such, has placed a valuation allowance of $385.6 million and $375.0 million on its deferred tax assets as of December 31, 2014 and 2013, respectively. In the year ended December 31, 2014, the Company released $5.1 million of the deferred tax valuation allowance based on expected future taxable income. In future years, tax benefits and related deferred tax assets will be recognized if the Company considers realization of the net deferred tax assets to be more likely than not, or to the extent that deferred tax liabilities are recognized in connection with business combinations. Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Share-based compensation Share-based compensation awards, which include awards of restricted common stock and common stock options, are expensed on a straight-line basis over the requisite service period based on their grant date fair value. Nonvested restricted common stock awards are not recorded as part of common stock in the consolidated balance sheets until they are earned, but because they are issued when granted, the shares are included as part of the total number of shares issued and outstanding in the parenthetical disclosure on the face of the consolidated balance sheets. The fair value of awards of restricted common stock is determined based on the fair value of the Company’s common stock on the grant date. The fair value of common stock options containing only service conditions is estimated using the Black-Scholes option pricing model. The fair value of common stock options containing both service and market conditions is estimated using a trinomial lattice pricing model. Comprehensive income (loss) Comprehensive income (loss) consists of net earnings (loss) attributable to Real Industry, Inc. and net unrealized gains on investment securities, available for sale, and is presented in the consolidated statements of comprehensive income (loss). Components of accumulated other comprehensive income consisted of unrealized gains on investment securities, available for sale as of December 31, 2012. Variable interest entities Fremont and its subsidiaries securitized mortgages in the form of real estate mortgage investment conduits. The Company evaluates each securitization trust for classification as a variable interest entity (“VIE”). If the Company is a variable interest holder in a securitization classified as a VIE, which is usually due to an ownership of residual securities that were retained at the time of securitization, then the Company evaluates whether it may be the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE (i.e., the party with a controlling financial interest), the assets and liabilities of the VIE are required to be consolidated. As of December 31, 2014, none of the securitization trusts meet the criteria for consolidation. The estimated fair value and carrying value of the residual interests in unconsolidated securitization trusts is zero. Management based such assessment on the timing and amount of estimated future cash flows from the residual interests and information from servicers. Discontinued operations GAAP requires the results of operations of a component of an entity that either has been disposed of or is classified as held for sale to be reported as discontinued operations in the consolidated financial statements. In order to be considered a discontinued operation, both the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of an entity and the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. In March 2007, Fremont exited the subprime residential real estate business and adopted a plan to dispose of substantially all of the assets related to such business. In late 2007 and early 2008, Fremont pursued various strategic initiatives, which included the sale of substantially all of its retail banking operations, including all of its branches and 100% of its deposits, closure of its mortgage servicing operations and sale of the related mortgage servicing rights. These strategic initiatives resulted in the Company classifying the remaining assets and liabilities of Fremont’s former retail banking and residential lending operation as discontinued operations, where they continue to be reflected. In January 2015, the Company sold NABCO. As of December 31, 2014, discontinued operations includes the assets, liabilities and results of operations of NABCO and the legacy litigation, primarily home mortgage foreclosure cases in which the Company has no ongoing association with the mortgage or foreclosure, and a mortgage loan repurchase reserve that relates to the former businesses of Fremont. Refer to Note 13— Discontinued Operations Real estate owned, net Real estate owned (“REO”) is comprised of property acquired through foreclosure, or deed in lieu of foreclosure, on loans secured by residential real estate. REO is recorded at net realizable value at the acquisition date. Estimated net realizable values are based on an evaluation of numerous factors, including appraisals or broker price opinions, Internet real estate websites, sales of comparable assets, and estimated market conditions. No REO is included in the Company’s consolidated balance sheet as of December 31, 2014. Repurchase reserve Pursuant to Fremont’s subprime residential mortgage business, Fremont’s primary operating subsidiary FIL sold loans and made customary standard industry representations and warranties about the loans. SGGH, LLC may be required to repurchase certain loans should a court find that FIL breached certain representations and warranties provided to counterparties that purchased the loans. SGGH, LLC maintains a repurchase reserve pursuant to Topic 460, Guarantees Contingencies As a result of a New York State Court of Appeals case decided in June 2015, our estimate of the exposure to repurchase claims changed. See Note 16— Subsequent Events Recent accounting standards update In February 2013, the Financial Accounting Standards Board (“FASB”) issued accounting guidance (Topic 220, Other Comprehensive Income In July 2013, the FASB issued accounting guidance (Topic 740, Income Taxes In April 2014, the FASB issued accounting guidance (Topic 250, Presentation of Financial Statements Property, Plant and Equipment for annual reporting periods beginning after December 15, 2014, including interim reporting periods within that reporting period. Early adoption is permitted, but only for certain disposals. In May 2014, the FASB issued accounting guidance (Topic 606, Revenue from Contracts with Customers based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period and early application is not permitted. The Company is currently assessing the impact of the new guidance on its consolidated financial statements and disclosures. In June 2014, the FASB issued accounting guidance (Topic 718, Stock Compensation The new guidance is not expected to have a significant impact on the Company’s consolidated financial statements or disclosures. In November 2014, the FASB issued accounting guidance (Topic 815, Derivatives and Hedging The new guidance is effective for annual reporting periods beginning after December 15, 2015, including interim reporting periods within that reporting period. and early application is permitted. The Company is currently assessing the impact of the new guidance on its consolidated financial statements and disclosures. In November 2014, the FASB issued new accounting guidance (Topic 805, Business Combinations ) on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The new guidance provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections . If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. This new guidance is effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The new guidance is not expected to have a significant impact on the Company’s consolidated financial statements or disclosures.

Cash and Cash Equivalents and R

Cash and Cash Equivalents and Restricted Cash	12 Months Ended
	Dec. 31, 2014
Cash And Cash Equivalents [Abstract]
Cash and Cash Equivalents and Restricted Cash	NOTE 3 — CASH AND CASH EQUIVALENTS AND RESTRICTED CASH The following table presents cash and cash equivalents, within continuing operations, as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Noninterest-bearing deposits $ 34,498 $ 2,953 Short-term money market funds 27,437 44,894 Total cash and cash equivalents $ 61,935 $ 47,847 The following table presents restricted cash as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Noninterest-bearing deposits — securing a letter of credit $ 21 $ 784 Noninterest-bearing deposits — legal settlement reserve funds — 2,021 Total restricted cash $ 21 $ 2,805

Debt and Equity Offering Costs

Debt and Equity Offering Costs	12 Months Ended
	Dec. 31, 2014
Deferred Costs [Abstract]
Debt and Equity Offering Costs	NOTE 4 — DEBT AND EQUITY OFFERING COSTS In connection with the Real Alloy Acquisition, the Company has incurred fees, costs and expenses associated with various financing transactions that were not completed as of December 31, 2014. The debt and equity offering costs as of December 31, 2014 are summarized in the following table. December 31, (Dollars in thousands) 2014 Senior Secured Notes, Asset-Based Facility and Factoring Facility $ 3,675 Term bridge loan and backstop commitments 10,560 Rights Offering 264 Total debt and equity offering costs $ 14,499 Debt offering costs associated with each of the Senior Secured Notes, Asset-Based Facility and Factoring Facility will be amortized as interest expense over the terms of the respective instruments. Fees, costs and expenses associated with the term bridge loan and backstop commitments were expensed in 2015 following the expiration of the respective commitments. Fees, costs and expenses associated with the Rights Offering were reclassified as a reduction of additional paid-in capital following the completion of the Rights Offering in 2015. See Note 16— Subsequent Events

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	NOTE 5 — GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consisted of the following as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Goodwill $ — $ 400 Intangible assets: Customer relationships $ — $ 40 Trade names 45 45 Product formulations 190 190 Domain names — 100 Accumulated amortization (127 ) (179 ) Total intangible assets, net $ 108 $ 196 The following table summarizes aggregate future amortization of intangible assets: (Dollars in thousands) 2015 $ 22 2016 19 2017 17 2018 15 2019 13 Thereafter 22 $ 108

Other Assets and Other Liabilit

Other Assets and Other Liabilities	12 Months Ended
	Dec. 31, 2014
Additional Other Liabilities Disclosure [Abstract]
Other Assets and Other Liabilities	NOTE 6 — OTHER ASSETS AND OTHER LIABILITIES The following table presents the Company’s other assets and other liabilities, within continuing operations, as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Other current assets: Prepaid expenses $ 431 $ 424 Inventory 348 432 Loans receivable due within one year 81 85 Income taxes receivable 115 — Other 4 9 Total other current assets $ 979 $ 950 Other noncurrent assets: Loans receivable, net $ 1,154 $ 1,322 Nonmarketable equity securities — 800 Property and equipment, net 106 71 Other (4 ) — Total other noncurrent assets $ 1,256 $ 2,193 Other noncurrent liabilities: Accrued expenses $ 132 $ 94 Deferred income taxes 204 6 Total other noncurrent liabilities $ 336 $ 100

Common Stock Warrant Liability

Common Stock Warrant Liability	12 Months Ended
	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Common Stock Warrant Liability	NOTE 7 — COMMON STOCK WARRANT LIABILITY In connection with Signature Nevada’s emergence from chapter 11 bankruptcy (“Bankruptcy Proceedings”) on June 11, 2010 (the “Reorganization Effective Date”), warrants to purchase an aggregate of 1.5 million shares of Signature Nevada’s common stock were issued (the “Warrants”). The aggregate purchase price for the Warrants was $0.3 million, due in equal installments as the Warrants vest. The Warrants vested 20% upon issuance and, thereafter, vest 20% annually on the anniversary of the issuance date and, as of December 31, 2014, the Warrants are 100% vested. The Warrants expire in June 2020 and had an original exercise price of $10.30 per share. The Warrants were issued without registration in reliance on the exemption set forth in Section 4(a)(2) of the Securities Act of 1933, as amended. The Warrants include customary terms that provide for certain adjustments of the exercise price and the number of shares of common stock to be issued upon the exercise of the Warrants in the event of stock splits, stock dividends, pro rata distributions and certain other fundamental transactions. Additionally, the Warrants are subject to pricing protection provisions. During the term of the Warrants, the pricing protection provisions provide that certain issuances of new shares of common stock at prices below the current exercise price of the Warrants automatically reduce the exercise price of the Warrants to the lowest per share purchase price of common stock issued. In December 2014, the Company issued shares of common stock in a public offering under its registration statement on Form S-3 (the “Shelf”) at $6.17 per share, thereby reducing the exercise price of the Warrants to $6.17 per share as of December 31, 2014. Further, on February 27, 2015, the exercise price of the Warrants was reduced to $5.64 per share following the completion of the common stockholder portion of the Rights Offering. See Note 16— Subsequent Events The Company utilized a Monte Carlo simulation to estimate the fair value of the common stock warrant liability as of December 31, 2014, and used a trinomial lattice option pricing model as of December 31, 2013. See Note 11— Fair Value Measurements The following table presents changes in the fair value of the common stock warrant liability during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Beginning balance $ 9,300 $ 2,350 $ 1,403 Change in fair value of common stock warrant liability (3,700 ) 6,950 947 Ending balance $ 5,600 $ 9,300 $ 2,350

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8 — INCOME TAXES The following table summarizes income tax expense (benefit), within continuing operations, for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Current income tax expense (benefit): Federal $ (3,123 ) $ (2,382 ) $ (314 ) State (637 ) (552 ) (30 ) Total current income tax expense (benefit) (3,760 ) (2,934 ) (344 ) Deferred income tax expense (benefit): Federal (4,611 ) 521 120 State (15 ) 79 (58 ) Total deferred income tax expense (benefit) (4,626 ) 600 62 Total income tax expense (benefit) $ (8,386 ) $ (2,334 ) $ (282 ) A reconciliation of the effective tax rates in the consolidated statements of income from continuing operations with the statutory federal income tax rate of 34.0% is summarized in the following: Year Ended December 31, 2014 2013 2012 Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of federal benefit 4.9 % 2.2 % 0.2 % Deferred tax valuation allowance (131.3 ) % (10.6 ) % (27.6 ) % Fair value adjustments 14.7 % (14.9 ) % (3.0 ) % Revisions to prior year taxes 171.4 % 2.1 % 0.7 % Meals and entertainment (0.1 ) % (0.2 ) % (0.1 ) % Other 4.7 % 2.3 % (1.1 ) % Effective tax rate 98.3 % 14.9 % 3.1 % Net payments made for federal and state income taxes were $0.6 million, $0.6 million and $0.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. The following table provides a summary of the activity in the amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 2013 2012 Beginning balance $ 344 $ 378 $ 423 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 294 — 378 Reductions of tax positions of prior years — (34 ) (423 ) Settlements (638 ) — — Ending balance $ — $ 344 $ 378 When necessary, the Company accrues the expected tax and interest exposure for tax matters that are either in the process of resolution or have been identified as having the potential for adjustment. There was no reserve for uncertain tax matters as of December 31, 2014 and 2013. In connection with the NABCO business combination in July 2011, the Company recognized a $0.4 million liability for uncertain tax matters related to the difference between positions taken on tax returns filed prior to the acquisition and the estimated potential tax settlement outcomes associated with inventory costs in those tax returns. The statute of limitations on the uncertain tax matter expired in September 2012 and the accrued liability and the related indemnification asset were reversed. In March 2014, the IRS completed its examination of the Company’s 2003, 2004, 2005 and 2008 tax years and delivered a special report on their examination to the congressional Joint Committee on Taxation (the “Joint Committee”). As required by Internal Revenue Code (the “Code”) Section 6405(a), the Joint Committee reviews all income tax refund requests in excess of $2.0 million, including the Company’s $24.8 million refund request related to its 2003, 2004, 2005 and 2008 tax years, which was received in October 2010. The special report, which the Joint Committee accepted without exception, indicated that net adjustments to the tax returns under examination resulted in a $0.5 million refund overpayment. The Company made estimated payments related to the refund overpayment in January 2013 and March 2014 aggregating $0.6 million, including estimated interest. In September 2014, the IRS provided a final accounting of the examination adjustments. These adjustments included additional interest adjustments on 2006 underpayment of tax liability, offset by NOLs generated in 2007 and utilized in the 2008 tax return. Interest on the underpayment accrued from its original due date until the 2008 tax return, utilizing the NOL was filed. In October 2014, the Company paid the $0.3 million of interest on tax adjustments. As of December 31, 2014, the Company has no tax years under examination, and tax years 2003 through 2008 are closed. Deferred income taxes are a component of continuing operations, and include the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and for income tax purposes. The components of the Company’s deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 are summarized in the following table: December 31, (Dollars in thousands) 2014 2013 Deferred tax assets: Net operating loss carryforwards $ 375,193 $ 360,211 Alternative minimum tax credits 10,908 10,909 Repurchase reserve 2,098 2,450 Real Alloy Acquisition Costs 1,296 — Inventory 641 469 Compensation 873 975 Litigation reserves 134 743 Bad debt 22 164 Other 149 121 Total deferred tax assets 391,314 376,042 Deferred tax liabilities: Intangible assets and liabilities 624 1,013 Other 35 6 Total deferred tax liabilities 659 1,019 Net deferred tax asset before valuation allowance 390,655 375,023 Deferred tax valuation allowance (385,551 ) (375,029 ) Net deferred tax asset (liability) $ 5,104 $ (6 ) As of December 31, 2014, the Company had estimated federal and California net operating loss carryforwards (“NOLs”) of $933.6 million and $994.7 million, respectively. The federal NOLs have a 20-year life and begin to expire after the 2027 tax year, while the California NOLs have either a 10-year or 20-year life and begin to expire after the 2017 tax year. In order to preserve these tax attributes following emergence from Bankruptcy Proceedings, restrictions were included in Signature Nevada’s Amended and Restated Bylaws on transfers of its common stock (the “Tax Benefit Preservation Provision”). The same restrictions were included in Signature Delaware’s Amended and Restated Bylaws and subsequently, Real Industry’s Amended and Restated Bylaws. Unless approved by the Board, any attempted transfer of Real Industry common stock is prohibited and void to the extent that, as a result of such transfer (or any series of transfers) i) any person or group of persons own 4.9% of the then-outstanding shares of Real Industry common stock, whether directly or indirectly (a “4.9-percent holder”), or ii) the ownership interests of any “five percent holder” (as defined in Section 1.382-2T(g) of the Tax Code) shall be increased or decreased. Persons wishing to become a 4.9-percent holder (or existing five-percent holders wishing to increase or decrease their percentage ownership) must request a waiver of the restriction from Real Industry, and the Board may grant a waiver in its sole discretion. The Tax Benefit Preservation Provision is meant to reduce the potential for a “change of control” event, which, if it were to occur, would have the effect of limiting the amount of the NOLs available in a particular year. The Company assesses deferred tax assets to consider whether it is more likely than not that the deferred tax assets will be realized. The ultimate realization of deferred tax assets depends on the ability to generate future taxable income during the periods in which temporary differences become deductible. Prior to the NABCO Sale, as a result of generating losses since 2006, among other factors, the Company had determined that sufficient uncertainty existed as to the realizability of its net deferred tax asset and placed a full valuation allowance on its net deferred tax assets. Based on the fact that the NABCO Sale will generate a gain for income tax purposes of approximately $45.0 million, management has determined it is more likely than not that the Company will report taxable income for the year ended December 31, 2015 in United States federal and state jurisdictions in which Real Industry has NOLs. Based on the Company’s analysis of estimated taxable income, including the NABCO Sale and the Real Alloy Acquisition, in which the Company received a Tax Code Section 338(h)(10) election and a step-up in tax basis of the acquired assets in the Real Alloy Acquisition, $5.1 million of the deferred tax asset valuation allowance has been released in the year ended December 31, 2014, and the deferred tax valuation allowance as of December 31, 2014 and 2013 was $385.6 million and $375.0 million, respectively. Net deferred tax assets totaled $5.1 million as of December 31, 2014 and net deferred tax liabilities were $6 thousand at December 31, 2013.

Share-Based Payments and Employ

Share-Based Payments and Employee Benefits	12 Months Ended
	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Payments and Employee Benefits	NOTE 9 — SHARE-BASED PAYMENTS AND EMPLOYEE BENEFITS Incentive Plan The Amended and Restated 2006 Signature Group Holdings, Inc. Performance Incentive Plan (the “Incentive Plan”) provides for the grant of restricted common stock, common stock options, stock appreciation rights, and restricted stock units to employees, nonexecutive directors and consultants. Under the Incentive Plan, the Board is authorized to issue up to 2.5 million shares of common stock, or its equivalent. As of December 31, 2014 and 2013, there were no stock appreciation rights or restricted stock units outstanding, and there were approximately 0.5 million and 0.6 million shares, respectively, available for grant under the Incentive Plan. Director Compensation Program The Director Compensation Program provides for annual grants, under the Incentive Plan, of restricted shares of the Company’s common stock on the first business day of each calendar year to each nonexecutive Board member. These grants have a grant date fair value of $75 thousand per nonexecutive director, and vest on January 1 of the following year. Compensation to nonexecutive directors joining the Company after January 1 is prorated for the time of service and those awards also vest on January 1 of the following year. Restricted common stock Restricted common stock awards are granted with various vesting schedules ranging from immediately to five years. Grants that vest immediately have restrictions on transfer of the common stock for approximately one year. The following table provides activity of restricted common stock for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Beginning balance 139,641 $ 4.94 357,522 $ 4.32 231,506 $ 5.96 Shares vested (98,530 ) 5.76 (356,886 ) 4.61 (195,017 ) 4.18 Shares granted 73,394 9.89 139,005 5.70 321,033 3.05 Ending balance 114,505 $ 7.42 139,641 $ 4.94 357,522 $ 4.32 Share-based compensation related to restricted common stock awards was $0.7 million, $1.2 million and $1.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, the aggregate unamortized value of share-based restricted common stock awards was $0.4 million and $0.3 million, respectively, and will be recognized over a weighted average period of 1.9 years from December 31, 2014. During the years ended December 31, 2014 and 2013, respectively, the Company repurchased 9,229 and 32,885 shares of its common stock (the “Treasury Shares”) from executive officers and employees, at fair value, for $0.1 million and $0.3 million, respectively, to satisfy statutory payroll tax withholding requirements on vesting restricted common stock awards. The 2014 and 2013 Director Compensation Program awards included the reissuance of 21,346 and 9,897 Treasury Shares, respectively. Employees were granted 10,618 and 10,871 shares of restricted common stock in 2014 and 2013, respectively. All of the shares of restricted common stock issued to employees in 2013 were reissued Treasury Shares. Executive officers were granted 27,500 and 25,000 shares of restricted common stock in 2014 and 2013, respectively. There were zero and 12,117 Treasury Shares held as of December 31, 2014 and 2013, respectively. Common stock options The Company also issues common stock options to employees under the Incentive Plan, with various vesting schedules ranging from immediately to four years. The fair value of each common stock option award is estimated on the grant date using either a Black-Scholes option pricing model for service-based awards or a trinomial lattice option pricing model for performance-based awards using assumptions in the following table. Expected volatilities are based on historical volatility of the Company’s common stock, since emerging from Bankruptcy Proceedings on the Reorganization Effective Date, and volatilities of similar entities. The common stock option awards expire eight to ten years following the grant date and the expected lives are based on the simplified method as the Company does not have sufficient common stock option exercise experience to support a reasonable estimate of expected term. The risk-free rate is the yield available on U.S. Treasury zero-coupon issues with remaining maturities approximating the expected term at the grant date. There were no common stock option awards granted in the year ended December 31, 2014. The following table provides assumptions used in determining the fair value of common stock option grants for the years ended December 31, 2013 and 2012: Year Ended December 31, (Weighted averages) 2013 2012 Expected volatility 55.00 % 52.60 % Risk-free interest rate 1.15 % 0.80 % Expected term (in years) 5.60 5.10 Dividend yield — % — % Grant date fair value per share $ 2.75 $ 1.67 The following table presents activity of nonvested common stock options during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Beginning balance 673,833 $ 6.59 872,373 $ 5.41 881,600 $ 5.72 Options granted — — 205,000 9.52 184,600 3.57 Options vested (592,433 ) 6.29 (383,208 ) 5.47 (189,861 ) 5.11 Options forfeited — — (20,332 ) 3.62 (3,966 ) 3.00 Ending balance 81,400 $ 7.62 673,833 $ 6.59 872,373 $ 5.41 The following table presents activity of exercisable common stock options during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Beginning balance 543,867 $ 5.76 181,327 $ 5.21 — $ — Options exercised (150,000 ) 5.72 (20,668 ) 3.00 (8,534 ) 3.00 Options vested 592,433 6.29 383,208 5.47 189,861 5.11 Ending balance 986,300 $ 6.08 543,867 $ 5.76 181,327 $ 5.21 The weighted average remaining contractual life for common stock options outstanding and exercisable as of December 31, 2014 and 2013 was 6.6 and 7.4 years, respectively, and the weighted average remaining contractual life for common stock options exercisable as of December 31, 2014 was 6.6 years. The following table provides information pertaining to the intrinsic value of common stock options outstanding and exercisable as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Intrinsic value of common stock options outstanding $ 1,507 $ 5,520 Intrinsic value of common stock options exercisable 1,404 2,716 The following table presents the intrinsic value of common stock options exercised and the fair value of common stock options that vested during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Intrinsic value of common stock options exercised (1) $ 398 $ 137 $ 10 Fair value of common stock options vested (2) 1,244 756 327 (1) The intrinsic value of common stock options exercised is the difference between the fair market value of the Company’s common stock on the exercise date and the exercise price. (2) The fair value of common stock options vested is based on the grant date fair value. Share-based compensation related to common stock option awards was $0.6 million, $0.9 million and $0.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, the aggregate unamortized value of share-based common stock option awards was $0.1 million and $0.7 million, respectively, and will be recognized over a weighted average period of 0.4 years from December 31, 2014. 401(k) saving plan The Company maintains a 401(k) savings plan (the “Savings Plan”) under which all full-time employees are eligible to participate. Employee contributions are limited to the maximum amount allowed by the IRS. The Company matches 100% of each employee contribution to the Savings Plan, up to a maximum match of 4% of each employee’s total compensation. Matching contributions under the Savings Plan during the years ended December 31, 2014, 2013 and 2012 were $0.2 million, $0.2 million and $0.1 million, respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	NOTE 10 — EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing net earnings (loss) attributable to Real Industry, Inc. by the weighted average number of common shares outstanding for the reporting period. The Company distributed subscription rights to all of its existing stockholders as of January 28, 2015, and the subscription rights price represented a discount to the market value of Real Industry’s common stock upon the closing of the Rights Offering, with respect to common stockholders, on February 27, 2015. The discount in the Rights Offering represents an implied stock dividend, which requires retroactive adjustment of the weighted average shares outstanding reported in reporting periods prior to the completion of the Rights Offering. As reported in our Annual Report, adjustments to the weighted average shares outstanding in all reporting periods disclosed in these consolidated financial statements reflect an 8.3% increase from weighted average shares outstanding reported in filings made prior to the Annual Report, based on the fair value per share immediately preceding the closing of the Rights Offering and the theoretical fair value immediately after the closing of the Rights Offering. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of unvested restricted common stock awards, common stock options and the Warrants, determined using the treasury stock method. Unvested restricted common stock, common stock options and the Warrants are anti-dilutive and excluded from the computation of diluted earnings per share if the assumed proceeds upon exercise or vesting are greater than the cost to reacquire the same number of shares at the average market price during the period. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the Company reports net earnings. For the years ended December 31, 2013 and 2012, the impact of all outstanding unvested restricted common stock, common stock options and the Warrants are excluded from diluted loss per share as their impact would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands, except per share amounts) 2014 2013 2012 Loss from continuing operations $ (148 ) $ (14,185 ) $ (8,768 ) Earnings (loss) from discontinued operations, net of income taxes 5,560 4,151 1,300 Net loss 5,412 (10,034 ) (7,468 ) Loss attributable to noncontrolling interest (91 ) — — Net loss attributable to Real Industry, Inc. $ 5,503 $ (10,034 ) $ (7,468 ) Basic and diluted earnings (loss) per share: Weighted average basic and diluted shares outstanding 13,403,083 12,839,761 12,572,843 Earnings (loss) per share Continuing operations $ — $ (1.11 ) $ (0.69 ) Discontinued operations 0.41 0.32 0.10 Basic and diluted earnings (loss) per share $ 0.41 $ (0.79 ) $ (0.59 ) The following table provides details on the average market price of Real Industry common stock and the incremental shares that would have been included in the diluted shares outstanding computation for the years ended December 31, 2013 and 2012, had they not been anti-dilutive: Year Ended December 31, 2014 2013 2012 Average market price of Real Industry common stock $ 9.58 $ 8.57 $ 3.56 Potentially dilutive common stock equivalents: Unvested restricted common stock 47,135 252,313 80,913 Common stock options 418,544 302,260 1,421 Warrants 533,356 301,443 — Total potentially dilutive common stock equivalents 999,035 856,016 82,334

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 11 — FAIR VALUE MEASUREMENTS Fair Value Estimates of Financial Instruments The following tables present the carrying values and fair value estimates of financial instruments as of December 31, 2014 and 2013: December 31, 2014 (Dollars in thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value ASSETS Continuing operations: Cash and cash equivalents Level 1 $ 61,935 $ 61,935 Restricted cash Level 1 21 21 Loans receivable, net (other noncurrent assets) Level 3 1,236 1,236 Discontinued operations: Cash and cash equivalents Level 1 1,032 1,032 LIABILITIES Continuing operations: Common stock warrant liability Level 3 5,600 5,600 Discontinued operations: Line of credit Level 3 $ 1,000 $ 1,000 Long-term debt Level 3 13,600 13,592 December 31, 2013 (Dollars in thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value ASSETS Continuing operations: Cash and cash equivalents Level 1 $ 47,847 $ 47,847 Restricted cash Level 1 2,805 2,805 Loans receivable, net (other assets) Level 3 1,407 1,400 Nonmarketable equity security (other assets) Level 3 800 4,000 Discontinued operations: Cash and cash equivalents Level 1 172 172 LIABILITIES Continuing operations: Common stock warrant liability Level 3 9,300 9,300 Discontinued operations: Line of credit Level 3 $ 500 $ 500 Long-term debt Level 3 17,200 17,200 The Company used the following methods and assumptions to estimate the fair value of each class of financial instrument as of December 31, 2014 and 2013: Cash and cash equivalents and restricted cash Cash and cash equivalents and restricted cash are recorded at historical cost. The carrying value is a reasonable estimate of fair value as these instruments have short-term maturities and market interest rates. Loans receivable, net Loans receivable, net, consists of commercial real estate loans. The estimated fair value considers the collateral coverage of assets securing the loans and estimated credit losses, as well as variable interest rates, which approximate market interest rates. Nonmarketable equity security Nonmarketable equity security consisted of 4.00% cumulative convertible preferred stock of a private company with which the Company previously had a commercial lending relationship through Special Situations and is classified in other noncurrent assets. The preferred stock had a stated value of $2.0 million and is convertible to 45.0% of the common stock of the private company, on a fully diluted basis. The estimated fair value of preferred stock is based on estimates of EBITDA, a sales multiple and a control discount. Line of credit The line of credit is a short-term borrowing facility, used primarily to support ongoing operations. The carrying value is a reasonable estimate of fair value, as this instrument has a short-term maturity and a market interest rate. Long-term debt Long-term debt includes term loans, the fair value of which is based on the market characteristics of the individual loan terms, including interest rates, scheduled principal amortization and maturity dates, generally consistent with market terms. Common stock warrant liability Common stock warrant liability is a derivative liability related to the Warrants’ anti-dilution and pricing protection provisions. The fair value of the common stock warrant liability as of December 31, 2013 was based on a trinomial lattice option pricing model that utilized various assumptions, including exercise multiple, volatility and expected term. Given the fact that both the Equity Offering and the Rights Offering triggered the pricing protection provisions of the Warrants, management has elected to refine its estimation of the fair value of the common stock warrant liability by including the two new assumptions in a Monte Carlo simulation. The fair value of the common stock warrant liability as of December 31, 2014 is based on a Monte Carlo simulation that utilizes various assumptions, including exercise multiple, volatility, expected term and equity raise assumptions. See the quantitative information disclosures below for additional information about the estimated fair value of the common stock warrant liability. See the quantitative and qualitative disclosures about fair value estimates of Level 2 and 3 assets and liabilities, below, for information about the management’s refinement of its estimate of the fair value of the common stock warrant liability. Recurring and Nonrecurring Fair Value Measurements Certain assets and liabilities are required to be carried at estimated fair value and are referred to as recurring fair value measurements under GAAP. From time to time, the Company is required to measure other assets and liabilities at estimated fair value, typically from the application of specific accounting guidance under GAAP and are referred to as nonrecurring fair value measurements. These adjustments to fair value generally result from the application of lower of cost or market accounting or impairment charges of individual assets. The following table presents the Company’s assets and liabilities measured at estimated fair value as of December 31, 2014 and 2013 based on the fair value hierarchy on a recurring and nonrecurring basis: (Dollars in thousands) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Recurring fair value measurements: December 31, 2014 Common stock warrant liability $ — $ — $ 5,600 $ 5,600 December 31, 2013 Common stock warrant liability $ — $ — $ 9,300 $ 9,300 Nonrecurring fair value measurements: December 31, 2013 Real estate owned, net $ — $ — $ 75 $ 75 The following table presents the reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014, 2013 and 2012: (Dollars in thousands) Beginning Balance Income (Expense) Realized in Earnings Transfers In/Out of Level 3 Purchases Issuances Settlements Ending Balance Year Ended December 31, 2014 Common stock warrant liability $ 9,300 $ 3,700 $ — $ — $ — $ — $ 5,600 Year Ended December 31, 2013 Common stock warrant liability $ 2,350 $ (6,950 ) $ — $ — $ — $ — $ 9,300 Year Ended December 31, 2012 Common stock warrant liability $ 1,403 $ (947 ) $ — $ — $ — $ — $ 2,350 The following table summarizes gains (losses) on assets and liabilities recorded on a nonrecurring basis for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Inventory $ 432 $ — $ — Goodwill 400 — — Loans held for sale, net: Continuing operations — — 2,776 Discontinued operations — — (1,062 ) Real estate owned, net — 283 (725 ) Commercial real estate investments, net — — (121 ) $ 832 $ 283 $ 868 The Company’s Level 3 assets and liabilities are determined using valuation techniques that incorporate unobservable inputs that require significant judgment or estimation. The following tables presents quantitative information about the valuation techniques and unobservable inputs applied to Level 2 and Level 3 recurring and nonrecurring fair value measurements as of December 31, 2014 and 2013: December 31, 2014 (Dollars in thousands) Estimated Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Liabilities: Common stock warrant liability $ 5,600 Monte Carlo Simulation Exercise multiple 2.8x (2.8x) Volatility 52.0% (52.0%) Expected term 5.8 — 5.8 years (5.8 years) Equity raise probablity 25% (25%) Issue price discount to fair value 15% (15%) December 31, 2013 (Dollars in thousands) Estimated Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Assets: Real estate owned, net (discontinued operations) $ 75 Market approach Marketability discounts 20.0% (20.0%) Estimated selling costs 8.0% (8.0%) Liabilities: Common stock warrant liability $ 9,300 Lattice option pricing model Exercise multiple 2.8x (2.8x) Volatility 55.0% (55.0%) Expected term 4.1 — 4.2 years (4.2 years) Significant unobservable inputs used in the fair value measurement of REO were marketability discounts and estimated selling costs. The Company utilized third party collateral valuation services and real estate Internet websites to estimate the fair value of REO and adjusts these values to account for various factors, such as historical loss experience, anticipated liquidation timing and estimated selling costs. Significant increases in these assumptions would result in a decrease in the estimated fair value of REO, while decreases in these assumptions would result in a higher estimated fair value. Significant unobservable inputs used in the fair value measurement of the common stock warrant liability include an exercise multiple, volatility and expected term. The Company used these unobservable inputs in a trinomial lattice option pricing model to estimate fair value as of December 31, 2013. Given the fact that both the Equity Offering and the Rights Offering triggered the pricing protection provisions of the Warrants, management has elected to refine its estimation of the fair value of the common stock warrant liability by including two new assumptions in a Monte Carlo simulation. The December 31, 2014 estimated fair value was determined using a Monte Carlo simulation using the same assumptions used in the trinomial lattice option pricing model and two additional assumptions: the probability of additional equity raises and the estimated discount to fair value in the event an equity raise occurs. Management compared the estimated fair value of the common stock warrant liability using the trinomial lattice option pricing model and the Monte Carlo simulation assuming a 0% probability of future equity raises, and determined the estimated fair value was comparable in both models. Significant increases in the exercise multiple or significant decreases in volatility, expected term or the equity raise probability would result in a decrease in the estimated fair value of the common stock warrant liability, while significant decreases in the exercise multiple or significant increases in volatility, expected term or the equity raise probability would result in an increase in the estimated fair value of the common stock warrant liability.

Operations by Reportable Segmen

Operations by Reportable Segment	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Operations by Reportable Segment	NOTE 12 — OPERATIONS BY REPORTABLE SEGMENT Segment information is prepared on the same basis that our CEO, our chief operating decision-maker, manages the segments, evaluates financial results, and makes key operating decisions. As of December 31, 2014, the Company had one operating segment within continuing operations, Special Situations. The Company’s second segment consists of discontinued operations, which includes the results of operations and assets and liabilities of NABCO and from Fremont’s former businesses. Results of operations and other financial measures that are not included in the Company’s two segments are included in Corporate and Other. See Note 16— Subsequent Events Continuing Operations (Dollars in thousands) Special Situations Corporate and Other Eliminations Total Discontinued Operations Total Year Ended December 31, 2014 Operating revenues from external customers $ 2,232 $ — $ — $ 2,232 $ 39,814 $ 42,046 Intersegment operating revenues 284 328 (612 ) — — — Operating costs 9 14,533 (612 ) 13,930 33,757 47,687 Other income (expense) — 3,164 — 3,164 3,209 6,373 Earnings (loss) before income taxes 2,507 (11,041 ) — (8,534 ) 9,266 732 Income tax expense (benefit) 10 (8,396 ) — (8,386 ) 3,706 (4,680 ) Net earnings 2,497 (2,645 ) — (148 ) 5,560 5,412 Earnings attributable to noncontrolling interest — (91 ) — (91 ) — (91 ) Net earnings attributable to Real Industry, Inc. $ 2,497 $ (2,554 ) $ — $ (57 ) $ 5,560 $ 5,503 Continuing Operations (Dollars in thousands) Special Situations Corporate and Other Eliminations Total Discontinued Operations Total Year Ended December 31, 2013 Operating revenues from external customers $ 6,691 $ 48 $ — $ 6,739 $ 37,783 $ 44,522 Intersegment operating revenues 275 316 (591 ) — — — Operating costs 415 16,596 (591 ) 16,420 32,559 48,979 Other income (expense) (14 ) (6,824 ) — (6,838 ) 1,424 (5,414 ) Earnings (loss) before income taxes 6,537 (23,056 ) — (16,519 ) 6,648 (9,871 ) Income tax expense (benefit) 2,574 (4,908 ) — (2,334 ) 2,497 163 Net earnings 3,963 (18,148 ) — (14,185 ) 4,151 (10,034 ) Earnings attributable to noncontrolling interest — — — — — — Net earnings attributable to Real Industry, Inc. $ 3,963 $ (18,148 ) $ — $ (14,185 ) $ 4,151 $ (10,034 ) Continuing Operations (Dollars in thousands) Special Situations Corporate and Other Eliminations Total Discontinued Operations Total Year Ended December 31, 2012 Operating revenues from external customers $ 7,691 $ 358 $ — $ 8,049 $ 36,830 $ 44,879 Intersegment operating revenues 642 940 (1,582 ) — — — Operating costs 1,073 17,123 (1,582 ) 16,614 35,468 52,082 Other income (expense) 1 (486 ) — (485 ) 805 320 Earnings (loss) before income taxes 7,261 (16,311 ) — (9,050 ) 2,167 (6,883 ) Income tax expense (benefit) 1,467 (1,749 ) — (282 ) 867 585 Net earnings 5,794 (14,562 ) — (8,768 ) 1,300 (7,468 ) Earnings attributable to noncontrolling interest — — — — — — Net earnings attributable to Real Industry, Inc. $ 5,794 $ (14,562 ) $ — $ (8,768 ) $ 1,300 $ (7,468 ) The following table presents summarized balance sheet information for each of the Company’s segments as of December 31, 2014 and 2013: Continuing Operations (Dollars in thousands) Special Situations Corporate and Other Eliminations Total Discontinued Operations Total Segment assets: December 31, 2014 Current assets $ 350 $ 67,689 $ — $ 68,039 $ 18,058 $ 86,097 Total assets 1,754 106,294 (23,362 ) 84,686 37,237 121,923 December 31, 2013 Current assets $ 1,904 $ 49,698 $ — $ 51,602 $ 14,755 $ 66,357 Total assets 7,200 54,364 (7,068 ) 54,496 35,627 90,123 Segment liabilities: December 31, 2014 Current liabilities $ — $ 7,096 $ — $ 7,096 $ 8,073 $ 15,169 Total liabilities 3,575 32,831 (23,362 ) 13,044 23,261 36,305 December 31, 2013 Current liabilities $ 60 $ 1,996 $ — $ 2,056 $ 8,649 $ 10,705 Total liabilities 3,955 14,545 (7,068 ) 11,432 28,773 40,205

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2014
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	NOTE 13 — DISCONTINUED OPERATIONS The following table presents the assets and liabilities, as of December 31, 2014 and 2013, of the components of the Company designated as discontinued operations as of December 31, 2014, including NABCO: December 31, (Dollars in thousands) 2014 2013 Current assets: Cash and cash equivalents $ 1,032 $ 172 Trade accounts receivable, net 4,509 3,736 Inventory 11,349 10,345 Real estate owned, net — 75 Other current assets 1,168 427 Total current assets of discontinued operations $ 18,058 $ 14,755 Noncurrent assets: Property and equipment, net $ 328 $ 318 Intangible assets, net 1,615 2,708 Goodwill 17,780 17,780 Other noncurrent assets 240 171 Total noncurrent assets of discontinued operations $ 19,963 $ 20,977 Current liabilities: Trade payables $ 2,864 $ 2,160 Line of credit 1,000 500 Long-term debt due within one year 3,900 3,600 Litigation reserve 145 2,012 Accounts payable and accrued liabilities 51 233 Unclaimed property — 19 Other current liabilities 113 125 Total current liabilities of discontinued operations $ 8,073 $ 8,649 Noncurrent liabilities: Long-term debt 9,700 13,600 Repurchase reserve 5,500 6,500 Total noncurrent liabilities of discontinued operations $ 15,200 $ 20,100 Significant assets and liabilities of discontinued operations include: Trade accounts receivable, net consisted of the following as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Trade accounts receivable $ 4,741 $ 3,952 Estimated sales returns and allowances (197 ) (169 ) Allowance for doubtful accounts (35 ) (47 ) Trade accounts receivable, net $ 4,509 $ 3,736 As of December 31, 2014 and 2013, all of the trade receivables, totaling $4.7 million and $3.9 million, respectively, of NABCO were pledged as collateral to secure outstanding balances on its line of credit and term loans. The line of credit and terms loans were repaid, and the pledge released, in January 2015 in connection with the NABCO Sale. See Note 16— Subsequent Events During each of the years ended December 31, 2014, 2013 and 2012, there were three customers that each represented 10% or more of consolidated operating revenues. In 2014, 2013 and 2012, these customers accounted for 48.9%, 43.4% and 40.3% of consolidated operating revenues, respectively, and represented 57.9% and 51.7% of trade accounts receivable as of December 31, 2014 and 2013, respectively. Inventory consists of electrical components, primarily new electrical circuit breakers for use in commercial, industrial and residential applications. The following table presents the composition of NABCO’s inventory as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Finished goods $ 11,374 $ 10,370 Valuation adjustment for damaged inventory (25 ) (25 ) Total inventory $ 11,349 $ 10,345 As of December 31, 2014 and 2013, all of NABCO’s inventory, totaling $11.4 million and $10.4 million, respectively, was pledged as collateral to secure outstanding balances on its line of credit and term loans. The line of credit and terms loans were repaid, and the pledge released, in January 2015 in connection with the NABCO Sale. See Note 16— Subsequent Events NABCO’s goodwill and intangible assets, totaled $17.8 million and $1.6 million, respectively, as of December 31, 2014, and $17.8 million and $2.7 million, respectively, as of December 31, 2013. As of December 31, 2014, there had been no impairment charges on NABCO’s goodwill and intangible assets. The following table presents the NABCO’s debt as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Line of credit $ 1,000 $ 500 Long-term debt: $8,000 term loan issued at par in September 2011 at a base rate plus 1.00%, due September 2016 $ 3,900 $ 5,700 $11,500 term loan issued at par in December 2013 at 5.0%, due December 2018 9,700 11,500 13,600 17,200 Less: Principal due within one year (3,900 ) (3,600 ) Long-term debt $ 9,700 $ 13,600 Line of credit Line of credit consists of NABCO’s $4.0 million asset-based revolving loan that is subject to a borrowing base. As of December 31, 2014 and 2013, outstanding borrowings on the revolving line of credit were $1.0 million and $0.5 million, respectively. As of December 31, 2014, available borrowing capacity under the revolving line of credit was $3.0 million. The line of credit has a variable interest rate based upon the lender’s base rate, which was 4.0% on December 31, 2014, and is secured by all of NABCO’s assets. Interest expense on the line of credit was $40 thousand, $80 thousand and $71 thousand for the years ended December 31, 2014, 2013 and 2012, respectively. Term loans Term loans include NABCO’s term loans that are subject to quarterly principal payments with balloon payments of any remaining principal balance due at maturity. As of December 31, 2014, the interest rate on the variable rate term loan was 5.00%. In the event of default, the interest rates on both term loans increase by 5.00% per annum. Interest expense on the term loans was $0.8 million, $0.3 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Under the terms of the $11.5 million term loan, the Company has guaranteed $5.0 million of the loan should NABCO not meet its obligations under the loan agreement. As of December 31, 2014, all of NABCO’s trade accounts receivable and inventory, totaling $4.7 million and $11.4 million, respectively, were pledged under NABCO’s line of credit and term loans. The guarantee and pledges were eliminated in January 2015 when the line of credit and term loans were repaid in connection with the NABCO Sale. See Note 16— Subsequent Events Contractual maturities of long-term debt as of December 31, 2014 are as follows: Contractual Obligations - Payments Due By Period (Dollars in thousands) Less Than One Year One to Three Years Three to Five Years More Than Five Years Total Term loans $ 3,900 $ 7,400 $ 2,300 $ — $ 13,600 Repurchase reserve SGGH maintains a repurchase reserve that represents estimated losses it may experience from repurchase claims, both known and unknown, based on claimed breaches of certain representations and warranties provided by FIL to counterparties that purchased residential real estate loans, predominantly from 2002 through 2007. Management estimates the likely range of the loan repurchase liability based on a number of factors, including, but not limited to, the timing of such claims relative to the loan origination date, the quality of the documentation supporting such claims, the number and involvement of cross-defendants, if any, related to such claims, and a time and expense estimate if a claim were to result in litigation. The estimate is based on currently available information and is subject to known and unknown uncertainties using multiple assumptions requiring significant judgment. Accordingly, actual results may vary significantly from the current estimate. Total outstanding repurchase claims as of December 31, 2014 were $101.7 million. Of the outstanding repurchase claims, there has been no communication or other action from the claimants: — for more than six years in the case of $64.8 million in claims, or 63.7% of total claims outstanding; — for more than four years, but less than six years, in the case of $36.0 million in claims, or 35.4% of total claims outstanding; and — for more than two years, but less than four years, in the case of $0.9 million in claims, or 0.9% of total claims outstanding. There were no repurchase claims received or settled during the years ended December 31, 2014 and 2013. The repurchase reserve liability was $5.5 million and $6.5 million as of December 31, 2014 and 2013, respectively. Recoveries of allowance for repurchase reserves were $ 1.0 The following table presents the operating results, for the years ended December 31, 2014, 2013 and 2012, for the components of the Company designated as discontinued operations as of December 31, 2014: Year Ended December 31, (Dollars in thousands, except per share amounts) 2014 2013 2012 Operating revenues: Industrial Supply $ 39,775 $ 36,897 $ 36,242 Fremont Legacy 39 886 588 Total operating revenues 39,814 37,783 36,830 Operating costs: Cost of goods sold 25,268 23,427 22,713 Selling, general and administrative 6,510 6,953 9,247 Interest expense 905 591 1,162 Amortization of intangibles 1,074 1,588 2,346 Total operating costs 33,757 32,559 35,468 Operating profit 6,057 5,224 1,362 Other income (expense): Recovery of allowance for repurchase reserve 1,000 1,000 1,000 Litigation settlement 1,500 — — Other, net 709 424 (195 ) Total other income (expense) 3,209 1,424 805 Earnings from discontinued operations before income taxes 9,266 6,648 2,167 Income tax expense 3,706 2,497 867 Earnings from discontinued operations, net of income taxes $ 5,560 $ 4,141 $ 1,300

Unaudited Quarterly Financial I

Unaudited Quarterly Financial Information	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Unaudited Quarterly Financial Information	NOTE 14 — UNAUDITED QUARTERLY FINANCIAL INFORMATION The following tables present unaudited quarterly financial information, which has been prepared on a basis consistent with that of the audited consolidated financial statements and includes all necessary material adjustments, consisting of normal recurring accruals and adjustments, to present fairly the unaudited quarterly financial information. The quarterly results of operations for these periods are not necessarily indicative of future results of operations. The quarterly per share calculations are based on the weighted average number of shares for each period; therefore, the sum of the quarters may not necessarily be equal to the full year per share amounts. Unaudited 2014 Information for the Three Months Ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Operating revenues: Special Situations $ 42 $ 42 $ 40 $ 2,108 Corporate and Other — — — — Total operating revenues 42 42 40 2,108 Operating costs 3,088 2,308 3,861 4,673 Operating loss $ (3,046 ) $ (2,266 ) $ (3,821 ) $ (2,565 ) Earnings (loss) from continuing operations $ (1,913 ) $ (1,577 ) $ (772 ) $ 4,114 Earnings from discontinued operations, net of income taxes 2,026 1,077 1,539 918 Net earnings (loss) 113 (500 ) 767 5,032 Earnings (loss) attributable to noncontrolling interest — — — (91 ) Net earnings (loss) attributable to Real Industry, Inc. $ 113 $ (500 ) $ 767 $ 4,941 Basic earnings (loss) per share: Weighted average basic outstanding shares 13,144,153 13,144,998 13,151,061 14,150,942 Continuing operations $ (0.14 ) $ (0.12 ) $ (0.07 ) $ 0.30 Discontinued operations 0.15 0.08 0.12 0.06 Basic earnings (loss) per share $ 0.01 $ (0.04 ) $ 0.05 $ 0.36 Diluted earnings (loss) per share: Weighted average diluted outstanding shares 13,144,153 13,144,998 13,151,061 14,963,287 Continuing operations $ (0.14 ) $ (0.12 ) $ (0.07 ) $ 0.27 Discontinued operations 0.15 0.08 0.12 0.06 Diluted earnings (loss) per share $ 0.01 $ (0.04 ) $ 0.05 $ 0.33 Unaudited 2013 Information for the Three Months Ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Operating revenues: Special Situations $ 1,204 $ 5,414 $ (453 ) $ 526 Corporate and Other 18 14 10 6 Total operating revenues 1,222 5,428 (443 ) 532 Operating costs 3,350 5,603 3,887 3,580 Operating loss $ (2,128 ) $ (175 ) $ (4,330 ) $ (3,048 ) Loss from continuing operations $ (3,069 ) $ (3,100 ) $ (6,733 ) $ (1,283 ) Earnings from discontinued operations, net of income taxes 302 1,177 873 1,799 Net earnings (loss) (2,767 ) (1,923 ) (5,860 ) 516 Earnings (loss) attributable to noncontrolling interest — — — — Net earnings (loss) attributable to Real Industry, Inc. $ (2,767 ) $ (1,923 ) $ (5,860 ) $ 516 Basic and diluted earnings (loss) per share: Weighted average outstanding shares 12,780,478 12,790,636 12,812,623 12,872,090 Continuing operations $ (0.24 ) $ (0.24 ) $ (0.52 ) $ (0.10 ) Discontinued operations 0.02 0.09 0.07 0.14 Basic and diluted earnings (loss) per share $ (0.22 ) $ (0.15 ) $ (0.45 ) $ 0.04

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 15 — COMMITMENTS AND CONTINGENCIES Legal Proceedings Real Industry and SGGH have been named as a defendant in or as a party to a number of legal actions or proceedings that arose in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, management generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss may change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of loss represents what management believes to be an estimate of loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure. Based on management’s current understanding of these pending legal actions and proceedings, it does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, would have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. The legal proceedings summarized below include material matters that were resolved or concluded since December 31, 2013, as well as ongoing matters that may have an adverse effect on our business and future financial results. Final Bankruptcy Decree. On April 15, 2013, the United States Bankruptcy Court for the Central District of California (the “California Federal Bankruptcy Court”) granted the Company’s motion for a final decree, and issued a final decree in the Company’s Bankruptcy Proceedings. The California Federal Bankruptcy Court retained jurisdiction to preside over claims described below in the Colburn and Walker matters. Upon the California Federal Bankruptcy Court entering the final orders in the Colburn and Walker claims, described below, the Bankruptcy Proceedings will be closed. Faigin Matter . On January 15, 2009, Alan Faigin, a former General Counsel of Fremont, filed a complaint against Fremont Reorganizing Corporation (“FRC”) in the Superior Court of the State of California, County of Los Angeles (the “California Superior Court”). On February 3, 2010, Mr. Faigin filed an amended complaint alleging wrongful termination, breach of his employment agreement, breach of the implied covenant of good faith and fair dealing, fraud and misrepresentation, negligent misrepresentation and violation of various California labor codes, among other allegations under a “joint employer” theory. In February 2010, a jury found for Mr. Faigin and awarded him damages in the amount of approximately $1.4 million, which Fremont recorded as an accrued liability in the first quarter of 2010. The judgment and accrued interest were paid following the execution of the Faigin Settlement Agreement. On April 27, 2009, FRC filed a cross-complaint against Mr. Faigin in the California Superior Court for breach of confidence, breach of fiduciary duty, representing conflicting interests and indemnification; and the Company was seeking $4.6 million in damages. On April 25, 2014, the Company and Mr. Faigin executed the Faigin Settlement Agreement, under which the Company received $1.5 million. Colburn Matter . On December 8, 2009, Gwyneth Colburn, the former Executive Vice President for Fremont’s Commercial Real Estate group, filed a complaint in the California Superior Court against FIL and unnamed defendants for breach of contract related to a management continuity agreement (“MCA”) executed in August 2003, and extended in August 2007, and, separately, filed a proof of claim in the Bankruptcy Proceedings. In the California Superior Court action, Ms. Colburn contends she is owed $3.2 million, while in the Bankruptcy Proceedings, Ms. Colburn filed a $2.6 million proof of claim. On August 9, 2011, the California Superior Court entered a judgment granting the Company’s Motion for Summary Judgment and dismissing the complaint. On September 22, 2011, Ms. Colburn filed a Notice of Appeal from this dismissal. Appellate briefs from both parties have been filed. On March 14, 2014, the California Federal Bankruptcy Court orally announced its ruling, from a trial held in January 2014, to grant the Company’s motion to disallow Ms. Colburn’s claim. On March 26, 2014, the California Federal Bankruptcy Court entered a written order granting the Company’s motion to disallow Ms. Colburn’s claim. On April 7, 2014, Ms. Colburn filed a motion for reconsideration of the California Federal Bankruptcy Court’s March 26, 2014 order granting the Company’s motion to disallow Ms. Colburn’s claim. On June 23, 2014, the California Federal Bankruptcy Court issued an order denying Ms. Colburn’s motion for reconsideration. On June 30, 2014, Ms. Colburn filed a notice of appeal of the California Federal Bankruptcy Court’s order granting the Company’s motion to disallow Ms. Colburn’s claim and the denial of Ms. Colburn’s motion for reconsideration. On July 2, 2014, the notice of appeal was referred to the United States District Court for the Central District of California (the “U.S. District Court”). The appeal is fully briefed and the matter is under submission before the U.S. District Court. Walker Matter . On June 10, 2011, Kyle Walker, the former Chief Executive Officer and President of FIL, filed a complaint in the California Superior Court against the Company and unnamed defendants for breach of contract, certain California Labor Code violations and breach of fiduciary duty related to his MCA executed in August 2003, and extended in August 2006, and, separately, a proof of claim in the Bankruptcy Proceedings. In the California Superior Court action, Mr. Walker contends he is owed $4.6 million, while in the Bankruptcy Proceedings, Mr. Walker filed a $2.5 million proof of claim. On September 19, 2012, the Company obtained the California Superior Court’s final ruling granting the Company’s Motion for Summary Judgment and on October 26, 2012, the judgment was entered. All rights of appeal have expired. On March 14, 2014, the California Federal Bankruptcy Court orally announced its ruling, from a trial held in January 2014, to grant the Company’s motion to disallow Mr. Walker’s claim. On March 26, 2014, the California Federal Bankruptcy Court entered a written order granting the Company’s motion to disallow Mr. Walker’s claim. On April 7, 2014, Mr. Walker filed a motion for reconsideration of the California Federal Bankruptcy Court’s March 26, 2014 order granting the Company’s motion to disallow Mr. Walker’s claim. On June 23, 2014, the California Federal Bankruptcy Court issued an order denying Mr. Walker’s motion for reconsideration. On June 30, 2014, Mr. Walker filed a notice of appeal of the California Federal Bankruptcy Court’s order granting the Company’s motion to disallow Mr. Walker’s claim and the denial of Mr. Walker’s motion for reconsideration. On July 2, 2014, the notice of appeal was referred to the U.S. District Court. The appeal is fully briefed and the matter is under submission before the U.S. District Court. RMBS Defense, Indemnity and Contribution Matters . In connection with residential mortgage-backed securities offerings (“RMBS Offerings”) involving loans originated by FIL, either or both FIL and its subsidiary entered into loan purchase agreements, underwriting agreements and indemnification and contribution agreements, which contained various representations and warranties relating to the loans. Investment banks involved in these RMBS Offerings have been sued in a number of actions concerning their activities related to subprime mortgages (“RMBS Actions”), where SGGH, LLC, or Fremont or its former businesses, is not a named defendant. SGGH, LLC has received demands for defense, indemnity and contribution from defendants in various RMBS Actions. SGGH, LLC has rejected each of these demands, as it believes the demanding parties are being sued for conduct not chargeable to SGGH, LLC or Fremont or its former businesses. There is no assurance that SGGH, LLC or Fremont or its former businesses will not be named as defendants in additional RMBS Actions or receive additional demands for defense, indemnity and contribution. It is SGH, LLC’s intention to vigorously defend any claims seeking defense, indemnity or contribution, but SGGH, LLC cannot presently predict whether such claims will be pursued or what the outcome would be. Subpoenas for Information and Documents . In addition to the above-described RMBS Actions, SGGH, LLC has received and responded to a number of subpoenas for information, including in 2014, from federal authorities and other third parties in civil litigation matters in which SGGH, LLC is not a defendant, but which concern home mortgage transactions involving the Fremont’s origination and sale of whole loans, and certain RMBS Offerings. Unpaid Claims. As of December 31, 2014, there remained two open claims filed with the California Federal Bankruptcy Court, comprised of the disputed Colburn and Walker claims totaling $5.1 million. Other Commitments and Contingencies Lease obligations. Rent expense within continuing operations, for facilities and equipment under operating leases, was $0.2 million, $0.2 million and $0.3 million for the years ended December 31, 2014, 2013 and 2012, respectively. Rent expense, within discontinued operations, for facilities and equipment under operating leases was $0.2 million, $0.2 million and $0.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company leases office facilities and certain equipment under noncancellable operating leases, the original terms of which ranged from one to ten years. Certain leases provide for increases in the basic rent to compensate the lessor for increases in operating and maintenance costs and may have renewal options. The following table presents minimum required lease payments under noncancellable operating leases as of December 31, 2014, excluding payments due under noncancellable operating leases of NABCO: (Dollars in thousands) Future Minimum Lease Payments 2015 $ 149 2016 154 2017 39 2018 — 2019 — Thereafter — $ 342

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 — SUBSEQUENT EVENTS NABCO Sale On January 9, 2015, Real Industry, SGGH (“Seller”) and NABCO, entered into a Purchase Agreement (the “NABCO Purchase Agreement”) with NABCO Holding Company, LLC (the “Purchaser”) and North American Breaker Co., Inc., a wholly owned subsidiary of the Purchaser (the “Canadian Purchaser”). Purchaser is owned by an investor group led by PNC Riverarch Capital, a division of PNC Capital Finance, LLC. Simultaneously with the execution of the NABCO Purchase Agreement and pursuant thereto, Purchaser acquired all of Seller’s membership interests in NABCO, and Canadian Purchaser purchased all of NABCO’s Canadian assets, for an aggregate purchase price of $78 million in cash, subject to the repayment of debt and other expenses, and the assumption of certain liabilities of NABCO. The purchase price is subject to adjustments as set forth in the NABCO Purchase Agreement, including that NABCO at closing had a specified amount of net working capital. SGGH acquired NABCO in July 2011 for a purchase price of $36.9 million. Portions of the purchase price were used by the Seller to first pay off all outstanding debt of NABCO and pay certain fees and expenses relating to the transactions contemplated by the NABCO Purchase Agreement. As required by the NABCO Purchase Agreement, $3.9 million of the purchase price was deposited in an indemnity escrow account to secure certain indemnification obligations of Real Industry and Seller. Net proceeds after payment of the foregoing amounts were paid to the Seller. Real Industry estimates that the net cash proceeds after the payment of the foregoing amounts related to the transaction, and the funding of the indemnity escrow, but before the payment of taxes, is approximately $56.3 million, which was used for general corporate purposes, the payment of taxes, and as a portion of the cash purchase price of the Real Alloy Acquisition. The NABCO Purchase Agreement contains customary representations, warranties and covenants made by Real Industry, Seller, Purchaser and the Canadian Purchaser. Real Industry and Seller have also agreed not to engage in activities competitive with NABCO, nor to solicit customers of NABCO for five years following the consummation of the transactions contemplated by the NABCO Purchase Agreement. In addition, Real Industry, the Seller, and certain executives of Real Industry have agreed not to solicit employees of NABCO or its subsidiaries for a two-year period following the closing of the NABCO Purchase Agreement. Senior Secured Notes On January 8, 2015, SGH Escrow On February 27, 2015, in connection with the closing of the Real Alloy Acquisition, the remaining conditions to the release of the funds from escrow were satisfied. Real Alloy, Real Alloy Parent, the Subsidiary Guarantors, and the Trustee entered into a First Supplemental Indenture with respect to the Senior Secured Notes (including the guarantee therein) (the “Supplemental Indenture”), pursuant to which Real Alloy assumed all of the obligations of SGH Escrow under the Senior Secured Notes and the Indenture, and Real Alloy Parent and the Subsidiary Guarantors guaranteed the Senior Secured Notes. The Senior Secured Notes and related guarantees are secured by first priority security interests in the fixed assets of Real Alloy, Real Alloy Parent and the Subsidiary Guarantors and by second priority security interests in certain other collateral of Real Alloy, Real Alloy Parent and the Subsidiary Guarantors. On February 27, 2015, the proceeds of the Senior Secured Notes were released from escrow and were used to pay a portion of the purchase price for the Real Alloy Acquisition. Closing of Real Alloy Acquisition On February 27, 2015 (“Closing”), Real Industry Real Industry Real Industry Real Alloy acquired the GRSA Business for a purchase price of $525 million (the “Purchase Price”), comprised of $500 million in cash and $25 million, or 25,000 shares, of Series B Preferred Stock. In addition, Real Alloy acquired $5.5 million of cash, and assumed $4.3 million of indebtedness, from the GRSA Business. Real Industry In connection with the closing, Real Alloy and Aleris International entered into a transition services agreement, under which Aleris International will provide certain customary post-closing transition services, including information technology services, treasury services, accounts payable, cash management and payroll, credit/collection services, environmental services and human resource services, to Real Alloy, for periods ranging from three to twenty-four months following Closing. Asset-Based Facility and Factoring Facility On February 27, 2015, Real Alloy Recycling, Inc. (“RA Recycling,” a subsidiary of Real Alloy and formerly known as Aleris Recycling, Inc.) for itself and as representative of other borrowers, and Real Alloy Canada Ltd. (“RA Canada,” an affiliate of Real Alloy and formerly known as Aleris Specification Alloy Products Canada Company) entered into a Revolving Credit Agreement with General Electric Capital Corporation (“GE Capital”), for itself as a lender, letter of credit issuer, and swingline lender and as agent for all lenders and Wintrust Bank, as a lender (the “Revolving Credit Agreement”), that provides a $110 million senior secured revolving asset-based credit facility. Under the Asset-Based Facility, GE Capital has committed to lend $95 million, and Wintrust Bank has committed to lend $15 million. A portion of the proceeds of the Asset-Based Facility were used to fund the Purchase Price, and additional proceeds of the Asset-Based Facility will be used for working capital and general corporate purposes. GE Capital may syndicate the Asset-Based Facility to additional lenders. The Asset-Based Facility expires on February 27, 2019. The Asset-Based Facility is divided into two sub-facilities, a U.S. sub-facility (the “US Subfacility”), which includes an $11 million swing line sub-facility, and a Canadian sub-facility (the “Canadian Subfacility”). The Asset-Based Facility also includes a $25 million letter of credit sub-facility, of which $5 million can be used for letters of credit for RA Canada. The borrowing base under the Asset Based Facility will be determined based on eligible accounts receivable and eligible inventory of the Business Entities formed in the United States (in the case of the US Subfacility) and eligible accounts receivable and eligible inventory of the Business Entities formed in Canada (in the case of the Canadian Subfacility). US dollar denominated loans under the US Subfacility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at LIBOR, or (ii) the Base Rate (as defined below), in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility. The “Base Rate” is equal to the greater of (a) the US Prime Rate (as defined in the Revolving Credit Agreement), (b) the US Federal Funds Rate plus 50 basis points, and (c) the sum of LIBOR plus a margin based on the amount of the excess availability under the Asset-Based Facility. Canadian dollar denominated loans under the Canadian Subfacility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at an average Canadian interbank rate, or (ii) floating at the greater of the Canadian prime rate or the average 30-day Canadian interbank rate plus 1.35%, in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility. Events of default will trigger an increase of 2.0% in all interest rates. Interest will be payable monthly in arrears, except for LIBOR loans and Canadian interbank rate loans, for which interest will be payable at the end of each relevant interest period. Additionally, at closing, the US and Canadian Borrowers paid a 1% funding fee. The Asset-Based Facility is secured by a first priority lien on the following assets of the U.S and Canada-based entities involved in the Real Alloy Acquisition, and certain of their domestic and (to the extent no adverse tax impact would occur) foreign subsidiaries: accounts receivable, inventory, instruments representing receivables, guarantees and other credit enhancements related to receivables, and bank accounts into which receivables are deposited (to the extent no adverse tax impact would be incurred), among other related assets (collectively, the “ABL Secured Assets”). The Asset-Based Facility is also secured by a second-priority lien on the assets that secure the Senior Secured Notes (the “Notes Secured Assets”). In addition, on February 27, 2015, in connection with the Revolving Credit Agreement and the Indenture, as supplemented by the Supplemental Indenture, GE Capital, as agent for holders of the obligations under the Revolving Credit Agreement, and Wilmington Trust, National Association (the “Notes Collateral Trustee”) entered into an Intercreditor Agreement (the “Intercreditor Agreement”), which was acknowledged and agreed to by Real Alloy Parent, Real Alloy, and the grantors listed on the signature page thereto (collectively, the “Borrowers”). Under the Intercreditor Agreement, GE Capital and the Notes Collateral Trustee established their respective priorities to certain collateral of the Borrowers that secure borrowings under the Indenture and the Revolving Credit Agreement. Under the Intercreditor Agreement, the Notes Collateral Trustee has a first priority security interest in, and GE Capital has a second priority security interest in, the Notes Secured Assets. Conversely, GE Capital has a first priority security interest in, and the Notes Collateral Trustee has a second priority security interest in, the ABL Secured Assets. Also on February 27, 2015, Aleris Recycling (German Works GmbH), a German affiliate of Real Alloy (“RA Germany”), entered into a factoring agreement with GE Germany providing a nonrecourse factoring facility to RA Germany with a maximum financing amount of €50 million. A portion of the proceeds of the Factoring Facility were used to fund the Purchase Price, additional proceeds of the Factoring Facility will be used to satisfy RA Germany’s obligations with respect to its customers, and any additional proceeds will be used to provide for working capital and general corporate purposes. The Factoring Facility provides for purchases by GE Germany of eligible receivables from RA Germany, which are subject to certain limitations and eligibility requirements to be determined in the reasonable discretion of GE Germany based on the relevant account debtor creditworthiness and reliability. Receivables will be purchased at a 15% discount to their face value. The Factoring Facility expires on January 15, 2019. The interest rate applicable to the Factoring Facility is the three-month EURIBOR (daily rate) fixed on the last business day of a month for the following month, plus 1.65%. The initial interest rate would have been 1.686% for February 2015. Factoring and administrative fees also apply. Rights Offering On February 20, 2015, Real Industry The Rights Offering was oversubscribed and the Company issued 9,751,773 shares of common stock to subscribing common stockholders, for aggregate gross proceeds of $55.0 million. The common stock subscribed for in the Rights Offering was issued on February 27, 2015, concurrently with the consummation of the Real Alloy Acquisition. On April 28, 2015, Real Industry Corporate Name Change On May 28, 2015, at the Annual Meeting of Stockholders, our stockholders approved a corporate name change from Signature Group Holdings, Inc. to Real Industry, Inc. ACE Securities Case and the Repurchase Reserve On June 11, 2015, the New York State Court of Appeals affirmed the decision of the New York State Supreme Court, Appellate Division in ACE Securities Corp v. DB Structured Products, Inc.

Financial Statement Presentat24

Financial Statement Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Reverse Stock Split	On October 7, 2013, Signature Nevada filed Amended and Restated Articles of Incorporation in Nevada to effect a one-for-ten reverse stock split (the “Reverse Split”) of its authorized, issued and outstanding shares of common stock (the “Old Common Stock”). Effective October 15, 2013, as a result of the Reverse Split, Signature Nevada’s authorized common stock was reduced from 665,000,000 to 66,500,000, and every ten shares of Old Common Stock held by a stockholder were exchanged for one share of new common stock (the “New Common Stock”), with each fractional share rounded up to the nearest whole number. Immediately prior to the Reverse Split, Signature Nevada had 122,116,451 shares of Old Common Stock outstanding, and immediately following completion of the Reverse Split, 12,213,219 shares of New Common Stock were issued and outstanding. In the Reverse Split, fractional share interests of New Common Stock were rounded up to the nearest whole number. The New Common Stock traded on the OTCQX under the trading symbol ‘SGRH,’ and prior to the Rights Offering under the trading symbol ‘SGGH.’ On April 21, 2015, our common stock began trading on the Nasdaq Stock Exchange (“NASDAQ”) under the symbol ‘RELY’ as part of the NASDAQ Global Select Market. See Note 16— Subsequent Events
Use of Estimates	Use of estimates Management has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in accordance with GAAP. Significant areas requiring the use of management estimates relate primarily to revenue recognition, allowance for doubtful accounts, sales returns and allowances, sales incentives, valuation of long-lived assets, litigation reserves, valuation of deferred income taxes, and the loan repurchase reserve. Actual results could differ from those estimates.
Fair Value Measurements	Fair value measurements GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date, and establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The accounting guidance describes three levels of inputs that may be used to measure fair value: — Level 1 — Quoted prices in active markets for identical assets or liabilities. — Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. — Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Revenue Recognition	Revenue recognition Revenues from product sales are recognized after collection of the relevant receivable is reasonably assured, persuasive evidence of an arrangement exists, the sales price is fixed and determinable, including passage of title to the customer and transfer of the risk of loss related to those goods. Revenues are reported on a net sales basis, which is computed by deducting amounts related to product returns, discounts and allowances, and sales incentives from gross sales. Amounts billed to customers for shipping and handling are included in net sales and costs incurred related to shipping and handling are included in cost of goods sold. Management records a reduction to gross sales for returns and allowances based on estimated customer returns and allowances, which is influenced by historical experience. The actual amount of sales returns and allowances realized may differ from these estimates. Management closely monitors sales returns and allowances and updates estimates based on recent trends. Changes in estimates are recorded in the period of the revision. The aggregate of sales returns and allowances was approximately 4.0%, 3.9% and 4.5% of gross sales in the years ended December 31, 2014, 2013 and 2012, respectively, and were reported in discontinued operations. NABCO offers incentive programs to select customers based on purchase volumes. These incentive programs are individually negotiated with customers and contain a variety of different terms and conditions, including incentives calculated using tiered volume milestones and as a flat percentage of purchases. Incentives may be payable monthly, quarterly, or annually. The calculation of accrued incentives involves significant management estimates, especially where the terms of the incentive program involve tiered volume milestones. Incentives are accrued monthly based on estimates derived from expected annual sales, current program requirements, and historical experience, and are included in revenues and trade payables in discontinued operations.
Cash and Cash Equivalents and Restricted Cash	Cash and cash equivalents and restricted cash Cash and cash equivalents include cash on hand, cash on deposit at financial institutions and other short-term liquid investments. Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid investment instruments with maturities of three months or less at the acquisition date are classified as cash equivalents. Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash.
Securities	Securities Investment securities classified as available for sale are carried at their estimated fair value. Unrealized gains and losses on these investments are included in accumulated other comprehensive income (loss) and reported as a separate component of stockholders’ equity, net of taxes. Unrealized losses that are other-than-temporary are recognized in earnings. Realized investment gains and losses are included in operating revenues in Special Situations. The Company performs a quarterly assessment of investment securities, available for sale with unrealized losses to determine whether the decline in the fair value of these securities below their cost basis is other-than-temporary. If a decline in fair value is judged to be other-than-temporary, the cost basis of the individual security is written down to estimated fair value, which then becomes the new cost basis. The new cost basis is not adjusted for subsequent recoveries in fair value. During the years ended December 31, 2014, 2013 and 2012, the Company recognized credit-related other-than-temporary impairment on investment securities, available for sale of zero, zero, and $0.6 million, respectively. The Company classifies nonmarketable equity securities in other noncurrent assets, or other current assets when the securities are held for sale, and are carried at the lower of cost or market. During the years ended December 31, 2014, 2013 and 2012, the Company recognized zero, $0.6 million and zero, respectively, of other-than-temporary impairment on nonmarketable equity securities. No securities are included in the Company’s consolidated balance sheet as of December 31, 2014.
Trade Accounts Receivable, Net	Trade accounts receivable, net Trade accounts receivable primarily arise from sales at NABCO and are included in discontinued operations. Management maintains an allowance for uncollectible accounts, which is determined based on the age of the receivable balances, adjusted for qualitative factors, such as past collection experience.
Inventory	Inventory Inventory consists of goods acquired for resale and is stated at the lower of cost or market, primarily at NABCO and is reported in discontinued operations. Inventory costs are determined on a moving-average historical cost basis. Management estimates damaged inventory based on actual customer returns. Management regularly reviews the adequacy of inventory reserves and makes adjustments as necessary.
Loans Receivable, Net	Loans receivable, net Loans receivable, net, consists of residential real estate loans, commercial real estate loans, commercial lines of credit and term debt. Loans receivable, net is reported at the principal amount outstanding, net of deferred fees and costs, if any, discounts or premiums, and the allowance for loan losses. The allowance for loan losses is increased by provisions charged against operations and reduced by loan amounts charged off. The allowance is maintained at a level considered adequate to provide for probable and inherent losses on loans receivable based on management’s evaluation of the portfolio. Future additions or reductions to the allowance for loan losses may be necessary based on changes in the amounts and timing of expected future cash flows due to changes in collateral values of the assets securing the loans receivable, general economic conditions and the financial condition of borrowers. During 2013, the residential real estate loans were sold and the commercial loans were repaid in full. The remaining commercial real estate loans are classified as held for investment, based on the Company’s intent and ability to hold such loans for the foreseeable future, within other noncurrent assets.
Interest Income - Loans Receivable	Interest income — loans receivable Interest income is accrued on the unpaid principal balance at each loan’s stated interest rate. Loans are placed on nonaccrual status when they become ninety or more days past due, after a troubled debt restructuring (“TDR”), after a borrower files for bankruptcy protection, or when management believes that, after considering general economic conditions and collection efforts, the borrower’s financial condition is such that collection of contractually due principal and interest is doubtful. When a loan is placed on nonaccrual status, the accrued and unpaid interest is reversed as a reduction of interest income and accrued interest receivable. Interest income is subsequently recognized only to the extent cash payments are received or when the loan has been placed back on accrual status. Restructured loans may be returned to accrual status after exhibiting at least six months of current payment history, loans in nonaccrual status as a result of bankruptcy are returned to accrual status only after the bankruptcy case has been discharged or dismissed, and all other loans are returned to accrual status when they are no longer past due.
Allowance for Loan Losses	Allowance for loan losses Loans receivable, net is comprised of one class of loans as of December 31, 2014 and 2013, commercial real estate loans. An allowance for loan losses is maintained at levels deemed adequate by management to provide for probable and inherent losses. Provisions for loan losses are added to, and charge-offs deducted from, the respective allowance for loan losses. Commercial real estate loans are comprised of participation interests in multi-family real estate loans. The allowance for commercial real estate loan losses is primarily based on default assumptions, which are based, at least in part, on past loss experience, loan portfolio composition and risk, current economic conditions that may affect the borrower’s ability to pay, delinquencies and underlying collateral values. Commercial real estate loans are deemed uncollectible and charged off at the completion of foreclosure. Loans receivable are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect scheduled payments of principal and interest when due according to the contractual terms of the loan agreements. Impairment is measured on a loan-by-loan basis by comparing the estimated fair value, less selling costs (“net realizable value”) of the underlying collateral against the recorded investment of the loan. While management uses available information to estimate losses on loans receivable, future additions to the allowance for loan losses may be necessary, based on changes in estimates resulting from changes in economic and other conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revisions as more information becomes available.
Troubled Debt Restructurings	Troubled debt restructurings TDRs are renegotiated loans where borrower concessions have been granted that the Company would not otherwise make. Concessions may include forbearance through interest rate reductions or interest only periods, and accrued but unpaid interest and advances may be added to the outstanding principal balance. The Company classifies TDRs as impaired loans and evaluates the need for an allowance for loan losses at the time of restructuring. An allowance for loan losses is based on the present value of estimated future cash flows, taking into consideration the estimated net realizable value of the underlying collateral. As of December 31, 2014 and 2013, there were no TDRs in the commercial loan portfolio.
Debt and Equity Offering Costs	Debt and equity offering costs Debt and equity offering costs represents fees, costs and expenses associated with ongoing capital raising efforts. Fees, costs and expenses associated with completed debt offerings are amortized to interest expense over the life of the underlying instruments. Fees, costs and expenses associated with completed equity offerings are reclassified as a reduction of additional paid-in capital. Fees, costs and expenses associated with commitments that are not utilized or debt and equity offerings that are not completed are expensed in the period that the underlying commitment expires or offering is terminated.
Goodwill and Intangible Assets and Liabilities	Goodwill and intangible assets and liabilities Goodwill arises from business combinations and represents the excess of the purchase price over the estimated fair value of net assets acquired and is analyzed for impairment annually in the fourth quarter. GAAP permits entities to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, as a basis for determining whether it is necessary to perform the quantitative impairment test of the two-step goodwill impairment test. Intangible assets consist primarily of customer relationships and trade names, and intangible liabilities consist of lease intangibles recognized in business combinations. Intangible assets and liabilities with finite lives are amortized over their estimated useful lives, which represent the period over which the asset or liability is expected to contribute directly or indirectly to future cash flows. Intangible assets and liabilities with finite lives are reviewed for impairment whenever events and circumstances indicate the carrying value of such assets or liabilities may not be recoverable and exceed their fair value. The Company assesses qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. If an impairment loss exists, the carrying amount of the intangible asset is adjusted to a new cost basis. The new cost basis is amortized over the remaining useful life of the asset. Tests for impairment or recoverability require significant management judgment, and future events affecting cash flows and market conditions could adversely impact the valuation of these assets and result in impairment losses. As of December 31, 2014 and 2013, no impairment has been recognized on intangible assets. As of December 31, 2014, $0.4 million of goodwill impairment related to Cosmed, Inc., a majority owned specialty cosmetics subsidiary of SGGH, has been recognized.
Common Stock Warrant Liability	Common stock warrant liability In June 2010, Signature Nevada issued warrants to purchase an aggregate of 1.5 million shares of Signature Nevada’s common stock (the “Warrants”) for an aggregate cash purchase price of $0.3 million. The Warrants have a term of ten years and had an original exercise price of $10.30 per share. The Warrants include anti-dilution and pricing protection provisions that provide for a reduction in the exercise price of the Warrants if any common stock (or equivalents) of the Company are issued at a price per share less than the exercise price during the term of the Warrants, excluding issuances under the Amended and Restated 2006 Signature Group Holdings, Inc. Performance Incentive Plan (the “Incentive Plan”). As a result of the Equity Offering in December 2014, in which the Company issued shares for $6.17 per share, net of the underwriting discount, the exercise price of the Warrants was reduced to $6.17 as of December 31, 2014. The Warrants are financial instruments classified as derivative liabilities and are remeasured at fair value at each reporting date with changes in fair value reported through earnings. The exercise price of the Warrants was further reduced to $5.64 per share following the completion of the common stock portion of the Rights Offering in February 2015. See Note 16— Subsequent Events
Income Taxes	Income taxes Deferred income taxes are computed using the liability method, under which deferred income taxes represent the tax effect of differences between the financial and income tax bases of assets and liabilities. As a result of generating losses since 2006, among other factors, the Company has determined that sufficient uncertainty exists as to the realizability of all of its deferred tax assets and, as such, has placed a valuation allowance of $385.6 million and $375.0 million on its deferred tax assets as of December 31, 2014 and 2013, respectively. In the year ended December 31, 2014, the Company released $5.1 million of the deferred tax valuation allowance based on expected future taxable income. In future years, tax benefits and related deferred tax assets will be recognized if the Company considers realization of the net deferred tax assets to be more likely than not, or to the extent that deferred tax liabilities are recognized in connection with business combinations. Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement.
Share-Based Compensation	Share-based compensation Share-based compensation awards, which include awards of restricted common stock and common stock options, are expensed on a straight-line basis over the requisite service period based on their grant date fair value. Nonvested restricted common stock awards are not recorded as part of common stock in the consolidated balance sheets until they are earned, but because they are issued when granted, the shares are included as part of the total number of shares issued and outstanding in the parenthetical disclosure on the face of the consolidated balance sheets. The fair value of awards of restricted common stock is determined based on the fair value of the Company’s common stock on the grant date. The fair value of common stock options containing only service conditions is estimated using the Black-Scholes option pricing model. The fair value of common stock options containing both service and market conditions is estimated using a trinomial lattice pricing model.
Comprehensive Income (Loss)	Comprehensive income (loss) Comprehensive income (loss) consists of net earnings (loss) attributable to Real Industry, Inc. and net unrealized gains on investment securities, available for sale, and is presented in the consolidated statements of comprehensive income (loss). Components of accumulated other comprehensive income consisted of unrealized gains on investment securities, available for sale as of December 31, 2012.
Variable Interest Entities	Variable interest entities Fremont and its subsidiaries securitized mortgages in the form of real estate mortgage investment conduits. The Company evaluates each securitization trust for classification as a variable interest entity (“VIE”). If the Company is a variable interest holder in a securitization classified as a VIE, which is usually due to an ownership of residual securities that were retained at the time of securitization, then the Company evaluates whether it may be the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is determined to be the primary beneficiary of the VIE (i.e., the party with a controlling financial interest), the assets and liabilities of the VIE are required to be consolidated. As of December 31, 2014, none of the securitization trusts meet the criteria for consolidation. The estimated fair value and carrying value of the residual interests in unconsolidated securitization trusts is zero. Management based such assessment on the timing and amount of estimated future cash flows from the residual interests and information from servicers.
Discontinued Operations	Discontinued operations GAAP requires the results of operations of a component of an entity that either has been disposed of or is classified as held for sale to be reported as discontinued operations in the consolidated financial statements. In order to be considered a discontinued operation, both the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of an entity and the entity will not have any significant continuing involvement in the operations of the component after the disposal transaction. In March 2007, Fremont exited the subprime residential real estate business and adopted a plan to dispose of substantially all of the assets related to such business. In late 2007 and early 2008, Fremont pursued various strategic initiatives, which included the sale of substantially all of its retail banking operations, including all of its branches and 100% of its deposits, closure of its mortgage servicing operations and sale of the related mortgage servicing rights. These strategic initiatives resulted in the Company classifying the remaining assets and liabilities of Fremont’s former retail banking and residential lending operation as discontinued operations, where they continue to be reflected. In January 2015, the Company sold NABCO. As of December 31, 2014, discontinued operations includes the assets, liabilities and results of operations of NABCO and the legacy litigation, primarily home mortgage foreclosure cases in which the Company has no ongoing association with the mortgage or foreclosure, and a mortgage loan repurchase reserve that relates to the former businesses of Fremont. Refer to Note 13— Discontinued Operations
Real Estate Owned, Net	Real estate owned, net Real estate owned (“REO”) is comprised of property acquired through foreclosure, or deed in lieu of foreclosure, on loans secured by residential real estate. REO is recorded at net realizable value at the acquisition date. Estimated net realizable values are based on an evaluation of numerous factors, including appraisals or broker price opinions, Internet real estate websites, sales of comparable assets, and estimated market conditions. No REO is included in the Company’s consolidated balance sheet as of December 31, 2014.
Repurchase Reserve	Repurchase reserve Pursuant to Fremont’s subprime residential mortgage business, Fremont’s primary operating subsidiary FIL sold loans and made customary standard industry representations and warranties about the loans. SGGH, LLC may be required to repurchase certain loans should a court find that FIL breached certain representations and warranties provided to counterparties that purchased the loans. SGGH, LLC maintains a repurchase reserve pursuant to Topic 460, Guarantees Contingencies As a result of a New York State Court of Appeals case decided in June 2015, our estimate of the exposure to repurchase claims changed. See Note 16— Subsequent Events
Recent Accounting Standards Update	Recent accounting standards update In February 2013, the Financial Accounting Standards Board (“FASB”) issued accounting guidance (Topic 220, Other Comprehensive Income In July 2013, the FASB issued accounting guidance (Topic 740, Income Taxes In April 2014, the FASB issued accounting guidance (Topic 250, Presentation of Financial Statements Property, Plant and Equipment for annual reporting periods beginning after December 15, 2014, including interim reporting periods within that reporting period. Early adoption is permitted, but only for certain disposals. In May 2014, the FASB issued accounting guidance (Topic 606, Revenue from Contracts with Customers based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period and early application is not permitted. The Company is currently assessing the impact of the new guidance on its consolidated financial statements and disclosures. In June 2014, the FASB issued accounting guidance (Topic 718, Stock Compensation The new guidance is not expected to have a significant impact on the Company’s consolidated financial statements or disclosures. In November 2014, the FASB issued accounting guidance (Topic 815, Derivatives and Hedging The new guidance is effective for annual reporting periods beginning after December 15, 2015, including interim reporting periods within that reporting period. and early application is permitted. The Company is currently assessing the impact of the new guidance on its consolidated financial statements and disclosures. In November 2014, the FASB issued new accounting guidance (Topic 805, Business Combinations ) on whether and at what threshold an acquired entity that is a business or nonprofit activity can apply pushdown accounting in its separate financial statements. The new guidance provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. An acquired entity should determine whether to elect to apply pushdown accounting for each individual change-in-control event in which an acquirer obtains control of the acquired entity. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity’s most recent change-in-control event. An election to apply pushdown accounting in a reporting period after the reporting period in which the change-in-control event occurred should be considered a change in accounting principle in accordance with Topic 250, Accounting Changes and Error Corrections . If pushdown accounting is applied to an individual change-in-control event, that election is irrevocable. This new guidance is effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The new guidance is not expected to have a significant impact on the Company’s consolidated financial statements or disclosures.

Cash and Cash Equivalents and25

Cash and Cash Equivalents and Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2014
Cash And Cash Equivalents [Abstract]
Cash and Cash Equivalents, Continuing Operations	ERROR: Could not retrieve Word content for note block
Restricted Cash	The following table presents restricted cash as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Noninterest-bearing deposits — securing a letter of credit $ 21 $ 784 Noninterest-bearing deposits — legal settlement reserve funds — 2,021 Total restricted cash $ 21 $ 2,805

Operations by Reportable Segm26

Operations by Reportable Segment (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Operating Results and Other Key Financial Measures of Operating Segments	ERROR: Could not retrieve Word content for note block ERROR: Could not retrieve Word content for note block ERROR: Could not retrieve Word content for note block

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2014
Discontinued Operations And Disposal Groups [Abstract]
Assets and Liabilities and Statements of Operations of Discontinued Operation	ERROR: Could not retrieve Word content for note block ERROR: Could not retrieve Word content for note block
Trade Accounts Receivable, Net	ERROR: Could not retrieve Word content for note block
Inventory	ERROR: Could not retrieve Word content for note block
Debt	ERROR: Could not retrieve Word content for note block
Contractual Maturities of Long Term Debt	ERROR: Could not retrieve Word content for note block

Debt and Equity Offering Costs

Debt and Equity Offering Costs (Tables)	12 Months Ended
	Dec. 31, 2014
Deferred Costs [Abstract]
Schedule of Debt and Equity Offering Costs	The debt and equity offering costs as of December 31, 2014 are summarized in the following table. December 31, (Dollars in thousands) 2014 Senior Secured Notes, Asset-Based Facility and Factoring Facility $ 3,675 Term bridge loan and backstop commitments 10,560 Rights Offering 264 Total debt and equity offering costs $ 14,499

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and intangible assets consisted of the following as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Goodwill $ — $ 400 Intangible assets: Customer relationships $ — $ 40 Trade names 45 45 Product formulations 190 190 Domain names — 100 Accumulated amortization (127 ) (179 ) Total intangible assets, net $ 108 $ 196
Summary of Aggregate Future Amortization of Intangible Assets	The following table summarizes aggregate future amortization of intangible assets: (Dollars in thousands) 2015 $ 22 2016 19 2017 17 2018 15 2019 13 Thereafter 22 $ 108

Other Assets and Other Liabil30

Other Assets and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2014
Additional Other Liabilities Disclosure [Abstract]
Other Assets and Other Liabilities	The following table presents the Company’s other assets and other liabilities, within continuing operations, as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Other current assets: Prepaid expenses $ 431 $ 424 Inventory 348 432 Loans receivable due within one year 81 85 Income taxes receivable 115 — Other 4 9 Total other current assets $ 979 $ 950 Other noncurrent assets: Loans receivable, net $ 1,154 $ 1,322 Nonmarketable equity securities — 800 Property and equipment, net 106 71 Other (4 ) — Total other noncurrent assets $ 1,256 $ 2,193 Other noncurrent liabilities: Accrued expenses $ 132 $ 94 Deferred income taxes 204 6 Total other noncurrent liabilities $ 336 $ 100

Common Stock Warrant Liability

Common Stock Warrant Liability (Tables)	12 Months Ended
	Dec. 31, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Changes in Fair Value of Common Stock Warrant Liability	The following table presents changes in the fair value of the common stock warrant liability during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Beginning balance $ 9,300 $ 2,350 $ 1,403 Change in fair value of common stock warrant liability (3,700 ) 6,950 947 Ending balance $ 5,600 $ 9,300 $ 2,350

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	The following table summarizes income tax expense (benefit), within continuing operations, for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Current income tax expense (benefit): Federal $ (3,123 ) $ (2,382 ) $ (314 ) State (637 ) (552 ) (30 ) Total current income tax expense (benefit) (3,760 ) (2,934 ) (344 ) Deferred income tax expense (benefit): Federal (4,611 ) 521 120 State (15 ) 79 (58 ) Total deferred income tax expense (benefit) (4,626 ) 600 62 Total income tax expense (benefit) $ (8,386 ) $ (2,334 ) $ (282 )
Reconciliation of Effective Federal Tax Rates with Statutory Federal Income Tax Rate	A reconciliation of the effective tax rates in the consolidated statements of income from continuing operations with the statutory federal income tax rate of 34.0% is summarized in the following: Year Ended December 31, 2014 2013 2012 Federal statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net of federal benefit 4.9 % 2.2 % 0.2 % Deferred tax valuation allowance (131.3 ) % (10.6 ) % (27.6 ) % Fair value adjustments 14.7 % (14.9 ) % (3.0 ) % Revisions to prior year taxes 171.4 % 2.1 % 0.7 % Meals and entertainment (0.1 ) % (0.2 ) % (0.1 ) % Other 4.7 % 2.3 % (1.1 ) % Effective tax rate 98.3 % 14.9 % 3.1 %
Summary of Unrecognized Tax Benefits	The following table provides a summary of the activity in the amount of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 2013 2012 Beginning balance $ 344 $ 378 $ 423 Additions based on tax positions related to the current year — — — Additions for tax positions of prior years 294 — 378 Reductions of tax positions of prior years — (34 ) (423 ) Settlements (638 ) — — Ending balance $ — $ 344 $ 378
Components of Deferred Tax Assets and Deferred Tax Liabilities	The components of the Company’s deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 are summarized in the following table: December 31, (Dollars in thousands) 2014 2013 Deferred tax assets: Net operating loss carryforwards $ 375,193 $ 360,211 Alternative minimum tax credits 10,908 10,909 Repurchase reserve 2,098 2,450 Real Alloy Acquisition Costs 1,296 — Inventory 641 469 Compensation 873 975 Litigation reserves 134 743 Bad debt 22 164 Other 149 121 Total deferred tax assets 391,314 376,042 Deferred tax liabilities: Intangible assets and liabilities 624 1,013 Other 35 6 Total deferred tax liabilities 659 1,019 Net deferred tax asset before valuation allowance 390,655 375,023 Deferred tax valuation allowance (385,551 ) (375,029 ) Net deferred tax asset (liability) $ 5,104 $ (6 )

Share-Based Payments and Empl33

Share-Based Payments and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Changes in Non-Vested Shares of Restricted Common Stock	The following table provides activity of restricted common stock for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Shares Weighted Average Grant Date Fair Value Per Share Beginning balance 139,641 $ 4.94 357,522 $ 4.32 231,506 $ 5.96 Shares vested (98,530 ) 5.76 (356,886 ) 4.61 (195,017 ) 4.18 Shares granted 73,394 9.89 139,005 5.70 321,033 3.05 Ending balance 114,505 $ 7.42 139,641 $ 4.94 357,522 $ 4.32
Weighted Average Assumptions used in Determining Fair Value of Common Stock Options	The following table provides assumptions used in determining the fair value of common stock option grants for the years ended December 31, 2013 and 2012: Year Ended December 31, (Weighted averages) 2013 2012 Expected volatility 55.00 % 52.60 % Risk-free interest rate 1.15 % 0.80 % Expected term (in years) 5.60 5.10 Dividend yield — % — % Grant date fair value per share $ 2.75 $ 1.67
Activity of Non-Vested Stock Options	The following table presents activity of nonvested common stock options during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Beginning balance 673,833 $ 6.59 872,373 $ 5.41 881,600 $ 5.72 Options granted — — 205,000 9.52 184,600 3.57 Options vested (592,433 ) 6.29 (383,208 ) 5.47 (189,861 ) 5.11 Options forfeited — — (20,332 ) 3.62 (3,966 ) 3.00 Ending balance 81,400 $ 7.62 673,833 $ 6.59 872,373 $ 5.41
Activity of Exercisable Common Stock Options	The following table presents activity of exercisable common stock options during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, 2014 Year Ended December 31, 2013 Year Ended December 31, 2012 Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Shares Weighted Average Exercise Price Per Share Beginning balance 543,867 $ 5.76 181,327 $ 5.21 — $ — Options exercised (150,000 ) 5.72 (20,668 ) 3.00 (8,534 ) 3.00 Options vested 592,433 6.29 383,208 5.47 189,861 5.11 Ending balance 986,300 $ 6.08 543,867 $ 5.76 181,327 $ 5.21
Intrinsic Value of Options Outstanding and Exercisable	The following table provides information pertaining to the intrinsic value of common stock options outstanding and exercisable as of December 31, 2014 and 2013: December 31, (Dollars in thousands) 2014 2013 Intrinsic value of common stock options outstanding $ 1,507 $ 5,520 Intrinsic value of common stock options exercisable 1,404 2,716
Intrinsic Value of Options Exercised and Fair Value of Options Vested	The following table presents the intrinsic value of common stock options exercised and the fair value of common stock options that vested during the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Intrinsic value of common stock options exercised (1) $ 398 $ 137 $ 10 Fair value of common stock options vested (2) 1,244 756 327 (1) The intrinsic value of common stock options exercised is the difference between the fair market value of the Company’s common stock on the exercise date and the exercise price. (2) The fair value of common stock options vested is based on the grant date fair value.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) Per Share	The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands, except per share amounts) 2014 2013 2012 Loss from continuing operations $ (148 ) $ (14,185 ) $ (8,768 ) Earnings (loss) from discontinued operations, net of income taxes 5,560 4,151 1,300 Net loss 5,412 (10,034 ) (7,468 ) Loss attributable to noncontrolling interest (91 ) — — Net loss attributable to Real Industry, Inc. $ 5,503 $ (10,034 ) $ (7,468 ) Basic and diluted earnings (loss) per share: Weighted average basic and diluted shares outstanding 13,403,083 12,839,761 12,572,843 Earnings (loss) per share Continuing operations $ — $ (1.11 ) $ (0.69 ) Discontinued operations 0.41 0.32 0.10 Basic and diluted earnings (loss) per share $ 0.41 $ (0.79 ) $ (0.59 )
Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive	The following table provides details on the average market price of Real Industry common stock and the incremental shares that would have been included in the diluted shares outstanding computation for the years ended December 31, 2013 and 2012 Year Ended December 31, 2014 2013 2012 Average market price of Real Industry common stock $ 9.58 $ 8.57 $ 3.56 Potentially dilutive common stock equivalents: Unvested restricted common stock 47,135 252,313 80,913 Common stock options 418,544 302,260 1,421 Warrants 533,356 301,443 — Total potentially dilutive common stock equivalents 999,035 856,016 82,334

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Financial Instruments	The following tables present the carrying values and fair value estimates of financial instruments as of December 31, 2014 and 2013: December 31, 2014 (Dollars in thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value ASSETS Continuing operations: Cash and cash equivalents Level 1 $ 61,935 $ 61,935 Restricted cash Level 1 21 21 Loans receivable, net (other noncurrent assets) Level 3 1,236 1,236 Discontinued operations: Cash and cash equivalents Level 1 1,032 1,032 LIABILITIES Continuing operations: Common stock warrant liability Level 3 5,600 5,600 Discontinued operations: Line of credit Level 3 $ 1,000 $ 1,000 Long-term debt Level 3 13,600 13,592 December 31, 2013 (Dollars in thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value ASSETS Continuing operations: Cash and cash equivalents Level 1 $ 47,847 $ 47,847 Restricted cash Level 1 2,805 2,805 Loans receivable, net (other assets) Level 3 1,407 1,400 Nonmarketable equity security (other assets) Level 3 800 4,000 Discontinued operations: Cash and cash equivalents Level 1 172 172 LIABILITIES Continuing operations: Common stock warrant liability Level 3 9,300 9,300 Discontinued operations: Line of credit Level 3 $ 500 $ 500 Long-term debt Level 3 17,200 17,200
Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis Based on Fair Value Hierarchy	The following table presents the Company’s assets and liabilities measured at estimated fair value as of December 31, 2014 and 2013 based on the fair value hierarchy on a recurring and nonrecurring basis: (Dollars in thousands) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Recurring fair value measurements: December 31, 2014 Common stock warrant liability $ — $ — $ 5,600 $ 5,600 December 31, 2013 Common stock warrant liability $ — $ — $ 9,300 $ 9,300 Nonrecurring fair value measurements: December 31, 2013 Real estate owned, net $ — $ — $ 75 $ 75
Reconciliation for Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level Three)	The following table presents the reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014, 2013 and 2012: (Dollars in thousands) Beginning Balance Income (Expense) Realized in Earnings Transfers In/Out of Level 3 Purchases Issuances Settlements Ending Balance Year Ended December 31, 2014 Common stock warrant liability $ 9,300 $ 3,700 $ — $ — $ — $ — $ 5,600 Year Ended December 31, 2013 Common stock warrant liability $ 2,350 $ (6,950 ) $ — $ — $ — $ — $ 9,300 Year Ended December 31, 2012 Common stock warrant liability $ 1,403 $ (947 ) $ — $ — $ — $ — $ 2,350
Total Gains (Losses) on Assets and Liabilities Measured on Fair Values on Non-Recurring Basis	The following table summarizes gains (losses) on assets and liabilities recorded on a nonrecurring basis for the years ended December 31, 2014, 2013 and 2012: Year Ended December 31, (Dollars in thousands) 2014 2013 2012 Inventory $ 432 $ — $ — Goodwill 400 — — Loans held for sale, net: Continuing operations — — 2,776 Discontinued operations — — (1,062 ) Real estate owned, net — 283 (725 ) Commercial real estate investments, net — — (121 ) $ 832 $ 283 $ 868
Valuation Techniques and Unobservable Inputs Applied to Level Three Fair Value Measurements	The Company’s Level 3 assets and liabilities are determined using valuation techniques that incorporate unobservable inputs that require significant judgment or estimation. The following tables presents quantitative information about the valuation techniques and unobservable inputs applied to Level 2 and Level 3 recurring and nonrecurring fair value measurements as of December 31, 2014 and 2013: December 31, 2014 (Dollars in thousands) Estimated Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Liabilities: Common stock warrant liability $ 5,600 Monte Carlo Simulation Exercise multiple 2.8x (2.8x) Volatility 52.0% (52.0%) Expected term 5.8 — 5.8 years (5.8 years) Equity raise probablity 25% (25%) Issue price discount to fair value 15% (15%) December 31, 2013 (Dollars in thousands) Estimated Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Assets: Real estate owned, net (discontinued operations) $ 75 Market approach Marketability discounts 20.0% (20.0%) Estimated selling costs 8.0% (8.0%) Liabilities: Common stock warrant liability $ 9,300 Lattice option pricing model Exercise multiple 2.8x (2.8x) Volatility 55.0% (55.0%) Expected term 4.1 — 4.2 years (4.2 years)

Unaudited Quarterly Financial36

Unaudited Quarterly Financial Information (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Unaudited Quarterly Financial Information	The following tables present unaudited quarterly financial information, which has been prepared on a basis consistent with that of the audited consolidated financial statements and includes all necessary material adjustments, consisting of normal recurring accruals and adjustments, to present fairly the unaudited quarterly financial information. The quarterly results of operations for these periods are not necessarily indicative of future results of operations. The quarterly per share calculations are based on the weighted average number of shares for each period; therefore, the sum of the quarters may not necessarily be equal to the full year per share amounts. Unaudited 2014 Information for the Three Months Ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Operating revenues: Special Situations $ 42 $ 42 $ 40 $ 2,108 Corporate and Other — — — — Total operating revenues 42 42 40 2,108 Operating costs 3,088 2,308 3,861 4,673 Operating loss $ (3,046 ) $ (2,266 ) $ (3,821 ) $ (2,565 ) Earnings (loss) from continuing operations $ (1,913 ) $ (1,577 ) $ (772 ) $ 4,114 Earnings from discontinued operations, net of income taxes 2,026 1,077 1,539 918 Net earnings (loss) 113 (500 ) 767 5,032 Earnings (loss) attributable to noncontrolling interest — — — (91 ) Net earnings (loss) attributable to Real Industry, Inc. $ 113 $ (500 ) $ 767 $ 4,941 Basic earnings (loss) per share: Weighted average basic outstanding shares 13,144,153 13,144,998 13,151,061 14,150,942 Continuing operations $ (0.14 ) $ (0.12 ) $ (0.07 ) $ 0.30 Discontinued operations 0.15 0.08 0.12 0.06 Basic earnings (loss) per share $ 0.01 $ (0.04 ) $ 0.05 $ 0.36 Diluted earnings (loss) per share: Weighted average diluted outstanding shares 13,144,153 13,144,998 13,151,061 14,963,287 Continuing operations $ (0.14 ) $ (0.12 ) $ (0.07 ) $ 0.27 Discontinued operations 0.15 0.08 0.12 0.06 Diluted earnings (loss) per share $ 0.01 $ (0.04 ) $ 0.05 $ 0.33 Unaudited 2013 Information for the Three Months Ended (Dollars in thousands, except per share amounts) March 31, June 30, September 30, December 31, Operating revenues: Special Situations $ 1,204 $ 5,414 $ (453 ) $ 526 Corporate and Other 18 14 10 6 Total operating revenues 1,222 5,428 (443 ) 532 Operating costs 3,350 5,603 3,887 3,580 Operating loss $ (2,128 ) $ (175 ) $ (4,330 ) $ (3,048 ) Loss from continuing operations $ (3,069 ) $ (3,100 ) $ (6,733 ) $ (1,283 ) Earnings from discontinued operations, net of income taxes 302 1,177 873 1,799 Net earnings (loss) (2,767 ) (1,923 ) (5,860 ) 516 Earnings (loss) attributable to noncontrolling interest — — — — Net earnings (loss) attributable to Real Industry, Inc. $ (2,767 ) $ (1,923 ) $ (5,860 ) $ 516 Basic and diluted earnings (loss) per share: Weighted average outstanding shares 12,780,478 12,790,636 12,812,623 12,872,090 Continuing operations $ (0.24 ) $ (0.24 ) $ (0.52 ) $ (0.10 ) Discontinued operations 0.02 0.09 0.07 0.14 Basic and diluted earnings (loss) per share $ (0.22 ) $ (0.15 ) $ (0.45 ) $ 0.04

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Operating Leases Future Minimum Payments Due [Abstract]
Minimum Required Lease Payments under Noncancellable Operating Leases	The following table presents minimum required lease payments under noncancellable operating leases as of December 31, 2014, excluding payments due under noncancellable operating leases of NABCO: (Dollars in thousands) Future Minimum Lease Payments 2015 $ 149 2016 154 2017 39 2018 — 2019 — Thereafter — $ 342

Operations by Reportable Segm38

Operations by Reportable Segment - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014Segment
Segment Reporting [Abstract]
Number of Reportable Segment	1
Number operating segments	2

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014USD ($)Customer	Dec. 31, 2013USD ($)Customer	Dec. 31, 2012USD ($)Customer
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Goodwill		$ 400,000
Mortgage Loan Repurchase Claims Outstanding	$ 101,700,000
Outstanding Claims For More Than Six Years
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Mortgage Loan Repurchase Claims Outstanding	$ 64,800,000
Mortgage Loan Repurchase Claims Outstanding, Percentage	63.70%
Outstanding Claims For More Than Four Years But Less Than Six Years
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Mortgage Loan Repurchase Claims Outstanding	$ 36,000,000
Mortgage Loan Repurchase Claims Outstanding, Percentage	35.40%
Outstanding Claims For More Than Two Years But Less Than Four Years
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Mortgage Loan Repurchase Claims Outstanding	$ 900,000
Mortgage Loan Repurchase Claims Outstanding, Percentage	0.90%
Discontinued Operations
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Goodwill	$ 17,780,000	17,780,000
Intangible assets, net	1,615,000	$ 2,708,000
Impairment charges on goodwill and intangible assets	$ 0
Number of customers accounting for more than 10% of total net sales | Customer	3	3	3
Line of credit, maximum borrowing capacity	$ 4,000,000
Line of credit	1,000,000	$ 500,000
Line of credit, available borrowing capacity	$ 3,000,000
Debt, interest rate	4.00%
Repurchase reserve	$ 5,500,000	6,500,000
Recoveries of provisions for repurchases	1,000,000	1,000,000	$ 1,000,000
Repurchase claims received or settled	0	0
Discontinued Operations | Term Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Debt, interest expense	$ 800,000	300,000	400,000
Debt, variable interest rate description	As of December 31, 2014, the interest rate on the variable rate term loan was 5.00%. In the event of default, the interest rates on both term loans increase by 5.00% per annum.
Debt, interest rate increment in the event of default	5.00%
Debt instrument, interest rate	5.00%
Discontinued Operations | Term Loans | 2018
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Debt issued	$ 11,500,000
Amount of loan guaranteed	$ 5,000,000
Guarantee obligations origin and purpose	Under the terms of the $11.5 million term loan, the Company has guaranteed $5.0 million of the loan should NABCO not meet its obligations under the loan agreement. As of December 31, 2014, all of NABCO’s trade accounts receivable and inventory, totaling $4.7 million and $11.4 million, respectively, were pledged under NABCO’s line of credit and term loans. The guarantee and pledges were eliminated in January 2015 when the line of credit and term loans were repaid in connection with the NABCO Sale. See Note 16—Subsequent Events for additional information about the NABCO Sale
Discontinued Operations | Line Of Credit
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Debt, interest expense	$ 40,000	80,000	$ 71,000
Discontinued Operations | Inventories
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets pledged as collateral	11,400,000	$ 10,400,000
Discontinued Operations | Inventories | Term Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets pledged under line of credit and term loans	$ 11,400,000
Discontinued Operations | Customer Concentration Risk | Consolidated Operating Revenue
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Concentration risk, percentage	48.90%	43.40%	40.30%
Discontinued Operations | Customer Concentration Risk | Accounts Receivable
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Concentration risk, percentage	57.90%	51.70%
Discontinued Operations | Trade Accounts Receivable
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets pledged as collateral	$ 4,700,000	$ 3,900,000
Discontinued Operations | Trade Accounts Receivable | Term Loans
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets pledged under line of credit and term loans	$ 4,700,000

Business and Operations - Addit

Business and Operations - Additional Information (Detail) $ / shares in Units, $ in Thousands	Feb. 27, 2015USD ($)$ / sharesshares	Feb. 27, 2015EUR (€)shares	Jan. 09, 2015USD ($)	Jan. 08, 2015USD ($)	Dec. 19, 2014$ / sharesshares	Oct. 28, 2014$ / sharesshares	Jun. 30, 2013USD ($)	Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2014USD ($)Location$ / sharesshares	Oct. 31, 2014USD ($)	Jan. 02, 2014$ / sharesshares
Organization And Business Activities [Line Items]
Common stock, shares authorized | shares								66,500,000	66,500,000
Common stock, shares outstanding | shares								12,201,102	17,099,882
Common stock, par value | $ / shares								$ 0.001	$ 0.001
Loans receivable, net								$ 1,322	$ 1,154
Proceeds from sale of loans held for sale, net							$ 27,100	$ 27,083
Gain loss on sale of mortgage loans							$ 5,000
Subsequent Event
Organization And Business Activities [Line Items]
Number of shares issued | shares	9,751,773	9,751,773
Sale of stock, price per share | $ / shares	$ 5.64
Proceeds from Rights Offering	$ 55,000
Subsequent Event | Senior Secured Notes
Organization And Business Activities [Line Items]
Senior secured notes principal amount				$ 305,000
Debt instrument interest rate				10.00%
Debt instrument discount percentage				97.206%
Proceeds from issuance of debt				$ 296,500
Debt, due date				Jan. 15, 2019
Subsequent Event | Asset Based Facility
Organization And Business Activities [Line Items]
Initial Draw Amount	59,500
Maximum financing amount of factoring facility	110,000
Subsequent Event | Factoring Facility
Organization And Business Activities [Line Items]
Initial Draw Amount	28,000	€ 25,000,000
Maximum financing amount of factoring facility | €		€ 50,000,000
October Private Placement
Organization And Business Activities [Line Items]
Number of shares issued | shares						300,000
Sale of stock, price per share | $ / shares						$ 10
Equity Offering
Organization And Business Activities [Line Items]
Number of shares issued | shares					4,400,000
Sale of stock, price per share | $ / shares					$ 6.50
Real Alloy Acquisition
Organization And Business Activities [Line Items]
Business Acquisition, Purchase Agreement, Price										$ 525,000
Real Alloy Acquisition | Subsequent Event
Organization And Business Activities [Line Items]
Business acquisition, cash in escrow deposit	5,000
Business acquisition, purchase price	525,000
Purchase price, initial cash payment	500,000
Real Alloy Acquisition | Subsequent Event | Series B Preferred Stock
Organization And Business Activities [Line Items]
Issuance of non-participating preferred stock	$ 25,000
Commercial real estate loans
Organization And Business Activities [Line Items]
Loans receivable, net									$ 1,200
Signature Nevada
Organization And Business Activities [Line Items]
Common stock, shares authorized | shares									66,500,000		66,500,000
Common stock, shares outstanding | shares									12,213,219		12,219,781
Common stock, par value | $ / shares											$ 0.01
Signature Delaware
Organization And Business Activities [Line Items]
Common stock, shares authorized | shares											66,500,000
Common stock, shares outstanding | shares											12,219,781
Common stock, par value | $ / shares											$ 0.001
NABCO | North America
Organization And Business Activities [Line Items]
Number of warehouse operating locations | Location									9
Signature Group Holdings | Subsequent Event
Organization And Business Activities [Line Items]
Gross proceeds from sale of wholly owned subsidiary			$ 78,000

Financial Statement Presentat41

Financial Statement Presentation and Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Jun. 30, 2010USD ($)shares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)shares	Dec. 31, 2012USD ($)	Feb. 27, 2015$ / shares	Jan. 02, 2014shares	Jun. 11, 2010$ / shares
Schedule Of Significant Accounting Policies [Line Items]
Reverse stock split		Effective October 15, 2013, as a result of the Reverse Split, Signature Nevada’s authorized common stock was reduced from 665,000,000 to 66,500,000, and every ten shares of Old Common Stock held by a stockholder were exchanged for one share of new common stock (the “New Common Stock”), with each fractional share rounded up to the nearest whole number.
Common stock, shares authorized | shares		66,500,000	66,500,000
Stock Split, conversion ratio		0.1
Common stock, shares issued | shares		17,099,882	12,213,219
Common stock, shares outstanding | shares		17,099,882	12,201,102
Sales returns, allowances and rebates, percentage		4.00%	3.90%	4.50%
Investment securities, available for sale impairment		$ 0	$ 0	$ 620,000
Impairment of nonmarketable equity securities		0	600,000	$ 0
Investment securities		0
Impairment on intangible assets		0	0
Goodwill impairment		$ 400,000
Number of shares the warrants may acquire | shares	1,500,000
Purchase price of warrants issued	$ 300,000
Exercise price of warrants | $ / shares		$ 6.17					$ 10.30
Term of warrants	10 years
Deferred tax valuation allowance		$ 385,551,000	$ 375,029,000
Deferred tax valuation allowance released amount based on expected future taxable income		5,100,000
Real estate owned, net		$ 0
2014 Equity Offerings
Schedule Of Significant Accounting Policies [Line Items]
Equity issuance, per share amount | $ / shares		$ 6.17
Subsequent Event
Schedule Of Significant Accounting Policies [Line Items]
Exercise price of warrants | $ / shares					$ 5.64
Signature Nevada
Schedule Of Significant Accounting Policies [Line Items]
Common stock, shares authorized | shares		66,500,000				66,500,000
Common stock, shares issued | shares		12,213,219
Common stock, shares outstanding | shares		12,213,219				12,219,781

Cash and Cash Equivalents, Cont

Cash and Cash Equivalents, Continuing Operations (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 61,935	$ 47,847	$ 49,799
Noninterest-bearing deposits
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	34,498	2,953
Short-Term Money Market Funds
Cash And Cash Equivalents [Line Items]
Cash and cash equivalents	$ 27,437	$ 44,894

Restricted Cash (Detail)

Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 21	$ 2,805
Noninterest-bearing deposits - securing a letter of credit
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 21	784
Noninterest-bearing deposits - legal settlement reserve funds
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash		$ 2,021

Schedule of Debt and Equity Off

Schedule of Debt and Equity Offering Costs (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Deferred Offering Costs [Line Items]
Debt and equity offering costs	$ 14,499
Senior Secured Notes, Asset-Based Facility and Factoring Facility
Deferred Offering Costs [Line Items]
Debt and equity offering costs	3,675
Term bridge loan and backstop commitments
Deferred Offering Costs [Line Items]
Debt and equity offering costs	10,560
Rights Offering
Deferred Offering Costs [Line Items]
Debt and equity offering costs	$ 264

Goodwill and Intangible Asset45

Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Goodwill And Other Intangible Assets [Line Items]
Goodwill		$ 400
Intangible assets:
Accumulated amortization	$ (127)	(179)
Intangible assets, net	108	196
Customer Relationships
Intangible assets:
Intangible assets gross		40
Trade Names
Intangible assets:
Intangible assets gross	45	45
Product Formulations
Intangible assets:
Intangible assets gross	$ 190	190
Domain Names
Intangible assets:
Intangible assets gross		$ 100

Summary of Aggregate Future Amo

Summary of Aggregate Future Amortization of Intangible Assets (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2,015	$ 22
2,016	19
2,017	17
2,018	15
2,019	13
Thereafter	22
Total	$ 108

Other Assets and Other Liabil47

Other Assets and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Other current assets:
Prepaid expenses	$ 431	$ 424
Inventory	348	432
Loans receivable due within one year	81	85
Income taxes receivable	115
Other	4	9
Total other current assets	979	950
Other noncurrent assets:
Loans receivable, net	1,154	1,322
Nonmarketable equity securities		800
Property and equipment, net	106	71
Other	(4)
Total other noncurrent assets	1,256	2,193
Other noncurrent liabilities:
Accrued expenses	132	94
Deferred income taxes	204	6
Total other noncurrent liabilities	$ 336	$ 100

Common Stock Warrant Liabilit48

Common Stock Warrant Liability - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 11, 2010	Dec. 31, 2014	Feb. 27, 2015
Class Of Warrant Or Right [Line Items]
Aggregate purchase price of common stock warrant	$ 0.3
Warrant vested upon issuance		20.00%
Common stock warrants vesting percentage on each anniversary date		20.00%
Common stock warrants percentage vested		100.00%
Exercise price of warrants	$ 10.30	$ 6.17
Common stock warrants expiration date		2020-06
NABCO
Class Of Warrant Or Right [Line Items]
Price per share of common stock issued		$ 6.17
Subsequent Event
Class Of Warrant Or Right [Line Items]
Exercise price of warrants			$ 5.64
Common Stock
Class Of Warrant Or Right [Line Items]
Warrant issued to purchase common stock	1.5

Changes in Fair Value of Common

Changes in Fair Value of Common Stock Warrant Liability (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Warrants And Rights Note Disclosure [Abstract]
Common stock warrant liability, beginning balance	$ 9,300	$ 2,350	$ 1,403
Change in fair value of common stock warrant liability	(3,700)	6,950	947
Common stock warrant liability, ending balance	$ 5,600	$ 9,300	$ 2,350

Summary of Income Tax Expense (

Summary of Income Tax Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred income tax expense (benefit):
Total income tax expense (benefit)	$ (4,680)	$ 163	$ 585
Continuing Operations
Current income tax expense (benefit):
Federal	(3,123)	(2,382)	(314)
State	(637)	(552)	(30)
Total current income tax expense (benefit)	(3,760)	(2,934)	(344)
Deferred income tax expense (benefit):
Federal	(4,611)	521	120
State	(15)	79	(58)
Total deferred income tax expense (benefit)	(4,626)	600	62
Total income tax expense (benefit)	$ (8,386)	$ (2,334)	$ (282)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
Federal statutory rate		34.00%	34.00%	34.00%
Cash paid for income taxes		$ 600,000	$ 600,000	$ 300,000
Reserve for uncertain tax matters		0	0
Uncertain tax matters			344,000	$ 378,000	$ 423,000
Income tax refund requested		24,800,000
Overpayment of tax return refund		500,000
Adjustment in estimated tax payment		600,000
Income Tax Examination, Interest Accrued		$ 300,000
Percentage of common stock ownership under transfer restriction		4.90%
Deferred tax valuation allowance		$ 385,551,000	375,029,000
Deferred tax liabilities		5,100,000	$ 6,000
Deferred tax valuation allowance released amount based on expected future taxable income		5,100,000
Scenario, Forecast
Income Taxes [Line Items]
Estimated taxable gain on sale of NABCO	$ 45,000,000
Federal
Income Taxes [Line Items]
Net operating loss carry forwards		$ 933,600,000
Net operating loss expiration period		20 years
Net operating loss carry forwards expiration year		2,027
California
Income Taxes [Line Items]
Net operating loss carry forwards		$ 994,700,000
Net operating loss carry forwards expiration year		2,017
Minimum
Income Taxes [Line Items]
Income tax refund requested		$ 2,000,000
Minimum | California
Income Taxes [Line Items]
Net operating loss expiration period		10 years
Maximum | California
Income Taxes [Line Items]
Net operating loss expiration period		20 years
NABCO | Inventories
Income Taxes [Line Items]
Uncertain tax matters		$ 400,000

Reconciliation of Effective Fed

Reconciliation of Effective Federal Tax Rates with Statutory Federal Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal statutory rate	34.00%	34.00%	34.00%
State income taxes, net of federal benefit	4.90%	2.20%	0.20%
Deferred tax valuation allowance	(131.30%)	(10.60%)	(27.60%)
Fair value adjustments	14.70%	(14.90%)	(3.00%)
Revisions to prior year taxes	171.40%	2.10%	0.70%
Meals and entertainment	(0.10%)	(0.20%)	(0.10%)
Other	4.70%	2.30%	(1.10%)
Effective tax rate	98.30%	14.90%	3.10%

Summary of Unrecognized Tax Ben

Summary of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Beginning balance	$ 344	$ 378	$ 423
Additions for tax positions of prior years	294		378
Reductions of tax positions of prior years		(34)	(423)
Settlements	$ (638)
Ending balance		$ 344	$ 378

Components of Deferred Tax Asse

Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Net operating loss carryforwards	$ 375,193	$ 360,211
Alternative minimum tax credits	10,908	10,909
Repurchase reserve	2,098	2,450
Real Alloy Acquisition Costs	1,296
Inventory	641	469
Compensation	873	975
Litigation reserves	134	743
Bad debt	22	164
Other	149	121
Total deferred tax assets	391,314	376,042
Deferred tax liabilities:
Intangible assets and liabilities	624	1,013
Other	35	6
Total deferred tax liabilities	659	1,019
Net deferred tax asset before valuation allowance	390,655	375,023
Deferred tax valuation allowance	(385,551)	(375,029)
Net deferred tax asset (liability)	$ 5,104	$ (6)

Share-Based Payments and Empl55

Share-Based Payments and Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized under the incentive plan	2,500,000
Shares available for grant under the incentive plan	500,000	600,000
Aggregate grant date fair value per nonexecutive director	$ 75
Amortization of share-based compensation	1,173	$ 2,116	$ 1,743
Unrecognized share-based compensation expense	$ 100	$ 700
Common stock acquired, Shares	9,229	32,885
Common stock acquired	$ 99	$ 288
Common stock, shares issued	17,099,882	12,213,219
Shares granted		205,000	184,600
Treasury Stock, Shares	0	12,117
Percentage of company match of employee contributions	100.00%
Percentage of employee cash compensation match	4.00%
Matching contribution	$ 200	$ 200	$ 100
Stock Appreciation Rights
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding	0	0
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding	0	0
Amortization of share-based compensation	$ 700	$ 1,200	$ 1,100
Unrecognized share-based compensation expense	$ 400	$ 300
Unrecognized share-based compensation expense weighted average contractual term	1 year 10 months 24 days
Shares granted	73,394	139,005	321,033
Restricted Stock | Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	27,500	25,000
Restricted Stock | 2014 Director Compensation Program Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued	21,346
Restricted Stock | 2013 Director Compensation Program Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares issued		9,897
Restricted Stock | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted	10,618	10,871
Restricted Stock | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted common stock awards, vesting period	5 years
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Amortization of share-based compensation	$ 600	$ 900	$ 700
Unrecognized share-based compensation expense weighted average contractual term	4 months 24 days
Options outstanding weighted average remaining contractual life (in years)	6 years 7 months 6 days	7 years 4 months 24 days
Options exercisable weighted average remaining contractual life (in years)	6 years 7 months 6 days

Changes in Non-Vested Shares of

Changes in Non-Vested Shares of Restricted Common Stock (Detail) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of shares
Beginning nonvested shares	139,641	357,522	231,506
Shares vested	(98,530)	(356,886)	(195,017)
Shares granted	73,394	139,005	321,033
Ending nonvested shares	114,505	139,641	357,522
Weighted Average Grant Date Fair Value per share
Nonvested restricted common stock, beginning balance	$ 4.94	$ 4.32	$ 5.96
Shares vested	5.76	4.61	4.18
Shares granted	9.89	5.70	3.05
Nonvested restricted common stock, ending balance	$ 7.42	$ 4.94	$ 4.32

Weighted Average Assumptions us

Weighted Average Assumptions used in Determining Fair Value of Common Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Expected volatility	55.00%	52.60%
Risk-free interest rate	1.15%	0.80%
Expected term	5 years 7 months 6 days	5 years 1 month 6 days
Grant date fair value per share	$ 2.75	$ 1.67

Activity of Non-Vested Stock Op

Activity of Non-Vested Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of Shares
Nonvested common stock options, beginning balance	673,833	872,373	881,600
Common stock options granted		205,000	184,600
Common stock options vested	(592,433)	(383,208)	(189,861)
Common stock options forfeited		(20,332)	(3,966)
Nonvested common stock options, ending balance	81,400	673,833	872,373
Weighted Average Exercise Price Per Share
Nonvested common stock options, beginning balance	$ 6.59	$ 5.41	$ 5.72
Common stock options granted		9.52	3.57
Common stock options vested	6.29	5.47	5.11
Common stock options forfeited		3.62	3
Nonvested common stock options, ending balance	$ 7.62	$ 6.59	$ 5.41

Activity of Exercisable Common

Activity of Exercisable Common Stock Options (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Number of Shares
Exercisable common stock options, beginning balance	543,867	181,327
Common stock options exercised	(150,000)	(20,668)	(8,534)
Common stock options vested	592,433	383,208	189,861
Exercisable common stock options, ending balance	986,300	543,867	181,327
Weighted Average Exercise Price Per Share
Exercisable common stock options, beginning balance	$ 5.76	$ 5.21
Common stock options exercised	5.72	3	$ 3
Common stock options vested	6.29	5.47	5.11
Exercisable common stock options, ending balance	$ 6.08	$ 5.76	$ 5.21

Intrinsic Value of Options Outs

Intrinsic Value of Options Outstanding and Exercisable (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Intrinsic value of common stock options outstanding	$ 1,507	$ 5,520
Intrinsic value of common stock options exercisable	$ 1,404	$ 2,716

Intrinsic Value of Options Exer

Intrinsic Value of Options Exercised and Fair Value of Options Vested (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract]
Intrinsic value of common stock options exercised	[1]	$ 398	$ 137	$ 10
Fair value of common stock options vested	[2]	$ 1,244	$ 756	$ 327
[1]	The intrinsic value of common stock options exercised is the difference between the fair market value of the Company’s common stock on the exercise date and the exercise price.
[2]	The fair value of common stock options vested is based on the grant date fair value.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Percentage of weighted average shares outstanding	8.30%

Computation of Basic and Dilute

Computation of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Loss from continuing operations	$ 4,114	$ (772)	$ (1,577)	$ (1,913)	$ (1,283)	$ (6,733)	$ (3,100)	$ (3,069)	$ (148)	$ (14,185)	$ (8,768)
Earnings (loss) from discontinued operations, net of income taxes									5,560	4,151	1,300
Net earnings (loss)	5,032	767	(500)	113	516	(5,860)	(1,923)	(2,767)	5,412	(10,034)	(7,468)
Loss attributable to noncontrolling interest	91								(91)
Net earnings (loss) attributable to Real Industry, Inc.	$ 4,941	$ 767	$ (500)	$ 113	$ 516	$ (5,860)	$ (1,923)	$ (2,767)	$ 5,503	$ (10,034)	$ (7,468)
Basic and diluted earnings (loss) per share:
Weighted average basic and diluted shares outstanding									13,403,083	12,839,761	12,572,843
Continuing operations					$ (0.10)	$ (0.52)	$ (0.24)	$ (0.24)		$ (1.11)	$ (0.69)
Discontinued operations					0.14	0.07	0.09	0.02	$ 0.41	0.32	0.10
Basic and diluted earnings (loss) per share					$ 0.04	$ (0.45)	$ (0.15)	$ (0.22)	$ 0.41	$ (0.79)	$ (0.59)

Average Market Price of Common

Average Market Price of Common Stock and the Incremental Shares that were Dilutive or Potentially Dilutive (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Average market price of Real Industry common stock	$ 9.58	$ 8.57	$ 3.56
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	999,035	856,016	82,334
Unvested Restricted Common Stock
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	47,135	252,313	80,913
Common Stock Options
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	418,544	302,260	1,421
Warrants
Potentially dilutive common stock equivalents:
Total potentially dilutive common stock equivalents	533,356	301,443

Carrying Value and Estimated Fa

Carrying Value and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 61,935	$ 47,847	$ 49,799
Restricted cash	21	2,805
Loans receivable, net, carrying amount	1,154	1,322
Stock, carrying amount		800
LIABILITIES
Common stock warrant liability, carrying amount	5,600	9,300	$ 2,350	$ 1,403
Liabilities, estimated fair value
Common stock warrant liability, estimated fair value	5,600	9,300
Significant Unobservable Inputs (Level 3)
Liabilities, estimated fair value
Common stock warrant liability, estimated fair value	5,600	9,300
Continuing Operations
ASSETS
Cash and cash equivalents	61,935	47,847
Restricted cash	21	2,805
LIABILITIES
Common stock warrant liability, carrying amount	5,600	9,300
Continuing Operations | Quoted Prices in Active Markets (Level 1)
Assets, estimated fair value
Cash and cash equivalents, estimated fair value	61,935	47,847
Restricted cash	21	2,805
Continuing Operations | Significant Unobservable Inputs (Level 3)
Liabilities, estimated fair value
Common stock warrant liability, estimated fair value	5,600	9,300
Continuing Operations | Other Noncurrent Assets
ASSETS
Loans receivable, net, carrying amount	1,236	1,407
Stock, carrying amount		800
Continuing Operations | Other Noncurrent Assets | Significant Unobservable Inputs (Level 3)
Assets, estimated fair value
Loans receivable, net, estimated fair value	1,236	1,400
Stock, estimated fair value		4,000
Discontinued Operations
ASSETS
Cash and cash equivalents	1,032	172
LIABILITIES
Lines of credit, carrying amount	1,000	500
Long-term debt, carrying amount	13,600	17,200
Discontinued Operations | Quoted Prices in Active Markets (Level 1)
Assets, estimated fair value
Cash and cash equivalents, estimated fair value	1,032	172
Discontinued Operations | Significant Unobservable Inputs (Level 3)
Liabilities, estimated fair value
Lines of credit, estimated fair value	1,000	500
Long-term debt, estimated fair value	$ 13,592	$ 17,200

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements [Line Items]
Preferred stock stated value
Significant Unobservable Inputs (Level 3) | Common stock warrant liability
Fair Value Measurements [Line Items]
Equity Raise Probability	25.00%
Lattice Option Pricing Model | Significant Unobservable Inputs (Level 3) | Common stock warrant liability
Fair Value Measurements [Line Items]
Equity Raise Probability	0.00%
Minority Owned Unconsolidated
Fair Value Measurements [Line Items]
Cumulative preferred return rate	4.00%
Preferred stock stated value	$ 2
Preferred stock convertible rate into common stock	45.00%

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring and Non-Recurring Basis Based on Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Common stock warrant liability, estimated fair value	$ 5,600	$ 9,300
Real estate owned, net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate owned, net		75
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Common stock warrant liability, estimated fair value	$ 5,600	9,300
Significant Unobservable Inputs (Level 3) | Real estate owned, net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate owned, net		$ 75

Reconciliation for Liabilities

Reconciliation for Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level Three) (Detail) - Common stock warrant liability - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 9,300	$ 2,350	$ 1,403
Income (Expense) Realized in Earnings	3,700	(6,950)	(947)
Ending Balance	$ 5,600	$ 9,300	$ 2,350

Total Gains (Losses) on Assets

Total Gains (Losses) on Assets and Liabilities Measured on Fair Values on Non-Recurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)	$ 832	$ 283	$ 868
Continuing Operations
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)			2,776
Discontinued Operations
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)			(1,062)
Real estate owned, net
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)		$ 283	(725)
Commercial and Commercial Real Estate
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)			$ (121)
Inventory
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)	432
Goodwill
Fair Value Measurements Nonrecurring [Line Items]
Fair value of assets and liabilities, gains (losses)	$ 400

Valuation Techniques and Unobse

Valuation Techniques and Unobservable Inputs Applied to Level Three Fair Value Measurements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Real estate owned, net
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Estimated Fair Value, Assets		$ 75
Real estate owned, net | Discontinued Operations
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Valuation Technique		Market approach
Estimated Fair Value, Assets		$ 75
Marketability discount		20.00%
Marketability discount, weighted average		20.00%
Estimated selling costs		8.00%
Estimated selling costs, weighted average		8.00%
Significant Unobservable Inputs (Level 3) | Real estate owned, net
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Estimated Fair Value, Assets		$ 75
Significant Unobservable Inputs (Level 3) | Common stock warrant liability
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Estimated Fair Value, Liabilities	$ 5,600	$ 9,300
Valuation Technique	Monte Carlo Simulation	Lattice option pricing model
Exercise multiple	2.80%	2.80%
Volatility	52.00%	55.00%
Equity Raise Probability	25.00%
Issue Price Discount To Fair Value	15.00%
Exercise multiple, weighted average	2.80%	2.80%
Volatility, weighted average	52.00%	55.00%
Expected term, weighted average	5 years 9 months 18 days	4 years 2 months 12 days
Equity Raise Probability Average	25.00%
Issue Price Discount To Fair Value Average	15.00%
Significant Unobservable Inputs (Level 3) | Common stock warrant liability | Minimum
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Expected term	5 years 9 months 18 days	4 years 1 month 6 days
Significant Unobservable Inputs (Level 3) | Common stock warrant liability | Maximum
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Expected term	5 years 9 months 18 days	4 years 2 months 12 days

Operating Results of Segments (

Operating Results of Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Total operating revenues	$ 2,108	$ 40	$ 42	$ 42	$ 532	$ (443)	$ 5,428	$ 1,222
Operating costs	4,673	3,861	2,308	3,088	3,580	3,887	5,603	3,350	$ 47,687	$ 48,979	$ 52,082
Other income (expense)									6,373	(5,414)	320
Earnings (loss) before income taxes									732	(9,871)	(6,883)
Income tax expense (benefit)									(4,680)	163	585
Net earnings (loss)	5,032	767	(500)	113	516	(5,860)	(1,923)	(2,767)	5,412	(10,034)	(7,468)
Earnings (loss) attributable to noncontrolling interest									(91)
Net earnings attributable to Real Industry, Inc.	4,941	$ 767	$ (500)	$ 113	516	$ (5,860)	$ (1,923)	$ (2,767)	5,503	(10,034)	(7,468)
Current assets	86,097				66,357				86,097	66,357
Total assets	121,923				90,123				121,923	90,123
Current liabilities	15,169				10,705				15,169	10,705
Total liabilities	36,305				40,205				36,305	40,205
Continuing Operations
Segment Reporting Information [Line Items]
Total operating revenues									2,232	6,739	8,049
Operating costs									13,930	16,420	16,614
Other income (expense)									3,164	(6,838)	(485)
Earnings (loss) before income taxes									(8,534)	(16,519)	(9,050)
Income tax expense (benefit)									(8,386)	(2,334)	(282)
Net earnings (loss)									(148)	(14,185)	(8,768)
Earnings (loss) attributable to noncontrolling interest									(91)
Net earnings attributable to Real Industry, Inc.									(57)	(14,185)	(8,768)
Current assets	68,039				51,602				68,039	51,602
Total assets	84,686				54,496				84,686	54,496
Current liabilities	7,096				2,056				7,096	2,056
Total liabilities	13,044				11,432				13,044	11,432
Continuing Operations | Eliminations
Segment Reporting Information [Line Items]
Total operating revenues									(612)	(591)	(1,582)
Operating costs									(612)	(591)	(1,582)
Total assets	(23,362)				(7,068)				(23,362)	(7,068)
Total liabilities	(23,362)				(7,068)				(23,362)	(7,068)
Continuing Operations | Special Situations | Operating Segments
Segment Reporting Information [Line Items]
Total operating revenues									284	275	642
Operating costs									9	415	1,073
Other income (expense)										(14)	1
Earnings (loss) before income taxes									2,507	6,537	7,261
Income tax expense (benefit)									10	2,574	1,467
Net earnings (loss)									2,497	3,963	5,794
Net earnings attributable to Real Industry, Inc.									2,497	3,963	5,794
Current assets	350				1,904				350	1,904
Total assets	1,754				7,200				1,754	7,200
Current liabilities					60					60
Total liabilities	3,575				3,955				3,575	3,955
Continuing Operations | Corporate and Other
Segment Reporting Information [Line Items]
Total operating revenues									328	316	940
Operating costs									14,533	16,596	17,123
Other income (expense)									3,164	(6,824)	(486)
Earnings (loss) before income taxes									(11,041)	(23,056)	(16,311)
Income tax expense (benefit)									(8,396)	(4,908)	(1,749)
Net earnings (loss)									(2,645)	(18,148)	(14,562)
Earnings (loss) attributable to noncontrolling interest									(91)
Net earnings attributable to Real Industry, Inc.									(2,554)	(18,148)	(14,562)
Current assets	67,689				49,698				67,689	49,698
Total assets	106,294				54,364				106,294	54,364
Current liabilities	7,096				1,996				7,096	1,996
Total liabilities	32,831				14,545				32,831	14,545
Discontinued Operations
Segment Reporting Information [Line Items]
Operating costs									33,757	32,559	35,468
Other income (expense)									3,209	1,424	805
Earnings (loss) before income taxes									9,266	6,648	2,167
Income tax expense (benefit)									3,706	2,497	867
Net earnings (loss)									5,560	4,151	1,300
Net earnings attributable to Real Industry, Inc.									5,560	4,151	1,300
Current assets	18,058				14,755				18,058	14,755
Total assets	37,237				35,627				37,237	35,627
Current liabilities	8,073				8,649				8,073	8,649
Total liabilities	$ 23,261				$ 28,773				23,261	28,773
External Customer
Segment Reporting Information [Line Items]
Total operating revenues									42,046	44,522	44,879
External Customer | Continuing Operations
Segment Reporting Information [Line Items]
Total operating revenues									2,232	6,739	8,049
External Customer | Continuing Operations | Special Situations | Operating Segments
Segment Reporting Information [Line Items]
Total operating revenues									2,232	6,691	7,691
External Customer | Continuing Operations | Corporate and Other
Segment Reporting Information [Line Items]
Total operating revenues										48	358
External Customer | Discontinued Operations
Segment Reporting Information [Line Items]
Total operating revenues									$ 39,814	$ 37,783	$ 36,830

Assets and Liabilities of Disco

Assets and Liabilities of Discontinued Operations (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 1,032,000	$ 172,000	$ 1,257,000
Inventory	348,000	432,000
Real estate owned, net	0
Other current assets	979,000	950,000
Total current assets of discontinued operations	18,058,000	14,755,000
Noncurrent assets:
Property and equipment, net	106,000	71,000
Goodwill		400,000
Other noncurrent assets	1,256,000	2,193,000
Total noncurrent assets of discontinued operations	19,963,000	20,977,000
Current liabilities:
Total current liabilities of discontinued operations	8,073,000	8,649,000
Noncurrent liabilities:
Total noncurrent liabilities of discontinued operations	15,200,000	20,100,000
Discontinued Operations
Current assets:
Cash and cash equivalents	1,032,000	172,000
Trade accounts receivable, net	4,509,000	3,736,000
Inventory	11,349,000	10,345,000
Real estate owned, net		75,000
Other current assets	1,168,000	427,000
Total current assets of discontinued operations	18,058,000	14,755,000
Noncurrent assets:
Property and equipment, net	328,000	318,000
Intangible assets, net	1,615,000	2,708,000
Goodwill	17,780,000	17,780,000
Other noncurrent assets	240,000	171,000
Total noncurrent assets of discontinued operations	19,963,000	20,977,000
Current liabilities:
Trade payables	2,864,000	2,160,000
Line of credit	1,000,000	500,000
Long-term debt due within one year	3,900,000	3,600,000
Litigation reserve	145,000	2,012,000
Accounts payable and accrued liabilities	51,000	233,000
Unclaimed property		19,000
Other current liabilities	113,000	125,000
Total current liabilities of discontinued operations	8,073,000	8,649,000
Noncurrent liabilities:
Long-term debt	9,700,000	13,600,000
Repurchase reserve	5,500,000	6,500,000
Total noncurrent liabilities of discontinued operations	$ 15,200,000	$ 20,100,000

Trade Accounts Receivable, Net

Trade Accounts Receivable, Net (Detail) - Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Trade Accounts Receivable [Line Items]
Trade accounts receivable	$ 4,741	$ 3,952
Estimated sales returns and allowances	(197)	(169)
Allowance for doubtful accounts	(35)	(47)
Trade accounts receivable, net	$ 4,509	$ 3,736

Inventory (Detail)

Inventory (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Inventory [Line Items]
Total inventory	$ 348	$ 432
Discontinued Operations
Inventory [Line Items]
Finished goods	11,374	10,370
Valuation adjustment for damaged inventory	(25)	(25)
Total inventory	$ 11,349	$ 10,345

Debt (Detail)

Debt (Detail) - Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Line of credit	$ 1,000	$ 500
Long-term debt, including amounts due within one year	13,600	17,200
Less: Principal due within one year	(3,900)	(3,600)
Long-term debt	9,700	13,600
Term Loans
Debt Instrument [Line Items]
Long-term debt, including amounts due within one year	13,600	17,200
Term Loans | 2016
Debt Instrument [Line Items]
Long-term debt, including amounts due within one year	3,900	5,700
Term Loans | 2018
Debt Instrument [Line Items]
Long-term debt, including amounts due within one year	$ 9,700	$ 11,500

Debt (Parenthetical) (Detail)

Debt (Parenthetical) (Detail) - Discontinued Operations - Term Loans $ in Thousands	Dec. 31, 2014USD ($)
2,016
Debt Instrument [Line Items]
Debt issued	$ 8,000
Debt instrument, variable interest rate	1.00%
Debt Instrument, maturity date	Sep. 29, 2016
2,018
Debt Instrument [Line Items]
Debt issued	$ 11,500
Debt instrument, variable interest rate	5.00%
Debt Instrument, maturity date	Dec. 31, 2018

Contractual Maturities of Long

Contractual Maturities of Long Term Debt (Detail) - Discontinued Operations - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Contractual payments due, total	$ 13,600	$ 17,200
Term Loans
Debt Instrument [Line Items]
Contractual payments due in less than one year	3,900
Contractual payments due in one to three years	7,400
Contractual payments due in three to five years	2,300
Contractual payments due, total	$ 13,600	$ 17,200

Statements of Operations of Dis

Statements of Operations of Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other income (expense):
Total other income (expense)	$ 6,373	$ (5,414)	$ 320
Earnings from discontinued operations, net of income taxes	5,560	4,151	1,300
Discontinued Operations
Operating revenues:
Total operating revenues	39,814	37,783	36,830
Operating costs:
Cost of goods sold	25,268	23,427	22,713
Selling, general and administrative	6,510	6,953	9,247
Interest expense	905	591	1,162
Amortization of intangibles	1,074	1,588	2,346
Total operating costs	33,757	32,559	35,468
Operating profit	6,057	5,224	1,362
Other income (expense):
Recovery of allowance for repurchase reserve	1,000	1,000	1,000
Litigation settlement	1,500
Other, net	709	424	(195)
Total other income (expense)	3,209	1,424	805
Earnings from discontinued operations before income taxes	9,266	6,648	2,167
Income tax expense	3,706	2,497	867
Earnings from discontinued operations, net of income taxes	5,560	4,141	1,300
Discontinued Operations | Industrial Supply
Operating revenues:
Total operating revenues	39,775	36,897	36,242
Discontinued Operations | Fremont Legacy
Operating revenues:
Total operating revenues	$ 39	$ 886	$ 588

Unaudited Quarterly Financial79

Unaudited Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Operating revenues:
Total operating revenues	$ 2,108	$ 40	$ 42	$ 42	$ 532	$ (443)	$ 5,428	$ 1,222
Operating costs	4,673	3,861	2,308	3,088	3,580	3,887	5,603	3,350	$ 47,687	$ 48,979	$ 52,082
Operating loss	(2,565)	(3,821)	(2,266)	(3,046)	(3,048)	(4,330)	(175)	(2,128)
Earnings (loss) from continuing operations	4,114	(772)	(1,577)	(1,913)	(1,283)	(6,733)	(3,100)	(3,069)	(148)	(14,185)	(8,768)
Earnings from discontinued operations, net of income taxes	918	1,539	1,077	2,026	1,799	873	1,177	302	5,560	4,151	1,707
Net earnings (loss)	5,032	767	(500)	113	516	(5,860)	(1,923)	(2,767)	5,412	(10,034)	(7,468)
Earnings (loss) attributable to noncontrolling interest	(91)								91
Net earnings (loss) attributable to Real Industry, Inc.	$ 4,941	$ 767	$ (500)	$ 113	$ 516	$ (5,860)	$ (1,923)	$ (2,767)	$ 5,503	$ (10,034)	$ (7,468)
Basic earnings (loss) per share:
Weighted average basic outstanding shares	14,150,942	13,151,061	13,144,998	13,144,153	12,872,090	12,812,623	12,790,636	12,780,478
Continuing operations	$ 0.30	$ (0.07)	$ (0.12)	$ (0.14)
Discontinued operations	0.06	0.12	0.08	0.15
Basic earnings (loss) per share	$ 0.36	$ 0.05	$ (0.04)	$ 0.01
Diluted earnings (loss) per share:
Weighted average diluted outstanding shares	14,963,287	13,151,061	13,144,998	13,144,153
Continuing operations	$ 0.27	$ (0.07)	$ (0.12)	$ (0.14)
Discontinued operations	0.06	0.12	0.08	0.15
Diluted earnings (loss) per share	$ 0.33	$ 0.05	$ (0.04)	$ 0.01
Basic and diluted earnings (loss) per share:
Weighted average basic outstanding shares	14,150,942	13,151,061	13,144,998	13,144,153	12,872,090	12,812,623	12,790,636	12,780,478
Continuing operations					$ (0.10)	$ (0.52)	$ (0.24)	$ (0.24)		$ (1.11)	$ (0.69)
Discontinued operations					0.14	0.07	0.09	0.02	$ 0.41	0.32	0.10
Basic and diluted earnings (loss) per share					$ 0.04	$ (0.45)	$ (0.15)	$ (0.22)	$ 0.41	$ (0.79)	$ (0.59)
Special Situations
Operating revenues:
Total operating revenues	$ 2,108	$ 40	$ 42	$ 42	$ 526	$ (453)	$ 5,414	$ 1,204
Corporate and Other
Operating revenues:
Total operating revenues					$ 6	$ 10	$ 14	$ 18

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	Apr. 25, 2014USD ($)	Feb. 28, 2010USD ($)	Dec. 31, 2014USD ($)LegalMatter	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Jun. 30, 2011USD ($)	Aug. 31, 2007USD ($)
Commitments And Contingencies Disclosure [Line Items]
Damages sought by Signature			$ 4,600
Operating Leases, Rent Expense, Net			$ 200	$ 200	$ 300
Minimum
Commitments And Contingencies Disclosure [Line Items]
Operating lease term			1 year
Maximum
Commitments And Contingencies Disclosure [Line Items]
Operating lease term			10 years
Discontinued Operations
Commitments And Contingencies Disclosure [Line Items]
Litigation settlement			$ 1,500
Operating Leases, Rent Expense, Net			200	$ 200	$ 200
Faigin Matter
Commitments And Contingencies Disclosure [Line Items]
Court awarded amount to plaintiff		$ 1,400
Litigation settlement	$ 1,500
Colburn Matter
Commitments And Contingencies Disclosure [Line Items]
Plaintiff superior court claim							$ 3,200
Total amount claimed by plaintiff							$ 2,600
Walker Matter
Commitments And Contingencies Disclosure [Line Items]
Plaintiff superior court claim						$ 4,600
Total amount claimed by plaintiff						$ 2,500
Breach Of Employment Contracts
Commitments And Contingencies Disclosure [Line Items]
Bankruptcy claims filed in court			$ 5,100
Number of Bankruptcy claims filed | LegalMatter			2

Minimum Required Lease Payments

Minimum Required Lease Payments under Noncancellable Operating Leases Excluding Payments Due under Noncancellable Operating Leases of NABCO(Detail) $ in Thousands	Dec. 31, 2014USD ($)
Future Minimum Lease Payments
2,015	$ 149
2,016	154
2,017	39
Total	$ 342

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Jun. 11, 2015	Apr. 28, 2015USD ($)shares	Feb. 27, 2015USD ($)shares	Feb. 20, 2015USD ($)shares	Jan. 09, 2015USD ($)	Jul. 31, 2011USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)	Feb. 27, 2015EUR (€)	Jan. 08, 2015USD ($)	Jun. 30, 2010shares
Subsequent Event [Line Items]
Proceeds from issuance of common stock, net							$ 28,308,000
Warrants outstanding | shares											1,500,000
A C E Securities Case
Subsequent Event [Line Items]
Repurchase reserve							900,000
Increasing earnings from discontinued operations before income taxes							$ 4,600,000
Asset Based Facility | Canada Subfacility
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate Description							Canadian dollar denominated loans under the Canadian Subfacility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at an average Canadian interbank rate, or (ii) floating at the greater of the Canadian prime rate or the average 30-day Canadian interbank rate plus 1.35%, in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility.
Asset Based Facility | US Subfacility
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate Description							US dollar denominated loans under the US Subfacility will bear interest, at the borrowers’ option, either (i) at 1, 2, 3 or 6-month interest periods at LIBOR, or (ii) the Base Rate (as defined below), in each case plus a margin based on the amount of the excess availability under the Asset-Based Facility. The “Base Rate” is equal to the greater of (a) the US Prime Rate (as defined in the Revolving Credit Agreement), (b) the US Federal Funds Rate plus 50 basis points, and (c) the sum of LIBOR plus a margin based on the amount of the excess availability under the Asset-Based Facility.
NABCO
Subsequent Event [Line Items]
Business acquisition, purchase price						$ 36,900,000
Subsequent Event
Subsequent Event [Line Items]
Senior secured notes principal amount issued to purchasers										$ 305,000,000
Line of credit facility, expiration date			Jan. 15, 2019
Debt instrument, variable interest rate			1.65%
Factoring facility initial interest rate			1.686%
Subsequent Event | A C E Securities Case
Subsequent Event [Line Items]
Repurchase reserve								$ 700,000
Statute of limitations on loan repurchase	6 years
Subsequent Event | Eurodollar
Subsequent Event [Line Items]
Debt Instrument, Covenant Compliance Receivables purchased discount percentage			15.00%
Subsequent Event | G E Capital
Subsequent Event [Line Items]
Credit facility amount | €									€ 50,000,000
Subsequent Event | Asset Based Facility
Subsequent Event [Line Items]
Credit facility amount			$ 110,000,000
Subsequent Event | Asset Based Facility | Canada Subfacility
Subsequent Event [Line Items]
Credit Facility default percentage			2.00%
Funding fees			1.00%
Subsequent Event | Asset Based Facility | US Subfacility
Subsequent Event [Line Items]
Funding fees			1.00%
Subsequent Event | Asset Based Facility | Prime Rate | Canada Subfacility
Subsequent Event [Line Items]
Debt instrument, variable interest rate			1.35%
Subsequent Event | Asset Based Facility | G E Capital
Subsequent Event [Line Items]
Credit facility amount			$ 95,000,000
Line of credit facility, expiration date			Feb. 27, 2019
Subsequent Event | Asset Based Facility | Wintrust Bank
Subsequent Event [Line Items]
Credit facility amount			$ 15,000,000
Subsequent Event | NABCO
Subsequent Event [Line Items]
Business acquisition, purchase price					$ 78,000,000
Purchase price deposited in escrow account					3,900,000
Net proceeds from sale after escrow deposit					$ 56,300,000
Subsequent Event | Real Alloy Acquisition
Subsequent Event [Line Items]
Business acquisition, purchase price			525,000,000
Purchase price, initial cash payment			500,000,000
Business acquisition, share issued | shares				9,751,773
Business acquisition, cash acquired			5,500,000
Business acquisition, liability assumed			4,300,000
Net proceeds from asset-based facility			87,500,000
Business acquisition, escrow deposit			5,000,000
Proceeds from issuance of common stock, net		$ 4,800,000		$ 55,000,000
Warrant issued to purchase common stock | shares		843,000
Warrants outstanding | shares		1,500,000
Subsequent Event | Real Alloy Acquisition | Series B Preferred Stock
Subsequent Event [Line Items]
Issuance of non-participating preferred stock			$ 25,000,000
Business acquisition, share issued | shares			25,000
Shares under escrow | shares			25,000