Resource America (REXI) 10-Q 10 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 03, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'RESOURCE AMERICA, INC.	'
Entity Central Index Key	'0000083402	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	22,857,585

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Cash	$26,428	$19,853
Loans and receivables from managed entities and related parties, net	32,637	30,923
Investments in real estate, net	17,091	17,696
Investment securities, at fair value	9,845	7,839
Investments in unconsolidated entities (see Note 8)	13,272	14,342
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'
Investment securities, at fair value	9,845	7,839
Total assets	2,763,102	2,318,451
Liabilities:	'	'
Payables to managed entities and related parties	3,695	3,110
Borrowings	20,451	20,619
Liabilities of consolidated VIE-RSO (see Note 19):	'	'
Borrowings	20,451	20,619
Total liabilities	1,689,256	1,421,125
Equity:	'	'
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	0
Common stock, $.01 par value, 49,000,000 shares authorized; 34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively	334	299
Additional paid-in capital	307,412	288,555
Accumulated deficit	-24,040	-26,025
Treasury stock, at cost; 11,517,053 and 10,434,436 shares, respectively	-117,881	-107,874
Accumulated other comprehensive loss	-1,066	-1,231
Total stockholders’ equity	164,759	153,724
Total equity	1,073,846	897,326
Liabilities and equity	2,763,102	2,318,451
RAI [Member]	'	'
Assets:	'	'
Cash	26,428	19,853
Restricted cash	704	571
Receivables	1,051	541
Loans and receivables from managed entities and related parties, net	32,637	30,923
Investments in real estate, net	17,091	17,696
Investment securities, at fair value	9,845	7,839
Investments in unconsolidated loan manager (see Note 8)	39,048	37,821
Investments in unconsolidated entities (see Note 8)	13,272	14,342
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'
Investment securities, at fair value	9,845	7,839
Property and equipment, net	5,177	5,844
Deferred tax assets, net	22,808	27,769
Other assets	6,028	4,791
Liabilities:	'	'
Accrued expenses and other liabilities	19,027	22,134
Payables to managed entities and related parties	3,695	3,110
Borrowings	20,451	20,619
Liabilities of consolidated VIE-RSO (see Note 19):	'	'
Borrowings	20,451	20,619
Commitments and contingencies	'	'
Equity:	'	'
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	'
Common stock, $.01 par value, 49,000,000 shares authorized; 34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively	334	'
Additional paid-in capital	307,412	'
Accumulated deficit	-24,040	'
Treasury stock, at cost; 11,517,053 and 10,434,436 shares, respectively	-117,881	'
Accumulated other comprehensive loss	-1,066	'
Total stockholders’ equity	164,759	'
Noncontrolling interests	254	238
RSO [Member]	'	'
Assets:	'	'
Investment securities, at fair value	290,205	226,764
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'
Cash and cash equivalents (including restricted cash)	246,873	325,579
Investment securities, at fair value	290,205	226,764
Loans	1,839,895	1,397,458
Investments in real estate and unconsolidated entities	90,121	124,193
Other assets	121,919	76,467
Total assets of consolidated VIE-RSO	2,589,013	2,150,461
Total assets	2,589,013	'
Liabilities:	'	'
Borrowings	1,591,241	1,320,015
Liabilities of consolidated VIE-RSO (see Note 19):	'	'
Borrowings	1,591,241	1,320,015
Other liabilities	54,842	55,247
Total liabilities of consolidated VIE-RSO	1,646,083	1,375,262
Total liabilities	1,646,083	'
Equity:	'	'
Noncontrolling interests	$908,833	$743,364

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Equity:	'	'
Preferred stock, par value (in dollars per share)	$1	$1
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	49,000,000	49,000,000
Common stock, shares issued (in shares)	34,463,787	30,378,339
Common stock restricted shares (in shares)	883,830	400,194
Treasury stock shares (in shares)	11,517,053	10,434,436

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES:	'	'	'	'
Revenues from consolidated VIE-RSO	$50,409,000	$43,025,000	$152,175,000	$119,837,000
COSTS AND EXPENSES:	'	'	'	'
General and administrative	2,426,000	2,505,000	8,309,000	6,807,000
Provision for credit losses	559,000	1,808,000	3,342,000	3,793,000
Depreciation and amortization	453,000	413,000	1,369,000	1,318,000
Costs and expenses	30,943,000	30,219,000	92,361,000	82,034,000
OPERATING INCOME	19,466,000	12,806,000	59,814,000	37,803,000
OTHER INCOME (EXPENSE):	'	'	'	'
Other-than-temporary impairment on investments	'	'	'	-214,000
Interest expense	-467,000	-530,000	-1,447,000	-1,525,000
Other (expense) income	11,000	162,000	29,000	224,000
Other income (expense), net	-2,243,000	16,367,000	-1,474,000	15,492,000
Income from continuing operations before taxes	17,223,000	29,173,000	58,340,000	53,295,000
Income tax provision (benefit)	1,504,000	1,983,000	4,324,000	'
Income from continuing operations	15,719,000	27,190,000	54,016,000	49,470,000
Loss from discontinued operations, net of tax	0	0	0	-2,000
Net income	15,719,000	27,190,000	54,016,000	49,468,000
Net income attributable to common shareholders	1,516,000	3,442,000	5,224,000	5,051,000
Amounts attributable to common shareholders:	'	'	'	'
Income from continuing operations	1,516,000	3,442,000	5,224,000	5,053,000
Discontinued operations	0	0	0	-2,000
Net income	1,516,000	3,442,000	5,224,000	5,051,000
Basic earnings per share:	'	'	'	'
Continuing operations (in dollars per share)	$0.07	$0.17	$0.25	$0.25
Discontinued operations (in dollars per share)	$0	$0	$0	$0
Net income (in dollars per share)	$0.07	$0.17	$0.25	$0.25
Weighted average shares outstanding (in shares)	21,109	20,342	20,586	20,255
Diluted earnings per share:	'	'	'	'
Continuing operations (in dollars per share)	$0.07	$0.16	$0.24	$0.23
Discontinued operations (in dollars per share)	$0	$0	$0	$0
Net income (in dollars per share)	$0.07	$0.16	$0.24	$0.23
Weighted average shares outstanding (in shares)	22,301	21,872	22,124	21,931
RAI [Member]	'	'	'	'
REVENUES:	'	'	'	'
Real estate (includes revenues of $2,643, $4,701, $7,590 and $9,794 related to RSO)	14,289,000	15,950,000	41,012,000	39,443,000
Financial fund management (includes revenues of $2,310 $450, $1,350 and $720 related to RSO)	5,557,000	8,502,000	20,773,000	15,234,000
Commercial finance (includes no revenues related to RSO)	-17,000	-30,000	-158,000	-243,000
Revenues from consolidated VIE-RSO	19,829,000	24,422,000	61,627,000	54,434,000
COSTS AND EXPENSES:	'	'	'	'
Real estate	9,384,000	11,178,000	27,364,000	29,514,000
Financial fund management	2,812,000	3,547,000	9,980,000	7,769,000
Commercial finance	125,000	75,000	351,000	-99,000
General and administrative	2,426,000	2,505,000	8,309,000	6,807,000
Provision for credit losses	559,000	1,808,000	3,342,000	3,793,000
Depreciation and amortization	453,000	413,000	1,369,000	1,318,000
Costs and expenses	15,759,000	19,526,000	50,715,000	49,102,000
OTHER INCOME (EXPENSE):	'	'	'	'
Gain on sale of investment securities, net	69,000	0	439,000	0
Other-than-temporary impairment on investments	0	0	0	-214,000
Interest expense	-467,000	-530,000	-1,447,000	-1,525,000
Other (expense) income	80,000	128,000	263,000	400,000
Income tax provision (benefit)	1,741,000	1,261,000	4,991,000	-396,000
Loss from discontinued operations, net of tax	'	'	0	-2,000
Net loss (income) attributable to noncontrolling interests	11,000	-40,000	-33,000	-23,000
RSO [Member]	'	'	'	'
REVENUES:	'	'	'	'
Real estate (includes revenues of $2,643, $4,701, $7,590 and $9,794 related to RSO)	2,643,000	4,701,000	7,590,000	9,794,000
Financial fund management (includes revenues of $2,310 $450, $1,350 and $720 related to RSO)	2,310,000	450,000	1,350,000	720,000
Commercial finance (includes no revenues related to RSO)	0	0	0	0
Revenues from consolidated VIE-RSO	34,716,000	23,786,000	100,604,000	76,011,000
COSTS AND EXPENSES:	'	'	'	'
Costs and expenses	18,686,000	15,554,000	51,020,000	43,110,000
OTHER INCOME (EXPENSE):	'	'	'	'
Other (expense) income	-1,936,000	16,607,000	-758,000	16,607,000
Income tax provision (benefit)	-237,000	722,000	-667,000	4,221,000
Net loss (income) attributable to noncontrolling interests	-14,214,000	-23,708,000	-48,759,000	-44,394,000
Reportable Legal Entities [Member]	'	'	'	'
OTHER INCOME (EXPENSE):	'	'	'	'
Other income (expense), net	-318,000	-402,000	-745,000	-1,339,000
Reportable Legal Entities [Member] | RAI [Member]	'	'	'	'
REVENUES:	'	'	'	'
Real estate (includes revenues of $2,643, $4,701, $7,590 and $9,794 related to RSO)	14,289,000	15,950,000	41,012,000	'
Financial fund management (includes revenues of $2,310 $450, $1,350 and $720 related to RSO)	5,557,000	8,502,000	20,773,000	'
Commercial finance (includes no revenues related to RSO)	-17,000	-30,000	-158,000	'
Revenues from consolidated VIE-RSO	19,829,000	24,422,000	61,627,000	54,434,000
COSTS AND EXPENSES:	'	'	'	'
Real estate	9,384,000	11,178,000	27,364,000	'
Financial fund management	2,812,000	3,547,000	9,980,000	'
Commercial finance	125,000	75,000	351,000	'
General and administrative	2,426,000	2,505,000	8,309,000	6,807,000
Provision for credit losses	559,000	1,808,000	3,342,000	3,793,000
Depreciation and amortization	453,000	413,000	1,369,000	1,318,000
Costs and expenses	15,759,000	19,526,000	50,715,000	'
OPERATING INCOME	4,070,000	4,896,000	10,912,000	'
OTHER INCOME (EXPENSE):	'	'	'	'
Gain on sale of investment securities, net	69,000	'	439,000	'
Other-than-temporary impairment on investments	'	'	'	-214,000
Interest expense	-467,000	-530,000	-1,447,000	-1,525,000
Income from continuing operations before taxes	4,324,000	5,050,000	11,883,000	'
Income tax provision (benefit)	1,741,000	1,261,000	4,991,000	'
Net income	2,583,000	3,789,000	6,892,000	'
Net loss (income) attributable to noncontrolling interests	11,000	-40,000	-33,000	'
Net income attributable to common shareholders	2,594,000	3,749,000	6,859,000	'
Amounts attributable to common shareholders:	'	'	'	'
Net income	2,594,000	3,749,000	6,859,000	'
Reportable Legal Entities [Member] | RSO [Member]	'	'	'	'
REVENUES:	'	'	'	'
Revenues from consolidated VIE-RSO	34,716,000	23,786,000	100,604,000	76,011,000
COSTS AND EXPENSES:	'	'	'	'
General and administrative	0	0	0	0
Provision for credit losses	0	0	0	0
Depreciation and amortization	0	0	0	0
Costs and expenses	18,449,000	16,276,000	50,353,000	'
OPERATING INCOME	16,267,000	7,510,000	50,251,000	'
OTHER INCOME (EXPENSE):	'	'	'	'
Other-than-temporary impairment on investments	'	'	'	0
Interest expense	0	0	0	0
Income from continuing operations before taxes	14,331,000	24,117,000	49,493,000	'
Income tax provision (benefit)	0	0	0	'
Net income	14,331,000	24,117,000	49,493,000	'
Net loss (income) attributable to noncontrolling interests	-7,003,000	-1,996,000	-12,372,000	'
Net income attributable to common shareholders	7,328,000	22,121,000	37,121,000	'
Amounts attributable to common shareholders:	'	'	'	'
Net income	7,328,000	22,121,000	37,121,000	'
Intersegment Eliminations [Member]	'	'	'	'
REVENUES:	'	'	'	'
Revenues from consolidated VIE-RSO	-4,136,000	-5,183,000	-10,056,000	-10,608,000
COSTS AND EXPENSES:	'	'	'	'
Costs and expenses	($3,502,000)	($4,861,000)	($9,374,000)	($10,178,000)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income	$15,719	$27,190	$54,016	$49,468
Current period changes for investment securities available- for- sale	'	'	85	'
Foreign currency translation gain (losses), net of tax of $0, $0, $0 and $0	'	'	-4	'
Subtotal	14,376	2,681	18,198	9,582
Comprehensive income	30,095	29,871	72,214	59,050
Less: Comprehensive income attributable to noncontrolling interests	-28,478	-26,471	-66,927	-54,112
Comprehensive income attributable to common shareholders	1,617	3,400	5,287	4,938
RAI [Member]	'	'	'	'
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $61, ($57), $162 and ($263)	202	-97	359	-433
Less: reclassification for (gains) losses realized, net of tax of $(26), $0, $(165) and $83	-43	0	-274	131
Current period changes for investment securities available- for- sale	159	-97	85	-302
Minimum pension liability - reclassification for losses realized, net of tax of $33, $42, $128 and $106	37	52	81	179
Unrealized gains on derivatives, net	0	3	3	10
Foreign currency translation gain (losses), net of tax of $0, $0, $0 and $0	-4	0	-4	0
Subtotal	192	-42	165	-113
RSO [Member]	'	'	'	'
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $61, ($57), $162 and ($263)	8,956	1,723	7,466	11,644
Less: reclassification for (gains) losses realized, net of tax of $(26), $0, $(165) and $83	3,974	396	8,161	-4,728
Unrealized gains on derivatives, net	1,160	498	2,351	2,480
Foreign currency translation gain (losses), net of tax of $0, $0, $0 and $0	23	-23	-157	-23
Subtotal	14,184	2,723	18,033	9,695
Reclassification adjustments associated with realized losses from interest rate hedges included in net income	$71	$129	$212	$322

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Tax on foreign currency translation gain	$0	$0	$0	$0
RAI [Member]	'	'	'	'
Tax on unrealized (loss) gain on investment securities available-for-sale	61	-57	162	-263
Tax on reclassification for realized losses	-26	0	-165	83
Tax on reclassification for realized losses	33	42	128	106
Tax on unrealized (loss) gain on hedging contracts	$0	$1	$0	$7

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Total	RAI [Member]	RSO [Member]	Total Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member]
In Thousands, except Share data, unless otherwise specified										RAI [Member]	RSO [Member]
Balance at Dec. 31, 2013	$897,326	'	'	$153,724	$299	$288,555	($26,025)	($107,874)	($1,231)	$238	$743,364
Balance (in shares) at Dec. 31, 2013	'	'	'	'	19,943,903	'	'	'	'	'	'
Increase (Decrease) Equity [Roll Forward]	'	'	'	'	'	'	'	'	'	'	'
Net income	54,016	'	'	5,224	'	'	5,224	'	'	33	48,759
Treasury shares issued (in shares)	'	'	'	'	35,633	'	'	'	'	'	'
Treasury shares issued	326	'	'	326	'	-42	'	368	'	'	'
Exercise of warrants (in shares)	'	'	'	'	3,444,607	'	'	'	'	'	'
Exercise of warrants	15,814	'	'	15,814	33	17,535	'	-1,754	'	'	'
Stock-based compensation (in shares)	'	'	'	'	640,841	'	'	'	'	'	'
Stock-based compensation	1,366	'	'	1,366	2	1,364	'	0	'	'	'
Repurchase of common stock (in shares)	'	'	'	'	-1,118,250	'	'	'	'	'	'
Repurchase of common stock	-8,621	'	'	-8,621	'	'	'	-8,621	'	'	'
Dividends on common stock	-3,239	'	'	-3,239	'	'	-3,239	'	'	'	'
Change in noncontrolling interests in consolidated VIE-RSO	98,677	'	'	'	'	'	'	'	'	'	98,677
Other	-17	'	'	'	'	'	'	'	'	-17	'
Other comprehensive income	18,198	165	18,033	165	'	'	'	'	165	'	18,033
Balance at Sep. 30, 2014	$1,073,846	'	'	$164,759	$334	$307,412	($24,040)	($117,881)	($1,066)	$254	$908,833
Balance (in shares) at Sep. 30, 2014	'	'	'	'	22,946,734	'	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$54,016,000	$49,468,000
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,469,000	'
Provision for credit losses	3,342,000	3,793,000
Unrealized (losses) gains on trading securities	111,000	'
Equity in earnings of unconsolidated entities	-2,298,000	-2,528,000
Distributions from unconsolidated entities	5,134,000	'
Gain on sale of leases and loans	-22,000	'
Other-than-temporary impairment on investments	'	214,000
Gain on sale of investment securities, net	-1,845,000	'
Losses (gains) on sales of assets	439,000	'
Deferred income tax provision (benefit)	4,838,000	'
Equity-based compensation issued	1,322,000	'
Trading securities purchases and sales, net	973,000	'
Loss from discontinued operations	0	2,000
Changes in operating assets and liabilities	-13,055,000	'
Net cash provided by operating activities	96,784,000	18,736,000
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	-291,000	'
Payments received on real estate loans and real estate	25,000	'
Investments in real estate and unconsolidated real estate entities	-1,561,000	'
Principal payments on leases and loans	-22,000	'
Purchase of loans and investments	-7,320,000	'
Proceeds from sale of loans and investments	721,000	'
Net cash (used in) provided by investing activities	-261,099,000	206,967,000
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	2,520,000	'
Principal payments on borrowings	-2,813,000	'
Dividends paid	-2,952,000	'
Proceeds from issuance of common stock	17,570,000	'
Repurchases of common stock	-8,358,000	'
Increase in restricted cash	-133,000	'
Net cash provided by (used in) financing activities	170,890,000	-217,792,000
CASH FLOWS FROM DISCONTINUED OPERATIONS:	'	'
Operating activities	0	-371,000
Net cash used in discontinued operations	0	-371,000
Increase in cash	6,575,000	7,540,000
Cash, beginning of year	19,853,000	11,899,000
Cash, end of period	26,428,000	19,439,000
RAI [Member]	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,469,000	1,462,000
Provision for credit losses	3,342,000	3,793,000
Unrealized (losses) gains on trading securities	111,000	-774,000
Equity in earnings of unconsolidated entities	-2,298,000	-2,528,000
Distributions from unconsolidated entities	5,134,000	3,099,000
Gain on sale of leases and loans	-22,000	0
Other-than-temporary impairment on investments	0	214,000
Gain on sale of investment securities, net	-1,845,000	-4,551,000
Losses (gains) on sales of assets	439,000	-1,632,000
Deferred income tax provision (benefit)	4,838,000	-254,000
Equity-based compensation issued	1,322,000	942,000
Trading securities purchases and sales, net	973,000	6,445,000
Loss from discontinued operations	0	2,000
Changes in operating assets and liabilities	-13,055,000	1,465,000
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	-291,000	-1,035,000
Payments received on real estate loans and real estate	25,000	2,049,000
Investments in real estate and unconsolidated real estate entities	-1,561,000	-2,058,000
Principal payments on leases and loans	22,000	8,000
Purchase of loans and investments	-7,320,000	-2,024,000
Proceeds from sale of loans and investments	721,000	0
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	2,520,000	2,000,000
Principal payments on borrowings	-2,813,000	-2,354,000
Dividends paid	-2,952,000	-1,194,000
Proceeds from issuance of common stock	17,570,000	1,253,000
Repurchases of common stock	-8,358,000	-1,601,000
Increase in restricted cash	'	0
Other	0	81,000
CASH FLOWS FROM DISCONTINUED OPERATIONS:	'	'
Cash, beginning of year	19,853,000	'
Cash, end of period	26,428,000	'
RSO [Member]	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Adjustments to reconcile net income and operating cash flows to net income (loss) of consolidated VIE-RSO	42,360,000	-38,415,000
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of loans and investments	-812,912,000	-675,650,000
Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	552,913,000	842,252,000
Increase in restricted cash of consolidated VIE-RSO	18,328,000	30,079,000
Other investing activity of consolidated VIE-RSO	-11,024,000	13,346,000
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net borrowings (repayments) of debt by consolidated VIE-RSO	67,954,000	-320,834,000
Dividends paid on common stock by consolidated VIE-RSO	-75,920,000	-66,341,000
Proceeds from issuance of common stock	177,568,000	184,279,000
Other	($4,546,000)	($13,081,000)

NATURE_OF_OPERATIONS

NATURE OF OPERATIONS	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
NATURE OF OPERATIONS	'
	NOTE 1 - NATURE OF OPERATIONS
	Resource America, Inc. (the "Company") (NASDAQ: REXI) is a specialized asset management company that uses industry specific expertise to evaluate, originate, service and manage investment opportunities through its real estate, financial fund management, and commercial finance operating segments. As a specialized asset manager, the Company seeks to develop investment funds for outside investors for which the Company provides asset management services, typically under long-term management and operating arrangements either through a contract with, or as the manager or general partner of, the sponsored fund. The Company limits its investment funds to investment areas where it owns existing operating companies or has specific expertise. The Company manages assets on behalf of institutional and individual investors and Resource Capital Corp. (“RSO”) (NYSE: RSO), a diversified real estate finance company that qualifies as a real estate investment trust (“REIT”). RSO is reflected on a consolidated basis with the Company's financial statements for all periods presented (see Note 19).
	The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. However, in the opinion of management, these interim financial statements include all adjustments necessary to fairly present the results of the interim periods presented. The results of operations for the three and nine months ended September 30, 2014 may not necessarily be indicative of the results of operations for the full year ending December 31, 2014.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The consolidated financial statements reflect the Company's accounts and the accounts of the Company's majority-owned and/or controlled subsidiaries. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and accordingly consolidates entities that are variable interest entities (“VIEs”) where it has determined that it is the primary beneficiary of such entities. Once it is determined that the Company holds a variable interest in a VIE, management must perform a qualitative analysis to determine (i) if the Company has the power to direct the matters that most significantly impact the VIE's financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. If the Company's interest possesses both of these characteristics, the Company is deemed to be the primary beneficiary and would be required to consolidate the VIE. The Company continually assesses its involvement with VIEs and re-evaluates the requirement to consolidate them. The portions of these entities that the Company does not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements.
	All intercompany transactions and balances have been eliminated in the Company's consolidated financial statements.
	Use of Estimates
	Preparation of the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and costs and expenses during the reporting period. The Company makes estimates of its allowance for credit losses, the valuation allowance against its deferred tax assets, discounts and collectability of management fees, the valuation of stock-based compensation, and in determining whether a decrease in the fair value of an investment is an other-than-temporary impairment. The real estate and financial fund management segments make assumptions in determining the fair value of investments in investment securities. Actual results could differ from these estimates.
	Change in Tax Law
	The New York State 2014-2015 Budget Act (“N.Y. Budget Act”) was signed into law on March 31, 2014. The N.Y. Budget Act substantially modified and reformed various aspects of New York State tax law. The Company anticipates that the legislation will reduce the amount of taxable income apportioned to New York State, thereby reducing its state effective income tax rate beginning in 2015.
	Financing Receivables - Receivables from Managed Entities
	The Company performs a review of the collectability of its receivables from managed entities on a quarterly basis.  If upon review there is an indication of impairment, the Company will analyze the future cash flows of the managed entity.  With respect to the receivables from its commercial finance investment partnerships, this takes into consideration several assumptions by management, primarily concerning estimates of future bad debts and recoveries.  For receivables from the real estate investment entities, the Company estimates the cash flows through the sale of the underlying properties based on projected net operating income as a multiple of published capitalization rates, as reduced by the underlying mortgage balances and priority distributions due to the investors.
	Investment Securities
	The Company’s investment securities available-for-sale, including investments in the collateralized loan obligation ("CLO") issuers it sponsored, are carried at fair value.  The fair value of the CLO investments is based primarily on internally-generated expected cash flow models that require significant management judgment and estimates due to the lack of market activity and the use of unobservable pricing inputs.  The investments in the common stock of The Bancorp, Inc. (NASDAQ: TBBK) and in Resource Real Estate Diversified Income Fund ("DIF") (NASDAQ: RREDX), affiliated entities, are valued at the closing prices of the respective publicly-traded stocks.  The Company's investment in Resource Real Estate Global Property Securities ("RREGPS"), a Company-sponsored and managed Australian investment fund which is structured as a unit trust, is valued at net asset value. The cumulative net unrealized gains (losses) on these investment securities, net of tax, is reported through accumulated other comprehensive income (loss).  Realized gains (and losses) on the sale of investments are determined on the trade date on the basis of specific identification and are included in net operating results. Securities that are held principally for resale in the near term are recorded as trading securities at fair value with changes in fair value recorded in earnings.
	Reclassifications
	Certain reclassifications have been made to the 2013 consolidated financial statements to conform to the 2014 presentation.
	Recent Accounting Standards
	Newly-Adopted Accounting Principles
	The Company’s adoption of the following standard during the nine months ended September 30, 2014 did not have a material impact on its consolidated financial position, results of operations or cash flows:
	In July 2013, the Financial Accounting Standards Board ("FASB") issued guidance that addresses the diversity in practice regarding financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent the deferred tax asset is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position, the guidance requires that the unrecognized tax benefit be presented in the financial statements as a liability and not combined with the deferred tax asset. The guidance was effective for the Company beginning January 1, 2014.
	Accounting Standards Issued But Not Yet Effective
	In April 2014, the FASB issued authoritative guidance to change the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in a company's operations and financial results should be reported as discontinued operations, with expanded disclosures. In addition, disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify as a discontinued operation is required. This guidance is effective for the Company as of January 1, 2015, with early adoption permitted. The Company does not believe that adoption of this guidance will have a material impact on its consolidated financial statements.
	In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, which will replace most existing revenue recognition guidance GAAP.  The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services.  The ASU 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. The ASU will be effective for the Company beginning January 1, 2017, including interim periods in 2017, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on the Company’s consolidated financial statements.
	In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period". ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance is effective for the Company as of January 1, 2016, with early adoption permitted. The Company does not anticipate that the adoption of this standard will have a material impact on its consolidated financial statements.

CONSOLIDATING_FINANCIAL_INFORM

CONSOLIDATING FINANCIAL INFORMATION	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
CONSOLIDATING FINANCIAL INFORMATION	'
	NOTE 3 - CONSOLIDATING FINANCIAL INFORMATION
	The following table presents the consolidating balance sheet as of September 30, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	ASSETS
	Cash	$	26,428		$	—		$	—		$	26,428
	Restricted cash	704			—			—			704
	Receivables	1,175			—			(124		)	1,051
	Receivables from managed entities and related parties, net	35,178			—			(2,541		)	32,637
	Investments in real estate, net	17,091			—			—			17,091
	Investment securities, at fair value	23,782			—			(13,937		)	9,845
	Investments in unconsolidated loan manager	39,048			—			—			39,048
	Investments in unconsolidated entities	19,385			—			(6,113		)	13,272
	Assets of consolidated VIE-RSO:
	Cash and cash equivalents (including restricted cash)	—			246,873			—			246,873
	Investments, at fair value	—			290,205			—			290,205
	Loans	—			1,840,453			(558		)	1,839,895
	Investments in real estate and unconsolidated entities	—			90,121			—			90,121
	Other assets-RSO	—			124,729			(2,810		)	121,919
	Total assets of consolidated VIE-RSO	—			2,592,381			(3,368		)	2,589,013
	Property and equipment, net	5,177			—			—			5,177
	Deferred tax assets, net	32,486			—			(9,678		)	22,808
	Other assets	6,028			—			—			6,028
	Total assets	$	206,482		$	2,592,381		$	(35,761	)	$	2,763,102
	LIABILITIES AND EQUITY
	Liabilities:
	Accrued expenses and other liabilities	$	21,827		$	—		$	(2,800	)	$	19,027
	Payables to managed entities and related parties	3,705			—			(10		)	3,695
	Borrowings	21,009			—			(558		)	20,451
	Liabilities of consolidated VIE-RSO:
	Borrowings	—			1,590,958			283			1,591,241
	Other liabilities	—			57,507			(2,665		)	54,842
	Total liabilities of consolidated VIE-RSO	—			1,648,465			(2,382		)	1,646,083
	Total liabilities	46,541			1,648,465			(5,750		)	1,689,256
	Commitments and contingencies
	Equity:
	Preferred stock	—			—			—			—
	Common stock	334			—			—			334
	Additional paid-in capital	307,412			—			—			307,412
	Accumulated deficit	(18,232		)	—			(5,808		)	(24,040		)
	Treasury stock, at cost	(117,881		)	—			—			(117,881		)
	Accumulated other comprehensive loss	(11,946		)	—			10,880			(1,066		)
	Total stockholders’ equity	159,687			—			5,072			164,759
	Noncontrolling interests	254			—			—			254
	Noncontrolling interests attributable to consolidated VIE-RSO	—			943,916			(35,083		)	908,833
	Total equity	159,941			943,916			(30,011		)	1,073,846
		$	206,482		$	2,592,381		$	(35,761	)	$	2,763,102
	The following table presents the consolidating statement of operations for the three months ended September 30, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	REVENUES:
	Real estate	$	14,289		$	—		$	—		$	14,289
	Financial fund management	5,557			—			—			5,557
	Commercial finance	(17		)	—			—			(17		)
		19,829			—			—			19,829
	Revenues from consolidated VIE-RSO	—			34,716			—			34,716
	Elimination of consolidated VIE-RSO revenues attributed to operating segments	—			—			(4,136		)	(4,136		)
	Total revenues	19,829			34,716			(4,136		)	50,409
	COSTS AND EXPENSES:
	Real estate	9,384			—			—			9,384
	Financial fund management	2,812			—			—			2,812
	Commercial finance	125			—			—			125
	General and administrative	2,426			—			—			2,426
	Provision for credit losses	559			—			—			559
	Depreciation and amortization	453			—			—			453
	15,759			—			—			15,759
Expenses of consolidated VIE-RSO	—			18,449			237			18,686
Elimination of consolidated VIE-RSO expenses attributed to operating segments	—			—			(3,502		)	(3,502		)
Total expenses	15,759			18,449			(3,265		)	30,943
OPERATING INCOME	4,070			16,267			(871		)	19,466
OTHER INCOME (EXPENSE):
Gain on sales of investment securities, net	69			—			—			69
Interest expense	(467		)	—			—			(467		)
Other income, net	652			—			(572		)	80
Other income, net, from consolidated VIE-RSO	—			(1,936		)	—			(1,936		)
Elimination of consolidated VIE-RSO other expense, net	—			—			11			11
	254			(1,936		)	(561		)	(2,243		)
Income from continuing operations before taxes	4,324			14,331			(1,432		)	17,223
Income tax provision	1,741			—			(237		)	1,504
Net income	2,583			14,331			(1,195		)	15,719
Net loss attributable to noncontrolling interests	11			—			—			11
Net income attributable to noncontrolling interests-RSO	—			(7,003		)	(7,211		)	(14,214		)
Net income attributable to common shareholders	$	2,594		$	7,328		$	(8,406	)	$	1,516
.    The following table presents the consolidating statement of operations for the three months ended September 30, 2013 (in thousands):
	RAI			RSO			Eliminations			Consolidated
REVENUES:
Real estate	$	15,950		$	—		$	—		$	15,950
Financial fund management	8,502			—			—			8,502
Commercial finance	(30		)	—			—			(30		)
	24,422			—			—			24,422
Revenues from consolidated VIE-RSO	—			23,786			—			23,786
Elimination of consolidated VIE-RSO revenues attributed to operating segments	—			—			(5,183		)	(5,183		)
Total revenues	24,422			23,786			(5,183		)	43,025
COSTS AND EXPENSES:
Real estate	11,178			—			—			11,178
Financial fund management	3,547			—			—			3,547
Commercial finance	75			—			—			75
General and administrative	2,505			—			—			2,505
Provision for credit losses	1,808			—			—			1,808
Depreciation and amortization	413			—			—			413
	19,526			—			—			19,526
Expenses of consolidated VIE-RSO	—			16,276			(722		)	15,554
Elimination of consolidated VIE-RSO expenses attributed to operating segments	—			—			(4,861		)	(4,861		)
Total expenses	19,526			16,276			(5,583		)	30,219
OPERATING INCOME	4,896			7,510			400			12,806
OTHER INCOME (EXPENSE):
Interest expense	(530		)	—			—			(530		)
Other income, net	684			—			(556		)	128
Other income, net, from consolidated VIE-RSO	—			16,607			—			16,607
Elimination of consolidated VIE-RSO other expense, net	—			—			162			162
	154			16,607			(394		)	16,367
Income from continuing operations before taxes	5,050			24,117			6			29,173
Income tax provision	1,261			—			722			1,983
Net income	3,789			24,117			(716		)	27,190
Net income attributable to noncontrolling interests	(40		)	—			—			(40		)
Net income attributable to noncontrolling interests-RSO	—			(1,996		)	(21,712		)	(23,708		)
Net income attributable to common shareholders	$	3,749		$	22,121		$	(22,428	)	$	3,442
The following table presents the consolidating statement of operations for the nine months ended September 30, 2014 (in thousands):
	RAI			RSO			Eliminations			Consolidated
REVENUES:
Real estate	$	41,012		$	—		$	—		$	41,012
Financial fund management	20,773			—			—			20,773
Commercial finance	(158		)	—			—			(158		)
	61,627			—			—			61,627
Revenues from consolidated VIE-RSO	—			100,604			—			100,604
Elimination of consolidated VIE-RSO revenues attributed to operating segments	—			—			(10,056		)	(10,056		)
Total revenues	61,627			100,604			(10,056		)	152,175
COSTS AND EXPENSES:
Real estate	27,364			—			—			27,364
Financial fund management	9,980			—			—			9,980
Commercial finance	351			—			—			351
General and administrative	8,309			—			—			8,309
Provision for credit losses	3,342			—			—			3,342
Depreciation and amortization	1,369			—			—			1,369
	50,715			—			—			50,715
Expenses of consolidated VIE-RSO	—			50,353			667			51,020
Elimination of consolidated VIE-RSO expenses attributed to operating segments	—			—			(9,374		)	(9,374		)
Total expenses	50,715			50,353			(8,707		)	92,361
OPERATING INCOME	10,912			50,251			(1,349		)	59,814
OTHER INCOME (EXPENSE):
Gain on sale of investment securities, net	439			—			—			439
Interest expense	(1,447		)	—			—			(1,447		)
Other income, net	1,979			—			(1,716		)	263
Other income, net, from consolidated VIE-RSO	—			(758		)	—			(758		)
Elimination of consolidated VIE-RSO other income, net	—			—			29			29
	971			(758		)	(1,687		)	(1,474		)
Income from continuing operations before taxes	11,883			49,493			(3,036		)	58,340
Income tax provision	4,991			—			(667		)	4,324
Net income	6,892			49,493			(2,369		)	54,016
Net income attributable to noncontrolling interests	(33		)	—			—			(33		)
Net income attributable to noncontrolling interests-RSO	—			(12,372		)	(36,387		)	(48,759		)
Net income attributable to common shareholders	$	6,859		$	37,121		$	(38,756	)	$	5,224
The following table presents the consolidating statement of cash flows for the nine months ended September 30, 2014 (in thousands):
	RAI			RSO			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	6,892		$	49,493		$	(2,369	)	$	54,016
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization	1,469			—			—			1,469
Provision for credit losses	3,342			—			—			3,342
Unrealized losses on trading securities	133			—			(22		)	111
Equity in earnings of unconsolidated entities	(2,789		)	—			491			(2,298		)
Distributions from unconsolidated entities	5,134			—			—			5,134
Gain on sale of investment securities, net	(1,940		)	—			95			(1,845		)
Gain on sale of leases and loans	(22		)	—			—			(22		)
Loss on sale of assets	439			—			—			439
Deferred income tax provision	4,838			—			—			4,838
Equity-based compensation issued	1,322			—			—			1,322
Trading securities purchases and sales, net	973			—			—			973
Changes in operating assets and liabilities	(10,255		)	—			(2,800		)	(13,055		)
Adjustments to reconcile net income and operating cash flows to net income of consolidated VIE-RSO	—			39,646			2,714			42,360
Net cash provided by operating activities	9,536			89,139			(1,891		)	96,784
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(291		)	—			—			(291		)
Payments received on real estate loans and real estate	25			—			—			25
Principal payments on leases and loans	22			—			—			22
Investments in real estate and unconsolidated real estate entities	(1,561		)	—			—			(1,561		)
Purchase of loans and securities by consolidated VIE-RSO	—			(812,912		)	—			(812,912		)
Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	—			552,913			—			552,913
Purchase of loans and investments	(7,320		)	—			—			(7,320		)
Proceeds from sale of loans and investments	721			—			—			721
Decrease in restricted cash of consolidated VIE-RSO	—			18,328			—			18,328
Other investing activity of consolidated VIE-RSO	—			(10,633		)	(391		)	(11,024		)
Net cash used in investing activities	(8,404		)	(252,304		)	(391		)	(261,099		)
	RAI			RSO			Eliminations			Consolidated
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520			—			—			2,520
Principal payments on borrowings	(3,204		)	—			391			(2,813		)
Net borrowings by consolidated VIE-RSO	—			67,954			—			67,954
Dividends paid	(2,952		)	—			—			(2,952		)
Dividends paid on common stock by consolidated VIE-RSO	—			(77,636		)	1,716			(75,920		)
Proceeds from issuance of common stock	17,570			—			—			17,570
Net proceeds from issuance of common stock by consolidated VIE-RSO	—			177,568			—			177,568
Repurchases of common stock	(8,358		)	—			—			(8,358		)
Increase in restricted cash	(133		)	—			—			(133		)
Other financing activity of consolidated VIE - RSO	—			(4,721		)	175			(4,546		)
Net cash provided by financing activities	5,443			163,165			2,282			170,890
Decrease in cash	6,575			—			—			6,575
Cash, beginning of year	19,853			—			—			19,853
Cash, end of period	$	26,428		$	—		$	—		$	26,428

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]	'
SUPPLEMENTAL CASH FLOW INFORMATION	'
	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION
	Supplemental disclosure of cash flow information is as follows (in thousands, per share data):
		Nine Months Ended
		September 30,
		2014			2013
	Cash (paid) received:
	Interest	$	(1,249	)	$	(1,270	)
	Income tax payments	(952		)	(933		)
	Refund of income taxes	167			100
	Dividends declared per common share	$	0.16		$	0.1
	Non-cash activities:
	Repurchase common stock from employees in exchange for the payment of income taxes	$	263		$	68
	Repurchase common stock in exchange for the exercise of warrants	1,754			—
	Issuance of treasury stock for the Company's investment savings 401(k) plan	368			273
	Leasehold improvements paid by the landlord	—			1,496

FINANCING_RECEIVABLES

FINANCING RECEIVABLES	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
FINANCING RECEIVABLES	'
	NOTE 5 - FINANCING RECEIVABLES
	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of September 30, 2014 (in thousands):
		30-89 Days			90-180 Days			Greater than			Total			Current		Total
		Past Due			Past Due			181 Days			Past Due
	Loans and receivables from managed
	entities and related parties: (1)
	Commercial finance	$	—		$	—		$	34,907		$	34,907		$	16	$	34,923
	investment entities
	Real estate investment entities	707			1,199			18,730			20,636			6,710		27,346
	Financial fund management entities	—			1			40			41			456		497
	Other	—			—			—			—			2,391		2,391
		707			1,200			53,677			55,584			9,573		65,157
	Rent receivables - real estate	7			—			1			8			73		81
	Total financing receivables	$	714		$	1,200		$	53,678		$	55,592		$	9,646	$	65,238
	-1	Receivables are presented gross of an allowance for credit losses of $32.5 million related to the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2013 (in thousands):
		30-89 Days			90-180 Days			Greater than			Total			Current		Total
		Past Due			Past Due			181 Days			Past Due
	Loans and receivables from
	managed entities and
	related parties: (1)
	Commercial finance	$	—		$	—		$	44,355		$	44,355		$	48	$	44,403
	investment entities
	Real estate investment entities	793			1,229			16,323			18,345			3,142		21,487
	Financial fund management entities	35			3			29			67			1,071		1,138
	Other	33			21			—			54			70		124
		861			1,253			60,707			62,821			4,331		67,152
	Rent receivables - real estate	14			4			10			28			63		91
	Total financing receivables	$	875		$	1,257		$	60,717		$	62,849		$	4,394	$	67,243
	-1	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
	The following table summarizes the activity in the allowance for credit losses for all financing receivables (in thousands):
		Loans and receivables			Leases and			Rent			Total
		from Managed			Loans			Receivables
		Entities
	Three Months Ended September 30, 2014:
	Balance, beginning of period	$	39,028		$	—		$	2		$	39,030
	Provision for credit losses	520			30			9			559
	Charge-offs	(7,092		)	(30		)	(6		)	(7,128		)
	Recoveries	64			2			—			66
	Balance, end of period	$	32,520		$	2		$	5		$	32,527
	Nine Months Ended September 30, 2014:
	Balance, beginning of period	$	36,229		$	—		$	14		$	36,243
	Provision for (reversal of) credit losses	3,321			25			(4		)	3,342
	Charge-offs	(7,094		)	(30		)	(5		)	(7,129		)
	Recoveries	64			7			—			71
	Balance, end of period	$	32,520		$	2		$	5		$	32,527
	Ending balance, individually evaluated for impairment	$	32,520		$	2		$	—		$	32,522
	Ending balance, collectively evaluated for impairment	—			—			5			5
	Balance, end of period	$	32,520		$	2		$	5		$	32,527
		Loans and receivables			Leases and			Rent			Total
		from Managed			Loans			Receivables
		Entities
	Three Months Ended September 30, 2013:
	Balance, beginning of period	$	34,587		$	—		$	29		$	34,616
	Provision for (reversal of) credit losses	1,810			(18		)	16			1,808
	Charge-offs	(669		)	—			(13		)	(682		)
	Recoveries	—			18			—			18
	Balance, end of period	$	35,728		$	—		$	32		$	35,760
	Nine Months Ended September 30, 2013:
	Balance, beginning of period	$	32,560		$	—		$	68		$	32,628
	Provision for (reversal of) credit losses	3,817			(25		)	1			3,793
	Charge-offs	(669		)	—			(37		)	(706		)
	Recoveries	20			25			—			45
Balance, end of period	$	35,728		$	—		$	32		$	35,760
Ending balance, individually evaluated for impairment	$	35,728		$	—		$	—		$	35,728
Ending balance, collectively evaluated for impairment	—			—			32			32
Balance, end of period	$	35,728		$	—		$	32		$	35,760
The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of September 30, 2014 relate to the balance in the allowance for credit losses, as follows (in thousands):
	Loans and receivables			Rent			Total
	from Managed			Receivables
	Entities
Ending balance, individually evaluated for impairment	$	65,157		$	—		$	65,157
Ending balance, collectively evaluated for impairment	—			81			81
Balance, end of period	$	65,157		$	81		$	65,238
The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of December 31, 2013 relate to the balance in the allowance for credit losses, as follows (in thousands):
	Loans and receivables			Rent			Total
	from Managed			Receivables
	Entities
Ending balance, individually evaluated for impairment	$	67,152		$	—		$	67,152
Ending balance, collectively evaluated for impairment	—			91			91
Balance, end of year	$	67,152		$	91		$	67,243
The following table discloses information about the Company’s impaired financing receivables (in thousands):
	Net Balance			Unpaid Balance			Specific Allowance			Average Investment in Impaired Assets
As of September 30, 2014
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	985		$	33,495		$	32,511		$	38,443
Rent receivables – real estate	—			5			5			—
As of December 31, 2013
Financing receivables with a specific valuation allowance:
Loans and receivables from managed entities – commercial finance	$	2,690		$	38,919		$	36,229		$	38,649
Rent receivables – real estate	—			14			14			32
The Company had no impaired financing receivables without a specific allowance as of September 30, 2014 and December 31, 2013.

INVESTMENTS_IN_REAL_ESTATE

INVESTMENTS IN REAL ESTATE	9 Months Ended
	Sep. 30, 2014
Real Estate Investments, Net [Abstract]	'
INVESTMENTS IN REAL ESTATE	'
	NOTE 6 - INVESTMENTS IN REAL ESTATE
	The Company’s investments in real estate, net, consist of the following (in thousands):
		September 30,		December 31,
		2014		2013
	Properties owned, net of accumulated depreciation of $9,054 and $8,666:
	Hotel property (Savannah, Georgia)	$	10,226	$	10,504
	Office building (Philadelphia, Pennsylvania)	774		781
		11,000		11,285
	Partnerships and other investments	6,091		6,411
	Total investments in real estate, net	$	17,091	$	17,696
	For three and nine months ended September 30, 2014, the Company recorded rental income of $1.3 million and $3.8 million, respectively. The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending September 30, and thereafter, are as follows (in thousands):
	2015	$	1,017
	2016	711
	2017	633
	2018	615
	2019	344
	Thereafter	512
	Total	$	3,832

INVESTMENT_SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
INVESTMENT SECURITIES	'
	NOTE 7 - INVESTMENT SECURITIES
	Components of investment securities are as follows (in thousands):
		September 30,		December 31,
		2014		2013
	Available-for-sale securities	$	8,829	$	7,522
	Trading securities	1,016		317
	Total investment securities, at fair value	$	9,845	$	7,839
	Available-for-sale securities.  The following table discloses the pre-tax unrealized gains (losses) relating to the Company’s investments in available-for-sale securities (in thousands):
		Cost or		Unrealized			Unrealized				Fair Value
		Amortized Cost		Gains			Losses
	30-Sep-14
	CLO securities	$	6,514	$	1,395		$	(27	)		$	7,882
	Equity securities	888		59			—				947
	Total	$	7,402	$	1,454		$	(27	)		$	8,829
	31-Dec-13
	CLO securities	$	5,971	$	1,315		$	(196	)		$	7,090
	Equity securities	208		232			(8		)		432
	Total	$	6,179	$	1,547		$	(204	)		$	7,522
	CLO securities.  The CLO securities represent the Company’s retained equity interest in CLO issuers that CVC Credit Partners, LLC ("CVC Credit Partners") manages at September 30, 2014 and December 31, 2013, respectively (see Note 8).  The fair value of these retained interests is impacted by the fair value of the investments held by the respective CLO issuers, which are sensitive to interest rate fluctuations and credit quality determinations.
	Equity securities.  The Company holds 18,972 shares of TBBK common stock.  This investment is pledged as collateral for one of the Company’s secured corporate credit facilities. The Company also holds 10,000 shares of DIF with a cost basis of $100,000. During the nine months ended September 30, 2014, the Company purchased 749,976 units of RREGPS for $677,400.
	Trading securities. The Company had net gains on trading securities of $855,000 and $1.9 million during the three and nine months ended September 30, 2014, respectively, including unrealized losses of $231,000 and $111,000, respectively, which were included in Financial Fund Management Revenues on the consolidated statements of operations. The Company had net gains on trading securities of $2.8 million and $4.6 million during the three and nine months ended September 30, 2013, respectively, including unrealized gains of $289,000 and $774,000, respectively.
	Unrealized losses on available-for-sale securities, along with their related fair value, and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities):
		Less than 12 Months								More than 12 Months
		Fair Value		Unrealized			Number of Securities			Fair Value			Unrealized			Number of Securities
				Losses									Losses
	30-Sep-14
	CLO securities	$	700	$	(3	)	1			$	439		$	(24	)	1
	Equity securities	—		—			—			—			—			—
	Total	$	700	$	(3	)	1			$	439		$	(24	)	1
	31-Dec-13
	CLO securities	$	2,312	$	(196	)	3			$	—		$	—		—
	Equity securities	92		(8		)	1			—			—			—
	Total	$	2,404	$	(204	)	4			$	—		$	—		—
	Other-than-temporary impairment losses.  During the three and nine months ended September 30, 2014, there were no impairment losses. In the three and nine months ended September 30, 2013, the Company recorded charges of $0 and $214,000, respectively, for the other-than-temporary impairment of certain of its investments in bank loan CLOs.

INVESTMENTS_IN_UNCONSOLIDATED_

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER	9 Months Ended
	Sep. 30, 2014
Investments in Unconsolidated Entities [Abstract]	'
INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER	'
	ecialized asset manager, the Company develops various types of investment vehicles, which it manages under long-term management agreements or similar arrangements.  The following table details the Company’s investments in these vehicles, including the range of ownership interests owned (in thousands, except percentages):
		Range of Combined		September 30,				December 31,
		Ownership Interests		2014				2013
	Real estate investment entities	1% – 12%		$	8,513			$	8,271
	Financial fund management partnerships	0.4% − 50%		4,098				5,294
	Trapeza entities	33% − 50%		661				777
	Investments in unconsolidated entities			$	13,272			$	14,342
	Included in real estate investment entities is the Company's $2.5 million investment in RRE Opportunity REIT I ("Opportunity REIT I"), which completed its initial public offering in December 2013 as well as a $1.3 million investment in RRE Opportunity REIT II ("Opportunity REIT II"), which is in its offering stage. The Company accounts for its investments in Opportunity REIT I and II on the cost method.
	The Company evaluates all of these investments for impairment on a quarterly basis. There were no identified events that had a significant adverse effect on these investments and, as such, no impairment has been recorded.
	Investment in Unconsolidated Loan Manager. The Company records its 33% equity share of the results of its joint venture, CVC Credit Partners, in Financial Fund Management Revenues on the consolidated statements of operations and comprehensive income.
	Summarized operating data for CVC Credit Partners is presented below (in thousands):
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014			2013
	Management fee revenues	$	19,103			$	10,413			$	45,890		$	34,502
	Costs and expenses	(17,326		)		(8,618		)		(42,172		)	(32,388		)
	Net income	$	1,777			$	1,795			$	3,718		$	2,114
	Portion of net income attributable to the Company	$	586			$	593			$	1,227		$	698
	In conjunction with the CVC Credit Partners joint venture, the Company retained a preferred interest in Apidos Capital Management, LLC ("Apidos") (which became a subsidiary of CVC Credit Partners) relating to incentive management fees on legacy CLOs that had been sponsored and managed by Apidos. The Company accounts for this interest, with a book value of $6.8 million at September 30, 2014, on the cost method. As these incentive fees are received, in accordance with its preferred interest, the Company receives a distribution of 75% of those amounts which will initially be recorded as income, net of any contractual amounts due to third-parties. The Company continually evaluates the investment for impairment by estimating the fair value of the expected future cash flows from the incentive management fees. If the estimated fair value is less than the cost basis of the interest, the preferred interest will be deemed to be impaired. If the Company determines that the shortfall is other-than-temporary, the impairment will be recorded as a reduction of the preferred interest by reducing the revenues previously recorded on these preferred shares. At such time that the investment has been reduced to zero, all subsequent distributions will be recorded as income.

ACCRUED_EXPENSES_AND_OTHER_LIA

ACCRUED EXPENSES AND OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
ACCRUED EXPENSES AND OTHER LIABILITIES	'
	NOTE 9 - ACCRUED EXPENSES AND OTHER LIABILITIES
	The following is a summary of the components of accrued expenses and other liabilities (in thousands):
		September 30,		December 31,
		2014		2013
	Accounts payable and other accrued liabilities	$	6,117	$	7,439
	Supplemental executive retirement plan ("SERP") liability (see Note 14)	4,459		4,998
	Accrued wages and benefits	2,797		4,304
	Deferred rent	2,546		2,675
	Apidos contractual obligation, at fair value (see Note 16)	760		995
	Dividends payable	1,318		977
	Short term insurance notes	1,030		746
	Total accrued expenses and other liabilities	$	19,027	$	22,134

BORROWINGS

BORROWINGS	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
BORROWINGS	'
	NOTE 10 - BORROWINGS
	The credit facilities and other debt of the Company and related borrowings outstanding are as follows (in thousands):
		As of September 30, 2014				December 31,
						2013
		Maximum		Borrowings		Borrowings
		Amount of		Outstanding		Outstanding
		Facility
	Credit facilities:
	TD Bank – secured revolving credit facility (1)	$	10,997	$	—	$	—
	Republic Bank – secured revolving credit facility	3,000		—		—
				—		—
	Other debt:
	Senior Notes			10,000		10,000
	Mortgage debt - hotel property			10,140		10,287
	Other debt			311		332
	Total borrowings outstanding			$	20,451	$	20,619
	-1	The amount of the facility as shown has been reduced for outstanding letters of credit of $503,000 at September 30, 2014.
	Corporate and Real Estate Debt
	TD Bank, N.A. (“TD Bank”).  Through April 24, 2014, the terms of the Company's line of credit with TD Bank allowed for borrowings up to $7.5 million with interest at either (a) the prime rate plus 2.25% or (b) London Interbank Offered Rate ("LIBOR") plus 3%. The LIBOR rate varies from one to six months depending upon the period of the borrowing. In April 2014, the Company amended the TD facility to (i) extend the maturity date to the earlier of (a) the expiration of its management agreement with RSO or (b) December 31, 2017, (ii) increase the maximum borrowing amount to $11.5 million provided that the Company maintains an aggregate value of pledged securities of $6.0 million and (iii) require that the Company have no cash advances outstanding for thirty consecutive days during each one-year period beginning on April 25, 2014. The Company is charged an annual fee of 0.5% on the unused facility amount as well as a 5.25% fee on the $503,000 of outstanding letters of credit.
	Borrowings are secured by a first priority security interest in certain of the Company's assets and the guarantees of certain subsidiaries, including (i) the present and future fees and investment income earned in connection with the management of, and investments in, sponsored collateralized debt and loan obligation issuers, (ii) a pledge of 18,972 shares of TBBK common stock, and (iii) a pledge of 2,160,671 shares of RSO common stock held by the Company.
	There were no borrowings outstanding as of September 30, 2014 and the availability on the TD facility was $11.0 million, as reduced for letters of credit. For the three and nine months ended September 30, 2014 and three months ended September 30, 2013, there were no borrowings outstanding on the line of credit. For the nine months ended September 30, 2013, weighted average borrowings were $198,000 at a weighted average borrowing rate of 2.4%.
	Republic First Bank (“Republic Bank”). In February 2011, the Company entered into a $3.5 million revolving credit facility with Republic Bank.  The facility bears interest at the prime rate of interest plus 1% with a floor of 4.5%.  The loan is secured by a pledge of 700,000 shares of RSO stock held by the Company and a first priority security interest in an office building located in Philadelphia, Pennsylvania (see Note 6).  Availability under this facility is limited to the lesser of (a) the sum of (i) 25% of the appraised value of the real estate, based upon the most recent appraisal delivered to the bank and (ii) 100% of the cash and 75% of the market value of the pledged RSO shares held in the pledged account; and (b) 100% of the cash and 100% of the market value of the pledged RSO shares held in the pledged account.  The loan has an unused annual facility fee equal to 0.25%. In November 2013, the Company further amended this facility to extend the maturity date to December 28, 2016 and increase the unused fee to 0.50%. There were no borrowings under this facility as of September 30, 2014 and the availability was $3.0 million. There were no borrowings under this facility during the three and nine months ended September 30, 2013.
	Senior Notes
	The Company's $10.0 million of 9% senior notes (the "Senior Notes") mature on March 31, 2015. The Senior Notes were issued with detachable 5-year warrants to purchase 3,690,195 shares of common stock, of which all have been exercised as of September 30, 2014. The effective interest rate for the three and nine months ended September 30, 2014 was 9.3% and 9.4%, respectively, and 9.7% and 9.8% for the three and nine months ended September 30, 2013, respectively. On August 28, 2014, the Senior Notes were modified to extend the maturity date to March 31, 2018 and to include an early redemption feature.  The Company may early redeem all or any part of the Senior Notes upon notification to the note holders at the redemption price plus any accrued and unpaid interest through to the date of such redemption. The redemption price will be at a premium to par, as follows: prior to March 31, 2016 at 102%, between March 31, 2016 and March 31, 2017 at 101%%, and thereafter at 100%.
	Other debt
	In June 2014, the Company entered into a three-year capital lease for the purchase of computer equipment with monthly repayments of $4,205. The principal balance of the lease at September 30, 2014 was $137,000.
	Debt repayments
	Annual principal payments on the Company’s aggregate borrowings for the next five years ending September 30, 2014, and thereafter, are as follows (in thousands):
	2015	$	432
	2016	270
	2017	274
	2018	10,252
	2019	269
	Thereafter	8,954
	Total	$	20,451
	Covenants
	The TD Bank credit facility is subject to certain financial covenants, which are customary for the type and size of the facility, including debt service coverage and debt to equity ratios. The debt to equity ratio restricts the amount of recourse debt the Company can incur based on a ratio of recourse debt to net worth.
	The mortgage on the Company's hotel property contains financial covenants related to the net worth and liquid assets of the Company. Although non-recourse in nature, the loan is subject to limited standard exceptions (or “carveouts”) which the Company has guaranteed.  These carveouts will expire as the loan is paid down over the next ten years.  The Company has control over the operations of the underlying property, which mitigates the potential risk associated with these carveouts and, accordingly, no liabilities for these obligations have been recorded in the consolidated financial statements.  To date, the Company has not been required to make any carveout payments.
	The Company was in compliance with all of its financial debt covenants as of September 30, 2014.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Sep. 30, 2014
Comprehensive Income (Loss) [Abstract]	'
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	'
	NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
	Comprehensive income (loss) includes net income (loss) and all other changes in the equity of a business from transactions and other events and circumstances from non-owner sources.  These changes, other than net income (loss), are referred to as “other comprehensive income (loss)” and for the Company include primarily changes in the fair value, net of tax, of its investment securities available-for-sale and pension liability.  Other comprehensive income (loss) also includes the Company’s share of unrealized losses on hedging contracts held by the commercial finance investment partnerships and LEAF Commercial Capital, Inc. ("LEAF").
	The following are changes in accumulated other comprehensive income (loss) by category (in thousands):
		Investment Securities		Cash Flow Hedges			Foreign Currency			SERP Pension			Total
		Available-for-Sale					Translation Adjustments			Liability
	Balance, December 31, 2013, net of tax of $543, $(1), $(2) and $(1,853)	$	801	$	(4	)	$	(2	)	$	(2,026	)	$	(1,231	)
	Current-period other comprehensive income	85		3			(4		)	81			165
	Balance, September 30, 2014 net of tax of $541, $0, $(1) and $(1,725)	$	886	$	(1	)	$	(6	)	$	(1,945	)	$	(1,066	)
	Amounts reclassified from accumulated other comprehensive income were reflected in the consolidated financial statements, as follows:
	Category		Locations in the consolidated financial statements
	Investment securities available-for-sale		Other-than-temporary impairment on investments
	Cash flow hedges		Revenues - commercial finance
	SERP pension liability		General and administrative expenses
	Foreign currency translation adjustments		Investment securities

NONCONTROLLING_INTERESTS

NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2014
Noncontrolling Interest [Abstract]	'
NONCONTROLLING INTERESTS	'
	NOTE 12 - NONCONTROLLING INTERESTS
	The following table presents the activity in noncontrolling interests (in thousands):
		For the Nine Months Ended
		September 30, 2014
		RSO			RAI
	Noncontrolling interests, beginning of year	$	743,364		$	238
	Net income attributable to noncontrolling interests	48,759			33
	Other comprehensive income	18,033			—
	Proceeds from issuance of equity interests, net	177,641			—
	Amortization of stock-based compensation	4,497			—
	Distributions to noncontrolling interests	(88,390		)	(17		)
	Other	4,929			—
	Noncontrolling interests, end of period	$	908,833		$	254

EARNINGS_PER_SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
EARNINGS PER SHARE	'
	NOTE 13 - EARNINGS PER SHARE
	Basic earnings per share (“Basic EPS”) is computed using the weighted average number of common shares outstanding during the period, inclusive of nonvested share-based awards that are entitled to receive non-forfeitable dividends.  The diluted earnings per share (“Diluted EPS”) computation takes into account the effect of potential dilutive common shares.  Potential dilutive common shares, consisting primarily of outstanding stock options, warrants and director deferred shares, are calculated using the treasury stock method.
	The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands):
		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2014	2013	2014	2013
	Shares
	Basic shares outstanding	21,109	20,342	20,586	20,255
	Dilutive effect of outstanding stock options, warrants and director units	1,192	1,530	1,538	1,676
	Diluted shares outstanding	22,301	21,872	22,124	21,931

BENEFIT_PLANS

BENEFIT PLANS	9 Months Ended
	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
BENEFIT PLANS	'
	NOTE 14 - BENEFIT PLANS
	SERP. The Company established a SERP, which has Rabbi and Secular Trust components, for Mr. Edward E. Cohen (“Mr. E. Cohen”), while he was the Company’s Chief Executive Officer.  The Company pays an annual benefit equal to $838,000 during his lifetime.
	The components of net periodic benefit costs for the SERP were as follows (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Interest cost	$	68		$	57		$	205		$	169
	Less: expected return on plan assets	(38		)	(25		)	(116		)	(75		)
	Plus: Amortization of unrecognized loss	70			95			209			285
	Net cost	$	100		$	127		$	298		$	379
	Restricted stock.  During the nine months ended September 30, 2014, the Company awarded a total of 628,841 shares of restricted stock valued at $5.7 million based on the closing price of the stock on the respective grant date. Additionally, the Company issued 12,000 shares that were earned as part of a performance-based award, which were valued at $116,000 based on the closing price of the stock as of the beginning of the measurement period.

CERTAIN_RELATIONSHIPS_AND_RELA

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	'
	NOTE 15 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
	In the ordinary course of its business operations, the Company has sponsored and manages investment entities.  Additionally, it has ongoing relationships with several related entities.  The following table details these receivables and payables (in thousands):
		September 30,			December 31,
		2014			2013
	Loans and receivables from managed entities and related parties, net:
	Real estate investment entities	$	27,346		$	21,487
	Commercial finance investment entities (1)	2,403			8,174
	Financial fund management investment entities	497			1,138
	Other	429			124
	Loan to CVC Credit Partners	1,962			—
	Receivables from managed entities and related parties	$	32,637		$	30,923
	Payables due to managed entities and related parties, net:
	Real estate investment entities (2)	$	3,580		$	2,940
	Other	115			170
	Payables to managed entities and related parties	$	3,695		$	3,110
	-1	Net of reserves for credit losses of $32.5 million and $36.2 million as of September 30, 2014 and December 31, 2013, respectively, related to management fees due from certain of the Company's commercial finance investment entities that, based on estimated cash distributions, are not expected to be collectible.
	-2	Reflects $3.4 million and $2.9 million in funds provided by the real estate investment entities as of September 30, 2014 and December 31, 2013, respectively, which are held by the Company to self-insure the properties held by those entities.
	The Company receives fees, dividends and reimbursed expenses from several related/managed entities.  In addition, the Company reimburses related entities for certain operating expenses.  The following table details those activities (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Fees from unconsolidated investment entities:
	Real estate (1)	$	8,992		$	6,726		$	26,436		$	16,273
	Financial fund management	794			801			2,861			2,335
	Commercial finance (2)	—			—			—			—
	CVC Credit Partners – reimbursement of net costs and expenses	211			295			836			979
	RRE Opportunity REIT I:
	Reimbursement of costs and expenses	641			204			1,556			605
	Dividends paid	30			28			88			85
	RRE Opportunity REIT II:
	Reimbursement of costs and expenses	642			—			1,590			—
	LEAF:
	Payment for sub-servicing the commercial finance	(52		)	(197		)	(253		)	(743		)
	investment partnerships
	Payment for rent and related expenses	—			(144		)	—			(543		)
	Reimbursement of net costs and expenses	31			53			95			168
	1845 Walnut Associates Ltd:
	Payment for rent and related expenses	(154		)	(286		)	(561		)	(476		)
	Property management fees	56			32			149			149
	Brandywine Construction & Management, Inc. –	(57		)	(54		)	(169		)	(167		)
	payment for property management of hotel property
	Atlas Energy, L.P. – reimbursement of net costs and expenses	52			49			124			243
	Ledgewood P.C. – payment for legal services	(98		)	(76		)	(165		)	(180		)
	Graphic Images, LLC – payment for printing services	(27		)	(20		)	(116		)	(59		)
	The Bancorp, Inc. – reimbursement of net costs and expenses	29			29			84			85
	9 Henmar LLC – payment of broker/consulting fees	(3		)	(4		)	(21		)	(24		)
	-1	Reflects discounts recorded by the Company of $38,000 and $112,000 for the three and nine months ended September 30, 2014, respectively, and $56,000 and $169,000 for the three and nine months ended September 30, 2013, respectively, in connection with management fees from its real estate investment entities that it expects to receive in future periods.
	-2	During the three and nine months ended September 30, 2014, the Company waived $105,000 and $605,000, respectively, and $410,000 and $1.5 million, respectively, during the three and nine months ended September 30, 2013, of its fund management fees from its commercial finance investment entities.
	On February 6, 2014, Opportunity REIT II commenced its initial public offering of up to $1.0 billion in common stock at a maximum price of $10 per share. Opportunity REIT II will focus on acquiring under-performing multifamily rental properties, distressed real estate and performing loans. Resource Real Estate, a subsidiary of the Company, is the external manager. As of September 30, 2014, the Company had a $3.1 million receivable due from Opportunity REIT II for offering costs and operating expense reimbursements.
	On June 14, 2014, the Company provided a $1.3 million short-term bridge loan to Opportunity REIT II with interest accruing at a rate of LIBOR plus 300 basis points. The loan and related interest were repaid in full by June 30, 2014.
	On May 6, 2014, the Company made a €1.5 million bridge loan to CVC Credit Partners with interest accruing at a rate of the Euro Interbank Offered Rate ("EURIBOR") plus 7%. In September 2014, the Company and CVC agreed to extend the maturity of the note until April 2015.
	Advances to Real Estate Limited Partnership. During 2011, the Company agreed to increase its advances to an affiliated real estate limited partnership under a revolving note to $3.0 million (from $2.0 million), bearing interest at the prime rate.  Amounts drawn, which are due upon demand, were $2.3 million as of September 30, 2014 and December 31, 2013, respectively, which are included in Loans and Receivables from Managed Entities and Related Parties, net of allowance for credit losses. The Company recorded $19,000 and $56,000 of interest income on this loan during the three and nine months ended September 30, 2014, respectively, and $17,000 and $53,000 during the three and nine months ended September 30, 2013, respectively.
	In February 2014, the Company loaned a non-executive employee $300,000 under a promissory note bearing interest at 3-month LIBOR plus 3%, resetting annually. Principal and interest are payable annually commencing January 15, 2015 with equal payments due on each payment date with a final maturity of January 15, 2016.
	In March 2014, pursuant to a guarantee agreement, the Company made a payment to the lender of one of its commercial finance investment partnerships. In making the payment, the Company assumed the rights of the lender, with the resulting note being collateralized by the portfolio of leases and loans held by the partnership. Effective July 31, 2014, the partnership was liquidated and the Company assumed the portfolio in settlement of the outstanding loan receivable
	In July 2014, the Company and certain of its employees, together with RSO, purchased a portfolio of securities for $23.5 million. The portfolio, held by a subsidiary of RSO, is managed by the Company.

FAIR_VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
FAIR VALUE	'
	NOTE 16 - FAIR VALUE
	In analyzing the fair value of its assets and liabilities accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities are categorized into one of three levels based on the assumptions (inputs) used in valuing the asset or liability. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows:
	Level 1 − Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
	Level 2 − Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.
	Level 3 − Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and that are, consequently, not based on market activity, but upon particular valuation techniques.
	There were no transfers between any of the levels within the fair value hierarchy for any of the periods presented.
	The following is a discussion of the assets and liabilities that are recorded at fair value on a recurring and non-recurring basis, as well as the valuation techniques applied to each fair value measurement and the estimates and assumptions used by the Company in those measurements.
	Receivables from managed entities. The Company recorded a discount on certain of its receivable balances due from its real estate and commercial finance managed entities due to the extended term of the repayment to the Company. The discount was computed based on estimated inputs, including the repayment term (Level 3).
	For the real estate managed entity receivables, the Company assumes the fair value of the real estate investment funds as if the entities had sold the underlying properties. The assumed net proceeds are applied first to the payoff of the lenders and then to the payment of distributions due to investors; any balance remaining is then available to repay the amounts due to the Company. The balance sheet date fair values of the properties are individually calculated based on capitalized net operating income, which are derived from capitalization rates from a third-party research firm (for the region in which the properties are located, based on actual sales data for properties sold during the past year) as applied to the Company's internally-generated projected operating results for each of the respective properties. These projections are historically based on, and adjusted for, current trends in the marketplace and specific changes that may be applicable to a particular property.
	With respect to the commercial finance partnership receivables, the Company projects the availability of excess cash flow at the individual investment entity to repay the Company's receivable. In determining the excess cash flow, the Company starts with the gross future payments due on leases and loans for each of the funds, which are fixed and determinable, net of debt service and expected credit losses, which are estimated based on a migration analysis which is calculated based on historical data across the entire portfolio of leases and loans. This analysis estimates the likelihood that an account will progress through delinquency stages to ultimate charge-off. After an account becomes 180 or more days past due, any remaining balance is fully reserved, less an estimated recovery amount based on historical trends (currently estimated at 6.8% - 10.3%). Cash is first applied to the payoff of the underlying principal and interest on debt used to purchase the portfolios. The projected cash flows also take into consideration the receipt of other income (such as late fees or residual gains), the payment of general and administrative expenses of the funds and distributions to limited partners. The remaining excess cash is then available to repay the amounts due to the Company.
	Investment securities − equity securities. The Company uses quoted market prices to value its investments in DIF and TBBK common stock (Level 1). The Company uses the net asset value ("NAV") calculated by the independent fund administrator to value its investment in RREGPS. The underlying investments in RREGPS are all publicly-traded securities as of September 30, 2014 (Level 2).
	Investment securities − trading securities. The Company holds seven securities within its trading portfolio, six of which are debt or equity investments in externally managed collateralized debt obligation ("CDO") issuers and one of which is a term loan (Level 3).
	•	Two of the CDOs are illiquid European CDO equity investments, valued based on recent market trading data for similar securities.
	•	One of the CDOs is an illiquid European commercial real estate ("CRE") CDO senior debt investment, valued based on recent market trading data of the same security and qualitative analysis of the CDO's net asset value.
	•	One of the CDOs is substantially liquidated, holding only one loan. The loan is expected to be paid off in 2014, but is discounted by 20% to account for any uncertainties.
	•	One of the CDOs, which is currently deleveraging, is valued using assumptions of 3% constant default rate, 30% constant prepayment rate, and 30% loss severity rate (with some asset-specific assumptions).
	•	One of the CDOs is an equity position, valued using assumptions of 8% to 10% constant default rate, 20% constant prepayment rate, and 30% loss severity rate.
	•	One loan position was valued based on recent observable trades of the same security.
	Investment securities − CLO securities. The fair value of collateralized loan obligation ("CLO") securities is based on internally generated expected cash flow models that require significant management judgments and estimates due to the lack of market activity and unobservable pricing inputs. Unobservable inputs into these models include default, recovery, discount and deferral rates, prepayment rates and reinvestment interest spreads (Level 3).
	The significant unobservable inputs used in the fair value measurement of the Company's CLO securities are prepayment rates, probability of default, loss severity rate, reinvestment price on underlying collateral and the discount rate. Significant increases (decreases) in the default or discount rates in isolation would result in a significantly lower (higher) fair value measurement, whereas significant increases (decreases) in the recovery rate, prepayment rate or reinvestment price in isolation would result in a significantly higher (lower) fair value measurement.  Generally, a change in the assumption used for the probability of default is accompanied by a directionally similar change in the assumption used for the discount rate and a directionally opposite change in the assumption used for prepayment rates, recovery rates and reinvestment prices on underlying collateral.
	Investment in Apidos-CVC preferred stock and contractual commitment. The Company's contractual commitment associated with its investment in the Apidos-CVC preferred stock was initially valued at $589,000 based on the present value of the underlying discounted projected cash flows of the legacy Apidos incentive management fees (Level 3).
	As of September 30, 2014, the Company’s assets recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	Assets:
	Investment securities	$	261		$	686		$	8,898	$	9,845
	As of December 31, 2013, the Company’s assets recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	Assets:
	Investment securities	$	432		$	—		$	7,407	$	7,839
	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during nine months ended September 30, 2014 (in thousands):
		Investment Securities
	Balance, beginning of year	$	7,407
	Purchases	14,491
	Income accreted	721
	Payments and distributions received, net	(2,870		)
	Sales	(13,096		)
	Gains on sale of investment securities	370
	Gains on sales of trading securities	1,853
	Unrealized holding losses on trading securities	(226		)
	Change in unrealized gains included in accumulated other comprehensive loss	248
	Balance, end of period	$	8,898
	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during year ended December 31, 2013 (in thousands):
		Investment Securities
	Balance, beginning of year	$	10,367
	Purchases	11,630
	Income accreted	899
	Payments and distributions received, net	(14,058		)
	Sales	(6,286		)
	Impairment recognized in earnings	(214		)
	Gains on sales of trading securities	6,294
	Unrealized holding losses on trading securities	(1,055		)
	Change in unrealized losses included in accumulated other comprehensive loss	(170		)
	Balance, end of year	$	7,407
	The following table presents the Company's quantitative inputs and assumptions used in determining the fair value of items categorized in Level 3 (in thousands, except percentages):
		Fair value at September 30, 2014			Valuation Technique		Unobservable Inputs	Assumptions
								(weighted average)
	CLO securities	$	7,882		Discounted cash flow		Constant default rate	0% - 2%
							Loss severity rate	25%
							Constant prepayment rate - year one	30%
							Constant prepayment rate - year two	25%
							Constant prepayment rate - thereafter	25%
							Reinvestment price on collateral	99.5% - 100%
							Discount rates	12%
						Reinvestment spread	200%
Trading securities	$	1,016		Net asset value		Discount rates	0% - 20%
				Discounted cash flow		Constant default rate	2% - 10%
						Constant prepayment rate	20% - 30%
						Loss severity rate	30%
The Company's carrying value of the assets and liabilities measured at fair value on a non-recurring basis were as follows (in thousands):
	Level 1			Level 2			Level 3		Total
As of September 30, 2014
Assets:
Loans and receivables from managed entities – commercial finance and real estate	$	—		$	—		$	2,403	$	2,403
Other assets - commercial finance portfolio	—			—			351		351
	$	—		$	—		$	2,754	$	2,754
Liability:
Apidos contractual commitment	$	—		$	—		$	760	$	760
As of December 31, 2013
Assets:
Loans and receivables from managed entities – commercial finance and real estate	$	—		$	—		$	4,528	$	4,528
Liability:
Apidos contractual commitment	$	—		$	—		$	995	$	995
The fair value of financial instruments required to be disclosed at fair value, excluding instruments valued on a recurring basis, is as follows (in thousands):
	September 30, 2014						December 31, 2013
	Carrying			Estimated Fair Value			Carrying		Estimated Fair Value
	Amount						Amount
Assets:
Loans and receivables from managed entities	$	32,637		$	32,637		$	30,923	$	30,923
Borrowings:
Real estate debt	$	10,140		$	11,204		$	10,287	$	10,702
Senior Notes	10,000			13,073			10,000		12,619
Other debt	311			311			332		332
	$	20,451		$	24,588		$	20,619	$	23,653
For cash, receivables and payables, the carrying amounts approximate fair value because of the short-term maturity of these instruments.
The Company estimated the fair value of the real estate debt using current interest rates for similar loans. The Company estimated the fair value of the Senior Notes by applying the percentage appreciation in a high-yield fund with approximately similar quality and risk attributed to the Senior Notes. The carrying value of the Company's other debt approximates fair value because of its recent issuance at September 30, 2014 and December 31, 2013.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	NOTE 17 - COMMITMENTS AND CONTINGENCIES
	Broker-dealer capital requirement.  Resource Securities serves as a dealer-manager for the sale of securities of direct participation investment programs, both public and private, sponsored by subsidiaries of the Company who also serve as general partners and/or managers of these programs.  Additionally, Resource Securities serves as an introducing agent for transactions involving sales of securities of financial services companies, REITs and insurance companies for the Company and for RSO.  As a broker-dealer, Resource Securities is required to maintain minimum net capital, as defined in regulations under the Securities Exchange Act of 1934, as amended, which was $100,000 and $221,000 as of September 30, 2014 and December 31, 2013, respectively.  As of September 30, 2014 and December 31, 2013, Resource Securities net capital was $551,000 and $2.7 million, respectively, which exceeded the minimum requirements by $451,000 and $2.5 million, respectively.
	Legal proceedings. The Company is also a party to various routine legal proceedings arising out of the ordinary course of business. Management believes that none of these actions, individually or, in the aggregate, will have a material adverse effect on the Company's consolidated financial condition or operations.
	General corporate commitments. The Company is also party to employment agreements with certain executives that provide for compensation and other benefits, including severance payments under specified circumstances.
	As of September 30, 2014, except for the executive compensation, the Company did not believe it was probable that any payments would be required under any of its commitments and contingencies and, accordingly, no liabilities were recorded in the consolidated financial statements.

OPERATING_SEGMENTS

OPERATING SEGMENTS	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
OPERATING SEGMENTS	'
	NOTE 18 - OPERATING SEGMENTS
	The Company manages its operations and makes business decisions based on three reportable operating segments, Real Estate, Financial Fund Management and Commercial Finance, and one segment, RSO, which is a consolidated VIE.  Certain other activities are reported in the “All Other” category and Eliminations in the tables in order for the information presented about the Company's operating segments to agree to the consolidated balance sheets and statements of operations. Summarized operating segment data are as follows (in thousands):
	Three Months Ended		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
	September 30, 2014		Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	14,377		$	4,320		$	21		$	—		$	18,718		$	34,716		$	(3,645	)	$	49,789
	Equity in (losses) earnings of unconsolidated entities		(88		)	1,237			(38		)	—			1,111			—			(491		)	620
	Total revenues		14,289			5,557			(17		)	—			19,829			34,716			(4,136		)	50,409
	Segment operating expenses		(9,384		)	(2,812		)	(125		)	—			(12,321		)	(18,686		)	3,502			(27,505		)
	General and administrative expenses		(804		)	(416		)	—			(1,206		)	(2,426		)	—			—			(2,426		)
	Provision for credit losses		(8		)	—			(551		)	—			(559		)	—			—			(559		)
	Depreciation and amortization		(309		)	(16		)	—			(128		)	(453		)	—			—			(453		)
	Gain on sale of investment securities, net		—			69			—			—			69			—			—			69
	Interest expense		(190		)	—			(2		)	(275		)	(467		)	—			—			(467		)
	Other income (expense), net		280			533			19			(180		)	652			(1,936		)	(572		)	(1,856		)
	Pretax income attributable to noncontrolling interests (2)		(9		)	—			—			—			(9		)	(14,214		)	—			(14,223		)
	Pretax income (loss) from continuing operations excluding noncontrolling interests		$	3,865		$	2,915		$	(676	)	$	(1,789	)	$	4,315		$	(120	)	$	(1,206	)	$	2,989
	Nine Months Ended		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
	September 30, 2014		Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	41,681		$	17,136		$	21		$	—		$	58,838		$	100,604		$	(9,565	)	$	149,877
	Equity in (losses) earnings of unconsolidated entities		(669		)	3,637			(179		)	—			2,789			—			(491		)	2,298
	Total revenues		41,012			20,773			(158		)	—			61,627			100,604			(10,056		)	152,175
	Segment operating expenses		(27,364		)	(9,980		)	(351		)	—			(37,695		)	(51,020		)	9,374			(79,341		)
	General and administrative expenses		(2,631		)	(1,314		)	—			(4,364		)	(8,309		)	—			—			(8,309		)
	Reversal of (provision for) credit losses		2			—			(3,344		)	—			(3,342		)	—			—			(3,342		)
	Depreciation and amortization		(927		)	(47		)	—			(395		)	(1,369		)	—			—			(1,369		)
	Gain on sale of investment securities, net		—			439			—			—			439			—			—			439
	Interest expense		(577		)	—			(11		)	(859		)	(1,447		)	—			—			(1,447		)
	Other income (expense), net		647			1,659			17			(344		)	1,979			(758		)	(1,687		)	(466		)
	Pretax income attributable to noncontrolling interests (2)		(53		)	—			—			—			(53		)	(48,759		)	—			(48,812		)
	Pretax income (loss) from continuing operations excluding noncontrolling interests		$	10,109		$	11,530		$	(3,847	)	$	(5,962	)	$	11,830		$	67		$	(2,369	)	$	9,528
	Three Months Ended		Real			Financial			Commercial			All Other (1)			Total			RSO			Eliminations			Total
	September 30, 2013		Estate			Fund			Finance						RAI									Consolidation
						Management
	Revenues from external customers		$	15,973		$	7,065		$	—		$	—		$	23,038		$	23,786		$	(5,183	)	$	41,641
	Equity in (losses) earnings of unconsolidated entities		(23		)	1,437			(30		)	—			1,384			—			—			1,384
	Total revenues		15,950			8,502			(30		)	—			24,422			23,786			(5,183		)	43,025
	Segment operating expenses		(11,178		)	(3,547		)	(75		)	—			(14,800		)	(15,554		)	4,861			(25,493		)
	General and administrative expenses		(674		)	(282		)	—			(1,549		)	(2,505		)	—			—			(2,505		)
	Provision for credit losses		(29		)	—			(1,779		)	—			(1,808		)	—			—			(1,808		)
	Depreciation and amortization		(258		)	(13		)	—			(142		)	(413		)	—			—			(413		)
	Interest expense		(209		)	(7		)	1			(315		)	(530		)	—			—			(530		)
	Other income, net		249			557			—			(122		)	684			16,607			(394		)	16,897
	Pretax income attributable to noncontrolling interests (2)		(12		)	—			—			—			(12		)	(23,708		)	—			(23,720		)
	Income (loss) from continuing operations including noncontrolling interests before taxes		$	3,839		$	5,210		$	(1,883	)	$	(2,128	)	$	5,038		$	1,131		$	(716	)	$	5,453
	Nine Months Ended		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
	September 30, 2013		Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	39,777		$	12,129		$	—		$	—		$	51,906		$	76,011		$	(10,608	)	$	117,309
	Equity in (losses) earnings of unconsolidated entities		(334		)	3,105			(243		)	—			2,528			—			—			2,528
	Total revenues		39,443			15,234			(243		)	—			54,434			76,011			(10,608		)	119,837
	Segment operating expenses		(29,514		)	(7,769		)	99			—			(37,184		)	(43,110		)	10,178			(70,116		)
	General and administrative expenses		(2,893		)	(604		)	—			(3,310		)	(6,807		)	—			—			(6,807		)
	Reversal of (provision for) credit losses		2,523			(199		)	(6,117		)	—			(3,793		)	—			—			(3,793		)
	Depreciation and amortization		(805		)	(49		)	—			(464		)	(1,318		)	—			—			(1,318		)
	Other-than-temporary impairment on investments		—			(214		)	—			—			(214		)	—			—			(214		)
	Interest expense		(613		)	(7		)	—			(905		)	(1,525		)	—			—			(1,525		)
	Other income, net		719			1,704			7			(361		)	2,069			16,607			(1,445		)	17,231
	Pretax income attributable to noncontrolling interests (2)		(23		)	—			—			—			(23		)	(44,394		)	—			(44,417		)
	Income (loss) from continuing operations including noncontrolling interests before taxes		$	8,837		$	8,096		$	(6,254	)	$	(5,040	)	$	5,639		$	5,114		$	(1,875	)	$	8,878
	Segment assets		Real			Financial			Commercial			All			Total			RSO			Total
			Estate			Fund			Finance			Other (1)			RAI						Consolidation
			Management
30-Sep-14		$	187,668		$	58,689		$	4,301		$	(76,569	)	$	174,089		$	2,589,013		$	2,763,102
30-Sep-13		$	177,314		$	60,105		$	8,747		$	(74,123	)	$	172,043		$	2,271,468		$	2,443,511
-1	Includes general corporate expenses and assets not allocable to any particular segment.
-2	In viewing its segment operations, the Company includes the pretax income attributable to noncontrolling interests.  However, these interests are excluded from income (loss) from operations as computed in accordance with U.S. GAAP and should be deducted to compute income from operations as reflected in the Company’s consolidated statements of operations.

VARIABLE_INTEREST_ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2014
Variable Interest Entity [Line Items]	'
VARIABLE INTEREST ENTITIES	'
	NOTE 19 - VARIABLE INTEREST ENTITIES
	In general, a VIE is an entity that does not have sufficient equity to finance its operations without additional subordinated financial support, or an entity for which the risks and rewards of ownership are not directly linked to voting interests. The Company has variable interests in VIEs through its management contracts and investments in various securitization entities, including CDO issuers. Since the Company serves as the asset manager for the investment entities it sponsored and manages, the Company is generally deemed to have the power to direct the activities of the VIE that most significantly impact the entity's economic performance. In the case of an interest in a VIE managed by the Company, the Company will perform an additional qualitative analysis to determine if its interest (including any investment as well as any management fees that qualify as variable interests) could absorb losses or receive benefits that could potentially be significant to the VIE. This analysis considers the most optimistic and pessimistic scenarios of potential economic results that could reasonably be experienced by the VIE. Then, the Company compares the benefits it would receive (in the optimistic scenario) or the losses it would absorb (in the pessimistic scenario) as compared to benefits and losses absorbed by the VIE in total. If the benefits or losses absorbed by the Company were significant as compared to total benefits and losses absorbed by all variable interest holders, then the Company would conclude it is the primary beneficiary.
	The Company prepared a quantitative analysis to measure the management/incentive fees and the Company’s equity ownership position in RSO relative to the anticipated economic performance of RSO and determined that its benefits could be significant to RSO. Accordingly, management concluded that the Company is the primary beneficiary and should consolidate RSO. However, the assets of RSO are held solely to satisfy RSO’s obligations and the creditors of RSO have no recourse against the assets of the Company, nor do creditors of the Company have recourse against the assets of RSO.
	The following reflects the assets and liabilities and operations of RSO which were consolidated by the Company:
	RSO Balance Sheets Detail (in thousands):
		September 30, 2014				December 31, 2013
	ASSETS (1)
	Cash and cash equivalents	$	163,269			$	262,270
	Restricted cash	83,604				63,309
	Subtotal - Cash and cash equivalents	246,873				325,579
	Investment securities, trading	9,187				11,558
	Investment securities available-for-sale, pledged as collateral, at fair value	204,843				162,608
	Investment securities available-for-sale, at fair value	76,175				52,598
	Subtotal - Investments, at fair value	290,205				226,764
	Loans, pledged as collateral and net of allowances of $4.5 million and $13.8 million (of which $83.0 million and $0 at fair value)	1,744,899				1,369,526
	Loans receivable–related party net of allowance of $936,000 and $0	4,172				6,966
	Loans held for sale	91,382				21,916
	Subtotal - Loans, before eliminations	1,840,453				1,398,408
	Eliminations	(558		)		(950		)
	Subtotal - Loans	1,839,895				1,397,458
	Property held-for-sale	29,581				25,346
	Investment in real estate	—				29,778
	Investments in unconsolidated entities	60,540				69,069
	Subtotal, Investments in real estate and unconsolidated entities	90,121				124,193
	Line items included in "other assets":
	Linked transactions, net at fair value	14,272				30,066
	Derivatives, at fair value	21,618				—
	Interest receivable	14,831				8,965
	Deferred tax asset	4,853				5,212
	Principal paydown receivable	34,297				6,821
	Intangible assets	10,254				11,822
	Prepaid expenses	4,529				2,871
	Other assets	20,075				10,726
	Subtotal - Other assets, before eliminations	124,729				76,483
	Eliminations	(2,810		)		(16		)
	Subtotal - Other assets	121,919				76,467
	Total assets (excluding eliminations)	$	2,592,381			$	2,151,427
	Total assets (including eliminations)	$	2,589,013			$	2,150,461
	LIABILITIES (2)
	Borrowings (of which $94.9 million and $0 at fair value)	$	1,590,958			$	1,319,810
	Eliminations	283				205
	Subtotal Borrowings	1,591,241				1,320,015
	Distribution payable	30,340				27,023
	Accrued interest expense	3,875				1,693
	Derivatives, at fair value	8,830				10,586
	Accrued tax liability	3,131				1,629
	Deferred tax liability	—				4,112
	Accounts payable and other liabilities	11,331				12,650
	Subtotal - Other liabilities, before eliminations	57,507				57,693
	Eliminations	(2,665		)		(2,446		)
	Subtotal - Other liabilities	54,842				55,247
	Total liabilities (before eliminations)	$	1,648,465			$	1,377,503
	Total liabilities (after eliminations)	$	1,646,083			$	1,375,262
	RSO Balance Sheets Detail (in thousands):
		September 30,				December 31,
		2014				2013
	(1) Assets of consolidated RSO's VIEs included in total assets above:
	Restricted cash	$	80,633			$	61,372
	Investments securities available-for-sale, pledged as collateral, at fair value	110,376				105,846
	Loans held for sale	36,674				2,376
	Loans, pledged as collateral and net of allowances of $4.0 million	1,405,788				1,219,569
	and $8.8 million ($83.0 million and $0 at fair value)
	Interest receivable	8,066				5,627
Prepaid expenses	217				247
Principal receivable	34,100				6,821
Other assets	(12		)		—
Total assets of consolidated RSO VIEs	$	1,675,842			$	1,401,858
(2) Liabilities of consolidated RSO's VIEs included in total liabilities above:
Borrowings ($140.2 million and $0 at fair value)	$	1,214,923			$	1,070,339
Accrued interest expense	1,280				918
Derivatives, at fair value	7,958				10,191
Accounts payable and other liabilities	(418		)		1,604
Total liabilities of consolidated RSO VIEs	$	1,223,743			$	1,083,052
RSO Income Statement Detail (in thousands):
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2014				2013				2014				2013
REVENUES
Interest income:
Loans	$	27,026			$	24,374			$	73,474			$	78,370
Securities	5,168				3,411				12,563				10,949
Interest income − other	1,647				679				5,481				3,180
Total interest income	33,841				28,464				91,518				92,499
Interest expense	11,589				11,762				31,836				34,061
Net interest income	22,252				16,702				59,682				58,438
Rental income	1,118				4,649				7,777				15,875
Dividend income	16				223				169				256
Equity in net earnings (losses) of unconsolidated subsidiaries	887				(535		)		4,663				(888		)
Fee income	2,344				1,245				7,166				4,182
Net realized and unrealized gains on sales of investment securities available-for-sale and loans	7,546				570				15,487				3,355
Net realized and unrealized gains (losses) on investment securities, trading	376				(229		)		(1,834		)		(864		)
Unrealized gain (losses) and net interest income on linked transactions, net	177				1,161				7,494				(4,343		)
Revenues from consolidated VIE-RSO	34,716				23,786				100,604				76,011
OPERATING EXPENSES
Management fees − related party	3,606				5,113				10,000				11,006
Equity compensation − related party	798				2,120				4,497				7,866
Rental operating expense	695				3,523				5,168				11,084
General and administrative	11,586				2,898				30,936				8,761
Depreciation and amortization	562				904				2,158				3,041
Income tax (benefit) expense	(237		)		722				(667		)		4,221
Net impairment losses recognized in earnings	—				255				—				811
Provision (recovery) for loan losses	1,439				741				(1,739		)		541
Total operating expenses	18,449				16,276				50,353				47,331
Reclassification of income tax expense	237				(722		)		667				(4,221		)
Expenses of consolidated VIE-RSO	18,686				15,554				51,020				43,110
Adjusted operating income	16,030				8,232				49,584				32,901
OTHER REVENUE (EXPENSE)
(Loss) gain on sale of real estate	(69		)		16,607				2,973				16,607
Other expense	—				—				(1,262		)		—
Loss on the reissuance of debt	(1,867		)		—				(2,469		)		—
Other expense, net, from consolidated VIE-RSO	(1,936		)		16,607				(758		)		16,607
Income from continuing operations	14,094				24,839				48,826				49,508
Income tax provision-RSO	(237		)		722				(667		)		4,221
NET INCOME	14,331				24,117				49,493				45,287
Net income allocated to preferred shares	(5,545		)		(1,996		)		(11,303		)		(5,107		)
Net income allocated to noncontrolling interests	(1,458		)		—				(1,069		)		—
NET INCOME ALLOCABLE TO RSO COMMON SHAREHOLDERS	$	7,328			$	22,121			$	37,121			$	40,180
RSO Cash Flow Detail (in thousands)	Nine Months Ended
	September 30,
	2014				2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	49,493			$	45,287
Items included in "Change in cash attributable to consolidated VIE-RSO":
(Recovery) provision for loan losses	(1,739		)		541
Depreciation of investments in real estate and other	2,252				1,638
Amortization of intangible assets	1,541				1,463
Amortization of term facilities	—				876
Accretion of net discounts on loans held for investment	(2,045		)		(8,306		)
Accretion of net discounts on securities available-for-sale	(2,847		)		(1,925		)
Amortization of discounts on convertible notes	896				—
Amortization of discount on notes securitization	70				3,937
Amortization of debt issuance costs on notes of securitizations	2,596				2,868
Amortization of stock-based compensation	4,497				7,866
Amortization of terminated derivative instruments	212				322
Distribution accrued to preferred stockholders	—				(5,107		)
Accretion of interest-only available-for-sale securities	(573		)		(714		)
Non-cash incentive compensation to the Manager	—				484
Deferred income tax (benefit) provision	(689		)		502
Change in mortgage loans held for sale, net	(42,178		)		—
Purchase of securities, trading	(4,000		)		(11,044		)
Principal payments on securities, trading	50				4,211
Proceeds from sales of securities, trading	379				18,713
Net realized and unrealized gain on investment securities, trading	1,834				864
Net realized gains on sales of investment securities available-for-sale and loans	(15,488		)		(3,355		)
Loss on the reissuance of debt	2,469				—
Gain on sale of real estate	(2,973		)		(16,607		)
Net impairment losses recognized in earnings	—				802
Linked transactions fair value adjustments	(5,713		)		5,224
Equity in net (earnings) losses of unconsolidated subsidiaries	(4,663		)		888
Changes in operating assets and liabilities, net of acquisitions	6,757				17,404
Net cash (used in) provided by operating activities	(59,355		)		21,545
Change in consolidated VIE-RSO cash for the period	99,001				(59,185		)
Subtotal - Change in cash attributable to consolidated VIE-RSO before eliminations	39,646				(37,640		)
Elimination of intercompany activity	2,714				(291		)
Subtotal - Adjustments to reconcile net income and operating cash flows to net income (loss) of consolidated VIE-RSO	42,360				(37,931		)
Non-cash incentive compensation to Manager	—				484
Elimination of intercompany activity	—				(484		)
Non-cash incentive compensation to Manager, after eliminations	—				—
Net cash (used in) provided by operating activities of consolidated VIE-RSO (excluding eliminations)	(9,862		)		66,832
	Nine Months Ended
	September 30,
	2014				2013
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans	(667,774		)		(555,051		)
Purchase of securities available-for-sale	(145,138		)		(120,599		)
Subtotal - Purchase of loans and securities by consolidated VIE-RSO, before eliminations	(812,912		)		(675,650		)
Eliminations	—				—
Subtotal - Purchase of loans and securities by consolidated VIE-RSO	(812,912		)		(675,650		)
Principal payments received on loans	315,778				487,606
Proceeds from sale of loans	76,314				314,112
Principal payments on securities available-for-sale	40,748				33,010
Proceeds from sale of securities available-for-sale	117,367				7,025
Principal payments received on loans - related parties	2,706				499
Subtotal - principal payments and proceeds from sales received by consolidated VIE-RSO, before eliminations	552,913				842,252
Decrease in restricted cash	18,328				30,079
Items included in "Other investing activity of consolidated VIE-RSO":
Investment in unconsolidated entity	8,911				(25,508		)
Acquisition of Moselle CLO S.A.	(30,433		)		—
Improvement of real estate held-for-sale	—				(404		)
Proceeds from sale of real estate held-for-sale	31,639				37,001
Distributions from investments in real estate	—				522
Improvements in investments in real estate held-for-sale	(225		)		(365		)
Investment in loans - related parties	(849		)		—
Purchase of furniture and fixtures	(69		)		(128		)
Acquisition of property and equipment	(362		)		—
Settlement of derivative instruments for investments	(19,245		)		—
Subtotal - Other investing activity of consolidated VIE-RSO, before eliminations	(10,633		)		11,118
Eliminations	(391		)		—
Subtotal - Other investing activity of consolidated VIE-RSO	(11,024		)		11,118
Net cash (used in) provided by investing activities of consolidated VIE-RSO	(252,304		)		207,799
(excluding eliminations)
	Nine Months Ended
	September 30,
	2014				2013
CASH FLOWS FROM FINANCING ACTIVITIES:
Items included in "Net borrowings (repayments) of debt by consolidated VIE-RSO"
Proceeds from borrowings:
Repurchase agreements	49,234				143,203
Warehouse agreement borrowings	43,000				—
CDO borrowings	235,344				—
Senior Secured Revolving Credit Facility	35,500				—
Reissuance of debt	39,635				—
Payments on borrowings:
Collateralized debt obligations	(301,040		)		(450,437		)
Mortgage payable payments	—				(13,600		)
Warehouse agreement payments	(33,719		)		—
Subtotal - net borrowings (repayments) of debt by consolidated VIE-RSO	67,954				(320,834		)
Distributions paid on common stock	(77,636		)		(68,010		)
Elimination of dividends paid to RAI	1,716				—
Distributions paid on common stock of consolidated VIE-RSO, after eliminations	(75,920		)		(68,010		)
Net proceeds from issuances of common stock (net of offering costs of $0 and $4,228)	—				114,018
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0 and $0)	25,416				19,092
Proceeds from issuance of 8.5% Series A redeemable	8,397				112
preferred shares (net of offering costs of $203 and $3)
Proceeds from issuance of 8.25% Series B redeemable	27,940				51,057
preferred shares (net of offering costs of $363 and $1,091)
Proceeds from issuance of 8.625% Series C redeemable	115,815				—
preferred shares (net of offering costs of $4,005 and $0)
Subtotal - net proceeds from issuance of stock by consolidated VIE-RSO	177,568				184,279
Minority interest equity	12,676				2,200
Payment of debt issuance costs	(7,284		)		(1,740		)
Settlement of derivative instruments	(23		)		—
Payment of equity to third party sub-note holders	(2,183		)		(6,952		)
Distributions paid on preferred stock	(7,907		)		(4,389		)
Subtotal - Other consolidated financing activity of consolidated VIE-RSO, before eliminations	(4,721		)		(10,881		)
Eliminations	175				—
Subtotal - Other consolidated financing activity of consolidated VIE-RSO	(4,546		)		(10,881		)
Net cash provided by (used in) financing activities of consolidated VIE-RSO, excluding eliminations	163,165				(215,446		)
Net (decrease) increase in cash and cash equivalents	(99,001		)		59,185
Cash and cash equivalents, beginning of year of consolidated VIE-RSO	262,270				85,278
Cash and cash equivalents, end of period of consolidated VIE-RSO	$	163,269			$	144,463
Supplemental disclosures:
Interest expense paid in cash	$	26,782			$	28,391
Income taxes paid in cash	$	3,293			$	8,997
Summary of Significant Accounting Policies - RSO
Residential Mortgage Loans Held for Sale
RSO originates residential loans to be funded by permanent investors. RSO may sell or retain the right to service a loan. Mortgage loans held for sale are valued at the lower of cost or market, determined on an aggregate basis for each type of loan after the net effect of any hedging activities including interest rate lock commitments and freestanding loan-related derivatives. Market value is determined using sales commitments to permanent investors or on current market rates for loans of similar quality and type. To the extent the transfer of assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing.
Reclassifications
Certain reclassifications have been made to RSO's 2013 consolidated financial statements to conform to the 2014 presentation.
Variable Interest Entities - RSO
RSO has evaluated its securities, loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred securities (consisting of unsecured junior subordinated notes) and its CDOs in order to determine if the issuing entities qualify as VIEs. RSO monitors these investments and, to the extent it has determined that it owns a material investment in the current controlling class of securities of a particular entity, analyzes the entity for potential consolidation. RSO will continually analyze investments and liabilities, including when there is a reconsideration event, to determine whether such investments or liabilities are VIEs and whether such VIE should be consolidated or deconsolidated.
Consolidated VIEs (RSO is the primary beneficiary)
Based on RSO management’s analysis, RSO is the primary beneficiary of 10 VIEs at September 30, 2014: Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, Whitney CLO I, RCC CRE Notes 2013, RCC CRE 2014, and Moselle CLO. In performing the primary beneficiary analysis for Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, RCC CRE Notes 2013 and RCC CRE 2014, it was determined that the parties that have the power to direct the activities that are most significant to each of these VIEs and who have the right to receive benefits and the obligation to absorb losses that could potentially be significant to these VIEs, are a related party group. It was then determined that RSO was the party within that group that is more closely associated with each such VIE considering the design of the VIE, the principal-agency relationship between RSO and other members of the related-party group, and the relationship and significance of the activities of the VIE to RSO compared to the other members of the related-party group.
Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, RCC CRE Notes 2013 and RCC CRE 2014 were formed on behalf of RSO to invest in real estate-related securities, commercial mortgage-backed securities ("CMBS"), property available-for-sale, bank loans, corporate bonds and asset-backed securities, and were financed by the issuance of debt securities. RSO's manager, a subsidiary of the Company, manages these entities on behalf of RSO. By financing these assets with long-term borrowings through the issuance of bonds, RSO seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The primary beneficiary determination for each of these VIEs was made at each VIE’s inception and is continually assessed.
Moselle CLO is a European securitization in which RSO purchased a $40.0 million interest in the form of subordinate notes representing 100% of the Class 1 Subordinated Notes and 67.9% of the Class 2 Subordinated Notes in February 2014. The CLO is managed by an independent third-party and such collateral management activities were determined to be the activities that most significantly impact the economic performance of the CLO. Though neither RSO nor one of its related parties manage the CLO, due to certain unilateral kick-out rights within the collateral management agreement it was determined that RSO had the power to direct the activities that most significantly impact the economic performance of Moselle CLO. Having both the power to direct the activities that most significantly impact Moselle CLO and a financial interest that is expected to absorb both positive and negative variability in the CLO that could potentially be significant, RSO was determined to be the primary beneficiary of Moselle CLO and, therefore, consolidated the CLO.
Whitney CLO I is a securitization in which RSO acquired rights to manage the collateral assets held by the entity in February 2011. For a discussion on the primary beneficiary analysis for Whitney, see “- Unconsolidated VIEs - Resource Capital Asset Management,” below. For a discussion of RSO’s securitizations, see “Borrowings” below.
On July 9, 2014, RCC Residential together with the Company and certain of its employees acquired through RCM Global a portfolio of securities from JP Morgan for $23.5 million.  The portfolio, is managed by the Company. RCC Residential contributed $15.0 million for a 63.8% membership interest. Each of the members of RCM Global will be allocated the revenue/expenses of RCM Global in accordance with its membership interest. RCM Global was determined not to be a VIE as there was sufficient equity at risk, it does not have disproportionate voting rights and its members have all of the following characteristics (1) the power to direct the activities (2) the obligation to absorb losses and (3) the right to receive residual returns. However, RSO consolidated RCM Global as a result of RSO's majority interest in it.
In September 2014, RSO contributed $17.5 million of capital to Pelium Capital, for an 80.4% interest. Pelium Capital is a specialized credit opportunity fund managed by the Company. RSO will receive 10% of the carried interest in the partnership for the first five years and can increase to 20% if RSO's capital contributions aggregate $40.0 million. The Company contributed securities of $2.8 million to the formation of Pelium Capital. Pelium Capital was determined not to be a VIE as there was sufficient equity at risk, it does not have disproportionate voting rights and its members have all of the following characteristics (1) the power to direct the activities (2) the obligation to absorb losses and (3) the right to receive residual returns. However, Pelium Capital was consolidated by RSO as a result of its majority ownership and RSO's unilateral kick-out rights held. The noncontrolling interest in this vehicle is owned by the Company.
For CLOs in which RSO does not own 100% of the subordinated notes, RSO imputes an interest rate using expected cash flows over the life of the CLO and records the third party's share of the cash flows as interest expense on RSO's consolidated statements of income.
RSO has exposure to losses on its securitizations to the extent of its subordinated debt and preferred equity interests in them. RSO is entitled to receive payments of principal and interest on the debt securities it holds and, to the extent revenues exceed debt service requirements and other expenses of the securitizations, distributions with respect to its preferred equity interests. As a result of consolidation, debt and equity interests RSO holds in these securitizations have been eliminated, and RSO’s consolidated balance sheets reflects both the assets held and debt issued by the securitizations to third parties and any accrued expense to third parties. RSO's operating results and cash flows include the gross amounts related to the securitizations' assets and liabilities as opposed to RSO's net economic interests in the securitizations. Assets and liabilities related to the securitizations are disclosed, in the aggregate, on RSO's consolidated balance sheets.
The creditors of RSO’s ten consolidated VIEs have no recourse to the general credit of RSO or the Company. However, RSO has in the past voluntarily supported two credits in one of its commercial real estate CDOs as the credits went through a restructuring in order to maximize their future cash flows. For the three and nine months ended September 30, 2014, RSO has provided financial support of $209,000 and $758,000, respectively. For the three and nine months ended September 30, 2013, RSO has provided $69,000 and $1.9 million of financial support, respectively. RSO has provided no other financial support to any other of its VIEs nor does it have any requirement to do so, although it may choose to do so in the future to maximize future cash flows on such investments by RSO. There are no explicit arrangements that obligate RSO to provide financial support to any of its consolidated VIEs.
The following table shows the classification and carrying value of assets and liabilities of RSO's consolidated VIEs as of September 30, 2014 (in thousands):
	Apidos I				Apidos				Apidos				Apidos				Whitney CLO I				RREF				RREF				RCC CRE Notes 2013			RCC CRE 2014			Moselle			Total
					III				Cinco				VIII								2006-1				2007-1
ASSETS
Restricted cash (1)	$	15,366			$	3,529			$	24,663			$	5			$	80			$	20			$	250			$	3,337		$	—		$	33,383		$	80,633
Investment securities available-for-sale, pledged as collateral, at fair value	3,452				3,947				11,313				—				—				11,359				67,784				—			—			12,521			110,376
Loans, pledged as collateral	9,896				87,750				274,442				—				—				128,369				204,978				267,963			349,381			83,009			1,405,788
Loans held for sale	35,740				364				570				—				—				—				—				—			—			—			36,674
Interest receivable	(268		)		443				959				—				—				2,471				2,015				1,114			1,332			—			8,066
Prepaid assets	6				7				28				—				—				100				76				—			—			—			217
Principal paydown receivable	—				—				—				—				—				25,803				8,297				—			—			—			34,100
Other assets	—				—				—				—				—				—				—				—			(12		)	—			(12		)
Total	$	64,192			$	96,040			$	311,975			$	5			$	80			$	168,122			$	283,400			$	272,414		$	350,701		$	128,913		$	1,675,842
assets (2)
LIABILITIES
Borrowings	$	47,848			$	83,621			$	284,160			$	—			$	—			$	105,841			$	137,004			$	223,897		$	231,365		$	101,187		$	1,214,923
Accrued interest expense	218				46				289				—				—				44				99				172			123			289			1,280
Derivatives, at fair value	—				—				—				—				—				1,044				6,914				—			—			—			7,958
Accounts payable and other liabilities	22				48				25				195				—				11				1				—			10			(730		)	(418		)
Total liabilities	$	48,088			$	83,715			$	284,474			$	195			$	—			$	106,940			$	144,018			$	224,069		$	231,498		$	100,746		$	1,223,743
-1	Includes $3.6 million available for reinvestment in certain of the securitizations.
-2	Assets of each of the consolidated VIEs may only be used to settle the obligations of each respective VIE.
Unconsolidated VIEs (RSO is not the primary beneficiary, but has a variable interest)
Based on RSO management’s analysis, RSO is not the primary beneficiary of the VIEs discussed below since it does not have both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Accordingly, the following VIEs are not consolidated in RSO’s financial statements as of September 30, 2014. RSO’s maximum exposure to risk for each of these unconsolidated VIEs is set forth in the “Maximum Risk Exposure,” column in the table below.
LEAF Commercial Capital, Inc. ("LEAF")
On November 16, 2011, RSO and LEAF Financial, Inc. ("LEAF Financial"), a subsidiary of the Company), together with Eos Partners, L.P., a private investment firm, and its affiliates ("Eos"), formed LEAF Commercial Capital, Inc. ("LEAF"). In exchange for its prior interests in its lease related investments, RSO received 31,341 shares of Series A Preferred Stock (the "Series A Preferred Stock"), 4,872 shares of newly issued 8% Series B Redeemable Preferred Stock (the "Series B Preferred Stock") and 2,364 shares of newly issued Series D Redeemable Preferred Stock (the "Series D Preferred Stock"), collectively representing, on a fully-diluted basis assuming conversion, a 26.7% interest in LEAF. RSO’s investment in LEAF was valued at $36.3 million based on a third-party valuation. RSO's fully-diluted interest in LEAF assuming conversion is 28.3%. RSO's investment in LEAF was recorded at $40.2 million and $41.0 million as of September 30, 2014 and December 31, 2013, respectively.
RSO determined that it is not the primary beneficiary of LEAF because it does not participate in any management or portfolio decisions, holds only two of six board positions, and only controls 28.3% of the voting rights in the entity. Furthermore, a third-party investor holds consent rights with respect to significant LEAF actions, including incurrence of indebtedness, consummation of a sale of the entity, liquidation or initiating a public offering.
Unsecured Junior Subordinated Debentures
RSO has a 100% interest in the common shares of Resource Capital Trust I (“RCT I”) and RCC Trust II (“RCT II”), valued at $1.5 million in the aggregate (or 3% of each trust). RCT I and RCT II were formed for the purposes of providing debt financing to RSO, as described below. RSO completed a qualitative analysis to determine whether or not it is the primary beneficiary of each of the trusts and determined that it was not the primary beneficiary of either trust because it does not have the power to direct the activities most significant to the trusts, which include the collection of principal and interest and protection of collateral through servicing rights. Accordingly, neither trust is consolidated into RSO’s consolidated financial statements.
RSO records its investments in RCT I and RCT II’s common shares as investments in unconsolidated trusts using the cost method and records dividend income when declared by RCT I and RCT II. The trusts each hold subordinated debentures for which RSO is the obligor in the amount of $25.8 million for RCT I and $25.8 million for RCT II. The debentures were funded by the issuance of trust preferred securities of RCT I and RCT II. RSO will continuously reassess whether it should be deemed to be the primary beneficiary of the trusts.
Resource Capital Asset Management CLOs
In February 2011, RSO purchased a company that managed bank loan assets through five CLOs. As a result, RSO became entitled to collect senior, subordinated and incentive management fees from these CLOs. The purchase price of $22.5 million resulted in an intangible asset that was allocated to each of the five CLOs and is amortized over the expected life of each CLO. The unamortized balance of the intangible asset was $9.9 million and $11.2 million at September 30, 2014 and December 31, 2013, respectively. RSO recognized fee income of $1.2 million and $4.0 million for the three and nine months ended September 30, 2014, respectively, and $1.2 million and $4.2 million for the three and nine months ended September 30, 2013, respectively. With respect to four of these CLOs, RSO determined that it does not hold a controlling financial interest and, therefore, is not the primary beneficiary. One of the CLOs was substantially liquidated in February 2013. With respect to the fifth CLO, Whitney CLO I, in October 2012, RSO purchased 66.6% of its preferred equity. Based upon that purchase, RSO determined that it did have an obligation to absorb losses and/or the right to receive benefits that could potentially be significant to Whitney CLO I and that a related party had the power to direct the activities that are most significant to the VIE. As a result, together with the related party, RSO had both the power to direct and the right to receive benefits and the obligation to absorb losses. It was then determined that, between RSO and the related party, RSO was the party within that group that was more closely associated with Whitney CLO I because of its preferred equity interest in Whitney CLO I. RSO, therefore, consolidated Whitney CLO I. In May 2013, RSO purchased additional equity in this CLO which increased its equity ownership to 68.3% of the outstanding preferred equity of the CLO. In September 2013, RSO substantially liquidated Whitney CLO I, and, as a result, all of the assets were sold.
The following table shows the classification, carrying value and maximum exposure to loss with respect to RSO’s unconsolidated VIEs as of September 30, 2014 (in thousands):
	Unconsolidated Variable Interest Entities
	LEAF				Unsecured Junior Subordinated Debentures				Resource Capital Asset Management CDOs				Total				Maximum Exposure to Loss
Investment in unconsolidated entities	$	40,157			$	1,548			$	—			$	41,705			41,705
Intangible assets	—				—				9,878				9,878				9,878
Total assets	40,157				1,548				9,878				51,583
Borrowings	—				51,154				—				51,154				N/A
Total liabilities	—				51,154				—				51,154				N/A
Net asset (liability)	$	40,157			$	(49,606	)		9,878				$	429			N/A
Other than RSO's commitments to fund its real estate joint ventures, there were no explicit arrangements or implicit variable interests that could require RSO to provide financial support to any of its unconsolidated VIEs.
Supplemental cash flow information - RSO
Supplemental disclosure of cash flow information is summarized for the periods indicated (in thousands):
	Nine Months Ended
	September 30,
	2014				2013
Non-cash financing activities include the following:
Distributions on common stock declared but not paid	$	26,629			$	25,447
Distributions on preferred stock declared but not paid	$	5,555			$	2,023
Issuance of restricted stock	$	890			$	242
Investment securities, trading - RSO
Structured notes are CLO debt securities collateralized by syndicated bank loans. The following table summarizes RSO's structured notes and residential mortgage-backed securities (“RMBS”) which are classified as investment securities, trading and carried at fair value (in thousands):
	Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
September 30, 2014
Structured notes, trading	$	10,821			$	317			$	(2,017	)		$	9,121
RMBS, trading	1,897				—				(1,831		)		66
Total	$	12,718			$	317			$	(3,848	)		$	9,187
December 31, 2013
Structured notes, trading	$	8,057			$	4,050			$	(1,000	)		$	11,107
RMBS, trading	1,919				—				(1,468		)		451
Total	$	9,976			$	4,050			$	(2,468	)		$	11,558
RSO sold two securities during the nine months ended September 30, 2014, for a realized gain of $2.5 million. RSO held 19 and eight investment securities, trading as of September 30, 2014 and December 31, 2013, respectively.
Investment securities available-for-sale - RSO
RSO pledges a portion of its CMBS as collateral against its borrowings under repurchase agreements and derivatives. CMBS that are accounted for as components of linked transactions are not reflected in the tables set forth in this note, as they are accounted for as derivatives.
Asset-backed securities ("ABS") are CLO debt securities collateralized by syndicated bank loans. The following table summarizes RSO's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
	Amortized				Unrealized Gains				Unrealized Losses				Fair Value
	Cost
30-Sep-14
CMBS	$	176,970			$	5,856			$	(7,510	)		$	175,316
RMBS	30,697				848				—				31,545
ABS	60,980				12,211				(1,435		)		71,756
Corporate bonds	2,413				12				(24		)		2,401
Total	$	271,060			$	18,927			$	(8,969	)		$	281,018
31-Dec-13
CMBS	$	185,178			$	7,570			$	(12,030	)		$	180,718
ABS	30,775				1,644				(394		)		32,025
Corporate bonds	2,517				16				(70		)		2,463
Total	$	218,470			$	9,230			$	(12,494	)		$	215,206
The following table summarizes the estimated maturities of RSO’s investment securities according to their estimated weighted average life classifications (in thousands, except percentages):
Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
30-Sep-14
Less than one year	$	50,160			$	56,395			3.84	%
Greater than one year and less than five years	142,079				133,098				5.03	%
Greater than five years and less than ten years	44,913				38,301				5.32	%
Greater than ten years	43,866				43,266				5.4	%
Total	$	281,018			$	271,060			4.97	%
31-Dec-13
Less than one year	$	39,256			$	40,931			5.25	%
Greater than one year and less than five years	139,700				141,760				4.69	%
Greater than five years and less than ten years	26,526				25,707				1.1	%
Greater than ten years	9,724				10,072				7.9	%
Total	$	215,206			$	218,470			4.49	%
The contractual maturities of the CMBS investment securities available-for-sale range from October 2014 to December 2022.  The contractual maturities of the ABS investment securities available-for-sale range from October 2014 to October 2050.
The contractual maturities of the corporate bond investment securities available-for-sale range from December 2015 to December 2019.
The following table shows the fair value, gross unrealized losses and number of securities aggregated by investment category and length of time, of those individual investment securities available-for-sale that have been in a continuous unrealized loss position during the periods specified (in thousands, except number of securities):
	Less than 12 Months											More than 12 Months											Total
	Fair Value				Unrealized				Number of Securities			Fair Value				Unrealized				Number of Securities			Fair Value				Unrealized				Number of Securities
					Losses											Losses											Losses
As of September 30, 2014
CMBS	$	35,833			$	(580	)		18			$	27,065			$	(6,930	)		14			$	62,898			$	(7,510	)		32
ABS	13,792				(1,248		)		13			4,410				(187		)		7			18,202				(1,435		)		20
Corporate Bonds	1,439				(24		)		1			—				—				—			1,439				(24		)		1
Total temporarily	$	51,064			$	(1,852	)		32			$	31,475			$	(7,117	)		21			$	82,539			$	(8,969	)		53
impaired securities
As of December 31, 2013
CMBS	$	52,012			$	(7,496	)		34			$	14,159			$	(4,534	)		10			$	66,171			$	(12,030	)		44
ABS	143				(1		)		1			6,692				(393		)		9			6,835				(394		)		10
Corporate Bonds	865				(70		)		1			—				—				—			865				(70		)		1
Total temporarily	$	53,020			$	(7,567	)		36			$	20,851			$	(4,927	)		19			$	73,871			$	(12,494	)		55
impaired securities
The unrealized losses in the above table are considered to be temporary impairments due to market factors and are not reflective of credit deterioration.
RSO has no losses included in earnings due to other-than-temporary impairment charges during the three and nine months ended September 30, 2014, respectively. RSO had $255,000 and $276,000 of losses included in earnings due to the other-than-temporary impairment charges during the three and nine months ended September 30, 2013, respectively, on positions that supported RSO's CMBS investments.
The following table summarizes RSO's sales of investment securities available-for-sale, (in thousands, except number of securities):
	Positions		Par Amount Sold				Realized Gain (Loss)
	Sold
As of September 30, 2014
CMBS	3		$	15,970			$	480
ABS	3		$	6.947			$	3.484
As of December 31, 2013
CMBS	4		$	14,500			$	466
Corporate bonds	35		$	34,253			$	(474	)
The amounts above do not include redemptions. During the three and nine months ended September 30, 2014, RSO redeemed one and two corporate bond positions with a total par value of $1.0 million and $1.6 million, and recognized a gain of $48,000 and $48,000, respectively. During the three and nine months ended September 30, 2013, RSO had two corporate bond positions redeemed with a total par value of $3.5 million, and a recognized a gain of $11,000. During the three and nine months ended September 30, 2014, RSO had one ABS position redeemed with a total par value of $2.5 million, and recognized a gain of $25,500. During the three and nine months ended September 30, 2013, RSO had no ABS positions redeemed.
Changes in interest rates may also have an effect on the rate of principal prepayments and, as a result, prepayments on RSO’s investment portfolio. The aggregate discount (premium) recognized as of the periods indicated (in thousands) are:
	September 30,				December 31,
	2014				2013
CMBS	$	3,609			$	6,583
RMBS	$	1,876			$	—
ABS	$	2,431			$	2,394
Corporate bonds	$	42			$	(68	)
Investments real estate - RSO
The table below summarizes RSO's investments in real estate (in thousands, except number of properties):
		As of December 31, 2013
		Book Value				Number of Properties
Multifamily property		$	22,107			1
Office property		10,273				1
Subtotal		32,380
Less:  Accumulated depreciation		(2,602		)
Investments in real estate		$	29,778
During the three and nine months ended September 30, 2014, RSO made no acquisitions. RSO has two assets classified as property available-for-sale at September 30, 2014. RSO confirmed the intent and ability to sell its office property and multifamily property in their present condition during the three and nine months ended September 30, 2014. These properties qualified for held for sale accounting treatment upon meeting all applicable criteria on or prior to September 30, 2014, at which time RSO ceased recording depreciation and amortization. As such, the assets associated with the office property and multifamily property, with a carrying value of $9.6 million and $19.8 million, respectively, are separately classified and included in property available-for sale on RSO's consolidated balance sheets at September 30, 2014. However, the anticipated sale of these properties did not qualify for treatment as discontinued operations and, therefore, the operations for all periods presented continue to be classified within continuing operations on RSO's consolidated statements of income. RSO expects the sale of both properties to close by the end of the year. Pre-tax earnings recorded on the office property for the three and nine months ended September 30, 2014 were gains of $48,000 and $23,000, respectively, and losses of $72,000 and $225,000 for the three and nine months ended September 30, 2013, respectively. Pre-tax earnings recorded on the multifamily property for the three and nine months ended September 30, 2014 was income of $119,000 and a loss of $4,000, respectively, and a loss of $93,000 and a gain of $13,000 for the three and nine months ended September 30, 2013, respectively. RSO's hotel property was sold in April 2014 for a gain of $3.0 million and is recorded in (loss) gain on sale of real estate on RSO's consolidated statements of income.
During the three and nine months ended September 30, 2013, RSO made no acquisitions and sold one of its multifamily properties for a gain of $16.6 million, which was recorded in (loss) gain on sale of real estate on RSO's consolidated statements of income.
Loans held for investments - RSO
The following is a summary of RSO’s loans held for investment (in thousands):
Loan Description		Principal				Unamortized Discount (1)				Carrying
										Value (2)
As of September 30, 2014
Commercial real estate loans:
Whole loans		$	1,028,393			$	(5,422	)		$	1,022,971
B notes		16,164				(57		)		16,107
Mezzanine loans		67,400				(95		)		67,305
Total commercial real estate loans		1,111,957				(5,574		)		1,106,383
Bank loans		642,419				(2,221		)		640,198
Residential mortgage loans, held for investment		2,825				—				2,825
Subtotal loans before allowances		1,757,201				(7,795		)		1,749,406
Allowance for loan loss		(4,507		)		—				(4,507		)
Total loans held for investment		1,752,694				(7,795		)		1,744,899
Bank loans held-for-sale		36,674				—				36,674
Residential mortgage loans held-for-sale		54,708				—				54,708
Total loans held-for-sale		91,382				—				91,382
Total loans		$	1,844,076			$	(7,795	)		$	1,836,281
As of December 31, 2013
Commercial real estate loans:
Whole loans		$	749,083			$	(3,294	)		$	745,789
B notes		16,288				(83		)		16,205
Mezzanine loans		64,417				(100		)		64,317
Total commercial real estate loans		829,788				(3,477		)		826,311
Bank loans		559,206				(4,033		)		555,173
Residential mortgage loans, held for investment		1,849				—				1,849
Subtotal loans before allowances		1,390,843				(7,510		)		1,383,333
Allowance for loan loss		(13,807		)		—				(13,807		)
Total loans held for investment		1,377,036				(7,510		)		1,369,526
Bank loans held-for-sale		6,850				—				6,850
Residential mortgage loans held-for-sale		15,066				—				15,066
Total loans held-for-sale		21,916				—				21,916
Total loans		$	1,398,952			$	(7,510	)		$	1,391,442
-1	Amounts include deferred amendment fees of $133,000 and $216,000 and deferred upfront fees of $97,000 and $141,000 being amortized over the life of the bank loans as of September 30, 2014 and December 31, 2013, respectively.  Amounts include loan origination fees of $5.6 million and $3.3 million and loan extension fees of $0 and $73,000 being amortized over the life of the commercial real estate loans as of September 30, 2014 and December 31, 2013, respectively.
-2	Substantially all loans are pledged as collateral under various borrowings at September 30, 2014 and December 31, 2013, respectively.
At September 30, 2014 and December 31, 2013, approximately 33.1% and 39.0%, respectively, of RSO’s commercial real estate loan portfolio was concentrated in California; approximately 8.9% and 6.4%, respectively, in Arizona; and approximately 21.0% and 14.6%, respectively, in Texas. At September 30, 2014 and December 31, 2013, approximately 15.5% and 15.8%, respectively, of RSO’s bank loan portfolio was concentrated in the collective industry grouping of healthcare, education and childcare. At September 30, 2014, approximately 56.5% of RSO's residential mortgage loans were originated in Georgia, 6.1% in North Carolina, 8.7% in Utah, 5.5% in Alabama and 7.0% in Virginia. At December 31, 2013, approximately 66.0% of the Company's residential mortgage loans were originated in Georgia, 9.0% in North Carolina, 7.0% each in Tennessee and Virginia and 6.0% in Alabama.
At September 30, 2014, RSO’s bank loan portfolio including, loans held-for-sale, consisted of $676.4 million (net of allowance of $464,000) of floating rate loans, which bear interest ranging between the three month LIBOR plus 1.5%, and the three month LIBOR plus 15.0% with maturity dates ranging from December 2014 to February 2024.
At December 31, 2013, RSO’s bank loan portfolio including, loans held-for-sale, consisted of $558.6 million (net of allowance of $3.4 million) of floating rate loans, which bore interest ranging between the three month LIBOR plus 1.5%, and the three month LIBOR plus 10.5% with maturity dates ranging from January 2014 to December 2021.
The following is a summary of the weighted average remaining lives of RSO’s bank loans held for investment, at amortized cost and loans held-for-sale, at the lower of cost or market (in thousands):
	September 30,				December 31,
	2014				2013
Less than one year	$	46,779			$	36,985
Greater than one year and less than five years	479,790				379,874
Five years or greater	150,303				145,164
	$	676,872			$	562,023
The following is a summary of RSO’s commercial real estate loans held for investment (in thousands):
Description		Quantity		Amortized				Contracted		Maturity
				Cost				Interest Rates		Dates (3)
As of September 30, 2014
Whole loans, floating rate (1) (4) (5)		60		$	1,022,971			LIBOR plus 1.75% to		January 2015 to February 2019
								LIBOR plus 15.00%
B notes, fixed rate		1		16,107				8.68%		Apr-16
Mezzanine loans, floating rate		1		12,544				LIBOR plus 15.32%		Apr-16
Mezzanine loans, fixed rate (6)		3		54,761				0.50% to 18.71%		September 2016 to
										Sep-21
Total (2)		65		$	1,106,383
As of December 31, 2013
Whole loans, floating rate (1) (4)		51		$	745,789			LIBOR plus 2.68% to		March 2014 to
								LIBOR plus 12.14%		Feb-19
B notes, fixed rate		1		16,205				8.68%		Apr-16
Mezzanine loans, floating rate		1		12,455				LIBOR plus 15.32%		Apr-16
Mezzanine loans, fixed rate (6)		3		51,862				0.50% to 18.72%		September 2014 to
										Sep-19
Total (2)		56		$	826,311
-1	Whole loans had $68.3 million and $13.7 million in unfunded loan commitments as of September 30, 2014 and December 31, 2013, respectively.  These unfunded commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained.
-2	The total does not include an allowance for loan loss of $4.0 million and $10.4 million as of September 30, 2014 and December 31, 2013, respectively.
-3	Maturity dates do not include possible extension options that may be available to the borrowers.
-4	As of September 30, 2014, floating rate whole loans includes $4.0 million and $12.0 million mezzanine components of two whole loans, which have fixed rates of 15.0% and 12.0%, respectively.
-5	Floating rate whole loans include a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of September 30, 2014.
-6	Fixed rate mezzanine loans include a mezzanine loan that was modified into two tranches, which both currently pay interest at 0.48%. In addition, the subordinate tranche accrues interest at LIBOR plus 18.50% which is deferred until maturity.
The following is a summary of the weighted average maturity of RSO’s commercial real estate loans, at amortized cost (in thousands):
Description		2014				2015				2016 and Thereafter				Total
As of September 30, 2014
B notes		$	—			$	—			$	16,107			$	16,107
Mezzanine loans		—				—				67,305				67,305
Whole loans		—				—				1,022,971				1,022,971
Total (1)		$	—			$	—			$	1,106,383			$	1,106,383
As of December 31, 2013
B notes		$	—			$	—			$	16,205			$	16,205
Mezzanine loans		5,711				—				58,606				64,317
Whole loans		—				17,949				727,840				745,789
Total (1)		$	5,711			$	17,949			$	802,651			$	826,311
-1	Weighted average life of commercial real estate loans assumes full exercise of extension options available to borrowers.
The following table provides information as to the lien position status of RSO's consolidated bank loans, (in thousands):
	Amortized Cost
	Apidos I				Apidos III				Apidos Cinco				Whitney CLO I				Northport LLC (1)				Moselle				Total
As of September 30, 2014
Loans held for investment:
First lien loans	$	9,895			$	87,107			$	270,598			—				$	101,021			$	80,721			$	549,342
Second lien loans	—				—				3,604				—				83,614				2,201				89,419
Third lien loans	—				—				—				—				—				—				—
Defaulted first lien loans	—				—				—				—				—				—				—
Defaulted second lien loans	—				972				379				—				—				86				1,437
Total	9,895				88,079				274,581				—				184,635				83,008				640,198
First lien loans held-for-sale, at fair value	35,738				365				571				—				—				—				36,674
Total	$	45,633			$	88,444			$	275,152			—				$	184,635			$	83,008			$	676,872
As of December 31, 2013
Loans held for investment:
First lien loans	$	79,483			$	126,890			$	296,368			$	72			$	31,974			—				$	534,787
Second lien loans	—				—				1,139				—				7,805				—				8,944
Third lien loans	3,020				2,475				2,463				—				—				—				7,958
Defaulted first lien loans	1,206				1,124				486				—				—				—				2,816
Defaulted second lien loans	334				334				—				—				—				—				668
Total	84,043				130,823				300,456				72				39,779				—				555,173
First lien loans held-for-sale, at fair value	537				651				1,189				—				4,473				—				6,850
Total	$	84,580			$	131,474			$	301,645			$	72			$	44,252			—				$	562,023
-1	In September 2014, Resource TRS LLC and RCC Commercial transferred all loans to Northport LLC. At December 31, 2013, Resource TRS LLC and RCC Commercial held a total of $34.0 million and $10.3 million of loans, respectively, at amortized cost.
The following is a summary of the allocation of the allowance for loan loss (in thousands, except percentages) by asset class:
Description		Allowance for Loan Loss				Percentage of
						Total Allowance
As of September 30, 2014
B notes		$	69			1.53%
Mezzanine loans		289				6.41%
Whole loans		3,685				81.76%
Bank loans		464				10.30%
Total		$	4,507
As of December 31, 2013
B notes		$	174			1.26%
Mezzanine loans		559				4.05%
Whole loans		9,683				70.13%
Bank loans		3,391				24.56%
Total		$	13,807
As of September 30, 2014, RSO had recorded an allowance for loan losses on loans held for investment of $4.5 million consisting of a $464,000 allowance on RSO’s bank loan portfolio and a $4.0 million allowance on RSO’s commercial real estate portfolio.
As of December 31, 2013, RSO had recorded an allowance for loan losses on loans held for investment of $13.8 million consisting of a $3.4 million allowance on RSO’s bank loan portfolio and a $10.4 million allowance on RSO’s commercial real estate portfolio.
Investments in unconsolidated entities - RSO
The following table shows RSO's investments in unconsolidated entities as of September 30, 2014 and December 31, 2013 and equity in net earnings (losses) of unconsolidated subsidiaries for the three and nine months ended September 30, 2014 and 2013 (in thousands):
											Equity in Net Earnings (Losses) of Unconsolidated Subsidiary
			Balance as of				Balance as of				For the three months ended				For the three months ended				For the three months ended				For the nine months ended
	Ownership %		September 30,				December 31, 2013				September 30,				September 30,				September 30,				September 30, 2013
			2014								2014				2013				2014
Värde Investment Partners, L.P.	7.50%		$	654			$	674			$	—			$	6			$	(19	)		$	49
RRE VIP Borrower, LLC	3% to 5%		—				—				770				(521		)		2,506				(735		)
Investment in LCC Preferred Stock	28.30%		40,157				41,016				13				(346		)		(859		)		(378		)
Investment in CVC	29.57%		18,181				16,177				47				433				2,004				526
Global Credit Opportunities
Fund (1)
Investment in Life Care Funding (1)	50.20%		—				1,530				—				(107		)		(75		)		(350		)
Investment in School Lane House (4)			—				975				57				—				1,106				—
Subtotal			58,992				60,372				887				(535		)		4,663				(888		)
Investment in RCT I and II (2)	3%		1,548				1,548				601				1,785				1,785				1,800
Investment in Preferred Equity (3)			—				7,149				—				332				410				821
Total			$	60,540			$	69,069			$	1,488			$	1,582			$	6,858			$	1,733
-1	RSO began consolidating this investment during the first quarter of 2014. Ownership % represents ownership after consolidation.
-2	For the three and nine months ended September 30, 2014 and 2013, these amounts are recorded in interest expense on RSO's consolidated statements of income.
-3	For the three and nine months ended September 30, 2014 and 2013, these amounts are recorded in interest income on loans on RSO's consolidated statements of income.
-4	Investment in School Lane House and preferred equity were sold as of September 30, 2014.
In January 2013, Long Term Care Conversion ("LTCC") invested $2.0 million into Life Care Funding, LLC ("LCF") for the purpose of originating and acquiring life settlement contracts. In February 2014, RSO invested an additional $1.4 million which resulted in the consolidation of LCF during the first quarter of 2014.
Financing receivables - RSO
The following tables show the allowance for loan losses and recorded investments in loans for the years indicated (in thousands):
	Commercial Real Estate Loans				Bank Loans				Residential Mortgage Loans				Loans Receivable-Related Party				Total
As of September 30, 2014
Allowance for Loan Losses:
Allowance for losses at January 1, 2014	$	10,416			$	3,391			$	—			$	—			$	13,807
(Recovery) provision for loan losses	(3,708		)		1,033				—				936				(1,739		)
Loans charged-off	(2,665		)		(3,960		)		—				—				(6,625		)
Allowance for losses at September 30, 2014	$	4,043			$	464			$	—			$	936			$	5,443
Ending balance:
Individually evaluated for impairment	$	—			$	464			$	—			$	936			$	1,400
Collectively evaluated for impairment	$	4,043			$	—			$	—			$	—			$	4,043
Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—
Loans:
Ending balance:
Individually evaluated for impairment	$	165,960			$	2,340			$	—			$	5,108			$	173,408
Collectively evaluated for impairment (1)	$	940,423			$	637,772			$	2,825			$	—			$	1,581,020
Loans acquired with deteriorated credit quality	$	—			$	86			$	—			$	—			$	86
As of December 31, 2013
Allowance for Loan Losses:
Allowance for losses at January 1, 2013	$	7,986			$	9,705			$	—			$	—			$	17,691
Provision for loan losses	2,686				334				—				—				3,020
Loans charged-off	(256		)		(6,648		)		—				—				(6,904		)
Allowance for losses at December 31, 2013	$	10,416			$	3,391			$	—			$	—			$	13,807
Ending balance:
Individually evaluated for impairment	$	4,572			$	2,621			$	—			$	—			$	7,193
Collectively evaluated for impairment	$	5,844			$	770			$	—			$	—			$	6,614
Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—
Loans:
Ending balance: (2)
Individually evaluated for impairment	$	194,403			$	3,554			$	—			$	6,966			$	204,923
Collectively evaluated for impairment	$	631,908			$	558,469			$	16,915			$	—			$	1,207,292
Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—
-1	Loan ending balance contains $83.0 million of loan value for which the fair value option has been elected. As such, no allowance for loan losses has been recognized for these loans.
-2	Loan balances as of December 31, 2013 include loans held-for-sale.
Credit quality indicators
Bank Loans
RSO uses a risk grading matrix to assign grades to bank loans.  Loans are graded at inception and updates to assigned grades are made continually as new information is received.  Loans are graded on a scale of 1-5 with 1 representing RSO’s highest rating and 5 representing its lowest rating.  RSO also designates loans that are sold after the period end as held for sale at the lower of their fair market value or cost, net of any allowances and costs associated with the loan sales.  RSO considers factors such as performance of the underlying company, liquidity, collectability of interest, enterprise valuation, default probability, ratings from rating agencies and industry dynamics in grading its bank loans.
Credit risk profiles of bank loans were as follows (in thousands):
	Rating 1				Rating 2				Rating 3				Rating 4				Rating 5				Held for Sale				Total
As of September 30, 2014
Bank loans	$	632,588			$	—			$	6,173			$	—			$	1,437			$	36,674			$	676,872
As of December 31, 2013
Bank loans	$	488,004			$	42,476			$	18,806			$	2,333			$	3,554			$	6,850			$	562,023
All of RSO’s bank loans were performing with the exception of two loans with an amortized cost of $1.4 million as of September 30, 2014. Due to the consolidation of Moselle CLO in February 2014, RSO acquired four loans with deteriorated credit quality with an amortized cost of $86,000 as of September 30, 2014. As of December 31, 2013, all of RSO’s bank loans were performing with the exception of three loans with an amortized cost of $3.6 million, one of which defaulted in 2012, one of which defaulted as of March 31, 2013, and one of which defaulted as of June 30, 2013.
Commercial Real Estate Loans
RSO uses a risk grading matrix to assign grades to commercial real estate loans.  Loans are graded at inception and updates to assigned grades are made continually as new information is received.  Loans are graded on a scale of 1-4 with 1 representing RSO’s highest rating and 4 representing its lowest rating.  RSO designates loans that are sold after the period ends at the lower of their fair market value or cost, net of any allowances and costs associated with the loan sales.  In addition to the underlying performance of the loan collateral, RSO considers factors such as the strength of underlying sponsorship, payment history, collectability of interest, structural credit enhancements, market trends and loan terms in grading its commercial real estate loans.
Credit risk profiles of commercial real estate loans were as follows (in thousands):
	Rating 1				Rating 2				Rating 3				Rating 4				Total
As of September 30, 2014
Whole loans	$	990,471			$	32,500			$	—			$	—			$	1,022,971
B notes	16,107				—				—				—				16,107
Mezzanine loans	45,447				21,858				—				—				67,305
	$	1,052,025			$	54,358			$	—			$	—			$	1,106,383
As of December 31, 2013
Whole loans	$	680,718			$	32,500			$	32,571			$	—			$	745,789
B notes	16,205				—				—				—				16,205
Mezzanine loans	51,862				12,455				—				—				64,317
	$	748,785			$	44,955			$	32,571			$	—			$	826,311
All of RSO’s commercial real estate loans were current as of September 30, 2014 and December 31, 2013.
Residential Mortgage Loans
Residential mortgage loans are reviewed periodically for collectability in light of historical experience, the nature and amount of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing underlying conditions. RSO also designates loans that are sold after the period ends as held for sale at the lower of their fair market value or cost.
Loans Receivable - Related Party
RSO recorded a $936,000 allowance for loan loss during the nine months ended September 30, 2014 on a related party loan due to defaults on two individually significant credits in the related party fund holding the loan that caused an unplanned cash flow deficiency.
Loan Portfolios Aging Analysis
The following table shows the loan portfolio aging analysis as of the dates indicated at cost basis (in thousands):
	30-59				60-89				Greater				Total Past Due				Current				Total				Total Loans > 90 Days and Accruing
	Days				Days				than												Loans
									90 Days												Receivable
As of September 30, 2014
Whole loans	$	—			$	—			$	—			$	—			$	1,022,971			$	1,022,971			$	—
B notes	—				—				—				—				16,107				16,107				—
Mezzanine loans	—				—				—				—				67,305				67,305				—
Bank loans (1) (2)	774				—				1,652				2,426				674,446				676,872				—
Residential mortgage loans (3)	—				251				117				368				57,165				57,533				—
Loans receivable-related party	—				—				—				—				5,108				5,108				—
Total loans	$	774			$	251			$	1,769			$	2,794			$	1,843,102			$	1,845,896			$	—
As of December 31, 2013
Whole loans	$	—			$	—			$	—			$	—			$	745,789			$	745,789			$	—
B notes	—				—				—				—				16,205				16,205				—
Mezzanine loans	—				—				—				—				64,317				64,317				—
Bank loans (2)	—				—				3,554				3,554				558,469				562,023				—
Residential mortgage loans (3)	234				91				268				593				16,322				16,915				—
Loans receivable-related party	—				—				—				—				6,966				6,966				—
Total loans	$	234			$	91			$	3,822			$	4,147			$	1,408,068			$	1,412,215			$	—
-1	Contains loans for which the fair value method was elected with an unpaid principal balance of $4.5 million with a fair value of $86,000 at September 30, 2014.
-2	Contains $36.7 million and $6.9 million of bank loans held for sale at September 30, 2014 and December 31, 2013, respectively.
-3	Contains $54.7 million and $15.1 million of residential mortgage loans held for sale at September 30, 2014 and December 31, 2013, respectively.
Impaired Loans
The following tables show impaired loans as of the dates indicated (in thousands):
	Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized
As of September 30, 2014
Loans without a specific valuation allowance:
Whole loans	$	127,888			$	127,888			$	—			$	126,591			$	11,882
B notes	$	—			$	—			$	—			$	—			$	—
Mezzanine loans	$	38,072			$	38,072			$	—			$	38,072			$	2,543
Bank loans	$	86			$	86			$	—			$	86			$	—
Residential mortgage loans	$	2,825			$	2,825			$	—			$	2,825			$	107
Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
Loans with a specific valuation allowance:
Whole loans	$	—			$	—			$	—			$	—			$	—
B notes	$	—			$	—			$	—			$	—			$	—
Mezzanine loans	$	—			$	—			$	—			$	—			$	—
Bank loans	$	2,340			$	2,340			$	(464	)		$	287			$	—
Residential mortgage loans	$	—			$	—			$	—			$	—			$	—
Loans receivable - related party	$	3,929			$	3,929			$	(936	)		$	4,831			$	221
Total:
Whole loans	$	127,888			$	127,888			$	—			$	126,591			$	11,882
B notes	—				—				—				—				—
Mezzanine loans	38,072				38,072				—				38,072				2,543
Bank loans	2,426				2,426				(464		)		373				—
Residential mortgage loans	2,825				2,825				—				2,825				107
Loans receivable - related party	3,929				3,929				(936		)		4,831				221
	$	175,140			$	175,140			$	(1,400	)		$	172,692			$	14,753
	Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized
As of December 31, 2013
Loans without a specific valuation allowance:
Whole loans	$	130,759			$	130,759			$	—			$	123,495			$	8,439
B notes	$	—			$	—			$	—			$	—			$	—
Mezzanine loans	$	38,072			$	38,072			$	—			$	38,072			$	1,615
Bank loans	$	—			$	—			$	—			$	—			$	—
Residential mortgage loans	$	315			$	268			$	—			$	—			$	—
Loans receivable - related party	$	5,733			$	5,733			$	—			$	—			$	—
Loans with a specific valuation allowance:
Whole loans	$	25,572			$	25,572			$	(4,572	)		$	24,748			$	1,622
B notes	$	—			$	—			$	—			$	—			$	—
Mezzanine loans	$	—			$	—			$	—			$	—			$	—
Bank loans	$	3,554			$	3,554			$	(2,621	)		$	—			$	—
Residential mortgage loans	$	—			$	—			$	—			$	—			$	—
Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
Total:
Whole loans	$	156,331			$	156,331			$	(4,572	)		$	148,243			$	10,061
B notes	—				—				—				—				—
Mezzanine loans	38,072				38,072				—				38,072				1,615
Bank loans	3,554				3,554				(2,621		)		—				—
Residential mortgage loans	315				268				—				—				—
Loans receivable - related party	5,733				5,733				—				—				—
	$	204,005			$	203,958			$	(7,193	)		$	186,315			$	11,676
Troubled- Debt Restructurings
The following tables show troubled-debt restructurings in RSO's loan portfolio (in thousands):
	Number of Loans			Pre-Modification Outstanding Recorded Balance				Post-Modification Outstanding Recorded Balance
Three Months Ended September 30, 2014
Whole loans	2			$	16,039			$	16,039
B notes	—			—				—
Mezzanine loans	1			38,072				38,072
Bank loans	—			—				—
Loans receivable - related party	—			—				—
Total loans	3			$	54,111			$	54,111
Three Months Ended September 30, 2013
Whole loans	2			$	48,374			$	52,716
B notes	—			—				—
Mezzanine loans	—			—				—
Bank loans	—			—				—
Lease receivables	—			—				—
Loans receivable - related party	—			—				—
Total loans	2			$	48,374			$	52,716
Nine Months Ended September 30, 2014
Whole loans	2			$	16,039			$	16,039
B notes	—			—				—
Mezzanine loans	1			38,072				38,072
Bank loans	—			—				—
Loans receivable - related party	—			—				—
Total loans	3			$	54,111			$	54,111
Nine Months Ended September 30, 2013
Whole loans	4			$	104,702			$	109,044
B notes	—			—				—
Mezzanine loans	—			—				—
Bank loans	—			—				—
Lease receivables	—			—				—
Loans receivable - related party	1			6,592				6,592
Total loans	5			$	111,294			$	115,636
As of September 30, 2014 and 2013, there were no troubled-debt restructurings that subsequently defaulted.
Intangible assets - RSO
RSO expects to record amortization expense on intangible assets of approximately $2.1 million for the year ended December 31, 2014, $2.0 million for the year ended December 31, 2015, $1.8 million for the years ended December 31, 2016 and 2017 and $1.6 million for the year ended December 31, 2018.  The weighted average amortization period was 6.8 years and 7.7 years at September 30, 2014 and December 31, 2013, respectively and the accumulated amortization was $11.6 million and $12.5 million at September 30, 2014 and December 31, 2013, respectively.
The following table summarizes intangible assets (in thousands).
	Asset Balance				Accumulated Amortization				Net Asset
As of September 30, 2014
Investment in RCAM	$	21,213			$	(11,325	)		$	9,888
Investment in PCM:
Wholesale or correspondent relationships	600				(234		)		366
Total intangible assets	$	21,813			$	(11,559	)		$	10,254
As of December 31, 2013
Investment in RCAM	$	21,213			$	(9,980	)		$	11,233
Investments in real estate:
In-place leases	2,461				(2,430		)		31
Above market leases	29				(29		)		—
Investment in PCM:
Wholesale or correspondent relationships	600				(42		)		558
Total intangible assets	$	24,303			$	(12,481	)		$	11,822
For the three and nine months ended September 30, 2014, RSO recognized $1.2 million and $4.0 million, respectively, of fee income related to the investment in RCAM. For the three and nine months ended September 30, 2013, RSO recognized $1.2 million and $4.2 million, respectively, of fee income related to the investment in RCAM.
Borrowings - RSO
RSO historically has financed the acquisition of its investments, including investment securities, loans and lease receivables, through the use of secured and unsecured borrowings in the form of CDOs, CLOs securitized notes, repurchase agreements, secured term facilities, warehouse facilities and trust preferred securities issuances.  Certain information with respect to RSO’s borrowings is summarized in the following table (in thousands, except percentages):
	Outstanding Borrowings				Unamortized Issuance Costs and Discounts				Principal Outstanding				Weighted Average Borrowing Rate			Weighted Average Remaining Maturity		Value of Collateral
As of September 30, 2014
RREF CDO 2006-1 Senior Notes	$	105,841			$	1			$	105,842			1.93	%		31.9 years		$	139,267
RREF CDO 2007-1 Senior Notes	137,004				242				137,246				1.06	%		32.0 years		273,839
RCC CRE Notes 2013	223,897				2,943				226,840				2.1	%		14.2 years		269,371
RCC CRE 2014	231,365				3,979				235,344				1.44	%		17.6 years		347,511
Apidos CDO I Senior Notes	47,848				—				47,848				2.54	%		2.8 years		63,956
Apidos CDO III Senior Notes	83,621				—				83,621				1.11	%		6.0 years		94,516
Apidos Cinco CDO Senior Notes	284,160				358				284,518				0.74	%		5.6 years		303,385
Moselle CLO S.A. Senior Notes, at fair value (6)	94,904				—				94,904				1.19	%		5.3 years		127,312
Moselle CLO S.A. Securitized Borrowings, at fair value (1)	5,212				—				5,212				1.19	%		N/A		—
Unsecured Junior Subordinated Debentures (2)	51,154				394				51,548				0.04	%		22.1 years		—
6.0% Convertible Senior Notes	107,979				7,021				115,000				6	%		4.2 years		—
CRE - Term Repurchase Facilities (3)	55,280				654				55,934				2.32	%		20 days		83,133
CMBS - Term Repurchase Facility (4)	21,559				—				21,559				1.43	%		23 days		26,540
RMBS - Term Repurchase Facility (5)	22,705				55				22,760				1.15	%		1 day		28,533
Residential Mortgage Financing Agreements	48,885				—				48,885				3.56	%		278 days		68,417
CMBS - Short Term Repurchase Agreements	36,633				—				36,633				1.53	%		23 days		47,224
Senior Secured Revolving Credit Agreement (7)	32,911				2,589				35,500				4.13	%		3 years		184,167
Total	$	1,590,958			$	18,236			$	1,609,194			1.98%			12.2 years		$	2,057,171
	Outstanding Borrowings				Unamortized Issuance Costs and Discounts				Principal Outstanding				Weighted Average Borrowing Rate			Weighted Average Remaining Maturity		Value of Collateral
As of December 31, 2013
RREF CDO 2006-1 Senior Notes	$	94,004			$	205			$	94,209			1.87	%		32.6 years		$	169,115
RREF CDO 2007-1 Senior Notes	177,837				719				178,556				0.84	%		32.8 years		318,933
RCC CRE Notes 2013	256,571				4,269				260,840				2.03	%		15.0 years		305,586
Apidos CDO I Senior Notes	87,131				—				87,131				1.68	%		3.6 years		103,736
Apidos CDO III Senior Notes	133,209				117				133,326				0.88	%		6.7 years		145,930
Apidos Cinco CDO Senior Notes	321,147				853				322,000				0.74	%		6.4 years		342,796
Whitney CLO I Securitized Borrowings (1)	440				—				440				—	%		N/A		885
Unsecured Junior Subordinated Debentures (2)	51,005				543				51,548				4.19	%		22.8 years		—
6.0% Convertible Senior Notes	106,535				8,465				115,000				6	%		4.9 years		—
CRE - Term Repurchase Facilities (3)	29,703				1,033				30,736				2.67	%		21 days		48,186
CMBS - Term Repurchase Facility (4)	47,601				12				47,613				1.38	%		21 days		56,949
Residential Mortgage Financing Agreements	14,627				—				14,627				4.24	%		56 days		16,487
Total	$	1,319,810			$	16,216			$	1,336,026			1.87	%		13.1 years		$	1,508,603
-1	The securitized borrowings are collateralized by the same assets as the Moselle CLO Securitized Borrowings, the Apidos CLO VIII Senior Notes and the Whitney CLO I securitized borrowings, respectively.
-2	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
-3	Amounts also include accrued interest costs of $43,000 and $26,000 related to CRE repurchase facilities as of September 30, 2014 and December 31, 2013, respectively.
-4	Amounts also include accrued interest costs of $23,000 and $22,000 related to CMBS repurchase facilities as of September 30, 2014 and December 31, 2013, respectively. Amounts do not reflect CMBS repurchase agreement borrowings that are components of linked transactions.
-5	Amount also includes accrued interest costs of $21,000 related to RMBS repurchase facilities as of September 30, 2014.
-6	The fair value option has been elected for the borrowings associated with Moselle CLO. As such, the outstanding borrowings and principal outstanding amounts are states at fair value. The unpaid principal amounts of these borrowings were $95.0 million at September 30, 2014.
-7	Weighted average borrowing rate included $25.0 million borrowed at the JP Morgan Chase Bank prime rate to fund the closing on investments. These borrowings were subsequently converted to the lower contracted LIBOR rate and began accruing interest at 2.66% as of October 1, 2014.
Securitizations
Securitization		Closing Date		Maturity Dates		Reinvestment		Total Note
						Period End		Paydowns as of September 30, 2014
								(in millions)
RREF CDO 2006-1 Senior Notes		Aug-06		Aug-46		Sep-11		$	117.1
RREF CDO 2007-1 Senior Notes		Jun-07		Sep-46		Jun-12		$	129.8
RCC CRE Notes 2013		Dec-13		Dec-28		N/A		$	34
RCC CRE 2014		Jul-14		Apr-32		N/A		$	—
Apidos CDO I Senior Notes		Aug-05		Jul-17		Jul-11		$	271.7
Apidos CDO III Senior Notes		May-06		Sep-20		Jun-12		$	178.9
Apidos Cinco CDO Senior Notes		May-07		May-20		May-14		$	36.3
Moselle CLO S.A. Senior Notes		Oct-05		Jan-20		Jan-12		$	68.6
Moselle CLO S.A. Securitized Borrowings		Oct-05		Jan-20		Jan-12		$	—
The investments held by RSO's securitizations have collateralized the debt issued by the securitizations and, as a result, are not available to RSO, its creditors, or stockholders. All senior notes purchased and retained by RSO as of September 30, 2014 eliminate in the RSO consolidation.
RCC CRE 2014
In July 2014, RSO closed RCC CRE 2014, a $353.9 million CRE securitization transaction that provided financing for transitional commercial real estate loans.  The investments held by RCC CRE 2014 securitized the debt it issued and, as a result, the investments are not available to RSO, its creditors or stockholders.  RCC CRE 2014 issued a total of $235.3 million of senior notes at par to unrelated investors.  RCC Real Estate purchased 100% of the Class C senior notes (rated B2:Moody's) for $17.7 million.  In addition, RREF 2014-CRE2 Investor, LLC, a subsidiary of RCC Real Estate, purchased a $100.9 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RCC CRE 2014, but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RCC CRE 2014. There is no reinvestment period for RCC CRE 2014, which will result in the sequential paydown of notes as underlying collateral matures and paydown.
At closing, the senior notes issued to investors by RCC CRE 2014 consisted of the following classes: (i) $196.4 million of Class A notes bearing interest at one-month LIBOR plus1.05%; (ii) $38.9 million of Class B notes bearing interest at one-month LIBOR plus 2.5%; and (iii) $17.7 million of Class C notes bearing interest at one-month LIBOR plus 4.25%.  All of the notes issued mature in April 2032, although RSO has the right to call the notes anytime after July 2016 until maturity.  The weighted average interest rate on all notes issued to outside investors was 1.44% at September 30, 2014.
Moselle CLO S.A.
In February 2014, RSO purchased 100% of the Class 1 Subordinated Notes and 67.9% of the Class 2 Subordinated Notes, which represented 88.6% of the subordinated notes Moselle CLO. Due to RSO's economic interest combined with its contractual, unilateral kick-out rights acquired upon its purchase of a majority of the subordinate notes, RSO determined that it had a controlling financial interest and consolidated Moselle CLO.  The notes purchased by RSO are subordinated in right of payment to all other notes issued by Moselle CLO.
The balances of the senior notes issued to investors when RSO acquired a controlling financial interest in February 2014 were as follows: (i) €24.9 million of Class A-1E notes bearing interest at LIBOR plus 0.25%; (ii) $24.9 million of Class A-1L notes bearing interest at LIBOR  plus 0.25%; (iii) €10.3 million of Class A-1LE notes bearing interest at LIBOR  plus 0.31%; (iv) $10.3 million of Class A-1LE USD notes bearing interest at LIBOR  plus 0.31% (v) €13.8 million of Class A-2E notes bearing interest at LIBOR  plus 0.40%; (vi) $13.8 million of Class A-2L notes bearing interest at LIBOR plus 0.40%; (vii) €6.8 million of Class A-3E notes bearing interest at LIBOR plus 0.70%; (viii) $6.8 million of Class A-3L notes bearing interest at LIBOR plus 0.75%; (ix) €16.0 million of Class B-1E notes bearing interest at LIBOR plus 1.80%; and (x) $16.0 million of Class B-1L notes bearing interest at LIBOR plus 1.85%.
All notes issued mature on January 6, 2020. RSO has the right to call the notes anytime after January 6, 2010 until maturity. The weighted average interest rate on all notes was 1.19% at September 30, 2014.
Repurchase and Mortgage Finance Facilities
Borrowings under the repurchase and mortgage finance facilities agreements were guaranteed by RSO or one of its subsidiaries. The following table sets forth certain information with respect to RSO's borrowings is summarized in the following table (dollars in thousands):
	September 30, 2014												December 31, 2013
	Outstanding Borrowings				Value of Collateral				Number of Positions as Collateral		Weighted Average Interest Rate		Outstanding Borrowings				Value of Collateral				Number of Positions as Collateral		Weighted Average Interest Rate
CMBS Term Repurchase Facility
Wells Fargo Bank (1)	$	21,559			$	26,540			30		1.43%		$	47,601			$	56,949			44		1.38%
CRE Term Repurchase Facilities
Wells Fargo Bank (2)	47,704				71,822				4		2.21%		30,003				48,186				8		2.67%
Deutsche Bank AG (3)	7,576				11,311				1		3.03%		(300		)		—				—		—%
Short-Term Repurchase Agreements - CMBS
Deutsche Bank Securities, LLC	25,575				29,529				8		1.47%		—				—				—		—%
Wells Fargo Securities, LLC	11,058				17,695				1		1.66%		—				—				—		—%
RMBS Term Repurchase Facility
Wells Fargo Bank (4)	22,705				28,533				6		1.15%		—				—				—		—%
Residential Mortgage Financing Agreements
New Century Bank	16,526				17,831				94		3.45%		11,916				13,089				74		4.17%
ViewPoint Bank, NA	4,395				6,079				22		2.78%		2,711				3,398				17		4.58%
Wells Fargo Bank	27,963				44,508				66		3.75%		—				—				—		—%
Totals	$	185,061			$	253,848							$	91,931			$	121,622
-1	The Wells Fargo CMBS term facility borrowing includes zero and $12,000 of deferred debt issuance costs as of September 30, 2014 and December 31, 2013, respectively.
-2	The Wells Fargo CRE term repurchase facility borrowing includes $260,000 and $732,000 of deferred debt issuance costs as of September 30, 2014 and December 31, 2013, respectively.
-3	The Deutsche Bank term repurchase facility includes $395,000 and $300,000 of deferred debt issuance costs as of September 30, 2014 and December 31, 2013, respectively.
-4	The Wells Fargo RMBS term repurchase facility includes $55,000 of deferred debt issuance costs as of September 30, 2014.
The assets in the following table are accounted for as linked transactions. These linked repurchase agreements are not included in borrowings on RSO's consolidated balance sheets.
	September 30, 2014												December 31, 2013
	Borrowings				Value of Collateral Under Linked Transactions				Number of Positions as Collateral Under Linked Transactions		Weighted Average Interest Rate		Borrowings				Value of Collateral Under Linked Transactions				Number of Positions as Collateral Under Linked Transactions		Weighted Average Interest Rate
	Under										of Linked		Under										of Linked
	Linked										Transactions		Linked										Transactions
	Transactions (1)												Transactions (1)
CMBS Term
Repurchase
Facility
Wells Fargo Bank	$	5,153			$	6,736			7		1.66%		$	6,506			$	8,345			7		1.65%
CRE Term
Repurchase
Facility
Wells Fargo Bank	—				—				—		—%		—				—				—		—%
Short-Term
Repurchase
Agreements -
CMBS
JP Morgan Securities, LLC	—				—				—		—%		17,020				24,814				4		0.99%
Wells Fargo Securities, LLC	4,146				6,262				2		1.37%		21,969				30,803				9		1.19%
Deutsche Bank Securities, LLC	20,437				30,869				9		1.46%		18,599				29,861				9		1.43%
Totals	$	29,736			$	43,867							$	64,094			$	93,823
The following table shows information about the amount at risk under the repurchase facilities (dollars in thousands):
	Amount				Weighted Average Maturity in Days		Weighted Average Interest Rate
	at Risk (1)
30-Sep-14
CMBS Term Repurchase Facility
Wells Fargo Bank, National Association (2)	$	7,353			20		1.43%
RMBS Term Repurchase Facility
Wells Fargo Bank, National Association	$	5,233			1		1.15%
CRE Term Repurchase Facilities
Wells Fargo Bank, National Association	$	23,677			20		2.21%
Deutsche Bank Securities, LLC	$	3,266			20		3.03%
Short-Term Repurchase Agreements - CMBS
JP Morgan Securities, LLC (3)	$	—			0		—%
Wells Fargo Securities, LLC	$	23,677			8		1.66%
Deutsche Bank Securities, LLC	$	3,326			29		1.47%
Residential Mortgage Financing Agreements
New Century Bank	$	17,016			334		3.45%
View Point Bank, NA	$	4,485			91		2.78%
Wells Fargo Bank	$	32,494			275		3.75%
31-Dec-13
CMBS Term Repurchase Facility
Wells Fargo Bank, National Association (2)	$	10,796			21		1.38%
CRE Term Repurchase Facilities
Wells Fargo Bank, National Association	$	20,718			21		2.67%
Short-Term Repurchase Agreements - CMBS
JP Morgan Securities, LLC (3)	$	7,882			11		0.99%
Wells Fargo Securities, LLC	$	8,925			2		1.19%
Deutsche Bank Securities, LLC	$	11,418			22		1.43%
-1	Equal to the estimated fair value of securities or loans sold, plus accrued interest income, minus the sum of repurchase agreement liabilities plus accrued interest expense.
-2	$5.2 million and $6.5 million of linked repurchase agreement borrowings are being included as derivative instruments as of September 30, 2014 and December 31, 2013, respectively.
-3	There are no linked repurchase agreement borrowings being included as derivative instruments as of September 30, 2014. As of December 31, 2013 $17.0 million of linked repurchase agreement borrowings were being included as derivative instruments.
RMBS - Term Repurchase Facility
In June 2014, RSO's wholly-owned subsidiaries, RCC Resi Portfolio and RCC Resi TRS (the “Sellers”) entered into a master repurchase and securities contract (the “2014 Facility”) with Wells Fargo.  Under the 2014 Facility, from time to time the parties may enter into transactions in which the Sellers and Wells Fargo agree to transfer from the Sellers to Wells Fargo all of their right, title and interest to certain residential mortgage backed securities and other assets against the transfer of funds by Wells Fargo to the Sellers, with a simultaneous agreement by Wells Fargo to transfer back to the Sellers such assets at a date certain or on demand, against the transfer of funds from the Sellers to Wells Fargo. The maximum amount of the 2014 Facility is $285.0 million which has an original one year term with a one year option to extend, and a maximum interest rate of 1.45% plus a 4.00% pricing margin.  The 2014 Facility has a current maturity date of June 22, 2015.
The 2014 Facility contains customary events of default, including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, and the institution of bankruptcy or insolvency proceedings that remain unstayed. The remedies for such events of default are also customary for this type of transaction and include the acceleration of all obligations of the Sellers to repay the purchase price for purchased assets.
The 2014 Facility also contains margin call provisions relating to a decline in the market value of a security. Under these circumstances, Wells Fargo may require the Sellers to transfer cash in an amount sufficient to eliminate any margin deficit resulting from such a decline.
Under the terms of the 2014 Facility and pursuant to a guarantee agreement dated June 20, 2014 (the “2014 Guaranty”), RSO agreed to unconditionally and irrevocably guarantee to Wells Fargo the prompt and complete payment and performance of (a) all payment obligations owing by the Sellers to Wells Fargo under or in connection with the 2014 Facility and any other governing agreements and any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (b) all expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by Wells Fargo in the enforcement of any of the foregoing or any obligation of the registrant; and (c) any other obligations of the Sellers with respect to Wells Fargo under each of the governing documents. The 2014 Guaranty includes covenants that, among other things, limit the RSO's leverage and debt service ratios and require maintenance of certain levels of cash and net worth. Sellers and RSO were in compliance with all financial debt covenants under the 2014 Facility and 2014 Guaranty as of September 30, 2014.
CRE - Term Repurchase Facilities
On July 19, 2013, RCC Real Estate's wholly owned subsidiary, RCC Real Estate SPE 5 ("SPE 5"), entered into a master repurchase and securities agreement (the "DB Facility") with Deutsche Bank AG, Cayman Islands Branch ("DB") to finance the origination of commercial real estate loans.  The DB Facility has a maximum amount of $200.0 million and an initial 12 month term, that ended on July 19, 2014. RSO paid an extension fee of 0.25% of the maximum facility amount to exercise the first of two one-year extensions at the option of SPE 5. The facility's current termination date is July 19, 2015. RSO guaranteed SPE 5's performance of its obligations under the DB Facility.
Residential Mortgage Financing Agreements
PCM has a master repurchase agreement with New Century Bank d/b/a Customer's Bank ("New Century") to finance the acquisition of residential mortgage loans. The facility has a maximum amount of $30.0 million and a termination date of August 30, 2015, which was amended from the original terms over the course of seven amendments.
At June 30, 2014, PCM received a waiver from ViewPoint Bank, NA on a covenant that requires PCM to maintain consolidated net income of at least one dollar for the preceding twelve month period and not allow PCM's consolidated net income to be a negative number for three consecutive months. The waiver removed all existing defaults and waived the net income covenant requirement until September 30, 2014. PCM was in compliance with all other financial covenant requirements under the agreement as of September 30, 2014.
In July 2014, PCM entered into a master repurchase agreement with Wells Fargo Bank, NA ("Wells Fargo") to finance the acquisition of residential mortgage loans. The Wells Fargo facility contains provisions that provide Wells Fargo with certain rights if certain credit events have occurred with respect to one or more assets financed on the Wells Fargo facility to either require PCM to repay a portion of the advance on such asset(s) or repay such advance in full (by repurchase of such asset(s)). Depending on the nature of the credit event, such repayment may be required notwithstanding the availability of interest and principal payments from assets financed on the Wells Fargo facility, or may only be required to the extent of the availability of such payments. The facility has a maximum amount of $75.0 million and a termination date of July 2, 2015.
The Wells Fargo facility contains events of default (subject to certain materiality thresholds and grace periods) customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency proceedings; a change in the nature of PCM's business as a mortgage banker as presently conducted; breaches of covenants and/or certain representations and warranties; performance defaults by PCM; and a judgment in an amount greater than 250,000 against PCM. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the Wells Fargo facility and the liquidation by Wells Fargo of assets then subject to the Wells Fargo facility.
At September 30, 2014, PCM received a waiver from Wells Fargo Bank, NA on covenants that require PCM to maintain a combined loan-to-value ratio of at least 75% and a minimum adjusted tangible net worth of $30.0 million. The waiver removed all existing defaults and waived the required covenants as of September 30, 2014. PCM is in compliance with all other covenants under the agreement as of September 30, 2014.
Senior Secured Revolving Credit Facility
Effective September 18, 2014, RSO, through an indirect wholly-owned subsidiary, Northport LLC, closed a $110.0 million syndicated senior secured revolving credit facility with JP Morgan as the agent bank. On September 30, 2014, the accordion feature of the facility was exercised to bring the facility capacity to $225.0 million and concurrently an additional $15.0 million was secured through the addition of Customer's Bank to the syndicate, bringing the effective commitment to $125.0 million. At September 30, 2014, $35.5 million was outstanding on the facility. The facility bears interest at optional rates as either the Prime Rate or LIBOR/the Federal Funds rate as base rates, plus a spread, plus an applicable margin (either 1.50% or 2.50%). RSO guaranteed Northport LLC's performance of its obligations under this credit facility.
Related party transactions - RSO
Relationship with LEAF. LEAF Financial Corporation originated and managed equipment leases and notes on behalf of RSO. On March 5, 2010, RSO entered into agreements with Lease Equity Appreciation Fund II, L.P. (“LEAF II”) (an equipment leasing partnership sponsored by LEAF Financial and of which a LEAF Financial subsidiary is the general partner), pursuant to which RSO provided an $8.0 million credit facility to LEAF II.  The credit facility initially had a one year term at 12% per year, payable quarterly, and was secured by all the assets of LEAF II.  RSO received a 1% origination fee in connection with establishing the facility.  The facility originally matured on March 3, 2011 and was extended until September 3, 2011 with a 1% extension fee paid on the outstanding loan balance.  On June 3, 2011, RSO entered into an amendment to extend the maturity to February 15, 2012 and decrease the interest rate from 12% to 10% per annum resulting in a troubled-debt restructuring under current accounting guidance.  On February 15, 2012, the credit facility was further amended to extend the maturity to February 15, 2013 with a 1% extension fee accrued and added to the amount outstanding.  On January 11, 2013, RSO entered into a further amendment to extend the maturity to February 15, 2014 with an additional 1% extension fee accrued and added to the amount outstanding. On December 17, 2013, RSO entered into a further amendment to extend the maturity to February 15, 2015. Principal payments of $1.8 million were made during nine months ended September 30, 2014. During the three and nine months ended September 30, 2014, RSO recorded an allowance for loan loss on this loan of $236,000 and $936,000, respectively. The loan amount outstanding at September 30, 2014 and December 31, 2013 was $3.9 million (net of allowance of $936,000) and $5.7 million, respectively.
RSO's resulting interest from the formation of LEAF is accounted for under the equity method. For the three and nine months ended September 30, 2014, RSO recorded a gain of $13,000 and a loss of $859,000, respectively, and for the three and nine months ended September 30, 2013,recorded earnings of $304,000 and losses of $32,000 which was recorded in equity in net earnings (losses) of unconsolidated subsidiaries on RSO's consolidated statement of income.  RSO’s investment in LEAF was $40.2 million and $41.0 million as of September 30, 2014 and December 31, 2013, respectively.
Relationship with CVC Credit Partners. CVC Credit Partners manages internally and externally originated bank loan assets on RSO’s behalf.  On February 24, 2011, a subsidiary of RSO purchased 100% of the ownership interests in Churchill Pacific Asset Management LLC ("CPAM") from Churchill Financial Holdings LLC for $22.5 million.  CPAM subsequently changed its name to Resource Capital Asset Management ("RCAM"). Through RCAM, RSO was initially entitled to collect senior, subordinated and incentive fees related to five CLOs holding approximately $1.9 billion in assets managed by RCAM.  RCAM is assisted by CVC Credit Partners in managing these CLOs.  CVC Credit Partners is entitled to 10% of all subordinated fees and 50% of the incentive fees received by RCAM.  For the three and nine months ended September 30, 2014, CVC Credit Partners earned subordinated fees of $309,000 and $1.0 million, respectively. For the three and nine months ended September 30, 2013, CVC Credit Partners earned subordinated fees of $160,000 and $515,000. In October 2012, RSO purchased 66.6% of the preferred equity in one of the RCAM CLOs. In May 2013, RSO purchased additional equity interest in this CLO, increasing its ownership to 68.3%. In September 2013, this CLO was liquidated and the notes were paid down in full. Another RCAM-managed CLO also elected to redeem its outstanding notes in whole in February 2013.
In May, June and July 2013, RSO invested a total of $15.0 million into a limited partnership agreement with CVC Global Credit Opportunities Fund, L.P. which generally invests in assets through the Master Fund. The fund will pay the investment manager a quarterly management fee in advance calculated at the rate of 1.5% annually based on the balance of each limited partner's capital account. RSO's management fee was waived upon entering the agreement since RSO is a related party of CVC Credit Partners. For the three and nine months ended September 30, 2014, RSO recorded earnings of $47,000 and $2.0 million, which was recorded in equity in net earnings (losses) of unconsolidated subsidiaries on RSO's consolidated statements of income. For the three and nine months ended September 30, 2013, RSO recorded earnings of $93,000. The fund's investment balance of $18.2 million and $16.2 million as of September 30, 2014 and December 31, 2013, respectively, is recorded as an investment in unconsolidated entities on RSO's consolidated balance sheets using the equity method.
Relationship with Ledgewood.  Until 1996, Edward E. Cohen, a director who was RSO’s Chairman from its inception until November 2009, was of counsel to Ledgewood, P.C., a law firm.  In addition, one of RSO’s executive officers, Jeffrey F. Brotman, was employed by Ledgewood until 2007.  Mr. E. Cohen receives certain debt service payments from Ledgewood related to the termination of his affiliation with Ledgewood and its redemption of his interest in the firm.  Mr. Brotman also receives certain debt service payments from Ledgewood related to the termination of his affiliation with the firm.  For the three and nine months ended September 30, 2014, RSO paid Ledgewood $45,000 and $202,000, respectively, and for the three and nine months ended September 30, 2013 $70,000 and $155,000 in connection with legal services rendered to RSO.
Fair value of financial instruments
The following table presents information about RSO’s assets (including derivatives that are presented net) measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by RSO to determine such fair value as follows (in thousands):
	Level 1				Level 2				Level 3				Total
As of September 30, 2014
Assets:
Investment securities, trading	$	—			$	—			$	9,187			$	9,187
Investment securities available-for-sale	870				1,530				278,618				281,018
CMBS - linked transactions	—				—				14,272				14,272
Derivatives (net)	—				21,618				—				21,618
Total assets at fair value	$	870			$	23,148			$	302,077			$	326,095
Liabilities:
Derivatives (net)	$	—			$	872			$	7,958			$	8,830
Total liabilities at fair value	$	—			$	872			$	7,958			$	8,830
As of December 31, 2013
Assets:
Investment securities, trading	$	—			$	—			$	11,558			$	11,558
Investment securities available-for-sale	2,370				92				207,375				209,837
CMBS - linked transactions	—				—				30,066				30,066
Total assets at fair value	$	2,370			$	92			$	248,999			$	251,461
Liabilities:
Derivatives (net)	$	—			$	395			$	10,191			$	10,586
Total liabilities at fair value	$	—			$	395			$	10,191			$	10,586
The following table presents additional information about assets which are measured at fair value on a recurring basis for which RSO has utilized Level 3 inputs (in thousands):
	CMBS Including Linked Transactions				ABS				RMBS				Structured Finance				Total
Beginning balance, January 1, 2014	$	210,785			$	26,656			$	451			$	11,107			$	248,999
Total gains or losses (realized or unrealized):
Included in earnings	142				5,118				31				(2,454		)		2,837
Purchases	105,572				61,402				31,058				3,999				202,031
Sales	(99,151		)		(20,100		)		—				(2,050		)		(121,301		)
Paydowns	(36,768		)		(10,412		)		(825		)		—				(48,005		)
Included in OCI	9,009				9,091				897				(1,481		)		17,516
Transfers out of Level 2	—				—				—				—				—
Transfers into Level 3	—				—				—				—				—
Ending balance, September 30, 2014	$	189,589			$	71,755			$	31,612			$	9,121			$	302,077
In accordance with FASB ASC Topic 820-10-50-2-bbb, RSO is not required to disclose quantitative information with respect to unobservable inputs contained in fair value measurements that are not developed by RSO. As such, RSO has not disclosed such information associated with fair values obtained from third-party pricing sources. Because RSO is not able to obtain significant observable inputs and market data points due to a change in methodology whereby RSO began using a third party valuation firm to determine fair value. RSO reclassified $94.9 million of CMBS (including certain CMBS accounted for as linked transactions), to Level 3 during the year ended December 31, 2013.
The following table presents additional information about liabilities which are measured at fair value on a recurring basis for which RSO has utilized Level 3 inputs (in thousands):
	Level 3
Beginning balance, January 1, 2014	$	10,191
Unrealized losses – included in accumulated other comprehensive income	(2,233		)
Ending balance, September 30, 2014	$	7,958
RSO had no losses included in earnings due to other-than-temporary impairment charges during the three and nine months ended September 30, 2014, respectively. RSO had $255,000 and $811,000 of losses included in earnings due to the other-than-temporary impairment charges during the three and nine months ended September 30, 2013, respectively. These losses are included in RSO's consolidated statements of operations as net impairment losses recognized in earnings.
Loans held for sale consist of bank loans and CRE loans identified for sale due to credit concerns.  Interest on loans held for sale is recognized according to the contractual terms of the loan and included in interest income on loans.  The fair value of bank loans held for sale and impaired bank loans is based on what secondary markets are currently offering for these loans.  As such, RSO classifies these loans as nonrecurring Level 2.  For RSO’s CRE loans where there is no primary market, fair value is measured using discounted cash flow analysis and other valuation techniques and these loans are classified as nonrecurring Level 3. The amount of nonrecurring fair value losses for impaired loans for the three and nine months ended September 30, 2014 was $807,000 and $1.2 million, respectively. For the three and nine months ended September 30, 2013, nonrecurring fair value losses for impaired loans was $69,000 and $3.1 million, respectively, and is included in the consolidated statements of operations as provision for loan and lease losses.
The following table summarizes the financial assets and liabilities measured at fair value on a nonrecurring basis and indicates the fair value hierarchy of the valuation techniques utilized by RSO to determine such fair value as follows (in thousands):
	Level 1				Level 2				Level 3				Total
As of September 30, 2014
Assets:
Loans held for sale	$	—			$	36,674			$	54,708			$	91,382
Impaired loans	—				893				—				893
Total assets at fair value	$	—			$	37,567			$	54,708			$	92,275
As of December 31, 2013
Assets:
Loans held for sale	$	—			$	6,850			$	15,066			$	21,916
Impaired loans	—				225				—				225
Total assets at fair value	$	—			$	7,075			$	15,066			$	22,141
For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows (in thousands):
	Fair Value at				Valuation Technique		Significant		Significant
	30-Sep-14						Unobservable Inputs		Unobservable
									Input Value
Interest rate swap agreements	$	7,958			Discounted cash flow		Weighted average credit spreads		5.12	%
RSO is required to disclose the fair value of financial instruments for which it is practicable to estimate that value.  The fair value of short-term financial instruments such as cash and cash equivalents, restricted cash, principal paydown receivable, interest receivable, distribution payable and accrued interest expense approximates their carrying value on the consolidated balance sheets.  The fair value of RSO’s investment securities-trading is reported in section D. "Investment securities - trading" above. The fair value of RSO’s investment securities available-for-sale is reported in section E. "Investment securities available-for-sale" above.
Loans held-for-investment:  The fair value of RSO’s Level 2 Loans held-for-investment are primarily measured using a third-party pricing service.  The fair value of RSO’s Level 3 Loans held-for-investment are measured by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
Loans receivable-related party are estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
CDO notes are valued using the dealer quotes, typically the dealer who underwrote the CDO in which the notes are held. Moselle CLO is valued using a third-party pricing specialist.
Junior subordinated notes are estimated by obtaining quoted prices for similar assets in active markets.
RSO elected the fair value option for Moselle CLO when it consolidated it in 2014. The fair value option was elected for this CLO due to the relative pricing visibility on both the underlying assets and the notes of the CLO. Additionally, RSO believes the fair value option also better reflects the nature and intent of the management's investment in this vehicle. RSO recorded a gain of $2.2 million and $3.5 million on the fair value of loans of Moselle CLO and a loss of $2.6 million and $3.0 million on the fair value of the notes of Moselle CLO as net realized and unrealized gain/(loss) on investment securities available-for-sale and loans for the three and nine months ended September 30, 2014 on the consolidated statement of income. The interest income recorded to interest income-loans on the consolidated income statement and the interest expense recorded to interest expense on the consolidated income statement were calculated at the coupon rate. At September 30, 2014 there were no significant gains or losses for the assets or liabilities due to credit risk.
The fair values of RSO’s remaining financial instruments that are not reported at fair value on its consolidated balance sheets are reported in the following table (in thousands):
					Fair Value Measurements
	Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
As of September 30, 2014
Loans held-for-investment (1)	$	1,744,899			$	1,730,763			$	—			$	632,815			$	1,097,948
Loans receivable-related party	$	4,172			$	4,172			$	—			$	—			$	4,172
CDO notes (2)	$	1,213,852			$	1,131,145			$	—			$	1,131,145			$	—
Junior subordinated notes	$	51,154			$	17,648			$	—			$	—			$	17,648
Repurchase agreements	$	185,062			$	185,062			$	—			$	—			$	185,062
Senior secured revolving credit agreement	$	32,911			$	32,911			$	—			$	—			$	32,911
As of December 31, 2013
Loans held-for-investment	$	1,369,526			$	1,358,434			$	—			$	545,352			$	813,082
Loans receivable-related party	$	6,966			$	6,966			$	—			$	—			$	6,966
CDO notes	$	1,070,339			$	653,617			$	—			$	653,617			$	—
Junior subordinated notes	$	51,005			$	17,499			$	—			$	—			$	17,499
Repurchase agreements	$	77,304			$	77,304			$	—			$	—			$	77,304
-1	Contains loans for which the fair value method was elected with an unpaid principal balance of $89.2 million and a fair value of $83.0 million at September 30, 2014.
-2	Contains notes for which the fair value method was elected with an unpaid principal balance of $95.0 million and a fair value of $92.5 million at September 30, 2014.
RAI - Other VIEs
In March 2014, the Company made a payment under a guarantee on behalf of a VIE that it does not consolidate. As a result of the payment, the Company re-evaluated the VIE for consolidation and determined to exclude it on the basis of immateriality to the consolidated financial statements.
VIEs not consolidated
The Company’s investments in the structured finance entities that hold investments in trust preferred assets (the “Trapeza entities”) and asset-backed securities (the "Ischus entities”), and RREGPS were all determined to be VIEs that the Company does not consolidate as it does not have the obligation of, or right to, losses or earnings that would be significant to those entities.  The Company has not provided financial or other support to these VIEs and has no liabilities, contingent liabilities, or guarantees (implicit or explicit) related to these VIEs at September 30, 2014.
The following table presents the carrying amounts of the assets in the Company's consolidated balance sheets that relate to the Company's variable interests in identified nonconsolidated VIEs and the Company's maximum exposure to loss associated with these VIEs in which it holds variable interests at September 30, 2014 (in thousands):
	Receivables from				Investments				Maximum Exposure
	Managed Entities and Related								to Loss in
	Parties, Net (1)								Non-consolidated
									VIEs
Ischus entities	$	158			$	—			$	158
Trapeza entities	—				661				661
RREGPS	—				716				716
	$	158			$	1,377			$	1,535
-1	Exclusive of expense reimbursements due to the Company.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	NOTE 20 - SUBSEQUENT EVENTS
	The Company has evaluated subsequent events through the filing of this form and determined that there have not been any events that have occurred that would require adjustments to or disclosures in the consolidated financial statements, except the following:
	On October 27, 2014, RSO called and liquidated Apidos CDO I.  Proceeds from the liquidation were used to pay the notes down in full.
	On October 31, 2014, RSO agreed to a modification of the terms of its Wells CRE repurchase facility agreement.  The modification increases the facility maximum by $150.0 million from $250.0 million to $400.0 million and extends the facility's maturity date to August 27, 2016.  The modification has also increased the facility's maximum single asset concentration limit and reduced the minimum portfolio debt yield tests requirement.  The modification also reduced pricing spreads on select portfolio assets.  RSO paid a structuring fee of $1.6 million upon the closing of the modification.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements reflect the Company's accounts and the accounts of the Company's majority-owned and/or controlled subsidiaries. The Company follows the provisions of Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and accordingly consolidates entities that are variable interest entities (“VIEs”) where it has determined that it is the primary beneficiary of such entities. Once it is determined that the Company holds a variable interest in a VIE, management must perform a qualitative analysis to determine (i) if the Company has the power to direct the matters that most significantly impact the VIE's financial performance; and (ii) if the Company has the obligation to absorb the losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be significant to the VIE. If the Company's interest possesses both of these characteristics, the Company is deemed to be the primary beneficiary and would be required to consolidate the VIE. The Company continually assesses its involvement with VIEs and re-evaluates the requirement to consolidate them. The portions of these entities that the Company does not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements.
	All intercompany transactions and balances have been eliminated in the Company's consolidated financial statements.
Use of Estimates	'
	Use of Estimates
	Preparation of the Company's consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and costs and expenses during the reporting period. The Company makes estimates of its allowance for credit losses, the valuation allowance against its deferred tax assets, discounts and collectability of management fees, the valuation of stock-based compensation, and in determining whether a decrease in the fair value of an investment is an other-than-temporary impairment. The real estate and financial fund management segments make assumptions in determining the fair value of investments in investment securities. Actual results could differ from these estimates.
Financing Receivables - Receivables from Managed Entities	'
	Financing Receivables - Receivables from Managed Entities
	The Company performs a review of the collectability of its receivables from managed entities on a quarterly basis.  If upon review there is an indication of impairment, the Company will analyze the future cash flows of the managed entity.  With respect to the receivables from its commercial finance investment partnerships, this takes into consideration several assumptions by management, primarily concerning estimates of future bad debts and recoveries.  For receivables from the real estate investment entities, the Company estimates the cash flows through the sale of the underlying properties based on projected net operating income as a multiple of published capitalization rates, as reduced by the underlying mortgage balances and priority distributions due to the investors.
Investment Securities	'
	Investment Securities
	The Company’s investment securities available-for-sale, including investments in the collateralized loan obligation ("CLO") issuers it sponsored, are carried at fair value.  The fair value of the CLO investments is based primarily on internally-generated expected cash flow models that require significant management judgment and estimates due to the lack of market activity and the use of unobservable pricing inputs.  The investments in the common stock of The Bancorp, Inc. (NASDAQ: TBBK) and in Resource Real Estate Diversified Income Fund ("DIF") (NASDAQ: RREDX), affiliated entities, are valued at the closing prices of the respective publicly-traded stocks.  The Company's investment in Resource Real Estate Global Property Securities ("RREGPS"), a Company-sponsored and managed Australian investment fund which is structured as a unit trust, is valued at net asset value. The cumulative net unrealized gains (losses) on these investment securities, net of tax, is reported through accumulated other comprehensive income (loss).  Realized gains (and losses) on the sale of investments are determined on the trade date on the basis of specific identification and are included in net operating results. Securities that are held principally for resale in the near term are recorded as trading securities at fair value with changes in fair value recorded in earnings.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to the 2013 consolidated financial statements to conform to the 2014 presentation.
Recent Accounting Standards	'
	Recent Accounting Standards
	Newly-Adopted Accounting Principles
	The Company’s adoption of the following standard during the nine months ended September 30, 2014 did not have a material impact on its consolidated financial position, results of operations or cash flows:
	In July 2013, the Financial Accounting Standards Board ("FASB") issued guidance that addresses the diversity in practice regarding financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The guidance requires an unrecognized tax benefit, or a portion thereof, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent the deferred tax asset is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position, the guidance requires that the unrecognized tax benefit be presented in the financial statements as a liability and not combined with the deferred tax asset. The guidance was effective for the Company beginning January 1, 2014.
	Accounting Standards Issued But Not Yet Effective
	In April 2014, the FASB issued authoritative guidance to change the criteria for reporting discontinued operations. Under the new guidance, only disposals representing a strategic shift in a company's operations and financial results should be reported as discontinued operations, with expanded disclosures. In addition, disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify as a discontinued operation is required. This guidance is effective for the Company as of January 1, 2015, with early adoption permitted. The Company does not believe that adoption of this guidance will have a material impact on its consolidated financial statements.
	In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers”, which will replace most existing revenue recognition guidance GAAP.  The core principle of the ASU is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services.  The ASU 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. The ASU will be effective for the Company beginning January 1, 2017, including interim periods in 2017, and allows for both retrospective and prospective methods of adoption. The Company is in the process of determining the method of adoption and assessing the impact of this ASU on the Company’s consolidated financial statements.
	In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period". ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This guidance is effective for the Company as of January 1, 2016, with early adoption permitted. The Company does not anticipate that the adoption of this standard will have a material impact on its consolidated financial statements.

VARIABLE_INTEREST_ENTITIES_Pol

VARIABLE INTEREST ENTITIES (Policies)	9 Months Ended
	Sep. 30, 2014
Variable Interest Entity [Line Items]	'
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to the 2013 consolidated financial statements to conform to the 2014 presentation.
RSO [Member]	'
Variable Interest Entity [Line Items]	'
Investment Securities	'
	Residential Mortgage Loans Held for Sale
	RSO originates residential loans to be funded by permanent investors. RSO may sell or retain the right to service a loan. Mortgage loans held for sale are valued at the lower of cost or market, determined on an aggregate basis for each type of loan after the net effect of any hedging activities including interest rate lock commitments and freestanding loan-related derivatives. Market value is determined using sales commitments to permanent investors or on current market rates for loans of similar quality and type. To the extent the transfer of assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing.
Reclassifications	'
	Reclassifications
	Certain reclassifications have been made to RSO's 2013 consolidated financial statements to conform to the 2014 presentation.

CONSOLIDATING_FINANCIAL_INFORM1

CONSOLIDATING FINANCIAL INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Consolidating balance sheet	'
	The following table presents the consolidating balance sheet as of September 30, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	ASSETS
	Cash	$	26,428		$	—		$	—		$	26,428
	Restricted cash	704			—			—			704
	Receivables	1,175			—			(124		)	1,051
	Receivables from managed entities and related parties, net	35,178			—			(2,541		)	32,637
	Investments in real estate, net	17,091			—			—			17,091
	Investment securities, at fair value	23,782			—			(13,937		)	9,845
	Investments in unconsolidated loan manager	39,048			—			—			39,048
	Investments in unconsolidated entities	19,385			—			(6,113		)	13,272
	Assets of consolidated VIE-RSO:
	Cash and cash equivalents (including restricted cash)	—			246,873			—			246,873
	Investments, at fair value	—			290,205			—			290,205
	Loans	—			1,840,453			(558		)	1,839,895
	Investments in real estate and unconsolidated entities	—			90,121			—			90,121
	Other assets-RSO	—			124,729			(2,810		)	121,919
	Total assets of consolidated VIE-RSO	—			2,592,381			(3,368		)	2,589,013
	Property and equipment, net	5,177			—			—			5,177
	Deferred tax assets, net	32,486			—			(9,678		)	22,808
	Other assets	6,028			—			—			6,028
	Total assets	$	206,482		$	2,592,381		$	(35,761	)	$	2,763,102
	LIABILITIES AND EQUITY
	Liabilities:
	Accrued expenses and other liabilities	$	21,827		$	—		$	(2,800	)	$	19,027
	Payables to managed entities and related parties	3,705			—			(10		)	3,695
	Borrowings	21,009			—			(558		)	20,451
	Liabilities of consolidated VIE-RSO:
	Borrowings	—			1,590,958			283			1,591,241
	Other liabilities	—			57,507			(2,665		)	54,842
	Total liabilities of consolidated VIE-RSO	—			1,648,465			(2,382		)	1,646,083
	Total liabilities	46,541			1,648,465			(5,750		)	1,689,256
	Commitments and contingencies
	Equity:
	Preferred stock	—			—			—			—
	Common stock	334			—			—			334
	Additional paid-in capital	307,412			—			—			307,412
	Accumulated deficit	(18,232		)	—			(5,808		)	(24,040		)
	Treasury stock, at cost	(117,881		)	—			—			(117,881		)
	Accumulated other comprehensive loss	(11,946		)	—			10,880			(1,066		)
	Total stockholders’ equity	159,687			—			5,072			164,759
	Noncontrolling interests	254			—			—			254
	Noncontrolling interests attributable to consolidated VIE-RSO	—			943,916			(35,083		)	908,833
	Total equity	159,941			943,916			(30,011		)	1,073,846
		$	206,482		$	2,592,381		$	(35,761	)	$	2,763,102
Consolidating statements of operations	'
	The following table presents the consolidating statement of operations for the three months ended September 30, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	REVENUES:
	Real estate	$	14,289		$	—		$	—		$	14,289
	Financial fund management	5,557			—			—			5,557
	Commercial finance	(17		)	—			—			(17		)
		19,829			—			—			19,829
	Revenues from consolidated VIE-RSO	—			34,716			—			34,716
	Elimination of consolidated VIE-RSO revenues attributed to operating segments	—			—			(4,136		)	(4,136		)
	Total revenues	19,829			34,716			(4,136		)	50,409
	COSTS AND EXPENSES:
	Real estate	9,384			—			—			9,384
	Financial fund management	2,812			—			—			2,812
	Commercial finance	125			—			—			125
	General and administrative	2,426			—			—			2,426
	Provision for credit losses	559			—			—			559
	Depreciation and amortization	453			—			—			453
		15,759			—			—			15,759
	Expenses of consolidated VIE-RSO	—			18,449			237			18,686
	Elimination of consolidated VIE-RSO expenses attributed to operating segments	—			—			(3,502		)	(3,502		)
	Total expenses	15,759			18,449			(3,265		)	30,943
	OPERATING INCOME	4,070			16,267			(871		)	19,466
	OTHER INCOME (EXPENSE):
	Gain on sales of investment securities, net	69			—			—			69
	Interest expense	(467		)	—			—			(467		)
	Other income, net	652			—			(572		)	80
	Other income, net, from consolidated VIE-RSO	—			(1,936		)	—			(1,936		)
	Elimination of consolidated VIE-RSO other expense, net	—			—			11			11
		254			(1,936		)	(561		)	(2,243		)
	Income from continuing operations before taxes	4,324			14,331			(1,432		)	17,223
	Income tax provision	1,741			—			(237		)	1,504
	Net income	2,583			14,331			(1,195		)	15,719
	Net loss attributable to noncontrolling interests	11			—			—			11
	Net income attributable to noncontrolling interests-RSO	—			(7,003		)	(7,211		)	(14,214		)
	Net income attributable to common shareholders	$	2,594		$	7,328		$	(8,406	)	$	1,516
	.    The following table presents the consolidating statement of operations for the three months ended September 30, 2013 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	REVENUES:
	Real estate	$	15,950		$	—		$	—		$	15,950
	Financial fund management	8,502			—			—			8,502
	Commercial finance	(30		)	—			—			(30		)
		24,422			—			—			24,422
	Revenues from consolidated VIE-RSO	—			23,786			—			23,786
	Elimination of consolidated VIE-RSO revenues attributed to operating segments	—			—			(5,183		)	(5,183		)
	Total revenues	24,422			23,786			(5,183		)	43,025
	COSTS AND EXPENSES:
	Real estate	11,178			—			—			11,178
	Financial fund management	3,547			—			—			3,547
	Commercial finance	75			—			—			75
	General and administrative	2,505			—			—			2,505
	Provision for credit losses	1,808			—			—			1,808
	Depreciation and amortization	413			—			—			413
		19,526			—			—			19,526
	Expenses of consolidated VIE-RSO	—			16,276			(722		)	15,554
	Elimination of consolidated VIE-RSO expenses attributed to operating segments	—			—			(4,861		)	(4,861		)
	Total expenses	19,526			16,276			(5,583		)	30,219
	OPERATING INCOME	4,896			7,510			400			12,806
	OTHER INCOME (EXPENSE):
	Interest expense	(530		)	—			—			(530		)
	Other income, net	684			—			(556		)	128
	Other income, net, from consolidated VIE-RSO	—			16,607			—			16,607
	Elimination of consolidated VIE-RSO other expense, net	—			—			162			162
		154			16,607			(394		)	16,367
Income from continuing operations before taxes	5,050			24,117			6			29,173
Income tax provision	1,261			—			722			1,983
Net income	3,789			24,117			(716		)	27,190
Net income attributable to noncontrolling interests	(40		)	—			—			(40		)
Net income attributable to noncontrolling interests-RSO	—			(1,996		)	(21,712		)	(23,708		)
Net income attributable to common shareholders	$	3,749		$	22,121		$	(22,428	)	$	3,442
The following table presents the consolidating statement of operations for the nine months ended September 30, 2014 (in thousands):
	RAI			RSO			Eliminations			Consolidated
REVENUES:
Real estate	$	41,012		$	—		$	—		$	41,012
Financial fund management	20,773			—			—			20,773
Commercial finance	(158		)	—			—			(158		)
	61,627			—			—			61,627
Revenues from consolidated VIE-RSO	—			100,604			—			100,604
Elimination of consolidated VIE-RSO revenues attributed to operating segments	—			—			(10,056		)	(10,056		)
Total revenues	61,627			100,604			(10,056		)	152,175
COSTS AND EXPENSES:
Real estate	27,364			—			—			27,364
Financial fund management	9,980			—			—			9,980
Commercial finance	351			—			—			351
General and administrative	8,309			—			—			8,309
Provision for credit losses	3,342			—			—			3,342
Depreciation and amortization	1,369			—			—			1,369
	50,715			—			—			50,715
Expenses of consolidated VIE-RSO	—			50,353			667			51,020
Elimination of consolidated VIE-RSO expenses attributed to operating segments	—			—			(9,374		)	(9,374		)
Total expenses	50,715			50,353			(8,707		)	92,361
OPERATING INCOME	10,912			50,251			(1,349		)	59,814
OTHER INCOME (EXPENSE):
Gain on sale of investment securities, net	439			—			—			439
Interest expense	(1,447		)	—			—			(1,447		)
Other income, net	1,979			—			(1,716		)	263
Other income, net, from consolidated VIE-RSO	—			(758		)	—			(758		)
Elimination of consolidated VIE-RSO other income, net	—			—			29			29
	971			(758		)	(1,687		)	(1,474		)
Income from continuing operations before taxes	11,883			49,493			(3,036		)	58,340
Income tax provision	4,991			—			(667		)	4,324
Net income	6,892			49,493			(2,369		)	54,016
Net income attributable to noncontrolling interests	(33		)	—			—			(33		)
Net income attributable to noncontrolling interests-RSO	—			(12,372		)	(36,387		)	(48,759		)
Net income attributable to common shareholders	$	6,859		$	37,121		$	(38,756	)	$	5,224
Consolidating statements of cash flows	'
	The following table presents the consolidating statement of cash flows for the nine months ended September 30, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	CASH FLOWS FROM OPERATING ACTIVITIES:
	Net income	$	6,892		$	49,493		$	(2,369	)	$	54,016
	Adjustments to reconcile net income to net cash
	provided by operating activities:
	Depreciation and amortization	1,469			—			—			1,469
	Provision for credit losses	3,342			—			—			3,342
	Unrealized losses on trading securities	133			—			(22		)	111
	Equity in earnings of unconsolidated entities	(2,789		)	—			491			(2,298		)
	Distributions from unconsolidated entities	5,134			—			—			5,134
	Gain on sale of investment securities, net	(1,940		)	—			95			(1,845		)
	Gain on sale of leases and loans	(22		)	—			—			(22		)
	Loss on sale of assets	439			—			—			439
	Deferred income tax provision	4,838			—			—			4,838
	Equity-based compensation issued	1,322			—			—			1,322
	Trading securities purchases and sales, net	973			—			—			973
	Changes in operating assets and liabilities	(10,255		)	—			(2,800		)	(13,055		)
	Adjustments to reconcile net income and operating cash flows to net income of consolidated VIE-RSO	—			39,646			2,714			42,360
	Net cash provided by operating activities	9,536			89,139			(1,891		)	96,784
	CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital expenditures	(291		)	—			—			(291		)
	Payments received on real estate loans and real estate	25			—			—			25
	Principal payments on leases and loans	22			—			—			22
	Investments in real estate and unconsolidated real estate entities	(1,561		)	—			—			(1,561		)
	Purchase of loans and securities by consolidated VIE-RSO	—			(812,912		)	—			(812,912		)
	Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	—			552,913			—			552,913
	Purchase of loans and investments	(7,320		)	—			—			(7,320		)
	Proceeds from sale of loans and investments	721			—			—			721
	Decrease in restricted cash of consolidated VIE-RSO	—			18,328			—			18,328
	Other investing activity of consolidated VIE-RSO	—			(10,633		)	(391		)	(11,024		)
	Net cash used in investing activities	(8,404		)	(252,304		)	(391		)	(261,099		)
		RAI			RSO			Eliminations			Consolidated
	CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase in borrowings	2,520			—			—			2,520
	Principal payments on borrowings	(3,204		)	—			391			(2,813		)
	Net borrowings by consolidated VIE-RSO	—			67,954			—			67,954
	Dividends paid	(2,952		)	—			—			(2,952		)
	Dividends paid on common stock by consolidated VIE-RSO	—			(77,636		)	1,716			(75,920		)
	Proceeds from issuance of common stock	17,570			—			—			17,570
	Net proceeds from issuance of common stock by consolidated VIE-RSO	—			177,568			—			177,568
	Repurchases of common stock	(8,358		)	—			—			(8,358		)
	Increase in restricted cash	(133		)	—			—			(133		)
	Other financing activity of consolidated VIE - RSO	—			(4,721		)	175			(4,546		)
	Net cash provided by financing activities	5,443			163,165			2,282			170,890
	Decrease in cash	6,575			—			—			6,575
	Cash, beginning of year	19,853			—			—			19,853
	Cash, end of period	$	26,428		$	—		$	—		$	26,428

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]	'
Supplemental Cash Flow Information	'
	Supplemental disclosure of cash flow information is as follows (in thousands, per share data):
		Nine Months Ended
		September 30,
		2014			2013
	Cash (paid) received:
	Interest	$	(1,249	)	$	(1,270	)
	Income tax payments	(952		)	(933		)
	Refund of income taxes	167			100
	Dividends declared per common share	$	0.16		$	0.1
	Non-cash activities:
	Repurchase common stock from employees in exchange for the payment of income taxes	$	263		$	68
	Repurchase common stock in exchange for the exercise of warrants	1,754			—
	Issuance of treasury stock for the Company's investment savings 401(k) plan	368			273
	Leasehold improvements paid by the landlord	—			1,496

FINANCING_RECEIVABLES_Tables

FINANCING RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Aging of the Company's Past Due Financing Receivables, Gross of Allowances for Credit Losses	'
	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of September 30, 2014 (in thousands):
		30-89 Days			90-180 Days			Greater than			Total			Current		Total
		Past Due			Past Due			181 Days			Past Due
	Loans and receivables from managed
	entities and related parties: (1)
	Commercial finance	$	—		$	—		$	34,907		$	34,907		$	16	$	34,923
	investment entities
	Real estate investment entities	707			1,199			18,730			20,636			6,710		27,346
	Financial fund management entities	—			1			40			41			456		497
	Other	—			—			—			—			2,391		2,391
		707			1,200			53,677			55,584			9,573		65,157
	Rent receivables - real estate	7			—			1			8			73		81
	Total financing receivables	$	714		$	1,200		$	53,678		$	55,592		$	9,646	$	65,238
	-1	Receivables are presented gross of an allowance for credit losses of $32.5 million related to the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2013 (in thousands):
		30-89 Days			90-180 Days			Greater than			Total			Current		Total
		Past Due			Past Due			181 Days			Past Due
	Loans and receivables from
	managed entities and
	related parties: (1)
	Commercial finance	$	—		$	—		$	44,355		$	44,355		$	48	$	44,403
	investment entities
	Real estate investment entities	793			1,229			16,323			18,345			3,142		21,487
	Financial fund management entities	35			3			29			67			1,071		1,138
	Other	33			21			—			54			70		124
		861			1,253			60,707			62,821			4,331		67,152
	Rent receivables - real estate	14			4			10			28			63		91
	Total financing receivables	$	875		$	1,257		$	60,717		$	62,849		$	4,394	$	67,243
	-1	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
Summary of Activity in the Allowance for Credit Losses for the Company's Financing Receivables	'
	The following table summarizes the activity in the allowance for credit losses for all financing receivables (in thousands):
		Loans and receivables			Leases and			Rent			Total
		from Managed			Loans			Receivables
		Entities
	Three Months Ended September 30, 2014:
	Balance, beginning of period	$	39,028		$	—		$	2		$	39,030
	Provision for credit losses	520			30			9			559
	Charge-offs	(7,092		)	(30		)	(6		)	(7,128		)
	Recoveries	64			2			—			66
	Balance, end of period	$	32,520		$	2		$	5		$	32,527
	Nine Months Ended September 30, 2014:
	Balance, beginning of period	$	36,229		$	—		$	14		$	36,243
	Provision for (reversal of) credit losses	3,321			25			(4		)	3,342
	Charge-offs	(7,094		)	(30		)	(5		)	(7,129		)
	Recoveries	64			7			—			71
	Balance, end of period	$	32,520		$	2		$	5		$	32,527
	Ending balance, individually evaluated for impairment	$	32,520		$	2		$	—		$	32,522
	Ending balance, collectively evaluated for impairment	—			—			5			5
	Balance, end of period	$	32,520		$	2		$	5		$	32,527
		Loans and receivables			Leases and			Rent			Total
		from Managed			Loans			Receivables
		Entities
	Three Months Ended September 30, 2013:
	Balance, beginning of period	$	34,587		$	—		$	29		$	34,616
	Provision for (reversal of) credit losses	1,810			(18		)	16			1,808
	Charge-offs	(669		)	—			(13		)	(682		)
	Recoveries	—			18			—			18
	Balance, end of period	$	35,728		$	—		$	32		$	35,760
	Nine Months Ended September 30, 2013:
	Balance, beginning of period	$	32,560		$	—		$	68		$	32,628
	Provision for (reversal of) credit losses	3,817			(25		)	1			3,793
	Charge-offs	(669		)	—			(37		)	(706		)
	Recoveries	20			25			—			45
	Balance, end of period	$	35,728		$	—		$	32		$	35,760
	Ending balance, individually evaluated for impairment	$	35,728		$	—		$	—		$	35,728
	Ending balance, collectively evaluated for impairment	—			—			32			32
	Balance, end of period	$	35,728		$	—		$	32		$	35,760
Gross Financing Receivables Related to the Balance in the Allowance for Credit Losses	'
	The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of September 30, 2014 relate to the balance in the allowance for credit losses, as follows (in thousands):
		Loans and receivables			Rent			Total
		from Managed			Receivables
		Entities
	Ending balance, individually evaluated for impairment	$	65,157		$	—		$	65,157
	Ending balance, collectively evaluated for impairment	—			81			81
	Balance, end of period	$	65,157		$	81		$	65,238
	The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of December 31, 2013 relate to the balance in the allowance for credit losses, as follows (in thousands):
		Loans and receivables			Rent			Total
		from Managed			Receivables
		Entities
	Ending balance, individually evaluated for impairment	$	67,152		$	—		$	67,152
	Ending balance, collectively evaluated for impairment	—			91			91
	Balance, end of year	$	67,152		$	91		$	67,243
Information about Company's Impaired Financing Receivables	'
	The following table discloses information about the Company’s impaired financing receivables (in thousands):
		Net Balance			Unpaid Balance			Specific Allowance			Average Investment in Impaired Assets
	As of September 30, 2014
	Financing receivables with a specific valuation allowance:
	Loans and receivables from managed entities – commercial finance	$	985		$	33,495		$	32,511		$	38,443
	Rent receivables – real estate	—			5			5			—
	As of December 31, 2013
	Financing receivables with a specific valuation allowance:
	Loans and receivables from managed entities – commercial finance	$	2,690		$	38,919		$	36,229		$	38,649
	Rent receivables – real estate	—			14			14			32

INVESTMENTS_IN_REAL_ESTATE_Tab

INVESTMENTS IN REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate Investments, Net [Abstract]	'
Summary of Carrying Value of Investments in Real Estate	'
	The Company’s investments in real estate, net, consist of the following (in thousands):
		September 30,		December 31,
		2014		2013
	Properties owned, net of accumulated depreciation of $9,054 and $8,666:
	Hotel property (Savannah, Georgia)	$	10,226	$	10,504
	Office building (Philadelphia, Pennsylvania)	774		781
		11,000		11,285
	Partnerships and other investments	6,091		6,411
	Total investments in real estate, net	$	17,091	$	17,696
Schedule of Future Minimum Rental Payments for Operating Leases	'
	The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending September 30, and thereafter, are as follows (in thousands):
	2015	$	1,017
	2016	711
	2017	633
	2018	615
	2019	344
	Thereafter	512
	Total	$	3,832

INVESTMENT_SECURITIES_Tables

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Components of the Company's Investment Securities	'
	Components of investment securities are as follows (in thousands):
		September 30,		December 31,
		2014		2013
	Available-for-sale securities	$	8,829	$	7,522
	Trading securities	1,016		317
	Total investment securities, at fair value	$	9,845	$	7,839
Pre-tax Unrealized Gains (Losses) Relating to the Company's Investments in Equity and Collateralized Debt Obligation Securities	'
	Available-for-sale securities.  The following table discloses the pre-tax unrealized gains (losses) relating to the Company’s investments in available-for-sale securities (in thousands):
		Cost or		Unrealized			Unrealized				Fair Value
		Amortized Cost		Gains			Losses
	30-Sep-14
	CLO securities	$	6,514	$	1,395		$	(27	)		$	7,882
	Equity securities	888		59			—				947
	Total	$	7,402	$	1,454		$	(27	)		$	8,829
	31-Dec-13
	CLO securities	$	5,971	$	1,315		$	(196	)		$	7,090
	Equity securities	208		232			(8		)		432
	Total	$	6,179	$	1,547		$	(204	)		$	7,522
Unrealized Losses Along with the Related Fair Value, Aggregated by the Length of Time the Investments were in a Continuous Unrealized Loss Position	'
	Unrealized losses on available-for-sale securities, along with their related fair value, and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities):
		Less than 12 Months								More than 12 Months
		Fair Value		Unrealized			Number of Securities			Fair Value			Unrealized			Number of Securities
				Losses									Losses
	30-Sep-14
	CLO securities	$	700	$	(3	)	1			$	439		$	(24	)	1
	Equity securities	—		—			—			—			—			—
	Total	$	700	$	(3	)	1			$	439		$	(24	)	1
	31-Dec-13
	CLO securities	$	2,312	$	(196	)	3			$	—		$	—		—
	Equity securities	92		(8		)	1			—			—			—
	Total	$	2,404	$	(204	)	4			$	—		$	—		—

INVESTMENTS_IN_UNCONSOLIDATED_1

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Tables)	9 Months Ended
	Sep. 30, 2014
Investments in Unconsolidated Entities [Abstract]	'
Details of Company's Investments in Investment Vehicles, Including the Range of Interests it Owns	'
	The following table details the Company’s investments in these vehicles, including the range of ownership interests owned (in thousands, except percentages):
		Range of Combined		September 30,				December 31,
		Ownership Interests		2014				2013
	Real estate investment entities	1% – 12%		$	8,513			$	8,271
	Financial fund management partnerships	0.4% − 50%		4,098				5,294
	Trapeza entities	33% − 50%		661				777
	Investments in unconsolidated entities			$	13,272			$	14,342
Summarized Operating Data for Unconsolidated Investment	'
	Summarized operating data for CVC Credit Partners is presented below (in thousands):
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2014				2013				2014			2013
	Management fee revenues	$	19,103			$	10,413			$	45,890		$	34,502
	Costs and expenses	(17,326		)		(8,618		)		(42,172		)	(32,388		)
	Net income	$	1,777			$	1,795			$	3,718		$	2,114
	Portion of net income attributable to the Company	$	586			$	593			$	1,227		$	698

ACCRUED_EXPENSES_AND_OTHER_LIA1

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Summary of Components of Accrued Expenses and Other Liabilities	'
	The following is a summary of the components of accrued expenses and other liabilities (in thousands):
		September 30,		December 31,
		2014		2013
	Accounts payable and other accrued liabilities	$	6,117	$	7,439
	Supplemental executive retirement plan ("SERP") liability (see Note 14)	4,459		4,998
	Accrued wages and benefits	2,797		4,304
	Deferred rent	2,546		2,675
	Apidos contractual obligation, at fair value (see Note 16)	760		995
	Dividends payable	1,318		977
	Short term insurance notes	1,030		746
	Total accrued expenses and other liabilities	$	19,027	$	22,134

BORROWINGS_Tables

BORROWINGS (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Credit Facilities and Other Debt of the Company and Related Borrowings Outstanding	'
	The credit facilities and other debt of the Company and related borrowings outstanding are as follows (in thousands):
		As of September 30, 2014				December 31,
						2013
		Maximum		Borrowings		Borrowings
		Amount of		Outstanding		Outstanding
		Facility
	Credit facilities:
	TD Bank – secured revolving credit facility (1)	$	10,997	$	—	$	—
	Republic Bank – secured revolving credit facility	3,000		—		—
				—		—
	Other debt:
	Senior Notes			10,000		10,000
	Mortgage debt - hotel property			10,140		10,287
	Other debt			311		332
	Total borrowings outstanding			$	20,451	$	20,619
	-1	The amount of the facility as shown has been reduced for outstanding letters of credit of $503,000 at September 30, 2014.
Annual Principal Payments on the Company's Aggregate Borrowings Over the Next Five Years and Thereafter	'
	Annual principal payments on the Company’s aggregate borrowings for the next five years ending September 30, 2014, and thereafter, are as follows (in thousands):
	2015	$	432
	2016	270
	2017	274
	2018	10,252
	2019	269
	Thereafter	8,954
	Total	$	20,451

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Sep. 30, 2014
Comprehensive Income (Loss) [Abstract]	'
Changes in Accumulated Other Comprehensive Income (Loss) by Category	'
	The following are changes in accumulated other comprehensive income (loss) by category (in thousands):
		Investment Securities		Cash Flow Hedges			Foreign Currency			SERP Pension			Total
		Available-for-Sale					Translation Adjustments			Liability
	Balance, December 31, 2013, net of tax of $543, $(1), $(2) and $(1,853)	$	801	$	(4	)	$	(2	)	$	(2,026	)	$	(1,231	)
	Current-period other comprehensive income	85		3			(4		)	81			165
	Balance, September 30, 2014 net of tax of $541, $0, $(1) and $(1,725)	$	886	$	(1	)	$	(6	)	$	(1,945	)	$	(1,066	)
	Amounts reclassified from accumulated other comprehensive income were reflected in the consolidated financial statements, as follows:
	Category		Locations in the consolidated financial statements
	Investment securities available-for-sale		Other-than-temporary impairment on investments
	Cash flow hedges		Revenues - commercial finance
	SERP pension liability		General and administrative expenses
	Foreign currency translation adjustments		Investment securities

NONCONTROLLING_INTERESTS_Table

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2014
Noncontrolling Interest [Abstract]	'
Activity in Noncontrolling Interest	'
	The following table presents the activity in noncontrolling interests (in thousands):
		For the Nine Months Ended
		September 30, 2014
		RSO			RAI
	Noncontrolling interests, beginning of year	$	743,364		$	238
	Net income attributable to noncontrolling interests	48,759			33
	Other comprehensive income	18,033			—
	Proceeds from issuance of equity interests, net	177,641			—
	Amortization of stock-based compensation	4,497			—
	Distributions to noncontrolling interests	(88,390		)	(17		)
	Other	4,929			—
	Noncontrolling interests, end of period	$	908,833		$	254

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Reconciliation of Components Used in Computation of Basic and Diluted EPS	'
	The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands):
		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2014	2013	2014	2013
	Shares
	Basic shares outstanding	21,109	20,342	20,586	20,255
	Dilutive effect of outstanding stock options, warrants and director units	1,192	1,530	1,538	1,676
	Diluted shares outstanding	22,301	21,872	22,124	21,931

BENEFIT_PLANS_Tables

BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract]	'
Components of Net Periodic Benefit Costs for the SERP	'
	The components of net periodic benefit costs for the SERP were as follows (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Interest cost	$	68		$	57		$	205		$	169
	Less: expected return on plan assets	(38		)	(25		)	(116		)	(75		)
	Plus: Amortization of unrecognized loss	70			95			209			285
	Net cost	$	100		$	127		$	298		$	379

CERTAIN_RELATIONSHIPS_AND_RELA1

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Details of Receivable and Payables and Fees, Dividends and Reimbursed Expenses	'
	The following table details these receivables and payables (in thousands):
		September 30,			December 31,
		2014			2013
	Loans and receivables from managed entities and related parties, net:
	Real estate investment entities	$	27,346		$	21,487
	Commercial finance investment entities (1)	2,403			8,174
	Financial fund management investment entities	497			1,138
	Other	429			124
	Loan to CVC Credit Partners	1,962			—
	Receivables from managed entities and related parties	$	32,637		$	30,923
	Payables due to managed entities and related parties, net:
	Real estate investment entities (2)	$	3,580		$	2,940
	Other	115			170
	Payables to managed entities and related parties	$	3,695		$	3,110
	-1	Net of reserves for credit losses of $32.5 million and $36.2 million as of September 30, 2014 and December 31, 2013, respectively, related to management fees due from certain of the Company's commercial finance investment entities that, based on estimated cash distributions, are not expected to be collectible.
	-2	Reflects $3.4 million and $2.9 million in funds provided by the real estate investment entities as of September 30, 2014 and December 31, 2013, respectively, which are held by the Company to self-insure the properties held by those entities.
Schedule of Fees, Dividends and Reimbursed Expenses from Several Related/Managed Entities	'
	The following table details those activities (in thousands):
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2014			2013			2014			2013
	Fees from unconsolidated investment entities:
	Real estate (1)	$	8,992		$	6,726		$	26,436		$	16,273
	Financial fund management	794			801			2,861			2,335
	Commercial finance (2)	—			—			—			—
	CVC Credit Partners – reimbursement of net costs and expenses	211			295			836			979
	RRE Opportunity REIT I:
	Reimbursement of costs and expenses	641			204			1,556			605
	Dividends paid	30			28			88			85
	RRE Opportunity REIT II:
	Reimbursement of costs and expenses	642			—			1,590			—
	LEAF:
	Payment for sub-servicing the commercial finance	(52		)	(197		)	(253		)	(743		)
	investment partnerships
	Payment for rent and related expenses	—			(144		)	—			(543		)
	Reimbursement of net costs and expenses	31			53			95			168
	1845 Walnut Associates Ltd:
	Payment for rent and related expenses	(154		)	(286		)	(561		)	(476		)
	Property management fees	56			32			149			149
	Brandywine Construction & Management, Inc. –	(57		)	(54		)	(169		)	(167		)
	payment for property management of hotel property
	Atlas Energy, L.P. – reimbursement of net costs and expenses	52			49			124			243
	Ledgewood P.C. – payment for legal services	(98		)	(76		)	(165		)	(180		)
	Graphic Images, LLC – payment for printing services	(27		)	(20		)	(116		)	(59		)
	The Bancorp, Inc. – reimbursement of net costs and expenses	29			29			84			85
	9 Henmar LLC – payment of broker/consulting fees	(3		)	(4		)	(21		)	(24		)
	-1	Reflects discounts recorded by the Company of $38,000 and $112,000 for the three and nine months ended September 30, 2014, respectively, and $56,000 and $169,000 for the three and nine months ended September 30, 2013, respectively, in connection with management fees from its real estate investment entities that it expects to receive in future periods.
	-2	During the three and nine months ended September 30, 2014, the Company waived $105,000 and $605,000, respectively, and $410,000 and $1.5 million, respectively, during the three and nine months ended September 30, 2013, of its fund management fees from its commercial finance investment entities.

FAIR_VALUE_Tables

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Company's Asset Recorded at Fair Value on Recurring Basis	'
	As of September 30, 2014, the Company’s assets recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	Assets:
	Investment securities	$	261		$	686		$	8,898	$	9,845
	As of December 31, 2013, the Company’s assets recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	Assets:
	Investment securities	$	432		$	—		$	7,407	$	7,839
Additional Information about Assets Measured at Fair Value on Recurring Basis for which the Company Has Utilized Level 3 Inputs to Determine Fair Value	'
	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during nine months ended September 30, 2014 (in thousands):
		Investment Securities
	Balance, beginning of year	$	7,407
	Purchases	14,491
	Income accreted	721
	Payments and distributions received, net	(2,870		)
	Sales	(13,096		)
	Gains on sale of investment securities	370
	Gains on sales of trading securities	1,853
	Unrealized holding losses on trading securities	(226		)
	Change in unrealized gains included in accumulated other comprehensive loss	248
	Balance, end of period	$	8,898
	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during year ended December 31, 2013 (in thousands):
		Investment Securities
	Balance, beginning of year	$	10,367
	Purchases	11,630
	Income accreted	899
	Payments and distributions received, net	(14,058		)
	Sales	(6,286		)
	Impairment recognized in earnings	(214		)
	Gains on sales of trading securities	6,294
	Unrealized holding losses on trading securities	(1,055		)
	Change in unrealized losses included in accumulated other comprehensive loss	(170		)
	Balance, end of year	$	7,407
Quantitative Inputs and Assumptions in Determining the Fair Value of Items Categorized in Level 3	'
	The following table presents the Company's quantitative inputs and assumptions used in determining the fair value of items categorized in Level 3 (in thousands, except percentages):
		Fair value at September 30, 2014			Valuation Technique		Unobservable Inputs	Assumptions
								(weighted average)
	CLO securities	$	7,882		Discounted cash flow		Constant default rate	0% - 2%
							Loss severity rate	25%
							Constant prepayment rate - year one	30%
							Constant prepayment rate - year two	25%
							Constant prepayment rate - thereafter	25%
							Reinvestment price on collateral	99.5% - 100%
							Discount rates	12%
							Reinvestment spread	200%
	Trading securities	$	1,016		Net asset value		Discount rates	0% - 20%
					Discounted cash flow		Constant default rate	2% - 10%
							Constant prepayment rate	20% - 30%
							Loss severity rate	30%
Changes in Carrying Value of Assets and Liabilities Measured at Fair Value on Non-recurring Basis	'
	The Company's carrying value of the assets and liabilities measured at fair value on a non-recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	As of September 30, 2014
	Assets:
	Loans and receivables from managed entities – commercial finance and real estate	$	—		$	—		$	2,403	$	2,403
	Other assets - commercial finance portfolio	—			—			351		351
		$	—		$	—		$	2,754	$	2,754
	Liability:
	Apidos contractual commitment	$	—		$	—		$	760	$	760
	As of December 31, 2013
	Assets:
	Loans and receivables from managed entities – commercial finance and real estate	$	—		$	—		$	4,528	$	4,528
	Liability:
	Apidos contractual commitment	$	—		$	—		$	995	$	995
Fair Value of Financial Instruments	'
	The fair value of financial instruments required to be disclosed at fair value, excluding instruments valued on a recurring basis, is as follows (in thousands):
		September 30, 2014						December 31, 2013
		Carrying			Estimated Fair Value			Carrying		Estimated Fair Value
		Amount						Amount
	Assets:
	Loans and receivables from managed entities	$	32,637		$	32,637		$	30,923	$	30,923
	Borrowings:
	Real estate debt	$	10,140		$	11,204		$	10,287	$	10,702
	Senior Notes	10,000			13,073			10,000		12,619
	Other debt	311			311			332		332
		$	20,451		$	24,588		$	20,619	$	23,653

OPERATING_SEGMENTS_Tables

OPERATING SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Summarized Operating Segment Data	'
	Summarized operating segment data are as follows (in thousands):
	Three Months Ended		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
	September 30, 2014		Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	14,377		$	4,320		$	21		$	—		$	18,718		$	34,716		$	(3,645	)	$	49,789
	Equity in (losses) earnings of unconsolidated entities		(88		)	1,237			(38		)	—			1,111			—			(491		)	620
	Total revenues		14,289			5,557			(17		)	—			19,829			34,716			(4,136		)	50,409
	Segment operating expenses		(9,384		)	(2,812		)	(125		)	—			(12,321		)	(18,686		)	3,502			(27,505		)
	General and administrative expenses		(804		)	(416		)	—			(1,206		)	(2,426		)	—			—			(2,426		)
	Provision for credit losses		(8		)	—			(551		)	—			(559		)	—			—			(559		)
	Depreciation and amortization		(309		)	(16		)	—			(128		)	(453		)	—			—			(453		)
	Gain on sale of investment securities, net		—			69			—			—			69			—			—			69
	Interest expense		(190		)	—			(2		)	(275		)	(467		)	—			—			(467		)
	Other income (expense), net		280			533			19			(180		)	652			(1,936		)	(572		)	(1,856		)
	Pretax income attributable to noncontrolling interests (2)		(9		)	—			—			—			(9		)	(14,214		)	—			(14,223		)
	Pretax income (loss) from continuing operations excluding noncontrolling interests		$	3,865		$	2,915		$	(676	)	$	(1,789	)	$	4,315		$	(120	)	$	(1,206	)	$	2,989
	Nine Months Ended		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
	September 30, 2014		Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	41,681		$	17,136		$	21		$	—		$	58,838		$	100,604		$	(9,565	)	$	149,877
	Equity in (losses) earnings of unconsolidated entities		(669		)	3,637			(179		)	—			2,789			—			(491		)	2,298
	Total revenues		41,012			20,773			(158		)	—			61,627			100,604			(10,056		)	152,175
	Segment operating expenses		(27,364		)	(9,980		)	(351		)	—			(37,695		)	(51,020		)	9,374			(79,341		)
	General and administrative expenses		(2,631		)	(1,314		)	—			(4,364		)	(8,309		)	—			—			(8,309		)
	Reversal of (provision for) credit losses		2			—			(3,344		)	—			(3,342		)	—			—			(3,342		)
	Depreciation and amortization		(927		)	(47		)	—			(395		)	(1,369		)	—			—			(1,369		)
	Gain on sale of investment securities, net		—			439			—			—			439			—			—			439
	Interest expense		(577		)	—			(11		)	(859		)	(1,447		)	—			—			(1,447		)
	Other income (expense), net		647			1,659			17			(344		)	1,979			(758		)	(1,687		)	(466		)
	Pretax income attributable to noncontrolling interests (2)		(53		)	—			—			—			(53		)	(48,759		)	—			(48,812		)
	Pretax income (loss) from continuing operations excluding noncontrolling interests		$	10,109		$	11,530		$	(3,847	)	$	(5,962	)	$	11,830		$	67		$	(2,369	)	$	9,528
	Three Months Ended		Real			Financial			Commercial			All Other (1)			Total			RSO			Eliminations			Total
	September 30, 2013		Estate			Fund			Finance						RAI									Consolidation
						Management
	Revenues from external customers		$	15,973		$	7,065		$	—		$	—		$	23,038		$	23,786		$	(5,183	)	$	41,641
	Equity in (losses) earnings of unconsolidated entities		(23		)	1,437			(30		)	—			1,384			—			—			1,384
	Total revenues		15,950			8,502			(30		)	—			24,422			23,786			(5,183		)	43,025
	Segment operating expenses		(11,178		)	(3,547		)	(75		)	—			(14,800		)	(15,554		)	4,861			(25,493		)
	General and administrative expenses		(674		)	(282		)	—			(1,549		)	(2,505		)	—			—			(2,505		)
	Provision for credit losses		(29		)	—			(1,779		)	—			(1,808		)	—			—			(1,808		)
	Depreciation and amortization		(258		)	(13		)	—			(142		)	(413		)	—			—			(413		)
	Interest expense		(209		)	(7		)	1			(315		)	(530		)	—			—			(530		)
	Other income, net		249			557			—			(122		)	684			16,607			(394		)	16,897
	Pretax income attributable to noncontrolling interests (2)		(12		)	—			—			—			(12		)	(23,708		)	—			(23,720		)
	Income (loss) from continuing operations including noncontrolling interests before taxes		$	3,839		$	5,210		$	(1,883	)	$	(2,128	)	$	5,038		$	1,131		$	(716	)	$	5,453
	Nine Months Ended		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
	September 30, 2013		Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	39,777		$	12,129		$	—		$	—		$	51,906		$	76,011		$	(10,608	)	$	117,309
	Equity in (losses) earnings of unconsolidated entities		(334		)	3,105			(243		)	—			2,528			—			—			2,528
	Total revenues		39,443			15,234			(243		)	—			54,434			76,011			(10,608		)	119,837
	Segment operating expenses		(29,514		)	(7,769		)	99			—			(37,184		)	(43,110		)	10,178			(70,116		)
	General and administrative expenses		(2,893		)	(604		)	—			(3,310		)	(6,807		)	—			—			(6,807		)
	Reversal of (provision for) credit losses		2,523			(199		)	(6,117		)	—			(3,793		)	—			—			(3,793		)
	Depreciation and amortization		(805		)	(49		)	—			(464		)	(1,318		)	—			—			(1,318		)
	Other-than-temporary impairment on investments		—			(214		)	—			—			(214		)	—			—			(214		)
	Interest expense		(613		)	(7		)	—			(905		)	(1,525		)	—			—			(1,525		)
	Other income, net		719			1,704			7			(361		)	2,069			16,607			(1,445		)	17,231
	Pretax income attributable to noncontrolling interests (2)		(23		)	—			—			—			(23		)	(44,394		)	—			(44,417		)
	Income (loss) from continuing operations including noncontrolling interests before taxes		$	8,837		$	8,096		$	(6,254	)	$	(5,040	)	$	5,639		$	5,114		$	(1,875	)	$	8,878
	Segment assets		Real			Financial			Commercial			All			Total			RSO			Total
			Estate			Fund			Finance			Other (1)			RAI						Consolidation
						Management
30-Sep-14		$	187,668		$	58,689		$	4,301		$	(76,569	)	$	174,089		$	2,589,013		$	2,763,102
30-Sep-13		$	177,314		$	60,105		$	8,747		$	(74,123	)	$	172,043		$	2,271,468		$	2,443,511
-1	Includes general corporate expenses and assets not allocable to any particular segment.
-2	In viewing its segment operations, the Company includes the pretax income attributable to noncontrolling interests.  However, these interests are excluded from income (loss) from operations as computed in accordance with U.S. GAAP and should be deducted to compute income from operations as reflected in the Company’s consolidated statements of operations.

VARIABLE_INTEREST_ENTITIES_Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2014
Variable Interest Entity [Line Items]	'
Schedule of Variable Interest Entities	'
	The following table presents the carrying amounts of the assets in the Company's consolidated balance sheets that relate to the Company's variable interests in identified nonconsolidated VIEs and the Company's maximum exposure to loss associated with these VIEs in which it holds variable interests at September 30, 2014 (in thousands):
		Receivables from				Investments				Maximum Exposure
		Managed Entities and Related								to Loss in
		Parties, Net (1)								Non-consolidated
										VIEs
	Ischus entities	$	158			$	—			$	158
	Trapeza entities	—				661				661
	RREGPS	—				716				716
		$	158			$	1,377			$	1,535
	-1	Exclusive of expense reimbursements due to the Company.
Supplemental Cash Flow Information	'
	Supplemental disclosure of cash flow information is as follows (in thousands, per share data):
		Nine Months Ended
		September 30,
		2014				2013
	Cash (paid) received:
	Interest	$	(1,249	)		$	(1,270	)
	Income tax payments	(952		)		(933		)
	Refund of income taxes	167				100
	Dividends declared per common share	$	0.16			$	0.1
	Non-cash activities:
	Repurchase common stock from employees in exchange for the payment of income taxes	$	263			$	68
	Repurchase common stock in exchange for the exercise of warrants	1,754				—
	Issuance of treasury stock for the Company's investment savings 401(k) plan	368				273
	Leasehold improvements paid by the landlord	—				1,496
Unrealized Losses Along with the Related Fair Value, Aggregated by the Length of Time the Investments were in a Continuous Unrealized Loss Position	'
	Unrealized losses on available-for-sale securities, along with their related fair value, and aggregated by the length of time the investments were in a continuous unrealized loss position, are as follows (in thousands, except number of securities):
		Less than 12 Months											More than 12 Months
		Fair Value				Unrealized				Number of Securities			Fair Value				Unrealized				Number of Securities
						Losses											Losses
	30-Sep-14
	CLO securities	$	700			$	(3	)		1			$	439			$	(24	)		1
	Equity securities	—				—				—			—				—				—
	Total	$	700			$	(3	)		1			$	439			$	(24	)		1
	31-Dec-13
	CLO securities	$	2,312			$	(196	)		3			$	—			$	—			—
	Equity securities	92				(8		)		1			—				—				—
	Total	$	2,404			$	(204	)		4			$	—			$	—			—
Schedule of Equity Method Investments	'
	The following table details the Company’s investments in these vehicles, including the range of ownership interests owned (in thousands, except percentages):
		Range of Combined		September 30,				December 31,
		Ownership Interests		2014				2013
	Real estate investment entities	1% – 12%		$	8,513			$	8,271
	Financial fund management partnerships	0.4% − 50%		4,098				5,294
	Trapeza entities	33% − 50%		661				777
	Investments in unconsolidated entities			$	13,272			$	14,342
Summary of Activity in the Allowance for Credit Losses for the Company's Financing Receivables	'
	The following table summarizes the activity in the allowance for credit losses for all financing receivables (in thousands):
		Loans and receivables				Leases and				Rent				Total
		from Managed				Loans				Receivables
		Entities
	Three Months Ended September 30, 2014:
	Balance, beginning of period	$	39,028			$	—			$	2			$	39,030
	Provision for credit losses	520				30				9				559
	Charge-offs	(7,092		)		(30		)		(6		)		(7,128		)
	Recoveries	64				2				—				66
	Balance, end of period	$	32,520			$	2			$	5			$	32,527
	Nine Months Ended September 30, 2014:
	Balance, beginning of period	$	36,229			$	—			$	14			$	36,243
	Provision for (reversal of) credit losses	3,321				25				(4		)		3,342
	Charge-offs	(7,094		)		(30		)		(5		)		(7,129		)
	Recoveries	64				7				—				71
	Balance, end of period	$	32,520			$	2			$	5			$	32,527
	Ending balance, individually evaluated for impairment	$	32,520			$	2			$	—			$	32,522
	Ending balance, collectively evaluated for impairment	—				—				5				5
	Balance, end of period	$	32,520			$	2			$	5			$	32,527
		Loans and receivables				Leases and				Rent				Total
		from Managed				Loans				Receivables
		Entities
	Three Months Ended September 30, 2013:
	Balance, beginning of period	$	34,587			$	—			$	29			$	34,616
	Provision for (reversal of) credit losses	1,810				(18		)		16				1,808
	Charge-offs	(669		)		—				(13		)		(682		)
	Recoveries	—				18				—				18
	Balance, end of period	$	35,728			$	—			$	32			$	35,760
	Nine Months Ended September 30, 2013:
	Balance, beginning of period	$	32,560			$	—			$	68			$	32,628
	Provision for (reversal of) credit losses	3,817				(25		)		1				3,793
	Charge-offs	(669		)		—				(37		)		(706		)
	Recoveries	20				25				—				45
	Balance, end of period	$	35,728			$	—			$	32			$	35,760
	Ending balance, individually evaluated for impairment	$	35,728			$	—			$	—			$	35,728
	Ending balance, collectively evaluated for impairment	—				—				32				32
	Balance, end of period	$	35,728			$	—			$	32			$	35,760
Aging of the Company's Past Due Financing Receivables, Gross of Allowances for Credit Losses	'
	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of September 30, 2014 (in thousands):
		30-89 Days				90-180 Days				Greater than				Total				Current				Total
		Past Due				Past Due				181 Days				Past Due
	Loans and receivables from managed
	entities and related parties: (1)
	Commercial finance	$	—			$	—			$	34,907			$	34,907			$	16			$	34,923
	investment entities
	Real estate investment entities	707				1,199				18,730				20,636				6,710				27,346
	Financial fund management entities	—				1				40				41				456				497
	Other	—				—				—				—				2,391				2,391
		707				1,200				53,677				55,584				9,573				65,157
	Rent receivables - real estate	7				—				1				8				73				81
	Total financing receivables	$	714			$	1,200			$	53,678			$	55,592			$	9,646			$	65,238
	-1	Receivables are presented gross of an allowance for credit losses of $32.5 million related to the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
	The following table is the aging of the Company’s financing receivables (presented gross of allowance for credit losses) as of December 31, 2013 (in thousands):
		30-89 Days				90-180 Days				Greater than				Total				Current				Total
		Past Due				Past Due				181 Days				Past Due
	Loans and receivables from
	managed entities and
	related parties: (1)
	Commercial finance	$	—			$	—			$	44,355			$	44,355			$	48			$	44,403
	investment entities
	Real estate investment entities	793				1,229				16,323				18,345				3,142				21,487
	Financial fund management entities	35				3				29				67				1,071				1,138
	Other	33				21				—				54				70				124
		861				1,253				60,707				62,821				4,331				67,152
	Rent receivables - real estate	14				4				10				28				63				91
	Total financing receivables	$	875			$	1,257			$	60,717			$	62,849			$	4,394			$	67,243
	-1	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance investment entities.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
Information about Company's Impaired Financing Receivables	'
	The following table discloses information about the Company’s impaired financing receivables (in thousands):
		Net Balance				Unpaid Balance				Specific Allowance				Average Investment in Impaired Assets
	As of September 30, 2014
	Financing receivables with a specific valuation allowance:
	Loans and receivables from managed entities – commercial finance	$	985			$	33,495			$	32,511			$	38,443
	Rent receivables – real estate	—				5				5				—
	As of December 31, 2013
	Financing receivables with a specific valuation allowance:
	Loans and receivables from managed entities – commercial finance	$	2,690			$	38,919			$	36,229			$	38,649
	Rent receivables – real estate	—				14				14				32
Schedule of Business Acquisitions, by Acquisition	'
	The following table sets forth the allocation of the purchase price (in thousands):
	Assets acquired:
	Cash and cash equivalents	$	1,233
	Loans held for sale	15,021
	Loans held for investment	2,071
	Wholesale and correspondent relationships	600
	Other assets	5,828
	Total assets	24,753
	Less: Liabilities assumed:
	Borrowings	14,584
	Other liabilities	2,165
	Total liabilities	16,749
	Gain on bargain purchase	391
	Total cash purchase price	$	7,613
Debt and Credit Facilities	'
	The credit facilities and other debt of the Company and related borrowings outstanding are as follows (in thousands):
		As of September 30, 2014								December 31,
										2013
		Maximum				Borrowings				Borrowings
		Amount of				Outstanding				Outstanding
		Facility
	Credit facilities:
	TD Bank – secured revolving credit facility (1)	$	10,997			$	—			$	—
	Republic Bank – secured revolving credit facility	3,000				—				—
						—				—
	Other debt:
	Senior Notes					10,000				10,000
	Mortgage debt - hotel property					10,140				10,287
	Other debt					311				332
	Total borrowings outstanding					$	20,451			$	20,619
	-1	The amount of the facility as shown has been reduced for outstanding letters of credit of $503,000 at September 30, 2014.
Schedule of Securitizations	'
	Securitization		Closing Date		Maturity Dates		Reinvestment		Total Note
							Period End		Paydowns as of September 30, 2014
									(in millions)
	RREF CDO 2006-1 Senior Notes		Aug-06		Aug-46		Sep-11		$	117.1
	RREF CDO 2007-1 Senior Notes		Jun-07		Sep-46		Jun-12		$	129.8
	RCC CRE Notes 2013		Dec-13		Dec-28		N/A		$	34
	RCC CRE 2014		Jul-14		Apr-32		N/A		$	—
	Apidos CDO I Senior Notes		Aug-05		Jul-17		Jul-11		$	271.7
	Apidos CDO III Senior Notes		May-06		Sep-20		Jun-12		$	178.9
	Apidos Cinco CDO Senior Notes		May-07		May-20		May-14		$	36.3
	Moselle CLO S.A. Senior Notes		Oct-05		Jan-20		Jan-12		$	68.6
	Moselle CLO S.A. Securitized Borrowings		Oct-05		Jan-20		Jan-12		$	—
Company's Asset Recorded at Fair Value on Recurring Basis	'
	As of September 30, 2014, the Company’s assets recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	Assets:
	Investment securities	$	261			$	686			$	8,898			$	9,845
	As of December 31, 2013, the Company’s assets recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	Assets:
	Investment securities	$	432			$	—			$	7,407			$	7,839
Additional Information about Assets Measured at Fair Value on Recurring Basis for which the Company Has Utilized Level 3 Inputs to Determine Fair Value	'
	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during nine months ended September 30, 2014 (in thousands):
		Investment Securities
	Balance, beginning of year	$	7,407
	Purchases	14,491
	Income accreted	721
	Payments and distributions received, net	(2,870		)
	Sales	(13,096		)
	Gains on sale of investment securities	370
	Gains on sales of trading securities	1,853
	Unrealized holding losses on trading securities	(226		)
	Change in unrealized gains included in accumulated other comprehensive loss	248
	Balance, end of period	$	8,898
	The following table presents additional information about assets which were measured at fair value on a recurring basis for which the Company has utilized Level 3 inputs to determine fair value during year ended December 31, 2013 (in thousands):
		Investment Securities
	Balance, beginning of year	$	10,367
	Purchases	11,630
	Income accreted	899
	Payments and distributions received, net	(14,058		)
	Sales	(6,286		)
	Impairment recognized in earnings	(214		)
	Gains on sales of trading securities	6,294
	Unrealized holding losses on trading securities	(1,055		)
	Change in unrealized losses included in accumulated other comprehensive loss	(170		)
	Balance, end of year	$	7,407
Changes in Carrying Value of Assets and Liabilities Measured at Fair Value on Non-recurring Basis	'
	The Company's carrying value of the assets and liabilities measured at fair value on a non-recurring basis were as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	As of September 30, 2014
	Assets:
	Loans and receivables from managed entities – commercial finance and real estate	$	—			$	—			$	2,403			$	2,403
	Other assets - commercial finance portfolio	—				—				351				351
		$	—			$	—			$	2,754			$	2,754
	Liability:
	Apidos contractual commitment	$	—			$	—			$	760			$	760
	As of December 31, 2013
	Assets:
	Loans and receivables from managed entities – commercial finance and real estate	$	—			$	—			$	4,528			$	4,528
	Liability:
	Apidos contractual commitment	$	—			$	—			$	995			$	995
Fair Value of Financial Instruments	'
	The fair value of financial instruments required to be disclosed at fair value, excluding instruments valued on a recurring basis, is as follows (in thousands):
		September 30, 2014								December 31, 2013
		Carrying				Estimated Fair Value				Carrying				Estimated Fair Value
		Amount								Amount
	Assets:
	Loans and receivables from managed entities	$	32,637			$	32,637			$	30,923			$	30,923
	Borrowings:
	Real estate debt	$	10,140			$	11,204			$	10,287			$	10,702
	Senior Notes	10,000				13,073				10,000				12,619
	Other debt	311				311				332				332
		$	20,451			$	24,588			$	20,619			$	23,653
RSO [Member]	'
Variable Interest Entity [Line Items]	'
Condensed Financial Statements	'
	The following reflects the assets and liabilities and operations of RSO which were consolidated by the Company:
	RSO Balance Sheets Detail (in thousands):
		September 30, 2014				December 31, 2013
	ASSETS (1)
	Cash and cash equivalents	$	163,269			$	262,270
	Restricted cash	83,604				63,309
	Subtotal - Cash and cash equivalents	246,873				325,579
	Investment securities, trading	9,187				11,558
	Investment securities available-for-sale, pledged as collateral, at fair value	204,843				162,608
	Investment securities available-for-sale, at fair value	76,175				52,598
	Subtotal - Investments, at fair value	290,205				226,764
	Loans, pledged as collateral and net of allowances of $4.5 million and $13.8 million (of which $83.0 million and $0 at fair value)	1,744,899				1,369,526
	Loans receivable–related party net of allowance of $936,000 and $0	4,172				6,966
	Loans held for sale	91,382				21,916
	Subtotal - Loans, before eliminations	1,840,453				1,398,408
	Eliminations	(558		)		(950		)
	Subtotal - Loans	1,839,895				1,397,458
	Property held-for-sale	29,581				25,346
	Investment in real estate	—				29,778
	Investments in unconsolidated entities	60,540				69,069
	Subtotal, Investments in real estate and unconsolidated entities	90,121				124,193
	Line items included in "other assets":
	Linked transactions, net at fair value	14,272				30,066
	Derivatives, at fair value	21,618				—
	Interest receivable	14,831				8,965
	Deferred tax asset	4,853				5,212
	Principal paydown receivable	34,297				6,821
	Intangible assets	10,254				11,822
	Prepaid expenses	4,529				2,871
	Other assets	20,075				10,726
	Subtotal - Other assets, before eliminations	124,729				76,483
	Eliminations	(2,810		)		(16		)
	Subtotal - Other assets	121,919				76,467
	Total assets (excluding eliminations)	$	2,592,381			$	2,151,427
	Total assets (including eliminations)	$	2,589,013			$	2,150,461
	LIABILITIES (2)
	Borrowings (of which $94.9 million and $0 at fair value)	$	1,590,958			$	1,319,810
	Eliminations	283				205
	Subtotal Borrowings	1,591,241				1,320,015
	Distribution payable	30,340				27,023
	Accrued interest expense	3,875				1,693
	Derivatives, at fair value	8,830				10,586
	Accrued tax liability	3,131				1,629
	Deferred tax liability	—				4,112
	Accounts payable and other liabilities	11,331				12,650
	Subtotal - Other liabilities, before eliminations	57,507				57,693
	Eliminations	(2,665		)		(2,446		)
	Subtotal - Other liabilities	54,842				55,247
	Total liabilities (before eliminations)	$	1,648,465			$	1,377,503
	Total liabilities (after eliminations)	$	1,646,083			$	1,375,262
	RSO Balance Sheets Detail (in thousands):
		September 30,				December 31,
		2014				2013
	(1) Assets of consolidated RSO's VIEs included in total assets above:
	Restricted cash	$	80,633			$	61,372
	Investments securities available-for-sale, pledged as collateral, at fair value	110,376				105,846
	Loans held for sale	36,674				2,376
	Loans, pledged as collateral and net of allowances of $4.0 million	1,405,788				1,219,569
	and $8.8 million ($83.0 million and $0 at fair value)
	Interest receivable	8,066				5,627
	Prepaid expenses	217				247
	Principal receivable	34,100				6,821
	Other assets	(12		)		—
Total assets of consolidated RSO VIEs	$	1,675,842			$	1,401,858
(2) Liabilities of consolidated RSO's VIEs included in total liabilities above:
Borrowings ($140.2 million and $0 at fair value)	$	1,214,923			$	1,070,339
Accrued interest expense	1,280				918
Derivatives, at fair value	7,958				10,191
Accounts payable and other liabilities	(418		)		1,604
Total liabilities of consolidated RSO VIEs	$	1,223,743			$	1,083,052
RSO Income Statement Detail (in thousands):
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2014				2013				2014				2013
REVENUES
Interest income:
Loans	$	27,026			$	24,374			$	73,474			$	78,370
Securities	5,168				3,411				12,563				10,949
Interest income − other	1,647				679				5,481				3,180
Total interest income	33,841				28,464				91,518				92,499
Interest expense	11,589				11,762				31,836				34,061
Net interest income	22,252				16,702				59,682				58,438
Rental income	1,118				4,649				7,777				15,875
Dividend income	16				223				169				256
Equity in net earnings (losses) of unconsolidated subsidiaries	887				(535		)		4,663				(888		)
Fee income	2,344				1,245				7,166				4,182
Net realized and unrealized gains on sales of investment securities available-for-sale and loans	7,546				570				15,487				3,355
Net realized and unrealized gains (losses) on investment securities, trading	376				(229		)		(1,834		)		(864		)
Unrealized gain (losses) and net interest income on linked transactions, net	177				1,161				7,494				(4,343		)
Revenues from consolidated VIE-RSO	34,716				23,786				100,604				76,011
OPERATING EXPENSES
Management fees − related party	3,606				5,113				10,000				11,006
Equity compensation − related party	798				2,120				4,497				7,866
Rental operating expense	695				3,523				5,168				11,084
General and administrative	11,586				2,898				30,936				8,761
Depreciation and amortization	562				904				2,158				3,041
Income tax (benefit) expense	(237		)		722				(667		)		4,221
Net impairment losses recognized in earnings	—				255				—				811
Provision (recovery) for loan losses	1,439				741				(1,739		)		541
Total operating expenses	18,449				16,276				50,353				47,331
Reclassification of income tax expense	237				(722		)		667				(4,221		)
Expenses of consolidated VIE-RSO	18,686				15,554				51,020				43,110
Adjusted operating income	16,030				8,232				49,584				32,901
OTHER REVENUE (EXPENSE)
(Loss) gain on sale of real estate	(69		)		16,607				2,973				16,607
Other expense	—				—				(1,262		)		—
Loss on the reissuance of debt	(1,867		)		—				(2,469		)		—
Other expense, net, from consolidated VIE-RSO	(1,936		)		16,607				(758		)		16,607
Income from continuing operations	14,094				24,839				48,826				49,508
Income tax provision-RSO	(237		)		722				(667		)		4,221
NET INCOME	14,331				24,117				49,493				45,287
Net income allocated to preferred shares	(5,545		)		(1,996		)		(11,303		)		(5,107		)
Net income allocated to noncontrolling interests	(1,458		)		—				(1,069		)		—
NET INCOME ALLOCABLE TO RSO COMMON SHAREHOLDERS	$	7,328			$	22,121			$	37,121			$	40,180
RSO Cash Flow Detail (in thousands)	Nine Months Ended
	September 30,
	2014				2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	49,493			$	45,287
Items included in "Change in cash attributable to consolidated VIE-RSO":
(Recovery) provision for loan losses	(1,739		)		541
Depreciation of investments in real estate and other	2,252				1,638
Amortization of intangible assets	1,541				1,463
Amortization of term facilities	—				876
Accretion of net discounts on loans held for investment	(2,045		)		(8,306		)
Accretion of net discounts on securities available-for-sale	(2,847		)		(1,925		)
Amortization of discounts on convertible notes	896				—
Amortization of discount on notes securitization	70				3,937
Amortization of debt issuance costs on notes of securitizations	2,596				2,868
Amortization of stock-based compensation	4,497				7,866
Amortization of terminated derivative instruments	212				322
Distribution accrued to preferred stockholders	—				(5,107		)
Accretion of interest-only available-for-sale securities	(573		)		(714		)
Non-cash incentive compensation to the Manager	—				484
Deferred income tax (benefit) provision	(689		)		502
Change in mortgage loans held for sale, net	(42,178		)		—
Purchase of securities, trading	(4,000		)		(11,044		)
Principal payments on securities, trading	50				4,211
Proceeds from sales of securities, trading	379				18,713
Net realized and unrealized gain on investment securities, trading	1,834				864
Net realized gains on sales of investment securities available-for-sale and loans	(15,488		)		(3,355		)
Loss on the reissuance of debt	2,469				—
Gain on sale of real estate	(2,973		)		(16,607		)
Net impairment losses recognized in earnings	—				802
Linked transactions fair value adjustments	(5,713		)		5,224
Equity in net (earnings) losses of unconsolidated subsidiaries	(4,663		)		888
Changes in operating assets and liabilities, net of acquisitions	6,757				17,404
Net cash (used in) provided by operating activities	(59,355		)		21,545
Change in consolidated VIE-RSO cash for the period	99,001				(59,185		)
Subtotal - Change in cash attributable to consolidated VIE-RSO before eliminations	39,646				(37,640		)
Elimination of intercompany activity	2,714				(291		)
Subtotal - Adjustments to reconcile net income and operating cash flows to net income (loss) of consolidated VIE-RSO	42,360				(37,931		)
Non-cash incentive compensation to Manager	—				484
Elimination of intercompany activity	—				(484		)
Non-cash incentive compensation to Manager, after eliminations	—				—
Net cash (used in) provided by operating activities of consolidated VIE-RSO (excluding eliminations)	(9,862		)		66,832
	Nine Months Ended
	September 30,
	2014				2013
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans	(667,774		)		(555,051		)
Purchase of securities available-for-sale	(145,138		)		(120,599		)
Subtotal - Purchase of loans and securities by consolidated VIE-RSO, before eliminations	(812,912		)		(675,650		)
Eliminations	—				—
Subtotal - Purchase of loans and securities by consolidated VIE-RSO	(812,912		)		(675,650		)
Principal payments received on loans	315,778				487,606
Proceeds from sale of loans	76,314				314,112
Principal payments on securities available-for-sale	40,748				33,010
Proceeds from sale of securities available-for-sale	117,367				7,025
Principal payments received on loans - related parties	2,706				499
Subtotal - principal payments and proceeds from sales received by consolidated VIE-RSO, before eliminations	552,913				842,252
Decrease in restricted cash	18,328				30,079
Items included in "Other investing activity of consolidated VIE-RSO":
Investment in unconsolidated entity	8,911				(25,508		)
Acquisition of Moselle CLO S.A.	(30,433		)		—
Improvement of real estate held-for-sale	—				(404		)
Proceeds from sale of real estate held-for-sale	31,639				37,001
Distributions from investments in real estate	—				522
Improvements in investments in real estate held-for-sale	(225		)		(365		)
Investment in loans - related parties	(849		)		—
Purchase of furniture and fixtures	(69		)		(128		)
Acquisition of property and equipment	(362		)		—
Settlement of derivative instruments for investments	(19,245		)		—
Subtotal - Other investing activity of consolidated VIE-RSO, before eliminations	(10,633		)		11,118
Eliminations	(391		)		—
Subtotal - Other investing activity of consolidated VIE-RSO	(11,024		)		11,118
Net cash (used in) provided by investing activities of consolidated VIE-RSO	(252,304		)		207,799
(excluding eliminations)
	Nine Months Ended
	September 30,
	2014				2013
CASH FLOWS FROM FINANCING ACTIVITIES:
Items included in "Net borrowings (repayments) of debt by consolidated VIE-RSO"
Proceeds from borrowings:
Repurchase agreements	49,234				143,203
Warehouse agreement borrowings	43,000				—
CDO borrowings	235,344				—
Senior Secured Revolving Credit Facility	35,500				—
Reissuance of debt	39,635				—
Payments on borrowings:
Collateralized debt obligations	(301,040		)		(450,437		)
Mortgage payable payments	—				(13,600		)
Warehouse agreement payments	(33,719		)		—
Subtotal - net borrowings (repayments) of debt by consolidated VIE-RSO	67,954				(320,834		)
Distributions paid on common stock	(77,636		)		(68,010		)
Elimination of dividends paid to RAI	1,716				—
Distributions paid on common stock of consolidated VIE-RSO, after eliminations	(75,920		)		(68,010		)
Net proceeds from issuances of common stock (net of offering costs of $0 and $4,228)	—				114,018
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0 and $0)	25,416				19,092
Proceeds from issuance of 8.5% Series A redeemable	8,397				112
preferred shares (net of offering costs of $203 and $3)
Proceeds from issuance of 8.25% Series B redeemable	27,940				51,057
preferred shares (net of offering costs of $363 and $1,091)
Proceeds from issuance of 8.625% Series C redeemable	115,815				—
preferred shares (net of offering costs of $4,005 and $0)
Subtotal - net proceeds from issuance of stock by consolidated VIE-RSO	177,568				184,279
Minority interest equity	12,676				2,200
Payment of debt issuance costs	(7,284		)		(1,740		)
Settlement of derivative instruments	(23		)		—
Payment of equity to third party sub-note holders	(2,183		)		(6,952		)
Distributions paid on preferred stock	(7,907		)		(4,389		)
Subtotal - Other consolidated financing activity of consolidated VIE-RSO, before eliminations	(4,721		)		(10,881		)
Eliminations	175				—
Subtotal - Other consolidated financing activity of consolidated VIE-RSO	(4,546		)		(10,881		)
Net cash provided by (used in) financing activities of consolidated VIE-RSO, excluding eliminations	163,165				(215,446		)
Net (decrease) increase in cash and cash equivalents	(99,001		)		59,185
Cash and cash equivalents, beginning of year of consolidated VIE-RSO	262,270				85,278
Cash and cash equivalents, end of period of consolidated VIE-RSO	$	163,269			$	144,463
Supplemental disclosures:
Interest expense paid in cash	$	26,782			$	28,391
Income taxes paid in cash	$	3,293			$	8,997
Schedule of Variable Interest Entities	'
	The following table shows the classification and carrying value of assets and liabilities of RSO's consolidated VIEs as of September 30, 2014 (in thousands):
		Apidos I				Apidos				Apidos				Apidos				Whitney CLO I				RREF				RREF				RCC CRE Notes 2013			RCC CRE 2014			Moselle			Total
						III				Cinco				VIII								2006-1				2007-1
	ASSETS
	Restricted cash (1)	$	15,366			$	3,529			$	24,663			$	5			$	80			$	20			$	250			$	3,337		$	—		$	33,383		$	80,633
	Investment securities available-for-sale, pledged as collateral, at fair value	3,452				3,947				11,313				—				—				11,359				67,784				—			—			12,521			110,376
	Loans, pledged as collateral	9,896				87,750				274,442				—				—				128,369				204,978				267,963			349,381			83,009			1,405,788
	Loans held for sale	35,740				364				570				—				—				—				—				—			—			—			36,674
	Interest receivable	(268		)		443				959				—				—				2,471				2,015				1,114			1,332			—			8,066
	Prepaid assets	6				7				28				—				—				100				76				—			—			—			217
	Principal paydown receivable	—				—				—				—				—				25,803				8,297				—			—			—			34,100
	Other assets	—				—				—				—				—				—				—				—			(12		)	—			(12		)
	Total	$	64,192			$	96,040			$	311,975			$	5			$	80			$	168,122			$	283,400			$	272,414		$	350,701		$	128,913		$	1,675,842
	assets (2)
	LIABILITIES
	Borrowings	$	47,848			$	83,621			$	284,160			$	—			$	—			$	105,841			$	137,004			$	223,897		$	231,365		$	101,187		$	1,214,923
	Accrued interest expense	218				46				289				—				—				44				99				172			123			289			1,280
	Derivatives, at fair value	—				—				—				—				—				1,044				6,914				—			—			—			7,958
	Accounts payable and other liabilities	22				48				25				195				—				11				1				—			10			(730		)	(418		)
	Total liabilities	$	48,088			$	83,715			$	284,474			$	195			$	—			$	106,940			$	144,018			$	224,069		$	231,498		$	100,746		$	1,223,743
	-1	Includes $3.6 million available for reinvestment in certain of the securitizations.
	-2	Assets of each of the consolidated VIEs may only be used to settle the obligations of each respective VIE.
	The following table shows the classification, carrying value and maximum exposure to loss with respect to RSO’s unconsolidated VIEs as of September 30, 2014 (in thousands):
		Unconsolidated Variable Interest Entities
		LEAF				Unsecured Junior Subordinated Debentures				Resource Capital Asset Management CDOs				Total				Maximum Exposure to Loss
	Investment in unconsolidated entities	$	40,157			$	1,548			$	—			$	41,705			41,705
	Intangible assets	—				—				9,878				9,878				9,878
	Total assets	40,157				1,548				9,878				51,583
	Borrowings	—				51,154				—				51,154				N/A
	Total liabilities	—				51,154				—				51,154				N/A
	Net asset (liability)	$	40,157			$	(49,606	)		9,878				$	429			N/A
Supplemental Cash Flow Information	'
	Supplemental disclosure of cash flow information is summarized for the periods indicated (in thousands):
		Nine Months Ended
		September 30,
		2014				2013
	Non-cash financing activities include the following:
	Distributions on common stock declared but not paid	$	26,629			$	25,447
	Distributions on preferred stock declared but not paid	$	5,555			$	2,023
	Issuance of restricted stock	$	890			$	242
Investment Trading Securities at Fair Value	'
	The following table summarizes RSO's structured notes and residential mortgage-backed securities (“RMBS”) which are classified as investment securities, trading and carried at fair value (in thousands):
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
	September 30, 2014
	Structured notes, trading	$	10,821			$	317			$	(2,017	)		$	9,121
	RMBS, trading	1,897				—				(1,831		)		66
	Total	$	12,718			$	317			$	(3,848	)		$	9,187
	December 31, 2013
	Structured notes, trading	$	8,057			$	4,050			$	(1,000	)		$	11,107
	RMBS, trading	1,919				—				(1,468		)		451
	Total	$	9,976			$	4,050			$	(2,468	)		$	11,558
Available-for-sale Securities	'
	The aggregate discount (premium) recognized as of the periods indicated (in thousands) are:
		September 30,				December 31,
		2014				2013
	CMBS	$	3,609			$	6,583
	RMBS	$	1,876			$	—
	ABS	$	2,431			$	2,394
	Corporate bonds	$	42			$	(68	)
	The following table summarizes RSO's sales of investment securities available-for-sale, (in thousands, except number of securities):
		Positions		Par Amount Sold				Realized Gain (Loss)
		Sold
	As of September 30, 2014
	CMBS	3		$	15,970			$	480
	ABS	3		$	6.947			$	3.484
	As of December 31, 2013
	CMBS	4		$	14,500			$	466
	Corporate bonds	35		$	34,253			$	(474	)
	The following table summarizes RSO's investment securities, including those pledged as collateral and classified as available-for-sale, which are carried at fair value (in thousands):
		Amortized				Unrealized Gains				Unrealized Losses				Fair Value
		Cost
	30-Sep-14
	CMBS	$	176,970			$	5,856			$	(7,510	)		$	175,316
	RMBS	30,697				848				—				31,545
	ABS	60,980				12,211				(1,435		)		71,756
	Corporate bonds	2,413				12				(24		)		2,401
	Total	$	271,060			$	18,927			$	(8,969	)		$	281,018
	31-Dec-13
	CMBS	$	185,178			$	7,570			$	(12,030	)		$	180,718
	ABS	30,775				1,644				(394		)		32,025
	Corporate bonds	2,517				16				(70		)		2,463
	Total	$	218,470			$	9,230			$	(12,494	)		$	215,206
Estimated maturities of available for sale securities	'
	The following table summarizes the estimated maturities of RSO’s investment securities according to their estimated weighted average life classifications (in thousands, except percentages):
	Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
	30-Sep-14
	Less than one year	$	50,160			$	56,395			3.84	%
	Greater than one year and less than five years	142,079				133,098				5.03	%
	Greater than five years and less than ten years	44,913				38,301				5.32	%
	Greater than ten years	43,866				43,266				5.4	%
	Total	$	281,018			$	271,060			4.97	%
	31-Dec-13
	Less than one year	$	39,256			$	40,931			5.25	%
	Greater than one year and less than five years	139,700				141,760				4.69	%
	Greater than five years and less than ten years	26,526				25,707				1.1	%
	Greater than ten years	9,724				10,072				7.9	%
	Total	$	215,206			$	218,470			4.49	%
Unrealized Losses Along with the Related Fair Value, Aggregated by the Length of Time the Investments were in a Continuous Unrealized Loss Position	'
	The following table shows the fair value, gross unrealized losses and number of securities aggregated by investment category and length of time, of those individual investment securities available-for-sale that have been in a continuous unrealized loss position during the periods specified (in thousands, except number of securities):
		Less than 12 Months											More than 12 Months											Total
		Fair Value				Unrealized				Number of Securities			Fair Value				Unrealized				Number of Securities			Fair Value				Unrealized				Number of Securities
						Losses											Losses											Losses
	As of September 30, 2014
	CMBS	$	35,833			$	(580	)		18			$	27,065			$	(6,930	)		14			$	62,898			$	(7,510	)		32
	ABS	13,792				(1,248		)		13			4,410				(187		)		7			18,202				(1,435		)		20
	Corporate Bonds	1,439				(24		)		1			—				—				—			1,439				(24		)		1
	Total temporarily	$	51,064			$	(1,852	)		32			$	31,475			$	(7,117	)		21			$	82,539			$	(8,969	)		53
	impaired securities
	As of December 31, 2013
	CMBS	$	52,012			$	(7,496	)		34			$	14,159			$	(4,534	)		10			$	66,171			$	(12,030	)		44
	ABS	143				(1		)		1			6,692				(393		)		9			6,835				(394		)		10
	Corporate Bonds	865				(70		)		1			—				—				—			865				(70		)		1
	Total temporarily	$	53,020			$	(7,567	)		36			$	20,851			$	(4,927	)		19			$	73,871			$	(12,494	)		55
	impaired securities
Investments in real estate	'
	The table below summarizes RSO's investments in real estate (in thousands, except number of properties):
			As of December 31, 2013
			Book Value				Number of Properties
	Multifamily property		$	22,107			1
	Office property		10,273				1
	Subtotal		32,380
	Less:  Accumulated depreciation		(2,602		)
	Investments in real estate		$	29,778
Schedule of Receivables with Imputed Interest	'
	The following is a summary of RSO’s loans held for investment (in thousands):
	Loan Description		Principal				Unamortized Discount (1)				Carrying
											Value (2)
	As of September 30, 2014
	Commercial real estate loans:
	Whole loans		$	1,028,393			$	(5,422	)		$	1,022,971
	B notes		16,164				(57		)		16,107
	Mezzanine loans		67,400				(95		)		67,305
	Total commercial real estate loans		1,111,957				(5,574		)		1,106,383
	Bank loans		642,419				(2,221		)		640,198
	Residential mortgage loans, held for investment		2,825				—				2,825
	Subtotal loans before allowances		1,757,201				(7,795		)		1,749,406
	Allowance for loan loss		(4,507		)		—				(4,507		)
	Total loans held for investment		1,752,694				(7,795		)		1,744,899
	Bank loans held-for-sale		36,674				—				36,674
	Residential mortgage loans held-for-sale		54,708				—				54,708
	Total loans held-for-sale		91,382				—				91,382
	Total loans		$	1,844,076			$	(7,795	)		$	1,836,281
	As of December 31, 2013
	Commercial real estate loans:
	Whole loans		$	749,083			$	(3,294	)		$	745,789
	B notes		16,288				(83		)		16,205
	Mezzanine loans		64,417				(100		)		64,317
	Total commercial real estate loans		829,788				(3,477		)		826,311
	Bank loans		559,206				(4,033		)		555,173
	Residential mortgage loans, held for investment		1,849				—				1,849
	Subtotal loans before allowances		1,390,843				(7,510		)		1,383,333
	Allowance for loan loss		(13,807		)		—				(13,807		)
	Total loans held for investment		1,377,036				(7,510		)		1,369,526
	Bank loans held-for-sale		6,850				—				6,850
	Residential mortgage loans held-for-sale		15,066				—				15,066
	Total loans held-for-sale		21,916				—				21,916
	Total loans		$	1,398,952			$	(7,510	)		$	1,391,442
	-1	Amounts include deferred amendment fees of $133,000 and $216,000 and deferred upfront fees of $97,000 and $141,000 being amortized over the life of the bank loans as of September 30, 2014 and December 31, 2013, respectively.  Amounts include loan origination fees of $5.6 million and $3.3 million and loan extension fees of $0 and $73,000 being amortized over the life of the commercial real estate loans as of September 30, 2014 and December 31, 2013, respectively.
	-2	Substantially all loans are pledged as collateral under various borrowings at September 30, 2014 and December 31, 2013, respectively.
Summary of the weighted average life of bank loans at amortized cost	'
	The following is a summary of the weighted average remaining lives of RSO’s bank loans held for investment, at amortized cost and loans held-for-sale, at the lower of cost or market (in thousands):
		September 30,				December 31,
		2014				2013
	Less than one year	$	46,779			$	36,985
	Greater than one year and less than five years	479,790				379,874
	Five years or greater	150,303				145,164
		$	676,872			$	562,023
Summary of the commercial real estate loans	'
	The following is a summary of RSO’s commercial real estate loans held for investment (in thousands):
	Description		Quantity		Amortized				Contracted		Maturity
					Cost				Interest Rates		Dates (3)
	As of September 30, 2014
	Whole loans, floating rate (1) (4) (5)		60		$	1,022,971			LIBOR plus 1.75% to		January 2015 to February 2019
									LIBOR plus 15.00%
	B notes, fixed rate		1		16,107				8.68%		Apr-16
	Mezzanine loans, floating rate		1		12,544				LIBOR plus 15.32%		Apr-16
	Mezzanine loans, fixed rate (6)		3		54,761				0.50% to 18.71%		September 2016 to
											Sep-21
	Total (2)		65		$	1,106,383
	As of December 31, 2013
	Whole loans, floating rate (1) (4)		51		$	745,789			LIBOR plus 2.68% to		March 2014 to
									LIBOR plus 12.14%		Feb-19
	B notes, fixed rate		1		16,205				8.68%		Apr-16
	Mezzanine loans, floating rate		1		12,455				LIBOR plus 15.32%		Apr-16
	Mezzanine loans, fixed rate (6)		3		51,862				0.50% to 18.72%		September 2014 to
											Sep-19
	Total (2)		56		$	826,311
	-1	Whole loans had $68.3 million and $13.7 million in unfunded loan commitments as of September 30, 2014 and December 31, 2013, respectively.  These unfunded commitments are advanced as the borrowers formally request additional funding as permitted under the loan agreement and any necessary approvals have been obtained.
	-2	The total does not include an allowance for loan loss of $4.0 million and $10.4 million as of September 30, 2014 and December 31, 2013, respectively.
	-3	Maturity dates do not include possible extension options that may be available to the borrowers.
	-4	As of September 30, 2014, floating rate whole loans includes $4.0 million and $12.0 million mezzanine components of two whole loans, which have fixed rates of 15.0% and 12.0%, respectively.
	-5	Floating rate whole loans include a $799,000 junior mezzanine tranche of a whole loan that has a fixed rate of 10.0% as of September 30, 2014.
	-6	Fixed rate mezzanine loans include a mezzanine loan that was modified into two tranches, which both currently pay interest at 0.48%. In addition, the subordinate tranche accrues interest at LIBOR plus 18.50% which is deferred until maturity.
Summary of the weighted average life of the commercial real estate loans at amortized cost	'
	The following is a summary of the weighted average maturity of RSO’s commercial real estate loans, at amortized cost (in thousands):
	Description		2014				2015				2016 and Thereafter				Total
	As of September 30, 2014
	B notes		$	—			$	—			$	16,107			$	16,107
	Mezzanine loans		—				—				67,305				67,305
	Whole loans		—				—				1,022,971				1,022,971
	Total (1)		$	—			$	—			$	1,106,383			$	1,106,383
	As of December 31, 2013
	B notes		$	—			$	—			$	16,205			$	16,205
	Mezzanine loans		5,711				—				58,606				64,317
	Whole loans		—				17,949				727,840				745,789
	Total (1)		$	5,711			$	17,949			$	802,651			$	826,311
	-1	Weighted average life of commercial real estate loans assumes full exercise of extension options available to borrowers.
Loans held for investment	'
	The following table provides information as to the lien position status of RSO's consolidated bank loans, (in thousands):
		Amortized Cost
		Apidos I				Apidos III				Apidos Cinco				Whitney CLO I				Northport LLC (1)				Moselle				Total
	As of September 30, 2014
	Loans held for investment:
	First lien loans	$	9,895			$	87,107			$	270,598			—				$	101,021			$	80,721			$	549,342
	Second lien loans	—				—				3,604				—				83,614				2,201				89,419
	Third lien loans	—				—				—				—				—				—				—
	Defaulted first lien loans	—				—				—				—				—				—				—
	Defaulted second lien loans	—				972				379				—				—				86				1,437
	Total	9,895				88,079				274,581				—				184,635				83,008				640,198
	First lien loans held-for-sale, at fair value	35,738				365				571				—				—				—				36,674
	Total	$	45,633			$	88,444			$	275,152			—				$	184,635			$	83,008			$	676,872
	As of December 31, 2013
	Loans held for investment:
	First lien loans	$	79,483			$	126,890			$	296,368			$	72			$	31,974			—				$	534,787
	Second lien loans	—				—				1,139				—				7,805				—				8,944
	Third lien loans	3,020				2,475				2,463				—				—				—				7,958
	Defaulted first lien loans	1,206				1,124				486				—				—				—				2,816
	Defaulted second lien loans	334				334				—				—				—				—				668
	Total	84,043				130,823				300,456				72				39,779				—				555,173
	First lien loans held-for-sale, at fair value	537				651				1,189				—				4,473				—				6,850
	Total	$	84,580			$	131,474			$	301,645			$	72			$	44,252			—				$	562,023
	-1	In September 2014, Resource TRS LLC and RCC Commercial transferred all loans to Northport LLC. At December 31, 2013, Resource TRS LLC and RCC Commercial held a total of $34.0 million and $10.3 million of loans, respectively, at amortized cost.
Allocation of Allowance for Loan Loss	'
	The following is a summary of the allocation of the allowance for loan loss (in thousands, except percentages) by asset class:
	Description		Allowance for Loan Loss				Percentage of
							Total Allowance
	As of September 30, 2014
	B notes		$	69			1.53%
	Mezzanine loans		289				6.41%
	Whole loans		3,685				81.76%
	Bank loans		464				10.30%
	Total		$	4,507
	As of December 31, 2013
	B notes		$	174			1.26%
	Mezzanine loans		559				4.05%
	Whole loans		9,683				70.13%
	Bank loans		3,391				24.56%
	Total		$	13,807
Schedule of Equity Method Investments	'
	The following table shows RSO's investments in unconsolidated entities as of September 30, 2014 and December 31, 2013 and equity in net earnings (losses) of unconsolidated subsidiaries for the three and nine months ended September 30, 2014 and 2013 (in thousands):
												Equity in Net Earnings (Losses) of Unconsolidated Subsidiary
				Balance as of				Balance as of				For the three months ended				For the three months ended				For the three months ended				For the nine months ended
		Ownership %		September 30,				December 31, 2013				September 30,				September 30,				September 30,				September 30, 2013
				2014								2014				2013				2014
	Värde Investment Partners, L.P.	7.50%		$	654			$	674			$	—			$	6			$	(19	)		$	49
	RRE VIP Borrower, LLC	3% to 5%		—				—				770				(521		)		2,506				(735		)
	Investment in LCC Preferred Stock	28.30%		40,157				41,016				13				(346		)		(859		)		(378		)
	Investment in CVC	29.57%		18,181				16,177				47				433				2,004				526
	Global Credit Opportunities
	Fund (1)
	Investment in Life Care Funding (1)	50.20%		—				1,530				—				(107		)		(75		)		(350		)
	Investment in School Lane House (4)			—				975				57				—				1,106				—
	Subtotal			58,992				60,372				887				(535		)		4,663				(888		)
	Investment in RCT I and II (2)	3%		1,548				1,548				601				1,785				1,785				1,800
	Investment in Preferred Equity (3)			—				7,149				—				332				410				821
	Total			$	60,540			$	69,069			$	1,488			$	1,582			$	6,858			$	1,733
	-1	RSO began consolidating this investment during the first quarter of 2014. Ownership % represents ownership after consolidation.
	-2	For the three and nine months ended September 30, 2014 and 2013, these amounts are recorded in interest expense on RSO's consolidated statements of income.
	-3	For the three and nine months ended September 30, 2014 and 2013, these amounts are recorded in interest income on loans on RSO's consolidated statements of income.
	-4	Investment in School Lane House and preferred equity were sold as of September 30, 2014.
Summary of Activity in the Allowance for Credit Losses for the Company's Financing Receivables	'
	The following tables show the allowance for loan losses and recorded investments in loans for the years indicated (in thousands):
		Commercial Real Estate Loans				Bank Loans				Residential Mortgage Loans				Loans Receivable-Related Party				Total
	As of September 30, 2014
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2014	$	10,416			$	3,391			$	—			$	—			$	13,807
	(Recovery) provision for loan losses	(3,708		)		1,033				—				936				(1,739		)
	Loans charged-off	(2,665		)		(3,960		)		—				—				(6,625		)
	Allowance for losses at September 30, 2014	$	4,043			$	464			$	—			$	936			$	5,443
	Ending balance:
	Individually evaluated for impairment	$	—			$	464			$	—			$	936			$	1,400
	Collectively evaluated for impairment	$	4,043			$	—			$	—			$	—			$	4,043
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—
	Loans:
	Ending balance:
	Individually evaluated for impairment	$	165,960			$	2,340			$	—			$	5,108			$	173,408
	Collectively evaluated for impairment (1)	$	940,423			$	637,772			$	2,825			$	—			$	1,581,020
	Loans acquired with deteriorated credit quality	$	—			$	86			$	—			$	—			$	86
	As of December 31, 2013
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2013	$	7,986			$	9,705			$	—			$	—			$	17,691
	Provision for loan losses	2,686				334				—				—				3,020
	Loans charged-off	(256		)		(6,648		)		—				—				(6,904		)
	Allowance for losses at December 31, 2013	$	10,416			$	3,391			$	—			$	—			$	13,807
	Ending balance:
	Individually evaluated for impairment	$	4,572			$	2,621			$	—			$	—			$	7,193
	Collectively evaluated for impairment	$	5,844			$	770			$	—			$	—			$	6,614
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—
	Loans:
	Ending balance: (2)
	Individually evaluated for impairment	$	194,403			$	3,554			$	—			$	6,966			$	204,923
	Collectively evaluated for impairment	$	631,908			$	558,469			$	16,915			$	—			$	1,207,292
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—
Financing Receivable Credit Quality Indicators	'
	Credit risk profiles of bank loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3				Rating 4				Rating 5				Held for Sale				Total
	As of September 30, 2014
	Bank loans	$	632,588			$	—			$	6,173			$	—			$	1,437			$	36,674			$	676,872
	As of December 31, 2013
	Bank loans	$	488,004			$	42,476			$	18,806			$	2,333			$	3,554			$	6,850			$	562,023
	Credit risk profiles of commercial real estate loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3				Rating 4				Total
	As of September 30, 2014
	Whole loans	$	990,471			$	32,500			$	—			$	—			$	1,022,971
	B notes	16,107				—				—				—				16,107
	Mezzanine loans	45,447				21,858				—				—				67,305
		$	1,052,025			$	54,358			$	—			$	—			$	1,106,383
	As of December 31, 2013
	Whole loans	$	680,718			$	32,500			$	32,571			$	—			$	745,789
	B notes	16,205				—				—				—				16,205
	Mezzanine loans	51,862				12,455				—				—				64,317
		$	748,785			$	44,955			$	32,571			$	—			$	826,311
Aging of the Company's Past Due Financing Receivables, Gross of Allowances for Credit Losses	'
	The following table shows the loan portfolio aging analysis as of the dates indicated at cost basis (in thousands):
		30-59				60-89				Greater				Total Past Due				Current				Total				Total Loans > 90 Days and Accruing
		Days				Days				than												Loans
										90 Days												Receivable
	As of September 30, 2014
	Whole loans	$	—			$	—			$	—			$	—			$	1,022,971			$	1,022,971			$	—
	B notes	—				—				—				—				16,107				16,107				—
	Mezzanine loans	—				—				—				—				67,305				67,305				—
	Bank loans (1) (2)	774				—				1,652				2,426				674,446				676,872				—
	Residential mortgage loans (3)	—				251				117				368				57,165				57,533				—
	Loans receivable-related party	—				—				—				—				5,108				5,108				—
	Total loans	$	774			$	251			$	1,769			$	2,794			$	1,843,102			$	1,845,896			$	—
	As of December 31, 2013
	Whole loans	$	—			$	—			$	—			$	—			$	745,789			$	745,789			$	—
	B notes	—				—				—				—				16,205				16,205				—
	Mezzanine loans	—				—				—				—				64,317				64,317				—
	Bank loans (2)	—				—				3,554				3,554				558,469				562,023				—
	Residential mortgage loans (3)	234				91				268				593				16,322				16,915				—
	Loans receivable-related party	—				—				—				—				6,966				6,966				—
	Total loans	$	234			$	91			$	3,822			$	4,147			$	1,408,068			$	1,412,215			$	—
Information about Company's Impaired Financing Receivables	'
	The following tables show impaired loans as of the dates indicated (in thousands):
		Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized
	As of September 30, 2014
	Loans without a specific valuation allowance:
	Whole loans	$	127,888			$	127,888			$	—			$	126,591			$	11,882
	B notes	$	—			$	—			$	—			$	—			$	—
	Mezzanine loans	$	38,072			$	38,072			$	—			$	38,072			$	2,543
	Bank loans	$	86			$	86			$	—			$	86			$	—
	Residential mortgage loans	$	2,825			$	2,825			$	—			$	2,825			$	107
	Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
	Loans with a specific valuation allowance:
	Whole loans	$	—			$	—			$	—			$	—			$	—
	B notes	$	—			$	—			$	—			$	—			$	—
	Mezzanine loans	$	—			$	—			$	—			$	—			$	—
	Bank loans	$	2,340			$	2,340			$	(464	)		$	287			$	—
	Residential mortgage loans	$	—			$	—			$	—			$	—			$	—
	Loans receivable - related party	$	3,929			$	3,929			$	(936	)		$	4,831			$	221
	Total:
	Whole loans	$	127,888			$	127,888			$	—			$	126,591			$	11,882
	B notes	—				—				—				—				—
	Mezzanine loans	38,072				38,072				—				38,072				2,543
	Bank loans	2,426				2,426				(464		)		373				—
	Residential mortgage loans	2,825				2,825				—				2,825				107
	Loans receivable - related party	3,929				3,929				(936		)		4,831				221
		$	175,140			$	175,140			$	(1,400	)		$	172,692			$	14,753
		Recorded Balance				Unpaid Principal Balance				Specific Allowance				Average Investment in Impaired Loans				Interest Income Recognized
	As of December 31, 2013
	Loans without a specific valuation allowance:
	Whole loans	$	130,759			$	130,759			$	—			$	123,495			$	8,439
	B notes	$	—			$	—			$	—			$	—			$	—
	Mezzanine loans	$	38,072			$	38,072			$	—			$	38,072			$	1,615
	Bank loans	$	—			$	—			$	—			$	—			$	—
	Residential mortgage loans	$	315			$	268			$	—			$	—			$	—
	Loans receivable - related party	$	5,733			$	5,733			$	—			$	—			$	—
	Loans with a specific valuation allowance:
	Whole loans	$	25,572			$	25,572			$	(4,572	)		$	24,748			$	1,622
	B notes	$	—			$	—			$	—			$	—			$	—
	Mezzanine loans	$	—			$	—			$	—			$	—			$	—
	Bank loans	$	3,554			$	3,554			$	(2,621	)		$	—			$	—
	Residential mortgage loans	$	—			$	—			$	—			$	—			$	—
	Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
	Total:
	Whole loans	$	156,331			$	156,331			$	(4,572	)		$	148,243			$	10,061
	B notes	—				—				—				—				—
	Mezzanine loans	38,072				38,072				—				38,072				1,615
	Bank loans	3,554				3,554				(2,621		)		—				—
	Residential mortgage loans	315				268				—				—				—
	Loans receivable - related party	5,733				5,733				—				—				—
		$	204,005			$	203,958			$	(7,193	)		$	186,315			$	11,676
Troubled Debt Restructurings on Financing Receivables	'
	The following tables show troubled-debt restructurings in RSO's loan portfolio (in thousands):
		Number of Loans			Pre-Modification Outstanding Recorded Balance				Post-Modification Outstanding Recorded Balance
	Three Months Ended September 30, 2014
	Whole loans	2			$	16,039			$	16,039
	B notes	—			—				—
	Mezzanine loans	1			38,072				38,072
	Bank loans	—			—				—
	Loans receivable - related party	—			—				—
	Total loans	3			$	54,111			$	54,111
	Three Months Ended September 30, 2013
	Whole loans	2			$	48,374			$	52,716
	B notes	—			—				—
	Mezzanine loans	—			—				—
	Bank loans	—			—				—
	Lease receivables	—			—				—
	Loans receivable - related party	—			—				—
	Total loans	2			$	48,374			$	52,716
	Nine Months Ended September 30, 2014
	Whole loans	2			$	16,039			$	16,039
	B notes	—			—				—
	Mezzanine loans	1			38,072				38,072
	Bank loans	—			—				—
	Loans receivable - related party	—			—				—
	Total loans	3			$	54,111			$	54,111
	Nine Months Ended September 30, 2013
	Whole loans	4			$	104,702			$	109,044
	B notes	—			—				—
	Mezzanine loans	—			—				—
	Bank loans	—			—				—
	Lease receivables	—			—				—
	Loans receivable - related party	1			6,592				6,592
	Total loans	5			$	111,294			$	115,636
Schedule of Intangible Assets and Goodwill	'
	The following table summarizes intangible assets (in thousands).
		Asset Balance				Accumulated Amortization				Net Asset
	As of September 30, 2014
	Investment in RCAM	$	21,213			$	(11,325	)		$	9,888
	Investment in PCM:
	Wholesale or correspondent relationships	600				(234		)		366
	Total intangible assets	$	21,813			$	(11,559	)		$	10,254
	As of December 31, 2013
	Investment in RCAM	$	21,213			$	(9,980	)		$	11,233
	Investments in real estate:
	In-place leases	2,461				(2,430		)		31
	Above market leases	29				(29		)		—
	Investment in PCM:
	Wholesale or correspondent relationships	600				(42		)		558
	Total intangible assets	$	24,303			$	(12,481	)		$	11,822
Debt and Credit Facilities	'
	Certain information with respect to RSO’s borrowings is summarized in the following table (in thousands, except percentages):
		Outstanding Borrowings				Unamortized Issuance Costs and Discounts				Principal Outstanding				Weighted Average Borrowing Rate			Weighted Average Remaining Maturity		Value of Collateral
	As of September 30, 2014
	RREF CDO 2006-1 Senior Notes	$	105,841			$	1			$	105,842			1.93	%		31.9 years		$	139,267
	RREF CDO 2007-1 Senior Notes	137,004				242				137,246				1.06	%		32.0 years		273,839
	RCC CRE Notes 2013	223,897				2,943				226,840				2.1	%		14.2 years		269,371
	RCC CRE 2014	231,365				3,979				235,344				1.44	%		17.6 years		347,511
	Apidos CDO I Senior Notes	47,848				—				47,848				2.54	%		2.8 years		63,956
	Apidos CDO III Senior Notes	83,621				—				83,621				1.11	%		6.0 years		94,516
	Apidos Cinco CDO Senior Notes	284,160				358				284,518				0.74	%		5.6 years		303,385
	Moselle CLO S.A. Senior Notes, at fair value (6)	94,904				—				94,904				1.19	%		5.3 years		127,312
	Moselle CLO S.A. Securitized Borrowings, at fair value (1)	5,212				—				5,212				1.19	%		N/A		—
	Unsecured Junior Subordinated Debentures (2)	51,154				394				51,548				0.04	%		22.1 years		—
	6.0% Convertible Senior Notes	107,979				7,021				115,000				6	%		4.2 years		—
	CRE - Term Repurchase Facilities (3)	55,280				654				55,934				2.32	%		20 days		83,133
	CMBS - Term Repurchase Facility (4)	21,559				—				21,559				1.43	%		23 days		26,540
	RMBS - Term Repurchase Facility (5)	22,705				55				22,760				1.15	%		1 day		28,533
	Residential Mortgage Financing Agreements	48,885				—				48,885				3.56	%		278 days		68,417
	CMBS - Short Term Repurchase Agreements	36,633				—				36,633				1.53	%		23 days		47,224
	Senior Secured Revolving Credit Agreement (7)	32,911				2,589				35,500				4.13	%		3 years		184,167
	Total	$	1,590,958			$	18,236			$	1,609,194			1.98%			12.2 years		$	2,057,171
		Outstanding Borrowings				Unamortized Issuance Costs and Discounts				Principal Outstanding				Weighted Average Borrowing Rate			Weighted Average Remaining Maturity		Value of Collateral
	As of December 31, 2013
	RREF CDO 2006-1 Senior Notes	$	94,004			$	205			$	94,209			1.87	%		32.6 years		$	169,115
	RREF CDO 2007-1 Senior Notes	177,837				719				178,556				0.84	%		32.8 years		318,933
	RCC CRE Notes 2013	256,571				4,269				260,840				2.03	%		15.0 years		305,586
	Apidos CDO I Senior Notes	87,131				—				87,131				1.68	%		3.6 years		103,736
	Apidos CDO III Senior Notes	133,209				117				133,326				0.88	%		6.7 years		145,930
	Apidos Cinco CDO Senior Notes	321,147				853				322,000				0.74	%		6.4 years		342,796
	Whitney CLO I Securitized Borrowings (1)	440				—				440				—	%		N/A		885
	Unsecured Junior Subordinated Debentures (2)	51,005				543				51,548				4.19	%		22.8 years		—
	6.0% Convertible Senior Notes	106,535				8,465				115,000				6	%		4.9 years		—
	CRE - Term Repurchase Facilities (3)	29,703				1,033				30,736				2.67	%		21 days		48,186
	CMBS - Term Repurchase Facility (4)	47,601				12				47,613				1.38	%		21 days		56,949
	Residential Mortgage Financing Agreements	14,627				—				14,627				4.24	%		56 days		16,487
	Total	$	1,319,810			$	16,216			$	1,336,026			1.87	%		13.1 years		$	1,508,603
	-1	The securitized borrowings are collateralized by the same assets as the Moselle CLO Securitized Borrowings, the Apidos CLO VIII Senior Notes and the Whitney CLO I securitized borrowings, respectively.
	-2	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
	-3	Amounts also include accrued interest costs of $43,000 and $26,000 related to CRE repurchase facilities as of September 30, 2014 and December 31, 2013, respectively.
	-4	Amounts also include accrued interest costs of $23,000 and $22,000 related to CMBS repurchase facilities as of September 30, 2014 and December 31, 2013, respectively. Amounts do not reflect CMBS repurchase agreement borrowings that are components of linked transactions.
	-5	Amount also includes accrued interest costs of $21,000 related to RMBS repurchase facilities as of September 30, 2014.
	-6	The fair value option has been elected for the borrowings associated with Moselle CLO. As such, the outstanding borrowings and principal outstanding amounts are states at fair value. The unpaid principal amounts of these borrowings were $95.0 million at September 30, 2014.
	-7	Weighted average borrowing rate included $25.0 million borrowed at the JP Morgan Chase Bank prime rate to fund the closing on investments. These borrowings were subsequently converted to the lower contracted LIBOR rate and began accruing interest at 2.66% as of October 1, 2014.
Schedule of Short-term Debt	'
	The following table sets forth certain information with respect to RSO's borrowings is summarized in the following table (dollars in thousands):
		September 30, 2014												December 31, 2013
		Outstanding Borrowings				Value of Collateral				Number of Positions as Collateral		Weighted Average Interest Rate		Outstanding Borrowings				Value of Collateral				Number of Positions as Collateral		Weighted Average Interest Rate
	CMBS Term Repurchase Facility
	Wells Fargo Bank (1)	$	21,559			$	26,540			30		1.43%		$	47,601			$	56,949			44		1.38%
	CRE Term Repurchase Facilities
	Wells Fargo Bank (2)	47,704				71,822				4		2.21%		30,003				48,186				8		2.67%
	Deutsche Bank AG (3)	7,576				11,311				1		3.03%		(300		)		—				—		—%
	Short-Term Repurchase Agreements - CMBS
	Deutsche Bank Securities, LLC	25,575				29,529				8		1.47%		—				—				—		—%
	Wells Fargo Securities, LLC	11,058				17,695				1		1.66%		—				—				—		—%
	RMBS Term Repurchase Facility
	Wells Fargo Bank (4)	22,705				28,533				6		1.15%		—				—				—		—%
	Residential Mortgage Financing Agreements
	New Century Bank	16,526				17,831				94		3.45%		11,916				13,089				74		4.17%
	ViewPoint Bank, NA	4,395				6,079				22		2.78%		2,711				3,398				17		4.58%
	Wells Fargo Bank	27,963				44,508				66		3.75%		—				—				—		—%
	Totals	$	185,061			$	253,848							$	91,931			$	121,622
	-1	The Wells Fargo CMBS term facility borrowing includes zero and $12,000 of deferred debt issuance costs as of September 30, 2014 and December 31, 2013, respectively.
	-2	The Wells Fargo CRE term repurchase facility borrowing includes $260,000 and $732,000 of deferred debt issuance costs as of September 30, 2014 and December 31, 2013, respectively.
	-3	The Deutsche Bank term repurchase facility includes $395,000 and $300,000 of deferred debt issuance costs as of September 30, 2014 and December 31, 2013, respectively.
	-4	The Wells Fargo RMBS term repurchase facility includes $55,000 of deferred debt issuance costs as of September 30, 2014.
Schedule of Linked Transactions	'
	The assets in the following table are accounted for as linked transactions. These linked repurchase agreements are not included in borrowings on RSO's consolidated balance sheets.
		September 30, 2014												December 31, 2013
		Borrowings				Value of Collateral Under Linked Transactions				Number of Positions as Collateral Under Linked Transactions		Weighted Average Interest Rate		Borrowings				Value of Collateral Under Linked Transactions				Number of Positions as Collateral Under Linked Transactions		Weighted Average Interest Rate
		Under										of Linked		Under										of Linked
		Linked										Transactions		Linked										Transactions
		Transactions (1)												Transactions (1)
	CMBS Term
	Repurchase
	Facility
	Wells Fargo Bank	$	5,153			$	6,736			7		1.66%		$	6,506			$	8,345			7		1.65%
	CRE Term
	Repurchase
	Facility
	Wells Fargo Bank	—				—				—		—%		—				—				—		—%
	Short-Term
	Repurchase
	Agreements -
	CMBS
	JP Morgan Securities, LLC	—				—				—		—%		17,020				24,814				4		0.99%
	Wells Fargo Securities, LLC	4,146				6,262				2		1.37%		21,969				30,803				9		1.19%
	Deutsche Bank Securities, LLC	20,437				30,869				9		1.46%		18,599				29,861				9		1.43%
	Totals	$	29,736			$	43,867							$	64,094			$	93,823
Schedule of Amount at Risk under Credit Facility	'
	The following table shows information about the amount at risk under the repurchase facilities (dollars in thousands):
		Amount				Weighted Average Maturity in Days		Weighted Average Interest Rate
		at Risk (1)
	30-Sep-14
	CMBS Term Repurchase Facility
	Wells Fargo Bank, National Association (2)	$	7,353			20		1.43%
	RMBS Term Repurchase Facility
	Wells Fargo Bank, National Association	$	5,233			1		1.15%
	CRE Term Repurchase Facilities
	Wells Fargo Bank, National Association	$	23,677			20		2.21%
	Deutsche Bank Securities, LLC	$	3,266			20		3.03%
	Short-Term Repurchase Agreements - CMBS
	JP Morgan Securities, LLC (3)	$	—			0		—%
	Wells Fargo Securities, LLC	$	23,677			8		1.66%
	Deutsche Bank Securities, LLC	$	3,326			29		1.47%
	Residential Mortgage Financing Agreements
	New Century Bank	$	17,016			334		3.45%
	View Point Bank, NA	$	4,485			91		2.78%
	Wells Fargo Bank	$	32,494			275		3.75%
	31-Dec-13
	CMBS Term Repurchase Facility
	Wells Fargo Bank, National Association (2)	$	10,796			21		1.38%
	CRE Term Repurchase Facilities
	Wells Fargo Bank, National Association	$	20,718			21		2.67%
	Short-Term Repurchase Agreements - CMBS
	JP Morgan Securities, LLC (3)	$	7,882			11		0.99%
	Wells Fargo Securities, LLC	$	8,925			2		1.19%
	Deutsche Bank Securities, LLC	$	11,418			22		1.43%
	-1	Equal to the estimated fair value of securities or loans sold, plus accrued interest income, minus the sum of repurchase agreement liabilities plus accrued interest expense.
	-2	$5.2 million and $6.5 million of linked repurchase agreement borrowings are being included as derivative instruments as of September 30, 2014 and December 31, 2013, respectively.
	-3	There are no linked repurchase agreement borrowings being included as derivative instruments as of September 30, 2014. As of December 31, 2013 $17.0 million of linked repurchase agreement borrowings were being included as derivative instruments.
Company's Asset Recorded at Fair Value on Recurring Basis	'
	The following table presents information about RSO’s assets (including derivatives that are presented net) measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by RSO to determine such fair value as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	As of September 30, 2014
	Assets:
	Investment securities, trading	$	—			$	—			$	9,187			$	9,187
	Investment securities available-for-sale	870				1,530				278,618				281,018
	CMBS - linked transactions	—				—				14,272				14,272
	Derivatives (net)	—				21,618				—				21,618
	Total assets at fair value	$	870			$	23,148			$	302,077			$	326,095
	Liabilities:
	Derivatives (net)	$	—			$	872			$	7,958			$	8,830
	Total liabilities at fair value	$	—			$	872			$	7,958			$	8,830
	As of December 31, 2013
	Assets:
	Investment securities, trading	$	—			$	—			$	11,558			$	11,558
	Investment securities available-for-sale	2,370				92				207,375				209,837
	CMBS - linked transactions	—				—				30,066				30,066
	Total assets at fair value	$	2,370			$	92			$	248,999			$	251,461
	Liabilities:
	Derivatives (net)	$	—			$	395			$	10,191			$	10,586
	Total liabilities at fair value	$	—			$	395			$	10,191			$	10,586
Additional Information about Assets Measured at Fair Value on Recurring Basis for which the Company Has Utilized Level 3 Inputs to Determine Fair Value	'
	The following table presents additional information about assets which are measured at fair value on a recurring basis for which RSO has utilized Level 3 inputs (in thousands):
		CMBS Including Linked Transactions				ABS				RMBS				Structured Finance				Total
	Beginning balance, January 1, 2014	$	210,785			$	26,656			$	451			$	11,107			$	248,999
	Total gains or losses (realized or unrealized):
	Included in earnings	142				5,118				31				(2,454		)		2,837
	Purchases	105,572				61,402				31,058				3,999				202,031
	Sales	(99,151		)		(20,100		)		—				(2,050		)		(121,301		)
	Paydowns	(36,768		)		(10,412		)		(825		)		—				(48,005		)
	Included in OCI	9,009				9,091				897				(1,481		)		17,516
	Transfers out of Level 2	—				—				—				—				—
	Transfers into Level 3	—				—				—				—				—
	Ending balance, September 30, 2014	$	189,589			$	71,755			$	31,612			$	9,121			$	302,077
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	'
	The following table presents additional information about liabilities which are measured at fair value on a recurring basis for which RSO has utilized Level 3 inputs (in thousands):
		Level 3
	Beginning balance, January 1, 2014	$	10,191
	Unrealized losses – included in accumulated other comprehensive income	(2,233		)
	Ending balance, September 30, 2014	$	7,958
Changes in Carrying Value of Assets and Liabilities Measured at Fair Value on Non-recurring Basis	'
	The following table summarizes the financial assets and liabilities measured at fair value on a nonrecurring basis and indicates the fair value hierarchy of the valuation techniques utilized by RSO to determine such fair value as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	As of September 30, 2014
	Assets:
	Loans held for sale	$	—			$	36,674			$	54,708			$	91,382
	Impaired loans	—				893				—				893
	Total assets at fair value	$	—			$	37,567			$	54,708			$	92,275
	As of December 31, 2013
	Assets:
	Loans held for sale	$	—			$	6,850			$	15,066			$	21,916
	Impaired loans	—				225				—				225
	Total assets at fair value	$	—			$	7,075			$	15,066			$	22,141
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques	'
	For Level 3 assets and liabilities measured at fair value on a recurring or non-recurring basis as of September 30, 2014, the significant unobservable inputs used in the fair value measurements were as follows (in thousands):
		Fair Value at				Valuation Technique		Significant		Significant
		30-Sep-14						Unobservable Inputs		Unobservable
										Input Value
	Interest rate swap agreements	$	7,958			Discounted cash flow		Weighted average credit spreads		5.12	%
Fair Value of Financial Instruments	'
	The fair values of RSO’s remaining financial instruments that are not reported at fair value on its consolidated balance sheets are reported in the following table (in thousands):
						Fair Value Measurements
		Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	As of September 30, 2014
	Loans held-for-investment (1)	$	1,744,899			$	1,730,763			$	—			$	632,815			$	1,097,948
	Loans receivable-related party	$	4,172			$	4,172			$	—			$	—			$	4,172
	CDO notes (2)	$	1,213,852			$	1,131,145			$	—			$	1,131,145			$	—
	Junior subordinated notes	$	51,154			$	17,648			$	—			$	—			$	17,648
	Repurchase agreements	$	185,062			$	185,062			$	—			$	—			$	185,062
	Senior secured revolving credit agreement	$	32,911			$	32,911			$	—			$	—			$	32,911
	As of December 31, 2013
	Loans held-for-investment	$	1,369,526			$	1,358,434			$	—			$	545,352			$	813,082
	Loans receivable-related party	$	6,966			$	6,966			$	—			$	—			$	6,966
	CDO notes	$	1,070,339			$	653,617			$	—			$	653,617			$	—
	Junior subordinated notes	$	51,005			$	17,499			$	—			$	—			$	17,499
	Repurchase agreements	$	77,304			$	77,304			$	—			$	—			$	77,304
	-1	Contains loans for which the fair value method was elected with an unpaid principal balance of $89.2 million and a fair value of $83.0 million at September 30, 2014.
	-2	Contains notes for which the fair value method was elected with an unpaid principal balance of $95.0 million and a fair value of $92.5 million at September 30, 2014.

CONSOLIDATING_FINANCIAL_INFORM2

CONSOLIDATING FINANCIAL INFORMATION (Consolidating Balance Sheet) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'	'	'
Cash	$26,428	$19,853	$19,439	$11,899
Loans and receivables from managed entities and related parties, net	32,637	30,923	'	'
Investments in real estate, net	17,091	17,696	'	'
Investment securities, at fair value	9,845	7,839	'	'
Investments in unconsolidated entities (see Note 8)	13,272	14,342	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Total assets	2,763,102	2,318,451	2,443,511	'
Liabilities:	'	'	'	'
Payables to managed entities and related parties	3,695	3,110	'	'
Borrowings	20,451	20,619	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	20,451	20,619	'	'
Total liabilities	1,689,256	1,421,125	'	'
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	0	'	'
Common stock, $.01 par value, 49,000,000 shares authorized; 34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively	334	299	'	'
Additional paid-in capital	307,412	288,555	'	'
Accumulated deficit	-24,040	-26,025	'	'
Treasury stock, at cost	-117,881	-107,874	'	'
Accumulated other comprehensive loss	-1,066	-1,231	'	'
Total stockholders’ equity	164,759	153,724	'	'
Total equity	1,073,846	897,326	'	'
Liabilities and equity	2,763,102	2,318,451	'	'
Reportable Legal Entities [Member]	'	'	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Total assets	174,089	'	172,043	'
Consolidation, Eliminations [Member]	'	'	'	'
Assets:	'	'	'	'
Cash	0	0	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Total assets	-35,761	'	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Total liabilities	-5,750	'	'	'
Total equity	-30,011	'	'	'
Liabilities and equity	-35,761	'	'	'
RAI [Member]	'	'	'	'
Assets:	'	'	'	'
Cash	26,428	19,853	'	'
Restricted cash	704	571	'	'
Receivables	1,051	541	'	'
Loans and receivables from managed entities and related parties, net	32,637	30,923	'	'
Investments in real estate, net	17,091	17,696	'	'
Investment securities, at fair value	9,845	7,839	'	'
Investments in unconsolidated loan manager (see Note 8)	39,048	37,821	'	'
Investments in unconsolidated entities (see Note 8)	13,272	14,342	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Property and equipment, net	5,177	5,844	'	'
Deferred tax assets, net	22,808	27,769	'	'
Other assets	6,028	4,791	'	'
Liabilities:	'	'	'	'
Accrued expenses and other liabilities	19,027	22,134	'	'
Payables to managed entities and related parties	3,695	3,110	'	'
Borrowings	20,451	20,619	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	20,451	20,619	'	'
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	'	'	'
Common stock, $.01 par value, 49,000,000 shares authorized; 34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively	334	'	'	'
Additional paid-in capital	307,412	'	'	'
Accumulated deficit	-24,040	'	'	'
Treasury stock, at cost	-117,881	'	'	'
Accumulated other comprehensive loss	-1,066	'	'	'
Total stockholders’ equity	164,759	'	'	'
Noncontrolling interests	254	238	'	'
RAI [Member] | Reportable Legal Entities [Member]	'	'	'	'
Assets:	'	'	'	'
Cash	26,428	19,853	'	'
Restricted cash	704	'	'	'
Receivables	1,175	'	'	'
Loans and receivables from managed entities and related parties, net	35,178	'	'	'
Investments in real estate, net	17,091	'	'	'
Investment securities, at fair value	23,782	'	'	'
Investments in unconsolidated loan manager (see Note 8)	39,048	'	'	'
Investments in unconsolidated entities (see Note 8)	19,385	'	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Property and equipment, net	5,177	'	'	'
Deferred tax assets, net	32,486	'	'	'
Other assets	6,028	'	'	'
Total assets	206,482	'	'	'
Liabilities:	'	'	'	'
Accrued expenses and other liabilities	21,827	'	'	'
Payables to managed entities and related parties	3,705	'	'	'
Borrowings	21,009	'	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	21,009	'	'	'
Total liabilities	46,541	'	'	'
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	'	'	'
Common stock, $.01 par value, 49,000,000 shares authorized; 34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively	334	'	'	'
Additional paid-in capital	307,412	'	'	'
Accumulated deficit	-18,232	'	'	'
Treasury stock, at cost	-117,881	'	'	'
Accumulated other comprehensive loss	-11,946	'	'	'
Total stockholders’ equity	159,687	'	'	'
Noncontrolling interests	254	'	'	'
Total equity	159,941	'	'	'
Liabilities and equity	206,482	'	'	'
RAI [Member] | Consolidation, Eliminations [Member]	'	'	'	'
Assets:	'	'	'	'
Cash	0	'	'	'
Restricted cash	0	'	'	'
Receivables	-124	'	'	'
Loans and receivables from managed entities and related parties, net	-2,541	'	'	'
Investments in real estate, net	0	'	'	'
Investment securities, at fair value	-13,937	'	'	'
Investments in unconsolidated loan manager (see Note 8)	0	'	'	'
Investments in unconsolidated entities (see Note 8)	-6,113	'	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Property and equipment, net	0	'	'	'
Deferred tax assets, net	-9,678	'	'	'
Other assets	0	'	'	'
Liabilities:	'	'	'	'
Accrued expenses and other liabilities	-2,800	'	'	'
Payables to managed entities and related parties	-10	'	'	'
Borrowings	-558	'	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	-558	'	'	'
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none outstanding	0	'	'	'
Common stock, $.01 par value, 49,000,000 shares authorized; 34,463,787 and 30,378,339 shares issued (including nonvested restricted stock of 883,830 and 400,194), respectively	0	'	'	'
Additional paid-in capital	0	'	'	'
Accumulated deficit	-5,808	'	'	'
Treasury stock, at cost	0	'	'	'
Accumulated other comprehensive loss	10,880	'	'	'
Total stockholders’ equity	5,072	'	'	'
Noncontrolling interests	0	'	'	'
RSO [Member]	'	'	'	'
Assets:	'	'	'	'
Investment securities, at fair value	290,205	226,764	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Cash and cash equivalents (including restricted cash)	246,873	325,579	'	'
Loans	1,839,895	1,397,458	'	'
Investments in real estate and unconsolidated entities	90,121	124,193	'	'
Other assets	121,919	76,467	'	'
Total assets	2,589,013	'	2,271,468	'
Liabilities:	'	'	'	'
Borrowings	1,591,241	1,320,015	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	1,591,241	1,320,015	'	'
Other liabilities	54,842	55,247	'	'
Total liabilities	1,646,083	'	'	'
Noncontrolling interests	908,833	743,364	'	'
RSO [Member] | Reportable Legal Entities [Member]	'	'	'	'
Assets:	'	'	'	'
Cash	0	0	'	'
Investment securities, at fair value	290,205	'	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Cash and cash equivalents (including restricted cash)	246,873	'	'	'
Loans	1,840,453	'	'	'
Investments in real estate and unconsolidated entities	90,121	'	'	'
Other assets	124,729	'	'	'
Total assets	2,592,381	'	'	'
Liabilities:	'	'	'	'
Borrowings	1,590,958	'	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	1,590,958	'	'	'
Other liabilities	57,507	'	'	'
Total liabilities	1,648,465	'	'	'
Noncontrolling interests	943,916	'	'	'
Total equity	943,916	'	'	'
Liabilities and equity	2,592,381	'	'	'
RSO [Member] | Consolidation, Eliminations [Member]	'	'	'	'
Assets:	'	'	'	'
Investment securities, at fair value	0	'	'	'
Assets of consolidated variable interest entity (VIE)-RSO (see Note 19):	'	'	'	'
Cash and cash equivalents (including restricted cash)	0	'	'	'
Loans	-558	'	'	'
Investments in real estate and unconsolidated entities	0	'	'	'
Other assets	-2,810	'	'	'
Total assets	-3,368	'	'	'
Liabilities:	'	'	'	'
Borrowings	283	'	'	'
Liabilities of consolidated VIE-RSO:	'	'	'	'
Borrowings	283	'	'	'
Other liabilities	-2,665	'	'	'
Total liabilities	-2,382	'	'	'
Noncontrolling interests	($35,083)	'	'	'

CONSOLIDATING_FINANCIAL_INFORM3

CONSOLIDATING FINANCIAL INFORMATION (Consolidating Statements of Operations) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES:	'	'	'	'
Revenues from external customers	$50,409	$43,025	$152,175	$119,837
COSTS AND EXPENSES:	'	'	'	'
General and administrative	2,426	2,505	8,309	6,807
Provision for credit losses	559	1,808	3,342	3,793
Depreciation and amortization	453	413	1,369	1,318
Costs and expenses	30,943	30,219	92,361	82,034
OPERATING INCOME	19,466	12,806	59,814	37,803
Interest expense	-467	-530	-1,447	-1,525
Other income (expense), net	-1,856	16,897	-466	17,231
Total other revenue (expense)	-2,243	16,367	-1,474	'
Income from continuing operations before taxes	17,223	29,173	58,340	53,295
Income tax provision	1,504	1,983	4,324	'
Net income	15,719	27,190	54,016	49,468
Income from continuing operations	1,516	3,442	5,224	5,053
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	0	0	0	-2
Net income attributable to common shareholders	1,516	3,442	5,224	5,051
Intersegment Eliminations [Member]	'	'	'	'
REVENUES:	'	'	'	'
Revenues from external customers	-4,136	-5,183	-10,056	-10,608
COSTS AND EXPENSES:	'	'	'	'
Costs and expenses	-3,502	-4,861	-9,374	-10,178
Other income (expense), net	11	'	'	'
Total other revenue (expense)	'	162	29	'
Consolidation, Eliminations [Member]	'	'	'	'
REVENUES:	'	'	'	'
Revenues from external customers	-4,136	-5,183	-10,056	-10,608
COSTS AND EXPENSES:	'	'	'	'
General and administrative	0	0	0	0
Provision for credit losses	0	0	0	0
Depreciation and amortization	0	0	0	0
Costs and expenses	-3,265	-5,583	-8,707	'
OPERATING INCOME	-871	400	-1,349	'
Interest expense	0	0	0	0
Other income (expense), net	-572	-394	-1,687	-1,445
Total other revenue (expense)	-561	-394	-1,687	'
Income from continuing operations before taxes	-1,432	6	-3,036	'
Income tax provision	-237	722	-667	'
Net income	-1,195	-716	-2,369	'
Net income attributable to common shareholders	-8,406	-22,428	-38,756	'
RAI [Member]	'	'	'	'
REVENUES:	'	'	'	'
Real estate	14,289	15,950	41,012	39,443
Financial fund management	5,557	8,502	20,773	15,234
Commercial finance	-17	-30	-158	-243
Revenues from external customers	19,829	24,422	61,627	54,434
COSTS AND EXPENSES:	'	'	'	'
Real estate	9,384	11,178	27,364	29,514
Financial fund management	2,812	3,547	9,980	7,769
Commercial finance	125	75	351	-99
General and administrative	2,426	2,505	8,309	6,807
Provision for credit losses	559	1,808	3,342	3,793
Depreciation and amortization	453	413	1,369	1,318
Costs and expenses	15,759	19,526	50,715	49,102
Gain on sale of investment securities, net	69	0	439	0
Interest expense	-467	-530	-1,447	-1,525
Other income (expense), net	80	128	263	'
Income tax provision	1,741	1,261	4,991	-396
Net loss (income) attributable to noncontrolling interests	11	-40	-33	-23
RAI [Member] | Reportable Legal Entities [Member]	'	'	'	'
REVENUES:	'	'	'	'
Real estate	14,289	15,950	41,012	'
Financial fund management	5,557	8,502	20,773	'
Commercial finance	-17	-30	-158	'
Revenues from external customers	19,829	24,422	61,627	54,434
COSTS AND EXPENSES:	'	'	'	'
Real estate	9,384	11,178	27,364	'
Financial fund management	2,812	3,547	9,980	'
Commercial finance	125	75	351	'
General and administrative	2,426	2,505	8,309	6,807
Provision for credit losses	559	1,808	3,342	3,793
Depreciation and amortization	453	413	1,369	1,318
Costs and expenses	15,759	19,526	50,715	'
OPERATING INCOME	4,070	4,896	10,912	'
Gain on sale of investment securities, net	69	'	439	'
Interest expense	-467	-530	-1,447	-1,525
Other income (expense), net	652	684	1,979	2,069
Total other revenue (expense)	254	154	971	'
Income from continuing operations before taxes	4,324	5,050	11,883	'
Income tax provision	1,741	1,261	4,991	'
Net income	2,583	3,789	6,892	'
Net loss (income) attributable to noncontrolling interests	11	-40	-33	'
Net income attributable to common shareholders	2,594	3,749	6,859	'
RAI [Member] | Consolidation, Eliminations [Member]	'	'	'	'
COSTS AND EXPENSES:	'	'	'	'
Interest expense	'	0	'	'
Other income (expense), net	-572	-556	-1,716	'
RSO [Member]	'	'	'	'
REVENUES:	'	'	'	'
Real estate	2,643	4,701	7,590	9,794
Financial fund management	2,310	450	1,350	720
Commercial finance	0	0	0	0
Revenues from external customers	34,716	23,786	100,604	76,011
COSTS AND EXPENSES:	'	'	'	'
Costs and expenses	18,686	15,554	51,020	43,110
Expenses of consolidated VIE - RSO	18,686	'	51,020	'
Other income (expense), net	-1,936	16,607	-758	'
Income tax provision	-237	722	-667	4,221
Net loss (income) attributable to noncontrolling interests	-14,214	-23,708	-48,759	-44,394
RSO [Member] | Reportable Legal Entities [Member]	'	'	'	'
REVENUES:	'	'	'	'
Revenues from external customers	34,716	23,786	100,604	76,011
COSTS AND EXPENSES:	'	'	'	'
General and administrative	0	0	0	0
Provision for credit losses	0	0	0	0
Depreciation and amortization	0	0	0	0
Costs and expenses	18,449	16,276	50,353	'
Expenses of consolidated VIE - RSO	18,449	'	50,353	'
OPERATING INCOME	16,267	7,510	50,251	'
Interest expense	0	0	0	0
Other income (expense), net	-1,936	16,607	-758	16,607
Total other revenue (expense)	-1,936	16,607	-758	'
Income from continuing operations before taxes	14,331	24,117	49,493	'
Income tax provision	0	0	0	'
Net income	14,331	24,117	49,493	'
Net loss (income) attributable to noncontrolling interests	-7,003	-1,996	-12,372	'
Net income attributable to common shareholders	7,328	22,121	37,121	'
RSO [Member] | Consolidation, Eliminations [Member]	'	'	'	'
COSTS AND EXPENSES:	'	'	'	'
Costs and expenses	'	-722	'	'
Expenses of consolidated VIE - RSO	237	'	667	'
Net loss (income) attributable to noncontrolling interests	($7,211)	($21,712)	($36,387)	'

CONSOLIDATING_FINANCIAL_INFORM4

CONSOLIDATING FINANCIAL INFORMATION (Consolidating Statements of Cash Flows) (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$54,016,000	$49,468,000
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,469,000	'
Provision for credit losses	3,342,000	3,793,000
Unrealized (losses) gains on trading securities	111,000	'
Equity in earnings of unconsolidated entities	-2,298,000	-2,528,000
Distributions from unconsolidated entities	5,134,000	'
Gain on sale of investment securities, net	-1,845,000	'
Gain on sale of leases and loans	-22,000	'
Losses (gains) on sales of assets	439,000	'
Deferred income tax provision (benefit)	4,838,000	'
Equity-based compensation issued	1,322,000	'
Trading securities purchases and sales, net	973,000	'
Changes in operating assets and liabilities	-13,055,000	'
Net cash provided by operating activities	96,784,000	18,736,000
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	-291,000	'
Payments received on real estate loans and real estate	25,000	'
Principal payments on leases and loans	22,000	'
Investments in real estate and unconsolidated real estate entities	-1,561,000	'
Purchase of loans and investments	-7,320,000	'
Proceeds from sale of loans and investments	721,000	'
Net cash (used in) provided by investing activities	-261,099,000	206,967,000
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	2,520,000	'
Principal payments on borrowings	-2,813,000	'
Dividends paid	-2,952,000	'
Proceeds from issuance of common stock	17,570,000	'
Repurchases of common stock	-8,358,000	'
Increase in restricted cash	-133,000	'
Net cash provided by (used in) financing activities	170,890,000	-217,792,000
Decrease in cash	6,575,000	7,540,000
Cash, beginning of year	19,853,000	11,899,000
Cash, end of period	26,428,000	19,439,000
Consolidation, Eliminations [Member]	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	-2,369,000	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	0	'
Provision for credit losses	0	0
Unrealized (losses) gains on trading securities	-22,000	'
Equity in earnings of unconsolidated entities	491,000	0
Distributions from unconsolidated entities	0	'
Gain on sale of investment securities, net	95,000	'
Gain on sale of leases and loans	0	'
Losses (gains) on sales of assets	0	'
Deferred income tax provision (benefit)	0	'
Equity-based compensation issued	0	'
Trading securities purchases and sales, net	0	'
Changes in operating assets and liabilities	-2,800,000	'
Adjustments to reconcile net income and operating cash flows to net income of consolidated VIE-RSO	2,714,000	'
Net cash provided by operating activities	-1,891,000	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	0	'
Payments received on real estate loans and real estate	0	'
Investments in real estate and unconsolidated real estate entities	0	'
Purchase of loans and investments	0	'
Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	0	'
Proceeds from sale of loans and investments	0	'
Increase in restricted cash of consolidated VIE-RSO	0	'
Other investing activity of consolidated VIE-RSO	-391,000	'
Net cash (used in) provided by investing activities	-391,000	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	0	'
Principal payments on borrowings	391,000	'
Net borrowings (repayments) of debt by consolidated VIE-RSO	0	'
Dividends paid	0	'
Dividends paid on common stock by consolidated VIE-RSO	1,716,000	'
Proceeds from issuance of common stock	0	'
Other	175,000	'
Net cash provided by (used in) financing activities	2,282,000	'
Decrease in cash	0	'
Cash, beginning of year	0	'
Cash, end of period	0	'
RAI [Member]	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,469,000	1,462,000
Provision for credit losses	3,342,000	3,793,000
Unrealized (losses) gains on trading securities	111,000	-774,000
Equity in earnings of unconsolidated entities	-2,298,000	-2,528,000
Distributions from unconsolidated entities	5,134,000	3,099,000
Gain on sale of investment securities, net	-1,845,000	-4,551,000
Gain on sale of leases and loans	-22,000	0
Losses (gains) on sales of assets	439,000	-1,632,000
Deferred income tax provision (benefit)	4,838,000	-254,000
Equity-based compensation issued	1,322,000	942,000
Trading securities purchases and sales, net	973,000	6,445,000
Changes in operating assets and liabilities	-13,055,000	1,465,000
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	-291,000	-1,035,000
Payments received on real estate loans and real estate	25,000	2,049,000
Principal payments on leases and loans	-22,000	-8,000
Investments in real estate and unconsolidated real estate entities	-1,561,000	-2,058,000
Purchase of loans and investments	-7,320,000	-2,024,000
Proceeds from sale of loans and investments	721,000	0
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	2,520,000	2,000,000
Principal payments on borrowings	-2,813,000	-2,354,000
Dividends paid	-2,952,000	-1,194,000
Proceeds from issuance of common stock	17,570,000	1,253,000
Repurchases of common stock	-8,358,000	-1,601,000
Increase in restricted cash	'	0
Other	0	81,000
Cash, beginning of year	19,853,000	'
Cash, end of period	26,428,000	'
RAI [Member] | Reportable Legal Entities [Member]	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	6,892,000	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,469,000	'
Provision for credit losses	3,342,000	3,793,000
Unrealized (losses) gains on trading securities	133,000	'
Equity in earnings of unconsolidated entities	-2,789,000	-2,528,000
Distributions from unconsolidated entities	5,134,000	'
Gain on sale of investment securities, net	-1,940,000	'
Gain on sale of leases and loans	-22,000	'
Losses (gains) on sales of assets	439,000	'
Deferred income tax provision (benefit)	4,838,000	'
Equity-based compensation issued	1,322,000	'
Trading securities purchases and sales, net	973,000	'
Changes in operating assets and liabilities	-10,255,000	'
Adjustments to reconcile net income and operating cash flows to net income of consolidated VIE-RSO	0	'
Net cash provided by operating activities	9,536,000	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	-291,000	'
Payments received on real estate loans and real estate	25,000	'
Principal payments on leases and loans	22,000	'
Investments in real estate and unconsolidated real estate entities	-1,561,000	'
Purchase of loans and investments	-7,320,000	'
Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	0	'
Proceeds from sale of loans and investments	721,000	'
Increase in restricted cash of consolidated VIE-RSO	0	'
Other investing activity of consolidated VIE-RSO	0	'
Net cash (used in) provided by investing activities	-8,404,000	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	2,520,000	'
Principal payments on borrowings	-3,204,000	'
Net borrowings (repayments) of debt by consolidated VIE-RSO	0	'
Dividends paid	-2,952,000	'
Dividends paid on common stock by consolidated VIE-RSO	0	'
Proceeds from issuance of common stock	17,570,000	'
Repurchases of common stock	-8,358,000	'
Increase in restricted cash	-133,000	'
Net cash provided by (used in) financing activities	5,443,000	'
Decrease in cash	6,575,000	'
Cash, beginning of year	19,853,000	'
Cash, end of period	26,428,000	'
RAI [Member] | Consolidation, Eliminations [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Cash, end of period	0	'
RSO [Member]	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Adjustments to reconcile net income and operating cash flows to net income of consolidated VIE-RSO	42,360,000	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of loans and investments	-812,912,000	-675,650,000
Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	552,913,000	842,252,000
Increase in restricted cash of consolidated VIE-RSO	18,328,000	30,079,000
Other investing activity of consolidated VIE-RSO	-11,024,000	13,346,000
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net borrowings (repayments) of debt by consolidated VIE-RSO	67,954,000	-320,834,000
Dividends paid on common stock by consolidated VIE-RSO	-75,920,000	-66,341,000
Proceeds from issuance of common stock	177,568,000	184,279,000
Other	-4,546,000	-13,081,000
RSO [Member] | Reportable Legal Entities [Member]	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	49,493,000	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	0	'
Provision for credit losses	0	0
Unrealized (losses) gains on trading securities	0	'
Equity in earnings of unconsolidated entities	0	0
Distributions from unconsolidated entities	0	'
Gain on sale of investment securities, net	0	'
Gain on sale of leases and loans	0	'
Losses (gains) on sales of assets	0	'
Deferred income tax provision (benefit)	0	'
Equity-based compensation issued	0	'
Trading securities purchases and sales, net	0	'
Changes in operating assets and liabilities	0	'
Adjustments to reconcile net income and operating cash flows to net income of consolidated VIE-RSO	39,646,000	'
Net cash provided by operating activities	89,139,000	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Capital expenditures	0	'
Payments received on real estate loans and real estate	0	'
Investments in real estate and unconsolidated real estate entities	0	'
Purchase of loans and investments	-812,912,000	'
Principal payments and proceeds from sales of loans and securities by consolidated VIE-RSO	552,913,000	'
Increase in restricted cash of consolidated VIE-RSO	18,328,000	'
Other investing activity of consolidated VIE-RSO	-10,633,000	'
Net cash (used in) provided by investing activities	-252,304,000	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in borrowings	0	'
Principal payments on borrowings	0	'
Net borrowings (repayments) of debt by consolidated VIE-RSO	67,954,000	'
Dividends paid	0	'
Dividends paid on common stock by consolidated VIE-RSO	-77,636,000	'
Proceeds from issuance of common stock	177,568,000	'
Other	-4,721,000	'
Net cash provided by (used in) financing activities	163,165,000	'
Decrease in cash	0	'
Cash, beginning of year	0	'
Cash, end of period	$0	'

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash (paid) received:	'	'
Interest	($1,249)	($1,270)
Income tax payments	-952	-933
Refund of income taxes	167	100
Dividends declared per common share	$0.16	$0.10
Non-cash activities:	'	'
Repurchase common stock from employees in exchange for the payment of income taxes	263	68
Repurchase common stock in exchange for the exercise of warrants	1,754	0
Issuance of treasury stock for the Company's investment savings 401(k) plan	368	273
Leasehold improvements paid by the landlord	$0	$1,496

FINANCING_RECEIVABLES_Past_Due

FINANCING RECEIVABLES (Past Due Financing Receivables) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	$714,000	$875,000
90-180 Days Past Due	1,200,000	1,257,000
Greater than 181 Days	53,678,000	60,717,000
Total Past Due	55,592,000	62,849,000
Current	9,646,000	4,394,000
Total	65,238,000	67,243,000
Commercial finance investment entities [Member]	'	'
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	0	0
90-180 Days Past Due	0	0
Greater than 181 Days	34,907,000	44,355,000
Total Past Due	34,907,000	44,355,000
Current	16,000	48,000
Total	34,923,000	44,403,000
Allowance for credit losses, commercial finance	32,500,000	36,200,000
Real estate investment entities [Member]	'	'
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	707,000	793,000
90-180 Days Past Due	1,199,000	1,229,000
Greater than 181 Days	18,730,000	16,323,000
Total Past Due	20,636,000	18,345,000
Current	6,710,000	3,142,000
Total	27,346,000	21,487,000
Financial fund management entities [Member]	'	'
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	0	35,000
90-180 Days Past Due	1,000	3,000
Greater than 181 Days	40,000	29,000
Total Past Due	41,000	67,000
Current	456,000	1,071,000
Total	497,000	1,138,000
Other [Member]	'	'
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	0	33,000
90-180 Days Past Due	0	21,000
Greater than 181 Days	0	0
Total Past Due	0	54,000
Current	2,391,000	70,000
Total	2,391,000	124,000
Receivables from Managed Entities and Related Parties [Member]	'	'
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	707,000	861,000
90-180 Days Past Due	1,200,000	1,253,000
Greater than 181 Days	53,677,000	60,707,000
Total Past Due	55,584,000	62,821,000
Current	9,573,000	4,331,000
Total	65,157,000	67,152,000
Rent receivables - real estate [Member]	'	'
Aging of the Company's past due financing receivables, gross of allowances for credit losses	'	'
30-89 Days Past Due	7,000	14,000
90-180 Days Past Due	0	4,000
Greater than 181 Days	1,000	10,000
Total Past Due	8,000	28,000
Current	73,000	63,000
Total	$81,000	$91,000

FINANCING_RECEIVABLES_Allowanc

FINANCING RECEIVABLES (Allowance for Credit Losses) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Activity in the allowance for credit losses of financing receivables [Roll Forward]	'	'	'	'	'
Allowance for losses at beginning of period	$39,030	$34,616	$36,243	$32,628	'
Provision for (reversal of) credit losses	559	1,808	3,342	3,793	'
Charge-offs	-7,128	-682	-7,129	-706	'
Recoveries	66	18	71	45	'
Allowance for losses at end of period	32,527	35,760	32,527	35,760	'
Ending balance, individually evaluated for impairment	32,522	35,728	32,522	35,728	'
Ending balance, collectively evaluated for impairment	5	32	5	32	'
Allowance for losses at end of period	32,527	35,760	32,527	35,760	'
Ending balance, individually evaluated for impairment	65,157	'	65,157	'	67,152
Ending balance, collectively evaluated for impairment	81	'	81	'	91
Balance, end of period	65,238	'	65,238	'	67,243
Receivables from Managed Entities [Member]	'	'	'	'	'
Activity in the allowance for credit losses of financing receivables [Roll Forward]	'	'	'	'	'
Allowance for losses at beginning of period	39,028	34,587	36,229	32,560	'
Provision for (reversal of) credit losses	520	1,810	3,321	3,817	'
Charge-offs	-7,092	-669	-7,094	-669	'
Recoveries	64	0	64	20	'
Allowance for losses at end of period	32,520	35,728	32,520	35,728	'
Ending balance, individually evaluated for impairment	32,520	35,728	32,520	35,728	'
Ending balance, collectively evaluated for impairment	0	0	0	0	'
Allowance for losses at end of period	32,520	35,728	32,520	35,728	'
Ending balance, individually evaluated for impairment	65,157	'	65,157	'	67,152
Ending balance, collectively evaluated for impairment	0	'	0	'	0
Balance, end of period	65,157	'	65,157	'	67,152
Leases and Loans [Member]	'	'	'	'	'
Activity in the allowance for credit losses of financing receivables [Roll Forward]	'	'	'	'	'
Allowance for losses at beginning of period	0	0	0	0	'
Provision for (reversal of) credit losses	30	-18	25	-25	'
Charge-offs	-30	0	-30	0	'
Recoveries	2	18	7	25	'
Allowance for losses at end of period	2	0	2	0	'
Ending balance, individually evaluated for impairment	2	0	2	0	'
Ending balance, collectively evaluated for impairment	0	0	0	0	'
Allowance for losses at end of period	2	0	2	0	'
Rent Receivables [Member]	'	'	'	'	'
Activity in the allowance for credit losses of financing receivables [Roll Forward]	'	'	'	'	'
Allowance for losses at beginning of period	2	29	14	68	'
Provision for (reversal of) credit losses	9	16	-4	1	'
Charge-offs	-6	-13	-5	-37	'
Recoveries	0	0	0	0	'
Allowance for losses at end of period	5	32	5	32	'
Ending balance, individually evaluated for impairment	0	0	0	0	'
Ending balance, collectively evaluated for impairment	5	32	5	32	'
Allowance for losses at end of period	5	32	5	32	'
Ending balance, individually evaluated for impairment	0	'	0	'	0
Ending balance, collectively evaluated for impairment	81	'	81	'	91
Balance, end of period	$81	'	$81	'	$91

FINANCING_RECEIVABLES_Impaired

FINANCING RECEIVABLES (Impaired Financing Receivables) (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Financing Receivables Without a Specific Valuation Allowance [Member]	'	'
Impaired financing receivables [Abstract]	'	'
Specific Allowance	$0	$0
Receivables from Managed Entities - Commercial Finance [Member] | Financing Receivables With a Specific Valuation Allowance [Member]	'	'
Impaired financing receivables [Abstract]	'	'
Net Balance	985,000	2,690,000
Unpaid Balance	33,495,000	38,919,000
Specific Allowance	32,511,000	36,229,000
Average Investment in Impaired Assets	38,443,000	38,649,000
Rent receivables - real estate [Member] | Financing Receivables With a Specific Valuation Allowance [Member]	'	'
Impaired financing receivables [Abstract]	'	'
Net Balance	0	0
Unpaid Balance	5,000	14,000
Specific Allowance	5,000	14,000
Average Investment in Impaired Assets	$0	$32,000

INVESTMENTS_IN_REAL_ESTATE_Inv

INVESTMENTS IN REAL ESTATE (Investments in Real Estate) (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Properties owned, net of accumulated depreciation [Line Items]	'	'	'
Real Estate Investment Property, Net	$17,091	$17,091	$17,696
Rental income	1,300	3,800	'
Hotel property (Savannah, Georgia) [Member]	'	'	'
Properties owned, net of accumulated depreciation [Line Items]	'	'	'
Real Estate Investment Property, Net	10,226	10,226	10,504
Office building (Philadelphia, Pennsylvania) [Member]	'	'	'
Properties owned, net of accumulated depreciation [Line Items]	'	'	'
Real Estate Investment Property, Net	774	774	781
Total Properties Owned [Member]	'	'	'
Properties owned, net of accumulated depreciation [Line Items]	'	'	'
Real Estate Investment Property, Net	11,000	11,000	11,285
Accumulated depreciation	9,054	9,054	8,666
Partnerships and other investments [Member]	'	'	'
Properties owned, net of accumulated depreciation [Line Items]	'	'	'
Real Estate Investment Property, Net	$6,091	$6,091	$6,411

INVESTMENTS_IN_REAL_ESTATE_Ope

INVESTMENTS IN REAL ESTATE (Operating Leases) (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Real Estate Investments, Net [Abstract]	'
2015	$1,017
2016	711
2017	633
2018	615
2019	344
Thereafter	512
Total	$3,832

INVESTMENT_SECURITIES_Narrativ

INVESTMENT SECURITIES (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Purchase of investment	'	'	$7,320,000	'
Unrealized gains (losses)	'	'	-111,000	'
Other-than-temporary impairment on investments	'	'	'	214,000
RAI [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Purchase of investment	'	'	7,320,000	2,024,000
Gain (loss) on sale of investments	855,000	2,800,000	1,900,000	'
Net Realized and Unrealized Gain (Loss) on Trading Securities	'	'	'	4,600,000
Unrealized gains (losses)	-231,000	289,000	-111,000	774,000
Other-than-temporary impairment on investments	0	0	0	214,000
CLO securities [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Other-than-temporary impairment on investments	0	0	0	214,000
Equity securities [Member] | TBBK [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number of shares held (in shares)	18,972	'	18,972	'
Equity securities [Member] | RREDX [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number of shares held (in shares)	10,000	'	10,000	'
Purchase of investment	'	'	'	100,000
Equity securities [Member] | RRE Global Opportunity Fund [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Purchase of investment	'	'	$677,400	'
Purchase of investment, number of units	'	'	749,976	'

INVESTMENT_SECURITIES_Componen

INVESTMENT SECURITIES (Components of Investment Securities) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]	'	'
Available-for-sale securities	$8,829	$7,522
Trading securities	1,016	317
Total investment securities, at fair value	$9,845	$7,839

INVESTMENT_SECURITIES_Pretax_U

INVESTMENT SECURITIES (Pre-tax Unrealized Gains (Losses) Relating to Investments in Available-for-Sale Securities) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	$7,402	$6,179
Unrealized Gains	1,454	1,547
Unrealized Losses	-27	-204
Fair Value	8,829	7,522
CLO securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	6,514	5,971
Unrealized Gains	1,395	1,315
Unrealized Losses	-27	-196
Fair Value	7,882	7,090
Equity securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	888	208
Unrealized Gains	59	232
Unrealized Losses	0	-8
Fair Value	$947	$432

INVESTMENT_SECURITIES_Availabl

INVESTMENT SECURITIES (Available-for-sale Securities, Continuous Unrealized Loss Position) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Security	Security
Less than 12 Months [Abstract]	'	'
Fair Value	$700	$2,404
Unrealized Losses	-3	-204
Number of Securities	1	4
More than 12 Months [Abstract]	'	'
Fair Value	439	0
Unrealized Losses	-24	0
Number of Securities	1	0
CLO securities [Member]	'	'
Less than 12 Months [Abstract]	'	'
Fair Value	700	2,312
Unrealized Losses	-3	-196
Number of Securities	1	3
More than 12 Months [Abstract]	'	'
Fair Value	439	0
Unrealized Losses	-24	0
Number of Securities	1	0
Equity securities [Member]	'	'
Less than 12 Months [Abstract]	'	'
Fair Value	0	92
Unrealized Losses	0	-8
Number of Securities	0	1
More than 12 Months [Abstract]	'	'
Fair Value	0	0
Unrealized Losses	$0	$0
Number of Securities	0	0

INVESTMENTS_IN_UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Narrative) (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]	'
Preferred equity interest retained as a percentage of incentive management fees	75.00%
RRE Opportunity REIT I [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Cost method investment	$2.50
RRE Opportunity REIT II [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Cost method investment	1.3
CVC Credit Partners [Member]	'
Schedule of Equity Method Investments [Line Items]	'
Cost method investment	$6.80
Percentage interest in limited partnership formed	33.00%

INVESTMENTS_IN_UNCONSOLIDATED_3

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Investment Vehicles, Including the Range of Interests it Owns) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Equity Method Investments [Line Items]	'	'
Investments in unconsolidated entities	$13,272	$14,342
Real estate investment entities [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Investments in unconsolidated entities	8,513	8,271
Real estate investment entities [Member] | Minimum [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Ownership percentage	1.00%	'
Real estate investment entities [Member] | Maximum [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Ownership percentage	12.00%	'
Financial fund management investment entities [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Investments in unconsolidated entities	4,098	5,294
Financial fund management investment entities [Member] | Minimum [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Ownership percentage	0.40%	'
Financial fund management investment entities [Member] | Maximum [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Ownership percentage	50.00%	'
Trapeza entities [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Investments in unconsolidated entities	$661	$777
Trapeza entities [Member] | Minimum [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Ownership percentage	33.00%	'
Trapeza entities [Member] | Maximum [Member]	'	'
Schedule of Equity Method Investments [Line Items]	'	'
Ownership percentage	50.00%	'

INVESTMENTS_IN_UNCONSOLIDATED_4

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER (Summary Operating Data for Unconsolidated Investment) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule of Equity Method Investments [Line Items]	'	'	'	'
Portion of net income attributable to the Company	$620	$1,384	$2,298	$2,528
CVC Credit Partners [Member]	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'
Management fee revenues	19,103	10,413	45,890	34,502
Costs and expenses	-17,326	-8,618	-42,172	-32,388
Net income	1,777	1,795	3,718	2,114
Portion of net income attributable to the Company	$586	$593	$1,227	$698

ACCRUED_EXPENSES_AND_OTHER_LIA2

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Accounts payable and other accrued liabilities	$6,117	$7,439
Supplemental executive retirement plan (SERP) liability	4,459	4,998
Accrued wages and benefits	2,797	4,304
Deferred rent	2,546	2,675
Apidos contractual obligation, at fair value	760	995
Dividends payable	1,318	977
Short term insurance notes	1,030	746
Total accrued expenses and other liabilities	$19,027	$22,134

BORROWINGS_Credit_Facilities_a

BORROWINGS (Credit Facilities and Other Debt) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Borrowings Outstanding	$20,451	$20,619
TD Bank, NA - secured revolving credit facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Maximum Amount of Facility	10,997	'
Borrowings Outstanding	0	0
Outstanding letters of credit	503	'
Republic Bank - secured revolving credit facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Maximum Amount of Facility	3,000	'
Borrowings Outstanding	0	0
Total corporate and real estate borrowings [Member]	'	'
Debt Instrument [Line Items]	'	'
Borrowings Outstanding	0	0
Senior Notes [Member]	'	'
Debt Instrument [Line Items]	'	'
Borrowings Outstanding	10,000	10,000
Mortgage debt - hotel property [Member]	'	'
Debt Instrument [Line Items]	'	'
Borrowings Outstanding	10,140	10,287
Other debt [Member]	'	'
Debt Instrument [Line Items]	'	'
Borrowings Outstanding	311	332
Letters of Credit [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding letters of credit	$503	'

BORROWINGS_Corporate_and_Real_

BORROWINGS (Corporate and Real Estate Debt) (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Apr. 24, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Nov. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Feb. 28, 2011

Sep. 30, 2014

Sep. 30, 2014

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

TD Bank, NA - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

Republic Bank - secured revolving credit facility [Member]

TBBK common stock

RSO common stock

Prime Rate [Member]

LIBOR [Member]

LIBOR [Member]

LIBOR [Member]

RSO common stock

Prime Rate [Member]

Minimum [Member]

Maximum [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

$11,500,000

'

$7,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$3,500,000

'

'

Description of variable rate basis

'

'

'

'

'

'

'

'

'

'prime rate

'LIBOR

'

'

'

'

'

'

'

'

'

'

'prime rate

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

2.25%

3.00%

'

'

'

'

'

'

'

'

'

'

1.00%

LIBOR rate range

'

'

'

'

'

'

'

'

'

'

'

'1 month

'6 months

'

'

'

'

'

'

'

'

'

Required pledged securities

'

'

'

6,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of consecutive days during each one-year period company may not have cash advances

'

'

'

'30 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unused facility fee

'

'

'

0.50%

'

'

'

'

'

'

'

'

'

0.50%

'

'

0.25%

'

'

'

'

'

Line of credit facility commitment fee percentage on outstanding lines of credit

'

'

'

5.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding letters of credit

'

'

'

503,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of securities pledged (in shares)

'

'

'

'

'

'

'

18,972

2,160,671

'

'

'

'

'

'

'

'

'

'

'

700,000

'

Borrowings outstanding

20,451,000

20,619,000

'

0

'

'

0

'

'

'

'

'

'

'

0

'

0

'

0

'

'

'

Availability on the line of credit facility

'

'

'

11,000,000

'

'

'

'

'

'

'

'

'

'

3,000,000

'

3,000,000

'

'

'

'

'

Debt weighted average borrowing

'

'

$0

$0

$198,000

'

'

'

'

'

'

'

'

'

$0

$0

'

$0

'

'

'

'

Debt, Weighted Average Interest Rate, Duration

'

'

'

'

2.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Prime borrowings floor interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.50%

Percentage of appraised value of the real estate under maximum borrowing facility under option one

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

Percentage of cash under maximum borrowing facility under option one

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

Percentage of market value of securities pledged under maximum borrowing facility under option one

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

'

'

'

'

'

Percentage of cash under maximum borrowing facility under option two

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

Percentage of market value of securities pledged under maximum borrowing facility under option two

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

BORROWINGS_Senior_Notes_Detail

BORROWINGS (Senior Notes) (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 30, 2011	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Senior Notes [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Remaining balance	'	$10,000	'	$10,000	'
Interest rate	'	9.00%	'	9.00%	'
Detachable warrants term	'5 years	'	'	'	'
Shares of common stock issued on warrants (in shares)	3,690,195	'	'	'	'
Effective interest rate	'	9.30%	9.70%	9.40%	9.80%
Debt Instrument, Redemption, Period One [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Debt instrument, redemption price, percentage	'	'	'	102.00%	'
Debt Instrument, Redemption, Period Two [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Debt instrument, redemption price, percentage	'	'	'	101.00%	'
Debt Instrument, Redemption, Period Three [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Debt instrument, redemption price, percentage	'	'	'	101.00%	'
Debt Instrument, Redemption, Thereafter [Member]	'	'	'	'	'
Debt Instrument [Line Items]	'	'	'	'	'
Debt instrument, redemption price, percentage	'	'	'	100.00%	'

BORROWINGS_Other_Debt_Details

BORROWINGS (Other Debt) (Details) (Capital lease [Member], USD $)	1 Months Ended
	Jun. 30, 2014	Sep. 30, 2014
Capital lease [Member]	'	'
Debt Instrument [Line Items]	'	'
Capital lease, term	'3 years	'
Capital lease, required monthly repayment	$4,205	'
Capital lease, principal balance	'	$137,000

BORROWINGS_Debt_Repayments_Det

BORROWINGS (Debt Repayments) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'	'
2015	$432	'
2016	270	'
2017	274	'
2018	10,252	'
2019	269	'
Thereafter	8,954	'
Total	$20,451	$20,619

BORROWINGS_Covenants_Details

BORROWINGS Covenants (Details) (TD Bank, NA - secured revolving credit facility [Member])	9 Months Ended
	Sep. 30, 2014
TD Bank, NA - secured revolving credit facility [Member]	'
Debt Instrument [Line Items]	'
Mortgage, Covenant, Period of Time	'10 years

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in Accumulated Other Comprehensive Income (Loss) by Category) (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Changes in Accumulated Other Comprehensive Income (Loss) by Category [Roll Forward]	'	'
Investment Securities Available-for-Sale balance, beginning of the year	$801	'
Cash Flow Hedges balance, beginning of the year	-4	'
Foreign Currency Translation Adjustments, beginning of the year	-2	'
SERP Pension Liability balance, beginning of the year	-2,026	'
Total balance, beginning of the year	-1,231	'
Current period changes for investment securities available- for- sale	85	'
Current period changes for cash flow hedges	3	'
Current period changes for foreign currency translation adjustments	-4	'
Current period changes for SERP pension liability	81	'
Current period changes, total	165	'
Investment Securities Available-for-Sale balance, end of the year	886	801
Cash Flow Hedges balance, end of the year	-1	-4
Foreign Currency Translation Adjustments, end of the year	-6	-2
SERP Pension Liability balance, end of the year	-1,945	-2,026
Total balance, end of the year	-1,066	-1,231
Tax portion of investment securities available for sale in accumulated other comprehensive income	541	543
Tax portion of cash flow hedges in accumulated other comprehensive income	0	-1
Tax portion of foreign currency translation adjustments in accumulated other comprehensive income	-1	-2
Tax portion of SERP pension liability in accumulated other comprehensive income	($1,725)	($1,853)

NONCONTROLLING_INTERESTS_Detai

NONCONTROLLING INTERESTS (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
RSO [Member]	'	'	'	'
Activity in noncontrolling interests [Roll Forward]	'	'	'	'
Noncontrolling interests, beginning of period	'	'	$743,364	'
Net income attributable to noncontrolling interests	14,214	23,708	48,759	44,394
Noncontrolling interest, end of period	908,833	'	908,833	'
RAI [Member]	'	'	'	'
Activity in noncontrolling interests [Roll Forward]	'	'	'	'
Noncontrolling interests, beginning of period	'	'	238	'
Net income attributable to noncontrolling interests	-11	40	33	23
Noncontrolling interest, end of period	254	'	254	'
Noncontrolling Interests [Member] | RSO [Member]	'	'	'	'
Activity in noncontrolling interests [Roll Forward]	'	'	'	'
Noncontrolling interests, beginning of period	'	'	743,364	'
Net income attributable to noncontrolling interests	'	'	48,759	'
Other comprehensive income	'	'	18,033	'
Proceeds from issuance of equity interests, net	'	'	177,641	'
Amortization of stock-based compensation	'	'	4,497	'
Distributions to noncontrolling interests	'	'	-88,390	'
Other	'	'	4,929	'
Noncontrolling interest, end of period	908,833	'	908,833	'
Noncontrolling Interests [Member] | RAI [Member]	'	'	'	'
Activity in noncontrolling interests [Roll Forward]	'	'	'	'
Noncontrolling interests, beginning of period	'	'	238	'
Net income attributable to noncontrolling interests	'	'	33	'
Other comprehensive income	'	'	0	'
Proceeds from issuance of equity interests, net	'	'	0	'
Amortization of stock-based compensation	'	'	0	'
Distributions to noncontrolling interests	'	'	-17	'
Other	'	'	0	'
Noncontrolling interest, end of period	$254	'	$254	'

EARNINGS_PER_SHARE_Reconciliat

EARNINGS PER SHARE (Reconciliation) (Details)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Reconciliation of the components used in the computation of Basic and Diluted EPS [Abstract]	'	'	'	'
Basic shares outstanding (in shares)	21,109	20,342	20,586	20,255
Dilutive effect of outstanding stock options, warrants and director units (in shares)	1,192	1,530	1,538	1,676
Dilutive shares outstanding (in shares)	22,301	21,872	22,124	21,931

BENEFIT_PLANS_Narrative_Detail

BENEFIT PLANS (Narrative) (Details) (USD $)	9 Months Ended		3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
		SERP [Member]	Performance Shares [Member]
		Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]	'	'	'
Benefits paid	'	$838	'
Restricted stock award, number of shares	628,841	'	12,000
Restricted stock award, value	$5,700	'	$116

BENEFIT_PLANS_Components_of_Ne

BENEFIT PLANS (Components of Net Periodic Benefit Cost) (Details) (SERP [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
SERP [Member]	'	'	'	'
Defined Benefit Plan Disclosure [Line Items]	'	'	'	'
Interest cost	$68	$57	$205	$169
Less: expected return on plan assets	-38	-25	-116	-75
Plus: Amortization of unrecognized loss	70	95	209	285
Net cost	$100	$127	$298	$379

CERTAIN_RELATIONSHIPS_AND_RELA2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Receivables and Payables from Related Party) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Receivables from managed entities and related parties	$32,637,000	$30,923,000
Payables due to managed entities and related parties, net	3,695,000	3,110,000
Receivables from Managed Entities - Commercial Finance [Member]	'	'
Related Party Transaction [Line Items]	'	'
Reserves for credit losses	32,500,000	36,200,000
Real estate investment entities [Member]	'	'
Related Party Transaction [Line Items]	'	'
Payable to real estate investment entities, self insurance	3,400,000	2,900,000
Real estate investment entities [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from managed entities and related parties	27,346,000	21,487,000
Payables due to managed entities and related parties, net	3,580,000	2,940,000
Commercial finance investment entities [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from managed entities and related parties	2,403,000	8,174,000
Financial fund management investment entities [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from managed entities and related parties	497,000	1,138,000
Other [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from managed entities and related parties	429,000	124,000
Payables due to managed entities and related parties, net	115,000	170,000
CVC Credit Partners [Member]	'	'
Related Party Transaction [Line Items]	'	'
Receivables from managed entities and related parties	$1,962,000	$0

CERTAIN_RELATIONSHIPS_AND_RELA3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Fees From Unconsolidated Investment Entities) (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Commercial Finance, Four Investment Entities [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Amount waived of the fund management fees from commercial finance investment entities	$105	$410	$605	$1,500
Real estate [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Fees from unconsolidated investment entities	8,992	6,726	26,436	16,273
Discounts recorded	38	56	112	169
Financial fund management [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Fees from unconsolidated investment entities	794	801	2,861	2,335
Commercial Finance [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Fees from unconsolidated investment entities	0	0	0	0
CVC Credit Partners, L.P. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement of related party costs	211	295	836	979
RRE Opportunity REIT I [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement of related party costs	641	204	1,556	605
Dividends paid	30	28	88	85
RRE Opportunity REIT II [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement of related party costs	642	0	1,590	0
LEAF [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement of related party costs	31	53	95	168
Payment for sub-servicing the commercial finance investment partnerships	-52	-197	-253	-743
Payment for rent and related costs	0	-144	0	-543
1845 Walnut Associates Ltd. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Payment for rent and operating expenses	-154	-286	-561	-476
Property management fees	56	32	149	149
Brandywine Construction & Management, Inc. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Payment for property management of hotel property	-57	-54	-169	-167
Atlas Energy, L.P. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement of related party costs	52	49	124	243
Ledgewood P.C. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Payment for legal services	-98	-76	-165	-180
Graphic Images, LLC [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Payment for printing services	-27	-20	-116	-59
The Bancorp, Inc. [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Reimbursement of related party costs	29	29	84	85
9 Henmar LLC [Member]	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Payment of broker/consulting fees	($3)	($4)	($21)	($24)

CERTAIN_RELATIONSHIPS_AND_RELA4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Narrative) (Details)

1 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

0 Months Ended

Jul. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

6-May-14

6-May-14

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2010

Sep. 30, 2014

Feb. 06, 2014

USD ($)

USD ($)

USD ($)

RRE Opportunity REIT II [Member]

RRE Opportunity REIT II [Member]

CVC Credit Partners Group Limited [Member]

CVC Credit Partners Group Limited [Member]

Affiliated Real Estate Limited Partnership [Member]

Affiliated Real Estate Limited Partnership [Member]

Affiliated Real Estate Limited Partnership [Member]

Affiliated Real Estate Limited Partnership [Member]

Affiliated Real Estate Limited Partnership [Member]

Affiliated Real Estate Limited Partnership [Member]

Employees [Member]

IPO [Member]

USD ($)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

RRE Opportunity REIT II [Member]

USD ($)

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial public offering, amount of offering

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,000,000,000

Initial public offering, maximum price per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10

Due from related parties

'

32,637,000

30,923,000

'

3,100,000

'

'

'

'

'

'

'

'

'

'

Increase in related party loan receivable

'

'

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

Related party loan receivable, description of variable rate basis

'

'

'

'LIBOR

'

'EURIBOR

'

'

'

'

'

'

'

'3-month LIBOR

'

Related party loan receivable, maximum borrowing capacity

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

Related party loan receivable, basis spread on variable rate

'

'

'

'

3.00%

7.00%

'

'

'

'

'

'

'

3.00%

'

Maximum revolving note, related party

'

'

'

'

'

'

'

3,000,000

'

3,000,000

'

'

2,000,000

'

'

Interest rate description

'

'

'

'

'

'

'

'

'

'

'bearing interest at the prime rate

'

'

'

'

Notes receivable, related party

'

'

'

'

'

'

'

2,300,000

'

2,300,000

'

2,300,000

'

'

'

Other revenues from transactions with related party

'

'

'

'

'

'

'

19,000

17,000

56,000

53,000

'

'

'

'

Due from employee

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

Purchase of portfolio of securities

$23,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

FAIR_VALUE_Narrative_Details

FAIR VALUE (Narrative) (Details)	9 Months Ended
	Sep. 30, 2014
	Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Past due receivable, days outstanding to fully reserve balance	'180 days
Number of securities held	7
Loss severity rate	30.00%
Debt or Equity Investments in Externally Managed CDOs [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	6
Term Loan [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	1
Market Approach Valuation Technique [Member] | Illiquid Investment [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	2
Cash Flow Method Valuation [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	1
Constant default rate	3.00%
Constant prepayment rate	30.00%
Loss severity rate	30.00%
Cash Flow Method Valuation [Member] | Debt or Equity Investments in Externally Managed CDOs [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	1
Constant prepayment rate	20.00%
Loss severity rate	30.00%
Cash Flow Method Valuation [Member] | Illiquid Investment [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	1
Discount rates	20.00%
Recent Observable Trades Approach Valuation Technique [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Number of securities held	1
Minimum [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Estimated recovery percentage	6.80%
Maximum [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Estimated recovery percentage	10.30%

FAIR_VALUE_Assets_Recorded_at_

FAIR VALUE (Assets Recorded at Fair Value on Recurring Basis) (Details) (Recurring Basis [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment securities	$9,845	$7,839
Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment securities	261	432
Level 2 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment securities	686	0
Level 3 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment securities	$8,898	$7,407

FAIR_VALUE_Additional_Informat

FAIR VALUE (Additional Information About Assets Which Were Measured at Fair Value on a Recurring Basis Utilizing Level 3 Inputs) (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Gains on sale of investment securities	$1,845	'
Investment Securities [Member] | Recurring Basis [Member] | Level 3 [Member]	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'
Beginning balance	7,407	10,367
Purchases	14,491	11,630
Income accreted	721	899
Payments and distributions received, net	-2,870	-14,058
Sales	-13,096	-6,286
Gains on sale of investment securities	370	'
Impairment recognized in earnings	'	-214
Gains on sales of trading securities	1,853	6,294
Unrealized holding losses on trading securities	-226	-1,055
Change in unrealized gains (losses) included in accumulated other comprehensive loss	248	-170
Ending balance	$8,898	$7,407

FAIR_VALUE_Quantitative_Inputs

FAIR VALUE (Quantitative Inputs and Assumptions Used in Determining the Fair Value of Items Categorized in Level 3) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment securities available-for-sale	$8,829	$7,522
Trading securities	1,016	317
Loss severity rate	30.00%	'
CLO securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investment securities available-for-sale	$7,882	$7,090
Loss severity rate	25.00%	'
Constant prepayment rate - year one	30.00%	'
Constant prepayment rate - year two	25.00%	'
Constant prepayment rate - thereafter	25.00%	'
Discount rates	12.00%	'
Reinvestment spread	200.00%	'
Minimum [Member] | Collateralized Loan Obligations [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Constant default rate	0.00%	'
Reinvestment price on collateral	99.50%	'
Minimum [Member] | CLO securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Constant default rate	8.00%	'
Minimum [Member] | Trading securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Constant default rate	2.00%	'
Discount rates	0.00%	'
Constant prepayment rate	20.00%	'
Maximum [Member] | Collateralized Loan Obligations [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Constant default rate	2.00%	'
Reinvestment price on collateral	100.00%	'
Maximum [Member] | CLO securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Constant default rate	10.00%	'
Maximum [Member] | Trading securities [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Constant default rate	10.00%	'
Discount rates	20.00%	'
Constant prepayment rate	30.00%	'

FAIR_VALUE_Assets_and_Liabilit

FAIR VALUE (Assets and Liabilities Recorded at Fair Value on Non-recurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013	Apr. 30, 2012
In Thousands, unless otherwise specified
Assets:	'	'	'
Loans and receivables from managed entities – commercial finance and real estate	$2,403	$4,528	'
Other assets - commercial finance portfolio	351	'	'
Total assets at fair value	2,754	'	'
Liability:	'	'	'
Apidos contractual commitment	760	995	'
Level 1 [Member]	'	'	'
Assets:	'	'	'
Loans and receivables from managed entities – commercial finance and real estate	0	0	'
Other assets - commercial finance portfolio	0	'	'
Total assets at fair value	0	'	'
Liability:	'	'	'
Apidos contractual commitment	0	0	'
Level 2 [Member]	'	'	'
Assets:	'	'	'
Loans and receivables from managed entities – commercial finance and real estate	0	0	'
Other assets - commercial finance portfolio	0	'	'
Total assets at fair value	0	'	'
Liability:	'	'	'
Apidos contractual commitment	0	0	'
Level 3 [Member]	'	'	'
Assets:	'	'	'
Loans and receivables from managed entities – commercial finance and real estate	2,403	4,528	'
Other assets - commercial finance portfolio	351	'	'
Total assets at fair value	2,754	'	'
Liability:	'	'	'
Apidos contractual commitment	$760	$995	$589

FAIR_VALUE_Fair_Value_of_Finan

FAIR VALUE (Fair Value of Financial Instruments) (Details) (Recurring Basis [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying Amount [Member]	'	'
Assets:	'	'
Loans and receivables from managed entities	$32,637	$30,923
Liabilities:	'	'
Real estate debt	10,140	10,287
Senior Notes	10,000	10,000
Other debt	311	332
Total liabilities at fair value	20,451	20,619
Fair Value [Member]	'	'
Assets:	'	'
Loans and receivables from managed entities	32,637	30,923
Liabilities:	'	'
Real estate debt	11,204	10,702
Senior Notes	13,073	12,619
Other debt	311	332
Total liabilities at fair value	$24,588	$23,653

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (Resource Securities [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Resource Securities [Member]	'	'
Loss Contingencies [Line Items]	'	'
Minimum net capital required	$100	$221
Net capital	551	2,700
Minimum requirement of net capital exceeded by	$451	$2,500

OPERATING_SEGMENTS_Narrative_D

OPERATING SEGMENTS (Narrative) (Details)	9 Months Ended
	Sep. 30, 2014
	Segment
Revenues from External Customers and Long-Lived Assets [Line Items]	'
Number of reportable operating segments	3
RSO [Member]	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'
Number of operating segments	1

OPERATING_SEGMENTS_Summarized_

OPERATING SEGMENTS (Summarized Operating Segment) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	$49,789,000	$41,641,000	$149,877,000	$117,309,000	'
Equity in (losses) earnings of unconsolidated entities	620,000	1,384,000	2,298,000	2,528,000	'
Total revenues	50,409,000	43,025,000	152,175,000	119,837,000	'
Segment operating expenses	-27,505,000	-25,493,000	-79,341,000	-70,116,000	'
General and administrative expenses	-2,426,000	-2,505,000	-8,309,000	-6,807,000	'
Reversal of (provision for) credit losses	-559,000	-1,808,000	-3,342,000	-3,793,000	'
Depreciation and amortization	-453,000	-413,000	-1,369,000	-1,318,000	'
Other-than-temporary impairment on investments	'	'	'	-214,000	'
Gain on sale of investment securities, net	69,000	'	439,000	'	'
Interest expense	-467,000	-530,000	-1,447,000	-1,525,000	'
Other income (expense), net	-1,856,000	16,897,000	-466,000	17,231,000	'
Nonoperating Income (Expense)	-2,243,000	16,367,000	-1,474,000	'	'
Pretax income attributable to noncontrolling interests	-14,223,000	-23,720,000	-48,812,000	-44,417,000	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	2,989,000	5,453,000	9,528,000	8,878,000	'
Total assets	2,763,102,000	2,443,511,000	2,763,102,000	2,443,511,000	2,318,451,000
RAI [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Equity in (losses) earnings of unconsolidated entities	'	'	2,298,000	2,528,000	'
Total revenues	19,829,000	24,422,000	61,627,000	54,434,000	'
General and administrative expenses	-2,426,000	-2,505,000	-8,309,000	-6,807,000	'
Reversal of (provision for) credit losses	-559,000	-1,808,000	-3,342,000	-3,793,000	'
Depreciation and amortization	-453,000	-413,000	-1,369,000	-1,318,000	'
Other-than-temporary impairment on investments	0	0	0	-214,000	'
Interest expense	-467,000	-530,000	-1,447,000	-1,525,000	'
Other income (expense), net	80,000	128,000	263,000	'	'
RSO [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Total revenues	34,716,000	23,786,000	100,604,000	76,011,000	'
Other income (expense), net	-1,936,000	16,607,000	-758,000	'	'
Total assets	2,589,013,000	2,271,468,000	2,589,013,000	2,271,468,000	'
Operating Segments [Member] | Real Estate [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	14,377,000	15,973,000	41,681,000	39,777,000	'
Equity in (losses) earnings of unconsolidated entities	-88,000	-23,000	-669,000	-334,000	'
Total revenues	14,289,000	15,950,000	41,012,000	39,443,000	'
Segment operating expenses	-9,384,000	-11,178,000	-27,364,000	-29,514,000	'
General and administrative expenses	-804,000	-674,000	-2,631,000	-2,893,000	'
Reversal of (provision for) credit losses	-8,000	-29,000	2,000	2,523,000	'
Depreciation and amortization	-309,000	-258,000	-927,000	-805,000	'
Other-than-temporary impairment on investments	'	'	'	0	'
Gain on sale of investment securities, net	0	'	0	'	'
Interest expense	-190,000	-209,000	-577,000	-613,000	'
Other income (expense), net	280,000	249,000	647,000	719,000	'
Pretax income attributable to noncontrolling interests	-9,000	-12,000	-53,000	-23,000	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	3,865,000	3,839,000	10,109,000	8,837,000	'
Total assets	187,668,000	177,314,000	187,668,000	177,314,000	'
Operating Segments [Member] | Financial Fund Management [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	4,320,000	7,065,000	17,136,000	12,129,000	'
Equity in (losses) earnings of unconsolidated entities	1,237,000	1,437,000	3,637,000	3,105,000	'
Total revenues	5,557,000	8,502,000	20,773,000	15,234,000	'
Segment operating expenses	-2,812,000	-3,547,000	-9,980,000	-7,769,000	'
General and administrative expenses	-416,000	-282,000	-1,314,000	-604,000	'
Reversal of (provision for) credit losses	0	0	0	-199,000	'
Depreciation and amortization	-16,000	-13,000	-47,000	-49,000	'
Other-than-temporary impairment on investments	'	'	'	-214,000	'
Gain on sale of investment securities, net	69,000	'	439,000	'	'
Interest expense	0	-7,000	0	-7,000	'
Other income (expense), net	533,000	557,000	1,659,000	1,704,000	'
Pretax income attributable to noncontrolling interests	0	0	0	0	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	2,915,000	5,210,000	11,530,000	8,096,000	'
Total assets	58,689,000	60,105,000	58,689,000	60,105,000	'
Operating Segments [Member] | Commercial Finance [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	21,000	0	21,000	0	'
Equity in (losses) earnings of unconsolidated entities	-38,000	-30,000	-179,000	-243,000	'
Total revenues	-17,000	-30,000	-158,000	-243,000	'
Segment operating expenses	-125,000	-75,000	-351,000	99,000	'
General and administrative expenses	0	0	0	0	'
Reversal of (provision for) credit losses	-551,000	-1,779,000	-3,344,000	-6,117,000	'
Depreciation and amortization	0	0	0	0	'
Other-than-temporary impairment on investments	'	'	'	0	'
Gain on sale of investment securities, net	0	'	0	'	'
Interest expense	-2,000	1,000	-11,000	0	'
Other income (expense), net	19,000	0	17,000	7,000	'
Pretax income attributable to noncontrolling interests	0	0	0	0	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	-676,000	-1,883,000	-3,847,000	-6,254,000	'
Total assets	4,301,000	8,747,000	4,301,000	8,747,000	'
Operating Segments [Member] | All Other [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	0	0	0	0	'
Equity in (losses) earnings of unconsolidated entities	0	0	0	0	'
Total revenues	0	0	0	0	'
Segment operating expenses	0	0	0	0	'
General and administrative expenses	-1,206,000	-1,549,000	-4,364,000	-3,310,000	'
Reversal of (provision for) credit losses	0	0	0	0	'
Depreciation and amortization	-128,000	-142,000	-395,000	-464,000	'
Other-than-temporary impairment on investments	'	'	'	0	'
Gain on sale of investment securities, net	0	'	0	'	'
Interest expense	-275,000	-315,000	-859,000	-905,000	'
Other income (expense), net	-180,000	-122,000	-344,000	-361,000	'
Pretax income attributable to noncontrolling interests	0	0	0	0	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	-1,789,000	-2,128,000	-5,962,000	-5,040,000	'
Total assets	-76,569,000	-74,123,000	-76,569,000	-74,123,000	'
Reportable Legal Entities [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Total assets	174,089,000	172,043,000	174,089,000	172,043,000	'
Reportable Legal Entities [Member] | RAI [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	18,718,000	23,038,000	58,838,000	51,906,000	'
Equity in (losses) earnings of unconsolidated entities	1,111,000	1,384,000	2,789,000	2,528,000	'
Total revenues	19,829,000	24,422,000	61,627,000	54,434,000	'
Segment operating expenses	-12,321,000	-14,800,000	-37,695,000	-37,184,000	'
General and administrative expenses	-2,426,000	-2,505,000	-8,309,000	-6,807,000	'
Reversal of (provision for) credit losses	-559,000	-1,808,000	-3,342,000	-3,793,000	'
Depreciation and amortization	-453,000	-413,000	-1,369,000	-1,318,000	'
Other-than-temporary impairment on investments	'	'	'	-214,000	'
Gain on sale of investment securities, net	69,000	'	439,000	'	'
Interest expense	-467,000	-530,000	-1,447,000	-1,525,000	'
Other income (expense), net	652,000	684,000	1,979,000	2,069,000	'
Nonoperating Income (Expense)	254,000	154,000	971,000	'	'
Pretax income attributable to noncontrolling interests	-9,000	-12,000	-53,000	-23,000	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	4,315,000	5,038,000	11,830,000	5,639,000	'
Total assets	206,482,000	'	206,482,000	'	'
Reportable Legal Entities [Member] | RSO [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	34,716,000	23,786,000	100,604,000	76,011,000	'
Equity in (losses) earnings of unconsolidated entities	0	0	0	0	'
Total revenues	34,716,000	23,786,000	100,604,000	76,011,000	'
Segment operating expenses	-18,686,000	-15,554,000	-51,020,000	-43,110,000	'
General and administrative expenses	0	0	0	0	'
Reversal of (provision for) credit losses	0	0	0	0	'
Depreciation and amortization	0	0	0	0	'
Other-than-temporary impairment on investments	'	'	'	0	'
Gain on sale of investment securities, net	0	'	0	'	'
Interest expense	0	0	0	0	'
Other income (expense), net	-1,936,000	16,607,000	-758,000	16,607,000	'
Nonoperating Income (Expense)	-1,936,000	16,607,000	-758,000	'	'
Pretax income attributable to noncontrolling interests	-14,214,000	-23,708,000	-48,759,000	-44,394,000	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	-120,000	1,131,000	67,000	5,114,000	'
Total assets	2,592,381,000	'	2,592,381,000	'	'
Consolidation, Eliminations [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Revenues from external customers	-3,645,000	-5,183,000	-9,565,000	-10,608,000	'
Equity in (losses) earnings of unconsolidated entities	-491,000	0	-491,000	0	'
Total revenues	-4,136,000	-5,183,000	-10,056,000	-10,608,000	'
Segment operating expenses	3,502,000	4,861,000	9,374,000	10,178,000	'
General and administrative expenses	0	0	0	0	'
Reversal of (provision for) credit losses	0	0	0	0	'
Depreciation and amortization	0	0	0	0	'
Other-than-temporary impairment on investments	'	'	'	0	'
Gain on sale of investment securities, net	0	'	0	'	'
Interest expense	0	0	0	0	'
Other income (expense), net	-572,000	-394,000	-1,687,000	-1,445,000	'
Nonoperating Income (Expense)	-561,000	-394,000	-1,687,000	'	'
Pretax income attributable to noncontrolling interests	0	0	0	0	'
Pretax income (loss) from continuing operations excluding noncontrolling interests	-1,206,000	-716,000	-2,369,000	-1,875,000	'
Total assets	-35,761,000	'	-35,761,000	'	'
Consolidation, Eliminations [Member] | RAI [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest expense	'	0	'	'	'
Other income (expense), net	-572,000	-556,000	-1,716,000	'	'
Consolidation, Eliminations [Member] | RSO [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Total assets	($3,368,000)	'	($3,368,000)	'	'

VARIABLE_INTEREST_ENTITIES_RSO

VARIABLE INTEREST ENTITIES RSO Balance Sheets Detail (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Reportable Legal Entities [Member]

Reportable Legal Entities [Member]

Reportable Legal Entities [Member]

Reportable Legal Entities [Member]

Consolidation, Eliminations [Member]

Consolidation, Eliminations [Member]

Consolidation, Eliminations [Member]

Consolidation, Eliminations [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Assets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

$26,428

$19,853

$19,439

$11,899

$163,269

$262,270

$144,463

$85,278

'

'

'

'

$0

$0

'

'

Restricted cash

'

'

'

'

83,604

63,309

'

'

'

'

'

'

'

'

'

'

Subtotal - Cash and cash equivalents

'

'

'

'

246,873

325,579

'

'

'

'

'

'

'

'

'

'

Trading securities

1,016

317

'

'

9,187

11,558

'

'

'

'

'

'

'

'

'

'

Investment securities available-for-sale, pledged as collateral, at fair value

'

'

'

'

204,843

162,608

'

'

'

'

'

'

'

'

'

'

Investment securities available-for-sale, at fair value

'

'

'

'

76,175

52,598

'

'

'

'

'

'

'

'

'

'

Total investment securities, at fair value

9,845

7,839

'

'

290,205

226,764

'

'

'

'

'

'

'

'

'

'

Loans, pledged as collateral and net of allowances of $4.5 million and $13.8 million (of which $83.0 million and $0 at fair value)

'

'

'

'

1,744,899

1,369,526

'

'

'

'

'

'

'

'

'

'

Loans receivable–related party net of allowance of $936,000 and $0

'

'

'

'

4,172

6,966

'

'

'

'

'

'

'

'

'

'

Loans held for sale

'

'

'

'

91,382

21,916

'

'

'

'

'

'

'

'

'

'

Loans

'

'

'

'

1,839,895

1,397,458

'

'

'

'

1,840,453

1,398,408

'

'

-558

-950

Property held-for-sale

'

'

'

'

29,581

25,346

'

'

'

'

'

'

'

'

'

'

Investment in real estate

'

'

'

'

0

29,778

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated entities

'

'

'

'

60,540

69,069

'

'

'

'

'

'

'

'

'

'

Subtotal, Investments in real estate and unconsolidated entities

'

'

'

'

90,121

124,193

'

'

'

'

'

'

'

'

'

'

Linked transactions, net at fair value

'

'

'

'

14,272

30,066

'

'

'

'

'

'

'

'

'

'

Derivatives, at fair value

'

'

'

'

21,618

0

'

'

'

'

'

'

'

'

'

'

Interest receivable

'

'

'

'

14,831

8,965

'

'

'

'

'

'

'

'

'

'

Deferred tax assets, net

'

'

'

'

4,853

5,212

'

'

'

'

'

'

'

'

'

'

Principal paydown receivable

'

'

'

'

34,297

6,821

'

'

'

'

'

'

'

'

'

'

Intangible assets

'

'

'

'

10,254

11,822

'

'

'

'

'

'

'

'

'

'

Prepaid expenses

'

'

'

'

4,529

2,871

'

'

'

'

'

'

'

'

'

'

Other assets

'

'

'

'

'

'

'

'

'

'

20,075

10,726

'

'

'

'

Other assets

'

'

'

'

121,919

76,467

'

'

'

'

124,729

76,483

'

'

-2,810

-16

Total assets

2,763,102

2,318,451

2,443,511

'

2,589,013

2,150,461

'

'

174,089

172,043

2,592,381

2,151,427

-35,761

'

'

'

LIABILITIES

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings

20,451

20,619

'

'

1,591,241

1,320,015

'

'

'

'

1,590,958

1,319,810

'

'

283

205

Distribution payable

'

'

'

'

30,340

27,023

'

'

'

'

'

'

'

'

'

'

Accrued interest expense

'

'

'

'

3,875

1,693

'

'

'

'

'

'

'

'

'

'

Derivatives, at fair value

'

'

'

'

8,830

10,586

'

'

'

'

'

'

'

'

'

'

Accrued tax liability

'

'

'

'

3,131

1,629

'

'

'

'

'

'

'

'

'

'

Deferred tax liability

'

'

'

'

0

4,112

'

'

'

'

'

'

'

'

'

'

Accounts payable and other liabilities

'

'

'

'

11,331

12,650

'

'

'

'

'

'

'

'

'

'

Other liabilities

'

'

'

'

54,842

55,247

'

'

'

'

57,507

57,693

'

'

-2,665

-2,446

Total liabilities

1,689,256

1,421,125

'

'

1,646,083

1,375,262

'

'

'

'

1,648,465

1,377,503

-5,750

'

'

'

Assets of consolidated Variable Interest Entities (VIEs) included in the total assets above:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted cash

'

'

'

'

80,633

61,372

'

'

'

'

'

'

'

'

'

'

Investments securities available-for-sale, pledged as collateral, at fair value

'

'

'

'

110,376

105,846

'

'

'

'

'

'

'

'

'

'

Loans held for sale

'

'

'

'

36,674

2,376

'

'

'

'

'

'

'

'

'

'

Loans, pledged as collateral and net of allowances of $4.0 million and $8.8 million ($83.0 million and $0 at fair value)

'

'

'

'

1,405,788

1,219,569

'

'

'

'

'

'

'

'

'

'

Interest receivable

'

'

'

'

8,066

5,627

'

'

'

'

'

'

'

'

'

'

Prepaid expenses

'

'

'

'

217

247

'

'

'

'

'

'

'

'

'

'

Principal receivable

'

'

'

'

34,100

6,821

'

'

'

'

'

'

'

'

'

'

Other assets

'

'

'

'

-12

0

'

'

'

'

'

'

'

'

'

'

Total assets of consolidated VIE-RSO

'

'

'

'

1,675,842

1,401,858

'

'

'

'

'

'

'

'

'

'

Liabilities of consolidated VIEs included in the total liabilities above:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings ($140.2 million and $0 at fair value)

'

'

'

'

1,214,923

1,070,339

'

'

'

'

'

'

'

'

'

'

Accrued interest expense

'

'

'

'

1,280

918

'

'

'

'

'

'

'

'

'

'

Derivatives, at fair value

'

'

'

'

7,958

10,191

'

'

'

'

'

'

'

'

'

'

Accounts payable and other liabilities

'

'

'

'

-418

1,604

'

'

'

'

'

'

'

'

'

'

Total liabilities of consolidated VIE-RSO

'

'

'

'

$1,223,743

$1,083,052

'

'

'

'

'

'

'

'

'

'

VARIABLE_INTEREST_ENTITIES_RSO1

VARIABLE INTEREST ENTITIES RSO Balance Sheets Detail (Parenthetical) (Details) (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
RSO [Member]	'	'
Assets:	'	'
Loans, pledged as collateral, allowances	$4,500,000	$13,800,000
Loans, pledged as collateral, at fair value	83,000,000	0
Loans receivable - related party, allowance	936,000	0
Borrowings, at fair value	94,900,000	0
Variable interest entity, loans, pledged as collateral, allowance	4,000,000	8,800,000
Variable interest entity, loans pledged as collateral, at fair value	83,000,000	0
Variable interest entity, borrowings, at fair value	$140,200,000	$0

VARIABLE_INTEREST_ENTITIES_RSO2

VARIABLE INTEREST ENTITIES RSO Income Statement Detail (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest income:	'	'	'	'
Interest expense	$467	$530	$1,447	$1,525
Rental income	1,300	'	3,800	'
Equity in (losses) earnings of unconsolidated entities	620	1,384	2,298	2,528
Revenues from consolidated VIE-RSO	50,409	43,025	152,175	119,837
COSTS AND EXPENSES:	'	'	'	'
General and administrative	2,426	2,505	8,309	6,807
Depreciation and amortization	453	413	1,369	1,318
Income tax (benefit) expense	-1,504	-1,983	-4,324	'
Expenses of consolidated VIE-RSO	30,943	30,219	92,361	82,034
OTHER REVENUE (EXPENSE)	'	'	'	'
Other expense, net, from consolidated VIE-RSO	-2,243	16,367	-1,474	'
Income from continuing operations before taxes	17,223	29,173	58,340	53,295
Income tax (benefit) expense	-1,504	-1,983	-4,324	'
Net income	1,516	3,442	5,224	5,051
RSO [Member]	'	'	'	'
Interest income:	'	'	'	'
Loans	27,026	24,374	73,474	78,370
Securities	5,168	3,411	12,563	10,949
Interest income − other	1,647	679	5,481	3,180
Total interest income	33,841	28,464	91,518	92,499
Interest expense	11,589	11,762	31,836	34,061
Net interest income	22,252	16,702	59,682	58,438
Rental income	1,118	4,649	7,777	15,875
Dividend income	16	223	169	256
Equity in (losses) earnings of unconsolidated entities	887	-535	4,663	-888
Fee income	2,344	1,245	7,166	4,182
Net realized and unrealized gains on sales of investment securities available-for-sale and loans	7,546	570	15,487	3,355
Net realized and unrealized gains (losses) on investment securities, trading	376	-229	-1,834	-864
Unrealized gain (losses) and net interest income on linked transactions, net	177	1,161	7,494	-4,343
Revenues from consolidated VIE-RSO	34,716	23,786	100,604	76,011
COSTS AND EXPENSES:	'	'	'	'
Management fees − related party	3,606	5,113	10,000	11,006
Equity compensation − related party	798	2,120	4,497	7,866
Rental operating expense	695	3,523	5,168	11,084
General and administrative	11,586	2,898	30,936	8,761
Depreciation and amortization	562	904	2,158	3,041
Income tax (benefit) expense	237	-722	667	-4,221
Net impairment losses recognized in earnings	0	255	0	811
Provision (recovery) for loan losses	1,439	741	-1,739	541
Total operating expenses	18,449	16,276	50,353	47,331
Expenses of consolidated VIE-RSO	18,686	15,554	51,020	43,110
Adjusted operating income	16,030	8,232	49,584	32,901
OTHER REVENUE (EXPENSE)	'	'	'	'
(Loss) gain on sale of real estate	-69	16,607	2,973	16,607
Other expense	0	0	-1,262	0
Loss on the reissuance of debt	-1,867	0	-2,469	0
Other expense, net, from consolidated VIE-RSO	-1,936	16,607	-758	16,607
Income from continuing operations before taxes	14,094	24,839	48,826	49,508
Income tax (benefit) expense	237	-722	667	-4,221
Net income	14,331	24,117	49,493	45,287
Net income allocated to preferred shares	-5,545	-1,996	-11,303	-5,107
Net income allocated to noncontrolling interests	-1,458	0	-1,069	0
NET INCOME ALLOCABLE TO RSO COMMON SHAREHOLDERS	$7,328	$22,121	$37,121	$40,180

VARIABLE_INTEREST_ENTITIES_RSO3

VARIABLE INTEREST ENTITIES RSO Cash Flow Detail (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'	'	'	'
Net income	$1,516,000	$3,442,000	$5,224,000	$5,051,000	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'	'	'
Other-than-temporary impairment on investments	'	'	'	214,000	'	'
Equity in net (earnings) losses of unconsolidated subsidiaries	-620,000	-1,384,000	-2,298,000	-2,528,000	'	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'	'	'	'
Purchase of loans and investments	'	'	-7,320,000	'	'	'
Capital expenditures	'	'	-291,000	'	'	'
Payments on borrowings:	'	'	'	'	'	'
Dividends paid	'	'	-2,952,000	'	'	'
Proceeds from issuance of common stock	'	'	17,570,000	'	'	'
Increase in cash	'	'	6,575,000	7,540,000	'	'
Cash, beginning of year	'	'	19,853,000	11,899,000	11,899,000	'
Cash, end of period	26,428,000	19,439,000	26,428,000	19,439,000	'	'
SUPPLEMENTAL DISCLOSURE:	'	'	'	'	'	'
Interest expense paid in cash	'	'	1,249,000	1,270,000	'	'
Income taxes paid in cash	'	'	952,000	933,000	'	'
RSO [Member]	'	'	'	'	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'	'	'	'
Net income	14,331,000	24,117,000	49,493,000	45,287,000	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'	'	'
(Recovery) provision for loan losses	1,439,000	741,000	-1,739,000	541,000	'	'
Depreciation of investments in real estate and other	'	'	2,252,000	1,638,000	'	'
Amortization of intangible assets	'	'	1,541,000	1,463,000	'	'
Amortization of term facilities	'	'	0	876,000	'	'
Accretion of net discounts on loans held for investment	'	'	-2,045,000	-8,306,000	'	'
Accretion of net discounts on securities available-for-sale	'	'	-2,847,000	-1,925,000	'	'
Amortization of discounts on convertible notes	'	'	896,000	0	'	'
Amortization of discount on notes securitization	'	'	70,000	3,937,000	'	'
Amortization of debt issuance costs on notes of securitizations	'	'	2,596,000	2,868,000	'	'
Amortization of stock-based compensation	'	'	4,497,000	7,866,000	'	'
Amortization of terminated derivative instruments	'	'	212,000	322,000	'	'
Increase (Decrease) in Dividends Payable	'	'	0	-5,107,000	'	'
Accretion of interest-only available-for-sale securities	'	'	-573,000	-714,000	'	'
Non-cash incentive compensation to the Manager	'	'	0	-484,000	'	'
Deferred income tax (benefit) provision	'	'	-689,000	502,000	'	'
Change in mortgage loans held for sale, net	'	'	-42,178,000	0	'	'
Purchase of securities, trading	'	'	-4,000,000	-11,044,000	'	'
Principal payments on securities, trading	'	'	50,000	4,211,000	'	'
Proceeds from sales of securities, trading	'	'	379,000	18,713,000	'	'
Net realized and unrealized gain on investment securities, trading	'	'	1,834,000	864,000	'	'
Net realized gains on sales of investment securities available-for-sale and loans	'	'	-15,488,000	-3,355,000	'	'
Loss on the reissuance of debt	'	'	2,469,000	0	'	'
Gain on sale of real estate	-3,000,000	'	-2,973,000	-16,607,000	-16,600,000	'
Other-than-temporary impairment on investments	0	'	0	802,000	'	'
Linked transactions fair value adjustments	'	'	-5,713,000	5,224,000	'	'
Equity in net (earnings) losses of unconsolidated subsidiaries	-887,000	535,000	-4,663,000	888,000	'	'
Changes in operating assets and liabilities, net of acquisitions	'	'	6,757,000	17,404,000	'	'
Net cash (used in) provided by operating activities	'	'	-59,355,000	21,545,000	'	'
Change in consolidated VIE-RSO cash for the period	'	'	99,001,000	-59,185,000	'	'
Adjustments to reconcile net income and operating cash flows to net income (loss) of consolidated VIE-RSO	'	'	42,360,000	-37,931,000	'	'
Net cash (used in) provided by operating activities of consolidated VIE-RSO (excluding eliminations)	'	'	-9,862,000	66,832,000	'	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'	'	'	'
Purchase of loans	'	'	-667,774,000	-555,051,000	'	'
Purchase of securities available-for-sale	'	'	-145,138,000	-120,599,000	'	'
Purchase of loans and investments	'	'	812,912,000	675,650,000	'	'
Principal payments received on loans	'	'	315,778,000	487,606,000	'	'
Proceeds from sale of loans	'	'	76,314,000	314,112,000	'	'
Principal payments on securities available-for-sale	'	'	40,748,000	33,010,000	'	'
Proceeds from sale of securities available-for-sale	'	'	117,367,000	7,025,000	'	'
Principal payments received on loans - related parties	'	'	2,706,000	499,000	'	'
Increase in restricted cash of consolidated VIE-RSO	'	'	18,328,000	30,079,000	'	'
Investment in unconsolidated entity	'	'	8,911,000	-25,508,000	'	'
Acquisition of Moselle CLO S.A.	'	'	-30,433,000	0	'	'
Improvement of real estate held-for-sale	'	'	0	-404,000	'	'
Proceeds from sale of real estate held-for-sale	'	'	31,639,000	37,001,000	'	'
Distributions from investments in real estate	'	'	0	522,000	'	'
Improvements in investments in real estate held-for-sale	'	'	-225,000	-365,000	'	'
Investment in loans - related parties	'	'	-849,000	0	'	'
Purchase of furniture and fixtures	'	'	69,000	128,000	'	'
Capital expenditures	'	'	362,000	0	'	'
Settlement of derivative instruments for investments	'	'	-19,245,000	0	'	'
Other investing activity of consolidated VIE-RSO	'	'	-11,024,000	11,118,000	'	'
Net cash (used in) provided by investing activities of consolidated VIE-RSO (excluding eliminations)	'	'	-252,304,000	207,799,000	'	'
Proceeds from borrowings:	'	'	'	'	'	'
Repurchase agreements	'	'	49,234,000	143,203,000	'	'
Warehouse agreement borrowings	'	'	43,000,000	0	'	'
CDO borrowings	'	'	235,344,000	0	'	'
Senior Secured Revolving Credit Facility	'	'	35,500,000	0	'	'
Reissuance of debt	'	'	39,635,000	0	'	'
Payments on borrowings:	'	'	'	'	'	'
Collateralized debt obligations	'	'	-301,040,000	-450,437,000	'	'
Mortgage payable payments	'	'	0	-13,600,000	'	'
Warehouse agreement payments	'	'	-33,719,000	0	'	'
Subtotal - net borrowings (repayments) of debt by consolidated VIE-RSO	'	'	67,954,000	-320,834,000	'	'
Dividends paid	'	'	-75,920,000	-68,010,000	'	'
Proceeds from issuance of common stock	'	'	0	114,018,000	'	'
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0 and $0)	'	'	25,416,000	19,092,000	'	'
Subtotal - net proceeds from issuance of stock by consolidated VIE-RSO	'	'	177,568,000	184,279,000	'	'
Minority interest equity	'	'	12,676,000	2,200,000	'	'
Payment of debt issuance costs	'	'	-7,284,000	-1,740,000	'	'
Settlement of derivative instruments	'	'	-23,000	0	'	'
Payment of equity to third party sub-note holders	'	'	-2,183,000	-6,952,000	'	'
Distributions paid on preferred stock	'	'	-7,907,000	-4,389,000	'	'
Other consolidated VIE -RSO financing activity	'	'	-4,546,000	-10,881,000	'	'
Net cash provided by (used in) financing activities of consolidated VIE-RSO, excluding eliminations	'	'	163,165,000	-215,446,000	'	'
Increase in cash	'	'	-99,001,000	59,185,000	'	'
Cash, beginning of year	'	'	262,270,000	85,278,000	85,278,000	144,463,000
Cash, end of period	163,269,000	'	163,269,000	'	262,270,000	144,463,000
SUPPLEMENTAL DISCLOSURE:	'	'	'	'	'	'
Interest expense paid in cash	'	'	26,782,000	28,391,000	'	'
Income taxes paid in cash	'	'	3,293,000	8,997,000	'	'
RSO [Member] | Redeemable Preferred Stock Series A [Member]	'	'	'	'	'	'
Payments on borrowings:	'	'	'	'	'	'
Proceeds from issuance of redeemable preferred shares, net of offering costs	'	'	8,397,000	112,000	'	'
RSO [Member] | Redeemable Preferred Stock Series B [Member]	'	'	'	'	'	'
Payments on borrowings:	'	'	'	'	'	'
Proceeds from issuance of redeemable preferred shares, net of offering costs	'	'	27,940,000	51,057,000	'	'
RSO [Member] | Redeemable Preferred Stock Series C [Member]	'	'	'	'	'	'
Payments on borrowings:	'	'	'	'	'	'
Proceeds from issuance of redeemable preferred shares, net of offering costs	'	'	115,815,000	0	'	'
Reportable Legal Entities [Member] | RSO [Member]	'	'	'	'	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'	'	'
Non-cash incentive compensation to the Manager	'	'	0	-484,000	'	'
Adjustments to reconcile net income and operating cash flows to net income (loss) of consolidated VIE-RSO	'	'	39,646,000	-37,640,000	'	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'	'	'	'
Purchase of loans and investments	'	'	-812,912,000	-675,650,000	'	'
Subtotal - principal payments and proceeds from sales received by consolidated VIE-RSO, before eliminations	'	'	552,913,000	842,252,000	'	'
Other investing activity of consolidated VIE-RSO	'	'	-10,633,000	11,118,000	'	'
Payments on borrowings:	'	'	'	'	'	'
Dividends paid	'	'	-77,636,000	-68,010,000	'	'
Other consolidated VIE -RSO financing activity	'	'	-4,721,000	-10,881,000	'	'
Consolidation, Eliminations [Member]	'	'	'	'	'	'
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'	'	'	'	'
Net income	-8,406,000	-22,428,000	-38,756,000	'	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'	'	'
Other-than-temporary impairment on investments	'	'	'	0	'	'
Equity in net (earnings) losses of unconsolidated subsidiaries	491,000	0	491,000	0	'	'
Changes in operating assets and liabilities, net of acquisitions	'	'	2,714,000	'	'	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'	'	'	'
Purchase of loans and investments	'	'	0	'	'	'
Subtotal - principal payments and proceeds from sales received by consolidated VIE-RSO, before eliminations	'	'	0	'	'	'
Increase in restricted cash of consolidated VIE-RSO	'	'	0	'	'	'
Capital expenditures	'	'	0	'	'	'
Other investing activity of consolidated VIE-RSO	'	'	-391,000	'	'	'
Payments on borrowings:	'	'	'	'	'	'
Subtotal - net borrowings (repayments) of debt by consolidated VIE-RSO	'	'	0	'	'	'
Dividends paid	'	'	0	'	'	'
Proceeds from issuance of common stock	'	'	0	'	'	'
Other consolidated VIE -RSO financing activity	'	'	175,000	'	'	'
Increase in cash	'	'	0	'	'	'
Cash, beginning of year	'	'	0	'	'	'
Cash, end of period	0	'	0	'	'	'
Consolidation, Eliminations [Member] | RSO [Member]	'	'	'	'	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'	'	'
Non-cash incentive compensation to the Manager	'	'	0	484,000	'	'
Adjustments to reconcile net income and operating cash flows to net income (loss) of consolidated VIE-RSO	'	'	2,714,000	-291,000	'	'
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'	'	'	'	'
Purchase of loans and investments	'	'	0	0	'	'
Other investing activity of consolidated VIE-RSO	'	'	-391,000	0	'	'
Payments on borrowings:	'	'	'	'	'	'
Dividends paid	'	'	1,716,000	0	'	'
Other consolidated VIE -RSO financing activity	'	'	$175,000	$0	'	'

VARIABLE_INTEREST_ENTITIES_RSO4

VARIABLE INTEREST ENTITIES RSO Cash Flow Detail (Parenthetical) (Details) (RSO [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Net proceeds from dividend reinvestment and stock purchase plan, offering costs	$0	$19
Common Stock [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	0	4,228
Redeemable Preferred Stock Series A [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	203	3
Preferred stock, coupon authorized	8.50%	'
Redeemable Preferred Stock Series B [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	363	1,091
Preferred stock, coupon authorized	8.25%	'
Redeemable Preferred Stock Series C [Member]	'	'
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Offering costs on stock issuance	$4,005	$0
Preferred stock, coupon authorized	8.63%	'

VARIABLE_INTEREST_ENTITIES_VAR

VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Restricted cash	$80,633,000	$61,372,000
Investment securities available-for-sale, pledged as collateral, at fair value	110,376,000	105,846,000
Loans, pledged as collateral	1,405,788,000	1,219,569,000
Loans held for sale	36,674,000	2,376,000
Interest receivable	8,066,000	5,627,000
Prepaid assets	217,000	247,000
Principal paydown receivable	34,100,000	6,821,000
Other assets	-12,000	0
Total assets of consolidated VIE-RSO	1,675,842,000	1,401,858,000
LIABILITIES	'	'
Borrowings	1,214,923,000	1,070,339,000
Accrued interest expense	1,280,000	918,000
Derivatives, at fair value	7,958,000	10,191,000
Accounts payable and other liabilities	-418,000	1,604,000
Total liabilities of consolidated VIE-RSO	1,223,743,000	1,083,052,000
RSO [Member]	'	'
ASSETS	'	'
Restricted cash	80,633,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	110,376,000	'
Loans, pledged as collateral	1,405,788,000	'
Loans held for sale	36,674,000	'
Interest receivable	8,066,000	'
Prepaid assets	217,000	'
Principal paydown receivable	34,100,000	'
Other assets	-12,000	'
Total assets of consolidated VIE-RSO	1,675,842,000	'
LIABILITIES	'	'
Borrowings	1,214,923,000	'
Accrued interest expense	1,280,000	'
Derivatives, at fair value	7,958,000	'
Accounts payable and other liabilities	-418,000	'
Total liabilities of consolidated VIE-RSO	1,223,743,000	'
Restricted cash available for reinvestment in certain of the CDOs	3,600,000	'
RSO [Member] | Apidos CDO I Ltd. [Member]	'	'
ASSETS	'	'
Restricted cash	15,366,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	3,452,000	'
Loans, pledged as collateral	9,896,000	'
Loans held for sale	35,740,000	'
Interest receivable	-268,000	'
Prepaid assets	6,000	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	64,192,000	'
LIABILITIES	'	'
Borrowings	47,848,000	'
Accrued interest expense	218,000	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	22,000	'
Total liabilities of consolidated VIE-RSO	48,088,000	'
RSO [Member] | Apidos CDO III Ltd. [Member]	'	'
ASSETS	'	'
Restricted cash	3,529,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	3,947,000	'
Loans, pledged as collateral	87,750,000	'
Loans held for sale	364,000	'
Interest receivable	443,000	'
Prepaid assets	7,000	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	96,040,000	'
LIABILITIES	'	'
Borrowings	83,621,000	'
Accrued interest expense	46,000	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	48,000	'
Total liabilities of consolidated VIE-RSO	83,715,000	'
RSO [Member] | Apidos Cinco CDO Ltd [Member]	'	'
ASSETS	'	'
Restricted cash	24,663,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	11,313,000	'
Loans, pledged as collateral	274,442,000	'
Loans held for sale	570,000	'
Interest receivable	959,000	'
Prepaid assets	28,000	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	311,975,000	'
LIABILITIES	'	'
Borrowings	284,160,000	'
Accrued interest expense	289,000	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	25,000	'
Total liabilities of consolidated VIE-RSO	284,474,000	'
RSO [Member] | Apidos CLO VIII Ltd. [Member]	'	'
ASSETS	'	'
Restricted cash	5,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	0	'
Loans, pledged as collateral	0	'
Loans held for sale	0	'
Interest receivable	0	'
Prepaid assets	0	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	5,000	'
LIABILITIES	'	'
Borrowings	0	'
Accrued interest expense	0	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	195,000	'
Total liabilities of consolidated VIE-RSO	195,000	'
RSO [Member] | Whitney CLO I, Ltd. [Member]	'	'
ASSETS	'	'
Restricted cash	80,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	0	'
Loans, pledged as collateral	0	'
Loans held for sale	0	'
Interest receivable	0	'
Prepaid assets	0	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	80,000	'
LIABILITIES	'	'
Borrowings	0	'
Accrued interest expense	0	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	0	'
Total liabilities of consolidated VIE-RSO	0	'
RSO [Member] | Resource Real Estate Funding CDO 2006-1 [Member]	'	'
ASSETS	'	'
Restricted cash	20,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	11,359,000	'
Loans, pledged as collateral	128,369,000	'
Loans held for sale	0	'
Interest receivable	2,471,000	'
Prepaid assets	100,000	'
Principal paydown receivable	25,803,000	'
Other assets	0	'
Total assets of consolidated VIE-RSO	168,122,000	'
LIABILITIES	'	'
Borrowings	105,841,000	'
Accrued interest expense	44,000	'
Derivatives, at fair value	1,044,000	'
Accounts payable and other liabilities	11,000	'
Total liabilities of consolidated VIE-RSO	106,940,000	'
RSO [Member] | Resource Real Estate Funding CDO 2007-1 [Member]	'	'
ASSETS	'	'
Restricted cash	250,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	67,784,000	'
Loans, pledged as collateral	204,978,000	'
Loans held for sale	0	'
Interest receivable	2,015,000	'
Prepaid assets	76,000	'
Principal paydown receivable	8,297,000	'
Other assets	0	'
Total assets of consolidated VIE-RSO	283,400,000	'
LIABILITIES	'	'
Borrowings	137,004,000	'
Accrued interest expense	99,000	'
Derivatives, at fair value	6,914,000	'
Accounts payable and other liabilities	1,000	'
Total liabilities of consolidated VIE-RSO	144,018,000	'
RSO [Member] | RCC CRE Notes 2013 [Member]	'	'
ASSETS	'	'
Restricted cash	3,337,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	0	'
Loans, pledged as collateral	267,963,000	'
Loans held for sale	0	'
Interest receivable	1,114,000	'
Prepaid assets	0	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	272,414,000	'
LIABILITIES	'	'
Borrowings	223,897,000	'
Accrued interest expense	172,000	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	0	'
Total liabilities of consolidated VIE-RSO	224,069,000	'
RSO [Member] | RCC CRE Notes 2014 [Member]	'	'
ASSETS	'	'
Restricted cash	0	'
Investment securities available-for-sale, pledged as collateral, at fair value	0	'
Loans, pledged as collateral	349,381,000	'
Loans held for sale	0	'
Interest receivable	1,332,000	'
Prepaid assets	0	'
Principal paydown receivable	0	'
Other assets	-12,000	'
Total assets of consolidated VIE-RSO	350,701,000	'
LIABILITIES	'	'
Borrowings	231,365,000	'
Accrued interest expense	123,000	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	10,000	'
Total liabilities of consolidated VIE-RSO	231,498,000	'
RSO [Member] | Moselle [Member]	'	'
ASSETS	'	'
Restricted cash	33,383,000	'
Investment securities available-for-sale, pledged as collateral, at fair value	12,521,000	'
Loans, pledged as collateral	83,009,000	'
Loans held for sale	0	'
Interest receivable	0	'
Prepaid assets	0	'
Principal paydown receivable	0	'
Other assets	0	'
Total assets of consolidated VIE-RSO	128,913,000	'
LIABILITIES	'	'
Borrowings	101,187,000	'
Accrued interest expense	289,000	'
Derivatives, at fair value	0	'
Accounts payable and other liabilities	-730,000	'
Total liabilities of consolidated VIE-RSO	$100,746,000	'

VARIABLE_INTEREST_ENTITIES_VAR1

VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES (Schedule of Classification, Carrying Value, and Maximum Exposure to Loss of Unconsolidated VIEs) (Details) RSO (Variable Interest Entity, Not Primary Beneficiary [Member], USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'
Maximum Exposure to Loss	$1,535
RSO [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	41,705
Intangible assets	9,878
Total assets	51,583
Borrowings	51,154
Total liabilities	51,154
Net asset (liability)	429
RSO [Member] | Investments in Unconsolidated Entities [Member]	'
Variable Interest Entity [Line Items]	'
Maximum Exposure to Loss	41,705
RSO [Member] | Intangible Assets [Member]	'
Variable Interest Entity [Line Items]	'
Maximum Exposure to Loss	9,878
RSO [Member] | LEAF [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	40,157
Intangible assets	0
Total assets	40,157
Borrowings	0
Total liabilities	0
Net asset (liability)	40,157
RSO [Member] | Unsecured Junior Subordinated Debentures [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	1,548
Intangible assets	0
Total assets	1,548
Borrowings	51,154
Total liabilities	51,154
Net asset (liability)	-49,606
RSO [Member] | Resource Capital Asset Management [Member]	'
Variable Interest Entity [Line Items]	'
Investment in unconsolidated entities	0
Intangible assets	9,878
Total assets	9,878
Borrowings	0
Total liabilities	0
Net asset (liability)	$9,878

VARIABLE_INTEREST_ENTITIES_VAR2

VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES (Details) RSO (USD $)

Sep. 30, 2014

Dec. 31, 2013

Oct. 31, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Nov. 16, 2011

Feb. 28, 2011

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

31-May-13

Oct. 31, 2012

Nov. 16, 2011

Sep. 30, 2014

Dec. 31, 2013

Nov. 16, 2011

Nov. 16, 2011

Nov. 16, 2011

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 28, 2011

Feb. 28, 2014

Feb. 28, 2014

Jul. 29, 2014

Jul. 29, 2014

Sep. 30, 2014

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Class 1 Subordinated Notes [Member]

Class 2 Subordinated Notes [Member]

RCC Residential, Inc. [Member]

RCC Residential, Inc. [Member]

Pelium [Member]

credit

Series B Preferred Stock [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Entity

Entity

Moselle [Member]

Investment in RCAM [Member]

Investment in RCAM [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Entity

LEAF [Member]

LEAF [Member]

LEAF [Member]

LEAF [Member]

LEAF [Member]

LEAF [Member]

Investment in RCT I and RCT II [Member]

Interest in RCT I [Member]

Interest in RCT II [Member]

Investment in RCAM [Member]

Moselle [Member]

Moselle [Member]

Position

Series A Preferred Stock [Member]

Series B Preferred Stock [Member]

Series D Preferred Stock [Member]

Entity

Variable Interest Entity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of consolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10

'

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number Of Credits Supported In VIEs

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financial support provided to VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$209,000

$69,000

$800,000

$1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares received in equity method transaction (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31,341

4,872

2,364

'

'

'

'

'

'

'

'

'

Preferred stock, coupon authorized

'

'

'

'

'

'

'

'

8.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage in VIE

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26.70%

28.30%

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

Investments in unconsolidated entities

'

'

'

60,540,000

'

60,540,000

'

69,069,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

36,300,000

40,200,000

41,000,000

'

'

'

1,500,000

'

'

'

'

'

'

'

'

Payments to Acquire Equity Method Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000,000

'

17,500,000

Ownership percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

63.80%

80.40%

Percentage of Outstanding Notes Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

67.90%

'

'

'

Payments to Acquire Businesses and Interest in Affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23,500,000

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable interest entity, total number of board positions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total value of trusts owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

3.00%

'

'

'

'

'

'

Borrowings

20,451,000

20,619,000

'

1,591,241,000

'

1,591,241,000

'

1,320,015,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,800,000

25,800,000

'

'

'

'

'

'

Number of CLOs held by purchased entity

'

'

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

Acquisition

'

'

'

'

'

'

'

'

'

22,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Intangible assets

'

'

'

10,254,000

'

10,254,000

'

11,822,000

'

'

9,900,000

'

9,900,000

'

11,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fee income

'

'

'

2,344,000

1,245,000

7,166,000

4,182,000

'

'

'

1,200,000

1,200,000

4,000,000

4,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred equity acquired

'

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

68.30%

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

Ownership Percentage, Duration

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest Increase

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

Partners' Capital Account, Contributions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

Payments to Acquire Interest in Subsidiaries and Affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2,800,000

VARIABLE_INTEREST_ENTITIES_SUP

VARIABLE INTEREST ENTITIES SUPPLEMENTAL CASH FLOW INFORMATION (Details) RSO (USD $)	9 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]
					Common Stock [Member]	Common Stock [Member]	Redeemable Preferred Stock [Member]	Redeemable Preferred Stock [Member]
Non-cash financing activities include the following:	'	'	'	'	'	'	'	'
Dividends payable	$1,318	$977	'	'	$26,629	$25,447	$5,555	$2,023
Issuance of restricted stock	$5,700	'	$890	$242	'	'	'	'

VARIABLE_INTEREST_ENTITIES_INV

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES TRADING (Schedule of Investment Trading Securities at Fair Value) (Details) RSO (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Fair Value	$1,016	$317
RSO [Member]	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Amortized Cost	12,718	9,976
Unrealized Gains	317	4,050
Unrealized Losses	3,848	2,468
Fair Value	9,187	11,558
RSO [Member] | Structured notes [Member]	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Amortized Cost	10,821	8,057
Unrealized Gains	317	4,050
Unrealized Losses	2,017	1,000
Fair Value	9,121	11,107
RSO [Member] | RMBS [Member]	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Amortized Cost	1,897	1,919
Unrealized Gains	0	0
Unrealized Losses	1,831	1,468
Fair Value	$66	$451

VARIABLE_INTEREST_ENTITIES_INV1

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES TRADING (Details) RSO (RSO [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	Security	Security
RSO [Member]	'	'
Schedule of Trading Securities and Other Trading Assets [Line Items]	'	'
Trading Securities, Number Sold	2	'
Trading Securities, Realized Gain	$2,500	'
Number of trading securities held	19	8

VARIABLE_INTEREST_ENTITIES_INV2

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) RSO (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	$7,402	$6,179
Unrealized Losses	-27	-204
Fair Value	8,829	7,522
RSO [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	271,060	218,470
Unrealized Gains	18,927	9,230
Unrealized Losses	-8,969	-12,494
Fair Value	281,018	215,206
RSO [Member] | CMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	176,970	185,178
Unrealized Gains	5,856	7,570
Unrealized Losses	-7,510	-12,030
Fair Value	175,316	180,718
RSO [Member] | RMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	30,697	'
Unrealized Gains	848	'
Unrealized Losses	0	'
Fair Value	31,545	'
RSO [Member] | ABS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	60,980	30,775
Unrealized Gains	12,211	1,644
Unrealized Losses	-1,435	-394
Fair Value	71,756	32,025
RSO [Member] | Corporate bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Cost or Amortized Cost	2,413	2,517
Unrealized Gains	12	16
Unrealized Losses	-24	-70
Fair Value	$2,401	$2,463

VARIABLE_INTEREST_ENTITIES_INV3

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Estimated Maturities of Available-For-Sale Securities) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
RSO [Member]	'	'
Fair Value	'	'
Less than one year	$50,160	$39,256
Greater than one year and less than five years	142,079	139,700
Greater than five years and less than ten years	44,913	26,526
Greater than ten years	43,866	9,724
Total	281,018	215,206
Amortized Cost	'	'
Less than one year	56,395	40,931
Greater than one year and less than five years	133,098	141,760
Greater than five years and less than ten years	38,301	25,707
Greater than ten years	43,266	10,072
Total	$271,060	$218,470
Weighted Average Coupon	'	'
Less than one year	3.84%	5.25%
Greater than one year and less than five years	5.03%	4.69%
Greater than five years	5.32%	1.10%
Weighted average coupon rate, greater than ten years	5.40%	7.90%
Total	4.97%	4.49%

VARIABLE_INTEREST_ENTITIES_INV4

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Gross Unrealized Loss and Fair Value of Securities) (Details) RSO (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]	'	'
Fair Value, Less than 12 Months	$700	$2,404
Unrealized Losses, Less than 12 Months	-3	-204
Fair Value, More than 12 Months	439	0
Unrealized Losses, More than 12 Months	-24	0
RSO [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]	'	'
Fair Value, Less than 12 Months	51,064	53,020
Unrealized Losses, Less than 12 Months	-1,852	-7,567
Number of Securities, Less than 12 Months	32	36
Fair Value, More than 12 Months	31,475	20,851
Unrealized Losses, More than 12 Months	-7,117	-4,927
Number of Securities, More than 12 Months	21	19
Fair Value, Total	82,539	73,871
Gross Unrealized Losses, Total	-8,969	-12,494
Number of Securities, Total	53	55
RSO [Member] | CMBS [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]	'	'
Fair Value, Less than 12 Months	35,833	52,012
Unrealized Losses, Less than 12 Months	-580	-7,496
Number of Securities, Less than 12 Months	18	34
Fair Value, More than 12 Months	27,065	14,159
Unrealized Losses, More than 12 Months	-6,930	-4,534
Number of Securities, More than 12 Months	14	10
Fair Value, Total	62,898	66,171
Gross Unrealized Losses, Total	-7,510	-12,030
Number of Securities, Total	32	44
RSO [Member] | ABS [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]	'	'
Fair Value, Less than 12 Months	13,792	143
Unrealized Losses, Less than 12 Months	-1,248	-1
Number of Securities, Less than 12 Months	13	1
Fair Value, More than 12 Months	4,410	6,692
Unrealized Losses, More than 12 Months	-187	-393
Number of Securities, More than 12 Months	7	9
Fair Value, Total	18,202	6,835
Gross Unrealized Losses, Total	-1,435	-394
Number of Securities, Total	20	10
RSO [Member] | Corporate bonds [Member]	'	'
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]	'	'
Fair Value, Less than 12 Months	1,439	865
Unrealized Losses, Less than 12 Months	-24	-70
Number of Securities, Less than 12 Months	1	1
Fair Value, More than 12 Months	0	0
Unrealized Losses, More than 12 Months	0	0
Number of Securities, More than 12 Months	0	0
Fair Value, Total	1,439	865
Gross Unrealized Losses, Total	($24)	($70)
Number of Securities, Total	1	1

VARIABLE_INTEREST_ENTITIES_INV5

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Sales of Available-for-sale Securities) (Details) RSO (RSO [Member], USD $)	9 Months Ended	12 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013
	CMBS [Member]	CMBS [Member]	ABS [Member]	Corporate bonds [Member]
	Security	Security	Security	Security
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Positions Sold	3	4	3	35
Par Amount Sold	$15,970	$14,500	$6,947	$34,253
Realized Gain (Loss)	$480	$466	$3,484	($474)

VARIABLE_INTEREST_ENTITIES_INV6

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Aggregate Discount (Premium) due to Interest Rate Changes) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
CMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	$3,609	$6,583
RMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	1,876	0
ABS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	2,431	2,394
Corporate bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Excess of aggregate discount over aggregate premium	$42	($68)

VARIABLE_INTEREST_ENTITIES_INV7

VARIABLE INTEREST ENTITIES INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) RSO (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	Security	Security	Security	Security
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Other-than-temporary impairment on investments	'	'	'	214,000
RSO [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Other-than-temporary impairment on investments	0	'	0	802,000
RSO [Member] | CMBS [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Other-than-temporary impairment on investments	0	'	0	'
Impairment charge on loan investment	255,000	'	276,000	'
RSO [Member] | ABS [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number of securities redeemed	1	0	1	0
Par value of securities redeemed	2,500,000	'	2,500,000	'
Realized gains on redemption	25,500	'	25,500	'
RSO [Member] | Corporate bonds [Member]	'	'	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'	'	'
Number of securities redeemed	1	2	2	2
Par value of securities redeemed	1,000,000	3,500,000	1,600,000	3,500,000
Available-for-sale Securities, Gross Realized Losses on Redemption	'	11,000	'	'
Realized gains on redemption	$48,000	'	$48,000	11,000

VARIABLE_INTEREST_ENTITIES_INV8

VARIABLE INTEREST ENTITIES INVESTMENTS IN REAL ESTATE (Investments in Real Estate) (Details) RSO (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate Properties [Line Items]	'	'
Investments in real estate	$17,091	$17,696
RSO [Member]	'	'
Real Estate Properties [Line Items]	'	'
Book Value	'	32,380
Less: Accumulated depreciation	'	-2,602
Investments in real estate	'	29,778
RSO [Member] | Multi-family property [Member]	'	'
Real Estate Properties [Line Items]	'	'
Book Value	'	22,107
Number of Properties	'	1
RSO [Member] | Office property [Member]	'	'
Real Estate Properties [Line Items]	'	'
Book Value	'	$10,273
Number of Properties	'	1

VARIABLE_INTEREST_ENTITIES_INV9

VARIABLE INTEREST ENTITIES INVESTMENTS IN REAL ESTATE (Details) RSO (RSO [Member], USD $)

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Property

Property

Property

Held-for-sale Property One [Member]

Office property [Member]

Office property [Member]

Office property [Member]

Office property [Member]

Multi-family property [Member]

Multi-family property [Member]

Multi-family property [Member]

Multi-family property [Member]

Real Estate Line Items [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired

0

0

'

0

'

'

'

'

'

'

'

'

'

Number of properties available-for-sale

2

2

'

'

'

'

'

'

'

'

'

'

'

Property held-for-sale

$29,581

$29,581

'

$25,346

$9,600

'

'

'

'

$19,800

'

$19,800

'

Gain (Loss) from property available-for-sale

'

'

'

'

'

48

-72

23

-225

119

-93

-4

13

Number of properties sold

'

'

'

1

'

'

'

'

'

'

'

'

'

Gain on sale of properties

$3,000

$2,973

$16,607

$16,600

'

'

'

'

'

'

'

'

'

VARIABLE_INTEREST_ENTITIES_LOA

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT (Summary of Loans) (Details) RSO (USD $)	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, allowance for loan loss	($32,527,000)	($39,030,000)	($36,243,000)	($35,760,000)	($34,616,000)	($32,628,000)
RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	1,757,201,000	'	1,390,843,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	-7,795,000	'	-7,510,000	'	'	'
Carrying Value, loans before allowances	1,749,406,000	'	1,383,333,000	'	'	'
Principal, allowance for loan loss	-4,507,000	'	-13,807,000	'	'	'
Unamortized (Discount) Premium, allowance for loan loss	0	'	0	'	'	'
Carrying Value, allowance for loan loss	-4,507,000	'	-13,807,000	'	'	'
Principal, Total	1,752,694,000	'	1,377,036,000	'	'	'
Unamortized (Discount) Premium, Total	-7,795,000	'	-7,510,000	'	'	'
Carrying Value, Total	1,744,899,000	'	1,369,526,000	'	'	'
Loans Receivable Held-for-sale, Amount	91,382,000	'	21,916,000	'	'	'
Financing Receivable, Net and Loans Receivable Held-for-sale	1,844,076,000	'	1,398,952,000	'	'	'
Net Carrying Value of Loans Held for Investment and Loans Held for Sale	1,836,281,000	'	1,391,442,000	'	'	'
Deferred amendment fees	133,000	'	216,000	'	'	'
Whole Loans [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	1,028,393,000	'	749,083,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	-5,422,000	'	-3,294,000	'	'	'
Carrying Value, loans before allowances	1,022,971,000	'	745,789,000	'	'	'
Principal, Total	1,022,971,000	'	745,789,000	'	'	'
B Notes [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	16,164,000	'	16,288,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	-57,000	'	-83,000	'	'	'
Carrying Value, loans before allowances	16,107,000	'	16,205,000	'	'	'
Principal, Total	16,107,000	'	16,205,000	'	'	'
Mezzanine Loans [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	67,400,000	'	64,417,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	-95,000	'	-100,000	'	'	'
Carrying Value, loans before allowances	67,305,000	'	64,317,000	'	'	'
Principal, Total	67,305,000	'	64,317,000	'	'	'
Commercial Real Estate Loans [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	1,111,957,000	'	829,788,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	-5,574,000	'	-3,477,000	'	'	'
Carrying Value, loans before allowances	1,106,383,000	'	826,311,000	'	'	'
Loan origination fees	5,600,000	'	3,300,000	'	'	'
Extension and exit fees	0	'	73,000	'	'	'
Bank Loans [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	642,419,000	'	559,206,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	-2,221,000	'	-4,033,000	'	'	'
Carrying Value, loans before allowances	640,198,000	'	555,173,000	'	'	'
Principal, Total	676,872,000	'	562,023,000	'	'	'
Loans Receivable Held-for-sale, Amount	36,700,000	'	6,900,000	'	'	'
Deferred upfront fee	97,000	'	141,000	'	'	'
Residential Mortgage [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Principal, loans before allowances	2,825,000	'	1,849,000	'	'	'
Unamortized (Discount) Premium, loans before allowances	0	'	0	'	'	'
Carrying Value, loans before allowances	2,825,000	'	1,849,000	'	'	'
Residential Mortgage Loans [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Loans Receivable Held-for-sale, Amount	54,708,000	'	15,066,000	'	'	'
Bank Loans [Member] | RSO [Member]	'	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Loans Receivable Held-for-sale, Amount	$36,674,000	'	$6,850,000	'	'	'

VARIABLE_INTEREST_ENTITIES_LOA1

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT (Weighted Average Life of Bank Loans, at Amortized Cost) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans held for investment, amortized cost	$676,872	$562,023
Bank Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Less than one year	46,779	36,985
Greater than one year and less than five years	479,790	379,874
Five years or greater	150,303	145,164
Loans held for investment, amortized cost	$676,872	$562,023

VARIABLE_INTEREST_ENTITIES_LOA2

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT (Commercial Real Estate Loans Held for Investment) (Details) RSO (RSO [Member], USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Whole Loans [Member]

Whole Loans [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Not included in total [Member]

Not included in total [Member]

Whole Loans, Fixed Rate, Loan One [Member] [Member]

Whole Loans, Fixed Rate, Loan Two [Member] [Member]

Preferred equity tranche [Member]

Preferred equity tranche [Member]

B Notes [Member]

B Notes [Member]

B Notes, Fixed Rate [Member]

B Notes, Fixed Rate [Member]

Mezzanine Loans [Member]

Mezzanine Loans [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate, Tranche One [Member]

Mezzanine Loans, Fixed Rate, Tranche Two [Member]

Mezzanine Loans, Fixed Rate, Tranche Two [Member]

Mezzanine Loans, Fixed Rate, Tranche Two [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Loan

Loan

Loan

Loan

Loan

Loan

Tranche

Loan

Loan

Loan

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Whole Loans, Floating Rate [Member]

Whole Loans, Floating Rate [Member]

B Notes, Fixed Rate [Member]

B Notes, Fixed Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Fixed Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Mezzanine Loans, Floating Rate [Member]

Loan

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Quantity

'

'

'

'

60

51

'

'

'

'

'

'

'

'

1

1

'

'

1

1

3

3

'

'

'

'

65

56

'

'

'

'

'

'

'

'

'

'

'

'

'

Amortized Cost

$676,872,000

$562,023,000

$1,022,971,000

$745,789,000

$1,022,971,000

$745,789,000

'

'

'

'

$799,000

'

$16,107,000

$16,205,000

$16,107,000

$16,205,000

$67,305,000

$64,317,000

$12,544,000

$12,455,000

$54,761,000

$51,862,000

'

'

'

'

$1,106,383,000

$826,311,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'LIBOR

'

'

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.32%

15.32%

'

'

'

'

18.50%

18.50%

'

'

2.13%

2.68%

'

'

12.14%

12.14%

'

'

'

'

'

'

'

Stated interest rate

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

8.68%

8.68%

'

'

'

'

'

'

0.48%

'

0.50%

'

'

'

'

'

0.50%

0.50%

'

'

'

'

'

18.71%

18.72%

'

'

Maturity Dates

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'April 2016

'

'

'

'

'

'

'

'

'

'October 2014

'March 2014

'September 2014

'September 2014

'February 2019

'February 2019

'April 2016

'April 2016

'April 2016

'September 2021

'September 2019

'April 2016

'April 2016

Loans held for investment, unfunded loan commitments

'

'

'

'

68,300,000

13,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allowance for loan loss

4,507,000

13,807,000

3,685,000

9,683,000

'

'

4,000,000

10,400,000

'

'

'

'

69,000

174,000

'

'

289,000

559,000

'

'

'

'

'

'

'

'

464,000

3,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

$2,000,000

'

'

$4,000,000

$12,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed contractual interest in floating rate whole loan

'

'

'

15.00%

'

'

'

'

15.00%

12.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed preferred equity interest in floating rate whole loan

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loan tranches

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

VARIABLE_INTEREST_ENTITIES_LOA3

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT (Weighted Average Life of Commercial Real Estate Loans, at Amortized Cost) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans held for investment, amortized cost	$676,872	$562,023
B Notes [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
2014	0	0
2015	0	0
2016 and Thereafter	16,107	16,205
Loans held for investment, amortized cost	16,107	16,205
Mezzanine Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
2014	0	5,711
2015	0	0
2016 and Thereafter	67,305	58,606
Loans held for investment, amortized cost	67,305	64,317
Whole Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
2014	0	0
2015	0	17,949
2016 and Thereafter	1,022,971	727,840
Loans held for investment, amortized cost	1,022,971	745,789
Commercial Real Estate Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
2014	0	5,711
2015	0	17,949
2016 and Thereafter	1,106,383	802,651
Loans held for investment, amortized cost	$1,106,383	$826,311

VARIABLE_INTEREST_ENTITIES_LOA4

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT RSO (Details) (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'	'
Amortized Cost	$676,872	$562,023
Resource TRS, LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	'	34,000
Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	45,633	84,580
Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	88,444	131,474
Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	275,152	301,645
Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	72
Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	184,635	44,252
Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	83,008	0
RCC Commercial [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	'	10,300
First lien loans	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	549,342	534,787
First lien loans | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	9,895	79,483
First lien loans | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	87,107	126,890
First lien loans | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	270,598	296,368
First lien loans | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	72
First lien loans | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	101,021	31,974
First lien loans | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	80,721	0
Second lien loans	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	89,419	8,944
Second lien loans | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Second lien loans | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Second lien loans | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	3,604	1,139
Second lien loans | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Second lien loans | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	83,614	7,805
Second lien loans | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	2,201	0
Third lien loans	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	7,958
Third lien loans | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	3,020
Third lien loans | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	2,475
Third lien loans | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	2,463
Third lien loans | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Third lien loans | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Third lien loans | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Defaulted first lien loans	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	2,816
Defaulted first lien loans | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	1,206
Defaulted first lien loans | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	1,124
Defaulted first lien loans | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	486
Defaulted first lien loans | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Defaulted first lien loans | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Defaulted first lien loans | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Defaulted second lien loans	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	1,437	668
Defaulted second lien loans | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	334
Defaulted second lien loans | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	972	334
Defaulted second lien loans | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	379	0
Defaulted second lien loans | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Defaulted second lien loans | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
Defaulted second lien loans | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	86	0
Total	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	640,198	555,173
Total | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	9,895	84,043
Total | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	88,079	130,823
Total | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	274,581	300,456
Total | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	72
Total | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	184,635	39,779
Total | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	83,008	0
First lien loans held-for-sale, at fair value	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	36,674	6,850
First lien loans held-for-sale, at fair value | Apidos CDO I Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	35,738	537
First lien loans held-for-sale, at fair value | Apidos CDO III Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	365	651
First lien loans held-for-sale, at fair value | Apidos Cinco CDO Ltd [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	571	1,189
First lien loans held-for-sale, at fair value | Whitney CLO I, Ltd. [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	0
First lien loans held-for-sale, at fair value | Northport LLC [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	0	4,473
First lien loans held-for-sale, at fair value | Moselle CLO [Member]	'	'
Variable Interest Entity [Line Items]	'	'
Amortized Cost	$0	$0

VARIABLE_INTEREST_ENTITIES_LOA5

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT (Allocation of Allowance for Loan Loss for Commercial and Bank Loans) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	$4,507	$13,807
B Notes [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	69	174
Percentage of Total Allowance	1.53%	1.26%
Mezzanine Loans [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	289	559
Percentage of Total Allowance	6.41%	4.05%
Whole Loans [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	3,685	9,683
Percentage of Total Allowance	81.76%	70.13%
Bank Loans [Member]	'	'
Receivables with Imputed Interest [Line Items]	'	'
Allowance for Loan Loss	$464	$3,391
Percentage of Total Allowance	10.30%	24.56%

VARIABLE_INTEREST_ENTITIES_LOA6

VARIABLE INTEREST ENTITIES LOANS HELD FOR INVESTMENT (Details) RSO (RSO [Member], USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

Georgia [Member]

Georgia [Member]

Virginia [Member]

North Carolina [Member]

North Carolina [Member]

Alabama [Member]

Alabama [Member]

Tennessee [Member]

Tennessee and Virginia [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Commercial Real Estate Loans [Member]

Minimum [Member]

Minimum [Member]

Minimum [Member]

Maximum [Member]

Maximum [Member]

Maximum [Member]

California [Member]

California [Member]

Arizona [Member]

Arizona [Member]

Texas [Member]

Texas [Member]

Industry Grouping of Healthcare, Education and Childcare [Member]

Industry Grouping of Healthcare, Education and Childcare [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration of loan portfolio risk (in hundredths)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33.10%

39.00%

8.90%

6.40%

21.00%

14.60%

15.50%

15.80%

Loans Held for Investment, Percentage of Loans Originated

'

'

56.50%

66.00%

6.10%

8.70%

9.00%

5.50%

6.00%

7.00%

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans held for sale, net

$91,382

$21,916

'

'

'

'

'

'

'

'

'

$676,400

$558,600

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allowance for loan loss

4,507

13,807

'

'

'

'

'

'

'

'

'

464

3,391

'

'

'

'

'

'

464

3,400

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'three month LIBOR

'three month LIBOR

'

'three month LIBOR

'three month LIBOR

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

'

1.50%

15.00%

'

10.50%

'

'

'

'

'

'

'

'

'

'

Loans, allowances

$4,500

$13,800

'

'

'

'

'

'

'

'

'

$464

$3,400

'

'

'

'

'

'

$4,000

$10,400

'

'

'

'

'

'

'

'

Recovered_Sheet1

VARIABLE INTEREST ENTITIES INVESTMENTS IN UNCONSOLIDATED ENTITIES (Schedule of Investments) (Details) (RSO [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in unconsolidated entities	$60,540	'	$60,540	'	$69,069
Income (loss) and interest expense from equity method investments	1,488	6,858	1,582	1,733	'
Varde Investment Partners, LP [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	7.50%	'	7.50%	'	'
Investments in unconsolidated entities	654	'	654	'	674
Income (loss) and interest expense from equity method investments	0	6	-19	49	'
RRE VIP Borrower, LLC [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in unconsolidated entities	0	'	0	'	0
Income (loss) and interest expense from equity method investments	770	-521	2,506	-735	'
Investment in LCC Preferred Stock [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	28.30%	'	28.30%	'	'
Investments in unconsolidated entities	40,157	'	40,157	'	41,016
Income (loss) and interest expense from equity method investments	13	-346	-859	-378	'
Investment in CVC Global Opps Fund [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	29.57%	'	29.57%	'	'
Investments in unconsolidated entities	18,181	'	18,181	'	16,177
Income (loss) and interest expense from equity method investments	47	433	2,004	526	'
Investment in Life Care Funding, LLC [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	50.20%	'	50.20%	'	'
Investments in unconsolidated entities	0	'	0	'	1,530
Income (loss) and interest expense from equity method investments	0	-107	-75	-350	'
Investment in School Lane House [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in unconsolidated entities	0	'	0	'	975
Income (loss) and interest expense from equity method investments	57	0	1,106	0	'
Investments in Unconsolidated Entities [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in unconsolidated entities	58,992	'	58,992	'	60,372
Income (loss) and interest expense from equity method investments	887	-535	4,663	-888	'
Investment in RCT I and RCT II [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	3.00%	'	3.00%	'	'
Investments in unconsolidated entities	1,548	'	1,548	'	1,548
Income (loss) and interest expense from equity method investments	601	'	1,785	1,800	'
Investment in Preferred Equity [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in unconsolidated entities	0	'	0	'	7,149
Income (loss) and interest expense from equity method investments	$0	$332	$410	$821	'
Minimum [Member] | RRE VIP Borrower, LLC [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	3.00%	'	3.00%	'	'
Maximum [Member] | RRE VIP Borrower, LLC [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Ownership percentage	5.00%	'	5.00%	'	'

Recovered_Sheet2

VARIABLE INTEREST ENTITIES INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) RSO (RSO [Member], USD $)	1 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2014	Jan. 31, 2013
	Investment in Life Care Funding, LLC [Member]	Investment in Life Care Funding, LLC [Member]
Schedule of Equity Method Investments [Line Items]	'	'
Payments to Acquire Equity Method Investments	$1.40	$2

VARIABLE_INTEREST_ENTITIES_FIN

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) RSO (USD $)	3 Months Ended		9 Months Ended			9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014
						RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	RSO [Member]	Loans Receivable [Member]
								Commercial Real Estate Loans [Member]	Commercial Real Estate Loans [Member]	Bank Loans [Member]	Bank Loans [Member]	Residential Mortgage Loans [Member]	Residential Mortgage Loans [Member]	Loans Receivable - Related Party [Member]	Loans Receivable - Related Party [Member]	Loans Receivable - Related Party [Member]	RSO [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Allowance for losses at beginning of period	'	'	'	'	'	$13,807,000	$17,691,000	$10,416,000	$7,986,000	$3,391,000	$9,705,000	$0	$0	'	$0	$0	'
Provision for loan loss	'	'	'	'	'	-1,739,000	3,020,000	-3,708,000	2,686,000	1,033,000	334,000	0	0	236,000	936,000	0	'
Charge-offs	-7,128,000	-682,000	-7,129,000	-706,000	'	-6,625,000	-6,904,000	-2,665,000	-256,000	-3,960,000	-6,648,000	0	0	'	0	0	'
Allowance for losses at end of period	'	'	'	'	'	5,443,000	13,807,000	4,043,000	10,416,000	464,000	3,391,000	0	0	936,000	936,000	0	'
Allowance for losses, ending balance:	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Individually evaluated for impairment	32,522,000	35,728,000	32,522,000	35,728,000	'	1,400,000	7,193,000	0	4,572,000	464,000	2,621,000	0	0	936,000	936,000	0	'
Collectively evaluated for impairment	5,000	32,000	5,000	32,000	'	4,043,000	6,614,000	4,043,000	5,844,000	0	770,000	0	0	0	0	0	'
Loans acquired with deteriorated credit quality	'	'	'	'	'	0	0	0	0	0	0	0	0	0	0	0	'
Loans, ending balance:	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'	'
Individually evaluated for impairment	65,157,000	'	65,157,000	'	67,152,000	173,408,000	204,923,000	165,960,000	194,403,000	2,340,000	3,554,000	0	0	5,108,000	5,108,000	6,966,000	'
Ending balance, collectively evaluated for impairment	81,000	'	81,000	'	91,000	1,581,020,000	1,207,292,000	940,423,000	631,908,000	637,772,000	558,469,000	2,825,000	16,915,000	0	0	0	'
Loans acquired with deteriorated credit quality	'	'	'	'	'	86,000	0	0	0	86,000	0	0	0	0	0	0	'
Loans, pledged as collateral, at fair value	'	'	'	'	'	$83,000,000	$0	'	'	'	'	'	'	'	'	'	$83,000,000

VARIABLE_INTEREST_ENTITIES_FIN1

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Credit Risk Profiles of Bank Loans) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	$1,752,694	$1,377,036
Bank Loans [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	676,872	562,023
Bank Loans [Member] | Rating 1 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	632,588	488,004
Bank Loans [Member] | Rating 2 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	0	42,476
Bank Loans [Member] | Rating 3 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	6,173	18,806
Bank Loans [Member] | Rating 4 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	0	2,333
Bank Loans [Member] | Rating 5 [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	1,437	3,554
Bank Loans [Member] | Held for Sale [Member]	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Loans and receivables	$36,674	$6,850

VARIABLE_INTEREST_ENTITIES_FIN2

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Credit Risk Profiles of Commercial Real Estate Loans) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	$1,752,694	$1,377,036
Whole Loans [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	1,022,971	745,789
Whole Loans [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	990,471	680,718
Whole Loans [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	32,500	32,500
Whole Loans [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	32,571
Whole Loans [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	16,107	16,205
B Notes [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	16,107	16,205
B Notes [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
B Notes [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Mezzanine Loans [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	67,305	64,317
Mezzanine Loans [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	45,447	51,862
Mezzanine Loans [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	21,858	12,455
Mezzanine Loans [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Mezzanine Loans [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	0
Commercial Portfolio Segment [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	1,106,383	826,311
Commercial Portfolio Segment [Member] | Rating 1 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	1,052,025	748,785
Commercial Portfolio Segment [Member] | Rating 2 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	54,358	44,955
Commercial Portfolio Segment [Member] | Rating 3 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	0	32,571
Commercial Portfolio Segment [Member] | Rating 4 [Member]	'	'
Schedule Of Financing Receivables [Line Items]	'	'
Loans and receivables	$0	$0

VARIABLE_INTEREST_ENTITIES_FIN3

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Loan Portfolio Aging Analysis as of the Dates Indicated at Cost Basis) (Details) RSO (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
Greater than 90 Days	$1,200	$1,257
Total Past Due	55,592	62,849
Current	9,646	4,394
RSO [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	774	234
60-89 Days	251	91
Greater than 90 Days	1,769	3,822
Total Past Due	2,794	4,147
Current	1,843,102	1,408,068
Total Loans Receivable	1,845,896	1,412,215
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	175,140	203,958
Loans Receivable Held-for-sale, Amount	91,382	21,916
RSO [Member] | Whole Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	1,022,971	745,789
Total Loans Receivable	1,022,971	745,789
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	127,888	156,331
RSO [Member] | B Notes [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	16,107	16,205
Total Loans Receivable	16,107	16,205
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	0	0
RSO [Member] | Mezzanine Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	67,305	64,317
Total Loans Receivable	67,305	64,317
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	38,072	38,072
RSO [Member] | Bank Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	774	0
60-89 Days	0	0
Greater than 90 Days	1,652	3,554
Total Past Due	2,426	3,554
Current	674,446	558,469
Total Loans Receivable	676,872	562,023
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	2,426	3,554
Loans Receivable Held-for-sale, Amount	36,700	6,900
RSO [Member] | Residential Mortgage [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	234
60-89 Days	251	91
Greater than 90 Days	117	268
Total Past Due	368	593
Current	57,165	16,322
Total Loans Receivable	57,533	16,915
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	2,825	268
RSO [Member] | Loans Receivable - Related Party [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
30-59 Days	0	0
60-89 Days	0	0
Greater than 90 Days	0	0
Total Past Due	0	0
Current	5,108	6,966
Total Loans Receivable	5,108	6,966
Total Loans Greater Than 90 days and accruing	0	0
Loans, unpaid principal balance	3,929	5,733
RSO [Member] | Residential Mortgage Loans [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
Loans Receivable Held-for-sale, Amount	54,700	15,100
Loans Receivable [Member] | RSO [Member]	'	'
Financing Receivable, Recorded Investment, Past Due [Line Items]	'	'
Loans, unpaid principal balance	4,500	'
Loans, fair value	$86	'

VARIABLE_INTEREST_ENTITIES_FIN4

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Impaired Loans) (Details) RSO (RSO [Member], USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Impaired [Line Items]	'	'
Net Balance	$175,140,000	$204,005,000
Unpaid Principal Balance	175,140,000	203,958,000
Specific Allowance	-1,400,000	-7,193,000
Average Investment in Impaired Loans	172,692,000	186,315,000
Interest Income Recognized	14,753,000	11,676,000
Whole Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	127,888,000	130,759,000
Loans with a specific valuation allowance, Recorded balance	0	25,572,000
Net Balance	127,888,000	156,331,000
Loans without a specific valuation allowance, Unpaid Principal Balance	127,888,000	130,759,000
Loans with a specific valuation allowance, Unpaid Principal Balance	0	25,572,000
Unpaid Principal Balance	127,888,000	156,331,000
Specific Allowance	0	-4,572,000
Loans without a specific valuation allowance, Average Investment in Impaired Loans	126,591,000	123,495,000
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	24,748,000
Average Investment in Impaired Loans	126,591,000	148,243,000
Loans without a specific valuation allowance, Interest Income Recognized	11,882,000	8,439,000
Loans with a specific valuation allowance, Interest Income Recognized	0	1,622,000
Interest Income Recognized	11,882,000	10,061,000
B Notes [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	0	0
Loans with a specific valuation allowance, Recorded balance	0	0
Net Balance	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	0	0
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Mezzanine Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	38,072,000	38,072,000
Loans with a specific valuation allowance, Recorded balance	0	0
Net Balance	38,072,000	38,072,000
Loans without a specific valuation allowance, Unpaid Principal Balance	38,072,000	38,072,000
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	38,072,000	38,072,000
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	38,072,000	38,072,000
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	38,072,000	38,072,000
Loans without a specific valuation allowance, Interest Income Recognized	2,543,000	1,615,000
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	2,543,000	1,615,000
Bank Loans [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	86,000	0
Loans with a specific valuation allowance, Recorded balance	2,340,000	3,554,000
Net Balance	2,426,000	3,554,000
Loans without a specific valuation allowance, Unpaid Principal Balance	86,000	0
Loans with a specific valuation allowance, Unpaid Principal Balance	2,340,000	3,554,000
Unpaid Principal Balance	2,426,000	3,554,000
Specific Allowance	-464,000	-2,621,000
Loans without a specific valuation allowance, Average Investment in Impaired Loans	86,000	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	287,000	0
Average Investment in Impaired Loans	373,000	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	0	0
Residential Mortgage [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	2,825,000	315,000
Loans with a specific valuation allowance, Recorded balance	0	0
Net Balance	2,825,000	315,000
Loans without a specific valuation allowance, Unpaid Principal Balance	2,825,000	268,000
Loans with a specific valuation allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	2,825,000	268,000
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	2,825,000	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	0	0
Average Investment in Impaired Loans	2,825,000	0
Loans without a specific valuation allowance, Interest Income Recognized	107,000	0
Loans with a specific valuation allowance, Interest Income Recognized	0	0
Interest Income Recognized	107,000	0
Loans Receivable - Related Party [Member]	'	'
Financing Receivable, Impaired [Line Items]	'	'
Loans without a specific valuation allowance, Recorded balance	0	5,733,000
Loans with a specific valuation allowance, Recorded balance	3,929,000	0
Net Balance	3,929,000	5,733,000
Loans without a specific valuation allowance, Unpaid Principal Balance	0	5,733,000
Loans with a specific valuation allowance, Unpaid Principal Balance	3,929,000	0
Unpaid Principal Balance	3,929,000	5,733,000
Specific Allowance	-936,000	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Loans with specific valuation allowance, Average Investment in Impaired Loans	4,831,000	0
Average Investment in Impaired Loans	4,831,000	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Loans with a specific valuation allowance, Interest Income Recognized	221,000	0
Interest Income Recognized	$221,000	$0

VARIABLE_INTEREST_ENTITIES_FIN5

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Loan Portfolio Troubled-debt Restructurings) (Details) RSO (RSO [Member], USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
	Loan	Loan	Loan	Loan
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	3	2	3	5
Pre-Modification Outstanding Recorded Balance	$54,111	$48,374	$54,111	$111,294
Post-Modification Outstanding Recorded Balance	54,111	52,716	54,111	115,636
Whole Loans [Member]	'	'	'	'
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	2	2	2	4
Pre-Modification Outstanding Recorded Balance	16,039	48,374	16,039	104,702
Post-Modification Outstanding Recorded Balance	16,039	52,716	16,039	109,044
B Notes [Member]	'	'	'	'
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	0	0	0	0
Pre-Modification Outstanding Recorded Balance	0	0	0	0
Post-Modification Outstanding Recorded Balance	0	0	0	0
Mezzanine Loans [Member]	'	'	'	'
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	1	0	1	0
Pre-Modification Outstanding Recorded Balance	38,072	0	38,072	0
Post-Modification Outstanding Recorded Balance	38,072	0	38,072	0
Bank Loans [Member]	'	'	'	'
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	0	0	0	0
Pre-Modification Outstanding Recorded Balance	0	0	0	0
Post-Modification Outstanding Recorded Balance	0	0	0	0
Lease Receivables [Member]	'	'	'	'
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	'	0	'	0
Pre-Modification Outstanding Recorded Balance	'	0	'	0
Post-Modification Outstanding Recorded Balance	'	0	'	0
Loans Receivable - Related Party [Member]	'	'	'	'
Troubled debt restructuring [Abstract]	'	'	'	'
Number of Loans	0	0	0	1
Pre-Modification Outstanding Recorded Balance	0	0	0	6,592
Post-Modification Outstanding Recorded Balance	$0	$0	$0	$6,592

VARIABLE_INTEREST_ENTITIES_FIN6

VARIABLE INTEREST ENTITIES FINANCING RECEIVABLES (Details) RSO (RSO [Member], USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2014

Loan

Loan

Loan

Deteriorated Credit Quality [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Bank Loans [Member]

Loans Receivable - Related Party [Member]

Loan

Nonperforming Financing Receivable [Member]

Nonperforming Financing Receivable [Member]

Nonperforming Financing Receivable [Member]

Nonperforming Financing Receivable [Member]

Nonperforming Financing Receivable [Member]

Loan

Loan

Loan

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Provision (recovery) for loan losses

$1,439

$741

($1,739)

$541

'

'

'

'

'

'

'

'

'

$936

Number of defaulted loans

2

'

2

'

3

'

'

'

'

'

1

1

1

'

Loans and receivables

$1,752,694

'

$1,752,694

'

$1,377,036

$86

$676,872

$562,023

$1,400

$3,600

'

'

'

'

Number of loans with deteriorated credit quality

'

'

'

'

'

4

'

'

'

'

'

'

'

'

VARIABLE_INTEREST_ENTITIES_BUS

VARIABLE INTEREST ENTITIES BUSINESS COMBINATIONS (Allocation of the Purchase Price) (Details) (USD $)

9 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Oct. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Feb. 27, 2014

Sep. 30, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

RSO [Member]

RSO [Member]

RSO [Member]

Wholesale or Correspondent Relationships [Member]

Wholesale or Correspondent Relationships [Member]

Primary Capital Advisors LLC [Member]

Equity Compensation Expense [Member]

Equity Compensation Expense [Member]

General and Administrative Expense [Member]

General and Administrative Expense [Member]

General and Administrative Expense [Member]

General and Administrative Expense [Member]

Life Care Funding, LLC [Member]

Moselle CLO [Member]

Class 1 Subordinated Notes [Member]

Class 1 Subordinated Notes [Member]

Class 2 Subordinated Notes [Member]

Class 2 Subordinated Notes [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Moselle CLO [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO [Member]

Moselle CLO S.A. Senior Notes [Member]

Investment in PCA [Member]

Investment in PCA [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Finite-Lived Intangible Assets [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

'

'

'

'

'

$1,233,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans held for sale

'

'

'

'

'

15,021,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans held for investment

'

'

'

'

'

2,071,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Wholesale and correspondent relationships

'

21,813,000

'

24,303,000

600,000

600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Other assets

'

'

'

'

'

5,828,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

24,753,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings

'

'

'

'

'

14,584,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Other liabilities

'

'

'

'

'

2,165,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

16,749,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on bargain purchase

'

'

'

'

'

391,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Total cash purchase price

'

'

'

'

'

7,613,000

7,600,000

'

'

'

'

'

'

'

'

'

'

'

'

Restricted stock award, value

5,700,000

890,000

242,000

'

'

'

800,000

'

'

'

'

'

'

'

'

'

'

'

'

Allocated Share-based Compensation Expense

'

'

'

'

'

'

'

185,000

545,000

52,000

0

156,000

0

'

'

'

'

'

'

Intangible asset, estimated useful life

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage in VIE

'

'

'

'

'

'

'

'

'

'

'

'

'

50.20%

'

'

'

'

'

Payments to Acquire Equity Method Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$40,000,000

'

'

'

'

Percentage of Outstanding Notes Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

100.00%

67.90%

67.90%

VARIABLE_INTEREST_ENTITIES_INT

VARIABLE INTEREST ENTITIES INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]	'	'
Wholesale and correspondent relationships	$21,813	$24,303
Accumulated Amortization	-11,559	-12,481
Net Asset	10,254	11,822
Investment in RCAM [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Wholesale and correspondent relationships	21,213	21,213
Accumulated Amortization	-11,325	-9,980
Net Asset	9,888	11,233
Investments in Real Estate [Member] | In Place Leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Wholesale and correspondent relationships	'	2,461
Accumulated Amortization	'	-2,430
Net Asset	'	31
Investments in Real Estate [Member] | Above (Below) Market Leases [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Wholesale and correspondent relationships	'	29
Accumulated Amortization	'	-29
Net Asset	'	0
Investment in PCA [Member] | Wholesale or Correspondent Relationships [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Wholesale and correspondent relationships	600	600
Accumulated Amortization	-234	-42
Net Asset	$366	$558

VARIABLE_INTEREST_ENTITIES_INT1

VARIABLE INTEREST ENTITIES INTANGIBLE ASSETS (Details) RSO (RSO [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Fee income	$2,344,000	$1,245,000	$7,166,000	$4,182,000	'
Year ended December 31, 2014	2,100,000	'	2,100,000	'	'
Year ended December 31, 2015	2,000,000	'	2,000,000	'	'
Year ended December 31, 2016	1,800,000	'	1,800,000	'	'
Year ended December 31, 2017	1,800,000	'	1,800,000	'	'
Year ended December 31, 2018	1,600,000	'	1,600,000	'	'
Weighted average amortization period	'	'	'6 years 9 months 18 days	'7 years 8 months	'
Accumulated Amortization	11,559,000	'	11,559,000	'	12,481,000
Investment in RCAM [Member]	'	'	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Fee income	1,200,000	1,200,000	4,000,000	4,200,000	'
Accumulated Amortization	$11,325,000	'	$11,325,000	'	$9,980,000

VARIABLE_INTEREST_ENTITIES_BOR

VARIABLE INTEREST ENTITIES BORROWINGS (Schedule of Debt) (Details) RSO (RSO [Member], USD $)

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 01, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

CRE Repurchase Facilities [Member]

CRE Repurchase Facilities [Member]

RREF CDO 2006-1 Senior Notes [Member]

RREF CDO 2006-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RREF CDO 2007-1 Senior Notes [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2013 [Member]

RCC CRE Notes 2014 [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO I Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos CDO III Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Apidos Cinco CDO Senior Notes [Member]

Whitney CLO I Securitized Borrowings [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Securitized Borrowings [Member]

Unsecured Junior Subordinated Debentures [Member]

Unsecured Junior Subordinated Debentures [Member]

Convertible Senior Notes [Member]

Convertible Senior Notes [Member]

Repurchase Agreements Debt [Member]

Repurchase Agreements Debt [Member]

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

RMBS - Term Repurchase Facility [Member]

Residential Mortgage [Member]

Residential Mortgage [Member]

CMBS - Short-Term Repurchase Agreements [Member]

Revolving Credit Facility [Member]

Long-term Debt [Member]

JPMorgan Chase [Member]

Subsequent Event [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Revolving Credit Facility [Member]

JPMorgan Chase [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

RMBS - Term Repurchase Facility [Member]

RMBS - Term Repurchase Facility [Member]

Line of Credit [Member]

Revolving Credit Facility [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding Borrowings

$1,590,958

$1,319,810

'

'

$105,841

$94,004

$137,004

$177,837

$223,897

$256,571

$231,365

$47,848

$87,131

$83,621

$133,209

$284,160

$321,147

$440

$94,904

$5,212

$51,154

$51,005

$107,979

$106,535

$55,280

$29,703

$21,559

$47,601

$22,705

$48,885

$14,627

$36,633

$32,911

'

$25,000

'

'

'

'

'

Unamortized Issuance Costs and Discounts

18,236

16,216

'

'

1

205

242

719

2,943

4,269

3,979

0

0

0

117

358

853

0

0

0

394

543

7,021

8,465

654

1,033

0

12

55

0

0

0

2,589

'

'

'

'

'

55

'

Principal Outstanding

1,609,194

1,336,026

'

'

105,842

94,209

137,246

178,556

226,840

260,840

235,344

47,848

87,131

83,621

133,326

284,518

322,000

440

94,904

5,212

51,548

51,548

115,000

115,000

55,934

30,736

21,559

47,613

22,760

48,885

14,627

36,633

35,500

'

'

'

'

'

'

'

Weighted Average Borrowing Rate

1.98%

1.87%

'

'

1.93%

1.87%

1.06%

0.84%

2.10%

2.03%

1.44%

2.54%

1.68%

1.11%

0.88%

0.74%

0.74%

0.00%

1.19%

1.19%

0.04%

4.19%

6.00%

6.00%

2.32%

2.67%

1.43%

1.38%

1.15%

3.56%

4.24%

1.53%

4.13%

'

'

'

'

'

'

'

Weighted Average Remaining Maturity

'12 years 2 months

'13 years 1 month

'

'

'31 years 11 months

'32 years 7 months

'32 years 0 months

'32 years 9 months

'14 years 2 months

'15 years 0 months

'17 years 7 months

'2 years 9 months

'3 years 7 months

'6 years 0 months

'6 years 8 months

'5 years 7 months

'6 years 5 months

'

'5 years 4 months

'

'22 years 1 month

'22 years 10 months

'4 years 2 months

'4 years 11 months

'20 days

'21 days

'23 days

'21 days

'1 day

'278 days

'56 days

'23 days

'3 years 0 months

'

'

'

'

'

'

'

Value of Collateral

2,057,171

1,508,603

'

'

139,267

169,115

273,839

318,933

269,371

305,586

347,511

63,956

103,736

94,516

145,930

303,385

342,796

885

127,312

0

0

0

0

0

83,133

48,186

26,540

56,949

28,533

68,417

16,487

47,224

184,167

'

'

'

'

'

'

'

Interest Payable

3,875

1,693

43

26

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23

22

21

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Weighted Average Interest Rate

'

'

'

'

'

'

'

'

'

'

1.44%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.66%

3.75%

0.00%

1.15%

0.00%

CDO notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$95,000

'

'

'

'

'

'

VARIABLE_INTEREST_ENTITIES_BOR1

VARIABLE INTEREST ENTITIES BORROWINGS (Schedule of Debt - Parenthetical) (Details) RSO (RSO [Member], 6% Convertible Senior Notes [Member])	0 Months Ended
	Oct. 21, 2013
RSO [Member] | 6% Convertible Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Convertible, Conversion Ratio	0.1501502

VARIABLE_INTEREST_ENTITIES_BOR2

VARIABLE INTEREST ENTITIES BORROWINGS (Securitization) (Details) (RSO [Member], USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
RREF CDO 2006-1 Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	$117.10
RREF CDO 2007-1 Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	129.8
RCC CRE Notes 2013 [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	34
RCC CRE Notes 2014 [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	0
Apidos CDO I Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	271.7
Apidos CDO III Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	178.9
Apidos Cinco CDO Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	36.3
Moselle CLO S.A. Senior Notes [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	0
Moselle CLO S.A. Securitized Borrowings [Member]	'
Debt Instrument [Line Items]	'
Debt Instrument, Cumulative Amount Repaid	$0

VARIABLE_INTEREST_ENTITIES_BOR3

VARIABLE INTEREST ENTITIES BORROWINGS (Details) RSO

Sep. 30, 2014

Dec. 31, 2013

Jul. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Jul. 31, 2014

Jul. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Feb. 28, 2014

Sep. 30, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Sep. 30, 2014

Jul. 31, 2014

Jul. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Feb. 28, 2014

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 19, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 18, 2014

Sep. 30, 2014

Sep. 30, 2014

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RCC Commercial [Member]

RCC Commercial [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

Moselle [Member]

Moselle [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

New Century Bank [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Deutsche Bank AG [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Repurchase Agreements [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

Revolving Credit Facility [Member]

USD ($)

USD ($)

RCC CRE Notes 2014 [Member]

RCC CRE Notes 2014 [Member]

RCC CRE Notes 2014 [Member]

RCC CRE Notes 2014 [Member]

RCC CRE Notes 2014 [Member]

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

Moselle CLO SA Senior Notes [Member]

RMBS - Term Repurchase Facility [Member]

RCC CRE Notes 2014 [Member]

RCC CRE Notes 2014 [Member]

USD ($)

USD ($)

RSO [Member]

RSO [Member]

RSO [Member]

Primary Capital Advisors LLC [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Residential Portfolio Inc. and RCC Residential Portfolio TRS Inc. [Member]

RCC Residential Portfolio Inc. and RCC Residential Portfolio TRS Inc. [Member]

Primary Capital Advisors LC [Member]

RCC Real Estate SPE 5 [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

Wells Fargo Bank, National Association [Member]

JP Morgan Securities, LLC [Member]

JP Morgan Securities, LLC [Member]

JP Morgan Securities, LLC [Member]

JP Morgan Securities, LLC [Member]

JP Morgan Securities, LLC [Member]

New Century Bank [Member]

Northport LLC [Member]

Northport LLC [Member]

Minimum [Member]

Maximum [Member]

USD ($)

USD ($)

Senior Notes Class A [Member]

Senior Notes Class B [Member]

Senior Notes Class C [Member]

USD ($)

USD ($)

USD ($)

Senior Notes Class A-1E [Member]

Senior Notes Class A-2L [Member]

Senior Notes Class A-3E [Member]

Senior Notes Class A-3L [Member]

Senior Notes Class B-1E [Member]

Senior Notes Class B-1L [Member]

Senior Notes Class A-1L [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-2E [Member]

USD ($)

USD ($)

Senior Notes Class C [Member]

Class 2 Subordinated Notes [Member]

RMBS - Term Repurchase Facility [Member]

USD ($)

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

CMBS - Term Repurchase Facilities [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

RMBS - Term Repurchase Facility [Member]

RMBS - Term Repurchase Facility [Member]

USD ($)

USD ($)

CRE - Term Repurchase Facility [Member]

CRE - Term Repurchase Facility [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RCC Real Estate [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Northport LLC [Member]

Northport LLC [Member]

USD ($)

USD ($)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

EUR (€)

EUR (€)

USD ($)

Linked and Non-linked Transactions [Member]

USD ($)

USD ($)

Linked and Non-linked Transactions [Member]

Linked and Non-linked Transactions [Member]

USD ($)

USD ($)

Linked and Non-linked Transactions [Member]

Linked and Non-linked Transactions [Member]

Linked and Non-linked Transactions [Member]

Linked and Non-linked Transactions [Member]

Amendment

extension

USD ($)

USD ($)

USD ($)

USD ($)

Linked and Non-linked Transactions [Member]

USD ($)

USD ($)

USD ($)

Linked and Non-linked Transactions [Member]

Linked and Non-linked Transactions [Member]

Linked and Non-linked Transactions [Member]

USD ($)

USD ($)

RSO [Member]

RSO [Member]

USD ($)

Debt Instrument [Line Items]

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'

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'

'

'

'

'

'

'

'

Closing transaction amount

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$353,900,000

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face amount of debt issued

'

'

235,300,000

'

196,400,000

38,900,000

17,700,000

'

'

'

'

24,900,000

13,800,000

6,800,000

6,800,000

16,000,000

16,000,000

24,900,000

10,300,000

10,300,000

13,800,000

'

'

'

185,061,000

91,931,000

'

'

'

'

21,559,000

47,601,000

'

'

47,704,000

30,003,000

'

'

'

285,000,000

'

'

7,576,000

-300,000

27,963,000

0

'

'

'

'

'

'

'

'

'

'

'

Linked Repurchase Agreement Borrowings, Included as Derivative Instruments

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

Description of variable rate basis

'

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'one-month LIBOR

'

'

'

'

'

'

'LIBOR

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'

'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate

'

'

'

'

1.05%

2.50%

4.25%

'

'

'

'

0.25%

0.40%

0.70%

0.75%

1.80%

1.85%

0.25%

0.31%

0.31%

0.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

2.50%

Weighted Average Borrowing Rate

1.98%

1.87%

'

1.44%

'

'

'

1.43%

1.38%

'

1.19%

'

'

'

'

'

'

'

'

'

'

1.15%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of senior notes acquired by the parent

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100.00%

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

Payments by parent to acquire notes issued by VIE

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,900,000

17,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, weighted average interest rate

'

'

'

1.44%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.15%

'

1.43%

1.38%

1.43%

1.38%

2.21%

2.67%

2.21%

2.67%

'

'

'

'

3.03%

0.00%

3.75%

0.00%

3.75%

'

'

'

0.00%

0.99%

3.45%

'

'

'

'

Percentage of Outstanding Notes Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

67.90%

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'

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'

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'

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'

'

'

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'

'

Ownership interests in variable interest entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

88.60%

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized Issuance Costs and Discounts

18,236,000

16,216,000

'

3,979,000

'

'

'

0

12,000

'

0

'

'

'

'

'

'

'

'

'

'

55,000

'

'

'

'

'

'

'

'

0

12,000

'

'

260,000

732,000

'

'

'

'

'

'

395,000

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Term

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'

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'1 year

'

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'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Outstanding

1,609,194,000

1,336,026,000

'

235,344,000

'

'

'

21,559,000

47,613,000

'

94,904,000

'

'

'

'

'

'

'

'

'

'

22,760,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

17,020,000

'

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'

'

'

'

'

Debt Instrument, Term, Option to Extend

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'1 year

'

'

'1 year

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.45%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Structuring Fee, Percent

'

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'

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'

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'

'

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0.25%

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75,000,000

'

'

'

'

'

'

'

'

'

'

30,000,000

200,000,000

'

'

'

'

'

'

'

'

'

'

'

225,000,000

110,000,000

'

'

Debt Instrument, Number Of Options To Extend

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Amendments to Facility

'

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'

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'

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'

'

'

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'

'

'

'

'

'

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'

'

'

'

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'

7

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'

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'

'

'

'

Line of credit facility, amount outstanding

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35,500,000

'

'

'

Debt Instrument, Covenant Requirement, Maximum Judgment Allowed Against Subsidiary or Guarantor

250,000

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

'

Loan to Value Ratio Required for Compliance

75.00%

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

Minimum Net Worth Required for Compliance

30,000,000

'

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'

'

'

'

'

'

'

'

'

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'

'

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'

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'

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'

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'

'

'

'

'

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'

'

Line of credit facility, increase in borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000,000

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity, Effective Commitment

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

'

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'

'

'

$125,000,000

'

'

'

VARIABLE_INTEREST_ENTITIES_BOR4

VARIABLE INTEREST ENTITIES BORROWINGS (Repurchase and Credit Facilities) (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	$185,061,000	$91,931,000
Debt Instrument, Fair Value Disclosure	253,848,000	121,622,000
RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	1,609,194,000	1,336,026,000
Debt Instrument, Maturity Date Free Form	'12 years 2 months	'13 years 1 month
RSO [Member] | CMBS - Term Repurchase Facilities [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	21,559,000	47,613,000
Debt Instrument, Maturity Date Free Form	'23 days	'21 days
RSO [Member] | RMBS - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	22,760,000	'
Debt Instrument, Maturity Date Free Form	'1 day	'
RSO [Member] | Residential Mortgage [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	48,885,000	14,627,000
Debt Instrument, Maturity Date Free Form	'278 days	'56 days
Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CMBS - Term Repurchase Facilities [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	21,559,000	47,601,000
Debt instrument, weighted average interest rate	1.43%	1.38%
Debt Instrument, Fair Value Disclosure	26,540,000	56,949,000
Debt Instrument, Number of Positions as Collateral	30	44
Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CRE - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	47,704,000	30,003,000
Debt instrument, weighted average interest rate	2.21%	2.67%
Debt Instrument, Fair Value Disclosure	71,822,000	48,186,000
Debt Instrument, Number of Positions as Collateral	4	8
Deutsche Bank AG [Member] | RCC Real Estate [Member] | CRE - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	7,576,000	-300,000
Debt instrument, weighted average interest rate	3.03%	0.00%
Debt Instrument, Fair Value Disclosure	11,311,000	0
Debt Instrument, Number of Positions as Collateral	1	0
New Century Bank [Member] | RCC Real Estate [Member] | Residential Mortgage [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	16,526,000	11,916,000
Debt instrument, weighted average interest rate	3.45%	4.17%
Debt Instrument, Fair Value Disclosure	17,831,000	13,089,000
Debt Instrument, Number of Positions as Collateral	94	74
ViewPoint Bank, NA [Member] | RCC Real Estate [Member] | Residential Mortgage [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	4,395,000	2,711,000
Debt instrument, weighted average interest rate	2.78%	4.58%
Debt Instrument, Fair Value Disclosure	6,079,000	3,398,000
Debt Instrument, Number of Positions as Collateral	22	17
Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	27,963,000	0
Debt instrument, weighted average interest rate	3.75%	0.00%
Debt Instrument, Fair Value Disclosure	44,508,000	0
Debt Instrument, Number of Positions as Collateral	66	0
Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	0	17,020,000
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	11,058,000	0
Debt instrument, weighted average interest rate	1.66%	0.00%
Debt Instrument, Fair Value Disclosure	17,695,000	0
Debt Instrument, Number of Positions as Collateral	1	0
Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	25,575,000	0
Debt instrument, weighted average interest rate	1.47%	0.00%
Debt Instrument, Fair Value Disclosure	29,529,000	0
Debt Instrument, Number of Positions as Collateral	8	0
Linked Transactions [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	29,736,000	64,094,000
Securities Held as Collateral, at Fair Value	43,867,000	93,823,000
Linked Transactions [Member] | Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CMBS - Term Repurchase Facilities [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	1.66%	1.65%
Debt Instrument, Fair Value Disclosure	6,736,000	8,345,000
Debt Instrument, Number of Positions as Collateral	7	7
Linked Transactions [Member] | Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CRE - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	0.00%	0.00%
Debt Instrument, Fair Value Disclosure	0	0
Debt Instrument, Number of Positions as Collateral	0	0
Linked Transactions [Member] | Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Securities Held as Collateral, at Fair Value	0	24,814,000
Debt instrument, weighted average interest rate	0.00%	0.99%
Debt Instrument, Number of Positions as Collateral	0	4
Linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	4,146,000	21,969,000
Securities Held as Collateral, at Fair Value	6,262,000	30,803,000
Debt instrument, weighted average interest rate	1.37%	1.19%
Debt Instrument, Number of Positions as Collateral	2	9
Linked Transactions [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Remaining balance	20,437,000	18,599,000
Securities Held as Collateral, at Fair Value	30,869,000	29,861,000
Debt instrument, weighted average interest rate	1.46%	1.43%
Debt Instrument, Number of Positions as Collateral	9	9
Linked Transactions [Member] | CMBS [Member] | Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CMBS - Term Repurchase Facilities [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	5,153,000	6,506,000
Linked Transactions [Member] | CMBS [Member] | Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CRE - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	0	0
RMBS - Term Repurchase Facility [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	22,705,000	0
Debt instrument, weighted average interest rate	1.15%	0.00%
Debt Instrument, Fair Value Disclosure	28,533,000	0
Debt Instrument, Number of Positions as Collateral	6	0
Linked and Non-linked Transactions [Member] | Wells Fargo Bank, National Association [Member] | RCC Residential Portfolio Inc. and RCC Residential Portfolio TRS Inc. [Member] | RMBS - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Outstanding Borrowings	285,000,000	'
Linked and Non-linked Transactions [Member] | Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CMBS - Term Repurchase Facilities [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	1.43%	1.38%
Repurchase Agreement Counterparty, Amount at Risk	7,353,000	10,796,000
Debt Instrument, Maturity Date Free Form	'20 days	'21 days
Linked and Non-linked Transactions [Member] | Wells Fargo Bank, National Association [Member] | RCC Real Estate [Member] | CRE - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	2.21%	2.67%
Repurchase Agreement Counterparty, Amount at Risk	23,677,000	20,718,000
Debt Instrument, Maturity Date Free Form	'20 days	'21 days
Linked and Non-linked Transactions [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member] | RMBS - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	1.15%	'
Repurchase Agreement Counterparty, Amount at Risk	5,233,000	'
Debt Instrument, Maturity Date Free Form	'1 day	'
Linked and Non-linked Transactions [Member] | Deutsche Bank Securities, Inc [Member] | RCC Real Estate [Member] | CRE - Term Repurchase Facility [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	3.03%	'
Repurchase Agreement Counterparty, Amount at Risk	3,266,000	'
Debt Instrument, Maturity Date Free Form	'20 days	'
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	3.75%	'
Repurchase Agreement Counterparty, Amount at Risk	32,494,000	'
Debt Instrument, Maturity Date Free Form	'275 days	'
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	0.00%	0.99%
Repurchase Agreement Counterparty, Amount at Risk	0	7,882,000
Debt Instrument, Maturity Date Free Form	'0 days	'11 days
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	1.66%	1.19%
Repurchase Agreement Counterparty, Amount at Risk	23,677,000	8,925,000
Debt Instrument, Maturity Date Free Form	'8 days	'2 days
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member] | RCC Real Estate [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	1.47%	1.43%
Repurchase Agreement Counterparty, Amount at Risk	3,326,000	11,418,000
Debt Instrument, Maturity Date Free Form	'29 days	'22 days
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | New Century Bank [Member] | RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	3.45%	'
Repurchase Agreement Counterparty, Amount at Risk	17,016,000	'
Debt Instrument, Maturity Date Free Form	'334 days	'
Linked and Non-linked Transactions [Member] | Repurchase Agreements [Member] | ViewPoint Bank, NA [Member] | RSO [Member]	'	'
Debt Instrument [Line Items]	'	'
Debt instrument, weighted average interest rate	2.78%	'
Repurchase Agreement Counterparty, Amount at Risk	$4,485,000	'
Debt Instrument, Maturity Date Free Form	'91 days	'

VARIABLE_INTEREST_ENTITIES_REL

VARIABLE INTEREST ENTITIES RELATED PARTY TRANSACTIONS (Details) RSO (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

15 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Oct. 31, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 11, 2013

Feb. 15, 2012

Sep. 03, 2011

Jun. 03, 2011

Mar. 05, 2010

Mar. 05, 2011

Jun. 01, 2011

Sep. 30, 2014

Dec. 31, 2013

Feb. 24, 2011

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

31-May-13

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jul. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Nov. 16, 2011

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Apidos Capital Management LLC [Member]

Apidos Capital Management LLC [Member]

Apidos Capital Management LLC [Member]

Apidos Capital Management LLC [Member]

Apidos Capital Management LLC [Member]

Apidos Capital Management LLC [Member]

LEAF [Member]

LEAF [Member]

LEAF [Member]

LEAF [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity, Not Primary Beneficiary [Member]

Loans Receivable - Related Party [Member]

Loans Receivable - Related Party [Member]

Loans Receivable - Related Party [Member]

Entity

Entity

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Lease Equity Appreciation Fund II [Member]

Churchill Pacific Asset Management LLC [Member]

Churchill Pacific Asset Management LLC [Member]

Ledgewood [Member]

Ledgewood [Member]

Ledgewood [Member]

Ledgewood [Member]

CVC Capital Partners [Member]

CVC Capital Partners [Member]

CVC Capital Partners [Member]

CVC Capital Partners [Member]

CVC Capital Partners [Member]

CVC Capital Partners [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Investment in CVC Global Opps Fund [Member]

Investment in CVC Global Opps Fund [Member]

Investment in CVC Global Opps Fund [Member]

Investment in CVC Global Opps Fund [Member]

Investment in CVC Global Opps Fund [Member]

Investment in CVC Global Opps Fund [Member]

LEAF [Member]

LEAF [Member]

LEAF [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

RSO [Member]

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to Acquire Equity Method Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,000,000

'

'

'

'

'

'

'

'

'

Investment management fee, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

'

Revolving credit facility, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, term (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

12.00%

12.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

1.00%

1.00%

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of Lines of Credit

'

'

'

'

'

'

'

1,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Provision for loan loss

'

'

'

'

'

'

'

-1,739,000

'

3,020,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

236,000

936,000

0

Line of credit facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,900,000

5,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity in (losses) earnings of unconsolidated entities

620,000

1,384,000

2,298,000

2,528,000

'

887,000

-535,000

4,663,000

-888,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,000

304,000

-859,000

-32,000

0

93,000

'

2,000,000

93,000,000

'

'

'

'

'

'

'

Investments in unconsolidated entities

'

'

'

'

'

60,540,000

'

60,540,000

'

69,069,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,200,000

'

'

18,200,000

'

16,200,000

40,200,000

41,000,000

36,300,000

'

'

'

Ownership percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase price of acquired entity paid by acquiring entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Collateralized Loan Obligation Issuers

'

'

'

'

'

5

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets under management, carrying amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,900,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of subordinated fees the company is entitled to collect

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of incentive fees the company is entitled to collect

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subordinated fees received

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

309,000

160,000

1,000,000

515,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred equity acquired

'

'

'

'

66.60%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interests in variable interest entity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

68.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Legal fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$45,000

$70,000

$202,000

$155,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

VARIABLE_INTEREST_ENTITIES_FAI

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) RSO (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Investment securities, trading	$1,016	$317
Investment securities available-for-sale	8,829	7,522
RSO [Member]	'	'
Assets:	'	'
Investment securities, trading	9,187	11,558
Investment securities available-for-sale	281,018	215,206
CMBS - linked transactions	14,272	30,066
Derivatives, at fair value	21,618	0
RSO [Member] | Recurring Basis [Member]	'	'
Assets:	'	'
Investment securities, trading	9,187	11,558
Investment securities available-for-sale	281,018	209,837
CMBS - linked transactions	14,272	30,066
Derivatives, at fair value	21,618	'
Total assets at fair value	326,095	251,461
Liabilities:	'	'
Derivatives (net)	8,830	10,586
Total liabilities at fair value	8,830	10,586
RSO [Member] | Recurring Basis [Member] | Level 1 [Member]	'	'
Assets:	'	'
Investment securities, trading	0	0
Investment securities available-for-sale	870	2,370
CMBS - linked transactions	0	0
Derivatives, at fair value	0	'
Total assets at fair value	870	2,370
Liabilities:	'	'
Derivatives (net)	0	0
Total liabilities at fair value	0	0
RSO [Member] | Recurring Basis [Member] | Level 2 [Member]	'	'
Assets:	'	'
Investment securities, trading	0	0
Investment securities available-for-sale	1,530	92
CMBS - linked transactions	0	0
Derivatives, at fair value	21,618	'
Total assets at fair value	23,148	92
Liabilities:	'	'
Derivatives (net)	872	395
Total liabilities at fair value	872	395
RSO [Member] | Recurring Basis [Member] | Level 3 [Member]	'	'
Assets:	'	'
Investment securities, trading	9,187	11,558
Investment securities available-for-sale	278,618	207,375
CMBS - linked transactions	14,272	30,066
Derivatives, at fair value	0	'
Total assets at fair value	302,077	248,999
Liabilities:	'	'
Derivatives (net)	7,958	10,191
Total liabilities at fair value	$7,958	$10,191

VARIABLE_INTEREST_ENTITIES_FAI1

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) RSO (RSO [Member], USD $)	12 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
		Level 3 [Member]	CMBS Including Linked Transactions [Member]	ABS [Member]	RMBS [Member]	Structured Finance [Member]
			Level 3 [Member]	Level 3 [Member]	Level 3 [Member]	Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'	'	'	'	'
Beginning balance	'	$248,999	$210,785	$26,656	$451	$11,107
Total gains or losses (realized/unrealized):	'	'	'	'	'	'
Included in earnings	'	2,837	142	5,118	31	-2,454
Purchases	'	202,031	105,572	61,402	31,058	3,999
Sales	'	-121,301	-99,151	-20,100	0	-2,050
Paydowns	'	-48,005	-36,768	-10,412	-825	0
Included in OCI	'	17,516	9,009	9,091	897	-1,481
Transfers out of Level 2	'	0	0	0	0	0
Transfers into level 3	94,900	0	0	0	0	0
Ending balance	'	($302,077)	($189,589)	($71,755)	($31,612)	($9,121)

VARIABLE_INTEREST_ENTITIES_FAI2

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Liabilities Measured on Recurring Basis) (Details) RSO (Derivative Financial Instruments, Liabilities [Member], RSO [Member], Level 3 [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Derivative Financial Instruments, Liabilities [Member] | RSO [Member] | Level 3 [Member]	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'
Beginning balance	$10,191
Unrealized losses – included in accumulated other comprehensive income	-2,233
Ending balance	$7,958

VARIABLE_INTEREST_ENTITIES_FAI3

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities, Quantitative Information) (Details) RSO (Fair Value, Measurements, Nonrecurring [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Total assets at fair value	$2,754	'
Level 1 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Total assets at fair value	0	'
Level 2 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Total assets at fair value	0	'
Level 3 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Total assets at fair value	2,754	'
RSO [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale	91,382	21,916
Impaired loans	893	225
Total assets at fair value	92,275	22,141
RSO [Member] | Level 1 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale	0	0
Impaired loans	0	0
Total assets at fair value	0	0
RSO [Member] | Level 2 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale	36,674	6,850
Impaired loans	893	225
Total assets at fair value	37,567	7,075
RSO [Member] | Level 3 [Member]	'	'
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Loans held for sale	54,708	15,066
Impaired loans	0	0
Total assets at fair value	$54,708	$15,066

VARIABLE_INTEREST_ENTITIES_FAI4

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Significant Observable Outputs) (Details) RSO (Details) (Discounted Cash Flow Technique [Member], Derivative Financial Instruments, Liabilities [Member], Level 3 [Member], RSO [Member], USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Assets at fair value	$7,958
Interest Rate Swap [Member]	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Significant Unobservable Input Value	5.12%

VARIABLE_INTEREST_ENTITIES_FAI5

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) RSO (RSO [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	$1,744,899,000	$1,369,526,000
Loans receivable-related party	4,172,000	6,966,000
Borrowings, at fair value	94,900,000	0
Loans, pledged as collateral, at fair value	83,000,000	0
Outstanding Borrowings	1,590,958,000	1,319,810,000
Carrying Amount [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	1,744,899,000	1,369,526,000
Loans receivable-related party	4,172,000	6,966,000
CDO notes	1,213,852,000	1,070,339,000
Junior subordinated notes payable	51,154,000	51,005,000
Repurchase agreements	185,062,000	77,304,000
Outstanding Borrowings	32,911,000	'
Fair Value [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	1,730,763,000	1,358,434,000
Loans receivable-related party	4,172,000	6,966,000
CDO notes	1,131,145,000	653,617,000
Junior subordinated notes payable	17,648,000	17,499,000
Repurchase agreements	185,062,000	77,304,000
Outstanding Borrowings	32,911,000	'
Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	0	0
Loans receivable-related party	0	0
CDO notes	0	0
Junior subordinated notes payable	0	0
Repurchase agreements	0	0
Outstanding Borrowings	0	'
Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	632,815,000	545,352,000
Loans receivable-related party	0	0
CDO notes	1,131,145,000	653,617,000
Junior subordinated notes payable	0	0
Repurchase agreements	0	0
Outstanding Borrowings	0	'
Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	1,097,948,000	813,082,000
Loans receivable-related party	4,172,000	6,966,000
CDO notes	0	0
Junior subordinated notes payable	17,648,000	17,499,000
Repurchase agreements	185,062,000	77,304,000
Outstanding Borrowings	32,911,000	'
Loans Receivable [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Loans held-for-investment	89,200,000	'
Loans, pledged as collateral, at fair value	83,000,000	'
Long-term Debt [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
CDO notes	95,000,000	'
Borrowings, at fair value	$92,500,000	'

VARIABLE_INTEREST_ENTITIES_FAI6

VARIABLE INTEREST ENTITIES FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) RSO (RSO [Member], USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Transfers into level 3	'	'	'	'	$94,900
Impairment loss included in earnings	'	255	'	811	'
(Recovery) provision for loan losses	1,439	741	-1,739	541	'
Level 3 [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Transfers into level 3	'	'	0	'	'
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
(Recovery) provision for loan losses	807	100	1,200	3,100	'
Net Realized Gain on Sales of Investment Securities Available-for-sale and Loans [Member] | Loans and Finance Receivables [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Gain (loss) on fair value	2,200	'	3,500	'	'
Net Realized Gain on Sales of Investment Securities Available-for-sale and Loans [Member] | Long-term Debt [Member]	'	'	'	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'
Gain (loss) on fair value	($2,600)	'	($3,000)	'	'

VARIABLE_INTEREST_ENTITIES_RAI

VARIABLE INTEREST ENTITIES RAI - OTHER VIE (VIEs not consolidated) (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Loans and receivables from managed entities and related parties, net	$32,637	$30,923
Variable Interest Entity, Not Primary Beneficiary [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Maximum Exposure to Loss in Non-consolidated VIEs	1,535	'
Variable Interest Entity, Not Primary Beneficiary [Member] | Ischus Entities [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Maximum Exposure to Loss in Non-consolidated VIEs	158	'
Variable Interest Entity, Not Primary Beneficiary [Member] | Trapeza entities [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Maximum Exposure to Loss in Non-consolidated VIEs	661	'
Variable Interest Entity, Not Primary Beneficiary [Member] | RRE Global Opportunity Fund [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Maximum Exposure to Loss in Non-consolidated VIEs	716	'
Receivables from Managed Entities and Related Parties [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Loans and receivables from managed entities and related parties, net	158	'
Receivables from Managed Entities and Related Parties [Member] | Ischus Entities [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Loans and receivables from managed entities and related parties, net	158	'
Receivables from Managed Entities and Related Parties [Member] | Trapeza entities [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Loans and receivables from managed entities and related parties, net	0	'
Receivables from Managed Entities and Related Parties [Member] | RRE Global Opportunity Fund [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Loans and receivables from managed entities and related parties, net	0	'
Investments [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Investments	1,377	'
Investments [Member] | Ischus Entities [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Investments	0	'
Investments [Member] | Trapeza entities [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Investments	661	'
Investments [Member] | RRE Global Opportunity Fund [Member]	'	'
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]	'	'
Investments	$716	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (RSO [Member], Line of Credit [Member], USD $)	Sep. 30, 2014	Oct. 31, 2014
		Subsequent Event [Member]
Subsequent Event [Line Items]	'	'
Line of credit facility, increase in borrowing capacity	'	$150,000,000
Maximum borrowing capacity	250,000,000	400,000,000
Closing transaction amount	'	$1,600,000