Resource America (REXI) 10-K 13 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 05, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	RESOURCE AMERICA, INC.
Entity Central Index Key	83402
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$146,392,000
Entity Common Stock, Shares Outstanding		22,994,366
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash	$27,542,000	$19,853,000
Loans and receivables from managed entities and related parties, net	30,303,000	30,923,000
Investments in real estate, net	17,097,000	17,696,000
Investment securities, at fair value	9,540,000	7,839,000
Investments in unconsolidated entities	13,089,000	14,342,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Investment securities, at fair value	9,540,000	7,839,000
Property and equipment, net	5,063,000	5,844,000
Total assets	2,900,842,000	2,318,451,000
Liabilities:
Payables to managed entities and related parties	3,015,000	3,110,000
Borrowings	20,412,000	20,619,000
Liabilities of consolidated VIE - RSO (see Note 22):
Borrowings	20,412,000	20,619,000
Total liabilities	1,820,399,000	1,421,125,000
Commitments and contingencies
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; 34,489,568 and 30,378,339 shares issued (including nonvested restricted stock of 833,082 and 400,194), respectively	335,000	299,000
Additional paid-in capital	308,134,000	288,555,000
Accumulated deficit	-23,663,000	-26,025,000
Treasury stock, at cost; 11,764,417 and 10,434,436 shares, respectively	-120,182,000	-107,874,000
Accumulated other comprehensive loss	-1,030,000	-1,231,000
Total stockholders’ equity	163,594,000	153,724,000
Total equity	1,080,443,000	897,326,000
Liabilities and equity	2,900,842,000	2,318,451,000
RAI [Member]
ASSETS
Cash	27,542,000	19,853,000
Restricted cash	725,000	571,000
Receivables	636,000	541,000
Loans and receivables from managed entities and related parties, net	30,303,000	30,923,000
Investments in real estate, net	17,097,000	17,696,000
Investment securities, at fair value	9,540,000	7,839,000
Investments in unconsolidated loan manager (see Note 8)	39,655,000	37,821,000
Investments in unconsolidated entities	13,089,000	14,342,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Investment securities, at fair value	9,540,000	7,839,000
Property and equipment, net	5,063,000	5,844,000
Deferred tax assets, net	23,304,000	27,769,000
Other assets	5,416,000	4,791,000
Liabilities:
Accrued expenses and other liabilities	22,279,000	22,134,000
Payables to managed entities and related parties	3,015,000	3,110,000
Borrowings	20,412,000	20,619,000
Liabilities of consolidated VIE - RSO (see Note 22):
Borrowings	20,412,000	20,619,000
Equity:
Noncontrolling interests	306,000	238,000
RSO [Member]
ASSETS
Investment securities, at fair value	296,506,000	221,395,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Cash and cash equivalents (including restricted cash)	202,043,000	325,579,000
Investment securities, at fair value	296,506,000	221,395,000
Loans	2,038,435,000	1,397,458,000
Investments in real estate and unconsolidated entities	60,007,000	129,562,000
Other assets	131,481,000	76,467,000
Total assets	2,728,472,000	2,150,461,000
Liabilities:
Borrowings	1,717,132,000	1,320,015,000
Liabilities of consolidated VIE - RSO (see Note 22):
Borrowings	1,717,132,000	1,320,015,000
Other liabilities	57,561,000	55,247,000
Total liabilities	1,774,693,000	1,375,262,000
Equity:
Noncontrolling interests	$916,543,000	$743,364,000

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 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)	34,489,568	30,378,339
Common stock restricted shares (in shares)	833,082	400,194
Treasury stock shares (in shares)	11,764,417	10,434,436

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES:
Revenues from consolidated VIE - RSO	$169,279	$145,724	$153,071
COSTS AND EXPENSES:
Restructuring expenses			365
General and administrative	11,118	10,268	9,792
Impairment charges			2,280
Provision for credit losses	3,058	4,265	20,148
Depreciation and amortization	1,819	1,936	2,084
Costs and expenses	121,603	115,076	124,344
OPERATING INCOME	47,676	30,648	28,727
OTHER INCOME (EXPENSE):
Gain on deconsolidation and sale of subsidiaries			54,542
Other-than-temporary impairment on investments		-214	-74
Interest expense	-1,905	-2,036	-2,289
Other (expense) income	24,339	21,997	86,181
Income from continuing operations before taxes	72,015	52,645	114,908
Income tax provision	3,641
Income from continuing operations	68,374	52,029	87,189
Loss from discontinued operations, net of tax	0	-2	-44
Net income	68,374	52,027	87,145
Net income attributable to common shareholders	6,968	6,426	24,028
Amounts attributable to common shareholders:
Income from continuing operations	6,968	6,428	24,072
Discontinued operations	0	-2	-44
Net income	6,968	6,426	24,028
Basic earnings per share:
Continuing operations (in dollars per share)	$0.33	$0.32	$1.21
Discontinued operations (in dollars per share)	$0	$0	$0
Basic earnings per common share:	$0.33	$0.32	$1.21
Weighted average shares outstanding (in shares)	21,148	20,217	19,919
Diluted earnings per share:
Continuing operations (in dollars per share)	$0.31	$0.29	$1.14
Discontinued operations (in dollars per share)	$0	$0	$0
Diluted earnings per common share:	$0.31	$0.29	$1.14
Weighted average shares outstanding (in shares)	22,371	21,905	20,994
RAI [Member]
REVENUES:
Real estate (includes revenues of $10,349, $12,600 and $13,956 related to RSO)	54,861
Financial fund management (includes revenues of $2,983, $1,120 and $4,894 related to RSO)	28,400
Commercial finance	-164
Revenues from consolidated VIE - RSO	83,097
COSTS AND EXPENSES:
Real estate	37,411
Financial fund management	14,824
Commercial finance	979
General and administrative	11,118
Impairment charges	0	0	2,280
Provision for credit losses	3,058	4,265	20,148
Depreciation and amortization	1,819
Costs and expenses	69,209
OTHER INCOME (EXPENSE):
Gain on deconsolidation and sale of subsidiaries	0	0	54,542
Other-than-temporary impairment on investments	0	-214	-74
Interest expense	-1,905
Income tax provision	5,853	1,657	13,117
Loss from discontinued operations, net of tax	0	-2	-44
Net income attributable to noncontrolling interests	-89	-20	-557
RSO [Member]
REVENUES:
Real estate (includes revenues of $10,349, $12,600 and $13,956 related to RSO)		12,600	13,956
Financial fund management (includes revenues of $2,983, $1,120 and $4,894 related to RSO)		1,120	4,894
Commercial finance		0	0
Revenues from consolidated VIE - RSO	99,446
COSTS AND EXPENSES:
Costs and expenses	62,783
OPERATING INCOME	36,663
OTHER INCOME (EXPENSE):
Income tax provision	-2,212	-1,041	14,602
Net income attributable to noncontrolling interests	-61,317	-45,581	-62,560
Reportable Legal Entities [Member]
OTHER INCOME (EXPENSE):
Other (expense) income	-1,217	-1,675	52,291
Reportable Legal Entities [Member] | RAI [Member]
REVENUES:
Real estate (includes revenues of $10,349, $12,600 and $13,956 related to RSO)	54,861	57,143	45,083
Financial fund management (includes revenues of $2,983, $1,120 and $4,894 related to RSO)	28,400	19,773	18,053
Commercial finance	-164	-341	-1,659
Revenues from consolidated VIE - RSO	83,097	76,575	61,477
COSTS AND EXPENSES:
Real estate	37,411	40,612	30,475
Financial fund management	14,824	10,155	12,299
Commercial finance	979	56	402
Restructuring expenses	0	0	365
General and administrative	11,118	10,268	9,792
Impairment charges	0	0	2,280
Provision for credit losses	3,058	4,265	20,148
Depreciation and amortization	1,819	1,936	2,084
Costs and expenses	69,209	67,292	77,845
OPERATING INCOME	13,888
OTHER INCOME (EXPENSE):
Gain on deconsolidation and sale of subsidiaries	0	0	54,542
Gain on sale of investment securities, net	445	0	0
Other-than-temporary impairment on investments	0	-214	-74
Interest expense	-1,905	-2,036	-2,289
Other (expense) income	243	575	112
Income from continuing operations before taxes	14,960
Income tax provision	5,853
Net income	9,107
Net income attributable to noncontrolling interests	-89
Net income attributable to common shareholders	9,018
Amounts attributable to common shareholders:
Net income	9,018
Reportable Legal Entities [Member] | RSO [Member]
REVENUES:
Revenues from consolidated VIE - RSO	99,446	82,983	109,138
COSTS AND EXPENSES:
Costs and expenses	64,995	60,999	63,850
OTHER INCOME (EXPENSE):
Other (expense) income	25,505	23,428	33,757
Income from continuing operations before taxes	62,168
Income tax provision	0
Net income	62,168
Net income attributable to noncontrolling interests	-18,141
Net income attributable to common shareholders	44,027
Amounts attributable to common shareholders:
Net income	44,027
Intersegment Eliminations [Member]
REVENUES:
Revenues from consolidated VIE - RSO	-13,264	-13,834	-17,544
COSTS AND EXPENSES:
Costs and expenses	-12,601	-13,215	-17,351
OTHER INCOME (EXPENSE):
Other (expense) income	51	244	133
Consolidation, Eliminations [Member]
REVENUES:
Revenues from consolidated VIE - RSO	-13,264	-13,834	-17,544
COSTS AND EXPENSES:
Costs and expenses	-10,389
OPERATING INCOME	-2,875
OTHER INCOME (EXPENSE):
Income from continuing operations before taxes	-5,113
Income tax provision	-2,212
Net income	-2,901
Net income attributable to common shareholders	-46,077
Amounts attributable to common shareholders:
Net income	-46,077
Consolidation, Eliminations [Member] | RSO [Member]
COSTS AND EXPENSES:
Costs and expenses	2,212
OTHER INCOME (EXPENSE):
Net income attributable to noncontrolling interests	($43,176)

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, 2011	$528,680			$129,073	$281	$281,357	($50,591)	($99,775)	($2,199)	$319	$399,288
Balance (in shares) at Dec. 31, 2011	19,466,066
Increase (Decrease) Equity [Roll Forward]
Net income (loss)	87,145			24,028			24,028			557	62,560
Issuance of common shares (in shares)	1,054,353
Issuance of common shares	3,844			3,844	14	3,830
Treasury shares issued (in shares)	45,567
Treasury shares issued	288			288		-205		493
Stock-based compensation (in shares)	235,471
Stock-based compensation	1,066			1,066		1,066		0		0
Repurchase of common stock (in shares)	-645,725
Repurchases of common stock	-4,190			-4,190				-4,190
Dividends declared on common stock	-2,923			-2,923			-2,923	0
Change in noncontrolling interests in consolidated VIE - RSO	101,226										101,226
Other	-597									-597
Other comprehensive income	19,251	2	19,249	2					2	0	19,249
Balance at Dec. 31, 2012	733,790			151,188	295	286,048	-29,486	-103,472	-2,197	279	582,323
Balance (in shares) at Dec. 31, 2012	20,155,732
Increase (Decrease) Equity [Roll Forward]
Net income (loss)	52,027			6,426			6,426			20	45,581
Issuance of common shares (in shares)	17,063
Issuance of common shares	104			104	2	102
Treasury shares issued (in shares)	32,789
Treasury shares issued	282			282		-59		341
Stock-based compensation (in shares)	45,866
Stock-based compensation	1,214			1,214		1,214
Repurchase of common stock (in shares)	-553,135
Repurchases of common stock	-4,743			-4,743				-4,743
Exercise of warrants (in shares)	245,588
Exercise of warrants	1,252			1,252	2	1,250		0
Dividends declared on common stock	-2,965			-2,965			-2,965
Change in noncontrolling interests in consolidated VIE - RSO	102,425										102,425
Other	-61									-61
Other comprehensive income	14,001	966	13,035	966					966		13,035
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 (loss)	68,374			6,968			6,968			89	61,317
Issuance of common shares (in shares)	5,000
Issuance of common shares	41			41	0	41
Treasury shares issued (in shares)	39,491
Treasury shares issued	356			356		-51		407
Stock-based compensation (in shares)	661,622
Stock-based compensation	2,057			2,057		2,054
Repurchase of common stock (in shares)	-1,369,472
Repurchases of common stock	-10,961			-10,961				-10,961
Exercise of warrants (in shares)	3,444,607
Exercise of warrants	15,814			15,814	33	17,535		-1,754
Dividends declared on common stock	-4,606			-4,606			-4,606
Change in noncontrolling interests in consolidated VIE - RSO	87,294										87,294
Other	-21									-21
Other comprehensive income	24,769	201	24,568	201					201		24,568
Balance at Dec. 31, 2014	$1,080,443			$163,594	$335	$308,134	($23,663)	($120,182)	($1,030)	$306	$916,543
Balance (in shares) at Dec. 31, 2014	22,725,151

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSINVE INCOME (LOSS) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net income	$68,374	$52,027	$87,145
Current period changes for investment securities available- for- sale	1,178	-46
Pension and other postretirement benefit plans, adjustment, net of tax	-977	1,004
Foreign currency translation losses, net of tax of $(3), $0 and $0	-3	-2
Other comprehensive income (loss)	24,769	14,001	19,251
Comprehensive income	93,143	66,028	106,396
Less: Comprehensive income attributable to noncontrolling interests	-85,974	-58,636	-82,366
Comprehensive income attributable to common shareholders	7,169	7,392	24,030
RAI [Member]
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $97, $(84) and $(32)	1,453	-177	-68
Less: reclassification for (gains) losses realized, net of tax of $(169), $83 and $29	-275	131	45
Current period changes for investment securities available- for- sale	1,178	-46	-23
Minimum pension liability adjustments, net of tax of $(979), $291 and $(220)	-1,124	805	-273
Reclassification for losses realized, net of tax of $132, $182 and $128	147	199	167
Pension and other postretirement benefit plans, adjustment, net of tax	-977	1,004	-106
Unrealized gains on hedging contracts, net of tax of $1, $8 and $92	3	10	131
Foreign currency translation losses, net of tax of $(3), $0 and $0	-3	-2	0
Other comprehensive income (loss)	201	966	2
RSO [Member]
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $97, $(84) and $(32)	10,099	10,858	18,770
Less: reclassification for (gains) losses realized, net of tax of $(169), $83 and $29	12,404	-2,459	1,728
Unrealized gains on hedging contracts, net of tax of $1, $8 and $92	1,906	4,045	-1,476
Foreign currency translation losses, net of tax of $(3), $0 and $0	-123	196	0
Other comprehensive income (loss)	24,568	13,035	19,249
Reclassification adjustments associated with realized losses from interest rate hedges, net	$282	$395	$227

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (PARENTHETICAL) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Tax on unrealized (loss) gain on investment securities available-for-sale	$97	($84)	($32)
Tax on reclassification for realized losses	-169	83	29
Tax on minimum pension liability adjustment	-979	291	-220
Tax on reclassification for realized losses	132	182	128
Tax on unrealized (loss) gain on hedging contracts	1	8	92
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	($3)	$0	$0

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$68,374,000	$52,027,000	$87,145,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,937,000
Impairment charges			2,280,000
Provision for credit losses	3,058,000	4,265,000	20,148,000
Unrealized loss (gain) on trading securities	210,000
Equity in earnings of unconsolidated entities	-4,199,000	-5,389,000	-4,083,000
Distributions from unconsolidated entities	6,759,000
Gain on sale of leases and loans	-12,000
Net impairment losses recognized in earnings		214,000	74,000
Gain on sale of investment securities, net	-1,850,000
Gain on sale of assets	-445,000
Gain on sale and deconsolidation of subsidiaries			-54,542,000
Deferred income tax provision	5,388,000
Equity-based compensation expense	2,003,000
Trading securities purchases and sales, net	1,588,000
Loss from discontinued operations	0	2,000	44,000
Changes in operating assets and liabilities	-5,547,000
Net cash provided by (used in) operating activities	127,836,000	-109,627,000	17,484,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	-430,000
Principal payments received on real estate loans and real estate	25,000
Investments in unconsolidated real estate entities	-1,709,000
Principal payments on leases and loans	22,000
Principal payments and proceeds from sales received by consolidated VIE - RSO	858,751,000
Proceeds from sale of loans and investments	796,000
(Decrease) increase in restricted cash of consolidated VIE - RSO	-23,568,000
Other investing activity of consolidated VIE - RSO	-24,082,000
Net cash (used in) provided by investing activities	-399,128,000	486,256,000	89,641,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520,000
Principal payments on borrowings	-2,929,000
Net borrowings (repayments) of debt by consolidated VIE - RSO	207,604,000
Dividends paid	-4,272,000
Dividends paid on common stock by consolidated VIE - RSO	-101,936,000
Proceeds from issuance of common stock	15,584,000
Repurchases of common stock	-10,591,000
Increase in restricted cash	-154,000	0	0
Net cash provided by (used in) financing activities	278,981,000	-368,304,000	-106,752,000
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Operating activities	0	-371,000	-1,277,000
Net cash used in discontinued operations	0	-371,000	-1,277,000
Increase (decrease) in cash	7,689,000	7,954,000	-904,000
Cash, beginning of year	19,853,000	11,899,000	12,803,000
Cash, end of year	27,542,000	19,853,000	11,899,000
RAI [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,937,000	2,140,000	2,338,000
Impairment charges	0	0	2,280,000
Provision for credit losses	3,058,000	4,265,000	20,148,000
Unrealized loss (gain) on trading securities	210,000	-1,054,000	-1,272,000
Equity in earnings of unconsolidated entities	-4,199,000	-5,389,000	-4,083,000
Distributions from unconsolidated entities	6,759,000	4,647,000	3,311,000
Gain on sale of leases and loans	-12,000	0	0
Net impairment losses recognized in earnings	0	214,000	74,000
Gain on sale of investment securities, net	-1,850,000	-6,293,000	-1,221,000
Gain on sale of assets	-445,000	-1,734,000	-915,000
Gain on sale and deconsolidation of subsidiaries	0	0	-54,542,000
Deferred income tax provision	5,388,000	25,000	11,836,000
Equity-based compensation expense	2,003,000	1,257,000	993,000
Trading securities purchases and sales, net	1,588,000	10,287,000	-2,876,000
Loss from discontinued operations	0	2,000	44,000
Changes in operating assets and liabilities	-5,547,000	2,840,000	-4,983,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	-430,000	-2,730,000	-196,000
Principal payments received on real estate loans and real estate	25,000	2,049,000	888,000
Investments in unconsolidated real estate entities	-1,709,000	-1,545,000	-2,493,000
Principal payments on leases and loans	22,000	17,000	15,000
Purchase of loans and investments	-8,222,000	-3,213,000	-2,597,000
Proceeds from sale of loans and investments	796,000	0	0
Net proceeds from sale of Apidos and cash divested on deconsolidation	0	0	17,860,000
Proceeds from sale of loans and investments	0	0	55,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520,000	2,001,000	0
Principal payments on borrowings	-2,929,000	-2,486,000	-5,715,000
Dividends paid	-4,272,000	-1,988,000	-2,334,000
Proceeds from issuance of common stock	15,584,000	1,252,000	2,131,000
Repurchases of common stock	-10,591,000	-4,607,000	-2,463,000
Other	0	67,000	-203,000
CASH FLOWS FROM DISCONTINUED OPERATIONS:
Cash, beginning of year	19,853,000
Cash, end of year	27,542,000	19,853,000
RSO [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Adjustments to reconcile net income of VIE - RSO to net cash provided by (used in) operating activities	50,572,000	-174,969,000	-40,793,000
Net cash provided by (used in) operating activities	50,572,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans and investments	-1,200,711,000	-861,939,000	-769,762,000
Principal payments and proceeds from sales received by consolidated VIE - RSO	858,751,000	1,367,346,000	797,011,000
(Decrease) increase in restricted cash of consolidated VIE - RSO	-23,568,000	22,248,000	50,756,000
Other investing activity of consolidated VIE - RSO	-24,082,000	-35,977,000	-1,896,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) of debt by consolidated VIE - RSO	207,604,000	-420,107,000	-192,783,000
Dividends paid on common stock by consolidated VIE - RSO	-101,936,000	-91,255,000	-71,876,000
Proceeds from issuance of common stock	196,198,000	189,991,000	171,056,000
Other	($23,043,000)	($41,172,000)	($4,565,000)

NATURE_OF_OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 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 has been reflected on a consolidated basis with the Company's financial statements for the years ended December 31, 2014, 2013 and 2012 (see Note 22).
	The Company conducts its real estate operations through the following subsidiaries:
	•	Resource Real Estate Advisor, LLC. manages the activities of Resource Real Estate Opportunity REIT I ("Opportunity REIT I") and Resource Real Estate Opportunity REIT II ("Opportunity REIT II"), public non-traded REITs;
	•	Resource Capital Partners, Inc. acts as the general partner and provides asset management services to the Company's eight real estate investment partnerships, six tenant-in-common ("TIC") programs and one limited liability corporation;
	•	Resource Real Estate Management, Inc. (“Resource Residential”) provides property management services to the entire multifamily apartment portfolio, including fund assets, distressed assets and joint venture assets;
	•	Resource Real Estate Funding, Inc., on behalf of RSO, manages the commercial real estate debt portfolio comprised principally of first priority interest in commercial mortgage loans ("A notes"), whole mortgage loans, mortgage participations, subordinated interests in commercial mortgage loans ("B notes"), mezzanine debt and related commercial real estate securities. In addition, it manages a separate portfolio of discounted real estate and real estate loans; and
	•	Resource Real Estate, Inc. manages owned assets and ventures, which are collectively referred to as the “legacy portfolio.”
	The Company conducts its financial fund management operations primarily through the following operating entities:
	•	CVC Credit Partners ("CVC Credit Partners"), a joint venture between the Company and an unrelated third-party, finances, structures and manages investments in bank loans, high yield bonds and equity investments through collateralized loan obligation issuers ("CLOs"), managed accounts and a credit opportunities fund;
	•	Resource Capital Manager, Inc. ("RCM"), an indirect wholly-owned subsidiary, provides investment management and administrative services to RSO under a management agreement between the Company, RCM and RSO ('"the RCM Agreement");
	•	Resource Capital Markets, Inc. ("Resource Capital Markets"), through the Company's registered broker-dealer subsidiary, Resource Securities, acts as an agent in the primary and secondary markets for structured finance securities and transactions;
	•	Northport Capital, LLC ("Northport"), provides middle market loan management and monitoring services to RSO under the RCM agreement.
	•	Trapeza Capital Management, LLC ("TCM"), a joint venture between the Company and an unrelated third-party, manages investments in trust preferred securities and senior debt securities of banks, bank holding companies, insurance companies and other financial companies through CDO issuers. TCM, together with the Trapeza CDO issuers, are collectively referred to as Trapeza;
	•	Ischus Capital Management, LLC ("Ischus") finances, structures and manages investments in asset-backed securities ("ABS") including residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities, ("CMBS"); and
	•	Resource Financial Institutions Group, Inc. (“RFIG”), serves as the general partner for seven company-sponsored affiliated partnerships which invest in financial institutions;
	The Company conducts its commercial finance operations through LEAF Commercial Capital, Inc. (“L EAF”) and LEAF Financial Corporation (“LEAF Financial”). LEAF Financial sponsored and manages four publicly-held investment entities as the general and limited partner or managing member and originated and acts as the servicer of the leases and loans sold to those entities. Two of these investment entities were liquidated during 2014.
	LEAF. In January 2011, the Company formed LEAF to conduct its equipment lease origination and servicing operations and to obtain outside equity and debt financing sources. LEAF Financial retained the management of the equipment leasing partnerships, which are sub-serviced by LEAF. On November 16, 2011, the Company and LEAF, together with RSO, entered into a stock purchase agreement and related agreements (collectively the “November 2011 LEAF Transaction”) with Eos Partners, L.P., a private investment firm, and its affiliates (“Eos”). The Company retained 18,414 shares of LEAF common stock, representing a fully-diluted interest of 15.7%, and senior management of LEAF maintained a 10% fully-diluted interest. Additional investments by Eos and RSO as well as warrants that were provided to LEAF's lender in accordance with a financing agreement reduced the Company's and senior management's investments on a fully-diluted basis to 13.2% and 8.3%, respectively, as of December 31, 2014. As a result of the November 2011 LEAF Transaction, the Company deconsolidated LEAF (see Note 4) and has since accounted for its investment in LEAF on the equity method.
	Apidos. On April 17, 2012, the Company sold all of its common equity interests in Apidos to CVC Capital Partners SICAV-FIS, S.A., a private equity firm (“CVC”). Pursuant to the sale and purchase agreement and related agreements between the Company and CVC dated as of December 29, 2011, the Company sold Apidos in exchange for (i) $25.0 million in cash, (ii) a 33% limited partner interest in CVC Credit Partners, a Cayman Islands limited partnership jointly owned by the Company and CVC, and (iii) a 33% interest in CVC Credit Partners' general partner, a Jersey corporation.  Prior to the closing, CVC contributed its credit management subsidiary to CVC Credit Partners. The Company also retained a preferred equity interest in Apidos-CVC, which entitles it to receive distributions from CVC Credit Partners equal to 75% of the incentive management fees from the legacy Apidos portfolios. The Company recorded a $54.5 million net gain on the sale of Apidos, including the investments in CVC Credit Partners and Apidos-CVC preferred equity at their fair value totaling $34.8 million during 2012. These investments are reflected as Investments in Unconsolidated Loan Manager on the consolidated balance sheets.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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 will continually assess its involvement with VIEs and reevaluate 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.
	The financial statements reflect the consolidation of RSO. See Note 22 for additional disclosures pertaining to VIEs.
	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 Company makes assumptions in determining the fair value of its 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.
	Investments in Unconsolidated Loan Manager
	The Company accounts for its investment in CVC Credit Partners on the equity method since the Company has the ability to exercise significant influence over the partnership.
	The Company accounts for its preferred equity interest in Apidos-CVC on the cost method. As the incentive fees underlying the preferred equity are received, 75% will be distributed to the Company which will initially be recorded as income, net of any contractual amounts due to third-parties. On a quarterly basis, the Company will evaluate 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 preferred shares, the preferred equity 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 equity interest by reducing the revenues previously recorded on these preferred shares. To the extent that the investment in preferred equity has been reduced to zero, all subsequent distributions will be recorded as income.
	Investments in Unconsolidated Entities
	The Company accounts for the investments it has in the real estate, financial fund management and commercial finance investment entities it has sponsored and manages primarily under the equity method of accounting since the Company has the ability to exercise significant influence over the operating and financial decisions of these entities.  To the extent that there is a negative balance in the investment for any of these entities, these balances are reclassified to reduce any receivable from such entities. The Company accounts for its investments in Opportunity REIT I and Opportunity REIT II on the cost method since the Company owns less than 1% of the shares outstanding. The Company will evaluate 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 was recorded.
	Real estate. The Company has sponsored and manages eight real estate limited partnerships, three limited liability companies, two public non-traded REITs, and six TIC programs that invest in multifamily residential properties.
	Financial fund management.  In the Financial Fund Management operations, the Company holds the following interests in unconsolidated entities:
	•	general and limited partnership interests in seven company-sponsored and managed partnerships that invest in regional banks, and a limited partnership interest in an affiliated partnership organized as a credit opportunities fund that invests in bank loans and high yield bonds; and
	•	equity interests in two unconsolidated management companies which manage trust preferred securities held by thirteen separate CDOs.
	Commercial finance.  The Company has general and limited partnership interests in two company-sponsored commercial finance investment partnerships.
	Concentration of Credit Risk
	The Company’s receivables from managed entities are comprised of unsecured amounts due from its investment entities and other affiliated entities, which the Company has sponsored and manages.  The Company evaluates the collectability of these receivables and records an allowance to the extent any portion of that receivable is determined to be uncollectible.  Additionally, the Company records a discount where it determines that any of the entities will be unable to repay the Company in the near term.  In the event that any of these entities fail, the corresponding receivable balance would be at risk.
	Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of periodic temporary investments of cash and restricted cash.  The Company places its temporary cash investments and restricted cash in high quality short-term money market instruments with high-quality financial institutions and brokerage firms.  At December 31, 2014, the Company had $24.7 million (excluding restricted cash) in deposits at various banks, which was over the insurance limit of the Federal Deposit Insurance Corporation of $250,000, or in deposit in foreign banks or in brokerage accounts where no insurance coverage is available.  No losses have been experienced on such deposits.
	Restricted Cash
	The Company's restricted cash balance at December 31, 2014 includes $458,000 of escrow deposits for a real estate mortgage and a $250,000 clearing deposit with a third-party broker dealer who serves as a clearing agent for the Company's broker dealer.
	Foreign Currency Translation
	Foreign currency transaction gains and losses of the Company’s foreign operations are recognized in the determination of net income.  Foreign currency translation adjustments related to our Australian foreign operations are included in accumulated other comprehensive loss, a separate component of shareholders’ equity. Foreign currency translation adjustments related to its European operations, including a Euro denominated loan receivable, are included in net income.
	Revenue Recognition – Fee Income
	RSO management fees.  The Company earns base management and incentive management fees for managing RSO.  In addition, the Company is reimbursed for its expenses incurred on behalf of RSO and its operations and for property management fees.  Management fees, property management fees and reimbursed expenses are recognized monthly when earned.  In addition, in February 2011, the Company entered into a services agreement with RSO to provide sub-advisory collateral management and administrative services for five CLOs holding approximately $1.7 billion in bank loans.  In connection with the sub-advisory services provided, RSO pays CVC Credit Partners 10% of all senior and additional collateral management fees and 50% of all incentive collateral management fees it collects. As of December 31, 2014, CVC Credit Partners continues to provide subadvisory services to three of these CLOs holding approximately $800.0 million in bank loans.
	The quarterly incentive compensation to the Company is payable seventy-five percent (75%) in cash and twenty-five percent (25%) in restricted shares of RSO common stock.  The Company may elect to receive more than 25% of its incentive compensation in RSO restricted stock.  However, the Company’s ownership percentage in RSO, direct and indirect, cannot exceed 15%.  All shares are fully vested upon issuance, provided that the Company may not sell such shares for one year after the incentive compensation becomes due and payable.  The restricted stock is valued at the average of the closing price of RSO's common stock over the thirty-day period ending three days prior to the issuance of such shares.
	Under a fee agreement, in connection with the April 2012 sale of Apidos to CVC, the Company must remit a portion of the senior management fee and incentive compensation it receives from RSO to Apidos-CVC for advisory services in managing the portfolio of CLOs. The percentage paid to Apidos-CVC is determined by dividing the equity RSO holds in two Apidos CLOs by the calculated equity used to determine the senior management fee. Any incentive compensation paid to Apidos-CVC excludes non-recurring items unrelated to Apidos-CVC.
	Fees from RSO have been allocated and, accordingly, were reported as revenues by each of the Company’s operating segments. The Company reports these fees as an adjustment to the consolidated revenues of RSO in consolidation to reflect the compensation arrangement between the Company and RSO that would have otherwise been eliminated in consolidation.
	Real estate fees.  The Company records acquisition fees of 1% to 2% of the net purchase price of properties acquired by real estate investment entities it sponsors and financing fees equal to 0.5% to 1.75% of the debt obtained or assumed related to the properties acquired.  In addition, the Company receives debt origination fees which range from 0.5% to 5.0% on the purchase price of real estate debt investments acquired on behalf of its real estate investment entities. The Company recognizes these fees when its sponsored entities acquire the properties and obtain the related financing.
	The Company records a monthly property management fee equal to 4.5% to 5% of the cash receipts or gross operating revenues from the underlying properties and a monthly debt management fee equal to 0.167% (2% per year) of the gross offering proceeds deployed in debt investments.  The Company recognizes these fees monthly when earned.
	The Company records an annual investment management fee from its limited partnership investment entities equal to 1% of the gross offering proceeds of each partnership.  The Company records an annual asset management fee from its TIC programs equal to 1% to 2% of the gross revenues from the properties.  These investment management fees and asset management fees are recognized monthly when earned and are discounted to the extent that these fees are not expected to be paid timely.
	Additionally, the Company receives monthly asset management fees from the REITs equal to one-twelfth of 1% of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts, or non-cash reserves. The Company earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the brokerage commission paid, or if none is paid, 1% to 2.75% of the contract sales price. The Company also earns a construction management fee of 5.0% of actual costs to construct improvements, or to repair, rehab, or reconstruct a property.
	Financial fund management fees. The Company earns monthly investment and management fees on assets held in CDOs on behalf of institutional and individual investors.   These investment management fees and asset management fees are recognized monthly when earned and discounted to the extent that these fees are deferred.  Additionally, the Company records fees for managing the assets held by the partnerships or funds it has sponsored and for managing their general operations.
	The Company also enters into management or advisory agreements for managing the assets held by third-parties.  These fees, which vary by agreement, are recognized monthly when earned.
	Introductory agent fees.  The Company earns fees for acting as an introducing agent for transactions involving sales of securities of financial services companies, REITs and insurance companies.  The Company recognizes these fees monthly when earned.
	Commercial finance fees.      The Company had recorded management fees from its investment entities for managing and servicing the leased assets acquired when the service was performed.  The payment of these fees to the Company by each entity was contingent upon the partners receiving specified annual distributions from each of the respective entities.  During 2014, 2013 and 2012, the Company permanently waived $683,000, $1.8 million and $3.9 million, respectively, of management fees from its four investment entities since the distributions to the limited partners were less than the annual specified amounts.  The management fees that were waived are not deferrals and, accordingly, will not be paid. During 2014, two of the partnerships were liquidated.
	Revenue Recognition – Rental income
	Rental revenue is primarily derived from an 86-room boutique hotel located in Savannah, Georgia, which is 80% owned by the Company.  The Company recognizes the room rental revenue on a daily basis.  The Company also derives rental revenue on retail space in the hotel as well as from office space in the office building in which the Company has an ownership interest located in Philadelphia, Pennsylvania.  The income from these leases is recognized over the term of the lease as earned.  Rent abatements and scheduled rent increases over the lease terms are accounted for on a straight-line basis.  Tenant reimbursements are recognized in the period that the related costs are incurred. Percentage rent is recognized when the tenant's reported sales have reached certain levels as specified in the lease.
	Stock-Based Compensation
	The Company values the restricted stock it issues based on the closing price of its stock on the date of grant.  For stock option awards, the Company determines the fair value by applying the Black-Scholes pricing model.  These equity awards are amortized to compensation expense over the respective vesting period, net of an estimate for forfeitures.
	Earnings (Loss) Per Share
	Basic earnings (loss) per share (“Basic EPS”) is determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, including participating securities.  Diluted earnings (loss) per share (“Diluted EPS”) is computed by dividing net income (loss) by the sum of the weighted average number of shares of common stock outstanding including participating securities, as well as after giving effect to the potential dilution from the exercise of securities, such as stock options and warrants, into shares of common stock as if those securities were exercised.
	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 estimations of future bad debts and recoveries.  For the 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 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. (“TBBK”) (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 (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.
	Periodically, the Company reviews the carrying value of its available-for-sale securities.  If it is probable there has been an adverse change in a security and the Company deems this to be other-than-temporary, it will record an impairment charge.  The Company’s process for identifying other-than-temporary declines in the fair value of its investments involves consideration of (i) the duration of a significant decline in value, (ii) the liquidity, business prospects and overall financial condition of the issuer, (iii) the magnitude of the decline, often measured by change in the estimated cash flows of the security holder (iv) the collateral structure and other credit support, as applicable, and (v) the more-than-likely intention of the Company to hold the investment until the value recovers. When the analysis of the above factors results in a conclusion that a decline in fair value is other-than-temporary, an impairment charge is recorded and the cost of the investment is written down to its fair value. The cost basis adjustment for an other-than-temporary impairment would be recoverable only upon the sale or maturity of the security.
	Trading securities are recorded at fair value with unrealized holding gains and losses reported in revenues by operating segment. The Company utilizes trade date accounting to record the purchases and sales of trading securities. The cost of a security is determined using the specific identification method. Earnings from trading securities, primarily reported net, include realized and unrealized gains and losses from the sale of trading securities, mark to market adjustments to fair value, gains and interest as well as the impact for any foreign currency translation. The Company utilizes the services of a third-party valuation expert to provide an estimate of the fair value of its trading securities.
	The Company recognizes dividend income on its investment securities classified as available-for-sale on the ex-dividend date.
	Property and Equipment
	Property and equipment, which includes amounts recorded under capital leases, are stated at cost.  Depreciation and amortization are based on cost, less estimated salvage value, using the straight-line method over the asset’s estimated useful life.  Maintenance and repairs are expensed as incurred.  Major renewals and improvements that extend the useful lives of property and equipment are capitalized. The amortization of assets classified under capital leases is included in depreciation and amortization expense.
	Accounting for Income Taxes
	The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and to recognize deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns.
	The Company adjusts the balance of its deferred taxes to reflect the tax rates at which future taxable amounts will likely be settled or realized.  The effects of tax rate changes on deferred tax liabilities and deferred tax assets, as well as other changes in income tax laws, are recognized in net earnings in the period during which such changes are enacted.  Valuation allowances are established and adjusted, when necessary, to reduce deferred tax assets to the amounts expected to be realized.  The Company assesses its ability to realize deferred tax assets primarily based on tax planning strategies.
	A tax position should only be recognized if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority.  A tax position that meets this threshold is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.  The Company classifies any tax penalties as general and administrative expenses and any interest as interest expense. The Company does not have any unrecognized tax benefits that would affect the effective tax rate.
	Recent Accounting Standards
	Newly-Adopted Accounting Principles
	The Company’s adoption of the following standard during 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
	The FASB issued the following accounting standards which were not yet effective for the Company as of December 31, 2014:
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.
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." Under the new guidance, an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the consolidated balance sheet, statement of operations, or statement of cash flows of the Company.
In January 2015, the FASB issued ASU No. 2015-01, "Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," which eliminates from GAAP the concept of an extraordinary item. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings per share data applicable to an extraordinary item. However, presentation and disclosure guidance for items that are unusual in nature and occur infrequently will be retained. The adoption of this ASU will be required on a prospective or retrospective basis beginning with the quarter ending March 31, 2016. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements, as well as the available transition methods.

CONSOLIDATING_FINANCIAL_INFORM

CONSOLIDATING FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATING FINANCIAL INFORMATION	NOTE 3 - CONSOLIDATING FINANCIAL INFORMATION
	The following table presents the consolidating balance sheets as of December 31, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	ASSETS
	Cash	$	27,542		$	—		$	—		$	27,542
	Restricted cash	725			—			—			725
	Receivables	790			—			(154		)	636
	Receivables from managed entities and related parties, net	32,745			—			(2,442		)	30,303
	Investments in real estate, net	17,097			—			—			17,097
	Investment securities, at fair value	23,964			—			(14,424		)	9,540
	Investments in unconsolidated loan manager	39,655			—			—			39,655
	Investments in unconsolidated entities	20,125			—			(7,036		)	13,089
	Assets of consolidated VIE - RSO:
	Cash and cash equivalents (including restricted cash)	—			202,043			—			202,043
	Investments, at fair value	—			296,506			—			296,506
	Loans	—			2,038,993			(558		)	2,038,435
	Investments in real estate and unconsolidated entities	—			60,007			—			60,007
	Other assets - RSO	—			131,590			(109		)	131,481
	Total assets of consolidated VIE - RSO	—			2,729,139			(667		)	2,728,472
	Property and equipment, net	5,063			—			—			5,063
	Deferred tax assets, net	32,818			—			(9,514		)	23,304
	Other assets	5,416			—			—			5,416
	Total assets	$	205,940		$	2,729,139		$	(34,237	)	$	2,900,842
	LIABILITIES AND EQUITY
	Liabilities:
	Accrued expenses and other liabilities	$	22,279		$	—		$	—		$	22,279
	Payables to managed entities and related parties	3,124			—			(109		)	3,015
	Borrowings	20,970			—			(558		)	20,412
	Liabilities of consolidated VIE - RSO:
	Borrowings	—			1,716,871			261			1,717,132
	Other liabilities	—			60,157			(2,596		)	57,561
	Total liabilities of consolidated VIE - RSO	—			1,777,028			(2,335		)	1,774,693
	Total liabilities	46,373			1,777,028			(3,002		)	1,820,399
	Commitments and contingencies
	Equity:
	Common stock	335			—			—			335
	Additional paid-in capital	308,134			—			—			308,134
	Accumulated deficit	(17,439		)	—			(6,224		)	(23,663		)
	Treasury stock, at cost	(120,182		)	—			—			(120,182		)
	Accumulated other comprehensive loss	(11,587		)	—			10,557			(1,030		)
	Total stockholders’ equity	159,261			—			4,333			163,594
	Noncontrolling interests	306			—			—			306
	Noncontrolling interests attributable to consolidated VIE - RSO	—			952,111			(35,568		)	916,543
	Total equity	159,567			952,111			(31,235		)	1,080,443
		$	205,940		$	2,729,139		$	(34,237	)	$	2,900,842
	The following table presents the consolidating statement of operations for the year ended December 31, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	REVENUES:
	Real estate	$	54,861		$	—		$	—		$	54,861
	Financial fund management	28,400			—			—			28,400
	Commercial finance	(164		)	—			—			(164		)
		83,097			—			—			83,097
	Revenues from consolidated VIE - RSO	—			99,446			—			99,446
	Elimination of consolidated VIE - RSO revenues attributed to operating segments	—			—			(13,264		)	(13,264		)
	Total revenues	83,097			99,446			(13,264		)	169,279
	COSTS AND EXPENSES:
	Real estate	37,411			—			—			37,411
	Financial fund management	14,824			—			—			14,824
	Commercial finance	979			—			—			979
	General and administrative	11,118			—			—			11,118
	Provision for credit losses	3,058			—			—			3,058
	Depreciation and amortization	1,819			—			—			1,819
		69,209			—			—			69,209
	Expenses from consolidated VIE - RSO	—			62,783			2,212			64,995
Elimination of consolidated VIE - RSO expenses attributed to operating segments	—			—			(12,601		)	(12,601		)
Total expenses	69,209			62,783			(10,389		)	121,603
OPERATING INCOME	13,888			36,663			(2,875		)	47,676
OTHER INCOME (EXPENSE):
Gain on sale of investment securities, net	445			—			—			445
Interest expense	(1,905		)	—			—			(1,905		)
Other income, net	2,532			—			(2,289		)	243
Other income, net, from consolidated VIE - RSO	—			25,505			—			25,505
Elimination of consolidated VIE - RSO other income, net	—			—			51			51
	1,072			25,505			(2,238		)	24,339
Income from operations before taxes	14,960			62,168			(5,113		)	72,015
Income tax provision	5,853			—			(2,212		)	3,641
Net income	9,107			62,168			(2,901		)	68,374
Net income attributable to noncontrolling interests	(89		)	—			—			(89		)
Net income attributable to noncontrolling interests - RSO	—			(18,141		)	(43,176		)	(61,317		)
Net income attributable to common shareholders	$	9,018		$	44,027		$	(46,077	)	$	6,968
The following table presents the consolidating statement of cash flows for the year ended December 31, 2014 (in thousands):
	RAI			RSO			Eliminations			Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	9,107		$	62,168		$	(2,901	)	$	68,374
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization	1,937			—			—			1,937
Provision for credit losses	3,058			—			—			3,058
Unrealized gain on trading securities	232			—			(22		)	210
Equity in earnings of unconsolidated entities	(4,682		)	—			483			(4,199		)
Distributions from unconsolidated entities	6,759			—			—			6,759
Gain on sale of leases and loans	(12		)	—			—			(12		)
Gain on sale of investment securities, net	(1,945		)	—			95			(1,850		)
Gain on sale of assets	(445		)	—			—			(445		)
Deferred income tax provision	5,388			—			—			5,388
Equity-based compensation expense	2,003			—			—			2,003
Trading securities purchases and sales, net	1,588			—			—			1,588
Changes in operating assets and liabilities	(5,547		)	—			—			(5,547		)
Adjustments to reconcile net income of VIE - RSO to net cash provided by operating activities	—			50,604			(32		)	50,572
Net cash provided by operating activities	17,441			112,772			(2,377		)	127,836
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(430		)	—			—			(430		)
Principal payments received on real estate loans and real estate	25			—			—			25
Investments in unconsolidated real estate entities	(1,709		)	—			—			(1,709		)
Principal payments on leases and loans	22			—			—			22
Purchase of loans and securities by consolidated VIE - RSO	—			(1,200,711		)	—			(1,200,711		)
Principal payments and proceeds from sales received by consolidated VIE - RSO	—			858,751			—			858,751
Purchase of loans and investments	(8,222		)	—			—			(8,222		)
Proceeds from sale of loans and investments	796			—			—			796
Decrease in restricted cash of consolidated VIE - RSO	—			(23,568		)	—			(23,568		)
Other investing activity of consolidated VIE - RSO	—			(23,603		)	(479		)	(24,082		)
Net cash used in investing activities	(9,518		)	(389,131		)	(479		)	(399,128		)
	RAI			RSO			Eliminations			Consolidated
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520			—			—			2,520
Principal payments on borrowings	(3,321		)	—			392			(2,929		)
Net borrowings of debt by consolidated VIE - RSO	—			207,604			—			207,604
Dividends paid	(4,272		)	—			—			(4,272		)
Dividends paid on common stock by consolidated VIE - RSO	—			(104,225		)	2,289			(101,936		)
Proceeds from issuance of common stock	15,584			—			—			15,584
Net proceeds from issuance of common stock by consolidated VIE - RSO	—			196,198			—			196,198
Repurchases of common stock	(10,591		)	—			—			(10,591		)
Decrease in restricted cash	(154		)	—			—			(154		)
Other financing activity of consolidated VIE - RSO	—			(23,218		)	175			(23,043		)
Net cash (used in) provided by financing activities	(234		)	276,359			2,856			278,981
Increase in cash	7,689			—			—			7,689
Cash, beginning of year	19,853			—			—			19,853
Cash, end of year	$	27,542		$	—		$	—		$	27,542

SUPPLEMENTAL_CASH_FLOW_INFORMA

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4 - SUPPLEMENTAL CASH FLOW INFORMATION
	Supplemental disclosure of cash flow information are as follows (in thousands, per share data):
		Years Ended December 31,
		2014			2013			2012
	Cash (paid) received:
	Interest	$	(1,654	)	$	(1,690	)	$	(1,980	)
	Income tax payments	(1,268		)	(1,651		)	(1,367		)
	Refund of income taxes	171			99			83
	Dividends declared per common share	$	0.22		$	0.15		$	0.12
	Non-cash activities:
	Repurchases of common stock from employees in exchange for the payment of income taxes	$	370		$	136		$	1,719
	Repurchase of common stock in exchange for the exercise of warrants	1,754			—			—
	Issuance of treasury stock for the Company's investment savings plan	407			341			485
	Common stock issued to former director in exchange for vested director units	—			—			135
	Leasehold improvements paid by the landlord	—			1,496			—
	Effects from the deconsolidation of entities: (1)
	Receivables from managed entities and related parties, net	$	—		$	—		$	715
	Investments in unconsolidated entities	—			—			(1,824		)
	Other assets	—			—			20
	Accrued expense and other liabilities	—			—			(938		)
	-1	Reflects the deconsolidation of Apidos and LEAF during 2012 and, as a result, the removal of the amounts noted above from the Company’s consolidated balance sheets.  The sum of the assets removed and cash equated to the sum of the liabilities and equity that were similarly eliminated and, as such, there was no change in the Company’s total net assets.

FINANCING_RECEIVABLES

FINANCING RECEIVABLES	12 Months Ended
	Dec. 31, 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 December 31, 2014 (in thousands):
		Current			30-89 Days			90-180			Greater than			Total		Total
					Past Due			Days Past Due			181 Days			Past Due
	Receivables from managed entities
	and related parties: (1)
	Commercial finance	$	9		$	342		$	1,124		$	18,398		$	19,864	$	19,873
	investment entities
	Real estate investment entities	6,613			772			1,214			15,134			17,120		23,733
	Financial fund management entities	583			74			—			6			80		663
	Other	3,024			—			—			—			—		3,024
		10,229			1,188			2,338			33,538			37,064		47,293
	Rent receivables - real estate	76			11			1			—			12		88
	Total financing receivables	$	10,305		$	1,199		$	2,339		$	33,538		$	37,076	$	47,381
	-1	Receivables are presented gross of an allowance for credit losses of $17.0 million related to one of 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):
		Current			30-89 Days			90-180			Greater than			Total		Total
					Past Due			Days Past Due			181 Days			Past Due
	Receivables from managed entities
	and related parties: (1)
	Commercial finance	$	48		$	—		$	—		$	44,355		$	44,355	$	44,403
	investment entities
	Real estate investment entities	3,142			793			1,229			16,323			18,345		21,487
	Financial fund management entities	1,071			35			3			29			67		1,138
	Other	70			33			21			—			54		124
		4,331			861			1,253			60,707			62,821		67,152
	Rent receivables - real estate	63			14			4			10			28		91
	Total financing receivables	$	4,394		$	875		$	1,257		$	60,717		$	62,849	$	67,243
	-1	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance, real estate investment entities and financial fund management entities, respectively.  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 by all financing receivables by receivable type (in thousands):
		Receivables from Managed Entities			Leases and Loans			Rent Receivables			Total
	Year Ended December 31, 2014:
	Balance, beginning of year	$	36,229		$	—		$	14		$	36,243
	Provision for (reversal of) credit losses	3,123			(62		)	(3		)	3,058
	Charge-offs	(22,394		)	—			(11		)	(22,405		)
	Recoveries	32			62			—			94
	Balance, end of year	$	16,990		$	—		$	—		$	16,990
	Ending balance, individually evaluated for impairment	$	16,990		$	—		$	—		$	16,990
	Ending balance, collectively evaluated for impairment	—			—			—			—
	Balance, end of year	$	16,990		$	—		$	—		$	16,990
	Year Ended December 31, 2013:
	Balance, beginning of year	$	32,560		$	—		$	68		$	32,628
	Provision for (reversal of) credit losses	4,324			(42		)	(17		)	4,265
	Charge-offs	(675		)	—			(37		)	(712		)
	Recoveries	20			42			—			62
	Balance, end of year	$	36,229		$	—		$	14		$	36,243
	Ending balance, individually evaluated for impairment	$	36,229		$	—		$	—		$	36,229
	Ending balance, collectively evaluated for impairment	—			—			14			14
	Balance, end of year	$	36,229		$	—		$	14		$	36,243
	The Company’s financing receivables (presented exclusive of any allowance for credit losses) as of December 31, 2014 relate to the balance in the allowance for credit losses, as follows (in thousands):
		Receivables from			Rent			Total
		Managed Entities			Receivables
	Ending balance, individually evaluated for impairment	$	47,293		$	—		$	47,293
	Ending balance, collectively evaluated for impairment	—			88			88
	Balance, end of year	$	47,293		$	88		$	47,381
	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):
		Receivables from			Rent			Total
		Managed Entities			Receivables
	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
	Year Ended December 31, 2014:
Financing receivables with a specific valuation allowance:
Receivables from managed entities – commercial finance	$	1,295		$	18,285		$	16,990		$	36,256
Year Ended December 31, 2013:
Financing receivables with a specific valuation allowance:
Receivables from managed entities – commercial finance	$	2,690		$	38,919		$	36,200		$	38,649
Receivables from managed entities – real estate	—			14			14			32
The Company had no impaired financing receivables without a specific allowance as of December 31, 2014 and December 31, 2013.

INVESTMENTS_IN_REAL_ESTATE

INVESTMENTS IN REAL ESTATE	12 Months Ended
	Dec. 31, 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):
		December 31,
		2014		2013
	Properties owned, net of accumulated depreciation of $9,198 and $8,666:
	Hotel property (Savannah, Georgia)	$	10,110	$	10,504
	Office building (Philadelphia, Pennsylvania)	888		781
		10,998		11,285
	Partnerships and other investments	6,099		6,411
	Total investments in real estate, net	$	17,097	$	17,696
	The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending December 31, and thereafter, are as follows (in thousands):
	2015	$	1,016
	2016	819
	2017	710
	2018	703
	2019	355
	Thereafter	1,020
	Total	$	4,623

INVESTMENT_SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	NOTE 7 - INVESTMENT SECURITIES
	Components of investment securities are as follows (in thousands):
		December 31,
		2014		2013
	Available-for-sale securities	$	9,065	$	7,522
	Trading securities	475		317
	Total investment securities, at fair value	$	9,540	$	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
	Year Ended December 31, 2014:
	CLO securities	$	6,962	$	1,228		$	(176	)		$	8,014
	Equity securities	888		163			—				1,051
	Total	$	7,850	$	1,391		$	(176	)		$	9,065
	Year Ended December 31, 2013:
	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 twelve and ten CLO issuers that CVC Credit Partners has sponsored and manages at December 31, 2014 and 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 in the DIF with a cost basis of $100,000. In 2014 the Company purchased 749,976 units of RREGPS for $677,400.
	Trading securities. The Company had net realized gains from sales of trading securities of $1.9 million and $6.3 million as well as unrealized losses totaling $210,000 and unrealized gains totaling $1.1 million during 2014 and 2013, respectively, which were included in Financial Fund Management Revenues on the consolidated statements of operations.
	Unrealized losses along with the 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
	31-Dec-14
	CLO securities	$	2,643	$	(176	)	4			$	—		$	—	—
	Equity securities	—		—			—			—			—		—
	Total	$	2,643	$	(176	)	4			$	—		$	—	—
	31-Dec-13
	CLO securities	$	2,312	$	(196	)	3			$	—		$	—	—
	Equity securities	92		(8		)	1			—			—		—
	Total	$	2,404	$	(204	)	4			$	—		$	—	—
	Other-than-temporary impairment losses.  In 2014, 2013 and 2012, the Company recorded charges of $0, $214,000 and $74,000, respectively, for the other-than-temporary impairment of certain of its investments in CLOs, primarily those with investments in bank loans.

INVESTMENTS_IN_UNCONSOLIDATED_

INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER	12 Months Ended
	Dec. 31, 2014
Investments in Unconsolidated Entities [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 8 - INVESTMENTS IN UNCONSOLIDATED ENTITIES AND LOAN MANAGER
	As a specialized 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		December 31,
		Ownership Interests		2014				2013
	Real estate investment entities	1% – 12%		$	8,313			$	8,271
	Financial fund management partnerships	0.01% - 50%		4,162				5,294
	Trapeza entities	33% − 50%		614				777
	Investments in unconsolidated entities			$	13,089			$	14,342
	Included in real estate investment entities is the Company's $2.5 million investment in Opportunity REIT I, which completed its initial public offering in December 2013 as well as a $1.3 million investment in Opportunity REIT II, which is in its offering stage. The Company accounts for its investments in Opportunity REIT I and Opportunity REIT II on the cost method. In January 2013, the Company sold its 10% interest in a real estate joint venture to its partner for $3.0 million and recognized a gain of $1.6 million. The Company continues to manage the one remaining property held by the joint venture and receives property management fees. As of December 31, 2014, the Company has a $200,000 investment in a new fund it is sponsoring, Innovation Office REIT, Inc., which is expected to be effective by the second quarter of 2015.
	The Company evaluates all of its investments for impairment on a quarterly basis. There were no identified events that had a significant adverse effect on any of the investments and, as such, no impairment has been recorded.
	Investment in Unconsolidated Loan Manager. The Company has a $39.7 million investment in CVC Credit Partners for which it records its 33% equity share, including the operations of Apidos, in Financial Fund Management Revenues on the consolidated statements of operations and comprehensive loss. Included in costs and expenses for CVC Credit Partners for 2014 and 2013 were $129,000 and $2.4 million, respectively, of offering costs associated with a European investment fund that holds sub-investment grade European debt.
	Per the terms of the CVC Credit Partners shareholders agreement, CVC has an irrevocable option to buy 9% of the Company’s interests in the joint venture.  This option may be exercised during a sixty-day period commencing with the completion of the CVC Credit Partners audit for the year ended December 31, 2014.
	Summarized operating data for CVC Credit Partners is presented below (in thousands):
		Years Ended December 31,
		2014				2013
	Management fee revenues	$	67,512			$	51,662
	Costs and expenses	(61,953		)		(48,106		)
	Net income	$	5,559			$	3,556
	Portion of net income attributable to the Company	$	1,803			$	1,775
	In conjunction with the formation of CVC Credit Partners, the Company retained a preferred interest in Apidos-CVC 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 December 31, 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.

PROPERTY_AND_EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 9 - PROPERTY AND EQUIPMENT
	Property and equipment, net, consist of the following (in thousands):
		Estimated Useful Life	December 31,
			2014			2013
	Leasehold improvements	1-10 years	$	4,597		$	4,575
	Furniture and equipment	3-7 years	4,006			3,692
	Computer equipment	3-5 years	3,263			3,093
			11,866			11,360
	Accumulated depreciation and amortization		(6,803		)	(5,516		)
	Property and equipment, net		$	5,063		$	5,844

ACCRUED_EXPENSES_AND_OTHER_LIA

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2014
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 10 - ACCRUED EXPENSES AND OTHER LIABILITIES
	The following is a summary of the components of accrued expenses and other liabilities (in thousands):
		December 31,
		2014		2013
	Accounts payable and other accrued liabilities	$	6,045	$	7,439
	Supplemental executive retirement plan ("SERP") liability (see Note 16)	6,383		4,998
	Accrued wages and benefits	4,580		4,304
	Deferred rent	2,485		2,675
	Apidos contractual obligation (see Note 18)	745		995
	Dividends payable	1,312		977
	Short-term insurance notes	729		746
	Total accrued expenses and other liabilities	$	22,279	$	22,134

BORROWINGS

BORROWINGS	12 Months Ended
	Dec. 31, 2014
Debt Disclosure [Abstract]
BORROWINGS	NOTE 11 - BORROWINGS
	The credit facilities and other debt of the Company and related borrowings outstanding are as follows (in thousands):
		As of December 31, 2014				As of December 31, 2013
		Availability		Borrowings Outstanding		Borrowings Outstanding
	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			10,088		10,287
	Other debt			324		332
	Total borrowings outstanding			$	20,412	$	20,619
	-1	The availability of the facility as shown has been reduced for outstanding letter of credit of $503,000 at December 31, 2014.
	Corporate and Real Estate Debt
	TD Bank, N.A. (“TD Bank”).  In March 2011, the Company entered into a line of credit loan agreement with TD Bank that, through April 24, 2014, 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 its 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 30 consecutive days during each 1-year period beginning on April 25, 2014. The Company is charged an annual unused facility fee of 0.5% and a 5.25% annual fee on the $503,000 outstanding letter 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 CDO 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.  Availability under the facility is limited to the lesser of (a) 75% of the net present value of future RSO base management fees to be earned or (b) the maximum revolving credit facility amount.
	As of December 31, 2014, there were no borrowings outstanding and availability on the TD facility was $11.5 million, before reduction for an outstanding letter of credit. Weighted average borrowings on the line of credit for 2014 and 2013 were $0 and $147,945, respectively, at a weighted average borrowing rate of 0.0% and 3.2%, respectively.
	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 and a first priority security interest in certain real estate collateral located in Philadelphia, Pennsylvania.  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 annual unused 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%. As of December 31, 2014, there were no outstanding borrowings and availability under this facility was $3.0 million.
	Senior Notes
	The Company's $10.0 million of 9% senior notes (the "Senior Notes") were originally issued with detachable 5-year warrants to purchase a total of 3,690,195 shares of common stock, all of which have been exercised as of December 31, 2014. The effective interest rate for 2014 and 2013 was 9.3% and 9.7%, respectively. On August 28, 2014, the Senior Notes were modified to extend the maturity date from March 31, 2015 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 - Real Estate and Corporate
	Real estate − mortgage. In August 2011, the Company obtained a $10.7 million mortgage for its hotel property in Savannah, Georgia.  The 6.36% fixed rate mortgage, which matures in September 2021, requires monthly principal and interest payments of $71,331.  The principal balance as of December 31, 2014 and 2013 was $10.1 million and $10.3 million, respectively.
	Corporate - capital leases. In October 2013, the Company entered into a capital lease for the purchase of computer equipment at an interest rate of 6.5%. The two-year lease requires monthly payments of $16,377. The principal balance of the lease at December 31, 2014 was $127,752. In June 2014, the Company entered into a three-year capital lease for the purchase of computer equipment with monthly payments of $4,205. The principal balance of the lease at December 31, 2014 was $120,256. In December 2014, the Company entered into a thirty-nine month capital lease with monthly interest payments of $1,985. The principal balance of the lease at December 31, 2014 was $75,328.
	Debt repayments
	Annual principal payments on the Company’s aggregate borrowings for the next five years ending December 31, and thereafter, are as follows (in thousands):
	2015	$	407
	2016	297
	2017	289
	2018	10,262
	2019	273
	Thereafter	8,884
	Total	$	20,412
	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 covenant for the mortgage on the Company's hotel property requires maintaining a minimum debt coverage ratio. 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 debt covenants as of December 31, 2014.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Dec. 31, 2014
Comprehensive Income (Loss) [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 12 - 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.
	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, 2012, net of tax of $544, $(10), $0 and $(2,325)	$	847		$	(14	)	$	—		$	(3,030	)	$	(2,197	)
	Changes during 2013	(46		)	10			(2		)	1,004			966
	Balance, December 31, 2013, net of tax of $543, $(1), $(2) and $(1,853)	801			(4		)	(2		)	(2,026		)	(1,231		)
	Changes during 2014	1,178			3			(3		)	(977		)	201
	Balance, December 31, 2014, net of tax of $472, $0, $(3) and $(2,700)	$	1,979		$	(1	)	$	(5	)	$	(3,003	)	$	(1,030	)
	Amounts reclassified from accumulated other comprehensive income were reflected in the financial statements, as follows:
	Category		Locations in the Consolidated Statement of Operations
	Investment securities available-for-sale		Other-than-temporary impairment on investments or Gain on sale of investment securities, net
	Cash flow hedges		Revenues - commercial finance
	SERP pension liability		General and administrative expenses
	Foreign currency translation adjustment		Other income (expense)

NONCONTROLLING_INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2014
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NOTE 13 - NONCONTROLLING INTERESTS
	The following table presents the activity in noncontrolling interests (in thousands):
		For the Year Ended						For the Year Ended						For the Year Ended
		31-Dec-14						31-Dec-13						31-Dec-12
		RSO			Other			RSO			Other			RSO			Other
	Noncontrolling interests, beginning of year	$	743,364		$	238		$	582,323		$	279		$	399,288		$	319
	Net income attributable to noncontrolling interests	61,317			89			45,581			20			62,560			557
	Other comprehensive income	18,088			—			13,035			—			19,249			—
	Net proceeds from issuance of equity interests, net of shares repurchased	196,211			—			190,222			24			170,928			—
	Amortization of stock-based compensation	6,567			—			10,472			—			4,636			—
	Discount on RSO senior convertible notes	—			—			4,851			—			—			—
	Contributions, net of distributions from non-controlling interests	11,141			—			—			—			—			—
	Distributions to noncontrolling interests	(120,179		)	(21		)	(103,120		)	(85		)	(74,340		)	(595		)
	Other	34			—			—			—			2			(2		)
	Noncontrolling interests, end of year	$	916,543		$	306		$	743,364		$	238		$	582,323		$	279

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 - INCOME TAXES
	The following table details the allocation of the Company's provision (benefit) for income taxes from continuing operations between RAI and RSO:
		Years Ended December 31,
		2014				2013				2012
	RAI	$	5,853			$	1,657			13,117
	RSO, net of eliminations	(2,212		)		(1,041		)		14,602
	Total	$	3,641			$	616			$	27,719
	The following table details the components of the Company's provision (benefit) for income taxes from continuing operations, excluding RSO (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Current tax (benefit) provision:
	Federal	$	(170	)		$	746			$	—
	State	592				1,042				1,225
	Foreign	43				(156		)		56
	Total current tax provision	465				1,632				1,281
	Deferred tax provision (benefit)
	Federal	5,039				1,399				13,045
	State	349				(1,374		)		(1,209		)
	Foreign	—				—				—
	Total deferred tax provision	5,388				25				11,836
	Total income tax provision	$	5,853			$	1,657			$	13,117
	A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate, excluding RSO, is as follows:
		Years Ended December 31,
		2014			2013			2012
	Statutory tax rate	35	%		35	%		35	%
	State and local taxes, net of federal benefit	5			(10	)		3
	Deconsolidation adjustment	—			—			(6	)
	Foreign adjustment	—			(2	)		—
	Valuation allowance for deferred tax assets	—			—			3
	Equity-based compensation (benefit) expense	(1	)		1			—
	Dividend received deduction	(2	)		(2	)		—
	Other items	2			(5	)		—
		39	%		17	%		35	%
	Deferred tax assets (liabilities) are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets.  These temporary differences will result in taxable or deductible amounts in future years.  The components of deferred tax assets, net, excluding RSO, are as follows (in thousands):
		December 31,
		2014				2013
	Deferred tax assets related to:
	Federal, foreign, state and local operating loss carryforwards	$	10,401			$	8,999
	Capital loss carryforwards	1,192				450
	Unrealized loss on investments	3,941				3,664
	Investment in partnerships	2,201				2,572
	Provision for credit losses	7,354				15,600
	Accrued expenses	1,794				2,142
	Employee equity compensation awards	1,864				1,005
	Deferred income	40				—
	Property and equipment basis differences	—				96
	Gross deferred tax assets	28,787				34,528
	Less:  valuation allowance	(4,906		)		(4,584		)
		23,881				29,944
	Deferred tax liabilities related to:
	Intangible assets	(392		)		—
	Unremitted foreign earnings	(76		)		—
	Deferred income	—				(2,175		)
	Property and equipment basis differences	(109		)		—
		(577		)		(2,175		)
	Deferred tax assets, net	$	23,304			$	27,769
	As a result of certain realization requirements, the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets as of December 31, 2014 and 2013 that arose directly from tax deductions related to equity compensation greater than compensation recognized for financial reporting. Equity will be increased by $2.0 million if and when such deferred tax assets are ultimately realized. The Company uses a "with and without approach" when determining when excess tax benefits have been realized.
	At December 31, 2014, the Company had total net operating tax loss carryforwards ("NOLs") of $170.9 million (deferred tax asset of $9.9 million), including federal NOLs of $2.3 million and state/local NOLs of $168.6 million, that will expire between 2015 and 2035. The Company believes it will be able to utilize up to $96.0 million of these NOLs (deferred tax asset of $5.9 million) prior to their expiration and has changed its valuation allowance against gross NOLs from $61.9 million to $74.9 million (tax effected expense of $583,000). In addition, the Company changed its valuation allowance against gross state timing differences from $1.7 million to $1.3 million (tax effected benefit of $256,000) that the Company believes it will not be able to use. Management will continue to assess its estimate of the amount of NOLs that the Company will be able to utilize. Furthermore, its estimate of the required valuation allowance could be adjusted in the future if projections of taxable income are revised. Management believes it is more likely than not that the other net deferred tax assets will be realized based on carryback of capital losses and tax planning strategies that will generate future taxable income during the periods in which these temporary differences become deductible.
	The Company is subject to examination by the U.S. Internal Revenue Service (“IRS”) and by the taxing authorities in states in which the Company has significant business operations, such as Pennsylvania and New York. The Company is currently undergoing an IRS Excise Tax examination for year 2011, a Kansas income tax examination for tax years 2010 through 2012, a Los Angeles income tax examination for tax years 2010 through 2012, and a Philadelphia income tax examination for tax years 2010 through 2013. The Company is not subject to IRS examination for tax return years before 2010 and is not subject to state and local income tax examinations for years before 2007.

EARNINGS_PER_SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 15 - 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):
		Years Ended December 31,
		2014	2013	2012
	Shares
	Basic shares outstanding	21,148	20,217	19,919
	Dilutive effect of outstanding stock options, warrants and director units	1,223	1,688	1,075
	Dilutive shares outstanding	22,371	21,905	20,994

BENEFIT_PLANS

BENEFIT PLANS	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	NOTE 16 - BENEFIT PLANS
	Employee stock plans. As of December 31, 2014, the Company has four employee stock plans: the 1997 Plan, the 1999 Plan, the 2002 Plan and the 2005 Plan.  Equity awards from these plans generally become exercisable 25% per year after the date of grant but may vest immediately at management’s discretion and expire no later than ten years from the date of grant.
	The employee stock plans allow for grants of the Company’s common stock in the form of incentive stock options (“ISOs”), non-qualified stock options, and stock appreciation rights.  Under the 2005 Plan, the Company may also grant restricted stock, stock units, performance shares, stock awards, dividend equivalents and other stock-based awards.  The Company does not record a tax benefit for option awards at the grant date since the options it issues are generally ISOs and employees have typically held the stock received on exercise for the requisite holding period.
	Employee stock options.  The Company has not granted any options since 2008. As of December 31, 2012, options outstanding were fully amortized. For 2012, the Company recorded option compensation expense of $29,000. No expense was recorded for 2014 or 2013.
	Restricted stock.  During 2014, 2013 and 2012, the Company awarded a total of 649,622, 39,081 and 239,291 shares of restricted stock, respectively, valued at $5.9 million, $335,000 and $1.6 million, respectively, and recorded equity compensation expense for outstanding restricted stock of $2.1 million, $1.2 million and $1.0 million (of which $50,000, $27,000 and $44,000 related to the accelerated vesting of awards for certain terminated employees), respectively.
	In January 2011, in connection with the formation of LEAF, all of the outstanding restricted stock of LEAF Financial held by its senior management was exchanged for 1,000 shares of restricted stock of LEAF.  The Company recorded equity-based compensation expense related to the LEAF and LEAF Financial restricted stock of $82,000 for 2012. No expense was recorded for 2014 or 2013.
	Performance-based awards.  The Company issues performance-based awards which are earned based on the achievement of specified goals as of a designated measurement date.  The goals typically include such measures as earnings per share, return on equity, revenues and assets under management.  During 2014, 2013 and 2012, the Company awarded 90,614, 0, and 36,000 shares of performance-based restricted stock, respectively, and recorded compensation expense (benefit) of $92,000, $68,000 and $36,000 during 2014, 2013 and 2012, respectively, related to performance awards that had been earned.  There were 4,000, 4,000, and 4,000 nonvested earned performance-based restricted shares outstanding as of December 31, 2014, 2013 and 2012, respectively.
	Unearned Performance-based Restricted Stock	Shares
	Outstanding, beginning of year	12,000
	Awarded	90,614
	Earned	(12,000	)
	Outstanding, end of year	90,614
	Aggregate information regarding the activity for the Company’s employee stock options as of December 31, 2014 is as follows:
	Stock Options Outstanding	Shares			Weighted				Weighted		Aggregate
					Average				Average		Intrinsic Value
					Exercise Price				Contractual Life
	Balance, beginning of year	1,015,163			$	16.26			1.72		$	50,250
	Exercised	(5,000	)		$	(8.14	)
	Forfeited and/or expired	(17,313	)		$	(16.39	)
	Balance, end of year	992,850			$	16.3			0.72		$	66,340
	Exercisable, December 31, 2014	992,850			$	16.3
	Available for grant	448,168		(1)
	-1	The shares available for grant are reduced by restricted stock award grants, net of forfeitures.
	The following table summarizes the activity for nonvested restricted stock (excluding performance-based awards) during 2014. All options outstanding are vested.
		Shares			Weighted Average
					Grant Date
					Fair Value
	Nonvested Restricted Stock
	Outstanding, beginning of year	396,194			$	6.38
	Granted	649,622			$	9.03
	Vested and issued	(216,738	)		$	(5.83	)
	Outstanding, end of year	829,078			$	8.6
	Deferred stock and deferred compensation plans.  In addition to the employee stock plans, the Company has three plans for its non-employee directors (“Eligible Directors”), the 1997 Director Plan, the 2002 Director Plan, and the 2012 Director Plan.  Each unit granted under these plans represents the right to receive one share of the Company’s common stock.
	The 1997 Director Plan has issued all of its authorized 134,073 units.  As of December 31, 2014, there were 104,070 units vested and outstanding under this plan.
	Eligible Directors are eligible to participate in the 2002 and 2012 Director Plans.  Upon becoming a director, each Eligible Director receives units equal to a share compensation amount divided by the closing price of the Company’s common stock on the date of grant.  Eligible Directors receive an additional unit award on each anniversary of the date of initial grant equal to their share compensation divided by the closing price of the Company’s common stock on the date of grant.  Units vest on the later of: (i) the fifth anniversary of the date the recipient became an Eligible Director and (ii) the first anniversary of the grant of those units, except that units will vest sooner upon a change in control or death or disability of an Eligible Director, provided the Eligible Director has completed at least six months of service.  Upon termination of service by an Eligible Director, shares of common stock are issued for vested units and all nonvested units are forfeited.
	The 2002 Director Plan provides for the issuance of 173,450 units and terminated on April 29, 2012, such that the plan can no longer make any additional grants (grants outstanding remain unaffected). As of December 31, 2014, there were 130,956 units outstanding (of which 127,175 were vested) under the 2002 Director Plan.
	The 2012 Director Plan provides for the issuance of up to a maximum of 200,000 units and will terminate on March 8, 2022, except with respect to previously awarded grants. As of December 31, 2014, there were 40,412 units outstanding (22,869 of which were vested) under the 2012 Director Plan.
	Aggregate information regarding the Company’s three director plans at December 31, 2014 was as follows:
		Shares			Weighted Average
					Grant Date
					Fair Value
	Director Units
	Outstanding, beginning of year	262,546			$	6.55
	Granted	17,594			$	8.95
	Forfeited	(8,480	)		$	(7.96	)
	Outstanding, end of year	271,660			$	6.66
	Vested units	250,336			$	6.51
	Available for grant	159,588
	The following table summarizes the activity for outstanding nonvested director units during 2014:
		Shares			Weighted Average
					Grant Date
					Fair Value
	Nonvested Director Units
	Outstanding, beginning of year	25,425			$	7.96
	Granted	17,594			$	8.95
	Vested	(13,215	)		$	(8.82	)
	Forfeited	(8,480	)		$	(7.96	)
	Outstanding, end of year	21,324			$	8.44
	Employee 401(k) Plan.  The Company sponsors a qualified 401(k) Plan to enable employees to save for their retirement on a tax deferred basis.  Employees are eligible to make elective deferrals commencing on the first day of the month after their date of hire.  Prior to January 1, 2012, the Company matched 50% of such deferrals, limited to 10% of an employee’s annual compensation, after the completion of 1000 hours of service and having been employed by the Company for one year.  The match earned prior to January 1, 2012 vests over a period of five years.   On January 1, 2012, the Plan was amended to become a Safe Harbor Plan and the match was changed to equal (1) 100% of participant contributions up to the first 3% of participant compensation, plus (2) 50% of participant contributions on the next 2% of participant compensation. In addition, matching contributions made after January 1, 2012 are 100% vested. The Company has recorded compensation expense, net of forfeitures, of $373,000, $490,000 and $443,000 for matching contributions during 2014, 2013 and 2012, respectively.
	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 1999 Trust, a secular trust, purchased and holds 100,000 shares of the common stock of TBBK ($1.7 million fair value at December 31, 2014).  The Company anticipates funding $838,000 to the Plan during 2015 in order for the Plan to pay the annual benefit.
	The components of net periodic benefit costs for the SERP were as follows (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Interest cost	$	273			$	225			$	(75	)
Less: expected (loss) return on plan assets	(154		)		(100		)		295
Plus: Amortization of unrecognized loss	279				381				305
Net cost	$	398			$	506			$	525
The reconciliation of the beginning and ending balances for the SERP benefit obligation and fair value of plan assets, comprised entirely of equity securities, as well as the funded status of the Company’s SERP liability, is as follows (in thousands):
	December 31,
	2014				2013
Projected benefit obligation, beginning of year	$	7,571			$	8,471
Interest cost	273				226
Actuarial loss	1,031				(288		)
Benefit payments	(838		)		(838		)
Projected benefit obligation, end of year	$	8,037			$	7,571
Fair value of plan assets, beginning of year	$	2,573			$	1,665
Actual (loss) gain on plan assets	(918		)		908
Fair value of plan assets, end of year	$	1,655			$	2,573
Unfunded status	$	(6,383	)		$	(4,998	)
Unrecognized net actuarial loss	5,704				3,879
Net accrued cost	$	(679	)		$	(1,119	)
Amounts recognized in the consolidated balance sheets consist of:
Accrued benefit liability	$	(6,383	)		$	(4,998	)
Accumulated other comprehensive loss	3,003			(1)	2,026
Deferred tax asset	2,701				1,853
Net liability recognized	$	(679	)		$	(1,119	)
-1	The estimated net loss for the plan that is expected to be amortized from accumulated other comprehensive loss into net periodic pension benefit cost over the next year is $279,000.
As of December 31, 2014, the fair value of the SERP plan asset by level within the fair value hierarchy was as follows (in thousands):
	Level 1				Level 2				Level 3			Total
Asset:
Equity securities - TBBK	$	1,655			$	—			$	—		$	1,655

CERTAIN_RELATIONSHIPS_AND_RELA

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2014
Related Party Transactions [Abstract]
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	NOTE 17 - 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):
		December 31,
		2014			2013
	Receivables from managed entities and related parties, net:
	Real estate investment entities	$	23,733		$	21,487
	Commercial finance investment entities (1)	2,883			8,174
	Financial fund management investment entities	663			1,138
	Other	488			124
	Loan to CVC Credit Partners	2,536			—
	Receivables from managed entities and related parties	$	30,303		$	30,923
	Payables due to managed entities and related parties, net:
	Real estate investment entities (2)	$	2,942		$	2,940
	Other	73			170
	Payables to managed entities and related parties	$	3,015		$	3,110
	-1	Net of reserves for credit losses of $17.0 million and $36.2 million, respectively, related to management fees owed from one of the commercial finance investment partnerships, respectively which, based on estimated cash distributions, are not expected to be collectible.
	-2	Reflects $2.6 million and $2.9 million, respectively, in funds provided by the real estate investment entities, 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 pays fees to, and reimburses certain operating expenses of related entities.  The following table details those activities (in thousands):
		Years Ended December 31,
		2014			2013			2012
	Fees from unconsolidated investment entities:
	Real estate (1)	$	34,395		$	23,356		$	17,550
	Financial fund management	3,633			3,115			3,093
	Commercial finance (2)	—			—			—
	CVC Credit Partners – reimbursement of net costs and expenses	1,037			1,195			2,082
	Opportunity REIT I:
	Reimbursement of costs and expenses	2,227			1,633			844
	Dividends paid	117			114			14
	Opportunity REIT II:
	Reimbursement of costs and expenses	2,342			—			—
	LEAF:
	Payment for sub-servicing the commercial finance investment	(293		)	(898		)	(2,149		)
	partnerships
	Payment for rent and related expenses	—			(543		)	(763		)
	Reimbursement of net costs and expenses	129			213			287
	1845 Walnut Associates Ltd:
	Payment for rent and related expenses	(767		)	(702		)	(685		)
	Property management fees	205			122			—
	Brandywine Construction & Management, Inc. – payment for	(232		)	(226		)	(211		)
	property management of hotel property
	Atlas Energy, L.P. – reimbursement of net costs and expenses	163			240			609
	Ledgewood P.C. – payment for legal services	(180		)	(240		)	(462		)
	Graphic Images, LLC – payment for printing services	(156		)	(179		)	(235		)
	The Bancorp, Inc. – reimbursement of net costs and expenses	111			114			118
	9 Henmar LLC – payment of broker/consulting fees	(38		)	(41		)	(47		)
	-1	Reflects discounts recorded by the Company of $82,000, $179,000 and $678,000 recorded in 2014, 2013 and 2012 in connection with management fees from its real estate investment entities that it expects to receive in future periods.
	-2	During 2014, 2013 and 2012, the Company waived $683,000, $1.8 million and $3.9 million, respectively, of its fund management fees from its commercial finance investment entities.
	Relationship with CVC Credit Partners. In conjunction with the sale of Apidos to CVC, the Company received, in part, a 33% limited partner interest in CVC Credit Partners, a joint venture between the Company and CVC, and a 33% interest in the General Partner of CVC Credit Partners. As the Company holds at least 25% of the partnership interests, the Company's consent will be required for all non-routine partnership actions, including dispositions and acquisitions in excess of specified thresholds, declarations of distributions, appointment and termination of senior employees, establishment of new investment funds and financings in excess of specified thresholds.
	Under a fee agreement, in connection with the April 2012 sale of Apidos to CVC, the Company is required to remit a portion of the base management fee and incentive compensation it receives from RSO to Apidos-CVC. The percentage paid to Apidos-CVC is determined by dividing the equity RSO holds in two Apidos CLOs by the calculated equity used to determine the base management fee. Any incentive compensation paid to Apidos-CVC excludes non-recurring items unrelated to Apidos-CVC. In October 2014, Apidos CLO I was liquidated, resulting in a $28.5 million reduction in RSO equity in Apidos CLOs and, therefore, a reduction in the base and incentive compensation due to Apidos-CVC.
	In February 2011, the Company entered into a services agreement with RSO to provide sub-advisory collateral management and administrative services for five CLOs holding approximately $1.7 billion in bank loans whose management contracts RSO had acquired.  In connection with services provided by Apidos-CVC, in February 2011 the management agreement was further amended to permit RSO to pay Apidos-CVC 10% of all base and additional collateral management fees and 50% of all incentive collateral management fees it collects and to reimburse Apidos-CVC expenses relative to the management of these CLOs. As of December 31, 2014, Apidos-CVC continues to provide subadvisory services to three of these CLOs holding approximately $800.0 million in bank loans.
	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 Credit Partners agreed to extend the maturity of the note until April 2015. In connection with the original loan agreement, on December 8, 2014, the Company made an additional advance of €500,000.
	Relationship with Opportunity REIT I.  The Company formed Opportunity REIT I in 2009 to primarily focus on acquiring non-performing real estate loans and distressed real estate at a discount. In December 2013, the initial offering for Opportunity REIT I was closed having raised an aggregate of $635.0 million. The Company is entitled to receive reimbursements for costs associated with the formation and operating expenses of Opportunity REIT I.  As of December 31, 2014, the Company had a $325,000 receivable due from Opportunity REIT I.
	Relationship with Opportunity REIT II.  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 December 31, 2014, the Company had a $3.4 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 basis points. The loan and related interest were repaid in full by June 30, 2014.
	Relationship with LEAF. The Company maintains a shared service agreement with LEAF for the reimbursement of various costs and expenses it incurs on behalf of LEAF. In addition, the Company sublet office space in Philadelphia, Pennsylvania from LEAF under a lease that expired in August 2013.
	Sub-servicing agreement with LEAF for the commercial finance investment funds. The Company has a sub-servicing agreement with LEAF to provide management services for the commercial finance investment funds. The fee is equal to LEAF's costs to provide these services up to a maximum of 1% of the net present value of all lease and loan contracts comprising each commercial finance fund's borrowing base under its credit facilities or securitizations. In addition, LEAF is entitled to an evaluation fee equal to 50% of any acquisition or similar fee collected by the Company in connection with the acquisition of any new lease or loan contracts for which LEAF provides evaluation services.
	Relationship with Atlas Energy, L.P. (“Atlas”).  Mr. E. Cohen, the Company’s Chairman of the Board, also serves as the chief executive officer (“CEO”) and president of the general partner of Atlas. Mr. Jonathan Z. Cohen (“Mr. J. Cohen”), the Company’s CEO and President, is the general partner’s chairman of the board.  Atlas reimburses the Company for certain shared services.   At December 31, 2014, the Company had a $27,000 payable balance due to Atlas as a result of expenses paid by Atlas on the Company's behalf.
	Relationship with 1845 Walnut Associates Ltd.  The Company owns a 7% investment in a real estate partnership that owns a building at 1845 Walnut Street, Philadelphia in which the Company also leases office space.  In February 2009, the Company amended its lease for its offices in this building to extend the lease termination date through May 2013. In October 2012, the Company signed a new ten-year lease which was amended in May 2013 for 34,476 square feet of office space in the same building commencing in August 2013. The Company was provided a tenant allowance of $1.5 million for renovation of the office and the lease provides for a five-year extension. In March 2013, the Company assumed the property management of the building.
	Relationship with Ledgewood P.C. (“Ledgewood”).  Until March 2006, Mr. Jeffrey F. Brotman was the managing member of Ledgewood, which provides legal services to the Company.  Mr. Brotman remained of counsel to Ledgewood through June 2007, at which time he became an Executive Vice President of the Company.  In addition, Mr. Brotman was a trustee of the SERP retirement trusts until he joined the Company.  In connection with his separation, Mr. Brotman will receive payments from Ledgewood.
	Mr. E. Cohen, who was of counsel to Ledgewood until April 1996, 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.
	Relationship with Graphic Images, LLC (“Graphic Images”).  The Company utilizes the services of Graphic Images, a printing company, whose principal owner is the father of the Company’s Chief Financial Officer.
	Relationship with Retirement Trusts.  The Company has established two trusts to fund the SERP for Mr. E. Cohen.  The 1999 Trust, a secular trust, purchased 100,000 shares of the common stock of TBBK ($1.7 million fair value at December 31, 2014).  See “Relationship with TBBK,” below. This trust and its assets are not included in the Company’s consolidated balance sheets.  However, trust assets are considered in determining the amount of the Company’s liability under the SERP.  The 2000 Trust, a “Rabbi Trust,” held 103,494 shares of TBBK common stock at December 31, 2010, all of which were sold during 2011 and 2012.  The SERP liability of $6.4 million is included in accrued expenses and other liabilities.
	Relationship with 9 Henmar LLC (“9 Henmar”).  The Company owns interests in the Trapeza entities that have sponsored CDO issuers and manage pools of trust preferred securities acquired by the CDO issuers.  The Trapeza entities and CDO issuers were originated and developed in large part by Mr. Daniel G. Cohen (“Mr. D. Cohen”).  The Company agreed to pay Mr. D. Cohen’s company, 9 Henmar, 10% of the fees the Company receives, before expenses, in connection with the first four Trapeza CDOs that the Company sponsored and manages.
	Relationship with TBBK.  Mr. D. Cohen is the chairman of the board of TBBK. Mrs. Betsy Z. Cohen (“Mrs. B. Cohen”, who is the wife of Mr. E. Cohen and, together with Mr. E. Cohen are the parents of Messrs. J. Cohen and D. Cohen) was, until December 31, 2014, the CEO of TBBK and its subsidiary bank.  From June 2011 until January 2015, the Company sublet a portion of its New York office space to TBBK.  In 2012, the Company sold 6,992 of its shares of TBBK common stock for $55,000 and realized gains of $5,000.  The Company did not sell any of its TBBK stock during 2014 and 2013.  In addition, TBBK provides banking and operational services to LEAF Financial.  As of December 31, 2014, the Company held $29,000 in cash deposits at TBBK
Relationship with Certain Directors, Officers, Employees and Other Related Parties.  The Company serves as the general partner of seven partnerships that invest in regional domestic banks.  The general partner may receive a carried interest of up to 20% upon meeting specific investor return rates.  Some of the partnerships’ investors wanted to ensure that certain individuals who are critical to the success of the partnerships would participate in the carried interest.  For four of these partnerships, the total participation authorized by the Company’s compensation committee was 48.5% of the 20% carried interest, of which Mr. J. Cohen is entitled to receive 10%.  Nine individuals, three of whom are employees of the Company, are entitled to receive the remaining 38.5%.  For the remaining three partnerships, the total participation authorized by the Company's compensation committee was 50% of the 20% carried interest. Six individuals, four of whom are employees of the Company, are entitled to receive the remaining 50%. No carried interest had been earned by any of the individuals through December 31, 2014.
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 January 15, 2015 and 2016 with a final maturity of January 15, 2016. In December 31, 2014, the Company amended the terms of the note to extend the payments to March 15, 2015 and 2016 and to make the final maturity March 15, 2016.
Relationship with Brandywine Construction & Management, Inc. (“BCMI”).  BCMI manages the property underlying one of the Company’s real estate investments.  Mr. E. Cohen is the chairman of BCMI.
In March 2008, the Company sold a 19.99% interest in two indirect subsidiaries that hold a hotel property in Savannah, Georgia to a limited liability company owned by Mr. Adam Kauffman ("Mr. A. Kauffman") for $1.0 million plus $130,000 in fees, and recognized a gain of $612,000.  The terms of the sale agreement provided an option to Mr. A. Kauffman, who is president of BCMI, to purchase up to the balance of the Company’s interest in the hotel for $50,000 per 1% interest purchased.  The purchase option expired in July 2011.  Mr. A. Kauffman now has a right-of-first-offer to purchase the balance of the Company’s interest in the hotel.
In November 2012, the Company paid a $95,000 fee to BCMI in connection with the negotiation and ultimate sale of a property in which the Company had a loan investment.

FAIR_VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 18 - 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.
	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 December 31, 2014 (Level 2).
	Investment securities − trading securities. The Company holds six securities of value within its trading portfolio, five of which are debt or equity investments in externally managed CDO issuers and one of which is a term loan (Level 3).
	•	one of the CDOs is a European commercial real estate ("CRE") CDO senior debt investment, valued based on recent market trading data of the same security and a qualitative analysis of the CDO's net asset value.
	•	two of the CDOs are substantially liquidated, one holding five assets, four of which are considered worthless, and the other holding one asset. The valuations for these CDOs are based on the net asset values of the remaining assets.
	•	one of the CDOs 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 valued using assumptions of a 9% default rate, 20% constant prepayment rate, and 30% loss severity rate.
	•	one loan position was valued based on projected near term cash distributions.
	Investment securities − CLO securities. The fair value of 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 speeds 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 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).
	The fair values of the Company’s assets and liabilities recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	Assets - Investment securities
	December 31, 2014	$	310		$	741		$	8,489	$	9,540
	December 31, 2013	$	432		$	—		$	7,407	$	7,839
		Level 1			Level 2			Level 3		Total
	Liabilities - Apidos contractual commitment
	31-Dec-14	$	—		$	—		$	745	$	745
	31-Dec-13	$	—		$	—		$	995	$	995
	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 2014 (in thousands):
		Investment Securities
	Balance, beginning of year	$	7,407
	Purchases	15,063
	Income accreted	995
	Payments and distributions received	(3,753		)
	Sales	(13,177		)
	Gain on sales of investment securities	370
	Gain on sales of trading securities	1,850
	Unrealized holding losses on trading securities	(200		)
	Change in unrealized losses included in accumulated other comprehensive loss	(66		)
	Balance, end of year	$	8,489
	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 2013 (in thousands):
		Investment Securities
	Balance, beginning of year	$	10,367
	Purchases	11,630
	Income accreted	(14,058		)
	Payments and distributions received	(1,055		)
	Sales	(6,286		)
	Impairment recognized in earnings	(214		)
	Gain on sales of trading securities	899
	Unrealized holding gain on trading securities	6,294
	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 December 31, 2014			Valuation Technique		Unobservable Inputs	Assumptions
								(weighted average)
	CLO securities	$	8,014		Discounted cash flow		Constant default rate	0% - 2%
							Loss severity rate	25%
							Constant prepayment rate - year one	30%
							Constant prepayment rate - thereafter	25%
							Reinvestment price on collateral	99.50% - 100%
							Discount rates	13%
	Trading securities	$	475		Net asset value		Constant default rate	2%-9%
					Discounted cash flow		Loss severity rate	30%
							Constant prepayment rate	20%-30%
	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):
		December 31, 2014						December 31, 2013
	Carrying			Estimated Fair Value			Carrying		Estimated Fair Value
	Amount						Amount
Borrowings:
Real estate debt	$	10,088		$	11,197		$	10,287	$	10,702
Senior Notes	10,000			12,820			10,000		12,619
Other debt	324			324			332		332
	$	20,412		$	24,341		$	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 was estimated using current interest rates for similar loans at December 31, 2014 and 2013.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19 - COMMITMENTS AND CONTINGENCIES
	Leases. The Company leases office space and equipment under leases with varying expiration dates through 2023.  Rental expense, net of subleases, was $1.9 million, $1.4 million and $1.5 million for 2014, 2013 and 2012, respectively.  The Company’s office space leases in New York and in Philadelphia contain extension clauses.  The Company has the ability to extend the New York lease for an additional five-year term, and one of the Philadelphia leases provides one option to extend for an additional five-year term.  In addition, one of the Philadelphia office leases allows the Company to terminate the lease early with a termination payment to the landlord in January 2020. At December 31, 2014, future minimum rental commitments (net of subleases) under operating and capital leases over the next five years during December 31, and thereafter, were as follows (in thousands):
		Operating		Capital (1)		Total
	2015	$	2,208	$	203	$	2,411
	2016	2,220		74		2,294
	2017	2,075		48		2,123
	2018	2,045		6		2,051
	2019	1,738		—		1,738
	Thereafter	3,410		—		3,410
	Total	$	13,696	$	331	$	14,027
	-1	Includes $6,004, $1,215, $382 and $16 for the years ending December 31, 2015, 2016, 2017 and 2018, respectively, related to the interest portion of capital lease payments.
	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 December 31, 2014 and 2013, respectively.  As of December 31, 2014 and 2013, Resource Securities net capital was $1.4 million and $2.7 million, respectively, which exceeded the minimum requirements by $1.3 million and $2.5 million, respectively.
	Clawback liability.  One of the Company's structured finance partnerships that invests in public and private regional banks has a potential clawback of up to 75% of the management fees paid to the Company ($905,000 as of December 31, 2014) to the extent that the limited partners’ aggregate capital contributions exceed the total partner distributions from the fund.  As of December 31, 2014, the fair value of the fund's assets were sufficient to cover the distribution requirement and, as such, no liability has been recorded for this contingency.
	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.
	Real estate commitment.  As a specialized asset manager, the Company sponsors and manages investment funds in which it may make an equity investment along with outside investors.  This equity investment is generally based on a percentage of funds raised and varies among investment programs.  With respect to Innovation Office REIT, in addition to the $200,000 initial capital investment, the Company is committed to invest up to 1% of the first $100.0 million of equity raised to a maximum of $1.0 million. The liability for this commitment will be recorded in the future as the amounts become due and payable.
	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 December 31, 2014, except for 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 for these obligations were recorded in the consolidated financial statements.

OPERATING_SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 20 - 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):
	Year Ended December 31, 2014:		Real			Financial			Commercial			All Other (1)			Total			RSO			Eliminations			Total
			Estate			Fund			Finance						RAI									Consolidation
						Management
	Revenues from external customers		$	55,639		$	22,768		$	8		$	—		$	78,415		$	99,446		$	(12,781	)	$	165,080
	Equity in (losses) earnings of unconsolidated entities		(778		)	5,632			(172		)	—			4,682			—			(483		)	4,199
	Total revenues		54,861			28,400			(164		)	—			83,097			99,446			(13,264		)	169,279
	Segment operating expenses		(37,411		)	(14,824		)	(979		)	—			(53,214		)	(64,995		)	12,601			(105,608		)
	General and administrative expenses		(3,350		)	(1,642		)				(6,126		)	(11,118		)	—			—			(11,118		)
	Reversal of (provision for) credit losses		2			—			(3,060		)	—			(3,058		)	—			—			(3,058		)
	Depreciation and amortization		(1,239		)	(63		)	—			(517		)	(1,819		)	—			—			(1,819		)
	Gain on sale of investment securities, net		—			445			—			—			445			—			—			445
	Interest expense		(767		)	—			(11		)	(1,127		)	(1,905		)	—			—			(1,905		)
	Other income (expense), net		796			2,227			19			(510		)	2,532			25,505			(2,238		)	25,799
	Pretax income attributable to noncontrolling interests (2)		(89		)	—			—			—			(89		)	(61,317		)	—			(61,406		)
	Income (loss) from continuing operations excluding noncontrolling interests before taxes		$	12,803		$	14,543		$	(4,195	)	$	(8,280	)	$	14,871		$	(1,361	)	$	(2,901	)	$	10,609
	Year Ended December 31, 2013:		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
			Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	56,126		$	15,060		$	—		$	—		$	71,186		$	82,983		$	(13,834	)	$	140,335
	Equity in earnings (losses) of unconsolidated entities		1,017			4,713			(341		)	—			5,389			—			—			5,389
	Total revenues		57,143			19,773			(341		)	—			76,575			82,983			(13,834		)	145,724
	Segment operating expenses		(40,612		)	(10,155		)	(56		)	—			(50,823		)	(60,999		)	13,215			(98,607		)
	General and administrative expenses		(4,054		)	(1,153		)	—			(5,061		)	(10,268		)	—			—			(10,268		)
	Reversal of (provision for) credit losses		2,536			(200		)	(6,601		)	—			(4,265		)	—			—			(4,265		)
	Depreciation and amortization		(1,275		)	(64		)	—			(597		)	(1,936		)	—			—			(1,936		)
	Impairment of available-for-sale securities		—			(214		)	—			—			(214		)	—			—			(214		)
	Interest expense		(829		)	(9		)	—			(1,198		)	(2,036		)	—			—			(2,036		)
	Other income (expense), net		801			2,323			13			(321		)	2,816			23,428			(1,997		)	24,247
	Pretax income attributable to noncontrolling interests (2)		(20		)	—			—			—			(20		)	(45,581		)	—			(45,601		)
	Income (loss) from continuing operations excluding noncontrolling interests before taxes		$	13,690		$	10,301		$	(6,985	)	$	(7,177	)	$	9,829		$	(169	)	$	(2,616	)	$	7,044
	Year Ended December 31, 2012:		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
			Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	43,235		$	14,158		$	1		$	—		$	57,394		$	109,138		$	(17,544	)	$	148,988
	Equity in earnings (losses) of unconsolidated entities		1,848			3,895			(1,660		)	—			4,083			—			—			4,083
	Total revenues		45,083			18,053			(1,659		)	—			61,477			109,138			(17,544		)	153,071
	Segment operating expenses		(30,475		)	(12,299		)	(402		)	—			(43,176		)	(63,850		)	17,351			(89,675		)
	Restructuring expenses		—			—			—			(365		)	(365		)	—			—			(365		)
	General and administrative expenses		(361		)	(2,392		)	—			(7,039		)	(9,792		)	—			—			(9,792		)
	Impairment loss recognized in earnings		(2,280		)	—			—			—			(2,280		)	—			—			(2,280		)
	Provision for credit losses		(428		)	(457		)	(19,263		)	—			(20,148		)	—			—			(20,148		)
	Depreciation and amortization		(1,288		)	(111		)	—			(685		)	(2,084		)	—			—			(2,084		)
	Gain on sale and deconsolidation of subsidiary		—			54,542			—			—			54,542			—			—			54,542
	Other-than-temporary impairment losses recognized in earnings		—			(74		)	—			—			(74		)	—			—			(74		)
	Interest expense		(853		)	—			(58		)	(1,378		)	(2,289		)	—			—			(2,289		)
	Other income (expense), net		568			2,681			—			(429		)	2,820			33,757			(2,575		)	34,002
	Pretax income attributable to noncontrolling interests (2)		(835		)	—			—			—			(835		)	(62,560		)	—			(63,395		)
	Income (loss) from continuing operations excluding noncontrolling interests before taxes		$	9,131		$	59,943		$	(21,382	)	$	(9,896	)	$	37,796		$	16,485		$	(2,768	)	$	51,513
	Segment assets		Real			Financial			Commercial			All			Total			RSO			Total
			Estate			Fund			Finance			Other (1)			RAI						Consolidation
						Management
	31-Dec-14		$	188,406		$	47,467		$	4,483		$	(67,986	)	$	172,370		$	2,728,472		$	2,900,842
	31-Dec-13		$	179,002		$	57,115		$	9,255		$	(77,382	)	$	167,990		$	2,150,461		$	2,318,451
	31-Dec-12		$	170,810		$	54,488		$	11,876		$	(76,967	)	$	160,207		$	2,282,986		$	2,443,193
	-1	Includes general corporate expenses and assets not allocable to any particular segment.
	-2	In viewing its segment operations, management includes the pretax income attributable to noncontrolling interests.  However, these interests are excluded from income 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.

QUARTERLY_FINANCIAL_DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA	NOTE 21 - QUARTERLY FINANCIAL DATA (UNAUDITED)
	The following sets forth the Company's operating results by quarter (in thousands, except share data):
	Quarterly Results for 2014	31-Mar			30-Jun			30-Sep			31-Dec
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Revenues	$	20,251		$	21,547		$	19,829		$	21,470
	Revenues from consolidated VIE - RSO	25,246			23,828			25,809			24,563
	Elimination of consolidated VIE revenues attributed to operating segments	(2,880		)	(3,040		)	(4,136		)	(3,208		)
	Total revenues	42,617			42,335			41,502			42,825
	Operating income	15,970			11,759			13,800			6,147
	Net income	18,101			20,207			15,719			14,347
	Net loss (income) attributable to noncontrolling interests	40			(84		)	11			(56		)
	Net income attributable to noncontrolling interests - RSO	(17,151		)	(17,405		)	(14,214		)	(12,547		)
	Net income attributable to common shareholders	990			2,718			1,516			1,744
	Basic earnings per common share	$	0.05		$	0.13		$	0.07		$	0.07
	Diluted earnings per common share	$	0.04		$	0.12		$	0.07		$	0.07
	Quarterly Results for 2013	31-Mar			30-Jun			30-Sep			31-Dec
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Revenues	$	15,449		$	14,563		$	24,422		$	22,141
	Revenues from consolidated VIE - RSO	29,755			26,177			22,819			4,232
	Elimination of consolidated VIE revenues attributed to operating segments	(2,700		)	(2,725		)	(5,183		)	(3,226		)
	Total revenues	42,504			38,015			42,058			23,147
	Operating income (loss)	14,050			14,654			11,839			(9,895		)
	Net income	12,767			9,511			27,190			2,559
	Net loss (income) attributable to noncontrolling interests	43			(26		)	(40		)	3
	Net income attributable to noncontrolling interests - RSO	(12,314		)	(8,372		)	(23,708		)	(1,187		)
	Net income attributable to common shareholders	496			1,113			3,442			1,375
	Basic earnings per common share:	$	0.02		$	0.05		$	0.17		$	0.07
	Diluted earnings per common share:	$	0.02		$	0.05		$	0.16		$	0.06

VARIABLE_INTEREST_ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2014
Variable Interest Entities [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 22 - 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.
Consolidated VIE - RSO
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.
The following reflects the assets and liabilities and operations of RSO which was consolidated by the Company:
RSO Balance Sheet Detail (in thousands):
	December 31,
	2014				2013
ASSETS (1)
Cash and cash equivalents	$	79,905			$	262,270
Restricted cash	122,138				63,309
Subtotal - Cash and cash equivalents	202,043				325,579
Investment securities, trading	20,786				11,558
Investment securities available-for-sale, pledged as collateral, at fair value	197,800				162,608
Investment securities available-for-sale, at fair value	77,920				52,598
Subtotal - Investments, at fair value	296,506				226,764
Loans, pledged as collateral and net of allowances of $4.6 million and $13.8 million	1,925,980				1,369,526
Loans receivable–related party	1,277				6,966
Loans held for sale, at fair value	111,736				21,916
Subtotal - Loans, before eliminations	2,038,993				1,398,408
Eliminations	(558		)		(950		)
Subtotal - Loans	2,038,435				1,397,458
Property available-for-sale	180				25,346
Investment in real estate	—				29,778
Investments in unconsolidated entities	59,827				69,069
Subtotal, Investments in real estate and unconsolidated entities, before eliminations	60,007				124,193
Eliminations	—				—
Subtotal, Investments in real estate and unconsolidated entities	60,007				124,193
Line items included in "other assets":
Linked transactions, net at fair value	15,367				30,066
Derivatives, at fair value	5,304				—
Interest receivable	16,260				8,965
Deferred tax asset	13,094				5,212
Principal paydown receivable	40,920				6,821
Intangible assets	9,736				11,822
Direct financing leases	2,109				—
Prepaid expenses	4,196				2,871
Other assets	24,604				10,726
Subtotal - Other assets, before eliminations	131,590				76,483
Eliminations	(109		)		(16		)
Subtotal - Other assets	131,481				76,467
Total assets (excluding eliminations)	$	2,729,139			$	2,151,427
Total assets (including eliminations)	$	2,728,472			$	2,150,461
LIABILITIES (2)
Borrowings	$	1,716,871			$	1,319,810
Eliminations	261				205
Subtotal Borrowings	1,717,132				1,320,015
Distribution payable	30,592				27,023
Accrued interest expense	2,123				1,693
Derivatives, at fair value	8,476				10,586
Accrued tax liability	9,219				1,629
Deferred tax liability	460				4,112
Accounts payable and other liabilities	9,287				12,650
Subtotal - Other liabilities, before eliminations	60,157				57,693
Eliminations	(2,596		)		(2,446		)
Subtotal - Other liabilities	57,561				55,247
Total liabilities (before eliminations)	$	1,777,028			$	1,377,503
Total liabilities (after eliminations)	$	1,774,693			$	1,375,262
RSO Balance Sheet Detail (in thousands):
	December 31,
	2014				2013
(1) Assets of consolidated RSO's VIEs included in the total assets above:
Cash and cash equivalents	$	25			$	—
Restricted cash	121,247				61,372
Investments securities available-for-sale, pledged as collateral, at fair value	119,203				105,846
Loans held for sale	282				2,376
Loans, pledged as collateral and net of allowances of $3.3 million and $8.8 million	1,261,137				1,219,569
Interest receivable	8,941				5,627
Prepaid expenses	221				247
Principal receivable	25,767				6,821
Other assets	(12		)		—
Total assets of consolidated VIEs	$	1,536,811			$	1,401,858
(2) Liabilities of consolidated RSO's VIEs included in the total liabilities above:
Borrowings	$	1,046,494			$	1,070,339
Accrued interest expense	1,000				918
Derivatives, at fair value	8,439				10,191
Unsettled loan purchases	(529		)		—
Accounts payable and other liabilities	(386		)		1,604
Total liabilities of consolidated VIEs	$	1,055,018			$	1,083,052
The following table presents detail of noncontrolling interests attributable to RSO:
	December 31,
	2014				2013
Total stockholders' equity per RSO balance sheet	$	952,111			$	773,924
Eliminations	(35,568		)		(30,560		)
Noncontrolling interests attributable to RSO	$	916,543			$	743,364
RSO Income Statement Detail (in thousands):
	Balance as of December 31,
	2014				2013				2012
REVENUES
Interest income:
Loans	$	102,857			$	99,455			$	109,030
Securities	17,265				14,309				14,296
Interest income − other	6,785				4,212				10,004
Total interest income	126,907				117,976				133,330
Interest expense	45,473				61,010				42,792
Net interest income	81,434				56,966				90,538
Rental income	8,441				19,923				11,463
Dividend income	186				273				69
Fee income	9,385				5,821				7,068
Revenues from consolidated VIE - RSO	99,446				82,983				109,138
OPERATING EXPENSES
Management fees − related party	13,584				14,220				18,512
Equity compensation − related party	6,566				10,472				4,636
Rental operating expense	5,443				14,062				8,046
General and administrative - Corporate	15,263				12,304				9,773
General and administrative - PCM	19,598				2,203				—
Depreciation and amortization	2,737				3,855				5,885
Income tax (benefit) expense	(2,212		)		(1,041		)		14,602
Net impairment losses recognized in earnings	—				863				180
Provision for loan losses	1,804				3,020				16,818
Total operating expenses	62,783				59,958				78,452
Reclassification of income tax expense	2,212				1,041				(14,602		)
Expenses of consolidated VIE - RSO	64,995				60,999				63,850
Adjusted operating income	34,451				21,984				45,288
OTHER INCOME (EXPENSE)
Equity in earnings (losses) of unconsolidated subsidiaries	4,767				949				(2,709		)
Net realized gain on sales of investment securities available-for-sale and loans	15,283				9,637				4,106
Net realized and unrealized (loss) gain on investment securities, trading	(2,818		)		(324		)		12,435
Unrealized gain (loss) and net interest income on linked transactions, net	7,850				(3,841		)		728
(Loss) on reissuance/gain on extinguishment of debt	(4,442		)		—				16,699
Gains on the sale of real estate	6,127				16,616				—
Other (expense) income	(1,262		)		391				2,498
Other income, net, from consolidated VIE - RSO	25,505				23,428				33,757
Income from continuing operations	59,956				45,412				79,045
Income tax provision - RSO	(2,212		)		(1,041		)		14,602
NET INCOME	62,168				46,453				64,443
Net income allocated to preferred shares	(17,176		)		(7,221		)		(1,244		)
Net income allocable to non-controlling interest, net of tax	(965		)		—				—
NET INCOME ALLOCABLE TO RSO COMMON SHAREHOLDERS	$	44,027			$	39,232			$	63,199
RSO Cash Flow Detail (in thousands)
	Balance as of December 31,
	2014				2013				2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	62,168			$	46,453			$	64,443
Items included in "Change in cash attributable to consolidated VIE - RSO":
Provision for loan losses	1,804				3,020				16,818
Depreciation of investments in real estate and other	690				1,946				1,838
Amortization of intangible assets	2,059				1,970				4,047
Amortization of term facilities	2,508				1,395				957
Accretion of net discounts on loans held for investment	(2,223		)		(9,521		)		(17,817		)
Accretion of net discounts on securities available-for-sale	(3,941		)		(2,712		)		(3,177		)
Amortization of discount on notes of securitizations	1,228				14,524				2,470
Amortization of debt issuance costs on notes of securitizations	3,601				7,426				4,700
Amortization of stock-based compensation	6,566				10,472				4,636
Amortization of terminated derivative instruments	282				339				227
Accretion of interest-only available-for-sales securities	(790		)		(1,005		)		(719		)
Non-cash incentive compensation to the Manager	—				484				1,468
Deferred income tax (benefit) expense	(11,536		)		(6,710		)		2,329
Purchase of mortgage loans held for sale, net	(96,536		)		(146		)		—
Purchase of securities, trading	(20,190		)		(11,044		)		(8,348		)
Principal payments on securities, trading	1,928				4,309				1,027
Proceeds from sales of securities, trading	1,747				19,696				33,579
Net realized and unrealized loss (gain) on investment securities, trading	2,818				324				(12,435		)
Net realized gains on sales of investment securities available-for-sale and loans	(15,283		)		(10,986		)		(4,106		)
Loss (gain) on the reissuance / (extinguishment) of debt	4,442				—				(16,699		)
Gain on sale of real estate	(6,127		)		(16,616		)		—
Settlement of derivative instruments - investing	(4,142		)		—				—
Net impairment losses recognized in earnings	—				855				180
Linked Transactions fair value adjustments	(5,615		)		6,018				(168		)
Equity in net (earnings) losses of unconsolidated subsidiaries	(4,767		)		(949		)		2,709
Adjust for impact of imputed interest on VIE accounting	—				—				1,879
Changes in operating assets and liabilities, net of acquisitions
Decrease (increase) in restricted cash	5,204				8,445				(2,062		)
(Increase) decrease in interest receivable, net of purchased interest	(7,295		)		(1,108		)		987
Decrease (increase) in principal paydowns receivable
Increase (decrease) in management fee payable	171				(6,357		)		3,929
Increase (decrease) in security deposits	4,696				(337		)		25
(Decrease) increase in accounts payable and accrued liabilities	(3,363		)		(16,327		)		6,329
Increase (decrease) in accrued interest expense	430				(1,445		)		(193		)
Increase (decrease) in other assets	9,873				7,259				(22,505		)
Subtotal - consolidated VIE - RSO operating activity	(131,761		)		3,219				1,905
Change in consolidated VIE - RSO cash for the period	182,365				(176,992		)		(42,162		)
Subtotal - Change in cash attributable to consolidated VIE - RSO before eliminations	50,604				(173,773		)		(40,257		)
Elimination of intercompany activity	(119		)		(712		)		932
Subtotal - Change in cash attributable to consolidated VIE - RSO	50,485				(174,485		)		(39,325		)
Non-cash incentive compensation to RAI	—				484				1,468
Elimination of intercompany activity	—				(484		)		(1,468		)
Non-cash incentive compensation to RAI, after eliminations	—				—				—
Net cash (used in) provided by operating activities (excluding eliminations)	(69,593		)		49,672				66,348
	Balance as of December 31,
	2014				2013				2012
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans	(1,019,721		)		(725,657		)		(649,983		)
Purchase of securities available-for-sale	(180,990		)		(136,282		)		(119,779		)
Subtotal - Purchase of loans and securities by consolidated VIE - RSO, before eliminations	(1,200,711		)		(861,939		)		(769,762		)
Eliminations	—				—				—
Subtotal - Purchase of loans and securities by consolidated VIE - RSO	(1,200,711		)		(861,939		)		(769,762		)
Principal payments received on loans	376,219				590,663				544,811
Proceeds from sale of loans	209,707				674,977				173,378
Principal payments on securities available-for-sale	56,053				52,812				47,284
Proceeds from sale of securities available-for-sale	147,171				11,893				28,652
Proceeds from sale of real estate held-for-sale	65,753				37,001				2,886
Principal payments received on loans – related parties	3,848				1,685				1,251
Subtotal - principal payments and proceeds from sales received by consolidated VIE - RSO, before eliminations	858,751				1,369,031				798,262
(Decrease) increase in restricted cash	(23,568		)		22,248				50,756
Items included in "Other -VIE, investing activity":
Acquisition of controlling interest in Moselle CLO S.A.	(30,433		)		—				—
Acquisition of Primary Capital Advisors, LC	—				(7,613		)		—
Return of investment in (investment in) unconsolidated entity	9,557				(28,034		)		474
Equity contribution to VIE	—				—				(710		)
Improvement of real estate held-for-sale	—				(404		)		(138		)
Distributions from investments in real estate	—				1,094				1,152
Improvements in investments in real estate	(221		)		(365		)		(3,878		)
Investment in loans - related parties	(1,572		)		(1,241		)		—
Purchase of furniture and fixtures	(69		)		(133		)		—
Acquisition of property and equipment	(865		)		(373		)		—
Subtotal - Other consolidated VIE - investing activity, before eliminations	(23,603		)		(37,069		)		(3,100		)
Eliminations	(479		)		(593		)		(47		)
Subtotal - Other consolidated VIE - investing activity	(24,082		)		(37,662		)		(3,147		)
Net cash (used in) provided by investing activities	(389,131		)		492,271				76,156
	Balance as of December 31,
	2014				2013				2012
CASH FLOWS FROM FINANCING ACTIVITIES:
Items included in "Net borrowings (repayments) of debt by consolidated VIE - RSO"
Proceeds from borrowings:
Repurchase agreements	277,875				15,226				71,121
CRE Securitization	235,344				260,840				—
6.0% Convertible senior notes	—				115,000				—
Senior secured revolving credit facility	113,500				—				—
Reissuance of debt	52,663				—				—
Payments on borrowings:
Collateralized debt obligations	(451,991		)		(797,573		)		(243,539		)
CRE Securitization	(34,000		)		—				—
Senior secured revolving credit facility	—				—				—
Mortgage payable	—				(13,600		)		—
Repurchase of issued bonds	—				—				—
Retirement of debt	—				—				(20,365		)
Proceeds received from non-controlling interests	14,213				5,531				114
Subtotal - net (repayments) borrowings of debt by consolidated VIE - RSO	207,604				(414,576		)		(192,669		)
Distributions paid on preferred stock	(15,008		)		(6,413		)		(613		)
Distributions paid on common stock	(104,225		)		(93,458		)		(74,050		)
Elimination of dividends paid to RAI	2,289				2,203				2,174
Distribution paid on common stock, after elimination	(101,936		)		(91,255		)		(71,876		)
Net proceeds from issuances of common stock (net of offering costs of $0, $3,837 and $2,165)	—				114,454				55,502
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0, $0 and $19)	30,297				19,211				73,044
Proceeds from issuance of 8.5% Series A redeemable	8,984				112				16,411
preferred shares (net of offering costs of $260, $3 and $781)
Proceeds from issuance of 8.25% Series B redeemable	47,481				56,214				26,099
preferred shares (net of offering costs of $858, $1,670 and $1,201
Proceeds from issuance of 8.625% Series C redeemable preferred shares	116,268				—				—
(net of offering costs of $300, $0 and $0)
Repurchase of common stock	(6,832		)		—				—
Subtotal - net proceeds from issuance of stock by consolidated VIE	196,198				189,991				171,056
Payment of debt issuance costs	(8,939		)		(9,786		)		(586		)
Settlement of derivative instruments	3,052				—				—
Payment of equity to third party sub-note holders	(2,323		)		(30,709		)		(3,480		)
Distributions paid on preferred stock	(15,008		)		(6,413		)		(613		)
Subtotal - Other consolidated VIE -RSO financing activity, before elimination	(23,218		)		(46,908		)		(4,679		)
Elimination	175				205				—
Subtotal - Other consolidated VIE -RSO financing activity after elimination	(23,043		)		$	(46,703	)		$	(4,679	)
Net cash provided by (used in) financing activities (excluding eliminations)	$	276,359			$	(364,951	)		$	(100,342	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(182,365		)		176,992				42,162
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	262,270				85,278				43,116
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	79,905			$	262,270			$	85,278
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	$	35,690			$	41,453			$	41,369
Income taxes paid in cash	$	3,305			$	10,710			$	22,758
Summary of Significant Accounting Policies - RSO
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates affecting RSO's consolidated financial statements include the net realizable and fair values of RSO's investments and derivatives, the estimated life used to calculate depreciation, amortization, and accretion of premiums and discounts, respectively, provisions for loan losses, valuation of servicing asset and the disclosure of contingent liabilities.
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. At December 31, 2014 and 2013, this included $31.8 million and $22.5 million, respectively, held in a prime brokerage and custody accounts, $32.6 million and $156.6 million, respectively, held in money market accounts, $15.4 million and $81.1 million, respectively, held in checking accounts, and $100,000 and $2.1 million, respectively, held in accounts at RSO's investment properties.
Investment Securities
RSO classifies its investment portfolio as trading or available-for-sale.  RSO, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy.
RSO’s investment securities, trading and investment securities available-for-sale are reported at fair value. To determine fair value, RSO uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment default, and recovery rates. These valuations are validated utilizing dealer quotes or bids. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote or bid, RSO will evaluate the difference which could result in an updated valuation from the third-party or a revised dealer quote. Based on a prioritization of inputs used in valuation of each position, RSO categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Any changes in fair value to RSO's investment securities, trading are recorded in RSO's consolidated statements of income as net realized and unrealized (loss) gain on investment securities, trading. Any changes in fair value to RSO's investment securities available-for-sale are recorded in RSO's consolidated balance sheets as a component of accumulated other comprehensive income (loss) in stockholders' equity.
On a quarterly basis, RSO evaluates its available-for-sale investments for other-than-temporary impairment.  An available-for-sale investment is impaired when its fair value has declined below its amortized cost basis.  An impairment is considered other-than-temporary when the amortized cost basis of the investment or some portion thereof will not be recovered.
The determination of other-than-temporary impairment is a subjective process, and different judgments and assumptions could affect the timing of loss realization. RSO reviews its portfolios and makes other-than-temporary impairment determinations at least quarterly. RSO considers the following factors when determining if there is an other-than-temporary impairment on a security:
•	the length of time the market value has been less than amortized cost;
•	the severity of the impairment;
•	the expected loss of the security as generated by a third-party valuation model;
•	original and current credit ratings from the rating agencies;
•	underlying credit fundamentals of the collateral backing the securities;
•	whether, based upon RSO's intent, it is more likely than not that RSO will sell the security before the recovery of the amortized cost basis; and
•	third-party support for default, for recovery, prepayment speed and reinvestment price assumptions.
Where credit quality is believed to be the cause of the other-than-temporary impairment, that component of the impairment is recognized as an impairment loss in RSO's consolidated statements of income.  Where other market components are believed to be the cause of the impairment, that component of the impairment is recognized as other comprehensive loss.
RSO performs an on-going review of third-party reports and updated financial data on the underlying properties in order to analyze current and projected security performance. Rating agency downgrades are considered with respect to RSO's income approach when determining other-than-temporary impairment and, when inputs are subjected to testing for economic changes within possible ranges, the resulting projected cash flows reflect a full recovery of principal and interest indicating no impairment.
Investment security transactions are recorded on the trade date. Realized gains and losses on investment securities are determined on the specific identification method.
Investment Interest Income Recognition
Interest income on RSO’s mortgage-backed and other asset-backed securities is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets.  Premiums and discounts are amortized or accreted into interest income over the lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments.  For an investment purchased at par, the effective yield is the contractual interest rate on the investment.  If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium.  The effective yield method requires RSO to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment.  The prepayment estimates that RSO uses directly impact the estimated remaining lives of its investments.  Actual prepayment estimates are reviewed as of each quarter end or more frequently if RSO becomes aware of any material information that would lead it to believe that an adjustment is necessary.  If prepayment estimates are incorrect, the amortization or accretion of premiums and discounts may have to be adjusted, which would have an impact on future income.
To the extent that RSO invests in securities qualifying as beneficial interests in securitized financial assets, RSO will recognize the excess of all cash flows attributable to the beneficial interest estimated at the acquisition/transaction date over the initial investment (the accretable yield) as interest income over the life of the beneficial interest using the effective yield method.
Loans
RSO acquires loans through direct origination, through the acquisition of participations in commercial real estate loans and corporate leveraged loans in the secondary market and through syndications of newly originated loans. Loans are held for investment; therefore, RSO initially records them at their acquisition price, and subsequently, accounts for them based on their outstanding principal plus or minus unamortized premiums or discounts. RSO may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that RSO's expected return on investment may decrease. Once the determination has been made by RSO that it no longer will hold the loan for investment, RSO identifies these loans as “Loans held for sale” and will account for them at the lower of amortized cost or fair value.
Loan Interest Income Recognition
Interest income on loans includes interest at stated rates adjusted for amortization or accretion of premiums and discounts. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan with a premium or discount is prepaid, RSO immediately recognizes the unamortized portion as a decrease or increase to interest income. In addition, RSO defers loan origination fees and loan origination costs and recognizes them over the life of the related loan against interest income using the effective yield method.
Residential Loan Origination
RSO originates residential loans to be funded by permanent investors. RSO originates loans in 35 states with a focus on the Southeast. RSO may sell or retain the right to service the loans. Servicing fees are recognized as income when the related mortgage payments are collected based on the outstanding balance of the related mortgage loans or on an agreed upon rate. Servicing fee income is reduced by amortization of capitalized servicing rights.
The fair value option has been elected for all residential mortgage loans held for sale. As such, residential mortgage loans held for sale are valued at fair value, determined on an individual-loan basis. Additionally, due to such election, origination fees and direct origination costs are immediately recognized in earnings. Market value for conforming, agency loans is determined using sales commitments to permanent investors or on current market rates for loans of similar quality and type (generally Level 2 in the fair value hierarchy). Market value for non-agency, jumbo loans is determined using sales commitments to permanent investors, current market rates for loans of similar quality, or through the use of cash flow models (generally Level 3 in the fair value hierarchy). Mortgage loans are included as loans held for sale in the consolidated balance sheets. Conforming, agency loans are generally sold within 15 to 45 days of origination. Non-agency, jumbo loans may either be sold to private investors or held for securitization.
Residential real estate properties acquired through foreclosure to be sold are initially recorded at fair value less selling costs at the date of foreclosure, establishing a new cost basis. Any write down to fair value at the time of foreclosure is charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of the carrying amount or fair value less costs to sell. Costs related to holding foreclosed real estate and subsequent adjustments to value are expensed. The fair value of real estate owned is determined using unobservable inputs including estimates of selling costs and marketability of the property (Level 3).
The unpaid principal balances of loans serviced by RSO for others are not included in RSO's consolidated balance sheets.
Mortgage Servicing Rights
A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan. The servicing rights relate to a single class of residential mortgage loans.
The fair value of residential servicing rights included in the consolidated balance sheets was determined using an estimated current market value at the date of loan origination and other assumptions. Capitalized servicing rights are amortized over the life of the loan, assuming certain prepayment and other assumptions.
Allowance for Loan Loss
RSO maintains an allowance for loan loss. For RSO's bank and CRE loan portfolios, loans held for investment are first individually evaluated for impairment to determine whether a specific reserve is required. Loans that are not determined to be impaired individually are then evaluated for impairment as a homogeneous pool of loans with substantially similar characteristics so that a general reserve can be established, if needed.  The reviews are performed at least quarterly.
RSO considers a loan to be impaired if one of two conditions exists.  The first condition is if, based on current information and events, management believes it is probable that RSO will be unable to collect all amounts due according to the contractual terms of the loan agreement.  The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty.  These TDRs may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers.
When a loan is impaired under either of these two conditions, the allowance for loan losses is increased by the amount of the excess of the amortized cost basis of the loan over its fair value.  Fair value may be determined based on the present value of estimated cash flows; on market price, if available; or on the fair value of the collateral less estimated disposition costs.  When a loan, or a portion thereof, is considered uncollectible and pursuit of collection is not warranted, RSO will record a charge-off or write-down of the loan against the allowance for loan losses.
An impaired loan may remain on accrual status during the period in which RSO is pursuing repayment of the loan; however, the loan would be placed on non-accrual status at such time as (i) RSO's management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days delinquent; (iii) RSO's management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the impairment; or (iv) the net realizable value of the loan’s underlying collateral approximates RSO’s carrying value for such loan.  While on non-accrual status, RSO recognizes interest income only when an actual payment is received. When a loan is placed on non-accrual, previously accrued interest is reversed from interest income.
For RSO's residential mortgage loans, the allowance is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and amount of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. A general component is maintained to cover uncertainties that could affect RSO management's estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. RSO's management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are carried at fair value and are measured on a nonrecurring basis. The fair value is determined using unobservable inputs including estimates of selling costs (Level 3).
Investments in Real Estate
Investments in real estate are carried net of accumulated depreciation.  Costs directly related to the acquisition are expensed as incurred.  Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred.  Costs related to the improvement of the real property are capitalized and depreciated over their useful lives.
Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under FASB Accounting Standards Codification ("ASC") Topic 805, “Business Combinations.”  RSO allocates the purchase price of its investments in real estate to land, building, site improvements, the value of in-place leases and the value of above or below market leases. The value allocated to above or below market leases is amortized over the remaining lease term as an adjustment to rental income. RSO amortizes the value allocated to in-place leases over the weighted average remaining lease term to depreciation and amortization expense.  RSO depreciates real property using the straight-line method over the estimated useful lives of the assets as follows:
Category	Term
Building	25 - 40 years
Site improvements	Lesser of the remaining life of building or useful lives
Long-Lived and Intangible Assets
Long-lived assets and certain identifiable intangibles to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.  The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition.  If impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the fair value of the asset.
There were no impairment charges recorded with respect to RSO's investment in real estate or intangible assets during the years ended December 31, 2014, 2013 and 2012.
Comprehensive Income (Loss)
Comprehensive income (loss) for RSO includes net income and the change in net unrealized gains (losses) on available-for-sale securities, derivative instruments used to hedge exposure to interest rate fluctuations and protect against declines in the market value of assets resulting from general market trends as well as translation of currency as a result of RSO's investment in the equity of foreign CDOs.
Income Taxes
RSO operates in such a manner as to qualify as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"); therefore, applicable REIT taxable income is included in the taxable income of its shareholders, to the extent distributed by RSO.  To maintain REIT status for federal income tax purposes, RSO is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other qualification requirements as defined under the Code.  As a REIT, RSO is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year.
Taxable income, from non-REIT activities managed through RSO's taxable REIT subsidiaries ("TRSs"), is subject to federal, state and local income taxes.  Income taxes for the TRSs are accounted for under the asset and liability method.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and tax basis of assets and liabilities.
Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, Whitney CLO I, Harvest CLO VII, Moselle CLO, Harvest CLO VIII, Harvest X Investor, and Harvest CLO X, RSO's foreign TRSs, are organized as exempted companies incorporated with limited liability under the laws of the Cayman Islands and, with respect to Moselle CLO, Luxembourg and, with respect to Harvest CLO VII, Harvest CLO VIII, and Harvest CLO X, Ireland, and are generally exempt from federal and state income tax at the corporate level because their activities in the United States are limited to trading in stock and securities for their own account.  Therefore, despite their status as TRSs, they generally will not be subject to corporate tax on their earnings and no provision for income taxes is required; however, because they are “controlled foreign corporations,” RSO will generally be required to include Apidos CDO I's, Apidos CDO III's, Apidos Cinco CDO's, Apidos CLO VIII's, Whitney CLO I's, Harvest CLO VII’s, Moselle CLO’s, Harvest CLO VIII’s, Harvest X Investor’s, and Harvest X CLO’s current taxable income in its calculation of REIT taxable income.
On October 27, 2011 RSO reorganized the ownership structure of Apidos CDO I and Apidos CDO III. As a result, the earnings from Apidos CDO I and Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. On January 24, 2012, RSO again reorganized the ownership structure of Apidos CDO I and Apidos CDO III.  As a result, for the period January 1, 2012 through January 23, 2012, the earnings from Apidos CDO I and Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. For the period January 24, 2012 through December 31, 2012 the earnings from Apidos CDO I are included in RSO's calculation of REIT taxable income.
On December 11, 2012, RSO further reorganized the ownership structure of Apidos CDO III.  As a result, for the period from January 24, 2012 through December 10, 2012 the earnings from Apidos CDO III are included in RSO's calculation of REIT taxable income.  Also as a result of the reorganization on December 11, 2012, for the period December 11, 2012 through December 31, 2012, the earnings from Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax.
On November 12, 2012, RSO reorganized the ownership structure of Apidos Cinco CDO and Whitney CLO I.  As a result, for the period November 12, 2012 through December 31, 2012, the earnings from Apidos Cinco CDO and Whitney CLO I are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from November 12, 2012 through December 31, 2012 was recorded.
On February 13, 2013, RSO further reorganized the ownership structure of Apidos Cinco CDO and Whitney CLO I. As a result, for the period January 1, 2013 through February 12, 2013, the earnings from Apidos Cinco CDO and Whitney CLO I are excluded from RSO’s calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from January 1, 2013 through February 12, 2013 has been recorded. Also, as a result of the reorganization on February 13, 2013, for the period February 13, 2013 and ending December 31, 2013 the earnings from Apidos Cinco CDO and Whitney CLO I are included in RSO’s calculation of REIT taxable income.
On March 8, 2013, RSO reorganized the ownership structure of Apidos CDO III. As a result, the earnings from Apidos CDO III for the period January 1, 2013 through March 7, 2013 are excluded from RSO’s calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from January 1, 2013 through March 7, 2013 has been recorded. Also, as a result of the reorganization on March 8, 2013, for the period March 8, 2013 and ending December 31, 2013 the earnings from Apidos CDO III are included in RSO’s calculation of REIT taxable income.
On September 10, 2013, RSO acquired approximately 9.5% of the equity of Harvest CLO VII, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland. This equity is directly owned by a domestic QRS (Qualified REIT Subsidiary) of RSO; therefore, its earnings are included in RSO’s calculation of REIT taxable income.
On February 24, 2014, RSO acquired approximately 88.6% of the equity of Moselle CLO S.A., which is a foreign TRS, incorporated in Luxembourg.  This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO's calculation of REIT taxable income.
On March 27, 2014, RSO acquired approximately 12.6% of the equity of Harvest CLO VIII, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland.  This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
On July 3, 2014, RSO acquired approximately 55% of the equity of Harvest X Investor, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of the Cayman Islands.  As of November 6, 2014, RSO’s investment was returned and RSO no longer has an active ownership interest in Harvest X Investor.  For the period July 3, 2014 through November 6, 2014 the equity was directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
On November 6, 2014, RSO acquired approximately 32.1% of the equity of Harvest CLO X, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland.  This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
RSO accounts for taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction (e.g., sales, use, value added) on a net (excluded from revenue) basis.
Linked Transactions
If RSO finances the purchase of securities with repurchase agreements with the same counterparty from whom the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed not to meet sale accounting criteria and RSO will account for the purchase of such securities and the repurchase agreement on a net basis and record a forward purchase commitment to purchase securities (each, a “Linked Transaction”) at fair value on RSO's consolidated balance sheets in the line item Linked Transactions, at fair value. Changes in the fair value of the assets and liabilities underlying the Linked Transactions and associated interest income and interest expense are reported as unrealized (loss) gain and net interest income on linked transactions, net on RSO's consolidated statements of income.
Reclassifications
Certain reclassifications have been made to the 2012 and 2013 consolidated financial statements to conform to the 2014 presentation. Previously, certain gains and losses related to RSO's residential mortgage loans were included in general and administrative expenses. These gains and losses are now included in net realized gain on sales of investment securities available-for-sale and loans. In 2013, RSO's middle market loans were reported with bank loans in the consolidated financial statements. In 2014, these loans were presented as a separate loan portfolio in the consolidated financial statements.
Principal paydown receivables represent the portion of RSO's loan portfolio for which indication has been provided through its various servicers, trustees, or its asset management group that a payoff or paydown of a loan has been received but for which, as of period end, RSO has not received and applied such cash to the outstanding loan balance. To better reflect the nature of these activities, RSO has reclassified the net changes in these principal paydown receivables in the Consolidated Statement of Cash Flows from an operating activity to an investing activity included in principal payments received from loans and has supplemented this reclassification with a disclosure of cash received on principal paydown receivables subsequent to December 31, 2014. The reclassification had the impact of decreasing net cash flows from operations by $18.7 million and increasing net cash flows from operations by $25.5 million for the years ended December 31, 2013, and 2012, respectively. Conversely, the reclassification had the impact of increasing net cash flows from investing activities by $18.7 million and decreasing net cash flows from investing activities by $25.5 million for the years ended December 31, 2013, and 2012, respectively. This reclassification had no impact on the net changes in cash and cash equivalents or net income for any periods presented.
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 securitizations in order to determine if they are variable interest in VIEs. RSO monitors these legal interests and, to the extent it has determined that it has a variable interest, analyzes the entity for potential consolidation. A VIE is required to be consolidated by RSO primary beneficiary. RSO will continually analyze entities for which it holds a variable interest, including when there is a reconsideration event, to determine whether such entities are VIEs and whether such potential VIEs should be consolidated or deconsolidated. This analysis requires considerable judgment in determining the primary beneficiary of a VIE and could result in the consolidation of an entity that would otherwise not have been consolidated or the non-consolidation of an entity that otherwise would have been consolidated.
Consolidated VIEs (RSO is the primary beneficiary)
Based on RSO management’s analysis, RSO is the primary beneficiary of eleven VIEs at December 31, 2014: Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, Whitney CLO I, RCC CRE Notes 2013, RCC CRE 2014, Moselle CLO and RCM Global, LLC. In performing the primary beneficiary analysis for Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, RREF CDO 2006-1, RREF CDO 2007-1, RCC CRE Notes 2013, RCC CRE 2014 and RCM Global, LLC, it was determined that the parties that have the power to direct the activities that are most significant to each of these VIEs and who have the right to receive benefits and the obligation to absorb losses that could potentially be significant to these VIEs, are a related party group. It was then determined that RSO was the party within that group that is more closely associated to each such VIE considering the design of the VIE, the principal-agency relationship between 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, RCC CRE 2014 and RCM Global, LLC were formed on behalf of RSO to invest in real estate-related securities, CMBS, property available-for-sale, bank loans, corporate bonds and asset-backed securities, and were financed by the issuance of debt securities. The Manager and CVC Credit Partners manage 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 $30.4 million interest in the form of subordinate notes representing 100% of the Class 1 Subordinated Notes and 67.9% of the Class 2 subordinated Notes in February 2014. The CLO was managed by an independent third-party and such collateral management activities were determined to be the activities that most significantly impact the economic performance of the CLO. Though neither RSO nor one of its related parties manages the CLO, due to certain unilateral kick-out rights within the collateral management agreement it was determined that 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. During the fourth quarter of 2014, the CLO began the liquidation process and substantially all assets were sold as of December 31, 2014.
Whitney CLO I is a securitization in which RSO acquired the rights to manage the collateral assets held by the entity in February 2011. For a discussion on the primary beneficiary analysis for Whitney, see “- Unconsolidated VIEs - Resource Capital Asset Management,” below.
On July 9, 2014, RCC Residential together with the Company and certain employees of the Company, acquired through RCM Global a portfolio of securities from JP Morgan for $23.5 million.  The portfolio is managed by RSO. 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 or his membership interest. RCM Global was determined to be a VIE based on the equity holders' inability to direct the activities that are most significant to the entity. RSO was determined to be the primary beneficiary of RCM Global and, therefore, consolidated the entity.
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 which can increase to 20% if RSO's capital contributions aggregate $40.0 million. 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 as a result of RSO's majority ownership and the unilateral kick-out rights. The non-controlling interest in this vehicle is owned by Resource America. RSO's ownership interest in Pelium decreased to 74.1% as of December 31, 2014.
For consolidated 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 the 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 eleven consolidated VIEs have no recourse to the general credit of RSO. However, in its capacity as manager, RSO has voluntarily supported two credits in one of its commercial real estate CDOs as the credits went through a restructuring in order to maximize their future cash flows. For the years ended December 31, 2014, 2013 and 2012, RSO has provided financial support of $219,000, $166,000 and $156,000, 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 consolidated VIEs as of December 31, 2014 (in thousands):
	Apidos I				Apidos				Apidos				Apidos				Whitney CLO I				RREF				RREF				RCC CRE Notes 2013			RCC CRE 2014			Moselle			RCM Global LLC			Total
					III				Cinco				VIII								2006-1				2007-1
ASSETS
Cash and cash equivalents	$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—		$	—		$	—		$	25		$	25
Restricted	416				3,104				20,142				5				116				20				250				2,713			—			94,481			—			121,247
cash (1)
Investment securities available-for-sale, pledged as collateral, at fair value	—				3,057				11,115				—				—				11,274				64,858				—			—			—			28,899			119,203
Loans, pledged as collateral	153				80,761				249,164				—				—				128,398				206,207				248,662			347,792			—			—			1,261,137
Loans held for sale	—				—				282				—				—				—				—				—			—			—			—			282
Interest receivable	—				327				858				—				—				2,293				1,979				1,279			1,396			—			809			8,941
Prepaid assets	2				21				19				—				—				78				64				37			—			—			—			221
Principal paydown receivable	—				—				—				—				—				—				—				20,500			2,207			3,060			—			25,767
Other assets	—				—				—				—				—				—				—				—			(12		)	—			—			(12		)
Total	$	571			$	87,270			$	281,580			$	5			$	116			$	142,063			$	273,358			$	273,191		$	351,383		$	97,541		$	29,733		$	1,536,811
assets (2)
LIABILITIES
Borrowings	$	—			$	74,646			$	255,463			$	—			$	—			$	61,424			$	130,207			$	224,157		$	231,657		$	68,940		$	—		$	1,046,494
Accrued interest expense	—				46				270				—				—				36				97				186			133			232			—			1,000
Derivatives, at fair value	—				—				—				—				—				864				7,575				—			—			—			—			8,439
Unsettled loan purchases	—				—				—				—				—				—				—				—			—			—			(529		)	(529		)
Accounts payable and other liabilities	8				40				17				—				—				(1		)		1				—			—			(453		)	2			(386		)
Total liabilities	$	8			$	74,732			$	255,750			$	—			$	—			$	62,323			$	137,880			$	224,343		$	231,790		$	68,719		$	(527	)	$	1,055,018
-1	Includes $3.0 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 December 31, 2014.
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$9.4 million and $11.2 million at December 31, 2014 and 2013, respectively. RSO recognized fee income of $5.1 million, $5.3 million and $7.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. With respect to four of these CLOs, RSO determined that it does not hold a controlling interest and, therefore, is not the primary beneficiary. One of the CLOs was liquidated in February 2013. With respect to the fifth CLO, Whitney CLO I, in October 2012, RSO purchased 66.6% of its preferred equity, which resulted in consolidation. Based upon that purchase, RSO determined that it had an obligation to absorb losses and/or the right to receive benefits that could potentially be significant to Whitney CLO I and that a related party had the power to direct the activities that are most significant to the VIE. As a result, together with the related party, 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 Whitney CLO I. In September 2013, RSO 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 December 31, 2014 (in thousands):
	Unconsolidated Variable Interest Entities
	LCC				Unsecured				Resource				Total				Maximum
					Junior				Capital Asset								Exposure
					Subordinated				Management								to Loss
					Debentures				CDOs
Investment in unconsolidated entities	$	39,417			$	1,548			$	—			$	40,965			$	40,965
Intangible assets	—				—				9,434				9,434				9,434
Total assets	39,417				1,548				9,434				50,399
Borrowings	—				51,205				—				51,205				N/A
Total liabilities	—				51,205				—				51,205				N/A
Net asset (liability)	$	39,417			$	(49,657	)		$	9,434			$	(806	)		N/A
As of December 31, 2014, 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 (in thousands):
	Years Ended
	December 31,
	2014				2013				2012
Non-cash investing activities include the following:
Assumption of direct financing leases and other assets (1)	$	2,385			$	—			$	—
Acquisition of real estate investments	$	—			$	—			$	(21,661	)
Conversion of loans to investment in real estate	$	—			$	—			$	21,661
Acquisition of loans, pledged as collateral	$	—			$	—			$	(230,152	)
Non-cash financing activities include the following:
Distributions on common stock declared but not paid	$	26,563			$	25,536			$	21,024
Distribution on preferred stock declared but not paid	$	6,044			$	2,159			$	1,244
Issuance of restricted stock	$	890			$	823			$	2,189
Contribution of security deposits and other liabilities (1)	$	457			$	—			$	—
Subscription receivable	$	—			$	—			$	1,248
Assumption of collateralized debt obligations	$	—			$	—			$	206,408
-1	On December 31, 2014, RSO assumed direct financing leases and related assets and liabilities in satisfaction of a loan receivable - related party.
Investment securities, trading - RSO
The following table summarizes RSO's structured notes and RMBS which are classified as investment securities, trading and carried at fair value (in thousands):
	Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
As of December 31, 2014::
Structured notes	$	22,876			$	1,098			$	(3,188	)		$	20,786
RMBS	1,896				—				(1,896		)		—
Total	$	24,772			$	1,098			$	(5,084	)		$	20,786
As of December 31, 2013::
Structured notes	$	8,057			$	4,050			$	(1,000	)		$	11,107
RMBS	1,919				—				(1,468		)		451
Total	$	9,976			$	4,050			$	(2,468	)		$	11,558
RSO purchased 38 securities and sold nine securities during the year ended December 31, 2014, for a net realized gain of $3.0 million. RSO purchased 37 and eight investment securities, trading as of December 31, 2014 and 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.
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 (1)
As of December 31, 2014::
CMBS	$	168,669			$	4,938			$	(3,202	)		$	170,405
RMBS	29,814				937				—				30,751
ABS	55,617				16,876				(336		)		72,157
Corporate Bonds	2,415				10				(18		)		2,407
Total	$	256,515			$	22,761			$	(3,556	)		$	275,720
As of December 31, 2013::
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
-1	As of December 31, 2014 and 2013, $197.8 million and $162.6 million, respectively, of securities were pledged as collateral security under related financings.
The following table summarizes the estimated maturities of RSO’s CMBS, RMBS, ABS and corporate bonds according to their estimated weighted average life classifications (in thousands, except percentages):
Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
As of December 31, 2014::
Less than one year	$	78,095		(1)	$	79,649			4.13	%
Greater than one year and less than five years	115,302				100,909				4.64	%
Greater than five years and less than ten years	20,177				17,516				16.45	%
Greater than ten years	62,146				58,441				7.86	%
Total	$	275,720			$	256,515			6.08	%
As of December 31, 2013::
Less than one year	$	39,256		(1)	$	40,931			5.25	%
Greater than one year and less than five years	139,700				141,760				4.69	%
Greater than five years and less than ten years	26,526				25,707				1.1	%
Greater than ten years	9,724				10,072				7.9	%
Total	$	215,206			$	218,470			4.49	%
-1	RSO expects that the maturity date of these CMBS will either be extended or the CMBS will be paid in full.
The contractual maturities of the CMBS investment securities available-for-sale range from January 2015 to December 2022.  The contractual maturity date of the RMBS investment securities available-for-sale is June 2029. The contractual maturities of the ABS investment securities available-for-sale range from October 2016 to October 2050. The contractual maturities of the corporate bond investment securities available-for-sale range from May 2016 to December 2019.
The following table shows the fair value, gross unrealized losses and number of securities aggregated by investment category and length of time, 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				Gross Unrealized Losses				Number of Securities			Fair Value				Gross Unrealized Losses				Number of Securities			Fair Value				Gross Unrealized Losses				Number of Securities
As of December 31, 2014:
CMBS	$	35,860			$	(555	)		22			$	25,583			$	(2,647	)		13			$	61,443			$	(3,202	)		35
ABS	1,000				(278		)		8			958				(58		)		3			1,958				(336		)		11
Corporate Bonds	1,447				(18		)		1			—				—				—			1,447				(18		)		1
Total temporarily	$	38,307			$	(851	)		31			$	26,541			$	(2,705	)		16			$	64,848			$	(3,556	)		47
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.
During the years ended December 31, 2014 and 2013, RSO recognized other-than-temporary impairment losses of zero and $328,000, respectively, on positions that supported RSO's CMBS investments.
The following table summarizes RSO's sales of investment securities available-for-sale during the period indicated, (in thousands, except number of securities):
	Positions		Par Amount Sold				Realized Gain (Loss)
	Sold
For the Year Ended December 31, 2014:
CMBS position	5		$	27,370			$	573
ABS	8		$	11,574			$	2,922
For the Year Ended December 31, 2013:
CMBS position	4		$	14,500			$	466
Corporate bond position	35		$	34,253			$	(474	)
The amounts above do not include redemptions. During the year ended December 31, 2014, RSO had two corporate bond positions redeemed with a total par of $1.6 million, and recognized a gain of $48,000. During the year ended December 31, 2013, RSO had three corporate bond positions redeemed with a total par of $4.3 million, and recognized a loss of $11,000.
During the year ended December 31, 2014, RSO had one ABS position redeemed with a total par of $2.5 million, and recognized a gain of $25,500. During the year ended December 31, 2013, RSO had no ABS positions redeemed. RSO also had one ABS position with a total par value of $3.0 million liquidated during the year ended December 31, 2014, which resulted in a gain of $570,000.
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
Multi-family 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 year ended December 31, 2014, RSO made no acquisitions and sold its remaining three properties for a combined gain of $6.1 million, which is recorded on RSO's consolidated statements of income in gain on sale of real estate. One of the properties was reclassified to property available-for-sale on RSO's consolidated balance sheets at December 31, 2013.
During the year ended December 31, 2013, RSO made no acquisitions and sold one of its multi-family properties for a gain of $16.6 million, which was recorded in 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 (in thousands):
Loan Description		Principal				Unamortized (Discount) Premium (1)				Carrying
										Value (2)
As of December 31, 2014:
Commercial real estate loans:
Whole loans		$	1,271,121			$	(7,529	)		$	1,263,592
B notes		16,120				(48		)		16,072
Mezzanine loans		67,446				(80		)		67,366
Total commercial real estate loans		1,354,687				(7,657		)		1,347,030
Bank loans		332,058				(1,410		)		330,648
Middle market loans		250,859				(746		)		250,113
Residential mortgage loans, held for investment		2,802				—				2,802
Subtotal loans before allowances		1,940,406				(9,813		)		1,930,593
Allowance for loan loss		(4,613		)		—				(4,613		)
Total loans before allowances		1,935,793				(9,813		)		1,925,980
Bank loans held for sale		282				—				282
Residential mortgage loans held for sale, at fair value (3)		111,454				—				111,454
Total loans held for sale		111,736				—				111,736
Total loans, net of allowance		$	2,047,529			$	(9,813	)		$	2,037,716
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		519,343				(3,950		)		515,393
Middle market loans		39,864				(84		)		39,780
Residential mortgage loans, held for investment		1,849				—				1,849
Subtotal loans before allowances		1,390,844				(7,511		)		1,383,333
Allowance for loan loss		(13,807		)		—				(13,807		)
Total loans before allowances		1,377,037				(7,511		)		1,369,526
Bank loans held for sale		2,377				—				2,377
Middle market loans held for sale		4,473				—				4,473
Residential mortgage loans held for sale, at fair value (3)		15,066				—				15,066
Total loans held for sale		21,916				—				21,916
Total loans, net of allowance		$	1,398,953			$	(7,511	)		$	1,391,442
-1	Amounts include deferred amendment fees of $88,000 and $216,000 and deferred upfront fees of $82,000 and $141,000 being amortized over the life of the bank loans as of December 31, 2014 and 2013, respectively.  Amounts include loan origination fees of $7.6 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 December 31, 2014 and 2013, respectively.
-2	Substantially all loans are pledged as collateral under various borrowings at December 31, 2014 and 2013, respectively.
-3	Residential mortgage loans held for sale, at fair value was comprised of $28.9 million and $82.6 million of agency-conforming and jumbo mortgage loans, respectively, as of December 31, 2014. The portfolio consisted of $15.1 million and $0 million of agency-conforming and jumbo mortgage loans, respectively, as of December 31, 2013.
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 December 31, 2014:
Whole loans, floating rate (1) (4) (6)		73		$	1,263,592			LIBOR plus 1.75% to		May 2015 to February 2019
								LIBOR plus 15.00%
B notes, fixed rate		1		16,072				8.68%		Apr-16
Mezzanine loans, floating rate		1		12,558				LIBOR plus 15.32%		Apr-16
Mezzanine loans, fixed rate (7)		3		54,808				0.50% to 18.71%		January 2016 to September 2019
Total (2)		78		$	1,347,030
As of December 31, 2013:
Whole loans, floating rate (1) (5) (6)		51		$	745,789			LIBOR plus 2.68% to		March 2014 to February 2019
								LIBOR plus 12.14%
B notes, fixed rate		1		16,205				8.68%		Apr-16
Mezzanine loans, floating rate		1		12,455				LIBOR plus 15.32%		Apr-16
Mezzanine loans, fixed rate (7)		3		51,862				0.50% to 18.72%		September 2014 to September 2019
Total (2)		56		$	826,311
-1	Whole loans had $105.1 million and $13.7 million in unfunded loan commitments as of December 31, 2014 and 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 December 31, 2014 and 2013, respectively.
-3	Maturity dates do not include possible extension options that may be available to the borrowers.
-4	Floating rate whole loans include a combined $12.0 million mezzanine component of two whole loans, which have a fixed rate of 12.0% and a $4.2 million mezzanine component of two whole loans that have a fixed rate of 15% at December 31, 2014.
-5	Floating rate whole loans includes a combined $11.4 million mezzanine component of two whole loans that has a fixed rate of 12.0% at December 31, 2013.
-6	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 December 31, 2014 and 2013.
-7	Fixed rate mezzanine loans include a mezzanine loan that was modified into two tranches, which both currently pay interest at 0.50%. In addition, the subordinate tranche accrues interest at LIBOR plus 18.50% which is deferred until maturity.
The following is a summary of the weighted average life of RSO’s commercial real estate loans, at amortized cost (in thousands):
Description		2015				2016				2017 and Thereafter				Total
As of December 31, 2014:
B notes		$	—			$	16,072			$	—			$	16,072
Mezzanine loans		—				16,736				50,630				67,366
Whole loans		—				27,665				1,235,927				1,263,592
Total (1)		$	—			$	60,473			$	1,286,557			$	1,347,030
		2014				2015				2016 and Thereafter				Total
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.
At December 31, 2014, RSO’s bank loan portfolio consisted of $330.4 million (net of allowance of $570,000) of floating rate loans, which bear interest ranging between the three month LIBOR plus 1.25%, and the three month LIBOR plus 8.75% with maturity dates ranging from January 2015 to February 2024.
At December 31, 2013, RSO’s bank loan portfolio consisted of $514.4 million (net of allowance of $3.4 million) of floating rate loans, which bear 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 life of RSO’s bank loans, at amortized cost (in thousands):
	December 31,
	2014				2013
Less than one year	$	7,829			$	36,985
Greater than one year and less than five years	274,332				366,848
Five years or greater	48,769				113,937
	$	330,930			$	517,770
At December 31, 2014, RSO’s middle market loan portfolio consisted of $250.1 million of floating rate loans, which bear interest ranging between the one or three month LIBOR plus 5.5% and the one or three month LIBOR plus 9.25% with maturity dates ranging from December 2016 to November 2022.
At December 31, 2013, RSO’s middle market loan portfolio consisted of $44.3 million of floating rate loans, which bear interest ranging between the one or three month LIBOR plus 3.75%, and the one or three month LIBOR plus 10.5% with maturity dates ranging from October 2018 to December 2021.
The following is a summary of the weighted average life of RSO’s middle market loans, at amortized cost (in thousands):
	December 31,
	2014				2013
Less than one year	$	—			$	—
Greater than one year and less than five years	132,353				13,027
Five years or greater	117,760				31,226
	$	250,113			$	44,253
The following is a summary of the allocation of the allowance for loan loss with respect to RSO’s commercial real estate and bank loans (in thousands, except percentages) by asset class:
Description		Allowance for Loan Loss				Percentage of
						Total Allowance
As of December 31, 2014:
B notes		$	55			1.19%
Mezzanine loans		230				4.99%
Whole loans		3,758				81.47%
Bank loans		570				12.36%
Total		$	4,613
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 December 31, 2014, RSO had recorded an allowance for loan losses of $4.6 million consisting of a $570,000 allowance on RSO’s bank loan portfolio and a $4.0 million allowance on RSO’s commercial real estate portfolio. There was no allowance on RSO’s middle market loan portfolio. The fair value option was elected for RSO’s residential mortgage loan portfolio and therefore, no allowance for loan losses is required.
As of December 31, 2013, RSO had recorded an allowance for loan losses of $13.8 million consisting of a $3.4 million allowance on RSO’s bank loan portfolio, a $10.4 million allowance on RSO’s commercial real estate portfolio. There was no allowance on RSO’s middle market loan portfolio.
Principal paydown receivables represent the portion of RSO’s loan portfolio for which indication has been provided through its various servicers, trustees, or its asset management group that a payoff or paydown of a loan has been received but for which, as of period end, RSO has not received and applied such cash to the outstanding loan balance. At December 31, 2014, principal paydown receivables totaled $40.9 million, the entirety of which RSO received in cash during January 2015.
At December 31, 2014 and 2013, approximately 27.4% and 39.0%, respectively, of RSO’s commercial real estate loan portfolio was concentrated in commercial real estate loans located in California; approximately 7.3% and 6.4%, respectively, in Arizona, and approximately 27.3% and14.6%, respectively, in Texas. At December 31, 2014 and 2013, approximately 17.5% and 15.8%, of RSO’s bank loan portfolio was concentrated in the collective industry grouping of healthcare, education and childcare. At December 31, 2014, approximately 13.7% of RSO's middle market loan portfolio was concentrated in the collective industry grouping of personal, food and miscellaneous service. At December 31, 2013, approximately 23.1% of RSO's middle market loan portfolio was concentrated in hotels, motels, inns and gaming. During the year ended December 31, 2014, approximately 56% of RSO's residential mortgage loans were originated in Georgia, 8% in Utah, 7% in Virginia, 5% in Alabama, and 4% in Tennessee. During the year ended December 31, 2013, approximately 66.0% of RSO's residential mortgage loans were originated in Georgia, 9% in North Carolina, 7% in Tennessee and Virginia and 6% in Alabama.
Investments in unconsolidated entities - RSO
The following table shows RSO's investments in unconsolidated entities as of 2014 and 2013 and equity in net earnings (losses) of unconsolidated subsidiaries for the years ended December 31, 2014, 2013 and 2012 (in thousands):
			Balance as of								Years Ended December 31,
	Ownership %		December 31,				December 31,				2014				2013				2012
			2014				2013
Värde Investment Partners, L.P	7.50%		$	654			$	674			$	(20	)		$	148			$	(135	)
RRE VIP Borrower, LLC (1)			—				—				3,473				277				682
Investment in LCC Preferred Stock	28.40%		39,416				41,016				(1,555		)		(183		)		(3,256		)
Investment in CVC Global Credit Opportunities Fund	27.70%		18,209				16,177				2,032				1,177				—
Investment in	50.20%		—				1,530				(75		)		(470		)		—
Life Care Funding (2)
Investment in School Lane House (1)			—				975				912				—				—
			58,279				60,372				4,767				949				(2,709		)
Investment in RCT I and II (3)	3.00%		1,548				1,548				2,387				2,401				2,494
Investment in Preferred Equity (1) (4)			—				7,149				410				992				705
Total			$	59,827			$	69,069			$	7,564			$	4,342			$	490
-1	Investment in School Lane House, Investment in RRE VIP Borrower and the Investments in preferred equity were sold as of December 31, 2014.
-2	RSO began consolidating this investment during the first quarter of 2014. Ownership % represents ownership after consolidation.
-3	For the years ended December 31, 2014, 2013, and 2012 these amounts are recorded in interest expense on the RSO's consolidated statements of income.
-4	For the years ended December 31, 2014, 2013, and 2012 these amounts are recorded in interest income on loans on RSO's consolidated statements of income.
In January 2013, LTCC invested $2.0 million into 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				Bank Loans				Middle Market Loans				Residential Mortgage Loans				Loans Receivable-Related Party				Total
	Real Estate
	Loans
As of December 31, 2014:
Allowance for Loan Losses:
Allowance for losses at January 1, 2014	$	10,416			$	3,391			$	—			$	—			$	—			$	13,807
Provision (recovery) for loan loss	(3,758		)		4,173				92				—				1,297				1,804
Loans charged-off	(2,615		)		(6,994		)		(92		)		—				(1,297		)		(10,998		)
Allowance for losses at December 31, 2014	$	4,043			$	570			$	—			$	—			$	—			$	4,613
Ending balance:
Individually evaluated for impairment	$	—			$	570			$	—			$	—			$	—			$	570
Collectively evaluated for impairment	$	4,043			$	—			$	—			$	—			$	—			$	4,043
Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—			$	—
Loans:
Ending balance: (1)
Individually evaluated for impairment	$	166,180			$	1,350			$	250,113			$	—			$	1,277			$	418,920
Collectively evaluated for impairment	$	1,180,850			$	329,580			$	—			$	2,802			$	—			$	1,513,232
Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—			$	—
As of December 31, 2013:
Allowance for Loan Losses:
Allowance for losses at January 1, 2013	$	7,986			$	9,705			$	—			$	—			$	—			$	17,691
Provision for loan loss	2,686				312				22				—				—				3,020
Loans charged-off	(256		)		(6,626		)		(22		)		—				—				(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: (1)
Individually evaluated for impairment	$	194,403			$	3,554			$	—			$	—			$	6,966			$	204,923
Collectively evaluated for impairment	$	631,908			$	558,469		(2)	$	—			$	16,915			$	—			$	1,207,292
Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—			$	—
(1) Loan balances as of December 31, 2014 and 2013 include loans held for sale.
(2) Includes $44.3 million of middle market loans at December 31, 2013.
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 metrics such as performance of the underlying company, liquidity, collectability of interest, enterprise valuation, default probability, ratings from rating agencies and industry dynamics in grading its bank loans.
Credit risk profiles of bank and middle market loans were as follows (in thousands):
	Rating 1				Rating 2				Rating 3				Rating 4				Rating 5				Held for Sale				Total
As of December 31, 2014:
Bank loans	$	291,214			$	32,660			$	5,424			$	—			$	1,350			$	282			$	330,930
As of December 31, 2013:
Bank loans	$	448,224			$	42,476			$	18,806			$	2,333			$	3,554			$	2,377			$	517,770
All of RSO’s bank loans were performing with the exception of two loans with an amortized cost of $1.4 million as of December 31, 2014, one of which defaulted as of March 2014 and the other defaulted 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 as of 2012, one of which defaulted as of March 31, 2013, and one of which defaulted as of June 30, 2013.
Middle Market Loans
RSO uses a risk grading matrix to assign grades to middle market loans.  At inception, all middle market loans are graded at a 2 and updates to assigned grades are made continually as new information is received. Loans are graded on a scale of 1-5 with 1 representing RSO’s highest rating and 5 representing its lowest rating.  A loan with a rating of a 2 is considered performing within expectations. RSO considers metrics such as performance of the underlying company, liquidity, collectability of interest and principal payments, enterprise valuation, default probability, and industry dynamics in grading its middle market loans.
Credit risk profiles of bank and middle market loans were as follows (in thousands):
	Rating 1				Rating 2				Rating 3				Rating 4				Rating 5				Held for Sale				Total
As of December 31, 2014:
Middle market loans	$	—			$	240,245			$	9,868			$	—			$	—			$	—			$	250,113
As of December 31, 2013:
Middle market loans	$	—			$	39,780			$	—			$	—			$	—			$	4,473			$	44,253
All of RSO’s middle market loans were performing as of December 31, 2014 and 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 metrics such as the strength of underlying sponsorship, payment history, collectability of interest, structural credit enhancements, market trends and loan terms in grading its commercial real estate loans.
Credit risk profiles of commercial real estate loans were as follows (in thousands):
	Rating 1				Rating 2				Rating 3				Rating 4				Held for Sale				Total
As of December 31, 2014:
Whole loans	$	1,231,092			$	32,500			$	—			$	—			$	—			$	1,263,592
B notes	16,072				—				—				—				—				16,072
Mezzanine loans	45,432				21,934				—				—				—				67,366
	$	1,292,596			$	54,434			$	—			$	—			$	—			$	1,347,030
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 performing as of December 31, 2014 and 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
During the year ended December 31, 2014, RSO recorded a provision for loan on one related party loan of $1.3 million before extinguishing the loan and bringing direct financing leases in the amount of $2.1 million on RSO's books in lieu of the loan receivable.
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 December 31, 2014:
Whole loans	$	—			$	—			$	—			$	—			$	1,263,592			$	1,263,592			$	—
B notes	—				—				—				—				16,072				16,072				—
Mezzanine loans	—				—				—				—				67,366				67,366				—
Bank loans (1)	—				—				1,350				1,350				329,580				330,930				—
Middle market loans (3)	—				—				—				—				250,113				250,113				—
Residential mortgage loans (2)	443				82				119				644				113,612				114,256				—
Loans receivable-related party	—				—				—				—				1,277				1,277				—
Total loans	$	443			$	82			$	1,469			$	1,994			$	2,041,612			$	2,043,606			$	—
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 (1)	—				—				3,554				3,554				514,216				517,770				—
Middle market loans (3)	—				—				—				—				44,253				44,253				—
Residential mortgage loans (2)	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 $282,000 and $2.4 million of bank loans held for sale at December 31, 2014 and 2013, respectively.
-2	Contains $111.5 million and $15.1 million of residential mortgage loans held for sale at December 31, 2014 and 2013, respectively.
-3	Contains $0 and $4.5 million of middle market loans held for sale at December 31, 2014 and 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 December 31, 2014:
Loans without a specific valuation allowance:
Whole loans	$	128,108			$	128,108			$	—			$	130,445			$	12,679
B notes	$	—			$	—			$	—			$	—			$	—
Mezzanine loans	$	38,072			$	38,072			$	—			$	38,072			$	2,859
Bank loans	$	—			$	—			$	—			$	—			$	—
Middle market loans	$	—			$	—			$	—			$	—			$	—
Residential mortgage loans	$	2,082			$	2,082			$	—			$	2,082			$	148
Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
Loans with a specific valuation allowance:
Whole loans	$	—			$	—			$	—			$	—			$	—
B notes	$	—			$	—			$	—			$	—			$	—
Mezzanine loans	$	—			$	—			$	—			$	—			$	—
Bank loans	$	1,350			$	1,350			$	(570	)		$	—			$	—
Middle market loans	$	—			$	—			$	—			$	—			$	—
Residential mortgage loans	$	—			$	—			$	—			$	—			$	—
Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
Total:
Whole loans	$	128,108			$	128,108			$	—			$	130,445			$	12,679
B notes	—				—				—				—				—
Mezzanine loans	38,072				38,072				—				38,072				2,859
Bank loans	1,350				1,350				(570		)		—				—
Middle market loans	—				—				—				—				—
Residential mortgage loans	2,082				2,082				—				2,082				148
Loans receivable - related party	—				—				—				—				—
	$	169,612			$	169,612			$	(570	)		$	170,599			$	15,686
	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	$	—			$	—			$	—			$	—			$	—
Middle market 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	)		$	—			$	—
Middle market loans	$	—			$	—			$	—			$	—			$	—
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		)		—				—
Middle market loans	—				—				—				—				—
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		Pre-Modification				Post-Modification
	of Loans		Outstanding				Outstanding
			Recorded Balance				Recorded Balance
Year Ended December 31, 2014:
Whole loans	3		$	99,739			$	99,739
B notes	—		—				—
Mezzanine loans	1		38,072				38,072
Bank loans	—		—				—
Middle market loans	—		—				—
Residential mortgage loans	—		—				—
Loans receivable - related party	—		—				—
Total loans	4		$	137,811			$	137,811
Year Ended December 31, 2013:
Whole loans	5		$	143,484			$	147,826
B notes	—		—				—
Mezzanine loans	—		—				—
Bank loans	—		—				—
Middle market loans	—		—				—
Loans receivable	1		6,592				6,592
Total loans	6		$	150,076			$	154,418
As of December 31, 2014 and 2013, there were no commercial real estate loan troubled-debt restructurings that subsequently defaulted. On December 31, 2014, the loan receivable - related party was extinguished and the underlying collateral was assigned to RSO. During the year ended December 31, 2014, RSO recorded $1.3 million in total write-downs on the loan.
Business Combinations - RSO
On October 31, 2013, RSO, through its TRS, RCC Residential, completed a business combination whereby it acquired the assets of PCM, an Atlanta based company that originates and services residential mortgage loans, for approximately $7.6 million in cash. As part of this transaction, a key employee of PCM was granted approximately $800,000 of RSO’s restricted stock. Any grant for employees of PCM are accounted for as compensation and amortized to equity compensation expense over the vesting period. Dividends declared on the stock while unvested are recorded as a general and administrative expense. Dividends declared after the stock vests are recorded as a distribution. For the years ended December 31, 2014 and 2013, $634,000 and $106,000 of amortization of the stock grants were recorded to equity compensation expense on RSO's consolidated statements of income and $189,000 and $48,000 of expense related to dividends on unvested shares was recorded to general and administrative expenses on RSO’s consolidated statements of income for the years ended December 31, 2014 and 2013.
Upon acquisition of PCM, RSO recognized an intangible asset of $600,000, related to its wholesale-correspondent relationships, which have a finite life of approximately two years.
The purchase price was been allocated to the assets acquired and liabilities assumed based upon RSO’s best estimate of fair value with any shortage under the net tangible and intangible assets acquired allocated to gain on bargain purchase.
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
On February 27, 2014, RSO made an additional capital contribution to LCF which gave RSO majority ownership at 50.2%. As a result, RSO began consolidating the LCF joint venture. The joint venture was established for the purpose of originating and acquiring life settlement contracts through a financing facility. Although we do not anticipate further material purchase price adjustments for LCF are anticipated, RSO has not yet completed the process of estimating the fair value of assets acquired and liabilities assumed on this investment. Accordingly, RSO's preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as RSO completes the process. In accordance with FASB ASC Topic 805, changes, if any, to the preliminary estimates and allocation will be reported in RSO's consolidated financial statements, retrospectively.
Intangible assets - RSO
RSO recorded amortization expense on intangible assets of $2.1 million for the year ended December 31, 2014, and expects to record amortization expense on intangible assets of approximately $2.0 million for the year ended December 31, 2015, $1.8 million for the years ended December 31, 2016 and 2017, $1.6 million for the year ended December 31, 2018 and $1.0 million for the year ended December 31, 2019.  The weighted average amortization period was 6.6 years and 7.7 years at December 31, 2014 and 2013, respectively.
The following table summarizes intangible assets at December 31, 2014 and 2013 (in thousands).
	Beginning Balance				Accumulated Amortization				Net Asset
December 31, 2014:
Investment in RCAM	$	21,213			$	(11,779	)		$	9,434
Investment in PCA:
Wholesale or correspondent relationships	600				(298		)		302
Total intangible assets	$	21,813			$	(12,077	)		$	9,736
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 (below) market leases	29				(29		)		—
Investment in PCA:
Wholesale or correspondent relationships	600				(42		)		558
Total intangible assets	$	24,303			$	(12,481	)		$	11,822
For the years ended December 31, 2014, 2013 and 2012, RSO recognized $5.1 million, $5.3 million and $7.0 million, respectively, of fee income related to the investment in RCAM.
Mortgage Servicing Rights
Through RSO's wholly-owned residential mortgage originator PCM, residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and Government National Mortgage Association, or (ii) sales to private investors. RSO may have continuing involvement in mortgage loans sold by retaining servicing rights and servicing obligations.
The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights (“MSRs”) and loans held for sale.  The total servicing portfolio was $894.8 million as of December 31, 2014.  MSRs recorded in RSO's consolidated balance sheets are related to the capitalized servicing portfolio and are created through the sale of originated loans.
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of (in thousands):
		Year Ended
		December 31, 2014
Balance, beginning of Period		$	433,153
Additions		519,915
Payoffs, sales and curtailments		(58,301		)
Balance, end of period		$	894,767
The activity in capitalized MSRs is recorded in other assets and consists of the followings (in thousands):
		Year Ended
		December 31, 2014
Balance, beginning of Period		$	4,885
Additions		6,446
Sales		—
Balance, end of period		$	11,331
Accumulated amortization		(2,457		)
Balance, end of period		$	8,874
For the year ended December 31, 2014, RSO recognized $1.6 million in amortization. RSO expects to recognize $2.0 million for theyear ended 2015, $2.0 million for the year ended 2016, $1.8 million for the year ended 2017, $1.7 million for the year ended 2018, and $1.1 million for the year ended 2019, in amortization related to RSO mortgage servicing rights portfolio.
The value of MSRs is driven by the net positive, or in some cases net negative, cash flows associated with servicing activities.  These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Other income as follows (in thousands):
		Year Ended
		December 31, 2014
Servicing fees from capitalized portfolio		$	1,649
Late Fees		$	81
Other ancillary servicing revenue		$	6
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, securitized notes, repurchase agreements, secured term facilities, warehouse facilities and trust preferred securities issuances.  Certain information with respect to RSO’s borrowings at December 31, 2014 and 2013 is summarized in the following table (in thousands, except percentages):
	Principal Outstanding				Unamortized Issuance Costs and Discounts				Outstanding Borrowings				Weighted Average Borrowing Rate		Weighted Average Remaining Maturity		Value of Collateral
As of December 31, 2014:
RREF CDO 2006-1 Senior Notes	$	61,423			$	—			$	61,423			2.12%		31.6 years		$	139,242
RREF CDO 2007-1 Senior Notes	130,340				133				130,207				1.19%		31.8 years		271,423
RCC CRE Notes 2013 Senior Notes	226,840				2,683				224,157				2.11%		14.0 years		249,983
RCC CRE 2014 Senior Notes	235,344				3,687				231,657				1.45%		17.3 years		346,585
Apidos CDO III Senior Notes	74,646				—				74,646				1.18%		5.7 years		85,553
Apidos Cinco CDO Senior Notes	255,664				201				255,463				0.81%		5.4 years		272,512
Moselle CLO Senior Notes, at fair value (7)	63,321				—				63,321				1.49%		5.0 years		93,576
Moselle CLO Securitized Borrowings, at fair value (1)	5,619				—				5,619				1.49%		5.0 years		—
Unsecured Junior Subordinated Debentures (2)	51,548				343				51,205				4.19%		21.8 years		—
6.0% Convertible Senior Notes	115,000				6,626				108,374				6.00%		3.9 years		—
CRE - Term Repurchase Facilities (3)	207,640				1,958				205,682				2.43%		20 days		297,571
CMBS - Term Repurchase Facility (4)	24,967				—				24,967				1.35%		20 days		30,180
RMBS - Term Repurchase Facility (6)	22,248				36				22,212				1.16%		1 day		27,885
Residential Mortgage Financing Agreements	102,576				—				102,576				2.78%		207 days		147,472
CMBS - Short Term Repurchase Agreements	44,225				—				44,225				1.63%		17 days		62,446
Senior Secured Revolving Credit Agreement (5)	113,500				2,363				111,137				2.66%		2.7 years		262,687
Total	$	1,734,901			$	18,030			$	1,716,871			2.09%		10.0 years		$	2,287,115
	Principal Outstanding				Unamortized Issuance Costs and Discounts				Outstanding Borrowings				Weighted Average Borrowing Rate		Weighted Average Remaining Maturity		Value of Collateral
As of December 31, 2013:
RREF CDO 2006-1 Senior Notes	$	94,209			$	205			$	94,004			1.87%		32.6 years		$	169,115
RREF CDO 2007-1 Senior Notes	178,556				719				177,837				0.84%		32.8 years		318,933
RCC CRE Notes 2013 Senior Notes	260,840				4,269				256,571				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	133,326				117				133,209				0.88%		6.7 years		145,930
Apidos Cinco CDO Senior Notes	322,000				853				321,147				0.74%		6.4 years		342,796
Whitney CLO I Securitized	440				—				440				—%		N/A		885
Borrowings (1)
Unsecured Junior Subordinated Debentures (2)	51,548				543				51,005				4.19%		22.8 years		—
6.0% Convertible Senior Notes	115,000				8,465				106,535				6.00%		4.9 years		—
CRE - Term Repurchase Facilities (3)	30,736				1,033				29,703				2.67%		21 days		48,186
CMBS - Term Repurchase Facility (4)	47,613				12				47,601				1.38%		21 days		56,949
Residential Mortgage Financing Agreements	14,627				—				14,627				4.24%		56 days		16,487
Total	$	1,336,026			$	16,216			$	1,319,810			1.87%		13.1 years		$	1,508,603
-1	The securitized borrowings were collateralized by the same assets as the Moselle CLO Senior Notes and Whitney CLO I Senior Notes.
-2	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
-3	Amount also include accrued interest expense of $198,000 and $26,000 related to CRE repurchase facilities as of December 31, 2014 and 2013, respectively.
-4	Amount also include accrued interest expense of $12,000 and $22,000 related to CMBS repurchase facilities as of December 31, 2014 and 2013, respectively. Amounts does not reflect CMBS repurchase agreement borrowings that are components of linked transactions.
-5	Amount also include accrued interest expense of $31,000 related to CMBS short term repurchase facilities as of December 31, 2014.
-6	Amount also include accrued interest expense of $20,000 related to RMBS repurchase facilities as of December 31, 2014.
-7	The fair value option has been elected for the borrowings associated with Moselle CLO. As such, the outstanding borrowings and principal outstanding amounts are stated at fair value. The unpaid principal amounts of these borrowings were $63.3 million at December 31, 2014. Unpaid principal does not include subordinated notes with a fair value of $27.8 million that are owned by RSO and eliminate in consolidation.
-8	Value of collateral includes $14.9 million of principal receivable at borrowed at December 31, 2014.
Securitizations
Securitization		Closing Date		Maturity Dates		Reinvestment		Total Note
						Period End		Paydowns as of December 31, 2014
								(in millions)
RREF CDO 2006-1 Senior Notes		Aug-06		Aug-46		Sep-11		$	165.6
RREF CDO 2007-1 Senior Notes		Jun-07		Sep-46		Jun-12		$	151.7
RCC CRE Notes 2013 Senior Notes		Dec-13		Dec-28		N/A		$	34
RCC CRE 2014 Senior Notes		Jul-14		Apr-32		N/A		$	—
Apidos CDO III Senior Notes		May-06		Sep-20		Jun-12		$	187.9
Apidos Cinco CDO Senior Notes		May-07		May-20		May-14		$	66.3
Moselle CLO S.A. Senior Notes		Oct-05		Jan-20		Jan-12		$	100.3
Moselle CLO S.A. Securitized Borrowings		Oct-05		Jan-20		Jan-12		$	—
In October 2014, Apidos CDO I was called and substantially all of the assets were sold. Total proceeds from the sale of these assets, plus proceeds from previous sales and paydowns in the CLO were used to pay down the remaining $321.5 million of the senior notes.
During the fourth quarter of 2014, Moselle CLO S.A. was called and liquidated, and as a result, all of the assets were sold.
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 December 31, 2014 eliminate in consolidation.
RCC CRE Notes 2013
In December 2013, RSO closed RCC CRE Notes 2013, a $307.8 million CRE securitization transaction that provided financing for transitional commercial real estate loans. RCC CRE Notes 2013 issued a total of $260.8 million of senior notes at par to unrelated investors.  RCC Real Estate purchased 100% of the Class D senior notes (rated BBB:DBRS), class E senior notes (rated BB:DBRS) and class F senior notes (rated B:DBRS) for $30.0 million.  In addition, Resource Real Estate Funding 2013 Notes Investor, LLC, a subsidiary of RCC Real Estate, purchased a $16.9 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RCC CRE Notes 2013 but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RCC CRE Notes 2013.
At closing, the senior notes issued to investors by RCC CRE Notes 2013 consisted of the following classes: (i) $136.9 million of Class A notes bearing interest at one-month LIBOR plus 1.30%; (ii) $78.5 million of Class A-S notes bearing interest at one-month LIBOR plus 2.15%; (iii) $30.8 million of Class B notes bearing interest at one-month LIBOR plus 2.85%; (iv) $14.6 million of Class C notes bearing interest at one-month LIBOR plus 3.50%; (v) $13.8 million of Class D notes bearing interest at one-month LIBOR plus 4.5%; (vi) $9.2 million of Class E notes bearing interest at one-month LIBOR plus 5.5%; (vii) and $6.9 million of Class F notes bearing interest at one-month LIBOR plus 6.5%.  All of the notes issued mature in December 2028, although RSO has the right to call the notes anytime after January 2016 until maturity.
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. RCC CRE 2014 issued a total of $253.3 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.
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 plus 1.30%; (ii) $38.9 million of Class B notes bearing interest at one-month LIBOR plus 2.5%; (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 1.45% at December 31, 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 outstanding subordinated notes in the European securitization Moselle CLO S.A. 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%.
RSO had the right to call the notes anytime after January 6, 2010 until maturity and in November 2014, RSO exercised this right and substantially liquidated the securitization's assets.
Resource Real Estate Funding CDO 2007-1
In June 2007, RSO closed RREF CDO 2007-1, a $500.0 million CDO transaction that provided financing for commercial real estate loans and commercial mortgage-backed securities. RREF CDO 2007-1 issued a total of $265.6 million of senior notes at par to unrelated investors.  RCC Real Estate purchased 100% of the class H senior notes (rated  BBB+:Fitch), class K senior notes (rated BBB-:Fitch), class L senior notes (rated BB:Fitch) and class M senior notes (rated B: Fitch) for $68.0 million.  In addition, Resource Real Estate Funding 2007-1 CDO Investor, LLC, a subsidiary of RCC Real Estate, purchased a $41.3 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RREF CDO 2007-1 but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RREF CDO 2007-1.
At closing, the senior notes issued to investors by RREF CDO 2007-1 consisted of the following classes: (i) $180.0 million of Class A-1 notes bearing interest at one-month LIBOR plus 0.28%; (ii) $50.0 million of unissued class A-1R notes, which allowed the CDO to fund future funding obligations under the existing whole loan participations that had future funding commitments; the undrawn balance of the Class A-1R notes accrued a commitment fee at a rate per annum equal to 0.18%, the drawn balance bore interest at one-month LIBOR plus 0.32%; (iii) $57.5 million of Class A-2 notes bearing interest at one-month LIBOR plus 0.46%; (iv) $22.5 million of Class B notes bearing interest at one-month LIBOR plus 0.80%; (v) $7.0 million of Class C notes bearing interest at a fixed rate of 6.423%; (vi) $26.8 million of Class D notes bearing interest at one-month LIBOR plus 0.95%; (vii) $11.9 million of Class E notes bearing interest at one-month LIBOR plus 1.15%; (viii) $11.9 million of Class F notes bearing interest at one-month LIBOR plus 1.30%; (ix) $11.3 million of Class G notes bearing interest at one-month LIBOR plus 1.55%; (x) $11.3 million of Class H notes bearing interest at one-month LIBOR plus 2.30%; (xi) $11.3 million of Class J notes bearing interest at one-month LIBOR plus 2.95%; (xii) $10.0 million of Class K notes bearing interest at one-month LIBOR plus 3.25%; (xiii) $18.8 million of Class L notes bearing interest at a fixed rate of 7.50% and (xiv) $28.8 million of Class M notes bearing interest at a fixed rate of 8.50%.  RSO has the right to call the notes anytime after July 2017 until maturity.
During the years ended December 31, 2014 and 2013, RSO did not repurchase any notes. During the year ended December 31, 2012, RSO repurchased and redeemed $50.0 million of Class A-1R notes and $26.8 million of the Class D notes in RREF CDO 2007-1 at a weighted average price of 78.85% to par which, after fees paid to an investment bank to finance the transaction and related expenses, resulted in a $14.9 million gain reported as a gain on the extinguishment of debt in RSO's consolidated statements of income.
During the year ended December 31, 2014, RSO reissued $25.0 million of Class A-1 notes at a price of 92.53% to par and $15.0 million of Class D notes at a weighted average price of 86.85% to par, which resulted in a $3.8 million loss on the reisssuance of debt in RSO's consolidated statements of income.
Resource Real Estate Funding CDO 2006-1
In August 2006, RSO closed RREF CDO 2006-1, a $345.0 million CDO transaction that provided financing for commercial real estate loans, RREF CDO 2006-1 issued a total of $308.7 million of senior notes at par to investors of which RCC Real Estate purchased 100% of the Class J senior notes (rated BB: Fitch) and Class K senior notes (rated B:Fitch) for $43.1 million.  In addition, Resource Real Estate Funding 2006-1 CDO Investor, LLC, a subsidiary of RCC Real Estate, purchased a $36.3 million equity interest representing 100% of the outstanding preference shares.  The senior notes purchased by RCC Real Estate are subordinated in right of payment to all other senior notes issued by RREF CDO 2006-1 but are senior in right of payment to the preference shares.  The equity interest is subordinated in right of payment to all other securities issued by RREF CDO 2006-1. As of December 31, 2013, $110.0 million of Class A-1 notes have been paid down.
At closing, the senior notes issued to investors by RREF CDO 2006-1 consisted of the following classes:  (i) $129.4 million of Class A-1 notes bearing interest at one-month LIBOR plus 0.32%; (ii) $17.4 million of Class A-2 notes bearing interest at one-month LIBOR plus 0.35%; (iii) $5.0 million of Class A-2 notes bearing interest at a fixed rate of 5.842%; (iv) $6.9 million of Class B notes bearing interest at one-month LIBOR plus 0.40%; (v) $20.7 million of Class C notes bearing interest at one-month LIBOR plus 0.62%; (vi) $15.5 million of Class D notes bearing interest at one-month LIBOR plus 0.80%; (vii) $20.7 million of Class E notes bearing interest at one-month LIBOR plus 1.30%; (viii) $19.8 million of Class F notes bearing interest at one-month LIBOR plus 1.60%; (ix) $17.3 million of Class G notes bearing interest at one-month LIBOR plus 1.90%; (x) $12.9 million of Class H notes bearing interest at one-month LIBOR plus 3.75%, (xi) $14.7 million of Class J notes bearing interest at a fixed rate of 6.00% and (xii) $28.4 million of Class K notes bearing interest at a fixed rate of 6.00%.  All of the notes issued mature in August 2046, although RSO has the right to call the notes anytime after August 2016 until maturity.
During the years ended December 31, 2014 and 2013, RSO did not repurchase any notes.  During the year ended December 31, 2012, RSO repurchased $4.3 million of the Class A-1 notes and $4.0 million of the Class C notes in RREF CDO 2006-1 at a weighted average price of 81.63% to par which resulted in a $1.5 million gain reported as a gain on the extinguishment of debt in RSO's consolidated statements of income.
During the year ended December 31, 2014, RSO reissued $6.7 million of Class A-1 notes at a price of 98.94% to par, and $12.0 million of Class A-2 notes at a price of 95.56% to par, which resulted in a $604,000 loss on the reissuance of debt in the consolidated statements of income.
Whitney CLO I
In February 2011, RSO acquired the rights to manage the assets held by Whitney CLO I. In October 2012, RSO purchased a $20.9 million preferred equity interest at a discount of 42.5% which represented 66.6% of the outstanding preference shares in Whitney CLO I. In May 2013, RSO purchased an additional $550,000 equity interest in Whitney CLO I and as of December 31, 2013 held 68.3% of the outstanding preference shares. Based upon those purchases, RSO determined that it had a controlling interest and consolidated Whitney CLO I. The preferred equity interest was subordinated in right of payment to all other securities issued by Whitney CLO I. In 2013, RSO liquidated Whitney CLO I, and as a result all of the assets were sold.
Apidos CLO VIII
In October 2011, RSO closed Apidos CLO VIII, a $350.0 million CLO transaction that provides financing for bank loans. Apidos CLO VIII issued a total of $317.6 million of senior notes at a discount of 4.4% to investors and Resource TRS III purchased a $15.0 million interest representing 43% of the outstanding subordinated debt.  The remaining 57% of subordinated debt was owned by unrelated third parties.  The subordinated debt interest was subordinated in right of payment to all other securities issued by Apidos CLO VIII. In October 2013, Apidos CLO VIII was called and liquidated and, as a result, all of the assets were sold. Total proceeds from the sale of these assets, plus proceeds from previous sales and paydowns in the CLO, were used to pay down the notes in full.
Apidos Cinco CDO
In May 2007, RSO closed Apidos Cinco CDO, a $350.0 million CDO transaction that provides financing for bank loans.  Apidos Cinco CDO issued a total of $322.0 million of senior notes at par to investors and RCC commercial purchased a $28.0 million equity interest representing 100% of the outstanding preference shares. The equity interest is subordinated in right of payment to all other securities issued by Apidos Cinco CDO.
The senior notes issued to investors by Apidos Cinco CDO consisted of the following classes: (i) $37.5 million of Class A-1 notes bearing interest at LIBOR plus 0.24%; (ii) $200.0 million of Class A-2a notes bearing interest at LIBOR plus 0.23%; (iii) $22.5 million of Class A-2b notes bearing interest at LIBOR plus 0.32%; (iv) $19.0 million of Class A-3 notes bearing interest at LIBOR plus 0.42%; (v) $18.0 million of Class B notes bearing interest at LIBOR plus 0.80%; (vi) $14.0 million of Class C notes bearing interest at LIBOR plus 2.25% and (vii) $11.0 million of Class D notes bearing interest at LIBOR plus 4.25%. RSO has the right to call the notes anytime after May 14, 2011 until maturity.
Apidos CDO III
In May 2006, RSO closed Apidos CDO III, a $285.5 million CDO transaction that provides financing for bank loans.  Apidos CDO III issued a total of $262.5 million of senior notes at par to investors and RCC Commercial purchased a $23.0 million equity interest representing 100% of the outstanding preference shares.  The equity interest is subordinated in right of payment to all other securities issued by Apidos CDO III.
At closing, the senior notes issued to investors by Apidos CDO III consist of the following classes:  (i) $212.0 million of Class A-1 notes bearing interest at 3-month LIBOR plus 0.26%; (ii) $19.0 million of Class A-2 notes bearing interest at 3-month LIBOR plus 0.45%; (iii) $15.0 million of Class B notes bearing interest at 3-month LIBOR plus 0.75%; (iv) $10.5 million of Class C notes bearing interest at 3-month LIBOR plus 1.75%; and (v) $6.0 million of Class D notes bearing interest at 3-month LIBOR plus 4.25%.  All of the notes issued mature on September 12, 2020, although RSO has the right to call the notes anytime after September 12, 2011 until maturity.
Apidos CDO I
In August 2005, RSO closed Apidos CDO I, a $350.0 million CDO transaction that provides financing for bank loans.  The investments held by Apidos CDO I collateralize the debt it issued and, as a result, the investments are not available to RSO, its creditors or stockholders.  Apidos CDO I issued a total of $321.5 million of senior notes at par to investors and RCC Commercial purchased a $28.5 million equity interest representing 100% of the outstanding preference shares.  The equity interest was subordinated in right of payment to all other securities issued by Apidos CDO I.
At closing, the senior notes issued to investors by Apidos CDO I consist of the following classes:  (i) $259.5 million of Class A-1 notes bearing interest at 3-month LIBOR plus 0.26%; (ii) $15.0 million of Class A-2 notes bearing interest at 3-month LIBOR plus 0.42%; (iii) $20.5 million of Class B notes bearing interest at 3-month LIBOR plus 0.75%; (iv) $13.0 million of Class C notes bearing interest at 3-month LIBOR plus 1.85%; and (v) $8.0 million of Class D notes bearing interest at a fixed rate of 9.25%.  All of the notes issued matured on July 27, 2017, although RSO had the right to call the notes anytime after July 27, 2010 until maturity.
In October 2014, Apidos CLO I was called and substantially all of the assets were sold. Total proceeds from the sale of these assets, plus proceeds from previous sales and paydowns in the CLO were used to pay down the remaining notes.
6.0% Convertible Senior Notes
On October 21, 2013, RSO issued and sold in a public offering $115.0 million aggregate principal amount of its 6.0% Convertible Senior Notes due in 2018, ("6.0% Convertible Senior Notes"). After deducting the underwriting discount and the estimated offering costs, RSO received approximately $111.1 million of net proceeds. The discount of $4.9 million on the 6.0% Convertible Senior Notes reflects the difference between the stated value of the debt and the fair value of the notes as if they were issued without a conversion feature and at a higher rate of interest that RSO estimated would have been applicable without the conversion feature. The discount will be amortized on a straight-line basis as additional interest expense through maturity on December 1, 2018. Interest on the 6.0% convertible senior notes is paid semi-annually and the 6.0% Convertible Senior Notes mature on December 1, 2018. Prior to December 1, 2018, the 6.0% Convertible Senior Notes are not redeemable at RSO's option, except to preserve RSO's status as a REIT. On or after December 1, 2018, RSO may redeem all or a portion of the 6.0% Convertible Senior Notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 6.0% Convertible Senior Notes may require RSO to repurchase all or a portion of the 6.0% Convertible Senior Notes at a purchase price equal to the principal amount plus accrued and unpaid interest on December 1, 2018, or upon the occurrence of certain defined fundamental changes. The 6.0% Convertible Senior Notes are convertible at the option of the holder at a current conversion rate of 150.1502 common shares per $1,000 principal amount of 6.0% Convertible Senior Notes (equivalent to a current conversion price of $6.66 per common share). Upon conversion of 6.0% Convertible Senior Notes by a holder, the holder will receive cash, common shares or a combination of cash and common shares, at RSO's election.
Unsecured Junior Subordinated Debentures
In May 2006 and September 2006, RSO formed RCT I and RCT II, respectively, for the sole purpose of issuing and selling capital securities representing preferred beneficial interests.  Although RSO owns $774,000 of the common securities of RCT I and RCT II, RCT I and RCT II are not consolidated into RSO’s consolidated financial statements because RSO is not deemed to be the primary beneficiary of these entities.  In connection with the issuance and sale of the capital securities, RSO issued junior subordinated debentures to RCT I and RCT II of $25.8 million each, representing RSO’s maximum exposure to loss.  The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II are included in borrowings and are being amortized into interest expense in RSO's consolidated statements of income using the effective yield method over a ten year period.
The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II at December 31, 2014 were $160,000 and $183,000, respectively.  The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II at December 31, 2013, were $261,000 and $282,000, respectively.  The rates for RCT I and RCT II, at December 31, 2014, were 4.21% and 4.18%, respectively.  The rates for RCT I and RCT II, at December 31, 2013, were 4.20% and 4.19%, respectively.
The rights of holders of common securities of RCT I and RCT II are subordinate to the rights of the holders of capital securities only in the event of a default; otherwise, the common securities’ economic and voting rights are pari passu with the capital securities.  The capital and common securities of RCT I and RCT II are subject to mandatory redemption upon the maturity or call of the junior subordinated debentures held by each.  Unless earlier dissolved, RCT I will dissolve on May 25, 2041 and RCT II will dissolve on September 29, 2041.  The junior subordinated debentures are the sole assets of RCT I and RCT II, mature on September 30, 2036 and October 30, 2036, respectively, and may be called at par by RSO any time after September 30, 2011 and October 30, 2011, respectively.  RSO records its investments in RCT I and RCT II’s common securities of $774,000 each as investments in unconsolidated entities and records dividend income upon declaration by RCT I and RCT II.
Repurchase and Credit Facilities
Borrowings under the repurchase agreements were guaranteed by RSO or one of its subsidiaries. The following table sets forth certain information with respect to RSO's borrowings at December 31, 2014 and 2013 (dollars in thousands):
	December 31, 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)	$	24,967			$	30,180			33		1.35%		$	47,601			$	56,949			44		1.38%
CRE Term Repurchase Facilities
Wells Fargo Bank (2)	179,762				258,223				15		2.38%		30,003				48,186				3		2.67%
Deutsche Bank AG (3)	25,920				39,348				2		2.78%		(300		)		—				—		—%
Short-Term Repurchase Agreements - CMBS
Wells Fargo Securities, LLC	10,442				17,695				1		1.66%		—				—				—		—%
Deutsche Bank Securities, LLC	33,783				44,751				8		1.62%		—				—				—		—%
RMBS Term Repurchase Facility
Wells Fargo Bank (2)	22,212				27,885				6		1.16%		—				—				—		—%
Residential Mortgage Financing Agreements
New Century Bank	41,387				51,961				158		2.82%		11,916				13,089				74		4.17%
ViewPoint Bank, NA	—				—				—		—%		2,711				3,398				17		4.58%
Wells Fargo Bank	61,189				95,511				104		2.75%		—				—				—		—%
Totals	$	399,662			$	565,554							$	91,931			$	121,622
-1	The Wells Fargo CMBS term facility borrowing includes $0 and $12,000, of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
-2	The Wells Fargo CRE term repurchase facility borrowing includes $1.7 million and $732,000 of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
-3	The Deutsche Bank term repurchase facility includes $268,000 and $300,000 of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
-4	The Wells Fargo RMBS term repurchase facility includes $36,000 of deferred debt issuance costs as of December 31, 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.
	December 31, 2014												December 31, 2013
	Borrowings				Value of Collateral Under Linked Transactions (2)				Number of Positions as Collateral Under Linked Transactions		Weighted Average Interest Rate		Borrowings				Value of Collateral Under Linked Transactions (2)				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	$	4,941			$	6,371			7		1.67%		$	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	4,108				6,233				2		1.37%		21,969				30,803				9		1.19%
Deutsche Bank Securities, LLC	24,348				36,001				10		1.57%		18,599				29,861				9		1.43%
Totals	$	33,397			$	48,605							$	64,094			$	93,823
-1	Equal to linked CMBS repurchase value plus accrued interest expenses totaling $20,000 and $38,000, of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
-2	Does not include linked CMBS accrued interest receivable totaling $159,000 and $337,000 of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
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)
As of December 31, 2014:
CMBS Term Repurchase Facility
Wells Fargo Bank, National Association	$	6,486			20		1.35%
RMBS Term Repurchase Facility
Wells Fargo Bank, National Association	$	5.017			1		1.16%
CRE Term Repurchase Facilities
Wells Fargo Bank, National Association	$	76,148			20		2.38%
Deutsche Bank Securities, LLC	$	13,017			19		2.78%
Short-Term Repurchase Agreements - CMBS
JP Morgan Securities, LLC	$	—			0		—%
Wells Fargo Securities, LLC	$	2,127			9		1.66%
Deutsche Bank Securities, LLC	$	11,810			20		1.62%
Residential Mortgage Financing Agreements
New Century Bank	$	853			242		2.82%
Wells Fargo Bank	$	6,902			183		2.75%
As of December 31, 2013:
CMBS Term Repurchase Facility
Wells Fargo Bank, National Association	$	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	$	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.
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 Bank, NA ("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 extension option, and a maximum interest rate of 1.45%. 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 guaranteed the 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 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 December 31, 2014.
CMBS - Term Repurchase Facility
In February 2011, the RSO's wholly-owned subsidiaries, RCC Commercial Inc. and RCC Real Estate, Inc. (collectively, the "RCC Subsidiaries"), entered into a master repurchase and securities contract (the “2011 Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”).  Under the 2011 Facility, from time to time, the parties may enter into transactions in which the RCC Subsidiaries and Wells Fargo agree to transfer from the RCC Subsidiaries to Wells Fargo all of their right, title and interest to certain commercial mortgage backed securities and other assets (the “Assets”) against the transfer of funds by Wells Fargo to the RCC Subsidiaries, with a simultaneous agreement by Wells Fargo to transfer back to the RCC Subsidiaries such Assets at a date certain or on demand, against the transfer of funds from the RCC Subsidiaries to Wells Fargo.  The maximum amount of the 2011 Facility is $100.0 million which had and original two year term with a one year option to extend, and an interest rate equal to the one-month LIBOR plus 1.00% plus a 0.25% initial structuring fee and a 0.25% extension fee upon exercise. In April 2014, RSO agreed to a third amendment of the facility, which extended the termination date to January 31, 2016. The RCC Subsidiaries may enter into interest rate swaps and cap agreements for securities whose average life exceeds two years to mitigate interest rate risk under the 2011 Facility.
The 2011 Facility contains customary events of default, including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, and the institution of bankruptcy or insolvency proceedings that remain unstayed.  The remedies for such events of default are also customary for this type of transaction and include the acceleration of all obligations of the RCC Subsidiaries to repay the purchase price for purchased assets.
The 2011 Facility also contains margin call provisions relating to a decline in the market value of a security. Under such circumstances, Wells Fargo may require the RCC Subsidiaries to transfer cash in an amount sufficient to eliminate any margin deficit resulting from such a decline.
Under the terms of the 2011 Facility and pursuant to a guarantee agreement dated February 1, 2011 (the “2011 Guaranty”), RSO guaranteed the payment and performance of (a) all payment obligations owing by the RCC Subsidiaries to Wells Fargo under or in connection with the Facility and any other governing agreements and any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (b) all expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by Wells Fargo in the enforcement of any of the foregoing or any obligation of the registrant; and (c) any other obligations of the RCC Subsidiaries with respect to Wells Fargo under each of the governing documents.  The 2011 Guaranty includes covenants that, among other things, limit RSO's leverage and debt service ratios and require maintenance of certain levels of cash and net worth. RCC Real Estate and RCC Commercial were in compliance with all financial debt covenants as of December 31, 2014.
CRE - Term Repurchase Facilities
On February 27, 2012, the RCC Real Estate's wholly-owned subsidiary, RCC Real Estate SPE 4 LLC ("SPE 4"), entered into a master repurchase and securities agreement (the "2012 Facility") with Wells Fargo to finance the origination of commercial real estate loans.  The 2012 facility had an original amount of $150.0 million and an initial 18 month term.  RSO paid an origination fee of 37.5 basis points (0.375%). On April 2, 2013, RSO entered into an amendment which increased the size to $250.0 million and extended the current term of the 2012 Facility to February 27, 2015. The amendment also provides two additional one year extension option at RSO discretion. RSO paid an additional structuring fee of $101,000 and an extension fee of $938,000 in connection with the amendment and will amortize the additional fees over the term of the extension.
On October 31, 2014, RSO agreed to a modification of the terms of the 2012 Facility. The modification increases the facility maximum by $150.0 million to $400.0 million and extends the facility's maturity date to August 27, 2016. The modification also increased the facility's maximum single asset concentration limit, reduced the minimum portfolio debt yield tests requirement, and decreased pricing spreads on select portfolio assets. RSO also provides for two additional one year extension options at RSO's discretion. RSO paid a structuring fee of $1.6 million upon the closing of the modification.
This 2012 Facility contains customary events of default, including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, and the institution of bankruptcy or insolvency proceedings that remain unstayed.  The remedies for such events of default are also customary for this type of transaction and include the acceleration of all obligations of RSO to repay the purchase price for purchased assets.
The 2012 Facility also contains margin call provisions relating to a decline in the market value of a security. Under these circumstances, Wells Fargo may require RSO to transfer cash in an amount sufficient to eliminate any margin deficit resulting from such a decline.
Under the terms of the 2012 Facility and pursuant to a guarantee agreement dated February 27, 2012 (the “2012 Guaranty”), RSO guaranteed the payment and performance of (a) all payment obligations owing by RSO to Wells Fargo under or in connection with the 2012 Facility and any other governing agreements and any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (b) all expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by Wells Fargo in the enforcement of any of the foregoing or any obligation of the registrant; and (c) any other obligations of RSO with respect to Wells Fargo under each of the governing documents.  The 2012 Guaranty includes covenants that, among other things, limit RSO's leverage and debt service ratios and require maintenance of certain levels of cash and net worth. SPE 4 was in compliance with all financial covenants as of December 31, 2014 and RSO was in compliance with all financial covenants under the 2012 Guaranty as of December 31, 2014.
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 had a maximum amount of $200.0 million and an initial 12 month term that ended on July 19, 2014. RSO paid a structuring fee of 0.25% of the maximum facility amount, as well as other reasonable closing costs. RSO paid an extension fee 0.25% of the maximum facility amount to exercise the first of two one-year extensions at the option of SPE 5 and subject further to the right of SPE 5 to repurchase the assets held in the facility earlier. RSO guaranteed SPE 5's performance of its obligations under the DB Facility.
The facility contains provisions that provide DB with certain rights if certain credit events have occurred with respect to one or more assets financed on the DB Facility to either repay a portion of the advance on such asset(s) or repay such advance in full (by repurchase of such asset(s)). Depending on the nature of the credit event, such repayment may be required notwithstanding the availability of interest and principal payments from assets financed on the DB Facility, or may only be required to the extent of the availability of such payments.
The DB Facility contains events of default (subject to certain materiality thresholds and grace periods) customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency proceedings; a change of control of SPE 5 or RSO; breaches of covenants and/or certain representations and warranties; performance defaults by RSO; a judgment in an amount greater than $100,000 against SPE 5 or $5.0 million in the aggregate against RSO; or a default involving the failure to pay or acceleration of a monetary obligation in excess of $100,000 of SPE 5 or $5.0 million of RSO. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the DB Facility and the liquidation by DB of assets then subject to the DB Facility. RSO and SPE 5 were in compliance with all financial debt covenants under the terms of the guarantee as of December 31, 2014.
Short-Term Repurchase Agreements - CMBS
On November 6, 2012, RCC Real Estate entered into a master repurchase and securities agreement with JP Morgan Securities LLC to finance the origination of CMBS.  There is no stated maximum amount of the facility and the repurchase agreement has no stated maturity. Interest rates reset monthly.
On February 14, 2012, RCC Real Estate entered into a master repurchase and securities agreement with Wells Fargo Securities, LLC to finance the purchase of CMBS.  There is no stated maximum amount of the facility and the repurchase agreement has no stated maturity date interest rates reset monthly.  RSO guaranteed RCC Real Estate’s performance of its obligations under the repurchase agreement.
On March 8, 2005, RCC Real Estate entered into a master repurchase and securities agreement with Deutsche Bank Securities Inc. to finance the purchase of CMBS and the origination of commercial real estate loans.  There is no stated maximum amount of the facility and the repurchase agreement had an initial 12 month term.  RSO guaranteed RCC Real Estate’s performance of its obligations under the repurchase agreement.
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. The facility bears interest at one-month LIBOR plus an applicable rate between 2.63% and 4.875%.
The New Century facility contains provisions that provide New Century with certain rights if certain credit events have occurred with respect to one or more assets financed on the New Century facility to 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 New Century facility, or may only be required to the extent of the availability of such payments.
The New Century facility contains events of default (subject to certain materiality thresholds and grace periods) customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency proceedings; a change in the nature of PCM's business as a mortgage banker as presently conducted or a change in senior management, including the employment of two senior members of PCM's management staff; breaches of covenants and/or certain representations and warranties; performance defaults by PCM; a judgment in an amount greater than $10,000 against PCM or $50,000 in the aggregate 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 New Century facility and the liquidation by New Century of assets then subject to the New Century facility. The agreement requires PCM to maintain a minimum maintenance balance account at all times of $1.5 million and PCM was in compliance as of December 31, 2014 and 2013.
On November 30, 2014, PCM received a waiver from New Century on the facility's minimum liquidity covenant. The waiver removed all existing defaults and waived the required covenants from December 1, 2014 through January 9, 2015. PCM was in compliance with all other covenants under the agreement as of December 31, 2014.
PCM had a loan participation agreement with ViewPoint Bank, NA ("ViewPoint") to finance the acquisition of residential mortgage loans. The facility had a maximum amount of $15.0 million and a termination date of December 30, 2014, which was amended from the original terms over the course of five amendments. The facility bore interest at one-month LIBOR with a 4.00% floor. In November 2014, PCM terminated its agreement with ViewPoint and there were no borrowings outstanding under this facility as of December 31, 2014.
In July 2014, PCM entered into a master repurchase agreement with 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, a termination date of July 2, 2015, and bears interest at a rate of LIBOR plus an applicable loan margin. The loan margin for jumbo loans that have been purchased and held by Wells Fargo for over 180 days is 3.00%; the loan margin for all other assets financed is 2.50%.
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.
On November 30, 2014, PCM received a waiver from Wells Fargo on the facility's minimum liquidity requirement. The waiver removed all existing defaults and waived the required covenants from December 1, 2014 through January 9, 2015. PCM was in compliance with all other covenants under the agreement as of December 31, 2014.
Senior Secured Revolving Credit Facility
On September 18, 2014, RSO's wholly-owned subsidiary, Northport LLC, closed a $110.0 million syndicated senior secured revolving credit facility ("Northport Credit Facility") with JP Morgan as the agent bank to finance the origination of middle market and syndicated loans. On September 30, 2014, the accordion feature of the Credit 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 a new lender to the syndicate, bringing the effective commitment to $125.0 million. RSO has access to draws on the Northport Credit Facility until September 18, 2017, all outstanding borrowings under the Northport Credit Facility must be repaid by the maturity date of September 18, 2018.
The Northport Credit Facility bears interest rates, at RSO's election, on a per annum basis equal to (i) the applicable LIBOR rate plus 2.50% or (ii) the applicable base rate (prime rate of 3.25% as of December 31, 2014) plus 1.50%. During the six month period following September 18, 2014, RSO is charged a commitment fee on any unused balance of 0.375% per annum if the unused balance is greater than 35% of the total commitment or 0.50% per annum if it is less than 35% of the total commitment. After the six month period, the commitment fee on any unused balance is 0.375% per annum if the unused balance is greater than 35% of the total commitment or 1.00% per annum if the unused balance is 35% or less of the total commitment. At December 31, 2014, there was an unused balance of $11.5 million on the facility.
Amounts available to borrow under the Credit Facility are subject to compliance with a borrowing base computation that applies different advance rates to different types of assets held by Northport LLC that are pledged as collateral. Under the Credit Facility, RSO has made certain customary representations and warranties and is required to comply with various covenants, including leverage restrictions, reporting requirements and other customary requirements for similar credit facilities. At December 31, 2014, RSO is in compliance with all covenants under the agreement. RSO guarantees Northport LLC's performance of its obligations under this Credit Facility.
Related party transactions - RSO
Relationship with LEAF Commercial Capital. LEAF Commercial Capital ("LCC"), formerly LEAF Financial, 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 and funded an $8.0 million credit facility to LEAF II.  The credit facility initially had a one year term with interest at 12% per year, payable quarterly, and was secured by all the assets of LEAF II, including its entire ownership interest in LEAF II Receivables Funding.  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 to decrease the interest rate from 12% to 10% per annum resulting in a troubled-debt restructuring under current accounting guidance.  On February 15, 2012, the credit facility was further amended to extend the maturity to February 15, 2013 with a 1% extension fee accrued and added to the amount outstanding.  On January 11, 2013, RSO entered into another amendment to extend the maturity to February 15, 2014 with an additional 1% extension fee accrued and added to the amount outstanding. On December 17, 2013, RSO entered into another amendment to extend the maturity to February 15, 2015. During the year ended December 31, 2014, RSO recorded a provision for loan loss on this loan of $1.3 million before extinguishing the loan and bringing direct financing leases in the amount of $2.1 million on RSO's books in lieu of the loan receivable.
On November 16, 2011. RSO's together with LEAF Financial and LCC entered into the SPA with Eos. RSO's resulting interest from the formation of LEAF is accounted for under the equity method. For the years ended December 31, 2014, 2013 and 2012, RSO recorded a loss of $1.6 million, $183,000 and $3.3 million, respectively, which were recorded in equity in net earnings (losses) of unconsolidated subsidiaries on RSO's consolidated statement of income.  RSO’s investment in LCC was valued at $39.4 million and $41.0 million as of December 31, 2014 and 2013, respectively.
Relationship with CVC Credit Partners. On April 17, 2012, ACM, a former subsidiary of Resource America, was sold to CVC Credit Partners, a joint venture entity in which Resource America owns a 33% interest.  CVC Credit Partners manages internally and externally originated bank loan assets on 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 RCAM. Through RCAM, RSO is 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 years ended December 31, 2014, 2013 and 2012, CVC Credit Partners incurred subordinated fees of $1.3 million and $643,000 and $800,000, respectively. 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 called and the notes were paid down in full. Another RCAM-managed CLO also elected to redeem its outstanding notes in whole in February 2013.
In May, June and July 2013, RSO invested a total of $15.0 million into a limited partnership agreement with CVC Global Credit Opportunities Fund which generally invests in assets through a 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 given that RSO is a related party of CVC Credit Partners. For the years ended December 31, 2014 and 2013, RSO recorded earnings of $2.0 million and $1.2 million, respectively, which was recorded in equity in net earnings (losses) of unconsolidated subsidiaries on RSO's consolidated statements of income. RSO's investment balance of $18.2 million and $16.2 million at December 31, 2014 and 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 years ended December 31, 2014, 2013 and 2012, RSO paid Ledgewood $280,000, $360,000 and $438,000, respectively, in connection with legal services rendered to RSO.
Fair value of financial instruments
In analyzing the fair value of its investments accounted for on a fair value basis, RSO uses 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.  RSO determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment.  The hierarchy followed defines three levels of inputs that may be used to measure fair value:
Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability.
Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
The determination of where an asset or liability falls in the hierarchy requires significant judgment.  RSO evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.  However, RSO expects that changes in classifications between levels will be rare.
Certain assets and liabilities are measured at fair value on a recurring basis.  The following is a discussion of these assets and liabilities as well as the valuation techniques applied to each for fair value measurement.
RSO reports its investment securities, available-for-sale at fair value.  To determine fair value, RSO uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment, default, and recovery rates.  These valuations are validated utilizing dealer quotes or bids. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote or bid, RSO will evaluate the difference, which could result in an updated valuation from the third party or a revised dealer quote. Any changes in the fair value of investment securities, available-for-sale are recorded in other comprehensive income. Based on a prioritization of inputs used in the valuation of each position, RSO categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy.
RSO reports its investment securities, trading at fair value, based on an independent third-party valuation.  RSO evaluates the reasonableness of the valuation it receives by using a dealer quote.  If there is a material difference between the value indicated by the third-party and a quote RSO receives, RSO will evaluate the difference, which could result in an updated valuation from the third-party or a revised dealer quote.  Any changes in fair value are recorded in RSO’s results of operations as net unrealized (loss) gain on investment securities, trading. RSO's investments securities, trading are generally classified as Level 2 or Level 3 in the fair value hierarchy.
The CMBS underlying RSO’s linked transactions are valued using the same techniques as those used for RSO’s other investment securities, available-for-sale. The value of the underlying CMBS is then netted against the carrying amount of the corresponding repurchase agreement obligation at the valuation date (which approximates its fair value). The fair value of linked transactions also includes accrued interest receivable on the CMBS and accrued interest payable on the underlying repurchase agreement obligations. RSO’s linked transactions are generally classified as Level 2 or Level 3 in the fair value hierarchy.
Derivatives (interest rate swaps and interest rate caps), both assets and liabilities, are reported at fair value, and are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit factors and volatility factors. Although RSO has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by RSO and its counterparties. RSO assesses the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and, if material, categorizes those derivatives within Level 3 of the fair value hierarchy.
The following table presents information about 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 December 31, 2014:
Assets:
Investment securities, trading	$	—			$	—			$	20,786			$	20,786
Investment securities available-for-sale	—				33,158				242,562				275,720
CMBS - linked transactions	—				—				15,367				15,367
Derivatives (net)	3,429				7				1,868				5,304
Total assets at fair value	$	3,429			$	33,165			$	280,583			$	317,177
Liabilities:
Moselle CLO Notes	$	—			$	—			$	68,940			$	68,940
Derivatives (net)	—				—				8,476				8,476
Total liabilities at fair value	$	—			$	—			$	77,416			$	77,416
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	235				3,740				(36		)		(3,638		)		301
Purchases	123,671				79,289				31,058				19,359				253,377
Sales	(110,825		)		(38,262		)		—				(2,396		)		(151,483		)
Paydowns	(43,891		)		(11,928		)		(825		)		(2,165		)		(58,809		)
Included in OCI	5,797				12,662				897				(1,481		)		17,875
Transfers into of Level 2	—				—				(31,545		)		—				(31,545		)
Transfers into Level 3	—				—				—				—				—
Ending balance, December 31, 2014	$	185,772			$	72,157			$	—			$	20,786			$	278,715
RSO's Level 3 assets also included $898,000 related to the fair market value of warrants received as consideration as part of the origination of a middle market loan and approximately $970,000 related to the fair value of interest rate locks in RSO's residential mortgage loan origination business.
RSO began using a third-party valuation firm to determine fair value of its remaining RMBS portfolio, which is comprised of new issue mezzanine and interest-only strips in a fixed-pool securitization collateralized by residential jumbo loans. As a result, $31.5 million of RMBS were reclassified to Level 2 during the year ended December 31, 2014.
RSO had $0, $328,000 and $42,000 of losses included in earnings due to the other-than-temporary impairment charges during the years ended December 31, 2014, 2013 and 2012, respectively. With respect to the charge noted in December 31, 2013, RSO recorded a final charge-off adjustments on assets that had previous principal losses. For the year ended December 31, 2012, there was other-than-temporary impairment taken on one asset. These losses were included in the consolidated statements of income as net impairment losses recognized in earnings.
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, 2013	$	14,077
Unrealized losses – included in accumulated other comprehensive income	(3,886		)
Beginning balance, January 1, 2014	10,191
Unrealized losses – included in accumulated other comprehensive income	(1,715		)
Ending balance, December 31, 2014	$	8,476
For the year ended December 31, 2014, RSO both acquired and liquidated the assets in Moselle CLO. As of December 31, 2014, all that remained of RSO's investment in Moselle CLO were cash, receivables related to the liquidation of Moselle CLO's assets, and the notes of the securitization. At acquisition, RSO recorded $176.9 million as the fair value of the notes. During the year ended December 31, 2014, paydowns of $100.3 million were received, and net fair value and foreign currency adjustments of $7.5 million were recognized through earnings, resulting in a combined fair value of $68.9 million ($63.3 million of which was attributable to Moselle CLO's senior notes and $5.6 million was attributable to Moselle CLO's securitized borrowings).
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 years ended December 31, 2014, 2013 and 2012 was $1.3 million, $3.1 million and $7.8 million, respectively, and is included in the consolidated statements of income as provision for loan and lease losses.
The following table summarizes 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 December 31, 2014:
Assets:
Loans held for sale	$	—			$	36,956			$	—			$	36,956
Impaired loans	—				1,678				137,811				139,489
Total assets at fair value	$	—			$	38,634			$	137,811			$	176,445
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 December 31, 2014, the significant unobservable inputs used in the fair value measurements were as follows (in thousands):
	Fair Value at				Valuation Technique		Significant		Significant
	31-Dec-14						Unobservable Inputs		Unobservable
									Input Value
Interest rate swap agreements	$	8,476			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 section 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 was primarily measured using a third-party pricing service.  The fair value of RSO’s Level 3 Loans held-for-investment was measured by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
Loans receivable-related party are estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.
CDO notes are valued using the dealer quotes, typically the dealer who underwrote the CDO in which the notes are held.
Junior subordinated notes are estimated by obtaining quoted prices for similar assets in active markets.
The fair values of RSO’s remaining financial instruments that are not reported at fair value on the consolidated balance sheets are reported below (in thousands):
					Fair Value Measurements
	Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
As of December 31, 2014:
Loans held-for-investment	$	1,925,980			$	1,909,019			$	—			$	570,071			$	1,338,948
Loans receivable-related party	$	1,277			$	1,277			$	—			$	—			$	1,277
CDO notes	$	1,046,493			$	975,762			$	—			$	—			$	975,762
Junior subordinated notes	$	51,205			$	17,699			$	—			$	—			$	17,699
Repurchase agreements	$	399,662			$	399,662			$	—			$	—			$	399,662
Senior secured revolving credit agreement	$	111,137			$	111,137			$	—			$	—			$	111,137
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
Income Taxes
RSO operates in such a manner as to quality as a REIT, under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"); therefore, applicable REIT taxable income is included in the taxable income of its shareholders, to extent distributed RSO. To maintain REIT status for federal income tax purposes, RSO is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other qualification requirements as defined under the Code. As a REIT, RSO is not subject to federal corporate income tax to extent that it distributes 100% of its REIT taxable income each year.
Taxable income from non-REIT activities managed through RSO's taxable REIT subsidiaries is subject to federal, state and local income taxes. RSO's taxable REIT subsidiaries' income taxes are accounted for under the asset and liability method.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and tax basis of assets and liabilities.
The following table details the components of income taxes (in thousands):
	Years Ended December 31,
	2014				2013				2012
Provision (benefit) for income taxes:
Current:
Federal	$	6,819			$	4,601			$	11,497
State	2,505				1,068				776
Total current	9,324				5,669				12,273
Deferred:
Federal	(9,450		)		(5,116		)		1,769
State	(2,086		)		(1,594		)		560
Total deferred	(11,536		)		(6,710		)		2,329
Income tax provision (benefit)	$	(2,212	)		$	(1,041	)		$	14,602
A reconciliation of the income tax benefit (provision) based upon the statutory tax rate to the effective income tax rate is as follows (in thousands):
	Years Ended December 31,
	2014				2013				2012
Statutory tax rate	$	(2,232	)		$	(588	)		$	9,518
State and local taxes, net of federal benefit	(375		)		(728		)		225
Permanent adjustments	41				2				32
Subpart F income	—				—				3,458
Basis difference in LCC investment	—				—				—
True-up of period tax expense	353				253				—
Other items	1				20				1,369
	$	(2,212	)		$	(1,041	)		$	14,602
The components of deferred tax assets and liabilities are as follows (in thousands):
	December 31,
	2014				2013
Deferred tax assets related to:
Investment in securities	$	1,030			$	118
Intangible assets basis difference	2,533				2,725
Federal, state and local loss carryforwards	7,848				941
Subpart F income	—				1,359
Partnership investment	—				2
Deferred revenue	207				23
Accrued expenses	56				44
Amortization of intangibles	766				—
Unrealized gains losses	1,799				—
Mark to market adjustment	188				—
Charitable contribution carryforward	6				—
Equity compensation	167				—
Gain (loss) on sale of investments	116				—
Partnership investment	(1,622		)		—
Total deferred tax assets	13,094				5,212
Valuation allowance	—				—
Total deferred tax assets	$	13,094			$	5,212
Deferred tax liabilities related to:
Unrealized loss on investments	$	(366	)		$	(3,764	)
Equity investments	—				(153		)
Basis difference in LCC investment	—				(195		)
Depreciation	(1		)		—
Accrued expenses	(3		)		—
Partnership investment	(90		)		—
Total deferred tax liabilities	$	(460	)		$	(4,112	)
Deferred tax assets, net (1)	$	12,634			$	1,100
-1	Deferred tax asset, net agrees to the Deferred tax assets less Deferred tax liability presented on RSO's Consolidated Balance Sheets as of December 31, 2014.
Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, Whitney CLO I, Harvest CLO VII, Moselle CLO, Harvest CLO VIII, Harvest X Investor, and Harvest CLO X, RSO's foreign TRSs, are organized as exempted companies incorporated with limited liability under the laws of the Cayman Islands and, with respect to Moselle CLO, Luxembourg and, with respect to Harvest CLO VII, Harvest CLO VIII, and Harvest CLO X, Ireland, and are generally exempt from federal and state income tax at the corporate level because their activities in the United States are limited to trading in stock and securities for their own account.  Therefore, despite their status as TRSs, they generally will not be subject to corporate tax on their earnings and no provision for income taxes is required; however, because they are “controlled foreign corporations,” RSO will generally be required to include Apidos CDO I's, Apidos CDO III's, Apidos Cinco CDO's, Apidos CLO VIII's, Whitney CLO I's, Harvest CLO VII’s, Moselle CLO’s, Harvest CLO VIII’s, Harvest X Investor’s, and Harvest X CLO’s current taxable income in its calculation of REIT taxable income.
On October 27, 2011. RSO reorganized the ownership structure of Apidos CDO I and Apidos CDO III. As a result, the earnings from Apidos CDO I and Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. On January 24, 2012, RSO again reorganized the ownership structure of Apidos CDO I and Apidos CDO III.  As a result, for the period January 1, 2012 through January 23, 2012, the earnings from Apidos CDO I and Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. For the period January 24, 2012 through December 31, 2012 the earnings from Apidos CDO I are included in RSO's calculation of REIT taxable income. On December 11, 2012, RSO further reorganized the ownership structure of Apidos CDO III.  As a result, for the period from January 24, 2012 through December 10, 2012 the earnings from Apidos CDO III are included in RSO's calculation of REIT taxable income.  Also as a result of the reorganization on December 11, 2012, for the period December 11, 2012 through December 31, 2012, the earnings from Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax.
On November 12, 2012, RSO reorganized the ownership structure of Apidos Cinco CDO and Whitney CLO I.  As a result, for the period November 12, 2012 through December 31, 2012, the earnings from Apidos Cinco CDO and Whitney CLO I are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from November 12, 2012 through December 31, 2012 has been recorded.
On February 13, 2013, RSO reorganized the ownership structure of Apidos Cinco CDO and Whitney CLO I. As a result, for the period January 1, 2013 through February 12, 2013, the earnings from Apidos Cinco CDO and Whitney CLO I are excluded from RSO’s calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from January 1, 2013 through February 12, 2013 has been recorded. Also as a result of the reorganization on February 13, 2013, for the period February 13, 2013 and ending December 31, 2013 the earnings from Apidos Cinco CDO and Whitney CLO I are included in RSO’s calculation of REIT taxable income.
On March 8, 2013 RSO reorganized the ownership structure of Apidos CDO III. As a result, the earnings from Apidos CDO III for the period January 1, 2013 through March 7, 2013 are excluded from RSO’s calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from January 1, 2013 through March 7, 2013 has been recorded. Also as a result of the reorganization on March 8, 2013, for the period March 8, 2013 and ending December 31, 2013 the earnings from Apidos CDO III are included in RSO’s calculation of REIT taxable income.
On September 10, 2013, RSO acquired approximately 9.5% of the equity of Harvest CLO VII, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland. This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
On February 24, 2014, RSO acquired approximately 88.6% of the equity of Moselle CLO S.A., which is a foreign TRS, incorporated in Luxembourg. This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
On March 27, 2014, RSO acquired approximately 12.6% of the equity of Harvest CLO VIII, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland. This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
On July 3, 2014, RSO acquired approximately 55% of the equity of Harvest X Investor, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of the Cayman Islands. As of November 6, 2014, RSO’s investment was returned and RSO no longer has an active ownership interest in Harvest X Investor. For the period July 3, 2014 through November 6, 2014 the equity was directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
On November 6, 2014, RSO acquired approximately 32.1% of the equity of Harvest CLO X, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland. This equity is directly owned by a domestic qualified REIT subsidiary of the RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
Effective January 1, 2007, RSO adopted the provisions of FASB's guidance for uncertain tax positions. This implementation did not have an impact on RSO's consolidated balance sheets or consolidated statements of income. The guidance prescribes that a tax position should only be recognized if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority. A tax position that meets this threshold is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. RSO is required to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period as well as the cumulative amounts recorded in the consolidated balance sheets. RSO will continue to classify any tax penalties as other operating expenses and any interest as interest expense. RSO does not have any unrecognized tax benefits that would affect RSO's financial position.
As of December 31, 2014, RSO had gross federal $15.5 million and gross state and local $18.2 million net operating tax loss carryforwards ("NOLs") of $33.8 million (deferred tax asset of $6.1 million) that will begin to expire in 2032. RSO has concluded that it is more likely than not that it will be able to utilize all of these NOL's during the respective loss carry forward periods based on tax planning strategies that will generate future taxable income. As such, a valuation allowance has not been established against these deferred tax assets. RSO will continue to assess the need for a valuation allowance in future periods.
As of December 31, 2014, income tax returns for the calendar years 2011 - 2014 remain subject to examination by the IRS and/or any state or local taxing jurisdiction. RSO has not executed any agreements with the IRS or any state and/or local taxing jurisdiction to extend a statute of limitations in relation to any previous year.
RAI - Other VIEs
VIEs not consolidated
The Company’s investments in the structured finance entities that hold investments in asset-backed securities (“Ischus entities”) and trust preferred assets (“Trapeza entities”), and RREGPS were 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 December 31, 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 December 31, 2014 (in thousands):
	Receivables from				Investments				Maximum Exposure
	Managed Entities and Related								to Loss in
	Parties, Net (1)								Non-consolidated VIEs
RREGPS	$	—			$	716			$	716
Ischus entities	204				—				204
Trapeza entities	—				614				614
	$	204			$	1,330			$	1,534
-1	Exclusive of expense reimbursements due to the Company.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 23 - 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 the consolidated financial statements, except for the following:
	On January 13, 2015, RSO issued and sold in a public offering $100.0 million aggregate principal amount of its 8.0% Convertible Senior Notes due 2020. After deducting the underwriting discount and the estimated offering costs, RSO received approximately $97.0 million of net proceeds.
	On January 23, 2015, RSO received $23.0 million from the 2014 fourth quarter liquidation of Moselle CLO S.A. after using the sales proceeds to pay down the securitization's remaining notes in full.
	On February 24, 2015, RSO closed RCC 2015-CRE3, a $346.2 million CRE securitization transaction that provided financing for transitional commercial real estate loans. RCC 2015-CRE3 issued a total of $282.1 million of senior notes at par to outside investors. RSO purchased 100% of the Class E and Class F senior notes for a total of$36.3 million, and a $27.7 million subordinated interest in the CLO, representing 100% of the preference shares. The weighted average cost of funds on the securitization at closing was LIBOR plus 190 basis points.

VALUATION_AND_QUALIFYING_ACCOU

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2014
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Schedule II – Valuation and Qualifying Accounts
	(in thousands)
		Balance at Beginning of Year		Additions Charged to Costs and Expenses			Amounts Written-off Against the Allowance, Net of Recoveries			Balance at End of Year
	Allowance for management fees – commercial finance:
	December 31, 2014	$	36,229	$	3,123		$	(22,362	)	$	16,990
	December 31, 2013	29,586		6,643			—			36,229
	December 31, 2012	10,307		19,279			—			29,586
	Allowance for management fees – real estate:
	December 31, 2014	$	—	$	—		$	—		$	—
	December 31, 2013	2,517		(2,518		)	1			—
	December 31, 2012	2,268		389			(140		)	2,517
	Allowance for doubtful accounts– financial fund management:
	31-Dec-14	$	—	$	—		$	—		$	—
	31-Dec-13	457		199			(656		)	—
	31-Dec-12	—		457			—			457
	Allowance for investments in commercial finance assets:
	December 31, 2014	$	—	$	(62	)	$	62		$	—
	December 31, 2013	—		(42		)	42			—
	December 31, 2012	—		(16		)	16			—
	Allowance for rent receivables:
	December 31, 2014	$	14	$	(3	)	$	(11	)	$	—
	December 31, 2013	68		(17		)	(37		)	14
	December 31, 2012	29		39			—			68

REAL_ESTATE_AND_ACCUMULATED_DE

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Real Estate and Accumulated Depreciation	SCHEDULE III
	Real Estate and Accumulated Depreciation
	December 31, 2014
	(dollars in thousands)
			Column A	Column B			Column C			Column D		Column E		Column F			Column G	Column H
	Description		Loan/Property	Encumbrances			Initial Cost to Company			Cost Capitalized Subsequent to Acquisition		Gross Amount at which Carried at Close of Period		Accumulated Depreciation			Date of Construction	Date Acquired
							Buildings and Land Improvements			Improvements Carrying Costs		Buildings and Land Improvements Total
	Real Estate Owned:
	Hotel Savannah, GA		Factor's Walk	$	10,531		$	10,187		$	6,580	$	16,767	$	(6,657	)	1853	6/30/15
	Commercial Philadelphia, PA		Headhouse	—			2,874			545		3,419		(2,531		)	1924	1/9/09
				$	10,531		$	13,061		$	7,125	$	20,186	$	(9,188	)
		Balance as of December 31,
		2014			2013			2012
	Balance, beginning of year	$	19,951		$	19,987		$	21,389
	Additions:
	Improvements	235			342			198
		20,186			20,329			21,587
	Deductions during the period:
	Cost of real estate sold	—			—			1,600
	Other	—			378			—
	Balance, end of year	$	20,186		$	19,951		$	19,987

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
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 will continually assess its involvement with VIEs and reevaluate 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.
	The financial statements reflect the consolidation of RSO. See Note 22 for additional disclosures pertaining to VIEs.
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 Company makes assumptions in determining the fair value of its investments in investment securities. Actual results could differ from these estimates.
Investments in Unconsolidated Loan Manager	The Company accounts for its investment in CVC Credit Partners on the equity method since the Company has the ability to exercise significant influence over the partnership.
	The Company accounts for its preferred equity interest in Apidos-CVC on the cost method. As the incentive fees underlying the preferred equity are received, 75% will be distributed to the Company which will initially be recorded as income, net of any contractual amounts due to third-parties. On a quarterly basis, the Company will evaluate 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 preferred shares, the preferred equity 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 equity interest by reducing the revenues previously recorded on these preferred shares. To the extent that the investment in preferred equity has been reduced to zero, all subsequent distributions will be recorded as income.
Investments in Unconsolidated Entities	The Company accounts for the investments it has in the real estate, financial fund management and commercial finance investment entities it has sponsored and manages primarily under the equity method of accounting since the Company has the ability to exercise significant influence over the operating and financial decisions of these entities.  To the extent that there is a negative balance in the investment for any of these entities, these balances are reclassified to reduce any receivable from such entities. The Company accounts for its investments in Opportunity REIT I and Opportunity REIT II on the cost method since the Company owns less than 1% of the shares outstanding. The Company will evaluate 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 was recorded.
	Real estate. The Company has sponsored and manages eight real estate limited partnerships, three limited liability companies, two public non-traded REITs, and six TIC programs that invest in multifamily residential properties.
	Financial fund management.  In the Financial Fund Management operations, the Company holds the following interests in unconsolidated entities:
	•	general and limited partnership interests in seven company-sponsored and managed partnerships that invest in regional banks, and a limited partnership interest in an affiliated partnership organized as a credit opportunities fund that invests in bank loans and high yield bonds; and
	•	equity interests in two unconsolidated management companies which manage trust preferred securities held by thirteen separate CDOs.
	Commercial finance.  The Company has general and limited partnership interests in two company-sponsored commercial finance investment partnerships.
Concentration of Credit Risk	The Company’s receivables from managed entities are comprised of unsecured amounts due from its investment entities and other affiliated entities, which the Company has sponsored and manages.  The Company evaluates the collectability of these receivables and records an allowance to the extent any portion of that receivable is determined to be uncollectible.  Additionally, the Company records a discount where it determines that any of the entities will be unable to repay the Company in the near term.  In the event that any of these entities fail, the corresponding receivable balance would be at risk.
	Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of periodic temporary investments of cash and restricted cash.  The Company places its temporary cash investments and restricted cash in high quality short-term money market instruments with high-quality financial institutions and brokerage firms.
Foreign Currency Translation	Foreign currency transaction gains and losses of the Company’s foreign operations are recognized in the determination of net income.  Foreign currency translation adjustments related to our Australian foreign operations are included in accumulated other comprehensive loss, a separate component of shareholders’ equity. Foreign currency translation adjustments related to its European operations, including a Euro denominated loan receivable, are included in net income.
Revenue Recognition	Revenue Recognition – Fee Income
	RSO management fees.  The Company earns base management and incentive management fees for managing RSO.  In addition, the Company is reimbursed for its expenses incurred on behalf of RSO and its operations and for property management fees.  Management fees, property management fees and reimbursed expenses are recognized monthly when earned.  In addition, in February 2011, the Company entered into a services agreement with RSO to provide sub-advisory collateral management and administrative services for five CLOs holding approximately $1.7 billion in bank loans.  In connection with the sub-advisory services provided, RSO pays CVC Credit Partners 10% of all senior and additional collateral management fees and 50% of all incentive collateral management fees it collects. As of December 31, 2014, CVC Credit Partners continues to provide subadvisory services to three of these CLOs holding approximately $800.0 million in bank loans.
	The quarterly incentive compensation to the Company is payable seventy-five percent (75%) in cash and twenty-five percent (25%) in restricted shares of RSO common stock.  The Company may elect to receive more than 25% of its incentive compensation in RSO restricted stock.  However, the Company’s ownership percentage in RSO, direct and indirect, cannot exceed 15%.  All shares are fully vested upon issuance, provided that the Company may not sell such shares for one year after the incentive compensation becomes due and payable.  The restricted stock is valued at the average of the closing price of RSO's common stock over the thirty-day period ending three days prior to the issuance of such shares.
	Under a fee agreement, in connection with the April 2012 sale of Apidos to CVC, the Company must remit a portion of the senior management fee and incentive compensation it receives from RSO to Apidos-CVC for advisory services in managing the portfolio of CLOs. The percentage paid to Apidos-CVC is determined by dividing the equity RSO holds in two Apidos CLOs by the calculated equity used to determine the senior management fee. Any incentive compensation paid to Apidos-CVC excludes non-recurring items unrelated to Apidos-CVC.
	Fees from RSO have been allocated and, accordingly, were reported as revenues by each of the Company’s operating segments. The Company reports these fees as an adjustment to the consolidated revenues of RSO in consolidation to reflect the compensation arrangement between the Company and RSO that would have otherwise been eliminated in consolidation.
	Real estate fees.  The Company records acquisition fees of 1% to 2% of the net purchase price of properties acquired by real estate investment entities it sponsors and financing fees equal to 0.5% to 1.75% of the debt obtained or assumed related to the properties acquired.  In addition, the Company receives debt origination fees which range from 0.5% to 5.0% on the purchase price of real estate debt investments acquired on behalf of its real estate investment entities. The Company recognizes these fees when its sponsored entities acquire the properties and obtain the related financing.
	The Company records a monthly property management fee equal to 4.5% to 5% of the cash receipts or gross operating revenues from the underlying properties and a monthly debt management fee equal to 0.167% (2% per year) of the gross offering proceeds deployed in debt investments.  The Company recognizes these fees monthly when earned.
	The Company records an annual investment management fee from its limited partnership investment entities equal to 1% of the gross offering proceeds of each partnership.  The Company records an annual asset management fee from its TIC programs equal to 1% to 2% of the gross revenues from the properties.  These investment management fees and asset management fees are recognized monthly when earned and are discounted to the extent that these fees are not expected to be paid timely.
	Additionally, the Company receives monthly asset management fees from the REITs equal to one-twelfth of 1% of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts, or non-cash reserves. The Company earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the brokerage commission paid, or if none is paid, 1% to 2.75% of the contract sales price. The Company also earns a construction management fee of 5.0% of actual costs to construct improvements, or to repair, rehab, or reconstruct a property.
	Financial fund management fees. The Company earns monthly investment and management fees on assets held in CDOs on behalf of institutional and individual investors.   These investment management fees and asset management fees are recognized monthly when earned and discounted to the extent that these fees are deferred.  Additionally, the Company records fees for managing the assets held by the partnerships or funds it has sponsored and for managing their general operations.
	The Company also enters into management or advisory agreements for managing the assets held by third-parties.  These fees, which vary by agreement, are recognized monthly when earned.
	Introductory agent fees.  The Company earns fees for acting as an introducing agent for transactions involving sales of securities of financial services companies, REITs and insurance companies.  The Company recognizes these fees monthly when earned.
	Commercial finance fees.      The Company had recorded management fees from its investment entities for managing and servicing the leased assets acquired when the service was performed.  The payment of these fees to the Company by each entity was contingent upon the partners receiving specified annual distributions from each of the respective entities.  During 2014, 2013 and 2012, the Company permanently waived $683,000, $1.8 million and $3.9 million, respectively, of management fees from its four investment entities since the distributions to the limited partners were less than the annual specified amounts.  The management fees that were waived are not deferrals and, accordingly, will not be paid. During 2014, two of the partnerships were liquidated.
	Revenue Recognition – Rental income
	Rental revenue is primarily derived from an 86-room boutique hotel located in Savannah, Georgia, which is 80% owned by the Company.  The Company recognizes the room rental revenue on a daily basis.  The Company also derives rental revenue on retail space in the hotel as well as from office space in the office building in which the Company has an ownership interest located in Philadelphia, Pennsylvania.  The income from these leases is recognized over the term of the lease as earned.  Rent abatements and scheduled rent increases over the lease terms are accounted for on a straight-line basis.  Tenant reimbursements are recognized in the period that the related costs are incurred. Percentage rent is recognized when the tenant's reported sales have reached certain levels as specified in the lease.
Stock-Based Compensation	The Company values the restricted stock it issues based on the closing price of its stock on the date of grant.  For stock option awards, the Company determines the fair value by applying the Black-Scholes pricing model.  These equity awards are amortized to compensation expense over the respective vesting period, net of an estimate for forfeitures.
Earnings (Loss) Per Share	Basic earnings (loss) per share (“Basic EPS”) is determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, including participating securities.  Diluted earnings (loss) per share (“Diluted EPS”) is computed by dividing net income (loss) by the sum of the weighted average number of shares of common stock outstanding including participating securities, as well as after giving effect to the potential dilution from the exercise of securities, such as stock options and warrants, into shares of common stock as if those securities were exercised.
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 estimations of future bad debts and recoveries.  For the 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 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. (“TBBK”) (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 (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.
	Periodically, the Company reviews the carrying value of its available-for-sale securities.  If it is probable there has been an adverse change in a security and the Company deems this to be other-than-temporary, it will record an impairment charge.  The Company’s process for identifying other-than-temporary declines in the fair value of its investments involves consideration of (i) the duration of a significant decline in value, (ii) the liquidity, business prospects and overall financial condition of the issuer, (iii) the magnitude of the decline, often measured by change in the estimated cash flows of the security holder (iv) the collateral structure and other credit support, as applicable, and (v) the more-than-likely intention of the Company to hold the investment until the value recovers. When the analysis of the above factors results in a conclusion that a decline in fair value is other-than-temporary, an impairment charge is recorded and the cost of the investment is written down to its fair value. The cost basis adjustment for an other-than-temporary impairment would be recoverable only upon the sale or maturity of the security.
	Trading securities are recorded at fair value with unrealized holding gains and losses reported in revenues by operating segment. The Company utilizes trade date accounting to record the purchases and sales of trading securities. The cost of a security is determined using the specific identification method. Earnings from trading securities, primarily reported net, include realized and unrealized gains and losses from the sale of trading securities, mark to market adjustments to fair value, gains and interest as well as the impact for any foreign currency translation. The Company utilizes the services of a third-party valuation expert to provide an estimate of the fair value of its trading securities.
	The Company recognizes dividend income on its investment securities classified as available-for-sale on the ex-dividend date.
Property and Equipment	Property and equipment, which includes amounts recorded under capital leases, are stated at cost.  Depreciation and amortization are based on cost, less estimated salvage value, using the straight-line method over the asset’s estimated useful life.  Maintenance and repairs are expensed as incurred.  Major renewals and improvements that extend the useful lives of property and equipment are capitalized. The amortization of assets classified under capital leases is included in depreciation and amortization expense.
Accounting for Income Taxes	The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and to recognize deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns.
	The Company adjusts the balance of its deferred taxes to reflect the tax rates at which future taxable amounts will likely be settled or realized.  The effects of tax rate changes on deferred tax liabilities and deferred tax assets, as well as other changes in income tax laws, are recognized in net earnings in the period during which such changes are enacted.  Valuation allowances are established and adjusted, when necessary, to reduce deferred tax assets to the amounts expected to be realized.  The Company assesses its ability to realize deferred tax assets primarily based on tax planning strategies.
	A tax position should only be recognized if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority.  A tax position that meets this threshold is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.  The Company classifies any tax penalties as general and administrative expenses and any interest as interest expense. The Company does not have any unrecognized tax benefits that would affect the effective tax rate.
Recent Accounting Standards	Newly-Adopted Accounting Principles
	The Company’s adoption of the following standard during 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
	The FASB issued the following accounting standards which were not yet effective for the Company as of December 31, 2014:
	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.
	In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." Under the new guidance, an entity should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of the new requirements is not expected to have a material impact on the consolidated balance sheet, statement of operations, or statement of cash flows of the Company.
	In January 2015, the FASB issued ASU No. 2015-01, "Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," which eliminates from GAAP the concept of an extraordinary item. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings per share data applicable to an extraordinary item. However, presentation and disclosure guidance for items that are unusual in nature and occur infrequently will be retained. The adoption of this ASU will be required on a prospective or retrospective basis beginning with the quarter ending March 31, 2016. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
	In February 2015, the FASB issued guidance that requires an entity to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This guidance is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the potential impact of this standard on its consolidated financial statements, as well as the available transition methods.

VARIABLE_INTEREST_ENTITIES_Pol

VARIABLE INTEREST ENTITIES (Policies)	12 Months Ended
	Dec. 31, 2014
Variable Interest Entity [Line Items]
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 Company makes assumptions in determining the fair value of its investments in investment securities. Actual results could differ from these estimates.
Loans	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 estimations of future bad debts and recoveries.  For the 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.
Investments in Real Estate	Property and equipment, which includes amounts recorded under capital leases, are stated at cost.  Depreciation and amortization are based on cost, less estimated salvage value, using the straight-line method over the asset’s estimated useful life.  Maintenance and repairs are expensed as incurred.  Major renewals and improvements that extend the useful lives of property and equipment are capitalized. The amortization of assets classified under capital leases is included in depreciation and amortization expense.
Income Taxes	The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and to recognize deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns.
	The Company adjusts the balance of its deferred taxes to reflect the tax rates at which future taxable amounts will likely be settled or realized.  The effects of tax rate changes on deferred tax liabilities and deferred tax assets, as well as other changes in income tax laws, are recognized in net earnings in the period during which such changes are enacted.  Valuation allowances are established and adjusted, when necessary, to reduce deferred tax assets to the amounts expected to be realized.  The Company assesses its ability to realize deferred tax assets primarily based on tax planning strategies.
	A tax position should only be recognized if it is more likely than not that the position will be sustained upon examination by the appropriate taxing authority.  A tax position that meets this threshold is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.  The Company classifies any tax penalties as general and administrative expenses and any interest as interest expense. The Company does not have any unrecognized tax benefits that would affect the effective tax rate.
RSO [Member]
Variable Interest Entity [Line Items]
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates affecting RSO's consolidated financial statements include the net realizable and fair values of RSO's investments and derivatives, the estimated life used to calculate depreciation, amortization, and accretion of premiums and discounts, respectively, provisions for loan losses, valuation of servicing asset and the disclosure of contingent liabilities.
Cash and Cash Equivalents	Cash and Cash Equivalents
	Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or less at the time of purchase.
Investment Securities	Investment Securities
	RSO classifies its investment portfolio as trading or available-for-sale.  RSO, from time to time, may sell any of its investments due to changes in market conditions or in accordance with its investment strategy.
	RSO’s investment securities, trading and investment securities available-for-sale are reported at fair value. To determine fair value, RSO uses an independent third-party valuation firm utilizing data available in the market as well as appropriate prepayment default, and recovery rates. These valuations are validated utilizing dealer quotes or bids. If there is a material difference between the value indicated by the third-party valuation firm and the dealer quote or bid, RSO will evaluate the difference which could result in an updated valuation from the third-party or a revised dealer quote. Based on a prioritization of inputs used in valuation of each position, RSO categorizes these investments as either Level 2 or Level 3 in the fair value hierarchy. Any changes in fair value to RSO's investment securities, trading are recorded in RSO's consolidated statements of income as net realized and unrealized (loss) gain on investment securities, trading. Any changes in fair value to RSO's investment securities available-for-sale are recorded in RSO's consolidated balance sheets as a component of accumulated other comprehensive income (loss) in stockholders' equity.
	On a quarterly basis, RSO evaluates its available-for-sale investments for other-than-temporary impairment.  An available-for-sale investment is impaired when its fair value has declined below its amortized cost basis.  An impairment is considered other-than-temporary when the amortized cost basis of the investment or some portion thereof will not be recovered.
	The determination of other-than-temporary impairment is a subjective process, and different judgments and assumptions could affect the timing of loss realization. RSO reviews its portfolios and makes other-than-temporary impairment determinations at least quarterly. RSO considers the following factors when determining if there is an other-than-temporary impairment on a security:
	•	the length of time the market value has been less than amortized cost;
	•	the severity of the impairment;
	•	the expected loss of the security as generated by a third-party valuation model;
	•	original and current credit ratings from the rating agencies;
	•	underlying credit fundamentals of the collateral backing the securities;
	•	whether, based upon RSO's intent, it is more likely than not that RSO will sell the security before the recovery of the amortized cost basis; and
	•	third-party support for default, for recovery, prepayment speed and reinvestment price assumptions.
	Where credit quality is believed to be the cause of the other-than-temporary impairment, that component of the impairment is recognized as an impairment loss in RSO's consolidated statements of income.  Where other market components are believed to be the cause of the impairment, that component of the impairment is recognized as other comprehensive loss.
	RSO performs an on-going review of third-party reports and updated financial data on the underlying properties in order to analyze current and projected security performance. Rating agency downgrades are considered with respect to RSO's income approach when determining other-than-temporary impairment and, when inputs are subjected to testing for economic changes within possible ranges, the resulting projected cash flows reflect a full recovery of principal and interest indicating no impairment.
	Investment security transactions are recorded on the trade date. Realized gains and losses on investment securities are determined on the specific identification method.
Investment Interest Income Recognition	Investment Interest Income Recognition
	Interest income on RSO’s mortgage-backed and other asset-backed securities is accrued using the effective yield method based on the actual coupon rate and the outstanding principal amount of the underlying mortgages or other assets.  Premiums and discounts are amortized or accreted into interest income over the lives of the securities also using the effective yield method, adjusted for the effects of estimated prepayments.  For an investment purchased at par, the effective yield is the contractual interest rate on the investment.  If the investment is purchased at a discount or at a premium, the effective yield is computed based on the contractual interest rate increased for the accretion of a purchase discount or decreased for the amortization of a purchase premium.  The effective yield method requires RSO to make estimates of future prepayment rates for its investments that can be contractually prepaid before their contractual maturity date so that the purchase discount can be accreted, or the purchase premium can be amortized, over the estimated remaining life of the investment.  The prepayment estimates that RSO uses directly impact the estimated remaining lives of its investments.  Actual prepayment estimates are reviewed as of each quarter end or more frequently if RSO becomes aware of any material information that would lead it to believe that an adjustment is necessary.  If prepayment estimates are incorrect, the amortization or accretion of premiums and discounts may have to be adjusted, which would have an impact on future income.
Loans	Loans
	RSO acquires loans through direct origination, through the acquisition of participations in commercial real estate loans and corporate leveraged loans in the secondary market and through syndications of newly originated loans. Loans are held for investment; therefore, RSO initially records them at their acquisition price, and subsequently, accounts for them based on their outstanding principal plus or minus unamortized premiums or discounts. RSO may sell a loan held for investment where the credit fundamentals underlying a particular loan have changed in such a manner that RSO's expected return on investment may decrease. Once the determination has been made by RSO that it no longer will hold the loan for investment, RSO identifies these loans as “Loans held for sale” and will account for them at the lower of amortized cost or fair value.
Loan Interest Income Recognition	Loan Interest Income Recognition
	Interest income on loans includes interest at stated rates adjusted for amortization or accretion of premiums and discounts. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan with a premium or discount is prepaid, RSO immediately recognizes the unamortized portion as a decrease or increase to interest income. In addition, RSO defers loan origination fees and loan origination costs and recognizes them over the life of the related loan against interest income using the effective yield method.
Residential Loan Origination	Residential Loan Origination
	RSO originates residential loans to be funded by permanent investors. RSO originates loans in 35 states with a focus on the Southeast. RSO may sell or retain the right to service the loans. Servicing fees are recognized as income when the related mortgage payments are collected based on the outstanding balance of the related mortgage loans or on an agreed upon rate. Servicing fee income is reduced by amortization of capitalized servicing rights.
	The fair value option has been elected for all residential mortgage loans held for sale. As such, residential mortgage loans held for sale are valued at fair value, determined on an individual-loan basis. Additionally, due to such election, origination fees and direct origination costs are immediately recognized in earnings. Market value for conforming, agency loans is determined using sales commitments to permanent investors or on current market rates for loans of similar quality and type (generally Level 2 in the fair value hierarchy). Market value for non-agency, jumbo loans is determined using sales commitments to permanent investors, current market rates for loans of similar quality, or through the use of cash flow models (generally Level 3 in the fair value hierarchy). Mortgage loans are included as loans held for sale in the consolidated balance sheets. Conforming, agency loans are generally sold within 15 to 45 days of origination. Non-agency, jumbo loans may either be sold to private investors or held for securitization.
	Residential real estate properties acquired through foreclosure to be sold are initially recorded at fair value less selling costs at the date of foreclosure, establishing a new cost basis. Any write down to fair value at the time of foreclosure is charged to the allowance for loan losses. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of the carrying amount or fair value less costs to sell. Costs related to holding foreclosed real estate and subsequent adjustments to value are expensed. The fair value of real estate owned is determined using unobservable inputs including estimates of selling costs and marketability of the property (Level 3).
	The unpaid principal balances of loans serviced by RSO for others are not included in RSO's consolidated balance sheets.
Allowance for Loan Loss	Allowance for Loan Loss
	RSO maintains an allowance for loan loss. For RSO's bank and CRE loan portfolios, loans held for investment are first individually evaluated for impairment to determine whether a specific reserve is required. Loans that are not determined to be impaired individually are then evaluated for impairment as a homogeneous pool of loans with substantially similar characteristics so that a general reserve can be established, if needed.  The reviews are performed at least quarterly.
	RSO considers a loan to be impaired if one of two conditions exists.  The first condition is if, based on current information and events, management believes it is probable that RSO will be unable to collect all amounts due according to the contractual terms of the loan agreement.  The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty.  These TDRs may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers.
	When a loan is impaired under either of these two conditions, the allowance for loan losses is increased by the amount of the excess of the amortized cost basis of the loan over its fair value.  Fair value may be determined based on the present value of estimated cash flows; on market price, if available; or on the fair value of the collateral less estimated disposition costs.  When a loan, or a portion thereof, is considered uncollectible and pursuit of collection is not warranted, RSO will record a charge-off or write-down of the loan against the allowance for loan losses.
	An impaired loan may remain on accrual status during the period in which RSO is pursuing repayment of the loan; however, the loan would be placed on non-accrual status at such time as (i) RSO's management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan becomes 90 days delinquent; (iii) RSO's management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of the impairment; or (iv) the net realizable value of the loan’s underlying collateral approximates RSO’s carrying value for such loan.  While on non-accrual status, RSO recognizes interest income only when an actual payment is received. When a loan is placed on non-accrual, previously accrued interest is reversed from interest income.
	For RSO's residential mortgage loans, the allowance is based upon management's periodic review of the collectability of the loans in light of historical experience, the nature and amount of the loan portfolio, adverse situations that may affect the borrower's ability to repay, estimated value of any underlying collateral, and prevailing economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance consists of specific and general components. The specific component relates to loans that are classified as doubtful, substandard, or special mention. For such loans that are also identified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan are lower than the carrying value of that loan. A general component is maintained to cover uncertainties that could affect RSO management's estimate of probable losses. The general component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio.
	Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. RSO's management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are carried at fair value and are measured on a nonrecurring basis. The fair value is determined using unobservable inputs including estimates of selling costs (Level 3).
Investments in Real Estate	Investments in Real Estate
	Investments in real estate are carried net of accumulated depreciation.  Costs directly related to the acquisition are expensed as incurred.  Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred.  Costs related to the improvement of the real property are capitalized and depreciated over their useful lives.
	Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under FASB Accounting Standards Codification ("ASC") Topic 805, “Business Combinations.”  RSO allocates the purchase price of its investments in real estate to land, building, site improvements, the value of in-place leases and the value of above or below market leases. The value allocated to above or below market leases is amortized over the remaining lease term as an adjustment to rental income. RSO amortizes the value allocated to in-place leases over the weighted average remaining lease term to depreciation and amortization expense.  RSO depreciates real property using the straight-line method over the estimated useful lives of the assets as follows:
	Category	Term
	Building	25 - 40 years
	Site improvements	Lesser of the remaining life of building or useful lives
Long-Lived and Intangible Assets	Long-Lived and Intangible Assets
	Long-lived assets and certain identifiable intangibles to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.  The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition.  If impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the fair value of the asset.
Comprehensive Income (Loss)	Comprehensive Income (Loss)
	Comprehensive income (loss) for RSO includes net income and the change in net unrealized gains (losses) on available-for-sale securities, derivative instruments used to hedge exposure to interest rate fluctuations and protect against declines in the market value of assets resulting from general market trends as well as translation of currency as a result of RSO's investment in the equity of foreign CDOs.
Income Taxes	Income Taxes
	RSO operates in such a manner as to qualify as a real estate investment trust (“REIT”) under the provisions of the Internal Revenue Code of 1986, as amended (the "Code"); therefore, applicable REIT taxable income is included in the taxable income of its shareholders, to the extent distributed by RSO.  To maintain REIT status for federal income tax purposes, RSO is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other qualification requirements as defined under the Code.  As a REIT, RSO is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year.
	Taxable income, from non-REIT activities managed through RSO's taxable REIT subsidiaries ("TRSs"), is subject to federal, state and local income taxes.  Income taxes for the TRSs are accounted for under the asset and liability method.  Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and tax basis of assets and liabilities.
	Apidos CDO I, Apidos CDO III, Apidos Cinco CDO, Apidos CLO VIII, Whitney CLO I, Harvest CLO VII, Moselle CLO, Harvest CLO VIII, Harvest X Investor, and Harvest CLO X, RSO's foreign TRSs, are organized as exempted companies incorporated with limited liability under the laws of the Cayman Islands and, with respect to Moselle CLO, Luxembourg and, with respect to Harvest CLO VII, Harvest CLO VIII, and Harvest CLO X, Ireland, and are generally exempt from federal and state income tax at the corporate level because their activities in the United States are limited to trading in stock and securities for their own account.  Therefore, despite their status as TRSs, they generally will not be subject to corporate tax on their earnings and no provision for income taxes is required; however, because they are “controlled foreign corporations,” RSO will generally be required to include Apidos CDO I's, Apidos CDO III's, Apidos Cinco CDO's, Apidos CLO VIII's, Whitney CLO I's, Harvest CLO VII’s, Moselle CLO’s, Harvest CLO VIII’s, Harvest X Investor’s, and Harvest X CLO’s current taxable income in its calculation of REIT taxable income.
	On October 27, 2011 RSO reorganized the ownership structure of Apidos CDO I and Apidos CDO III. As a result, the earnings from Apidos CDO I and Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. On January 24, 2012, RSO again reorganized the ownership structure of Apidos CDO I and Apidos CDO III.  As a result, for the period January 1, 2012 through January 23, 2012, the earnings from Apidos CDO I and Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. For the period January 24, 2012 through December 31, 2012 the earnings from Apidos CDO I are included in RSO's calculation of REIT taxable income.
	On December 11, 2012, RSO further reorganized the ownership structure of Apidos CDO III.  As a result, for the period from January 24, 2012 through December 10, 2012 the earnings from Apidos CDO III are included in RSO's calculation of REIT taxable income.  Also as a result of the reorganization on December 11, 2012, for the period December 11, 2012 through December 31, 2012, the earnings from Apidos CDO III are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax.
	On November 12, 2012, RSO reorganized the ownership structure of Apidos Cinco CDO and Whitney CLO I.  As a result, for the period November 12, 2012 through December 31, 2012, the earnings from Apidos Cinco CDO and Whitney CLO I are excluded from RSO's calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from November 12, 2012 through December 31, 2012 was recorded.
	On February 13, 2013, RSO further reorganized the ownership structure of Apidos Cinco CDO and Whitney CLO I. As a result, for the period January 1, 2013 through February 12, 2013, the earnings from Apidos Cinco CDO and Whitney CLO I are excluded from RSO’s calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from January 1, 2013 through February 12, 2013 has been recorded. Also, as a result of the reorganization on February 13, 2013, for the period February 13, 2013 and ending December 31, 2013 the earnings from Apidos Cinco CDO and Whitney CLO I are included in RSO’s calculation of REIT taxable income.
	On March 8, 2013, RSO reorganized the ownership structure of Apidos CDO III. As a result, the earnings from Apidos CDO III for the period January 1, 2013 through March 7, 2013 are excluded from RSO’s calculation of REIT taxable income and are subject to corporate tax. Accordingly, a provision for income taxes on the earnings from January 1, 2013 through March 7, 2013 has been recorded. Also, as a result of the reorganization on March 8, 2013, for the period March 8, 2013 and ending December 31, 2013 the earnings from Apidos CDO III are included in RSO’s calculation of REIT taxable income.
	On September 10, 2013, RSO acquired approximately 9.5% of the equity of Harvest CLO VII, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland. This equity is directly owned by a domestic QRS (Qualified REIT Subsidiary) of RSO; therefore, its earnings are included in RSO’s calculation of REIT taxable income.
	On February 24, 2014, RSO acquired approximately 88.6% of the equity of Moselle CLO S.A., which is a foreign TRS, incorporated in Luxembourg.  This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO's calculation of REIT taxable income.
	On March 27, 2014, RSO acquired approximately 12.6% of the equity of Harvest CLO VIII, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland.  This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
	On July 3, 2014, RSO acquired approximately 55% of the equity of Harvest X Investor, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of the Cayman Islands.  As of November 6, 2014, RSO’s investment was returned and RSO no longer has an active ownership interest in Harvest X Investor.  For the period July 3, 2014 through November 6, 2014 the equity was directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
	On November 6, 2014, RSO acquired approximately 32.1% of the equity of Harvest CLO X, which is a foreign TRS, organized as an exempt company incorporated with limited liability under the laws of Ireland.  This equity is directly owned by a domestic qualified REIT subsidiary of RSO and, accordingly, its earnings are included in RSO’s calculation of REIT taxable income.
	RSO accounts for taxes assessed by a governmental authority that is directly imposed on a revenue-producing transaction (e.g., sales, use, value added) on a net (excluded from revenue) basis.
Linked Transactions	Linked Transactions
	If RSO finances the purchase of securities with repurchase agreements with the same counterparty from whom the securities are purchased and both transactions are entered into contemporaneously or in contemplation of each other, the transactions are presumed not to meet sale accounting criteria and RSO will account for the purchase of such securities and the repurchase agreement on a net basis and record a forward purchase commitment to purchase securities (each, a “Linked Transaction”) at fair value on RSO's consolidated balance sheets in the line item Linked Transactions, at fair value. Changes in the fair value of the assets and liabilities underlying the Linked Transactions and associated interest income and interest expense are reported as unrealized (loss) gain and net interest income on linked transactions, net on RSO's consolidated statements of income.
Reclassifications	Reclassifications
	Certain reclassifications have been made to the 2012 and 2013 consolidated financial statements to conform to the 2014 presentation. Previously, certain gains and losses related to RSO's residential mortgage loans were included in general and administrative expenses. These gains and losses are now included in net realized gain on sales of investment securities available-for-sale and loans. In 2013, RSO's middle market loans were reported with bank loans in the consolidated financial statements. In 2014, these loans were presented as a separate loan portfolio in the consolidated financial statements.
	Principal paydown receivables represent the portion of RSO's loan portfolio for which indication has been provided through its various servicers, trustees, or its asset management group that a payoff or paydown of a loan has been received but for which, as of period end, RSO has not received and applied such cash to the outstanding loan balance. To better reflect the nature of these activities, RSO has reclassified the net changes in these principal paydown receivables in the Consolidated Statement of Cash Flows from an operating activity to an investing activity included in principal payments received from loans and has supplemented this reclassification with a disclosure of cash received on principal paydown receivables subsequent to December 31, 2014. The reclassification had the impact of decreasing net cash flows from operations by $18.7 million and increasing net cash flows from operations by $25.5 million for the years ended December 31, 2013, and 2012, respectively. Conversely, the reclassification had the impact of increasing net cash flows from investing activities by $18.7 million and decreasing net cash flows from investing activities by $25.5 million for the years ended December 31, 2013, and 2012, respectively. This reclassification had no impact on the net changes in cash and cash equivalents or net income for any periods presented.

CONSOLIDATING_FINANCIAL_INFORM1

CONSOLIDATING FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidating balance sheet	The following table presents the consolidating balance sheets as of December 31, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	ASSETS
	Cash	$	27,542		$	—		$	—		$	27,542
	Restricted cash	725			—			—			725
	Receivables	790			—			(154		)	636
	Receivables from managed entities and related parties, net	32,745			—			(2,442		)	30,303
	Investments in real estate, net	17,097			—			—			17,097
	Investment securities, at fair value	23,964			—			(14,424		)	9,540
	Investments in unconsolidated loan manager	39,655			—			—			39,655
	Investments in unconsolidated entities	20,125			—			(7,036		)	13,089
	Assets of consolidated VIE - RSO:
	Cash and cash equivalents (including restricted cash)	—			202,043			—			202,043
	Investments, at fair value	—			296,506			—			296,506
	Loans	—			2,038,993			(558		)	2,038,435
	Investments in real estate and unconsolidated entities	—			60,007			—			60,007
	Other assets - RSO	—			131,590			(109		)	131,481
	Total assets of consolidated VIE - RSO	—			2,729,139			(667		)	2,728,472
	Property and equipment, net	5,063			—			—			5,063
	Deferred tax assets, net	32,818			—			(9,514		)	23,304
	Other assets	5,416			—			—			5,416
	Total assets	$	205,940		$	2,729,139		$	(34,237	)	$	2,900,842
	LIABILITIES AND EQUITY
	Liabilities:
	Accrued expenses and other liabilities	$	22,279		$	—		$	—		$	22,279
	Payables to managed entities and related parties	3,124			—			(109		)	3,015
	Borrowings	20,970			—			(558		)	20,412
	Liabilities of consolidated VIE - RSO:
	Borrowings	—			1,716,871			261			1,717,132
	Other liabilities	—			60,157			(2,596		)	57,561
	Total liabilities of consolidated VIE - RSO	—			1,777,028			(2,335		)	1,774,693
	Total liabilities	46,373			1,777,028			(3,002		)	1,820,399
	Commitments and contingencies
	Equity:
	Common stock	335			—			—			335
	Additional paid-in capital	308,134			—			—			308,134
	Accumulated deficit	(17,439		)	—			(6,224		)	(23,663		)
	Treasury stock, at cost	(120,182		)	—			—			(120,182		)
	Accumulated other comprehensive loss	(11,587		)	—			10,557			(1,030		)
	Total stockholders’ equity	159,261			—			4,333			163,594
	Noncontrolling interests	306			—			—			306
	Noncontrolling interests attributable to consolidated VIE - RSO	—			952,111			(35,568		)	916,543
	Total equity	159,567			952,111			(31,235		)	1,080,443
		$	205,940		$	2,729,139		$	(34,237	)	$	2,900,842
Consolidating statements of operations	The following table presents the consolidating statement of operations for the year ended December 31, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	REVENUES:
	Real estate	$	54,861		$	—		$	—		$	54,861
	Financial fund management	28,400			—			—			28,400
	Commercial finance	(164		)	—			—			(164		)
		83,097			—			—			83,097
	Revenues from consolidated VIE - RSO	—			99,446			—			99,446
	Elimination of consolidated VIE - RSO revenues attributed to operating segments	—			—			(13,264		)	(13,264		)
	Total revenues	83,097			99,446			(13,264		)	169,279
	COSTS AND EXPENSES:
	Real estate	37,411			—			—			37,411
	Financial fund management	14,824			—			—			14,824
	Commercial finance	979			—			—			979
	General and administrative	11,118			—			—			11,118
	Provision for credit losses	3,058			—			—			3,058
	Depreciation and amortization	1,819			—			—			1,819
		69,209			—			—			69,209
	Expenses from consolidated VIE - RSO	—			62,783			2,212			64,995
	Elimination of consolidated VIE - RSO expenses attributed to operating segments	—			—			(12,601		)	(12,601		)
	Total expenses	69,209			62,783			(10,389		)	121,603
	OPERATING INCOME	13,888			36,663			(2,875		)	47,676
	OTHER INCOME (EXPENSE):
	Gain on sale of investment securities, net	445			—			—			445
	Interest expense	(1,905		)	—			—			(1,905		)
	Other income, net	2,532			—			(2,289		)	243
	Other income, net, from consolidated VIE - RSO	—			25,505			—			25,505
	Elimination of consolidated VIE - RSO other income, net	—			—			51			51
		1,072			25,505			(2,238		)	24,339
	Income from operations before taxes	14,960			62,168			(5,113		)	72,015
	Income tax provision	5,853			—			(2,212		)	3,641
	Net income	9,107			62,168			(2,901		)	68,374
	Net income attributable to noncontrolling interests	(89		)	—			—			(89		)
	Net income attributable to noncontrolling interests - RSO	—			(18,141		)	(43,176		)	(61,317		)
	Net income attributable to common shareholders	$	9,018		$	44,027		$	(46,077	)	$	6,968
Consolidating statements of cash flows	The following table presents the consolidating statement of cash flows for the year ended December 31, 2014 (in thousands):
		RAI			RSO			Eliminations			Consolidated
	CASH FLOWS FROM OPERATING ACTIVITIES:
	Net income	$	9,107		$	62,168		$	(2,901	)	$	68,374
	Adjustments to reconcile net income to net cash
	provided by operating activities:
	Depreciation and amortization	1,937			—			—			1,937
	Provision for credit losses	3,058			—			—			3,058
	Unrealized gain on trading securities	232			—			(22		)	210
	Equity in earnings of unconsolidated entities	(4,682		)	—			483			(4,199		)
	Distributions from unconsolidated entities	6,759			—			—			6,759
	Gain on sale of leases and loans	(12		)	—			—			(12		)
	Gain on sale of investment securities, net	(1,945		)	—			95			(1,850		)
	Gain on sale of assets	(445		)	—			—			(445		)
	Deferred income tax provision	5,388			—			—			5,388
	Equity-based compensation expense	2,003			—			—			2,003
	Trading securities purchases and sales, net	1,588			—			—			1,588
	Changes in operating assets and liabilities	(5,547		)	—			—			(5,547		)
	Adjustments to reconcile net income of VIE - RSO to net cash provided by operating activities	—			50,604			(32		)	50,572
	Net cash provided by operating activities	17,441			112,772			(2,377		)	127,836
	CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital expenditures	(430		)	—			—			(430		)
	Principal payments received on real estate loans and real estate	25			—			—			25
	Investments in unconsolidated real estate entities	(1,709		)	—			—			(1,709		)
	Principal payments on leases and loans	22			—			—			22
	Purchase of loans and securities by consolidated VIE - RSO	—			(1,200,711		)	—			(1,200,711		)
	Principal payments and proceeds from sales received by consolidated VIE - RSO	—			858,751			—			858,751
	Purchase of loans and investments	(8,222		)	—			—			(8,222		)
	Proceeds from sale of loans and investments	796			—			—			796
	Decrease in restricted cash of consolidated VIE - RSO	—			(23,568		)	—			(23,568		)
	Other investing activity of consolidated VIE - RSO	—			(23,603		)	(479		)	(24,082		)
	Net cash used in investing activities	(9,518		)	(389,131		)	(479		)	(399,128		)
		RAI			RSO			Eliminations			Consolidated
	CASH FLOWS FROM FINANCING ACTIVITIES:
	Increase in borrowings	2,520			—			—			2,520
	Principal payments on borrowings	(3,321		)	—			392			(2,929		)
	Net borrowings of debt by consolidated VIE - RSO	—			207,604			—			207,604
	Dividends paid	(4,272		)	—			—			(4,272		)
	Dividends paid on common stock by consolidated VIE - RSO	—			(104,225		)	2,289			(101,936		)
	Proceeds from issuance of common stock	15,584			—			—			15,584
	Net proceeds from issuance of common stock by consolidated VIE - RSO	—			196,198			—			196,198
	Repurchases of common stock	(10,591		)	—			—			(10,591		)
	Decrease in restricted cash	(154		)	—			—			(154		)
	Other financing activity of consolidated VIE - RSO	—			(23,218		)	175			(23,043		)
	Net cash (used in) provided by financing activities	(234		)	276,359			2,856			278,981
	Increase in cash	7,689			—			—			7,689
	Cash, beginning of year	19,853			—			—			19,853
	Cash, end of year	$	27,542		$	—		$	—		$	27,542

SUPPLEMENTAL_CASH_FLOW_INFORMA1

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental disclosure of cash flow information are as follows (in thousands, per share data):
		Years Ended December 31,
		2014			2013			2012
	Cash (paid) received:
	Interest	$	(1,654	)	$	(1,690	)	$	(1,980	)
	Income tax payments	(1,268		)	(1,651		)	(1,367		)
	Refund of income taxes	171			99			83
	Dividends declared per common share	$	0.22		$	0.15		$	0.12
	Non-cash activities:
	Repurchases of common stock from employees in exchange for the payment of income taxes	$	370		$	136		$	1,719
	Repurchase of common stock in exchange for the exercise of warrants	1,754			—			—
	Issuance of treasury stock for the Company's investment savings plan	407			341			485
	Common stock issued to former director in exchange for vested director units	—			—			135
	Leasehold improvements paid by the landlord	—			1,496			—
	Effects from the deconsolidation of entities: (1)
	Receivables from managed entities and related parties, net	$	—		$	—		$	715
	Investments in unconsolidated entities	—			—			(1,824		)
	Other assets	—			—			20
	Accrued expense and other liabilities	—			—			(938		)
	-1	Reflects the deconsolidation of Apidos and LEAF during 2012 and, as a result, the removal of the amounts noted above from the Company’s consolidated balance sheets.  The sum of the assets removed and cash equated to the sum of the liabilities and equity that were similarly eliminated and, as such, there was no change in the Company’s total net assets.

FINANCING_RECEIVABLES_Tables

FINANCING RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014 (in thousands):
		Current			30-89 Days			90-180			Greater than			Total		Total
					Past Due			Days Past Due			181 Days			Past Due
	Receivables from managed entities
	and related parties: (1)
	Commercial finance	$	9		$	342		$	1,124		$	18,398		$	19,864	$	19,873
	investment entities
	Real estate investment entities	6,613			772			1,214			15,134			17,120		23,733
	Financial fund management entities	583			74			—			6			80		663
	Other	3,024			—			—			—			—		3,024
		10,229			1,188			2,338			33,538			37,064		47,293
	Rent receivables - real estate	76			11			1			—			12		88
	Total financing receivables	$	10,305		$	1,199		$	2,339		$	33,538		$	37,076	$	47,381
	-1	Receivables are presented gross of an allowance for credit losses of $17.0 million related to one of 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):
		Current			30-89 Days			90-180			Greater than			Total		Total
					Past Due			Days Past Due			181 Days			Past Due
	Receivables from managed entities
	and related parties: (1)
	Commercial finance	$	48		$	—		$	—		$	44,355		$	44,355	$	44,403
	investment entities
	Real estate investment entities	3,142			793			1,229			16,323			18,345		21,487
	Financial fund management entities	1,071			35			3			29			67		1,138
	Other	70			33			21			—			54		124
		4,331			861			1,253			60,707			62,821		67,152
	Rent receivables - real estate	63			14			4			10			28		91
	Total financing receivables	$	4,394		$	875		$	1,257		$	60,717		$	62,849	$	67,243
	-1	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance, real estate investment entities and financial fund management entities, respectively.  The remaining receivables from managed entities and related parties have no related allowance for credit losses.
Summarization 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 by all financing receivables by receivable type (in thousands):
		Receivables from Managed Entities			Leases and Loans			Rent Receivables			Total
	Year Ended December 31, 2014:
	Balance, beginning of year	$	36,229		$	—		$	14		$	36,243
	Provision for (reversal of) credit losses	3,123			(62		)	(3		)	3,058
	Charge-offs	(22,394		)	—			(11		)	(22,405		)
	Recoveries	32			62			—			94
	Balance, end of year	$	16,990		$	—		$	—		$	16,990
	Ending balance, individually evaluated for impairment	$	16,990		$	—		$	—		$	16,990
	Ending balance, collectively evaluated for impairment	—			—			—			—
	Balance, end of year	$	16,990		$	—		$	—		$	16,990
	Year Ended December 31, 2013:
	Balance, beginning of year	$	32,560		$	—		$	68		$	32,628
	Provision for (reversal of) credit losses	4,324			(42		)	(17		)	4,265
	Charge-offs	(675		)	—			(37		)	(712		)
	Recoveries	20			42			—			62
	Balance, end of year	$	36,229		$	—		$	14		$	36,243
	Ending balance, individually evaluated for impairment	$	36,229		$	—		$	—		$	36,229
	Ending balance, collectively evaluated for impairment	—			—			14			14
	Balance, end of year	$	36,229		$	—		$	14		$	36,243
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 December 31, 2014 relate to the balance in the allowance for credit losses, as follows (in thousands):
		Receivables from			Rent			Total
		Managed Entities			Receivables
	Ending balance, individually evaluated for impairment	$	47,293		$	—		$	47,293
	Ending balance, collectively evaluated for impairment	—			88			88
	Balance, end of year	$	47,293		$	88		$	47,381
	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):
		Receivables from			Rent			Total
		Managed Entities			Receivables
	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
	Year Ended December 31, 2014:
	Financing receivables with a specific valuation allowance:
	Receivables from managed entities – commercial finance	$	1,295		$	18,285		$	16,990		$	36,256
	Year Ended December 31, 2013:
	Financing receivables with a specific valuation allowance:
	Receivables from managed entities – commercial finance	$	2,690		$	38,919		$	36,200		$	38,649
	Receivables from managed entities – real estate	—			14			14			32

INVESTMENTS_IN_REAL_ESTATE_Tab

INVESTMENTS IN REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 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):
		December 31,
		2014		2013
	Properties owned, net of accumulated depreciation of $9,198 and $8,666:
	Hotel property (Savannah, Georgia)	$	10,110	$	10,504
	Office building (Philadelphia, Pennsylvania)	888		781
		10,998		11,285
	Partnerships and other investments	6,099		6,411
	Total investments in real estate, net	$	17,097	$	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 December 31, and thereafter, are as follows (in thousands):
	2015	$	1,016
	2016	819
	2017	710
	2018	703
	2019	355
	Thereafter	1,020
	Total	$	4,623

INVESTMENT_SECURITIES_Tables

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Components of the Company's Investment Securities	Components of investment securities are as follows (in thousands):
		December 31,
		2014		2013
	Available-for-sale securities	$	9,065	$	7,522
	Trading securities	475		317
	Total investment securities, at fair value	$	9,540	$	7,839
Pre-tax Unrealized Gains (Losses) Relating to the Company's Investments in Equity and Collateralized Debt Obligation 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
	Year Ended December 31, 2014:
	CLO securities	$	6,962	$	1,228		$	(176	)		$	8,014
	Equity securities	888		163			—				1,051
	Total	$	7,850	$	1,391		$	(176	)		$	9,065
	Year Ended December 31, 2013:
	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 along with the 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
	31-Dec-14
	CLO securities	$	2,643	$	(176	)	4			$	—		$	—	—
	Equity securities	—		—			—			—			—		—
	Total	$	2,643	$	(176	)	4			$	—		$	—	—
	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)	12 Months Ended
	Dec. 31, 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		December 31,
		Ownership Interests		2014				2013
	Real estate investment entities	1% – 12%		$	8,313			$	8,271
	Financial fund management partnerships	0.01% - 50%		4,162				5,294
	Trapeza entities	33% − 50%		614				777
	Investments in unconsolidated entities			$	13,089			$	14,342
Summarized Operating Data for Unconsolidated Investment	Summarized operating data for CVC Credit Partners is presented below (in thousands):
		Years Ended December 31,
		2014				2013
	Management fee revenues	$	67,512			$	51,662
	Costs and expenses	(61,953		)		(48,106		)
	Net income	$	5,559			$	3,556
	Portion of net income attributable to the Company	$	1,803			$	1,775

PROPERTY_AND_EQUIPMENT_Tables

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net, consist of the following (in thousands):
		Estimated Useful Life	December 31,
			2014			2013
	Leasehold improvements	1-10 years	$	4,597		$	4,575
	Furniture and equipment	3-7 years	4,006			3,692
	Computer equipment	3-5 years	3,263			3,093
			11,866			11,360
	Accumulated depreciation and amortization		(6,803		)	(5,516		)
	Property and equipment, net		$	5,063		$	5,844

ACCRUED_EXPENSES_AND_OTHER_LIA1

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 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):
		December 31,
		2014		2013
	Accounts payable and other accrued liabilities	$	6,045	$	7,439
	Supplemental executive retirement plan ("SERP") liability (see Note 16)	6,383		4,998
	Accrued wages and benefits	4,580		4,304
	Deferred rent	2,485		2,675
	Apidos contractual obligation (see Note 18)	745		995
	Dividends payable	1,312		977
	Short-term insurance notes	729		746
	Total accrued expenses and other liabilities	$	22,279	$	22,134

BORROWINGS_Tables

BORROWINGS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014				As of December 31, 2013
		Availability		Borrowings Outstanding		Borrowings Outstanding
	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			10,088		10,287
	Other debt			324		332
	Total borrowings outstanding			$	20,412	$	20,619
	-1	The availability of the facility as shown has been reduced for outstanding letter of credit of $503,000 at December 31, 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 December 31, and thereafter, are as follows (in thousands):
	2015	$	407
	2016	297
	2017	289
	2018	10,262
	2019	273
	Thereafter	8,884
	Total	$	20,412

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Dec. 31, 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, 2012, net of tax of $544, $(10), $0 and $(2,325)	$	847		$	(14	)	$	—		$	(3,030	)	$	(2,197	)
	Changes during 2013	(46		)	10			(2		)	1,004			966
	Balance, December 31, 2013, net of tax of $543, $(1), $(2) and $(1,853)	801			(4		)	(2		)	(2,026		)	(1,231		)
	Changes during 2014	1,178			3			(3		)	(977		)	201
	Balance, December 31, 2014, net of tax of $472, $0, $(3) and $(2,700)	$	1,979		$	(1	)	$	(5	)	$	(3,003	)	$	(1,030	)
	Amounts reclassified from accumulated other comprehensive income were reflected in the financial statements, as follows:
	Category		Locations in the Consolidated Statement of Operations
	Investment securities available-for-sale		Other-than-temporary impairment on investments or Gain on sale of investment securities, net
	Cash flow hedges		Revenues - commercial finance
	SERP pension liability		General and administrative expenses
	Foreign currency translation adjustment		Other income (expense)

NONCONTROLLING_INTERESTS_Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Activity in Noncontrolling Interest	The following table presents the activity in noncontrolling interests (in thousands):
		For the Year Ended						For the Year Ended						For the Year Ended
		31-Dec-14						31-Dec-13						31-Dec-12
		RSO			Other			RSO			Other			RSO			Other
	Noncontrolling interests, beginning of year	$	743,364		$	238		$	582,323		$	279		$	399,288		$	319
	Net income attributable to noncontrolling interests	61,317			89			45,581			20			62,560			557
	Other comprehensive income	18,088			—			13,035			—			19,249			—
	Net proceeds from issuance of equity interests, net of shares repurchased	196,211			—			190,222			24			170,928			—
	Amortization of stock-based compensation	6,567			—			10,472			—			4,636			—
	Discount on RSO senior convertible notes	—			—			4,851			—			—			—
	Contributions, net of distributions from non-controlling interests	11,141			—			—			—			—			—
	Distributions to noncontrolling interests	(120,179		)	(21		)	(103,120		)	(85		)	(74,340		)	(595		)
	Other	34			—			—			—			2			(2		)
	Noncontrolling interests, end of year	$	916,543		$	306		$	743,364		$	238		$	582,323		$	279

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Components of Income Taxes	The following table details the allocation of the Company's provision (benefit) for income taxes from continuing operations between RAI and RSO:
		Years Ended December 31,
		2014				2013				2012
	RAI	$	5,853			$	1,657			13,117
	RSO, net of eliminations	(2,212		)		(1,041		)		14,602
	Total	$	3,641			$	616			$	27,719
	The following table details the components of the Company's provision (benefit) for income taxes from continuing operations, excluding RSO (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Current tax (benefit) provision:
	Federal	$	(170	)		$	746			$	—
	State	592				1,042				1,225
	Foreign	43				(156		)		56
	Total current tax provision	465				1,632				1,281
	Deferred tax provision (benefit)
	Federal	5,039				1,399				13,045
	State	349				(1,374		)		(1,209		)
	Foreign	—				—				—
	Total deferred tax provision	5,388				25				11,836
	Total income tax provision	$	5,853			$	1,657			$	13,117
Reconciliation Between Federal Statutory Income Tax Rate and Effective Income Tax Rate	A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate, excluding RSO, is as follows:
		Years Ended December 31,
		2014			2013			2012
	Statutory tax rate	35	%		35	%		35	%
	State and local taxes, net of federal benefit	5			(10	)		3
	Deconsolidation adjustment	—			—			(6	)
	Foreign adjustment	—			(2	)		—
	Valuation allowance for deferred tax assets	—			—			3
	Equity-based compensation (benefit) expense	(1	)		1			—
	Dividend received deduction	(2	)		(2	)		—
	Other items	2			(5	)		—
		39	%		17	%		35	%
Components of Deferred Tax Assets and Liabilities	The components of deferred tax assets, net, excluding RSO, are as follows (in thousands):
		December 31,
		2014				2013
	Deferred tax assets related to:
	Federal, foreign, state and local operating loss carryforwards	$	10,401			$	8,999
	Capital loss carryforwards	1,192				450
	Unrealized loss on investments	3,941				3,664
	Investment in partnerships	2,201				2,572
	Provision for credit losses	7,354				15,600
	Accrued expenses	1,794				2,142
	Employee equity compensation awards	1,864				1,005
	Deferred income	40				—
	Property and equipment basis differences	—				96
	Gross deferred tax assets	28,787				34,528
	Less:  valuation allowance	(4,906		)		(4,584		)
		23,881				29,944
	Deferred tax liabilities related to:
	Intangible assets	(392		)		—
	Unremitted foreign earnings	(76		)		—
	Deferred income	—				(2,175		)
	Property and equipment basis differences	(109		)		—
		(577		)		(2,175		)
	Deferred tax assets, net	$	23,304			$	27,769

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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):
		Years Ended December 31,
		2014	2013	2012
	Shares
	Basic shares outstanding	21,148	20,217	19,919
	Dilutive effect of outstanding stock options, warrants and director units	1,223	1,688	1,075
	Dilutive shares outstanding	22,371	21,905	20,994

BENEFIT_PLANS_Tables

BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
	Unearned Performance-based Restricted Stock	Shares
	Outstanding, beginning of year	12,000
	Awarded	90,614
	Earned	(12,000	)
	Outstanding, end of year	90,614
Schedule of Share-based Compensation, Stock Options, Activity	Aggregate information regarding the activity for the Company’s employee stock options as of December 31, 2014 is as follows:
	Stock Options Outstanding	Shares			Weighted				Weighted		Aggregate
					Average				Average		Intrinsic Value
					Exercise Price				Contractual Life
	Balance, beginning of year	1,015,163			$	16.26			1.72		$	50,250
	Exercised	(5,000	)		$	(8.14	)
	Forfeited and/or expired	(17,313	)		$	(16.39	)
	Balance, end of year	992,850			$	16.3			0.72		$	66,340
	Exercisable, December 31, 2014	992,850			$	16.3
	Available for grant	448,168		(1)
	-1	The shares available for grant are reduced by restricted stock award grants, net of forfeitures.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The following table summarizes the activity for nonvested restricted stock (excluding performance-based awards) during 2014. All options outstanding are vested.
		Shares			Weighted Average
					Grant Date
					Fair Value
	Nonvested Restricted Stock
	Outstanding, beginning of year	396,194			$	6.38
	Granted	649,622			$	9.03
	Vested and issued	(216,738	)		$	(5.83	)
	Outstanding, end of year	829,078			$	8.6
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity	Aggregate information regarding the Company’s three director plans at December 31, 2014 was as follows:
		Shares			Weighted Average
					Grant Date
					Fair Value
	Director Units
	Outstanding, beginning of year	262,546			$	6.55
	Granted	17,594			$	8.95
	Forfeited	(8,480	)		$	(7.96	)
	Outstanding, end of year	271,660			$	6.66
	Vested units	250,336			$	6.51
	Available for grant	159,588
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Nonvested Activity	The following table summarizes the activity for outstanding nonvested director units during 2014:
		Shares			Weighted Average
					Grant Date
					Fair Value
	Nonvested Director Units
	Outstanding, beginning of year	25,425			$	7.96
	Granted	17,594			$	8.95
	Vested	(13,215	)		$	(8.82	)
	Forfeited	(8,480	)		$	(7.96	)
	Outstanding, end of year	21,324			$	8.44
Components of Net Periodic Benefit Costs for the SERP	The components of net periodic benefit costs for the SERP were as follows (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Interest cost	$	273			$	225			$	(75	)
	Less: expected (loss) return on plan assets	(154		)		(100		)		295
	Plus: Amortization of unrecognized loss	279				381				305
	Net cost	$	398			$	506			$	525
Reconciliation of SERP Benefit Obligation and Fair Value of Plan Assets, Comprised Entirely of Equity Securities and Funded Status of SERP Liability	The reconciliation of the beginning and ending balances for the SERP benefit obligation and fair value of plan assets, comprised entirely of equity securities, as well as the funded status of the Company’s SERP liability, is as follows (in thousands):
		December 31,
		2014				2013
	Projected benefit obligation, beginning of year	$	7,571			$	8,471
	Interest cost	273				226
	Actuarial loss	1,031				(288		)
	Benefit payments	(838		)		(838		)
	Projected benefit obligation, end of year	$	8,037			$	7,571
	Fair value of plan assets, beginning of year	$	2,573			$	1,665
	Actual (loss) gain on plan assets	(918		)		908
	Fair value of plan assets, end of year	$	1,655			$	2,573
	Unfunded status	$	(6,383	)		$	(4,998	)
	Unrecognized net actuarial loss	5,704				3,879
	Net accrued cost	$	(679	)		$	(1,119	)
	Amounts recognized in the consolidated balance sheets consist of:
	Accrued benefit liability	$	(6,383	)		$	(4,998	)
	Accumulated other comprehensive loss	3,003			(1)	2,026
	Deferred tax asset	2,701				1,853
	Net liability recognized	$	(679	)		$	(1,119	)
	-1	The estimated net loss for the plan that is expected to be amortized from accumulated other comprehensive loss into net periodic pension benefit cost over the next year is $279,000.
Fair Value of Paln Asset by Level Within the Fair Value Hierarchy	As of December 31, 2014, the fair value of the SERP plan asset by level within the fair value hierarchy was as follows (in thousands):
		Level 1				Level 2				Level 3			Total
	Asset:
	Equity securities - TBBK	$	1,655			$	—			$	—		$	1,655

CERTAIN_RELATIONSHIPS_AND_RELA1

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 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):
		December 31,
		2014			2013
	Receivables from managed entities and related parties, net:
	Real estate investment entities	$	23,733		$	21,487
	Commercial finance investment entities (1)	2,883			8,174
	Financial fund management investment entities	663			1,138
	Other	488			124
	Loan to CVC Credit Partners	2,536			—
	Receivables from managed entities and related parties	$	30,303		$	30,923
	Payables due to managed entities and related parties, net:
	Real estate investment entities (2)	$	2,942		$	2,940
	Other	73			170
	Payables to managed entities and related parties	$	3,015		$	3,110
	-1	Net of reserves for credit losses of $17.0 million and $36.2 million, respectively, related to management fees owed from one of the commercial finance investment partnerships, respectively which, based on estimated cash distributions, are not expected to be collectible.
	-2	Reflects $2.6 million and $2.9 million, respectively, in funds provided by the real estate investment entities, 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):
		Years Ended December 31,
		2014			2013			2012
	Fees from unconsolidated investment entities:
	Real estate (1)	$	34,395		$	23,356		$	17,550
	Financial fund management	3,633			3,115			3,093
	Commercial finance (2)	—			—			—
	CVC Credit Partners – reimbursement of net costs and expenses	1,037			1,195			2,082
	Opportunity REIT I:
	Reimbursement of costs and expenses	2,227			1,633			844
	Dividends paid	117			114			14
	Opportunity REIT II:
	Reimbursement of costs and expenses	2,342			—			—
	LEAF:
	Payment for sub-servicing the commercial finance investment	(293		)	(898		)	(2,149		)
	partnerships
	Payment for rent and related expenses	—			(543		)	(763		)
	Reimbursement of net costs and expenses	129			213			287
	1845 Walnut Associates Ltd:
	Payment for rent and related expenses	(767		)	(702		)	(685		)
	Property management fees	205			122			—
	Brandywine Construction & Management, Inc. – payment for	(232		)	(226		)	(211		)
	property management of hotel property
	Atlas Energy, L.P. – reimbursement of net costs and expenses	163			240			609
	Ledgewood P.C. – payment for legal services	(180		)	(240		)	(462		)
	Graphic Images, LLC – payment for printing services	(156		)	(179		)	(235		)
	The Bancorp, Inc. – reimbursement of net costs and expenses	111			114			118
	9 Henmar LLC – payment of broker/consulting fees	(38		)	(41		)	(47		)
	-1	Reflects discounts recorded by the Company of $82,000, $179,000 and $678,000 recorded in 2014, 2013 and 2012 in connection with management fees from its real estate investment entities that it expects to receive in future periods.
	-2	During 2014, 2013 and 2012, the Company waived $683,000, $1.8 million and $3.9 million, respectively, of its fund management fees from its commercial finance investment entities.

FAIR_VALUE_Tables

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Company's Asset Recorded at Fair Value on Recurring Basis	The fair values of the Company’s assets and liabilities recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1			Level 2			Level 3		Total
	Assets - Investment securities
	December 31, 2014	$	310		$	741		$	8,489	$	9,540
	December 31, 2013	$	432		$	—		$	7,407	$	7,839
		Level 1			Level 2			Level 3		Total
	Liabilities - Apidos contractual commitment
	31-Dec-14	$	—		$	—		$	745	$	745
	31-Dec-13	$	—		$	—		$	995	$	995
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 2014 (in thousands):
		Investment Securities
	Balance, beginning of year	$	7,407
	Purchases	15,063
	Income accreted	995
	Payments and distributions received	(3,753		)
	Sales	(13,177		)
	Gain on sales of investment securities	370
	Gain on sales of trading securities	1,850
	Unrealized holding losses on trading securities	(200		)
	Change in unrealized losses included in accumulated other comprehensive loss	(66		)
	Balance, end of year	$	8,489
	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 2013 (in thousands):
		Investment Securities
	Balance, beginning of year	$	10,367
	Purchases	11,630
	Income accreted	(14,058		)
	Payments and distributions received	(1,055		)
	Sales	(6,286		)
	Impairment recognized in earnings	(214		)
	Gain on sales of trading securities	899
	Unrealized holding gain on trading securities	6,294
	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 December 31, 2014			Valuation Technique		Unobservable Inputs	Assumptions
								(weighted average)
	CLO securities	$	8,014		Discounted cash flow		Constant default rate	0% - 2%
							Loss severity rate	25%
							Constant prepayment rate - year one	30%
							Constant prepayment rate - thereafter	25%
							Reinvestment price on collateral	99.50% - 100%
							Discount rates	13%
	Trading securities	$	475		Net asset value		Constant default rate	2%-9%
					Discounted cash flow		Loss severity rate	30%
							Constant prepayment rate	20%-30%
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):
		December 31, 2014						December 31, 2013
		Carrying			Estimated Fair Value			Carrying		Estimated Fair Value
		Amount						Amount
	Borrowings:
	Real estate debt	$	10,088		$	11,197		$	10,287	$	10,702
	Senior Notes	10,000			12,820			10,000		12,619
	Other debt	324			324			332		332
		$	20,412		$	24,341		$	20,619	$	23,653

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental and Lease Payments for Operating and Capital Leases	At December 31, 2014, future minimum rental commitments (net of subleases) under operating and capital leases over the next five years during December 31, and thereafter, were as follows (in thousands):
		Operating		Capital (1)		Total
	2015	$	2,208	$	203	$	2,411
	2016	2,220		74		2,294
	2017	2,075		48		2,123
	2018	2,045		6		2,051
	2019	1,738		—		1,738
	Thereafter	3,410		—		3,410
	Total	$	13,696	$	331	$	14,027
	-1	Includes $6,004, $1,215, $382 and $16 for the years ending December 31, 2015, 2016, 2017 and 2018, respectively, related to the interest portion of capital lease payments.

OPERATING_SEGMENTS_Tables

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Reporting [Abstract]
Summarized Operating Segment Data	Summarized operating segment data are as follows (in thousands):
	Year Ended December 31, 2014:		Real			Financial			Commercial			All Other (1)			Total			RSO			Eliminations			Total
			Estate			Fund			Finance						RAI									Consolidation
						Management
	Revenues from external customers		$	55,639		$	22,768		$	8		$	—		$	78,415		$	99,446		$	(12,781	)	$	165,080
	Equity in (losses) earnings of unconsolidated entities		(778		)	5,632			(172		)	—			4,682			—			(483		)	4,199
	Total revenues		54,861			28,400			(164		)	—			83,097			99,446			(13,264		)	169,279
	Segment operating expenses		(37,411		)	(14,824		)	(979		)	—			(53,214		)	(64,995		)	12,601			(105,608		)
	General and administrative expenses		(3,350		)	(1,642		)				(6,126		)	(11,118		)	—			—			(11,118		)
	Reversal of (provision for) credit losses		2			—			(3,060		)	—			(3,058		)	—			—			(3,058		)
	Depreciation and amortization		(1,239		)	(63		)	—			(517		)	(1,819		)	—			—			(1,819		)
	Gain on sale of investment securities, net		—			445			—			—			445			—			—			445
	Interest expense		(767		)	—			(11		)	(1,127		)	(1,905		)	—			—			(1,905		)
	Other income (expense), net		796			2,227			19			(510		)	2,532			25,505			(2,238		)	25,799
	Pretax income attributable to noncontrolling interests (2)		(89		)	—			—			—			(89		)	(61,317		)	—			(61,406		)
	Income (loss) from continuing operations excluding noncontrolling interests before taxes		$	12,803		$	14,543		$	(4,195	)	$	(8,280	)	$	14,871		$	(1,361	)	$	(2,901	)	$	10,609
	Year Ended December 31, 2013:		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
			Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	56,126		$	15,060		$	—		$	—		$	71,186		$	82,983		$	(13,834	)	$	140,335
	Equity in earnings (losses) of unconsolidated entities		1,017			4,713			(341		)	—			5,389			—			—			5,389
	Total revenues		57,143			19,773			(341		)	—			76,575			82,983			(13,834		)	145,724
	Segment operating expenses		(40,612		)	(10,155		)	(56		)	—			(50,823		)	(60,999		)	13,215			(98,607		)
	General and administrative expenses		(4,054		)	(1,153		)	—			(5,061		)	(10,268		)	—			—			(10,268		)
	Reversal of (provision for) credit losses		2,536			(200		)	(6,601		)	—			(4,265		)	—			—			(4,265		)
	Depreciation and amortization		(1,275		)	(64		)	—			(597		)	(1,936		)	—			—			(1,936		)
	Impairment of available-for-sale securities		—			(214		)	—			—			(214		)	—			—			(214		)
	Interest expense		(829		)	(9		)	—			(1,198		)	(2,036		)	—			—			(2,036		)
	Other income (expense), net		801			2,323			13			(321		)	2,816			23,428			(1,997		)	24,247
	Pretax income attributable to noncontrolling interests (2)		(20		)	—			—			—			(20		)	(45,581		)	—			(45,601		)
	Income (loss) from continuing operations excluding noncontrolling interests before taxes		$	13,690		$	10,301		$	(6,985	)	$	(7,177	)	$	9,829		$	(169	)	$	(2,616	)	$	7,044
	Year Ended December 31, 2012:		Real			Financial			Commercial			All			Total			RSO			Eliminations			Total
			Estate			Fund			Finance			Other (1)			RAI									Consolidation
						Management
	Revenues from external customers		$	43,235		$	14,158		$	1		$	—		$	57,394		$	109,138		$	(17,544	)	$	148,988
	Equity in earnings (losses) of unconsolidated entities		1,848			3,895			(1,660		)	—			4,083			—			—			4,083
	Total revenues		45,083			18,053			(1,659		)	—			61,477			109,138			(17,544		)	153,071
	Segment operating expenses		(30,475		)	(12,299		)	(402		)	—			(43,176		)	(63,850		)	17,351			(89,675		)
	Restructuring expenses		—			—			—			(365		)	(365		)	—			—			(365		)
	General and administrative expenses		(361		)	(2,392		)	—			(7,039		)	(9,792		)	—			—			(9,792		)
	Impairment loss recognized in earnings		(2,280		)	—			—			—			(2,280		)	—			—			(2,280		)
	Provision for credit losses		(428		)	(457		)	(19,263		)	—			(20,148		)	—			—			(20,148		)
	Depreciation and amortization		(1,288		)	(111		)	—			(685		)	(2,084		)	—			—			(2,084		)
	Gain on sale and deconsolidation of subsidiary		—			54,542			—			—			54,542			—			—			54,542
	Other-than-temporary impairment losses recognized in earnings		—			(74		)	—			—			(74		)	—			—			(74		)
	Interest expense		(853		)	—			(58		)	(1,378		)	(2,289		)	—			—			(2,289		)
	Other income (expense), net		568			2,681			—			(429		)	2,820			33,757			(2,575		)	34,002
	Pretax income attributable to noncontrolling interests (2)		(835		)	—			—			—			(835		)	(62,560		)	—			(63,395		)
	Income (loss) from continuing operations excluding noncontrolling interests before taxes		$	9,131		$	59,943		$	(21,382	)	$	(9,896	)	$	37,796		$	16,485		$	(2,768	)	$	51,513
	Segment assets		Real			Financial			Commercial			All			Total			RSO			Total
			Estate			Fund			Finance			Other (1)			RAI						Consolidation
						Management
	31-Dec-14		$	188,406		$	47,467		$	4,483		$	(67,986	)	$	172,370		$	2,728,472		$	2,900,842
	31-Dec-13		$	179,002		$	57,115		$	9,255		$	(77,382	)	$	167,990		$	2,150,461		$	2,318,451
	31-Dec-12		$	170,810		$	54,488		$	11,876		$	(76,967	)	$	160,207		$	2,282,986		$	2,443,193
	-1	Includes general corporate expenses and assets not allocable to any particular segment.
	-2	In viewing its segment operations, management includes the pretax income attributable to noncontrolling interests.  However, these interests are excluded from income 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.

QUARTERLY_FINANCIAL_DATA_Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following sets forth the Company's operating results by quarter (in thousands, except share data):
	Quarterly Results for 2014	31-Mar			30-Jun			30-Sep			31-Dec
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Revenues	$	20,251		$	21,547		$	19,829		$	21,470
	Revenues from consolidated VIE - RSO	25,246			23,828			25,809			24,563
	Elimination of consolidated VIE revenues attributed to operating segments	(2,880		)	(3,040		)	(4,136		)	(3,208		)
	Total revenues	42,617			42,335			41,502			42,825
	Operating income	15,970			11,759			13,800			6,147
	Net income	18,101			20,207			15,719			14,347
	Net loss (income) attributable to noncontrolling interests	40			(84		)	11			(56		)
	Net income attributable to noncontrolling interests - RSO	(17,151		)	(17,405		)	(14,214		)	(12,547		)
	Net income attributable to common shareholders	990			2,718			1,516			1,744
	Basic earnings per common share	$	0.05		$	0.13		$	0.07		$	0.07
	Diluted earnings per common share	$	0.04		$	0.12		$	0.07		$	0.07
	Quarterly Results for 2013	31-Mar			30-Jun			30-Sep			31-Dec
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
	Revenues	$	15,449		$	14,563		$	24,422		$	22,141
	Revenues from consolidated VIE - RSO	29,755			26,177			22,819			4,232
	Elimination of consolidated VIE revenues attributed to operating segments	(2,700		)	(2,725		)	(5,183		)	(3,226		)
	Total revenues	42,504			38,015			42,058			23,147
	Operating income (loss)	14,050			14,654			11,839			(9,895		)
	Net income	12,767			9,511			27,190			2,559
	Net loss (income) attributable to noncontrolling interests	43			(26		)	(40		)	3
	Net income attributable to noncontrolling interests - RSO	(12,314		)	(8,372		)	(23,708		)	(1,187		)
	Net income attributable to common shareholders	496			1,113			3,442			1,375
	Basic earnings per common share:	$	0.02		$	0.05		$	0.17		$	0.07
	Diluted earnings per common share:	$	0.02		$	0.05		$	0.16		$	0.06

VARIABLE_INTEREST_ENTITIES_Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2014
Variable Interest Entity [Line Items]
Servicing Fees	These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Other income as follows (in thousands):
			Year Ended
			December 31, 2014
	Servicing fees from capitalized portfolio		$	1,649
	Late Fees		$	81
	Other ancillary servicing revenue		$	6
Schedule Loan Servicing Portfolio	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of (in thousands):
			Year Ended
			December 31, 2014
	Balance, beginning of Period		$	433,153
	Additions		519,915
	Payoffs, sales and curtailments		(58,301		)
	Balance, end of period		$	894,767
	The activity in capitalized MSRs is recorded in other assets and consists of the followings (in thousands):
			Year Ended
			December 31, 2014
	Balance, beginning of Period		$	4,885
	Additions		6,446
	Sales		—
	Balance, end of period		$	11,331
	Accumulated amortization		(2,457		)
	Balance, end of period		$	8,874
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		December 31,
		Ownership Interests		2014				2013
	Real estate investment entities	1% – 12%		$	8,313			$	8,271
	Financial fund management partnerships	0.01% - 50%		4,162				5,294
	Trapeza entities	33% − 50%		614				777
	Investments in unconsolidated entities			$	13,089			$	14,342
Property and Equipment, Net	Property and equipment, net, consist of the following (in thousands):
		Estimated Useful Life		December 31,
				2014				2013
	Leasehold improvements	1-10 years		$	4,597			$	4,575
	Furniture and equipment	3-7 years		4,006				3,692
	Computer equipment	3-5 years		3,263				3,093
				11,866				11,360
	Accumulated depreciation and amortization			(6,803		)		(5,516		)
	Property and equipment, net			$	5,063			$	5,844
Supplemental Cash Flow Information	Supplemental disclosure of cash flow information are as follows (in thousands, per share data):
		Years Ended December 31,
		2014				2013				2012
	Cash (paid) received:
	Interest	$	(1,654	)		$	(1,690	)		$	(1,980	)
	Income tax payments	(1,268		)		(1,651		)		(1,367		)
	Refund of income taxes	171				99				83
	Dividends declared per common share	$	0.22			$	0.15			$	0.12
	Non-cash activities:
	Repurchases of common stock from employees in exchange for the payment of income taxes	$	370			$	136			$	1,719
	Repurchase of common stock in exchange for the exercise of warrants	1,754				—				—
	Issuance of treasury stock for the Company's investment savings plan	407				341				485
	Common stock issued to former director in exchange for vested director units	—				—				135
	Leasehold improvements paid by the landlord	—				1,496				—
	Effects from the deconsolidation of entities: (1)
	Receivables from managed entities and related parties, net	$	—			$	—			$	715
	Investments in unconsolidated entities	—				—				(1,824		)
	Other assets	—				—				20
	Accrued expense and other liabilities	—				—				(938		)
	-1	Reflects the deconsolidation of Apidos and LEAF during 2012 and, as a result, the removal of the amounts noted above from the Company’s consolidated balance sheets.  The sum of the assets removed and cash equated to the sum of the liabilities and equity that were similarly eliminated and, as such, there was no change in the Company’s total net assets.
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 along with the 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
	31-Dec-14
	CLO securities	$	2,643			$	(176	)		4			$	—			$	—			—
	Equity securities	—				—				—			—				—				—
	Total	$	2,643			$	(176	)		4			$	—			$	—			—
	31-Dec-13
	CLO securities	$	2,312			$	(196	)		3			$	—			$	—			—
	Equity securities	92				(8		)		1			—				—				—
	Total	$	2,404			$	(204	)		4			$	—			$	—			—
Summarization 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 by all financing receivables by receivable type (in thousands):
		Receivables from Managed Entities				Leases and Loans				Rent Receivables				Total
	Year Ended December 31, 2014:
	Balance, beginning of year	$	36,229			$	—			$	14			$	36,243
	Provision for (reversal of) credit losses	3,123				(62		)		(3		)		3,058
	Charge-offs	(22,394		)		—				(11		)		(22,405		)
	Recoveries	32				62				—				94
	Balance, end of year	$	16,990			$	—			$	—			$	16,990
	Ending balance, individually evaluated for impairment	$	16,990			$	—			$	—			$	16,990
	Ending balance, collectively evaluated for impairment	—				—				—				—
	Balance, end of year	$	16,990			$	—			$	—			$	16,990
	Year Ended December 31, 2013:
	Balance, beginning of year	$	32,560			$	—			$	68			$	32,628
	Provision for (reversal of) credit losses	4,324				(42		)		(17		)		4,265
	Charge-offs	(675		)		—				(37		)		(712		)
	Recoveries	20				42				—				62
	Balance, end of year	$	36,229			$	—			$	14			$	36,243
	Ending balance, individually evaluated for impairment	$	36,229			$	—			$	—			$	36,229
	Ending balance, collectively evaluated for impairment	—				—				14				14
	Balance, end of year	$	36,229			$	—			$	14			$	36,243
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 December 31, 2014 (in thousands):
		Current				30-89 Days				90-180				Greater than				Total				Total
						Past Due				Days Past Due				181 Days				Past Due
	Receivables from managed entities
	and related parties: (1)
	Commercial finance	$	9			$	342			$	1,124			$	18,398			$	19,864			$	19,873
	investment entities
	Real estate investment entities	6,613				772				1,214				15,134				17,120				23,733
	Financial fund management entities	583				74				—				6				80				663
	Other	3,024				—				—				—				—				3,024
		10,229				1,188				2,338				33,538				37,064				47,293
	Rent receivables - real estate	76				11				1				—				12				88
	Total financing receivables	$	10,305			$	1,199			$	2,339			$	33,538			$	37,076			$	47,381
	-1	Receivables are presented gross of an allowance for credit losses of $17.0 million related to one of 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):
		Current				30-89 Days				90-180				Greater than				Total				Total
						Past Due				Days Past Due				181 Days				Past Due
	Receivables from managed entities
	and related parties: (1)
	Commercial finance	$	48			$	—			$	—			$	44,355			$	44,355			$	44,403
	investment entities
	Real estate investment entities	3,142				793				1,229				16,323				18,345				21,487
	Financial fund management entities	1,071				35				3				29				67				1,138
	Other	70				33				21				—				54				124
		4,331				861				1,253				60,707				62,821				67,152
	Rent receivables - real estate	63				14				4				10				28				91
	Total financing receivables	$	4,394			$	875			$	1,257			$	60,717			$	62,849			$	67,243
	-1	Receivables are presented gross of an allowance for credit losses of $36.2 million related to the Company’s commercial finance, real estate investment entities and financial fund management entities, respectively.  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
	Year Ended December 31, 2014:
	Financing receivables with a specific valuation allowance:
	Receivables from managed entities – commercial finance	$	1,295			$	18,285			$	16,990			$	36,256
	Year Ended December 31, 2013:
	Financing receivables with a specific valuation allowance:
	Receivables from managed entities – commercial finance	$	2,690			$	38,919			$	36,200			$	38,649
	Receivables from managed entities – real estate	—				14				14				32
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 December 31, 2014								As of December 31, 2013
		Availability				Borrowings Outstanding				Borrowings Outstanding
	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					10,088				10,287
	Other debt					324				332
	Total borrowings outstanding					$	20,412			$	20,619
	-1	The availability of the facility as shown has been reduced for outstanding letter of credit of $503,000 at December 31, 2014.
Company's Asset Recorded at Fair Value on Recurring Basis	The fair values of the Company’s assets and liabilities recorded at fair value on a recurring basis were as follows (in thousands):
		Level 1				Level 2				Level 3				Total
	Assets - Investment securities
	December 31, 2014	$	310			$	741			$	8,489			$	9,540
	December 31, 2013	$	432			$	—			$	7,407			$	7,839
		Level 1				Level 2				Level 3				Total
	Liabilities - Apidos contractual commitment
	31-Dec-14	$	—			$	—			$	745			$	745
	31-Dec-13	$	—			$	—			$	995			$	995
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 2014 (in thousands):
		Investment Securities
	Balance, beginning of year	$	7,407
	Purchases	15,063
	Income accreted	995
	Payments and distributions received	(3,753		)
	Sales	(13,177		)
	Gain on sales of investment securities	370
	Gain on sales of trading securities	1,850
	Unrealized holding losses on trading securities	(200		)
	Change in unrealized losses included in accumulated other comprehensive loss	(66		)
	Balance, end of year	$	8,489
	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 2013 (in thousands):
		Investment Securities
	Balance, beginning of year	$	10,367
	Purchases	11,630
	Income accreted	(14,058		)
	Payments and distributions received	(1,055		)
	Sales	(6,286		)
	Impairment recognized in earnings	(214		)
	Gain on sales of trading securities	899
	Unrealized holding gain on trading securities	6,294
	Change in unrealized losses included in accumulated other comprehensive loss	(170		)
	Balance, end of year	$	7,407
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):
		December 31, 2014								December 31, 2013
		Carrying				Estimated Fair Value				Carrying				Estimated Fair Value
		Amount								Amount
	Borrowings:
	Real estate debt	$	10,088			$	11,197			$	10,287			$	10,702
	Senior Notes	10,000				12,820				10,000				12,619
	Other debt	324				324				332				332
		$	20,412			$	24,341			$	20,619			$	23,653
Components of Income Taxes	The following table details the allocation of the Company's provision (benefit) for income taxes from continuing operations between RAI and RSO:
		Years Ended December 31,
		2014				2013				2012
	RAI	$	5,853			$	1,657			13,117
	RSO, net of eliminations	(2,212		)		(1,041		)		14,602
	Total	$	3,641			$	616			$	27,719
	The following table details the components of the Company's provision (benefit) for income taxes from continuing operations, excluding RSO (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Current tax (benefit) provision:
	Federal	$	(170	)		$	746			$	—
	State	592				1,042				1,225
	Foreign	43				(156		)		56
	Total current tax provision	465				1,632				1,281
	Deferred tax provision (benefit)
	Federal	5,039				1,399				13,045
	State	349				(1,374		)		(1,209		)
	Foreign	—				—				—
	Total deferred tax provision	5,388				25				11,836
	Total income tax provision	$	5,853			$	1,657			$	13,117
Reconciliation Between Federal Statutory Income Tax Rate and Effective Income Tax Rate	A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate, excluding RSO, is as follows:
		Years Ended December 31,
		2014			2013			2012
	Statutory tax rate	35	%		35	%		35	%
	State and local taxes, net of federal benefit	5			(10	)		3
	Deconsolidation adjustment	—			—			(6	)
	Foreign adjustment	—			(2	)		—
	Valuation allowance for deferred tax assets	—			—			3
	Equity-based compensation (benefit) expense	(1	)		1			—
	Dividend received deduction	(2	)		(2	)		—
	Other items	2			(5	)		—
		39	%		17	%		35	%
Components of Deferred Tax Assets and Liabilities	The components of deferred tax assets, net, excluding RSO, are as follows (in thousands):
		December 31,
		2014				2013
	Deferred tax assets related to:
	Federal, foreign, state and local operating loss carryforwards	$	10,401			$	8,999
	Capital loss carryforwards	1,192				450
	Unrealized loss on investments	3,941				3,664
	Investment in partnerships	2,201				2,572
	Provision for credit losses	7,354				15,600
	Accrued expenses	1,794				2,142
	Employee equity compensation awards	1,864				1,005
	Deferred income	40				—
	Property and equipment basis differences	—				96
	Gross deferred tax assets	28,787				34,528
	Less:  valuation allowance	(4,906		)		(4,584		)
		23,881				29,944
	Deferred tax liabilities related to:
	Intangible assets	(392		)		—
	Unremitted foreign earnings	(76		)		—
	Deferred income	—				(2,175		)
	Property and equipment basis differences	(109		)		—
		(577		)		(2,175		)
	Deferred tax assets, net	$	23,304			$	27,769
RSO [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Maximum Exposure	The following table shows the classification, carrying value and maximum exposure to loss with respect to RSO’s unconsolidated VIEs as of December 31, 2014 (in thousands):
		Unconsolidated Variable Interest Entities
		LCC				Unsecured				Resource				Total				Maximum
						Junior				Capital Asset								Exposure
						Subordinated				Management								to Loss
						Debentures				CDOs
	Investment in unconsolidated entities	$	39,417			$	1,548			$	—			$	40,965			$	40,965
	Intangible assets	—				—				9,434				9,434				9,434
	Total assets	39,417				1,548				9,434				50,399
	Borrowings	—				51,205				—				51,205				N/A
	Total liabilities	—				51,205				—				51,205				N/A
	Net asset (liability)	$	39,417			$	(49,657	)		$	9,434			$	(806	)		N/A
Details of Company's Investments in Investment Vehicles, Including the Range of Interests it Owns	The following table shows RSO's investments in unconsolidated entities as of 2014 and 2013 and equity in net earnings (losses) of unconsolidated subsidiaries for the years ended December 31, 2014, 2013 and 2012 (in thousands):
				Balance as of								Years Ended December 31,
		Ownership %		December 31,				December 31,				2014				2013				2012
				2014				2013
	Värde Investment Partners, L.P	7.50%		$	654			$	674			$	(20	)		$	148			$	(135	)
	RRE VIP Borrower, LLC (1)			—				—				3,473				277				682
	Investment in LCC Preferred Stock	28.40%		39,416				41,016				(1,555		)		(183		)		(3,256		)
	Investment in CVC Global Credit Opportunities Fund	27.70%		18,209				16,177				2,032				1,177				—
	Investment in	50.20%		—				1,530				(75		)		(470		)		—
	Life Care Funding (2)
	Investment in School Lane House (1)			—				975				912				—				—
				58,279				60,372				4,767				949				(2,709		)
	Investment in RCT I and II (3)	3.00%		1,548				1,548				2,387				2,401				2,494
	Investment in Preferred Equity (1) (4)			—				7,149				410				992				705
	Total			$	59,827			$	69,069			$	7,564			$	4,342			$	490
	-1	Investment in School Lane House, Investment in RRE VIP Borrower and the Investments in preferred equity were sold as of December 31, 2014.
	-2	RSO began consolidating this investment during the first quarter of 2014. Ownership % represents ownership after consolidation.
	-3	For the years ended December 31, 2014, 2013, and 2012 these amounts are recorded in interest expense on the RSO's consolidated statements of income.
	-4	For the years ended December 31, 2014, 2013, and 2012 these amounts are recorded in interest income on loans on RSO's consolidated statements of income.
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.
		December 31, 2014												December 31, 2013
		Borrowings				Value of Collateral Under Linked Transactions (2)				Number of Positions as Collateral Under Linked Transactions		Weighted Average Interest Rate		Borrowings				Value of Collateral Under Linked Transactions (2)				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	$	4,941			$	6,371			7		1.67%		$	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	4,108				6,233				2		1.37%		21,969				30,803				9		1.19%
	Deutsche Bank Securities, LLC	24,348				36,001				10		1.57%		18,599				29,861				9		1.43%
	Totals	$	33,397			$	48,605							$	64,094			$	93,823
	-1	Equal to linked CMBS repurchase value plus accrued interest expenses totaling $20,000 and $38,000, of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
	-2	Does not include linked CMBS accrued interest receivable totaling $159,000 and $337,000 of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
Schedule of Short-term Debt	The following table sets forth certain information with respect to RSO's borrowings at December 31, 2014 and 2013 (dollars in thousands):
		December 31, 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)	$	24,967			$	30,180			33		1.35%		$	47,601			$	56,949			44		1.38%
	CRE Term Repurchase Facilities
	Wells Fargo Bank (2)	179,762				258,223				15		2.38%		30,003				48,186				3		2.67%
	Deutsche Bank AG (3)	25,920				39,348				2		2.78%		(300		)		—				—		—%
	Short-Term Repurchase Agreements - CMBS
	Wells Fargo Securities, LLC	10,442				17,695				1		1.66%		—				—				—		—%
	Deutsche Bank Securities, LLC	33,783				44,751				8		1.62%		—				—				—		—%
	RMBS Term Repurchase Facility
	Wells Fargo Bank (2)	22,212				27,885				6		1.16%		—				—				—		—%
	Residential Mortgage Financing Agreements
	New Century Bank	41,387				51,961				158		2.82%		11,916				13,089				74		4.17%
	ViewPoint Bank, NA	—				—				—		—%		2,711				3,398				17		4.58%
	Wells Fargo Bank	61,189				95,511				104		2.75%		—				—				—		—%
	Totals	$	399,662			$	565,554							$	91,931			$	121,622
	-1	The Wells Fargo CMBS term facility borrowing includes $0 and $12,000, of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
	-2	The Wells Fargo CRE term repurchase facility borrowing includes $1.7 million and $732,000 of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
	-3	The Deutsche Bank term repurchase facility includes $268,000 and $300,000 of deferred debt issuance costs as of December 31, 2014 and 2013, respectively.
	-4	The Wells Fargo RMBS term repurchase facility includes $36,000 of deferred debt issuance costs as of December 31, 2014.
Condensed Financial Statements	The following reflects the assets and liabilities and operations of RSO which was consolidated by the Company:
	RSO Balance Sheet Detail (in thousands):
		December 31,
		2014				2013
	ASSETS (1)
	Cash and cash equivalents	$	79,905			$	262,270
	Restricted cash	122,138				63,309
	Subtotal - Cash and cash equivalents	202,043				325,579
	Investment securities, trading	20,786				11,558
	Investment securities available-for-sale, pledged as collateral, at fair value	197,800				162,608
	Investment securities available-for-sale, at fair value	77,920				52,598
	Subtotal - Investments, at fair value	296,506				226,764
	Loans, pledged as collateral and net of allowances of $4.6 million and $13.8 million	1,925,980				1,369,526
	Loans receivable–related party	1,277				6,966
	Loans held for sale, at fair value	111,736				21,916
	Subtotal - Loans, before eliminations	2,038,993				1,398,408
	Eliminations	(558		)		(950		)
	Subtotal - Loans	2,038,435				1,397,458
	Property available-for-sale	180				25,346
	Investment in real estate	—				29,778
	Investments in unconsolidated entities	59,827				69,069
	Subtotal, Investments in real estate and unconsolidated entities, before eliminations	60,007				124,193
	Eliminations	—				—
	Subtotal, Investments in real estate and unconsolidated entities	60,007				124,193
	Line items included in "other assets":
	Linked transactions, net at fair value	15,367				30,066
	Derivatives, at fair value	5,304				—
	Interest receivable	16,260				8,965
	Deferred tax asset	13,094				5,212
	Principal paydown receivable	40,920				6,821
	Intangible assets	9,736				11,822
	Direct financing leases	2,109				—
	Prepaid expenses	4,196				2,871
	Other assets	24,604				10,726
	Subtotal - Other assets, before eliminations	131,590				76,483
	Eliminations	(109		)		(16		)
	Subtotal - Other assets	131,481				76,467
	Total assets (excluding eliminations)	$	2,729,139			$	2,151,427
	Total assets (including eliminations)	$	2,728,472			$	2,150,461
	LIABILITIES (2)
	Borrowings	$	1,716,871			$	1,319,810
	Eliminations	261				205
	Subtotal Borrowings	1,717,132				1,320,015
	Distribution payable	30,592				27,023
	Accrued interest expense	2,123				1,693
	Derivatives, at fair value	8,476				10,586
	Accrued tax liability	9,219				1,629
	Deferred tax liability	460				4,112
	Accounts payable and other liabilities	9,287				12,650
	Subtotal - Other liabilities, before eliminations	60,157				57,693
	Eliminations	(2,596		)		(2,446		)
	Subtotal - Other liabilities	57,561				55,247
	Total liabilities (before eliminations)	$	1,777,028			$	1,377,503
	Total liabilities (after eliminations)	$	1,774,693			$	1,375,262
	RSO Balance Sheet Detail (in thousands):
		December 31,
		2014				2013
	(1) Assets of consolidated RSO's VIEs included in the total assets above:
	Cash and cash equivalents	$	25			$	—
	Restricted cash	121,247				61,372
	Investments securities available-for-sale, pledged as collateral, at fair value	119,203				105,846
	Loans held for sale	282				2,376
	Loans, pledged as collateral and net of allowances of $3.3 million and $8.8 million	1,261,137				1,219,569
	Interest receivable	8,941				5,627
Prepaid expenses	221				247
Principal receivable	25,767				6,821
Other assets	(12		)		—
Total assets of consolidated VIEs	$	1,536,811			$	1,401,858
(2) Liabilities of consolidated RSO's VIEs included in the total liabilities above:
Borrowings	$	1,046,494			$	1,070,339
Accrued interest expense	1,000				918
Derivatives, at fair value	8,439				10,191
Unsettled loan purchases	(529		)		—
Accounts payable and other liabilities	(386		)		1,604
Total liabilities of consolidated VIEs	$	1,055,018			$	1,083,052
The following table presents detail of noncontrolling interests attributable to RSO:
	December 31,
	2014				2013
Total stockholders' equity per RSO balance sheet	$	952,111			$	773,924
Eliminations	(35,568		)		(30,560		)
Noncontrolling interests attributable to RSO	$	916,543			$	743,364
RSO Income Statement Detail (in thousands):
	Balance as of December 31,
	2014				2013				2012
REVENUES
Interest income:
Loans	$	102,857			$	99,455			$	109,030
Securities	17,265				14,309				14,296
Interest income − other	6,785				4,212				10,004
Total interest income	126,907				117,976				133,330
Interest expense	45,473				61,010				42,792
Net interest income	81,434				56,966				90,538
Rental income	8,441				19,923				11,463
Dividend income	186				273				69
Fee income	9,385				5,821				7,068
Revenues from consolidated VIE - RSO	99,446				82,983				109,138
OPERATING EXPENSES
Management fees − related party	13,584				14,220				18,512
Equity compensation − related party	6,566				10,472				4,636
Rental operating expense	5,443				14,062				8,046
General and administrative - Corporate	15,263				12,304				9,773
General and administrative - PCM	19,598				2,203				—
Depreciation and amortization	2,737				3,855				5,885
Income tax (benefit) expense	(2,212		)		(1,041		)		14,602
Net impairment losses recognized in earnings	—				863				180
Provision for loan losses	1,804				3,020				16,818
Total operating expenses	62,783				59,958				78,452
Reclassification of income tax expense	2,212				1,041				(14,602		)
Expenses of consolidated VIE - RSO	64,995				60,999				63,850
Adjusted operating income	34,451				21,984				45,288
OTHER INCOME (EXPENSE)
Equity in earnings (losses) of unconsolidated subsidiaries	4,767				949				(2,709		)
Net realized gain on sales of investment securities available-for-sale and loans	15,283				9,637				4,106
Net realized and unrealized (loss) gain on investment securities, trading	(2,818		)		(324		)		12,435
Unrealized gain (loss) and net interest income on linked transactions, net	7,850				(3,841		)		728
(Loss) on reissuance/gain on extinguishment of debt	(4,442		)		—				16,699
Gains on the sale of real estate	6,127				16,616				—
Other (expense) income	(1,262		)		391				2,498
Other income, net, from consolidated VIE - RSO	25,505				23,428				33,757
Income from continuing operations	59,956				45,412				79,045
Income tax provision - RSO	(2,212		)		(1,041		)		14,602
NET INCOME	62,168				46,453				64,443
Net income allocated to preferred shares	(17,176		)		(7,221		)		(1,244		)
Net income allocable to non-controlling interest, net of tax	(965		)		—				—
NET INCOME ALLOCABLE TO RSO COMMON SHAREHOLDERS	$	44,027			$	39,232			$	63,199
RSO Cash Flow Detail (in thousands)
	Balance as of December 31,
	2014				2013				2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	62,168			$	46,453			$	64,443
Items included in "Change in cash attributable to consolidated VIE - RSO":
Provision for loan losses	1,804				3,020				16,818
Depreciation of investments in real estate and other	690				1,946				1,838
Amortization of intangible assets	2,059				1,970				4,047
Amortization of term facilities	2,508				1,395				957
Accretion of net discounts on loans held for investment	(2,223		)		(9,521		)		(17,817		)
Accretion of net discounts on securities available-for-sale	(3,941		)		(2,712		)		(3,177		)
Amortization of discount on notes of securitizations	1,228				14,524				2,470
Amortization of debt issuance costs on notes of securitizations	3,601				7,426				4,700
Amortization of stock-based compensation	6,566				10,472				4,636
Amortization of terminated derivative instruments	282				339				227
Accretion of interest-only available-for-sales securities	(790		)		(1,005		)		(719		)
Non-cash incentive compensation to the Manager	—				484				1,468
Deferred income tax (benefit) expense	(11,536		)		(6,710		)		2,329
Purchase of mortgage loans held for sale, net	(96,536		)		(146		)		—
Purchase of securities, trading	(20,190		)		(11,044		)		(8,348		)
Principal payments on securities, trading	1,928				4,309				1,027
Proceeds from sales of securities, trading	1,747				19,696				33,579
Net realized and unrealized loss (gain) on investment securities, trading	2,818				324				(12,435		)
Net realized gains on sales of investment securities available-for-sale and loans	(15,283		)		(10,986		)		(4,106		)
Loss (gain) on the reissuance / (extinguishment) of debt	4,442				—				(16,699		)
Gain on sale of real estate	(6,127		)		(16,616		)		—
Settlement of derivative instruments - investing	(4,142		)		—				—
Net impairment losses recognized in earnings	—				855				180
Linked Transactions fair value adjustments	(5,615		)		6,018				(168		)
Equity in net (earnings) losses of unconsolidated subsidiaries	(4,767		)		(949		)		2,709
Adjust for impact of imputed interest on VIE accounting	—				—				1,879
Changes in operating assets and liabilities, net of acquisitions
Decrease (increase) in restricted cash	5,204				8,445				(2,062		)
(Increase) decrease in interest receivable, net of purchased interest	(7,295		)		(1,108		)		987
Decrease (increase) in principal paydowns receivable
Increase (decrease) in management fee payable	171				(6,357		)		3,929
Increase (decrease) in security deposits	4,696				(337		)		25
(Decrease) increase in accounts payable and accrued liabilities	(3,363		)		(16,327		)		6,329
Increase (decrease) in accrued interest expense	430				(1,445		)		(193		)
Increase (decrease) in other assets	9,873				7,259				(22,505		)
Subtotal - consolidated VIE - RSO operating activity	(131,761		)		3,219				1,905
Change in consolidated VIE - RSO cash for the period	182,365				(176,992		)		(42,162		)
Subtotal - Change in cash attributable to consolidated VIE - RSO before eliminations	50,604				(173,773		)		(40,257		)
Elimination of intercompany activity	(119		)		(712		)		932
Subtotal - Change in cash attributable to consolidated VIE - RSO	50,485				(174,485		)		(39,325		)
Non-cash incentive compensation to RAI	—				484				1,468
Elimination of intercompany activity	—				(484		)		(1,468		)
Non-cash incentive compensation to RAI, after eliminations	—				—				—
Net cash (used in) provided by operating activities (excluding eliminations)	(69,593		)		49,672				66,348
	Balance as of December 31,
	2014				2013				2012
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans	(1,019,721		)		(725,657		)		(649,983		)
Purchase of securities available-for-sale	(180,990		)		(136,282		)		(119,779		)
Subtotal - Purchase of loans and securities by consolidated VIE - RSO, before eliminations	(1,200,711		)		(861,939		)		(769,762		)
Eliminations	—				—				—
Subtotal - Purchase of loans and securities by consolidated VIE - RSO	(1,200,711		)		(861,939		)		(769,762		)
Principal payments received on loans	376,219				590,663				544,811
Proceeds from sale of loans	209,707				674,977				173,378
Principal payments on securities available-for-sale	56,053				52,812				47,284
Proceeds from sale of securities available-for-sale	147,171				11,893				28,652
Proceeds from sale of real estate held-for-sale	65,753				37,001				2,886
Principal payments received on loans – related parties	3,848				1,685				1,251
Subtotal - principal payments and proceeds from sales received by consolidated VIE - RSO, before eliminations	858,751				1,369,031				798,262
(Decrease) increase in restricted cash	(23,568		)		22,248				50,756
Items included in "Other -VIE, investing activity":
Acquisition of controlling interest in Moselle CLO S.A.	(30,433		)		—				—
Acquisition of Primary Capital Advisors, LC	—				(7,613		)		—
Return of investment in (investment in) unconsolidated entity	9,557				(28,034		)		474
Equity contribution to VIE	—				—				(710		)
Improvement of real estate held-for-sale	—				(404		)		(138		)
Distributions from investments in real estate	—				1,094				1,152
Improvements in investments in real estate	(221		)		(365		)		(3,878		)
Investment in loans - related parties	(1,572		)		(1,241		)		—
Purchase of furniture and fixtures	(69		)		(133		)		—
Acquisition of property and equipment	(865		)		(373		)		—
Subtotal - Other consolidated VIE - investing activity, before eliminations	(23,603		)		(37,069		)		(3,100		)
Eliminations	(479		)		(593		)		(47		)
Subtotal - Other consolidated VIE - investing activity	(24,082		)		(37,662		)		(3,147		)
Net cash (used in) provided by investing activities	(389,131		)		492,271				76,156
	Balance as of December 31,
	2014				2013				2012
CASH FLOWS FROM FINANCING ACTIVITIES:
Items included in "Net borrowings (repayments) of debt by consolidated VIE - RSO"
Proceeds from borrowings:
Repurchase agreements	277,875				15,226				71,121
CRE Securitization	235,344				260,840				—
6.0% Convertible senior notes	—				115,000				—
Senior secured revolving credit facility	113,500				—				—
Reissuance of debt	52,663				—				—
Payments on borrowings:
Collateralized debt obligations	(451,991		)		(797,573		)		(243,539		)
CRE Securitization	(34,000		)		—				—
Senior secured revolving credit facility	—				—				—
Mortgage payable	—				(13,600		)		—
Repurchase of issued bonds	—				—				—
Retirement of debt	—				—				(20,365		)
Proceeds received from non-controlling interests	14,213				5,531				114
Subtotal - net (repayments) borrowings of debt by consolidated VIE - RSO	207,604				(414,576		)		(192,669		)
Distributions paid on preferred stock	(15,008		)		(6,413		)		(613		)
Distributions paid on common stock	(104,225		)		(93,458		)		(74,050		)
Elimination of dividends paid to RAI	2,289				2,203				2,174
Distribution paid on common stock, after elimination	(101,936		)		(91,255		)		(71,876		)
Net proceeds from issuances of common stock (net of offering costs of $0, $3,837 and $2,165)	—				114,454				55,502
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0, $0 and $19)	30,297				19,211				73,044
Proceeds from issuance of 8.5% Series A redeemable	8,984				112				16,411
preferred shares (net of offering costs of $260, $3 and $781)
Proceeds from issuance of 8.25% Series B redeemable	47,481				56,214				26,099
preferred shares (net of offering costs of $858, $1,670 and $1,201
Proceeds from issuance of 8.625% Series C redeemable preferred shares	116,268				—				—
(net of offering costs of $300, $0 and $0)
Repurchase of common stock	(6,832		)		—				—
Subtotal - net proceeds from issuance of stock by consolidated VIE	196,198				189,991				171,056
Payment of debt issuance costs	(8,939		)		(9,786		)		(586		)
Settlement of derivative instruments	3,052				—				—
Payment of equity to third party sub-note holders	(2,323		)		(30,709		)		(3,480		)
Distributions paid on preferred stock	(15,008		)		(6,413		)		(613		)
Subtotal - Other consolidated VIE -RSO financing activity, before elimination	(23,218		)		(46,908		)		(4,679		)
Elimination	175				205				—
Subtotal - Other consolidated VIE -RSO financing activity after elimination	(23,043		)		$	(46,703	)		$	(4,679	)
Net cash provided by (used in) financing activities (excluding eliminations)	$	276,359			$	(364,951	)		$	(100,342	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(182,365		)		176,992				42,162
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	262,270				85,278				43,116
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	79,905			$	262,270			$	85,278
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash	$	35,690			$	41,453			$	41,369
Income taxes paid in cash	$	3,305			$	10,710			$	22,758
Property and Equipment, Net	RSO depreciates real property using the straight-line method over the estimated useful lives of the assets as follows:
	Category	Term
	Building	25 - 40 years
	Site improvements	Lesser of the remaining life of building or useful lives
Supplemental Cash Flow Information	Supplemental disclosure of cash flow information (in thousands):
		Years Ended
		December 31,
		2014				2013				2012
	Non-cash investing activities include the following:
	Assumption of direct financing leases and other assets (1)	$	2,385			$	—			$	—
	Acquisition of real estate investments	$	—			$	—			$	(21,661	)
	Conversion of loans to investment in real estate	$	—			$	—			$	21,661
	Acquisition of loans, pledged as collateral	$	—			$	—			$	(230,152	)
	Non-cash financing activities include the following:
	Distributions on common stock declared but not paid	$	26,563			$	25,536			$	21,024
	Distribution on preferred stock declared but not paid	$	6,044			$	2,159			$	1,244
	Issuance of restricted stock	$	890			$	823			$	2,189
	Contribution of security deposits and other liabilities (1)	$	457			$	—			$	—
	Subscription receivable	$	—			$	—			$	1,248
	Assumption of collateralized debt obligations	$	—			$	—			$	206,408
	-1	On December 31, 2014, RSO assumed direct financing leases and related assets and liabilities in satisfaction of a loan receivable - related party.
Investment Trading Securities at Fair Value	The following table summarizes RSO's structured notes and RMBS which are classified as investment securities, trading and carried at fair value (in thousands):
		Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value
	As of December 31, 2014::
	Structured notes	$	22,876			$	1,098			$	(3,188	)		$	20,786
	RMBS	1,896				—				(1,896		)		—
	Total	$	24,772			$	1,098			$	(5,084	)		$	20,786
	As of December 31, 2013::
	Structured notes	$	8,057			$	4,050			$	(1,000	)		$	11,107
	RMBS	1,919				—				(1,468		)		451
	Total	$	9,976			$	4,050			$	(2,468	)		$	11,558
Available-for-sale Securities	The following table summarizes RSO's sales of investment securities available-for-sale during the period indicated, (in thousands, except number of securities):
		Positions		Par Amount Sold				Realized Gain (Loss)
		Sold
	For the Year Ended December 31, 2014:
	CMBS position	5		$	27,370			$	573
	ABS	8		$	11,574			$	2,922
	For the Year Ended December 31, 2013:
	CMBS position	4		$	14,500			$	466
	Corporate bond position	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 (1)
	As of December 31, 2014::
	CMBS	$	168,669			$	4,938			$	(3,202	)		$	170,405
	RMBS	29,814				937				—				30,751
	ABS	55,617				16,876				(336		)		72,157
	Corporate Bonds	2,415				10				(18		)		2,407
	Total	$	256,515			$	22,761			$	(3,556	)		$	275,720
	As of December 31, 2013::
	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
	-1	As of December 31, 2014 and 2013, $197.8 million and $162.6 million, respectively, of securities were pledged as collateral security under related financings.
Estimated maturities of available for sale securities	The following table summarizes the estimated maturities of RSO’s CMBS, RMBS, ABS and corporate bonds according to their estimated weighted average life classifications (in thousands, except percentages):
	Weighted Average Life	Fair Value				Amortized Cost				Weighted Average Coupon
	As of December 31, 2014::
	Less than one year	$	78,095		(1)	$	79,649			4.13	%
	Greater than one year and less than five years	115,302				100,909				4.64	%
	Greater than five years and less than ten years	20,177				17,516				16.45	%
	Greater than ten years	62,146				58,441				7.86	%
	Total	$	275,720			$	256,515			6.08	%
	As of December 31, 2013::
	Less than one year	$	39,256		(1)	$	40,931			5.25	%
	Greater than one year and less than five years	139,700				141,760				4.69	%
	Greater than five years and less than ten years	26,526				25,707				1.1	%
	Greater than ten years	9,724				10,072				7.9	%
	Total	$	215,206			$	218,470			4.49	%
	-1	RSO expects that the maturity date of these CMBS will either be extended or the CMBS will be paid in full.
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				Gross Unrealized Losses				Number of Securities			Fair Value				Gross Unrealized Losses				Number of Securities			Fair Value				Gross Unrealized Losses				Number of Securities
	As of December 31, 2014:
	CMBS	$	35,860			$	(555	)		22			$	25,583			$	(2,647	)		13			$	61,443			$	(3,202	)		35
	ABS	1,000				(278		)		8			958				(58		)		3			1,958				(336		)		11
	Corporate Bonds	1,447				(18		)		1			—				—				—			1,447				(18		)		1
	Total temporarily	$	38,307			$	(851	)		31			$	26,541			$	(2,705	)		16			$	64,848			$	(3,556	)		47
	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
	Multi-family 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 Recognized Identified Assets Acquired and Liabilities Assumed	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
Schedule of Receivables with Imputed Interest	The following is a summary of RSO’s loans (in thousands):
	Loan Description		Principal				Unamortized (Discount) Premium (1)				Carrying
											Value (2)
	As of December 31, 2014:
	Commercial real estate loans:
	Whole loans		$	1,271,121			$	(7,529	)		$	1,263,592
	B notes		16,120				(48		)		16,072
	Mezzanine loans		67,446				(80		)		67,366
	Total commercial real estate loans		1,354,687				(7,657		)		1,347,030
	Bank loans		332,058				(1,410		)		330,648
	Middle market loans		250,859				(746		)		250,113
	Residential mortgage loans, held for investment		2,802				—				2,802
	Subtotal loans before allowances		1,940,406				(9,813		)		1,930,593
	Allowance for loan loss		(4,613		)		—				(4,613		)
	Total loans before allowances		1,935,793				(9,813		)		1,925,980
	Bank loans held for sale		282				—				282
	Residential mortgage loans held for sale, at fair value (3)		111,454				—				111,454
	Total loans held for sale		111,736				—				111,736
	Total loans, net of allowance		$	2,047,529			$	(9,813	)		$	2,037,716
	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		519,343				(3,950		)		515,393
	Middle market loans		39,864				(84		)		39,780
	Residential mortgage loans, held for investment		1,849				—				1,849
	Subtotal loans before allowances		1,390,844				(7,511		)		1,383,333
	Allowance for loan loss		(13,807		)		—				(13,807		)
	Total loans before allowances		1,377,037				(7,511		)		1,369,526
	Bank loans held for sale		2,377				—				2,377
	Middle market loans held for sale		4,473				—				4,473
	Residential mortgage loans held for sale, at fair value (3)		15,066				—				15,066
	Total loans held for sale		21,916				—				21,916
	Total loans, net of allowance		$	1,398,953			$	(7,511	)		$	1,391,442
	-1	Amounts include deferred amendment fees of $88,000 and $216,000 and deferred upfront fees of $82,000 and $141,000 being amortized over the life of the bank loans as of December 31, 2014 and 2013, respectively.  Amounts include loan origination fees of $7.6 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 December 31, 2014 and 2013, respectively.
	-2	Substantially all loans are pledged as collateral under various borrowings at December 31, 2014 and 2013, respectively.
	-3	Residential mortgage loans held for sale, at fair value was comprised of $28.9 million and $82.6 million of agency-conforming and jumbo mortgage loans, respectively, as of December 31, 2014. The portfolio consisted of $15.1 million and $0 million of agency-conforming and jumbo mortgage loans, respectively, as of December 31, 2013.
Summary of the weighted average life of bank loans at amortized cost	The following is a summary of the weighted average life of RSO’s bank loans, at amortized cost (in thousands):
		December 31,
		2014				2013
	Less than one year	$	7,829			$	36,985
	Greater than one year and less than five years	274,332				366,848
	Five years or greater	48,769				113,937
		$	330,930			$	517,770
Summary of the commercial real estate loans
		December 31,
		2014				2013
	Less than one year	$	7,829			$	36,985
	Greater than one year and less than five years	274,332				366,848
	Five years or greater	48,769				113,937
		$	330,930			$	517,770
	At December 31, 2014, RSO’s middle market loan portfolio consisted of $250.1 million of floating rate loans, which bear interest ranging between the one or three month LIBOR plus 5.5% and the one or three month LIBOR plus 9.25% with maturity dates ranging from December 2016 to November 2022.
	At December 31, 2013, RSO’s middle market loan portfolio consisted of $44.3 million of floating rate loans, which bear interest ranging between the one or three month LIBOR plus 3.75%, and the one or three month LIBOR plus 10.5% with maturity dates ranging from October 2018 to December 2021.
	The following is a summary of the weighted average life of RSO’s middle market loans, at amortized cost (in thousands):
		December 31,
		2014				2013
	Less than one year	$	—			$	—
	Greater than one year and less than five years	132,353				13,027
	Five years or greater	117,760				31,226
		$	250,113			$	44,253
Allocation of Allowance for Loan Loss	The following is a summary of the allocation of the allowance for loan loss with respect to RSO’s commercial real estate and bank loans (in thousands, except percentages) by asset class:
	Description		Allowance for Loan Loss				Percentage of
							Total Allowance
	As of December 31, 2014:
	B notes		$	55			1.19%
	Mezzanine loans		230				4.99%
	Whole loans		3,758				81.47%
	Bank loans		570				12.36%
	Total		$	4,613
	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
Summarization 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				Bank Loans				Middle Market Loans				Residential Mortgage Loans				Loans Receivable-Related Party				Total
		Real Estate
		Loans
	As of December 31, 2014:
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2014	$	10,416			$	3,391			$	—			$	—			$	—			$	13,807
	Provision (recovery) for loan loss	(3,758		)		4,173				92				—				1,297				1,804
	Loans charged-off	(2,615		)		(6,994		)		(92		)		—				(1,297		)		(10,998		)
	Allowance for losses at December 31, 2014	$	4,043			$	570			$	—			$	—			$	—			$	4,613
	Ending balance:
	Individually evaluated for impairment	$	—			$	570			$	—			$	—			$	—			$	570
	Collectively evaluated for impairment	$	4,043			$	—			$	—			$	—			$	—			$	4,043
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—			$	—
	Loans:
	Ending balance: (1)
	Individually evaluated for impairment	$	166,180			$	1,350			$	250,113			$	—			$	1,277			$	418,920
	Collectively evaluated for impairment	$	1,180,850			$	329,580			$	—			$	2,802			$	—			$	1,513,232
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—			$	—
	As of December 31, 2013:
	Allowance for Loan Losses:
	Allowance for losses at January 1, 2013	$	7,986			$	9,705			$	—			$	—			$	—			$	17,691
	Provision for loan loss	2,686				312				22				—				—				3,020
	Loans charged-off	(256		)		(6,626		)		(22		)		—				—				(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: (1)
	Individually evaluated for impairment	$	194,403			$	3,554			$	—			$	—			$	6,966			$	204,923
	Collectively evaluated for impairment	$	631,908			$	558,469		(2)	$	—			$	16,915			$	—			$	1,207,292
	Loans acquired with deteriorated credit quality	$	—			$	—			$	—			$	—			$	—			$	—
Financing Receivable Credit Quality Indicators	Credit risk profiles of bank and middle market loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3				Rating 4				Rating 5				Held for Sale				Total
	As of December 31, 2014:
	Bank loans	$	291,214			$	32,660			$	5,424			$	—			$	1,350			$	282			$	330,930
	As of December 31, 2013:
	Bank loans	$	448,224			$	42,476			$	18,806			$	2,333			$	3,554			$	2,377			$	517,770
	Credit risk profiles of commercial real estate loans were as follows (in thousands):
		Rating 1				Rating 2				Rating 3				Rating 4				Held for Sale				Total
	As of December 31, 2014:
	Whole loans	$	1,231,092			$	32,500			$	—			$	—			$	—			$	1,263,592
	B notes	16,072				—				—				—				—				16,072
	Mezzanine loans	45,432				21,934				—				—				—				67,366
		$	1,292,596			$	54,434			$	—			$	—			$	—			$	1,347,030
	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 December 31, 2014:
	Whole loans	$	—			$	—			$	—			$	—			$	1,263,592			$	1,263,592			$	—
	B notes	—				—				—				—				16,072				16,072				—
	Mezzanine loans	—				—				—				—				67,366				67,366				—
	Bank loans (1)	—				—				1,350				1,350				329,580				330,930				—
	Middle market loans (3)	—				—				—				—				250,113				250,113				—
	Residential mortgage loans (2)	443				82				119				644				113,612				114,256				—
	Loans receivable-related party	—				—				—				—				1,277				1,277				—
	Total loans	$	443			$	82			$	1,469			$	1,994			$	2,041,612			$	2,043,606			$	—
	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 (1)	—				—				3,554				3,554				514,216				517,770				—
	Middle market loans (3)	—				—				—				—				44,253				44,253				—
	Residential mortgage loans (2)	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 $282,000 and $2.4 million of bank loans held for sale at December 31, 2014 and 2013, respectively.
	-2	Contains $111.5 million and $15.1 million of residential mortgage loans held for sale at December 31, 2014 and 2013, respectively.
	-3	Contains $0 and $4.5 million of middle market loans held for sale at December 31, 2014 and 2013, respectively.
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 December 31, 2014:
	Loans without a specific valuation allowance:
	Whole loans	$	128,108			$	128,108			$	—			$	130,445			$	12,679
	B notes	$	—			$	—			$	—			$	—			$	—
	Mezzanine loans	$	38,072			$	38,072			$	—			$	38,072			$	2,859
	Bank loans	$	—			$	—			$	—			$	—			$	—
	Middle market loans	$	—			$	—			$	—			$	—			$	—
	Residential mortgage loans	$	2,082			$	2,082			$	—			$	2,082			$	148
	Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
	Loans with a specific valuation allowance:
	Whole loans	$	—			$	—			$	—			$	—			$	—
	B notes	$	—			$	—			$	—			$	—			$	—
	Mezzanine loans	$	—			$	—			$	—			$	—			$	—
	Bank loans	$	1,350			$	1,350			$	(570	)		$	—			$	—
	Middle market loans	$	—			$	—			$	—			$	—			$	—
	Residential mortgage loans	$	—			$	—			$	—			$	—			$	—
	Loans receivable - related party	$	—			$	—			$	—			$	—			$	—
	Total:
	Whole loans	$	128,108			$	128,108			$	—			$	130,445			$	12,679
	B notes	—				—				—				—				—
	Mezzanine loans	38,072				38,072				—				38,072				2,859
	Bank loans	1,350				1,350				(570		)		—				—
	Middle market loans	—				—				—				—				—
	Residential mortgage loans	2,082				2,082				—				2,082				148
	Loans receivable - related party	—				—				—				—				—
		$	169,612			$	169,612			$	(570	)		$	170,599			$	15,686
		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	$	—			$	—			$	—			$	—			$	—
	Middle market 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	)		$	—			$	—
	Middle market loans	$	—			$	—			$	—			$	—			$	—
	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		)		—				—
	Middle market loans	—				—				—				—				—
	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		Pre-Modification				Post-Modification
		of Loans		Outstanding				Outstanding
				Recorded Balance				Recorded Balance
	Year Ended December 31, 2014:
	Whole loans	3		$	99,739			$	99,739
	B notes	—		—				—
	Mezzanine loans	1		38,072				38,072
	Bank loans	—		—				—
	Middle market loans	—		—				—
	Residential mortgage loans	—		—				—
	Loans receivable - related party	—		—				—
	Total loans	4		$	137,811			$	137,811
	Year Ended December 31, 2013:
	Whole loans	5		$	143,484			$	147,826
	B notes	—		—				—
	Mezzanine loans	—		—				—
	Bank loans	—		—				—
	Middle market loans	—		—				—
	Loans receivable	1		6,592				6,592
	Total loans	6		$	150,076			$	154,418
Schedule of Intangible Assets and Goodwill	The following table summarizes intangible assets at December 31, 2014 and 2013 (in thousands).
		Beginning Balance				Accumulated Amortization				Net Asset
	December 31, 2014:
	Investment in RCAM	$	21,213			$	(11,779	)		$	9,434
	Investment in PCA:
	Wholesale or correspondent relationships	600				(298		)		302
	Total intangible assets	$	21,813			$	(12,077	)		$	9,736
	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 (below) market leases	29				(29		)		—
	Investment in PCA:
	Wholesale or correspondent relationships	600				(42		)		558
	Total intangible assets	$	24,303			$	(12,481	)		$	11,822
Credit Facilities and Other Debt of the Company and Related Borrowings Outstanding	Certain information with respect to RSO’s borrowings at December 31, 2014 and 2013 is summarized in the following table (in thousands, except percentages):
		Principal Outstanding				Unamortized Issuance Costs and Discounts				Outstanding Borrowings				Weighted Average Borrowing Rate		Weighted Average Remaining Maturity		Value of Collateral
	As of December 31, 2014:
	RREF CDO 2006-1 Senior Notes	$	61,423			$	—			$	61,423			2.12%		31.6 years		$	139,242
	RREF CDO 2007-1 Senior Notes	130,340				133				130,207				1.19%		31.8 years		271,423
	RCC CRE Notes 2013 Senior Notes	226,840				2,683				224,157				2.11%		14.0 years		249,983
	RCC CRE 2014 Senior Notes	235,344				3,687				231,657				1.45%		17.3 years		346,585
	Apidos CDO III Senior Notes	74,646				—				74,646				1.18%		5.7 years		85,553
	Apidos Cinco CDO Senior Notes	255,664				201				255,463				0.81%		5.4 years		272,512
	Moselle CLO Senior Notes, at fair value (7)	63,321				—				63,321				1.49%		5.0 years		93,576
	Moselle CLO Securitized Borrowings, at fair value (1)	5,619				—				5,619				1.49%		5.0 years		—
	Unsecured Junior Subordinated Debentures (2)	51,548				343				51,205				4.19%		21.8 years		—
	6.0% Convertible Senior Notes	115,000				6,626				108,374				6.00%		3.9 years		—
	CRE - Term Repurchase Facilities (3)	207,640				1,958				205,682				2.43%		20 days		297,571
	CMBS - Term Repurchase Facility (4)	24,967				—				24,967				1.35%		20 days		30,180
	RMBS - Term Repurchase Facility (6)	22,248				36				22,212				1.16%		1 day		27,885
	Residential Mortgage Financing Agreements	102,576				—				102,576				2.78%		207 days		147,472
	CMBS - Short Term Repurchase Agreements	44,225				—				44,225				1.63%		17 days		62,446
	Senior Secured Revolving Credit Agreement (5)	113,500				2,363				111,137				2.66%		2.7 years		262,687
	Total	$	1,734,901			$	18,030			$	1,716,871			2.09%		10.0 years		$	2,287,115
		Principal Outstanding				Unamortized Issuance Costs and Discounts				Outstanding Borrowings				Weighted Average Borrowing Rate		Weighted Average Remaining Maturity		Value of Collateral
	As of December 31, 2013:
	RREF CDO 2006-1 Senior Notes	$	94,209			$	205			$	94,004			1.87%		32.6 years		$	169,115
	RREF CDO 2007-1 Senior Notes	178,556				719				177,837				0.84%		32.8 years		318,933
	RCC CRE Notes 2013 Senior Notes	260,840				4,269				256,571				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	133,326				117				133,209				0.88%		6.7 years		145,930
	Apidos Cinco CDO Senior Notes	322,000				853				321,147				0.74%		6.4 years		342,796
	Whitney CLO I Securitized	440				—				440				—%		N/A		885
	Borrowings (1)
	Unsecured Junior Subordinated Debentures (2)	51,548				543				51,005				4.19%		22.8 years		—
	6.0% Convertible Senior Notes	115,000				8,465				106,535				6.00%		4.9 years		—
	CRE - Term Repurchase Facilities (3)	30,736				1,033				29,703				2.67%		21 days		48,186
	CMBS - Term Repurchase Facility (4)	47,613				12				47,601				1.38%		21 days		56,949
	Residential Mortgage Financing Agreements	14,627				—				14,627				4.24%		56 days		16,487
	Total	$	1,336,026			$	16,216			$	1,319,810			1.87%		13.1 years		$	1,508,603
	-1	The securitized borrowings were collateralized by the same assets as the Moselle CLO Senior Notes and Whitney CLO I Senior Notes.
	-2	Amount represents junior subordinated debentures issued to RCT I and RCT II in May 2006 and September 2006, respectively.
	-3	Amount also include accrued interest expense of $198,000 and $26,000 related to CRE repurchase facilities as of December 31, 2014 and 2013, respectively.
	-4	Amount also include accrued interest expense of $12,000 and $22,000 related to CMBS repurchase facilities as of December 31, 2014 and 2013, respectively. Amounts does not reflect CMBS repurchase agreement borrowings that are components of linked transactions.
	-5	Amount also include accrued interest expense of $31,000 related to CMBS short term repurchase facilities as of December 31, 2014.
	-6	Amount also include accrued interest expense of $20,000 related to RMBS repurchase facilities as of December 31, 2014.
	-7	The fair value option has been elected for the borrowings associated with Moselle CLO. As such, the outstanding borrowings and principal outstanding amounts are stated at fair value. The unpaid principal amounts of these borrowings were $63.3 million at December 31, 2014. Unpaid principal does not include subordinated notes with a fair value of $27.8 million that are owned by RSO and eliminate in consolidation.
	-8	Value of collateral includes $14.9 million of principal receivable at borrowed at December 31, 2014.
Schedule of Securitizations	Securitizations
	Securitization		Closing Date		Maturity Dates		Reinvestment		Total Note
							Period End		Paydowns as of December 31, 2014
									(in millions)
	RREF CDO 2006-1 Senior Notes		Aug-06		Aug-46		Sep-11		$	165.6
	RREF CDO 2007-1 Senior Notes		Jun-07		Sep-46		Jun-12		$	151.7
	RCC CRE Notes 2013 Senior Notes		Dec-13		Dec-28		N/A		$	34
	RCC CRE 2014 Senior Notes		Jul-14		Apr-32		N/A		$	—
	Apidos CDO III Senior Notes		May-06		Sep-20		Jun-12		$	187.9
	Apidos Cinco CDO Senior Notes		May-07		May-20		May-14		$	66.3
	Moselle CLO S.A. Senior Notes		Oct-05		Jan-20		Jan-12		$	100.3
	Moselle CLO S.A. Securitized Borrowings		Oct-05		Jan-20		Jan-12		$	—
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)
	As of December 31, 2014:
	CMBS Term Repurchase Facility
	Wells Fargo Bank, National Association	$	6,486			20		1.35%
	RMBS Term Repurchase Facility
	Wells Fargo Bank, National Association	$	5.017			1		1.16%
	CRE Term Repurchase Facilities
	Wells Fargo Bank, National Association	$	76,148			20		2.38%
	Deutsche Bank Securities, LLC	$	13,017			19		2.78%
	Short-Term Repurchase Agreements - CMBS
	JP Morgan Securities, LLC	$	—			0		—%
	Wells Fargo Securities, LLC	$	2,127			9		1.66%
	Deutsche Bank Securities, LLC	$	11,810			20		1.62%
	Residential Mortgage Financing Agreements
	New Century Bank	$	853			242		2.82%
	Wells Fargo Bank	$	6,902			183		2.75%
	As of December 31, 2013:
	CMBS Term Repurchase Facility
	Wells Fargo Bank, National Association	$	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	$	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.
Company's Asset Recorded at Fair Value on Recurring Basis
		Level 1				Level 2				Level 3				Total
	As of December 31, 2014:
	Assets:
	Investment securities, trading	$	—			$	—			$	20,786			$	20,786
	Investment securities available-for-sale	—				33,158				242,562				275,720
	CMBS - linked transactions	—				—				15,367				15,367
	Derivatives (net)	3,429				7				1,868				5,304
	Total assets at fair value	$	3,429			$	33,165			$	280,583			$	317,177
	Liabilities:
	Moselle CLO Notes	$	—			$	—			$	68,940			$	68,940
	Derivatives (net)	—				—				8,476				8,476
	Total liabilities at fair value	$	—			$	—			$	77,416			$	77,416
	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	235				3,740				(36		)		(3,638		)		301
	Purchases	123,671				79,289				31,058				19,359				253,377
	Sales	(110,825		)		(38,262		)		—				(2,396		)		(151,483		)
	Paydowns	(43,891		)		(11,928		)		(825		)		(2,165		)		(58,809		)
	Included in OCI	5,797				12,662				897				(1,481		)		17,875
	Transfers into of Level 2	—				—				(31,545		)		—				(31,545		)
	Transfers into Level 3	—				—				—				—				—
	Ending balance, December 31, 2014	$	185,772			$	72,157			$	—			$	20,786			$	278,715
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, 2013	$	14,077
	Unrealized losses – included in accumulated other comprehensive income	(3,886		)
	Beginning balance, January 1, 2014	10,191
	Unrealized losses – included in accumulated other comprehensive income	(1,715		)
	Ending balance, December 31, 2014	$	8,476
Changes in Carrying Value of Assets and Liabilities Measured at Fair Value on Non-recurring Basis	The following table summarizes 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 December 31, 2014:
	Assets:
	Loans held for sale	$	—			$	36,956			$	—			$	36,956
	Impaired loans	—				1,678				137,811				139,489
	Total assets at fair value	$	—			$	38,634			$	137,811			$	176,445
	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 December 31, 2014, the significant unobservable inputs used in the fair value measurements were as follows (in thousands):
		Fair Value at				Valuation Technique		Significant		Significant
		31-Dec-14						Unobservable Inputs		Unobservable
										Input Value
	Interest rate swap agreements	$	8,476			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 the consolidated balance sheets are reported below (in thousands):
						Fair Value Measurements
		Carrying Amount				Fair Value				Quoted Prices in Active Markets for Identical Assets of Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
	As of December 31, 2014:
	Loans held-for-investment	$	1,925,980			$	1,909,019			$	—			$	570,071			$	1,338,948
	Loans receivable-related party	$	1,277			$	1,277			$	—			$	—			$	1,277
	CDO notes	$	1,046,493			$	975,762			$	—			$	—			$	975,762
	Junior subordinated notes	$	51,205			$	17,699			$	—			$	—			$	17,699
	Repurchase agreements	$	399,662			$	399,662			$	—			$	—			$	399,662
	Senior secured revolving credit agreement	$	111,137			$	111,137			$	—			$	—			$	111,137
	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
Components of Income Taxes	The following table details the components of income taxes (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Provision (benefit) for income taxes:
	Current:
	Federal	$	6,819			$	4,601			$	11,497
	State	2,505				1,068				776
	Total current	9,324				5,669				12,273
	Deferred:
	Federal	(9,450		)		(5,116		)		1,769
	State	(2,086		)		(1,594		)		560
	Total deferred	(11,536		)		(6,710		)		2,329
	Income tax provision (benefit)	$	(2,212	)		$	(1,041	)		$	14,602
Reconciliation Between Federal Statutory Income Tax Rate and Effective Income Tax Rate	A reconciliation of the income tax benefit (provision) based upon the statutory tax rate to the effective income tax rate is as follows (in thousands):
		Years Ended December 31,
		2014				2013				2012
	Statutory tax rate	$	(2,232	)		$	(588	)		$	9,518
	State and local taxes, net of federal benefit	(375		)		(728		)		225
	Permanent adjustments	41				2				32
	Subpart F income	—				—				3,458
	Basis difference in LCC investment	—				—				—
	True-up of period tax expense	353				253				—
	Other items	1				20				1,369
		$	(2,212	)		$	(1,041	)		$	14,602
Components of Deferred Tax Assets and Liabilities	The components of deferred tax assets and liabilities are as follows (in thousands):
		December 31,
		2014				2013
	Deferred tax assets related to:
	Investment in securities	$	1,030			$	118
	Intangible assets basis difference	2,533				2,725
	Federal, state and local loss carryforwards	7,848				941
	Subpart F income	—				1,359
	Partnership investment	—				2
	Deferred revenue	207				23
	Accrued expenses	56				44
	Amortization of intangibles	766				—
	Unrealized gains losses	1,799				—
	Mark to market adjustment	188				—
	Charitable contribution carryforward	6				—
	Equity compensation	167				—
	Gain (loss) on sale of investments	116				—
	Partnership investment	(1,622		)		—
	Total deferred tax assets	13,094				5,212
	Valuation allowance	—				—
	Total deferred tax assets	$	13,094			$	5,212
	Deferred tax liabilities related to:
	Unrealized loss on investments	$	(366	)		$	(3,764	)
	Equity investments	—				(153		)
	Basis difference in LCC investment	—				(195		)
	Depreciation	(1		)		—
	Accrued expenses	(3		)		—
	Partnership investment	(90		)		—
	Total deferred tax liabilities	$	(460	)		$	(4,112	)
	Deferred tax assets, net (1)	$	12,634			$	1,100
	-1	Deferred tax asset, net agrees to the Deferred tax assets less Deferred tax liability presented on RSO's Consolidated Balance Sheets as of December 31, 2014.
Schedule of Variable Interest Entities	The following table shows the classification and carrying value of assets and liabilities of consolidated VIEs as of December 31, 2014 (in thousands):
		Apidos I				Apidos				Apidos				Apidos				Whitney CLO I				RREF				RREF				RCC CRE Notes 2013			RCC CRE 2014			Moselle			RCM Global LLC			Total
						III				Cinco				VIII								2006-1				2007-1
	ASSETS
	Cash and cash equivalents	$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—		$	—		$	—		$	25		$	25
	Restricted	416				3,104				20,142				5				116				20				250				2,713			—			94,481			—			121,247
	cash (1)
	Investment securities available-for-sale, pledged as collateral, at fair value	—				3,057				11,115				—				—				11,274				64,858				—			—			—			28,899			119,203
	Loans, pledged as collateral	153				80,761				249,164				—				—				128,398				206,207				248,662			347,792			—			—			1,261,137
	Loans held for sale	—				—				282				—				—				—				—				—			—			—			—			282
	Interest receivable	—				327				858				—				—				2,293				1,979				1,279			1,396			—			809			8,941
	Prepaid assets	2				21				19				—				—				78				64				37			—			—			—			221
	Principal paydown receivable	—				—				—				—				—				—				—				20,500			2,207			3,060			—			25,767
	Other assets	—				—				—				—				—				—				—				—			(12		)	—			—			(12		)
	Total	$	571			$	87,270			$	281,580			$	5			$	116			$	142,063			$	273,358			$	273,191		$	351,383		$	97,541		$	29,733		$	1,536,811
	assets (2)
	LIABILITIES
	Borrowings	$	—			$	74,646			$	255,463			$	—			$	—			$	61,424			$	130,207			$	224,157		$	231,657		$	68,940		$	—		$	1,046,494
	Accrued interest expense	—				46				270				—				—				36				97				186			133			232			—			1,000
	Derivatives, at fair value	—				—				—				—				—				864				7,575				—			—			—			—			8,439
	Unsettled loan purchases	—				—				—				—				—				—				—				—			—			—			(529		)	(529		)
	Accounts payable and other liabilities	8				40				17				—				—				(1		)		1				—			—			(453		)	2			(386		)
	Total liabilities	$	8			$	74,732			$	255,750			$	—			$	—			$	62,323			$	137,880			$	224,343		$	231,790		$	68,719		$	(527	)	$	1,055,018
	-1	Includes $3.0 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 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 December 31, 2014 (in thousands):
		Receivables from				Investments				Maximum Exposure
		Managed Entities and Related								to Loss in
		Parties, Net (1)								Non-consolidated VIEs
	RREGPS	$	—			$	716			$	716
	Ischus entities	204				—				204
	Trapeza entities	—				614				614
		$	204			$	1,330			$	1,534
	-1	Exclusive of expense reimbursements due to the Company.

NATURE_OF_OPERATIONS_Details

NATURE OF OPERATIONS (Details) (USD $)	12 Months Ended		0 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2014	Apr. 17, 2012	Nov. 16, 2011	Dec. 31, 2013
		company
		Tenant_in_Common
Subsidiary or Equity Method Investee [Line Items]
Gain on deconsolidation and sale of subsidiaries	$54,542,000
Resource Capital Partners, Inc. [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of tenant-in-common programs		6
Number of Limited Liability Corporation		1
Resource Capital Partners, Inc. [Member] | Real Estate Limited Partnership [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of partnerships in which the company serves as general partner		8
Resource Financial Institutions Group, Inc. (bRFIGb) [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of partnerships in which the company serves as general partner		7
LEAF Financial Corporation [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of entities managed by related parties		4
Resource America, Inc. [Member]
Subsidiary or Equity Method Investee [Line Items]
Number of common shares in LEAF retained by the entity (in shares)				18,414
Fully diluted potential percentage of interest in LEAF from warrants (in hundredths)		13.20%		15.70%
Proceeds from sale of CLO management subsidiary			25,000,000
Valuation of company's investment in Apidos					34,800,000
Resource America, Inc. [Member] | General Partner [Member]
Subsidiary or Equity Method Investee [Line Items]
Preferred equity interest retained as a percentage of incentive management fees		75.00%	75.00%
Resource America, Inc. [Member] | CVC Credit Partners, L.P. [Member] | Limited Partner [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage interest in limited partnership formed			33.00%
Resource America, Inc. [Member] | CVC Credit Partners, L.P. [Member] | General Partner [Member]
Subsidiary or Equity Method Investee [Line Items]
Company's general partnership interest in newly formed limited partnership (in hundredths)			33.00%
LEAF Senior Management [Member]
Subsidiary or Equity Method Investee [Line Items]
Fully diluted potential percentage of interest in LEAF from warrants (in hundredths)		8.30%		10.00%
Apidos Capital Partners [Member]
Subsidiary or Equity Method Investee [Line Items]
Gain on deconsolidation and sale of subsidiaries					$54,500,000

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments in Unconsolidated Loan Manager and Entities) (Details)	Dec. 31, 2014	Apr. 17, 2012
RRE Opportunity REIT [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage of shares outstanding, less than	1.00%
Limited Liability Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of investments	3
Public non-traded REIT [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of investments	2
Real Estate Investment [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of investments	6
Financial fund management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of investments	7
Number of CDOs	13
Unconsolidated Management Company [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of entities	2
Commercial Finance [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of investments	2
Resource America, Inc. [Member] | General Partner [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Preferred equity interest retained as a percentage of incentive management fees	75.00%	75.00%
Resource Capital Partners, Inc. [Member] | Real Estate Limited Partnership [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of partnerships in which the company serves as general partner	8

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) (USD $)	Dec. 31, 2014
Accounting Policies [Abstract]
Interest-bearing deposits at various banks	$24,700,000
FDIC insured amount	250,000
Losses on uninsured amount	$0

SUMMARY_OF_SIGNIFICANT_ACCOUNT4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Escrow Deposits for Real Estate Mortgage [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$458
Clearing Deposit with a Third-Party Broker [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$250

SUMMARY_OF_SIGNIFICANT_ACCOUNT5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2013	Feb. 28, 2011
	Partnership
Schedule of Revenue Recognition [Line Items]
Ownership percentage				10.00%
Construction Management Fee, Percentage	5.00%
Partnership, Number Liquidated	2
Percentage of Benefit from Tax Position that Will be Realized Upon Settlment	50.00%
Hotel Savannah, GA [Member]
Schedule of Revenue Recognition [Line Items]
Number of Rooms	86
Percent owned in real estate property	80.00%
Commercial Finance, Four Investment Entities [Member]
Schedule of Revenue Recognition [Line Items]
Amount waived of the fund management fees from commercial finance investment entities	683,000	$1,800,000	$3,900,000
Number of commercial finance investment entities that management fees were waved	4
Minimum [Member]
Schedule of Revenue Recognition [Line Items]
Acquisition fees, percentage	1.00%
Financing fees, percentage	0.50%
Debt origination fee, percentage	0.50%
Property management fee, percentage	4.50%
Disposition Fee, Percentage	1.00%
Maximum [Member]
Schedule of Revenue Recognition [Line Items]
Acquisition fees, percentage	2.00%
Financing fees, percentage	1.75%
Debt origination fee, percentage	5.00%
Property management fee, percentage	4.50%
Disposition Fee, Percentage	2.75%
Maximum [Member] | RSO [Member]
Schedule of Revenue Recognition [Line Items]
Ownership percentage	15.00%
Collateralized Loan Obligations [Member]
Schedule of Revenue Recognition [Line Items]
Bank loans	800,000,000	$800,000,000			$1,700,000,000
Management Fees [Member]
Schedule of Revenue Recognition [Line Items]
Number of CLOs holding	3				5
Management Fees [Member] | Apidos [Member]
Schedule of Revenue Recognition [Line Items]
Number of CLOs holding	2
Base and Additional Management Fees [Member]
Schedule of Revenue Recognition [Line Items]
Management fees paid	10.00%
Incentive Collateral Managment Fees [Member]
Schedule of Revenue Recognition [Line Items]
Management fees paid	50.00%
Payable in Cash [Member]
Schedule of Revenue Recognition [Line Items]
Quarterly incentive compensation, percentage	75.00%
Payable in Restricted Shares [Member]
Schedule of Revenue Recognition [Line Items]
Required period of retention of shares	1 year
Restricted stock, valuation period	30 days
Restricted stock, period between valuation period end and issuance date	3 days
Payable in Restricted Shares [Member] | Minimum [Member]
Schedule of Revenue Recognition [Line Items]
Quarterly incentive compensation, percentage	25.00%
Monthly Fee [Member]
Schedule of Revenue Recognition [Line Items]
Debt management fee, percentage	0.17%
Annual Fee [Member]
Schedule of Revenue Recognition [Line Items]
Debt management fee, percentage	2.00%
Investment management fee, percentage	1.00%
Annual Fee [Member] | Minimum [Member]
Schedule of Revenue Recognition [Line Items]
Asset management fees percentage	1.00%
Annual Fee [Member] | Maximum [Member]
Schedule of Revenue Recognition [Line Items]
Asset management fees percentage	2.00%
Quarterly Fee [Member]
Schedule of Revenue Recognition [Line Items]
Asset management fees percentage	0.08%

CONSOLIDATING_FINANCIAL_INFORM2

CONSOLIDATING FINANCIAL INFORMATION (Consolidating Balance Sheet) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash	$27,542,000	$19,853,000	$11,899,000	$12,803,000
Loans and receivables from managed entities and related parties, net	30,303,000	30,923,000
Investments in real estate, net	17,097,000	17,696,000
Investment securities, at fair value	9,540,000	7,839,000
Investments in unconsolidated entities	13,089,000	14,342,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Property and equipment, net	5,063,000	5,844,000
Total assets	2,900,842,000	2,318,451,000	2,443,193,000
Payables to managed entities and related parties	3,015,000	3,110,000
Borrowings	20,412,000	20,619,000
Liabilities of consolidated VIE - RSO:
Borrowings	20,412,000	20,619,000
Total liabilities	1,820,399,000	1,421,125,000
Common stock	335,000	299,000
Additional paid-in capital	308,134,000	288,555,000
Accumulated deficit	-23,663,000	-26,025,000
Treasury stock, at cost	-120,182,000	-107,874,000
Accumulated other comprehensive loss	-1,030,000	-1,231,000	-2,197,000
Total stockholdersb equity	163,594,000	153,724,000
Total equity	1,080,443,000	897,326,000	733,790,000	528,680,000
Liabilities and equity	2,900,842,000	2,318,451,000
Reportable Legal Entities [Member]
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Total assets	172,370,000	167,990,000	160,207,000
Liabilities of consolidated VIE - RSO:
Common stock	335,000
Additional paid-in capital	308,134,000
Accumulated deficit	-17,439,000
Treasury stock, at cost	-120,182,000
Accumulated other comprehensive loss	-11,587,000
Total stockholdersb equity	159,261,000
Consolidation, Eliminations [Member]
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Total assets	-34,237,000
Liabilities of consolidated VIE - RSO:
Total liabilities	-3,002,000
Common stock	0
Additional paid-in capital	0
Accumulated deficit	-6,224,000
Treasury stock, at cost	0
Accumulated other comprehensive loss	10,557,000
Total stockholdersb equity	4,333,000
Total equity	-31,235,000
Liabilities and equity	-34,237,000
RAI [Member]
Cash	27,542,000	19,853,000
Restricted cash	725,000	571,000
Receivables	636,000	541,000
Loans and receivables from managed entities and related parties, net	30,303,000	30,923,000
Investments in real estate, net	17,097,000	17,696,000
Investment securities, at fair value	9,540,000	7,839,000
Investments in unconsolidated loan manager (see Note 8)	39,655,000	37,821,000
Investments in unconsolidated entities	13,089,000	14,342,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Property and equipment, net	5,063,000	5,844,000
Deferred tax assets, net	23,304,000	27,769,000
Other assets	5,416,000	4,791,000
Accrued expenses and other liabilities	22,279,000	22,134,000
Payables to managed entities and related parties	3,015,000	3,110,000
Borrowings	20,412,000	20,619,000
Liabilities of consolidated VIE - RSO:
Borrowings	20,412,000	20,619,000
Noncontrolling interests	306,000	238,000
RAI [Member] | Reportable Legal Entities [Member]
Cash	27,542,000	19,853,000
Restricted cash	725,000
Receivables	790,000
Loans and receivables from managed entities and related parties, net	32,745,000
Investments in real estate, net	17,097,000
Investment securities, at fair value	23,964,000
Investments in unconsolidated loan manager (see Note 8)	39,655,000
Investments in unconsolidated entities	20,125,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Property and equipment, net	5,063,000
Deferred tax assets, net	32,818,000
Other assets	5,416,000
Total assets	205,940,000
Accrued expenses and other liabilities	22,279,000
Payables to managed entities and related parties	3,124,000
Borrowings	20,970,000
Liabilities of consolidated VIE - RSO:
Borrowings	20,970,000
Total liabilities	46,373,000
Noncontrolling interests	306,000
Total equity	159,567,000
Liabilities and equity	205,940,000
RAI [Member] | Consolidation, Eliminations [Member]
Cash	0
Restricted cash	0
Receivables	-154,000
Loans and receivables from managed entities and related parties, net	-2,442,000
Investments in real estate, net	0
Investment securities, at fair value	-14,424,000
Investments in unconsolidated loan manager (see Note 8)	0
Investments in unconsolidated entities	-7,036,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Property and equipment, net	0
Deferred tax assets, net	-9,514,000
Other assets	0
Accrued expenses and other liabilities	0
Payables to managed entities and related parties	-109,000
Borrowings	-558,000
Liabilities of consolidated VIE - RSO:
Borrowings	-558,000
Noncontrolling interests	0
RSO [Member]
Investment securities, at fair value	296,506,000	221,395,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Cash and cash equivalents (including restricted cash)	202,043,000	325,579,000
Loans	2,038,435,000	1,397,458,000
Investments in real estate and unconsolidated entities	60,007,000	129,562,000
Other assets	131,481,000	76,467,000
Total assets	2,728,472,000	2,150,461,000
Borrowings	1,717,132,000	1,320,015,000
Liabilities of consolidated VIE - RSO:
Borrowings	1,717,132,000	1,320,015,000
Other liabilities	57,561,000	55,247,000
Total liabilities	1,774,693,000	1,375,262,000
Noncontrolling interests	916,543,000	743,364,000
RSO [Member] | Reportable Legal Entities [Member]
Investment securities, at fair value	296,506,000
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Cash and cash equivalents (including restricted cash)	202,043,000
Loans	2,038,993,000
Investments in real estate and unconsolidated entities	60,007,000
Other assets	131,590,000
Total assets	2,729,139,000	2,150,461,000	2,282,986,000
Borrowings	1,716,871,000
Liabilities of consolidated VIE - RSO:
Borrowings	1,716,871,000
Other liabilities	60,157,000
Total liabilities	1,777,028,000
Noncontrolling interests	952,111,000
Total equity	952,111,000
Liabilities and equity	2,729,139,000
RSO [Member] | Consolidation, Eliminations [Member]
Investment securities, at fair value	0
Assets of consolidated variable interest entity (VIE) - RSO (see Note 22):
Cash and cash equivalents (including restricted cash)	0
Loans	-558,000
Investments in real estate and unconsolidated entities	0
Other assets	-109,000
Total assets	-667,000
Borrowings	261,000
Liabilities of consolidated VIE - RSO:
Borrowings	261,000
Other liabilities	-2,596,000
Total liabilities	-2,335,000
Noncontrolling interests	($35,568,000)

CONSOLIDATING_FINANCIAL_INFORM3

CONSOLIDATING FINANCIAL INFORMATION (Consolidating Statements of Operations) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES:
Revenues from external customers	$42,825	$41,502	$42,335	$42,617	$23,147	$42,058	$38,015	$42,504	$169,279	$145,724	$153,071
COSTS AND EXPENSES:
General and administrative									11,118	10,268	9,792
Provision for credit losses									3,058	4,265	20,148
Depreciation and amortization									1,819	1,936	2,084
Costs and expenses									121,603	115,076	124,344
OPERATING INCOME	6,147	13,800	11,759	15,970	-9,895	11,839	14,654	14,050	47,676	30,648	28,727
Interest expense									-1,905	-2,036	-2,289
Other income (expense), net									25,799	24,247	34,002
Other Nonoperating Income (Expense)									24,339
Income from continuing operations before taxes									72,015	52,645	114,908
Income tax provision									3,641
Net income	14,347	15,719	20,207	18,101	2,559	27,190	9,511	12,767	68,374	52,027	87,145
Net income attributable to common shareholders	1,744	1,516	2,718	990	1,375	3,442	1,113	496	6,968	6,426	24,028
Intersegment Eliminations [Member]
REVENUES:
Revenues from external customers									-13,264	-13,834	-17,544
COSTS AND EXPENSES:
Costs and expenses									-12,601	-13,215	-17,351
Other income (expense), net									51
Consolidation, Eliminations [Member]
REVENUES:
Revenues from external customers	-3,208	-4,136	-3,040	-2,880	-3,226	-5,183	-2,725	-2,700	-13,264	-13,834	-17,544
COSTS AND EXPENSES:
Costs and expenses									-10,389
OPERATING INCOME									-2,875
Other income (expense), net									-2,238	-1,997	-2,575
Other Nonoperating Income (Expense)									-2,238
Income from continuing operations before taxes									-5,113
Income tax provision									-2,212
Net income									-2,901
Net income attributable to common shareholders									-46,077
RAI [Member]
REVENUES:
Real estate									54,861
Financial fund management									28,400
Commercial finance									-164
Revenues from external customers									83,097
COSTS AND EXPENSES:
Real estate									37,411
Financial fund management									14,824
Commercial finance									979
General and administrative									11,118
Provision for credit losses									3,058	4,265	20,148
Depreciation and amortization									1,819
Costs and expenses									69,209
Interest expense									-1,905
Other income (expense), net									243
Income tax provision									5,853	1,657	13,117
Net income attributable to noncontrolling interests	56	-11	84	-40	-3	40	26	-43	-89	-20	-557
RAI [Member] | Reportable Legal Entities [Member]
REVENUES:
Real estate									54,861	57,143	45,083
Financial fund management									28,400	19,773	18,053
Commercial finance									-164	-341	-1,659
Revenues from external customers	21,470	19,829	21,547	20,251	22,141	24,422	14,563	15,449	83,097	76,575	61,477
COSTS AND EXPENSES:
Real estate									37,411	40,612	30,475
Financial fund management									14,824	10,155	12,299
Commercial finance									979	56	402
General and administrative									11,118	10,268	9,792
Provision for credit losses									3,058	4,265	20,148
Depreciation and amortization									1,819	1,936	2,084
Costs and expenses									69,209	67,292	77,845
OPERATING INCOME									13,888
Gain on sale of investment securities, net									445	0	0
Interest expense									-1,905	-2,036	-2,289
Other income (expense), net									2,532	2,816	2,820
Other Nonoperating Income (Expense)									1,072
Income from continuing operations before taxes									14,960
Income tax provision									5,853
Net income									9,107
Net income attributable to noncontrolling interests									-89
Net income attributable to common shareholders									9,018
RAI [Member] | Consolidation, Eliminations [Member]
COSTS AND EXPENSES:
Other income (expense), net									-2,289
RSO [Member]
REVENUES:
Real estate										12,600	13,956
Financial fund management										1,120	4,894
Commercial finance										0	0
Revenues from external customers									99,446
COSTS AND EXPENSES:
Costs and expenses									62,783
OPERATING INCOME									36,663
Other income (expense), net									25,505
Income tax provision									-2,212	-1,041	14,602
Net income attributable to noncontrolling interests	12,547	14,214	17,405	17,151	1,187	23,708	8,372	12,314	-61,317	-45,581	-62,560
RSO [Member] | Reportable Legal Entities [Member]
REVENUES:
Revenues from external customers	24,563	25,809	23,828	25,246	4,232	22,819	26,177	29,755	99,446	82,983	109,138
COSTS AND EXPENSES:
Costs and expenses									64,995	60,999	63,850
Other income (expense), net									25,505	23,428	33,757
Other Nonoperating Income (Expense)									25,505
Income from continuing operations before taxes									62,168
Income tax provision									0
Net income									62,168
Net income attributable to noncontrolling interests									-18,141
Net income attributable to common shareholders									44,027
RSO [Member] | Consolidation, Eliminations [Member]
COSTS AND EXPENSES:
Costs and expenses									2,212
Net income attributable to noncontrolling interests									($43,176)

CONSOLIDATING_FINANCIAL_INFORM4

CONSOLIDATING FINANCIAL INFORMATION (Consolidating Statements of Cash Flows) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$68,374,000	$52,027,000	$87,145,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,937,000
Provision for credit losses	3,058,000	4,265,000	20,148,000
Unrealized loss (gain) on trading securities	210,000
Equity in earnings of unconsolidated entities	-4,199,000	-5,389,000	-4,083,000
Distributions from unconsolidated entities	6,759,000
Impairment loss recognized in earnings	-12,000
Gain on sale of loans and investment securities, net	-1,850,000
Gain on sale of assets	-445,000
Deferred income tax provision	5,388,000
Equity-based compensation expense	2,003,000
Trading securities purchases and sales, net	1,588,000
Changes in operating assets and liabilities	-5,547,000
Net cash provided by (used in) operating activities	127,836,000	-109,627,000	17,484,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	-430,000
Principal payments received on real estate loans and real estate	25,000
Investments in unconsolidated real estate entities	-1,709,000
Principal payments on leases and loans	22,000
Principal payments and proceeds from sales received by consolidated VIE - RSO	858,751,000
Proceeds From Sale Of Loans And Investment Securities	796,000
(Decrease) increase in restricted cash of consolidated VIE - RSO	-23,568,000
Other investing activity of consolidated VIE - RSO	-24,082,000
Net cash (used in) provided by investing activities	-399,128,000	486,256,000	89,641,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520,000
Principal payments on borrowings	-2,929,000
Net borrowings (repayments) of debt by consolidated VIE - RSO	207,604,000
Dividends paid	-4,272,000
Dividends paid on common stock by consolidated VIE - RSO	-101,936,000
Proceeds from issuance of common stock	15,584,000
Repurchases of common stock	-10,591,000
Proceeds from (Repayments of) Restricted Cash, Financing Activities	-154,000
Net cash provided by (used in) financing activities	278,981,000	-368,304,000	-106,752,000
Increase in cash	7,689,000	7,954,000	-904,000
Cash	27,542,000	19,853,000	11,899,000
Reportable Legal Entities [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net cash provided by (used in) operating activities	50,604,000
Consolidation, Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	-2,901,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Unrealized loss (gain) on trading securities	-22,000
Equity in earnings of unconsolidated entities	483,000
Gain on sale of loans and investment securities, net	95,000
Net cash provided by (used in) operating activities	-2,377,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Other investing activity of consolidated VIE - RSO	-479,000
Net cash (used in) provided by investing activities	-479,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings	392,000
Dividends paid on common stock by consolidated VIE - RSO	2,289,000
Other	175,000
Net cash provided by (used in) financing activities	2,856,000
RAI [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,937,000	2,140,000	2,338,000
Provision for credit losses	3,058,000	4,265,000	20,148,000
Unrealized loss (gain) on trading securities	210,000	-1,054,000	-1,272,000
Equity in earnings of unconsolidated entities	-4,199,000	-5,389,000	-4,083,000
Distributions from unconsolidated entities	6,759,000	4,647,000	3,311,000
Impairment loss recognized in earnings	-12,000	0	0
Gain on sale of loans and investment securities, net	-1,850,000	-6,293,000	-1,221,000
Gain on sale of assets	-445,000	-1,734,000	-915,000
Deferred income tax provision	5,388,000	25,000	11,836,000
Equity-based compensation expense	2,003,000	1,257,000	993,000
Trading securities purchases and sales, net	1,588,000	10,287,000	-2,876,000
Changes in operating assets and liabilities	-5,547,000	2,840,000	-4,983,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	-430,000	-2,730,000	-196,000
Principal payments received on real estate loans and real estate	25,000	2,049,000	888,000
Investments in unconsolidated real estate entities	-1,709,000	-1,545,000	-2,493,000
Principal payments on leases and loans	22,000	17,000	15,000
Purchase of loans and investments	-8,222,000	-3,213,000	-2,597,000
Proceeds From Sale Of Loans And Investment Securities	0	0	55,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520,000	2,001,000	0
Principal payments on borrowings	-2,929,000	-2,486,000	-5,715,000
Dividends paid	-4,272,000	-1,988,000	-2,334,000
Proceeds from issuance of common stock	15,584,000	1,252,000	2,131,000
Repurchases of common stock	-10,591,000	-4,607,000	-2,463,000
Other	0	67,000	-203,000
Cash	27,542,000	19,853,000
RAI [Member] | Reportable Legal Entities [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	9,107,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,937,000
Provision for credit losses	3,058,000	4,265,000	20,148,000
Unrealized loss (gain) on trading securities	232,000
Equity in earnings of unconsolidated entities	-4,682,000	-5,389,000	-4,083,000
Distributions from unconsolidated entities	6,759,000
Impairment loss recognized in earnings	-12,000
Gain on sale of loans and investment securities, net	-1,945,000
Gain on sale of assets	-445,000
Deferred income tax provision	5,388,000
Equity-based compensation expense	2,003,000
Trading securities purchases and sales, net	1,588,000
Changes in operating assets and liabilities	-5,547,000
Net cash provided by (used in) operating activities	17,441,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	-430,000
Principal payments received on real estate loans and real estate	25,000
Investments in unconsolidated real estate entities	-1,709,000
Principal payments on leases and loans	22,000
Purchase of loans and investments	-8,222,000
Proceeds From Sale Of Loans And Investment Securities	796,000
Net cash (used in) provided by investing activities	-9,518,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in borrowings	2,520,000
Principal payments on borrowings	-3,321,000
Dividends paid	-4,272,000
Proceeds from issuance of common stock	15,584,000
Repurchases of common stock	-10,591,000
Proceeds from (Repayments of) Restricted Cash, Financing Activities	-154,000
Net cash provided by (used in) financing activities	-234,000
Increase in cash	7,689,000
Cash	27,542,000	19,853,000
RAI [Member] | Consolidation, Eliminations [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash	0
RSO [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net cash provided by (used in) operating activities	50,572,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans and investments	-1,200,711,000	-861,939,000	-769,762,000
Principal payments and proceeds from sales received by consolidated VIE - RSO	858,751,000	1,367,346,000	797,011,000
(Decrease) increase in restricted cash of consolidated VIE - RSO	-23,568,000	22,248,000	50,756,000
Other investing activity of consolidated VIE - RSO	-24,082,000	-35,977,000	-1,896,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) of debt by consolidated VIE - RSO	207,604,000	-420,107,000	-192,783,000
Dividends paid on common stock by consolidated VIE - RSO	-101,936,000	-91,255,000	-71,876,000
Proceeds from issuance of common stock	196,198,000	189,991,000	171,056,000
Other	-23,043,000	-41,172,000	-4,565,000
RSO [Member] | Reportable Legal Entities [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	62,168,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net cash provided by (used in) operating activities	112,772,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans and investments	-1,200,711,000
Principal payments and proceeds from sales received by consolidated VIE - RSO	858,751,000
(Decrease) increase in restricted cash of consolidated VIE - RSO	-23,568,000
Other investing activity of consolidated VIE - RSO	-23,603,000
Net cash (used in) provided by investing activities	-389,131,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) of debt by consolidated VIE - RSO	207,604,000
Dividends paid on common stock by consolidated VIE - RSO	-104,225,000
Proceeds from issuance of common stock	196,198,000
Other	-23,218,000
Net cash provided by (used in) financing activities	276,359,000
RSO [Member] | Consolidation, Eliminations [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net cash provided by (used in) operating activities	($32,000)

SUPPLEMENTAL_CASH_FLOW_INFORMA2

SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash (paid) received:
Interest	($1,654)	($1,690)	($1,980)
Income tax payments	-1,268	-1,651	-1,367
Refund of income taxes	171	99	83
Dividends declared per common share	$0.22	$0.15	$0.12
Non-cash activities:
Repurchases of common stock from employees in exchange for the payment of income taxes	370	136	1,719
Repurchase of common stock in exchange for the exercise of warrants	1,754
Issuance of treasury stock for the Company's investment savings plan	407	341	485
Common stock issued to former director in exchange for vested director units	0	0	135
Leasehold improvements paid by the landlord	0	1,496	0
Effects from the deconsolidation of entities:
Receivables from managed entities and related parties, net	0	0	715
Investments in unconsolidated entities	0	0	-1,824
Other assets	0	0	20
Accrued expense and other liabilities	$0	$0	($938)

FINANCING_RECEIVABLES_Past_Due

FINANCING RECEIVABLES (Past Due Financing Receivables) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
	Entity
Aging of the Company's past due financing receivables, gross of allowances for credit losses
Current	$10,305,000	$4,394,000
30-89 Days Past Due	1,199,000	875,000
90-180 Days Past Due	2,339,000	1,257,000
Greater than 181 Days	33,538,000	60,717,000
Total Past Due	37,076,000	62,849,000
Total	47,381,000	67,243,000
Number of commercial finance investment entities that are not expected to be collectible	1
Commercial finance investment entities [Member]
Aging of the Company's past due financing receivables, gross of allowances for credit losses
Current	9,000	48,000
30-89 Days Past Due	342,000	0
90-180 Days Past Due	1,124,000	0
Greater than 181 Days	18,398,000	44,355,000
Total Past Due	19,864,000	44,355,000
Total	19,873,000	44,403,000
Allowance for credit losses, commercial finance	17,000,000	36,200,000
Number of commercial finance investment entities that are not expected to be collectible	1
Real estate investment entities [Member]
Aging of the Company's past due financing receivables, gross of allowances for credit losses
Current	6,613,000	3,142,000
30-89 Days Past Due	772,000	793,000
90-180 Days Past Due	1,214,000	1,229,000
Greater than 181 Days	15,134,000	16,323,000
Total Past Due	17,120,000	18,345,000
Total	23,733,000	21,487,000
Financial fund management entities [Member]
Aging of the Company's past due financing receivables, gross of allowances for credit losses
Current	583,000	1,071,000
30-89 Days Past Due	74,000	35,000
90-180 Days Past Due	0	3,000
Greater than 181 Days	6,000	29,000
Total Past Due	80,000	67,000
Total	663,000	1,138,000
Other [Member]
Aging of the Company's past due financing receivables, gross of allowances for credit losses
Current	3,024,000	70,000
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
Total	3,024,000	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
Current	10,229,000	4,331,000
30-89 Days Past Due	1,188,000	861,000
90-180 Days Past Due	2,338,000	1,253,000
Greater than 181 Days	33,538,000	60,707,000
Total Past Due	37,064,000	62,821,000
Total	47,293,000	67,152,000
Rent receivables - real estate [Member]
Aging of the Company's past due financing receivables, gross of allowances for credit losses
Current	76,000	63,000
30-89 Days Past Due	11,000	14,000
90-180 Days Past Due	1,000	4,000
Greater than 181 Days	0	10,000
Total Past Due	12,000	28,000
Total	$88,000	$91,000

FINANCING_RECEIVABLES_Allowanc

FINANCING RECEIVABLES (Allowance for Credit Losses) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	$47,293,000	$67,152,000
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	36,243,000	32,628,000
Provision for credit losses	3,058,000	4,265,000	20,148,000
Charge-offs	-22,405,000	-712,000
Recoveries	94,000	62,000
Allowance for losses at end of period	16,990,000	36,243,000	32,628,000
Ending balance, individually evaluated for impairment	16,990,000	36,229,000
Ending balance, collectively evaluated for impairment	0	14,000
Allowance for losses at end of period	16,990,000	36,243,000	32,628,000
Collectively evaluated for impairment	88,000	91,000
Financing Receivable Recorded Investment Total	47,381,000	67,243,000
Receivables from Managed Entities [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	47,293,000	67,152,000
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	36,229,000	32,560,000
Provision for credit losses	3,123,000	4,324,000
Charge-offs	-22,394,000	-675,000
Recoveries	32,000	20,000
Allowance for losses at end of period	16,990,000	36,229,000
Ending balance, individually evaluated for impairment	16,990,000	36,229,000
Ending balance, collectively evaluated for impairment	0	0
Allowance for losses at end of period	16,990,000	36,229,000
Collectively evaluated for impairment	0	0
Financing Receivable Recorded Investment Total	47,293,000	67,152,000
Leases and Loans [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	0
Provision for credit losses	-62,000	-42,000
Charge-offs	0	0
Recoveries	62,000	42,000
Allowance for losses at end of period	0	0
Ending balance, individually evaluated for impairment	0	0
Ending balance, collectively evaluated for impairment	0	0
Allowance for losses at end of period	0	0
Rent Receivables [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Individually evaluated for impairment	0	0
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	14,000	68,000
Provision for credit losses	-3,000	-17,000
Charge-offs	-11,000	-37,000
Recoveries	0	0
Allowance for losses at end of period	0	14,000
Ending balance, individually evaluated for impairment	0	0
Ending balance, collectively evaluated for impairment	0	14,000
Allowance for losses at end of period	0	14,000
Collectively evaluated for impairment	88,000	91,000
Financing Receivable Recorded Investment Total	$88,000	$91,000

FINANCING_RECEIVABLES_Impaired

FINANCING RECEIVABLES (Impaired Financing Receivables) (Details) (USD $)	12 Months Ended
	Dec. 31, 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	1,295,000	2,690,000
Unpaid Balance	18,285,000	38,919,000
Specific Allowance	16,990,000	36,200,000
Average Investment in Impaired Assets	36,256,000	38,649,000
Receivables from Managed Entities - Real Estate [Member] | Financing Receivables With a Specific Valuation Allowance [Member]
Impaired financing receivables [Abstract]
Net Balance		0
Unpaid Balance		14,000
Specific Allowance		14,000
Average Investment in Impaired Assets		$32,000

INVESTMENTS_IN_REAL_ESTATE_Inv

INVESTMENTS IN REAL ESTATE (Investments in Real Estate) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	$17,097	$17,696
Accumulated depreciation	9,188
Hotel property (Savannah, Georgia) [Member]
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	10,110	10,504
Office building (Philadelphia, Pennsylvania) [Member]
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	888	781
Total Properties Owned [Member]
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	10,998	11,285
Accumulated depreciation	0	8,666
Partnerships and other investments [Member]
Properties owned, net of accumulated depreciation [Line Items]
Real Estate Investment Property, Net	$6,099	$6,411

INVESTMENTS_IN_REAL_ESTATE_Ope

INVESTMENTS IN REAL ESTATE (Operating Leases) (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate Investments, Net [Abstract]
2015	$1,016
2016	819
2017	710
2018	703
2019	355
Thereafter	1,020
Total	$4,623

INVESTMENT_SECURITIES_Narrativ

INVESTMENT SECURITIES (Narrative) (Details) (USD $)	12 Months Ended			3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Gain (loss) on sale of investments	$1,850,000
Unrealized gains (losses)	-210,000
Net impairment losses recognized in earnings		214,000	74,000
RAI [Member]
Schedule of Available-for-sale Securities [Line Items]
Purchase of investment	8,222,000	3,213,000	2,597,000
Gain (loss) on sale of investments	1,850,000	6,293,000	1,221,000
Unrealized gains (losses)	-210,000	1,054,000	1,272,000
Net impairment losses recognized in earnings	0	214,000	74,000
CLO securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of CLO issuers that represent the retained equity interest	12	10
Net impairment losses recognized in earnings	0	214,000	74,000
Equity securities [Member] | TBBK [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of shares held (in shares)	18,972
Equity securities [Member] | RREDX [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of shares held (in shares)	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 $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	$9,065	$7,522
Trading securities	475	317
Total investment securities, at fair value	$9,540	$7,839

INVESTMENT_SECURITIES_Pretax_U

INVESTMENT SECURITIES (Pre-tax Unrealized Gains (Losses) Relating to Investments in Available-for-Sale Securities) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	$7,850	$6,179
Unrealized Gains	1,391	1,547
Unrealized Losses	-176	-204
Fair Value	9,065	7,522
CLO securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	6,962	5,971
Unrealized Gains	1,228	1,315
Unrealized Losses	-176	-196
Fair Value	8,014	7,090
Equity securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	888	208
Unrealized Gains	163	232
Unrealized Losses	0	-8
Fair Value	$1,051	$432

INVESTMENT_SECURITIES_Availabl

INVESTMENT SECURITIES (Available-for-sale Securities, Continuous Unrealized Loss Position) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Security	Security
Less than 12 Months [Abstract]
Fair Value	$2,643	$2,404
Unrealized Losses	-176	-204
Number of Securities	4	4
More than 12 Months [Abstract]
Fair Value	0	0
Unrealized Losses	0	0
Number of Securities	0	0
CLO securities [Member]
Less than 12 Months [Abstract]
Fair Value	2,643	2,312
Unrealized Losses	-176	-196
Number of Securities	4	3
More than 12 Months [Abstract]
Fair Value	0	0
Unrealized Losses	0	0
Number of Securities	0	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 $)	1 Months Ended	0 Months Ended
	Jan. 31, 2013	Apr. 17, 2012	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Ownership percentage	10.00%
Proceeds from sale of investment	$3,000,000
Gain on sale of investments	1,600,000
Offering costs			129,000	2,400,000
RRE Opportunity REIT [Member]
Schedule of Equity Method Investments [Line Items]
Cost method investment			2,500,000
Resource Real Estate Opportunity REIT II, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Cost method investment			1,300,000
Innovation Office REIT [Member]
Schedule of Equity Method Investments [Line Items]
Cost method investment			200,000
Resource America, Inc. [Member] | General Partner [Member]
Schedule of Equity Method Investments [Line Items]
Preferred equity interest retained as a percentage of incentive management fees		75.00%	75.00%
CVC Credit Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Cost method investment			$6,800,000
CVC Credit Partners, L.P. [Member]
Schedule of Equity Method Investments [Line Items]
Option to buy interests in joint venture, percentage		9.00%
Option to buy interests in joint venture, exercise period (in days)		60 days
CVC Credit Partners, L.P. [Member] | Resource America, Inc. [Member] | Limited Partner [Member]
Schedule of Equity Method Investments [Line Items]
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 $)	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2013
In Thousands, unless otherwise specified
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$13,089	$14,342
Ownership percentage			10.00%
Real estate investment entities [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	8,313	8,271
Financial fund management investment entities [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	4,162	5,294
Trapeza entities [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$614	$777
Minimum [Member] | Real estate investment entities [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	1.00%
Minimum [Member] | Financial fund management investment entities [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	0.00%
Minimum [Member] | Trapeza entities [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	33.00%
Maximum [Member] | Real estate investment entities [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	12.00%
Maximum [Member] | Financial fund management investment entities [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Maximum [Member] | Trapeza entities [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 $)	12 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Portion of net income attributable to the Company	$4,199	$5,389	$4,083
CVC Credit Partners [Member]
Schedule of Equity Method Investments [Line Items]
Management fee revenues	67,512			51,662
Costs and expenses	-61,953			-48,106
Net income	5,559			3,556
Portion of net income attributable to the Company	$1,803			$1,775

PROPERTY_AND_EQUIPMENT_Details

PROPERTY AND EQUIPMENT (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,866	$11,360
Accumulated depreciation and amortization	-6,803	-5,516
Property and equipment, net	5,063	5,844
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,597	4,575
Leasehold improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Leasehold improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,006	3,692
Furniture and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,263	$3,093
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Computer Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years

ACCRUED_EXPENSES_AND_OTHER_LIA2

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Accounts payable and other accrued liabilities	$6,045	$7,439
SERP liability	6,383	4,998
Accrued wages and benefits	4,580	4,304
Deferred rent	2,485	2,675
Apidos contractual obligation	745	995
Dividends payable	1,312	977
Short-term insurance notes	729	746
Total accrued expenses and other liabilities	$22,279	$22,134

BORROWINGS_Credit_Facilities_a

BORROWINGS (Credit Facilities and Other Debt) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2011	Aug. 31, 2011
Debt Instrument [Line Items]
Borrowings Outstanding	$20,412,000	$20,619,000
Senior Notes [Member]
Debt Instrument [Line Items]
Senior Notes	10,000,000	10,000,000
Other debt [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	324,000	332,000
TD Bank, NA - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Fair value outstanding	0
Availability	10,997,000		7,500,000
Borrowings Outstanding	0	0
Availability on the line of credit facility	11,500,000
Outstanding letters of credit	503,000
Republic Bank - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Fair value outstanding	0
Availability	3,500,000
Borrowings Outstanding	0	0
Availability on the line of credit facility	3,000,000
Total corporate and real estate borrowings [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	0	0
Mortgage debt [Member]
Debt Instrument [Line Items]
Borrowings Outstanding	10,088,000	10,300,000		10,700,000
Real Estate Debt Fair Value Disclosure		$10,287,000

BORROWINGS_Corporate_and_Real_

BORROWINGS (Corporate and Real Estate Debt) (Details) (USD $)	12 Months Ended		1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Jan. 31, 2012	Mar. 31, 2011
Debt Instrument [Line Items]
Borrowings outstanding	$20,412,000	$20,619,000
RSO [Member]
Debt Instrument [Line Items]
Borrowings outstanding	1,717,132,000	1,320,015,000
TD Bank, NA - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Maximum amount of facility	10,997,000				7,500,000
Availability on the line of credit facility	11,500,000
Line of credit facility, required pledged securities	6,000,000
Line of credit facility, number of consecutive days outstanding	30 days
Unused facility fee	0.50%
Line of credit facility commitment fee percentage on outstanding lines of credit	5.25%
Outstanding letters of credit	503,000
Availability under the facility specified as a percentage of net present value of future management fees to be earned (in hundredths)	75.00%
Fair value outstanding	0
Debt weighted average borrowing	0	147,945
Weighted average borrowing rate	0.00%	3.20%
Borrowings outstanding	0	0
TD Bank, NA - secured revolving credit facility [Member] | The Bancorp, Inc. [Member]
Debt Instrument [Line Items]
Number of securities pledged (in shares)	18,972
TD Bank, NA - secured revolving credit facility [Member] | RSO [Member]
Debt Instrument [Line Items]
Number of securities pledged (in shares)	2,160,671
Republic Bank - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Maximum amount of facility	3,500,000
Availability on the line of credit facility	3,000,000
Unused facility fee			0.50%	0.25%
Fair value outstanding	0
Borrowings outstanding	$0	$0
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%
Republic Bank - secured revolving credit facility [Member] | RSO [Member]
Debt Instrument [Line Items]
Number of securities pledged (in shares)	700,000
Prime Rate [Member] | TD Bank, NA - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Prime Rate [Member] | Republic Bank - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Prime borrowings floor interest rate	4.50%
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	300.00%
LIBOR [Member] | TD Bank, NA - secured revolving credit facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

BORROWINGS_Senior_Notes_Detail

BORROWINGS (Senior Notes) (Details) (Senior Notes [Member], USD $)	1 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 30, 2011	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Remaining balance			$10,000
Interest rate			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%
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, Thereafter [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100.00%

BORROWINGS_Other_Debt_Real_Est

BORROWINGS (Other Debt - Real Estate and Corporate) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Aug. 31, 2011
Debt Instrument [Line Items]
Borrowings	$20,412,000	$20,619,000
Mortgage debt [Member]
Debt Instrument [Line Items]
Borrowings	10,088,000	10,300,000	10,700,000
Interest rate			6.36%
Monthly payments	71,331
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Borrowings	75,328
Lease term	39 months
Debt Instrument, Periodic Payment, Interest	1,985
Computer Equipment, Group One [Member] | Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Interest rate	6.50%
Monthly payments	16,377
Capital lease obligation	127,752
Lease term	2 years
Computer Equipment, Group Two [Member] | Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Borrowings	120,256
Monthly payments	$4,205
Lease term	3 years

BORROWINGS_Debt_Repayments_Det

BORROWINGS (Debt Repayments) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]
2015	$407
2016	297
2017	289
2018	10,262
2019	273
Thereafter	8,884
Total	$20,412	$20,619

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in Accumulated Other Comprehensive Income (Loss) by Category) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Comprehensive Income (Loss) [Abstract]
Tax Portion Of Investment Securities Available For Sale In Accumulated Other Comprehensive Income	$472	$543	$544
Tax portion of cash flow hedges in accumulated other comprehensive income	0	-1	-10
Tax Portion of Foreign Currency Translation Adjustments in Accumulated Other Comprehensive Income	-3	-2	0
Tax Portion Of Serp Pension Liability In Accumulated Other Comprehensive Income	2,700	1,853	2,235
Changes in Accumulated Other Comprehensive Income (Loss) by Category [Roll Forward]
Investment Securities Available-for-Sale balance, beginning of the year	801	847
Cash Flow Hedges balance, beginning of the year	-4	-14
Foreign Currency Translation Adjustments, beginning of the year	-2	0
SERP Pension Liability balance, beginning of the year	-2,026	-3,030
Total balance, beginning of the year	-1,231	-2,197
Current period changes for investment securities available- for- sale	1,178	-46
Current period changes for cash flow hedges	3	10
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	-3	-2
Current period changes for SERP pension liability	-977	1,004
Current period changes, total	201	966
Investment Securities Available-for-Sale balance, end of the year	1,979	801	847
Cash Flow Hedges balance, end of the year	-1	-4	-14
Foreign Currency Translation Adjustments, end of the year	-5	-2	0
SERP Pension Liability balance, end of the year	-3,003	-2,026	-3,030
Total balance, end of the year	($1,030)	($1,231)	($2,197)

NONCONTROLLING_INTERESTS_Detai

NONCONTROLLING INTERESTS (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
RSO [Member]
Activity in noncontrolling interests [Roll Forward]
Noncontrolling interests, beginning of year				$743,364					$743,364
Net income attributable to noncontrolling interests	-12,547	-14,214	-17,405	-17,151	-1,187	-23,708	-8,372	-12,314	61,317	45,581	62,560
Noncontrolling interests, end of year	916,543				743,364				916,543	743,364
Other [Member]
Activity in noncontrolling interests [Roll Forward]
Noncontrolling interests, beginning of year				238					238
Net income attributable to noncontrolling interests	-56	11	-84	40	3	-40	-26	43	89	20	557
Noncontrolling interests, end of year	306				238				306	238
Noncontrolling Interests [Member] | RSO [Member]
Activity in noncontrolling interests [Roll Forward]
Noncontrolling interests, beginning of year				743,364				582,323	743,364	582,323	399,288
Net income attributable to noncontrolling interests									61,317	45,581	62,560
Other comprehensive income									18,088	13,035	19,249
Net proceeds from issuance of equity interests, net of shares repurchased									196,211	190,222	170,928
Amortization of stock-based compensation									6,567	10,472	4,636
Discount on RSO senior convertible notes									0	4,851	0
Contributions, net of distributions from non-controlling interests									11,141	0	0
Distributions to noncontrolling interests									-120,179	-103,120	-74,340
Other									34	0	2
Noncontrolling interests, end of year	916,543				743,364				916,543	743,364	582,323
Noncontrolling Interests [Member] | Other [Member]
Activity in noncontrolling interests [Roll Forward]
Noncontrolling interests, beginning of year				238				279	238	279	319
Net income attributable to noncontrolling interests									89	20	557
Other comprehensive income									0	0	0
Net proceeds from issuance of equity interests, net of shares repurchased									0	24	0
Amortization of stock-based compensation									0	0	0
Discount on RSO senior convertible notes									0	0	0
Contributions, net of distributions from non-controlling interests									0	0	0
Distributions to noncontrolling interests									-21	-85	-595
Other									0	0	-2
Noncontrolling interests, end of year	$306				$238				$306	$238	$279

INCOME_TAXES_Provision_for_Inc

INCOME TAXES (Provision for Income Taxes) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred tax provision (benefit)
Total income tax provision	$3,641
RAI [Member]
Current tax (benefit) provision:
Federal	-170	746	0
State	592	1,042	1,225
Foreign	43	-156	56
Total current tax provision	465	1,632	1,281
Deferred tax provision (benefit)
Federal	5,039	1,399	13,045
State	349	-1,374	-1,209
Foreign	0	0	0
Total deferred tax provision	5,388	25	11,836
Total income tax provision	5,853	1,657	13,117
RSO [Member]
Deferred tax provision (benefit)
Total income tax provision	-2,212	-1,041	14,602
Total [Member]
Deferred tax provision (benefit)
Total income tax provision	$3,641	$616	$27,719

INCOME_TAXES_Reconciliation_Be

INCOME TAXES (Reconciliation Between the Federal Statutory Income Tax Rate and the Company's Effective Income Tax Rate) (Details) (RAI [Member])	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
RAI [Member]
Reconciliation Between the Federal Statutory Income Tax Rate and the Company's Effective Income Tax Rate [Line Items]
Statutory tax rate	35.00%	35.00%	35.00%
State and local taxes, net of federal benefit	5.00%	-10.00%	3.00%
Deconsolidation adjustment	0.00%	0.00%	-6.00%
Foreign adjustment	0.00%	-2.00%	0.00%
Valuation allowance for deferred tax assets	0.00%	0.00%	3.00%
Equity-based compensation (benefit) expense	-1.00%	1.00%	0.00%
Dividend received deduction	-2.00%	-2.00%	0.00%
Other items	2.00%	-5.00%	0.00%
Effective income tax rate	39.00%	17.00%	35.00%

INCOME_TAXES_Deferred_Tax_Acco

INCOME TAXES (Deferred Tax Account Balances) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Deferred tax assets related to:
Federal, foreign, state and local operating loss carryforwards	$9,900
RAI [Member]
Deferred tax assets related to:
Federal, foreign, state and local operating loss carryforwards	10,401	8,999
Capital loss carryforwards	1,192	450
Unrealized loss on investments	3,941	3,664
Investment in partnerships	2,201	2,572
Provision for credit losses	7,354	15,600
Accrued expenses	1,794	2,142
Employee equity compensation awards	1,864	1,005
Deferred income	40	0
Property and equipment basis differences	0	96
Gross deferred tax assets	28,787	34,528
Less: valuation allowance	-4,906	-4,584
Deferred tax assets, net	23,881	29,944
Deferred tax liabilities related to:
Intangible assets	-392	0
Unremitted foreign earnings	-76	0
Deferred income	0	-2,175
Property and equipment basis differences	-109	0
Net deferred tax liabilities	-577	-2,175
Deferred tax assets, net	$23,304	$27,769

INCOME_TAXES_Narrative_Details

INCOME TAXES (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Amount Equity will Increase if Realized	$2,000,000
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	-2,300,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	-168,600,000
Operating loss carryforwards	170,900,000
Federal, foreign, state and local operating loss carryforwards	9,900,000
Operating loss carryforwards, expected amount to be utilized, up to	96,000,000
Operating loss carryforwards, expected amount to be utilized, tax effected benefit	5,900,000
Net operating loss carryforwards, valuation allowance	74,900,000	61,900,000
Tax effected benefit	583,000
Valuation allowance, state timing differences	1,300,000	1,700,000
Valuation allowance, state timing differences, tax effect benefit	$256,000

EARNINGS_PER_SHARE_Reconciliat

EARNINGS PER SHARE (Reconciliation) (Details)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of the components used in the computation of Basic and Diluted EPS [Abstract]
Basic shares outstanding (in shares)	21,148	20,217	19,919
Dilutive effect of outstanding stock options, warrants and director units (in shares)	1,223	1,688	1,075
Dilutive shares outstanding (in shares)	22,371	21,905	20,994

BENEFIT_PLANS_Narrative_Detail

BENEFIT PLANS (Narrative) (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2011	Apr. 29, 2012
	benefit_plans
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Number of employee stock option plans	4
Equity-based compensation expense	$2,003,000
Number of non-employee director plans	3
Number of shares per unit granted	1
Benefits paid	838,000	838,000
Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Awarded shares of restricted stock	649,622	39,081	239,291
Value of restricted stock awarded	5,900,000	335,000	1,600,000
Outstanding Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Equity-based compensation expense	2,100,000	1,200,000	1,000,000
Performance-based Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Awarded shares of restricted stock	90,614	0	36,000
Equity-based compensation expense	92,000	68,000	36,000
Earned Performance-based Restricted Shares [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Nonvested performance-based restricted shares outstanding	4,000	4,000	4,000
Outstanding Restricted Stock of LEAF Financial to Restricted Stock of LEAF [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Restricted stock exchanged				1,000
LEAF and LEAF Financial Corporation [Member] | Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Equity-based compensation expense	0	0	82,000
Nineteen Ninety Seven Director Plan [Member] | Deferred Compensation, Share-based Payments [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Authorized units	134,073
Units vested and outstanding	104,070
Two thousand and Two Director Plan [Member] | Deferred Compensation, Share-based Payments [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Authorized units					173,450
Units vested and outstanding	127,175
Units outstanding	130,956
Two Thousand Twelve Director Plan [Member] | Deferred Compensation, Share-based Payments [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Authorized units	200,000
Units vested and outstanding	22,869
Units outstanding	40,412
401 (k) [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percent of matched deferrals to 401(k)			50.00%
Maximum percent of deferrals of an employee's annual compensation to 401(k)			10.00%
Minimum service hours	1000 hours
Minimum employment period	1 year
Benefit payment period	5 years
Percent of matching contributions that are vested		100.00%
Cost recognized	373,000	490,000	443,000
SERP [Member] | Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Benefits paid	838,000
Equity investment, stock, shares owned, number of shares	100,000
Equity investment, stock, shares owned, value	1,700,000
Estimated future employer contributions in 2014	838,000
First 3 Percent [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percent of matched deferrals to 401(k)	100.00%
Defined contribution plan, employer matching contribution	3.00%
Next 2 Percent [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Percent of matched deferrals to 401(k)	50.00%
Defined contribution plan, employer matching contribution	2.00%
Stock Options [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting percentage	25.00%
Expiration period	10 years
Stock or unit option plan expense	$0	$0	$29,000

BENEFIT_PLANS_Restricted_Stock

BENEFIT PLANS (Restricted Stock) (Details) (USD $)	12 Months Ended	1 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Jan. 31, 2011	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$2,003
Outstanding Restricted Stock of LEAF Financial to Restricted Stock of LEAF [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock exchanged		1,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awarded shares of restricted stock	649,622		39,081	239,291
Value of restricted stock awarded	5,900		335	1,600
Restricted Stock [Member] | LEAF and LEAF Financial Corporation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	0		0	82
Outstanding Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	2,100		1,200	1,000
Accelerated Vesting of Awards for Certain Terminated Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated vesting of awards	$50		$27	$44

BENEFIT_PLANS_Performancebased

BENEFIT PLANS (Performance-based Restricted Stock) (Details) (Unearned Performance-based Restricted Stock [Member])	12 Months Ended
	Dec. 31, 2014
Unearned Performance-based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning of year	12,000
Granted	90,614
Vested	-12,000
Outstanding, end of year	90,614

BENEFIT_PLANS_Stock_Option_Act

BENEFIT PLANS (Stock Option Activity) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance, beginning of year	1,015,163
Exercised	-5,000
Forfeited and/or expired	-17,313
Balance, end of year	992,850	1,015,163
Exercisable, December 31, 2014	992,850
Available for grant	448,168
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Balance, beginning of year	$16.26
Exercised	($8.14)
Forfeited and/or expired	($16.39)
Balance, end of year	$16.30	$16.26
Exercisable, December 31, 2014	$16.30
Weighted Average Contractual Life	8 months 19 days	1 year 8 months 19 days
Aggregate Intrinsic Value	$66,340	$50,250

BENEFIT_PLANS_Nonvested_Stock_

BENEFIT PLANS (Nonvested Stock Options and Nonvested Restricted Units) (Details) (Restricted Stock Units (RSUs) [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of year	396,194
Granted	649,622
Vested and issued	-216,738
Outstanding, end of year	829,078
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning of year	$6.38
Granted	$9.03
Vested and issued	($5.83)
Outstanding, end of year	$8.60

BENEFIT_PLANS_Deferred_Stock_a

BENEFIT PLANS (Deferred Stock and Deferred Compensation Plans) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Grant Date Fair Value [Roll Forward]
Vested units	250,336
Vested units, weighted average grant date fair value	$6.51
Available for grant	159,588
Director Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning of year	262,546
Granted	17,594
Forfeited	-8,480
Outstanding, end of year	271,660
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Weighted Average Grant Date Fair Value [Roll Forward]
Balance, beginning of year	$6.55
Granted	$8.95
Forfeited	$7.96
Balance, beginning of year	$6.66

BENEFIT_PLANS_Nonvested_Direct

BENEFIT PLANS (Nonvested Director Units) (Details) (Director Restricted Stock Units (RSUs) [Member], USD $)	12 Months Ended
	Dec. 31, 2014
Director Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of year	25,425
Granted	17,594
Vested and issued	-13,215
Forfeited	-8,480
Outstanding, end of year	21,324
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding, beginning of year	$7.96
Granted	$8.95
Vested	($8.82)
Forfeited	($7.96)
Outstanding, end of year	$8.44

BENEFIT_PLANS_Components_of_Ne

BENEFIT PLANS (Components of Net Periodic Benefit Cost) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$273	$226
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	273	225	-75
Less: expected (loss) return on plan assets	-154	-100	295
Plus: Amortization of unrecognized loss	279	381	305
Net cost	$398	$506	$525

BENEFIT_PLANS_Reconciliation_o

BENEFIT PLANS (Reconciliation of SERP Benefit Obligation and Fair Value of Plan Assets, Comprised Entirely of Equity Securities and Funded Status of Companys SERP Liability) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract]
Projected benefit obligation, beginning of year	$7,571	$8,471
Interest cost	273	226
Actuarial loss	1,031	-288
Benefit payments	-838	-838
Projected benefit obligation, end of year	8,037	7,571
Fair value of plan assets, beginning of year	2,573	1,665
Actual (loss) gain on plan assets	-918	908
Fair value of plan assets, end of year	1,655	2,573
Unfunded status	-6,383	-4,998
Unrecognized net actuarial loss	5,704	3,879
Accrued benefit liability	-6,383	-4,998
Accumulated other comprehensive loss	3,003	2,026	3,030
Deferred tax asset	2,701	1,853
Net liability recognized	-679	-1,119
Estimated net loss for the plan	($279)

BENEFIT_PLANS_Fair_Value_of_Pl

BENEFIT PLANS (Fair Value of Plan Asset by Level Within the Fair Value Hierarchy) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$1,655	$2,573	$1,665
SERP [Member] | Equity Securities - TBBK [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1,655
SERP [Member] | Equity Securities - TBBK [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0
SERP [Member] | Equity Securities - TBBK [Member] | Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$0

CERTAIN_RELATIONSHIPS_AND_RELA2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Receivables and Payables from Related Party) (Details)

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 08, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

USD ($)

USD ($)

Receivables from Managed Entities - Commercial Finance [Member]

Receivables from Managed Entities - Commercial Finance [Member]

Real estate investment entities [Member]

Real estate investment entities [Member]

Real estate investment entities [Member]

Real estate investment entities [Member]

Commercial finance investment entities [Member]

Commercial finance investment entities [Member]

Financial fund management investment entities [Member]

Financial fund management investment entities [Member]

CVC Credit Partners, L.P. [Member]

Other [Member]

Other [Member]

CVC Credit Partners, LLC [Member]

CVC Credit Partners, LLC [Member]

Entity

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

Entity

Related Party Transaction [Line Items]

Receivables from managed entities and related parties

$30,303,000

$30,923,000

$23,733,000

$21,487,000

$2,883,000

$8,174,000

$663,000

$1,138,000

$488,000

$124,000

$2,536,000

$0

Payables due to managed entities and related parties, net

3,015,000

3,110,000

2,942,000

2,940,000

73,000

170,000

Reserves for credit losses

17,000,000

36,200,000

Number of investment entities that are not expected to be collectible

1

1

Payable to real estate investment entities, self insurance

2,600,000

2,900,000

Notes receivable, related party

€ 500,000

CERTAIN_RELATIONSHIPS_AND_RELA3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Fees From Unconsolidated Investment Entities) (Details) (USD $)	1 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Commercial Finance, Four Investment Entities [Member]
Related Party Transaction [Line Items]
Amount waived of the fund management fees from commercial finance investment entities		$683	$1,800	$3,900
Real estate [Member]
Related Party Transaction [Line Items]
Fees from unconsolidated investment entities		34,395	23,356	17,550
Discounts recorded		82	179	678
Financial fund management [Member]
Related Party Transaction [Line Items]
Fees from unconsolidated investment entities		3,633	3,115	3,093
Commercial Finance [Member]
Related Party Transaction [Line Items]
Fees from unconsolidated investment entities		0	0	0
CVC Credit Partners, L.P. [Member]
Related Party Transaction [Line Items]
Reimbursement of related party costs		1,037	1,195	2,082
RRE Opportunity REIT [Member]
Related Party Transaction [Line Items]
Reimbursement of related party costs		2,227	1,633	844
Dividends paid		117	114	14
Resource Real Estate Opportunity REIT II, Inc. [Member]
Related Party Transaction [Line Items]
Reimbursement of related party costs		2,342	0	0
LEAF [Member]
Related Party Transaction [Line Items]
Reimbursement of related party costs		129	213	287
Payment for sub-servicing the commercial finance investment partnerships		-293	-898	-2,149
Payment for rent and related costs		0	-543	-763
1845 Walnut Associates Ltd. [Member]
Related Party Transaction [Line Items]
Payment for rent and operating expenses		-767	-702	-685
Property management fees		205	122	0
Brandywine Construction & Management, Inc. [Member]
Related Party Transaction [Line Items]
Payment for property management of hotel property		-232	-226	-211
Payment for printing services	-95
Atlas Energy, L.P. [Member]
Related Party Transaction [Line Items]
Reimbursement of related party costs		163	240	609
Ledgewood P.C. [Member]
Related Party Transaction [Line Items]
Payment for legal services		-180	-240	-462
Graphic Images, LLC [Member]
Related Party Transaction [Line Items]
Payment for printing services		-156	-179	-235
The Bancorp, Inc. [Member]
Related Party Transaction [Line Items]
Reimbursement of related party costs		111	114	118
9 Henmar LLC [Member]
Related Party Transaction [Line Items]
Payment of broker/consulting fees		($38)	($41)	($47)

CERTAIN_RELATIONSHIPS_AND_RELA4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with RSO) (Details) (USD $)	Feb. 28, 2011
In Billions, unless otherwise specified
RSO [Member] | CVC Credit Partners, L.P. [Member]
Related Party Transaction [Line Items]
Percent of base and additional collateral management fees permitted to be paid	10.00%
Percent of incentive collateral management fees permited to be paid	50.00%
RSO [Member]
Related Party Transaction [Line Items]
Number of CLOs holding	5
ColataCLOs in bank loans	1.7

CERTAIN_RELATIONSHIPS_AND_RELA5

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with CVC Credit Partners) (Details)

Feb. 28, 2011

Dec. 31, 2014

Dec. 08, 2014

6-May-14

Apr. 17, 2012

Apr. 17, 2012

Oct. 30, 2014

Feb. 28, 2011

Dec. 31, 2014

Dec. 31, 2013

Feb. 28, 2011

6-May-14

RSO [Member]

CVC Credit Partners, L.P. [Member]

CVC Credit Partners, L.P. [Member]

CVC Credit Partners, L.P. [Member]

CVC Credit Partners, L.P. [Member]

CVC Credit Partners, L.P. [Member]

CVC Credit Partners, L.P. [Member]

CVC Credit Partners, L.P. [Member]

Collateralized Loan Obligations [Member]

Collateralized Loan Obligations [Member]

Collateralized Loan Obligations [Member]

Bridge Loan [Member]

USD ($)

EUR (€)

Resource America, Inc. [Member]

Resource America, Inc. [Member]

RSO [Member]

RSO [Member]

USD ($)

USD ($)

USD ($)

CVC Credit Partners, L.P. [Member]

holding

Limited Partner [Member]

General Partner [Member]

USD ($)

EUR (€)

Related Party Transaction [Line Items]

Percentage interest in limited partnership formed

33.00%

Company's general partnership interest in newly formed limited partnership (in hundredths)

33.00%

Minimum ownership interest for the Company to consent to most transactions (in hundredths)

25.00%

Reduction in equity due to disposal of equity method investment

$28,500,000

Number of CLOs holding

5

ColataCLOs in bank loans

1,700,000,000

Percent of base and additional collateral management fees permitted to be paid

10.00%

Percent of incentive collateral management fees permited to be paid

50.00%

Bank loans

800,000,000

800,000,000

1,700,000,000

Notes receivable, related party

€ 500,000

€ 1,500,000

Interest rate

7.00%

CERTAIN_RELATIONSHIPS_AND_RELA6

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship, Sub-servicing Agreements with LEAF and Transactions between LEAF Financial and its Investment Entities) (Details)	12 Months Ended
	Dec. 31, 2014
LEAF Financial, Inc. [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Sub-servicing agreement fees as percent of net present value of loans and leases	1.00%
LEAF [Member]
Related Party Transaction [Line Items]
Evaluation fee equal to number of halves of acquisition or similar fee collected	50.00%

CERTAIN_RELATIONSHIPS_AND_RELA7

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationships with RRE Opportunity REIT, Atlas Energy, L.P. and 1845 Walnut Associates Ltd.) (Details) (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Oct. 31, 2012
					sqft
Related Party Transaction [Line Items]
Loans and receivables from managed entities and related parties, net	$30,303,000	$30,923,000		$30,923,000
Issuance of common shares	41,000	104,000	3,844,000
Due to related parties	3,015,000	3,110,000		3,110,000
RRE Opportunity REIT [Member]
Related Party Transaction [Line Items]
Loans and receivables from managed entities and related parties, net	325,000
Issuance of common shares				635,000,000
Atlas Energy, L.P. [Member]
Related Party Transaction [Line Items]
Due to related parties	27,000
1845 Walnut Associates Ltd. [Member]
Related Party Transaction [Line Items]
Equity interest, ownership percentage	7.00%
Lease term	10 years
Area of real estate property					34,476
Payments for tenant improvements					$1,500,000
Potential extended additional term					5 years

CERTAIN_RELATIONSHIPS_AND_RELA8

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationships with Retirement Trusts (Details) (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2010
The Bancorp, Inc. [Member]
Related Party Transaction [Line Items]
Number of shares sold that were held in trust (in shares)	6,992
Chief Executive Officer [Member] | SERP [Member]
Related Party Transaction [Line Items]
Equity investment, stock, shares owned, number of shares		100,000
Equity investment, stock, shares owned, value		$1.70
Chief Executive Officer [Member] | Retirement Trusts [Member] | SERP [Member]
Related Party Transaction [Line Items]
Number of trust to fund SERP		2
Equity investment, stock, shares owned, value		1.7
Net liability recognized		$6.40
Chief Executive Officer [Member] | The Bancorp, Inc. [Member] | SERP [Member]
Related Party Transaction [Line Items]
Number of shares held (in shares)			103,494

CERTAIN_RELATIONSHIPS_AND_RELA9

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with 9 Henmar LLC ("9 Hnamer") (Details) (9 Henmar LLC [Member])	12 Months Ended
	Dec. 31, 2014
	Entity
Related Party Transaction [Line Items]
Percent of fees collected as payment to entity	10.00%
Trapeza entities [Member]
Related Party Transaction [Line Items]
Number of entities owned by entity and co-managing partner	4

Recovered_Sheet1

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with TBBK) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2012	Dec. 31, 2013
Related Party Transaction [Line Items]
Proceeds from sale of loans and investments	$796,000
The Bancorp, Inc. [Member]
Related Party Transaction [Line Items]
Number of shares sold that were held in trust (in shares)		6,992
Proceeds from sale of loans and investments		55,000
Realized gains		5,000
Cash	29,000
The Bancorp, Inc. [Member] | LEAF Financial, Inc. [Member]
Related Party Transaction [Line Items]
Bank fees paid	$0		$0

Recovered_Sheet2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with Certain Directors, Officers, Employees and Other Related Parties) (Details) (USD $)	12 Months Ended	9 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Feb. 28, 2014
	Partnership
Certain Directors, Officers, Employees and other Related Parties [Member]
Related Party Transaction [Line Items]
Number of partnerships in which the company serves as general partner	7
Carried interest received upon meeting specific investor return rates	20.00%
Carried interest earned by any individuals	0.00%
Certain Directors, Officers, Employees and other Related Parties [Member] | Four Partnerships [Member]
Related Party Transaction [Line Items]
Number of partnerships in which the company serves as general partner	4
Percent participation authorized from carried interest	48.50%
Number of individuals entitled to carried interest	9
Certain Directors, Officers, Employees and other Related Parties [Member] | Four Partnerships [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Percent participation authorized from carried interest	10.00%
Certain Directors, Officers, Employees and other Related Parties [Member] | Four Partnerships [Member] | Employees [Member]
Related Party Transaction [Line Items]
Percent participation authorized from carried interest	38.50%
Number of individuals entitled to carried interest	3
Certain Directors, Officers, Employees and other Related Parties [Member] | Three Partnerships [Member]
Related Party Transaction [Line Items]
Number of partnerships in which the company serves as general partner	3
Percent participation authorized from carried interest	50.00%
Number of individuals entitled to carried interest	6
Certain Directors, Officers, Employees and other Related Parties [Member] | Three Partnerships [Member] | Employees [Member]
Related Party Transaction [Line Items]
Percent participation authorized from carried interest	50.00%
Number of individuals entitled to carried interest	4
Employees [Member]
Related Party Transaction [Line Items]
Due from Employees			$300,000
Related Party Loan Receivable, Basis Spread on Variable Rate		3.00%

Recovered_Sheet3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Relationship with Brandywine Construction & Management, Inc. (bBCMIb)) (Details) (USD $)	1 Months Ended
	Jan. 31, 2013	Nov. 30, 2012	Mar. 31, 2008	Dec. 31, 2014
				Real_Estate_Investment_Trust
Related Party Transaction [Line Items]
Gain on sale of investments	$1,600,000
Brandywine Construction & Management, Inc. (BCMI) [Member]
Related Party Transaction [Line Items]
Number of entities managed by related parties				1
Interest owned in indirect subsidiaries, percent sold			19.99%
Amount received from selling a portion of interest in real estate investment			1,000,000
Interest owned in indirect subsidiaries, selling fees			130,000
Gain on sale of investments			612,000
Amount received per 1% of interest purchased			50,000
Interest owned in indirect subsidiaries, future sales increments			1.00%
Payment for printing services		$95,000

Recovered_Sheet4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Relationship with RRE Opportunity REIT II (Details) (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Feb. 06, 2014	Jun. 14, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Loans and receivables from managed entities and related parties, net	30,303,000			$30,923,000
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	300.00%
IPO [Member] | Resource Real Estate Opportunity REIT II, Inc. [Member]
Debt Instrument [Line Items]
Loans and receivables from managed entities and related parties, net		3,400,000
Initial public offering, amount of offering		1,000,000,000
Initial public offering, maximum price per share (in dollars per share)		$10
Resource Real Estate Opportunity REIT II, Inc. [Member]
Debt Instrument [Line Items]
Loans and Leases Receivable, Related Parties, Additions			$1,300,000

FAIR_VALUE_Narrative_Details

FAIR VALUE (Narrative) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Apr. 30, 2012
	Security
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities held	6
Loss severity rate	30.00%
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
31-Dec-14		$995
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
31-Dec-14		$995	$589
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	5
Collateralized Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rates	13.00%
Constant default rate	9.00%
Loss severity rate	25.00%
Collateralized Debt Obligations [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	0.00%
Collateralized Debt Obligations [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	2.00%
Cash Flow Method Approach Valuation Technique [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of securities held	1
Constant default rate	3.00%
Fair Value Inputs, Prepayment Rate	30.00%
Loss severity rate	30.00%
Cash Flow Method Approach Valuation Technique [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
Fair Value Inputs, Prepayment Rate	20.00%
Loss severity rate	30.00%
Cash Flow Method 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
Number of assets held	5
Cash Flow Method Approach Valuation Technique [Member] | Illiquid Investment [Member] | External Credit Rating, Non Investment Grade [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of assets held	4
Cash Flow Method Approach Valuation Technique [Member] | Illiquid Investment [Member] | External Credit Rating, Investment Grade [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of assets held	1
Income Approach Valuation Technique [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

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 $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Sales		($6,286)
Impairment recognized in earnings		214
Unrealized holding losses on trading securities		6,294
Investment Securities [Member] | Recurring Basis [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year	7,407	10,367
Purchases	15,063
Purchases, sales, issuances and settlements, net		11,630
Income accreted	995	-14,058
Payments and distributions received	-3,753	-1,055
Sales	-13,177
Gain on sales of investment securities	370
Included in earnings	1,850	899
Unrealized holding losses on trading securities	-200
Included in OCI	-66	-170
Balance, end of year	$8,489	$7,407

FAIR_VALUE_Assets_and_Liabilit

FAIR VALUE (Assets and Liabilities Recorded at Fair Value on Non-recurring and Recurring Basis) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2014	Apr. 30, 2012
In Thousands, unless otherwise specified
Fair Value, Measurements, Nonrecurring [Member]
Liability:
31-Dec-14	$995
31-Dec-13	995
Recurring Basis [Member]
Assets:
31-Dec-14	7,839	9,540
31-Dec-13	7,839	9,540
Liability:
31-Dec-14	745
31-Dec-13	745
Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Liability:
31-Dec-14	0
31-Dec-13	0
Level 1 [Member] | Recurring Basis [Member]
Assets:
31-Dec-14	432	310
31-Dec-13	432	310
Liability:
31-Dec-14	0
31-Dec-13	0
Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Liability:
31-Dec-14	0
31-Dec-13	0
Level 2 [Member] | Recurring Basis [Member]
Assets:
31-Dec-14	0	741
31-Dec-13	0	741
Liability:
31-Dec-14	0
31-Dec-13	0
Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member]
Liability:
31-Dec-14	995		589
31-Dec-13	995		589
Level 3 [Member] | Recurring Basis [Member]
Assets:
31-Dec-14	7,407	8,489
31-Dec-13	7,407	8,489
Liability:
31-Dec-14	745
31-Dec-13	$745

FAIR_VALUE_Quantitative_Inputs

FAIR VALUE (Quantitative Inputs and Assumptions Used in Determining the Fair Value of Items Categorized in Level 3) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$9,065	$7,522
Trading securities	475	317
Loss severity rate	30.00%
CLO securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$8,014	$7,090
Constant default rate	9.00%
Loss severity rate	25.00%
Constant prepayment rate - year one	30.00%
Constant prepayment rate - thereafter	25.00%
Discount rates	13.00%
Minimum [Member] | CLO securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	0.00%
Reinvestment price on collateral	99.88%
Minimum [Member] | Trading securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	2.00%
Fair Value Inputs, Prepayment Rate	20.00%
Maximum [Member] | CLO securities [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] | Trading securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Constant default rate	9.00%
Fair Value Inputs, Prepayment Rate	30.00%

FAIR_VALUE_Fair_Value_of_Finan

FAIR VALUE (Fair Value of Financial Instruments) (Details) (Recurring Basis [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate debt	$10,088	$10,287
Senior Notes	10,000	10,000
Other debt	324	332
Total liabilities at fair value	20,412	20,619
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate debt	11,197	10,702
Senior Notes	12,820	12,619
Other debt	324	332
Total liabilities at fair value	$24,341	$23,653

COMMITMENTS_AND_CONTINGENCIES_1

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loss Contingencies [Line Items]
Rent expense, net of subleases	$1,900,000	$1,400,000	$1,500,000
Management Fee Expense	905,000
RRE Opportunity REIT [Member]
Loss Contingencies [Line Items]
Cumulative funded equity in fund	200,000
Investment commitment (in hundredths)	1.00%
Equity raised in fund	100,000,000
Original maximum investment commitment	1,000,000
Resource Securities [Member]
Loss Contingencies [Line Items]
Minimum net capital required	100,000	221,000
Net capital	1,400,000	2,700,000
Minimum requirement of net capital exceeded by	$1,300,000	$2,500,000
New York Lease Property [Member]
Loss Contingencies [Line Items]
Potential extended additional term	5 years
Philadelphia Lease Property [Member]
Loss Contingencies [Line Items]
Potential extended additional term	5 years
Number of operating leases	1
Number of options to extend lease term	1
Maximum [Member]
Loss Contingencies [Line Items]
Clawback Liability, Percentage	75.00%

COMMITMENTS_AND_CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) (USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$2,208
2016	2,220
2017	2,075
2018	2,045
2019	1,738
Thereafter	3,410
Total	13,696
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	203
2016	74
2017	48
2018	6
2019	0
Thereafter	0
Total	331
Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	2,411
2016	2,294
2017	2,123
2018	2,051
2019	1,738
Thereafter	3,410
Total	14,027
Capital leases, future minimum payments, interest included in payments, due in next twelve months	6,004
Capital leases, future minimum payments, interest included in payments, due in two years	1,215
Capital leases, future minimum payments, Interest included in payments, due in three years	382
Capital Leases, future minimum payments, interest included in payments, due in four years	$16

OPERATING_SEGMENTS_Narrative_D

OPERATING SEGMENTS (Narrative) (Details)	12 Months Ended
	Dec. 31, 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								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Revenues from external customers									$165,080	$140,335	$148,988
Equity in (losses) earnings of unconsolidated entities									4,199	5,389	4,083
Total revenues	42,825	41,502	42,335	42,617	23,147	42,058	38,015	42,504	169,279	145,724	153,071
Segment operating expenses									-105,608	-98,607	-89,675
Restructuring expenses											-365
General and administrative expenses									-11,118	-10,268	-9,792
Impairment loss recognized in earnings											-2,280
Reversal of (provision for) credit losses									-3,058	-4,265	-20,148
Depreciation and amortization									-1,819	-1,936	-2,084
Gain on sale of investment securities, net									445
Gain on sale and deconsolidation of subsidiary											54,542
Other-than-temporary impairment on investments										-214	-74
Interest expense									-1,905	-2,036	-2,289
Other income (expense), net									25,799	24,247	34,002
Pretax income attributable to noncontrolling interests									-61,406	-45,601	-63,395
Income (loss) from continuing operations excluding noncontrolling interests before taxes									10,609	7,044	51,513
Total assets	2,900,842				2,318,451				2,900,842	2,318,451	2,443,193
RAI [Member]
Segment Reporting Information [Line Items]
Equity in (losses) earnings of unconsolidated entities									4,199	5,389	4,083
Total revenues									83,097
General and administrative expenses									-11,118
Impairment loss recognized in earnings									0	0	-2,280
Reversal of (provision for) credit losses									-3,058	-4,265	-20,148
Depreciation and amortization									-1,819
Gain on sale and deconsolidation of subsidiary									0	0	54,542
Other-than-temporary impairment on investments									0	-214	-74
Interest expense									-1,905
Other income (expense), net									243
RSO [Member]
Segment Reporting Information [Line Items]
Total revenues									99,446
Other income (expense), net									25,505
Total assets	2,728,472				2,150,461				2,728,472	2,150,461
Operating Segments [Member] | Real Estate [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									55,639	56,126	43,235
Equity in (losses) earnings of unconsolidated entities									-778	1,017	1,848
Total revenues									54,861	57,143	45,083
Segment operating expenses									-37,411	-40,612	-30,475
General and administrative expenses									-3,350	-4,054	-361
Impairment loss recognized in earnings											-2,280
Reversal of (provision for) credit losses									2	2,536	-428
Depreciation and amortization									-1,239	-1,275	-1,288
Interest expense									-767	-829	-853
Other income (expense), net									796	801	568
Pretax income attributable to noncontrolling interests									-89	-20	-835
Income (loss) from continuing operations excluding noncontrolling interests before taxes									12,803	13,690	9,131
Total assets	188,406				179,002				188,406	179,002	170,810
Operating Segments [Member] | Financial Fund Management [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									22,768	15,060	14,158
Equity in (losses) earnings of unconsolidated entities									5,632	4,713	3,895
Total revenues									28,400	19,773	18,053
Segment operating expenses									-14,824	-10,155	-12,299
General and administrative expenses									-1,642	-1,153	-2,392
Reversal of (provision for) credit losses										-200	-457
Depreciation and amortization									-63	-64	-111
Gain on sale of investment securities, net									445
Gain on sale and deconsolidation of subsidiary											54,542
Other-than-temporary impairment on investments										-214	-74
Interest expense										-9
Other income (expense), net									2,227	2,323	2,681
Income (loss) from continuing operations excluding noncontrolling interests before taxes									14,543	10,301	59,943
Total assets	47,467				57,115				47,467	57,115	54,488
Operating Segments [Member] | Commercial Finance [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									8		1
Equity in (losses) earnings of unconsolidated entities									-172	-341	-1,660
Total revenues									-164	-341	-1,659
Segment operating expenses									-979	-56	-402
General and administrative expenses
Reversal of (provision for) credit losses									-3,060	-6,601	-19,263
Interest expense									-11		-58
Other income (expense), net									19	13
Income (loss) from continuing operations excluding noncontrolling interests before taxes									-4,195	-6,985	-21,382
Total assets	4,483				9,255				4,483	9,255	11,876
Operating Segments [Member] | All Other [Member]
Segment Reporting Information [Line Items]
Restructuring expenses											-365
General and administrative expenses									-6,126	-5,061	-7,039
Depreciation and amortization									-517	-597	-685
Interest expense									-1,127	-1,198	-1,378
Other income (expense), net									-510	-321	-429
Income (loss) from continuing operations excluding noncontrolling interests before taxes									-8,280	-7,177	-9,896
Total assets	-67,986				-77,382				-67,986	-77,382	-76,967
Reportable Legal Entities [Member]
Segment Reporting Information [Line Items]
Total assets	172,370				167,990				172,370	167,990	160,207
Reportable Legal Entities [Member] | RAI [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									78,415	71,186	57,394
Equity in (losses) earnings of unconsolidated entities									4,682	5,389	4,083
Total revenues	21,470	19,829	21,547	20,251	22,141	24,422	14,563	15,449	83,097	76,575	61,477
Segment operating expenses									-53,214	-50,823	-43,176
Restructuring expenses									0	0	-365
General and administrative expenses									-11,118	-10,268	-9,792
Impairment loss recognized in earnings									0	0	-2,280
Reversal of (provision for) credit losses									-3,058	-4,265	-20,148
Depreciation and amortization									-1,819	-1,936	-2,084
Gain on sale of investment securities, net									445
Gain on sale and deconsolidation of subsidiary									0	0	54,542
Other-than-temporary impairment on investments									0	-214	-74
Interest expense									-1,905	-2,036	-2,289
Other income (expense), net									2,532	2,816	2,820
Pretax income attributable to noncontrolling interests									-89	-20	-835
Income (loss) from continuing operations excluding noncontrolling interests before taxes									14,871	9,829	37,796
Total assets	205,940								205,940
Reportable Legal Entities [Member] | RSO [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									99,446	82,983	109,138
Total revenues	24,563	25,809	23,828	25,246	4,232	22,819	26,177	29,755	99,446	82,983	109,138
Segment operating expenses									-64,995	-60,999	-63,850
Other income (expense), net									25,505	23,428	33,757
Pretax income attributable to noncontrolling interests									-61,317	-45,581	-62,560
Income (loss) from continuing operations excluding noncontrolling interests before taxes									-1,361	-169	16,485
Total assets	2,729,139				2,150,461				2,729,139	2,150,461	2,282,986
Consolidation, Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues from external customers									-12,781	-13,834	-17,544
Equity in (losses) earnings of unconsolidated entities									-483
Total revenues	-3,208	-4,136	-3,040	-2,880	-3,226	-5,183	-2,725	-2,700	-13,264	-13,834	-17,544
Segment operating expenses									12,601	13,215	17,351
Other income (expense), net									-2,238	-1,997	-2,575
Income (loss) from continuing operations excluding noncontrolling interests before taxes									-2,901	-2,616	-2,768
Total assets	-34,237								-34,237
Consolidation, Eliminations [Member] | RAI [Member]
Segment Reporting Information [Line Items]
Other income (expense), net									-2,289
Consolidation, Eliminations [Member] | RSO [Member]
Segment Reporting Information [Line Items]
Total assets	($667)								($667)

QUARTERLY_FINANCIAL_DATA_Detai

QUARTERLY FINANCIAL DATA (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues	$42,825	$41,502	$42,335	$42,617	$23,147	$42,058	$38,015	$42,504	$169,279	$145,724	$153,071
Operating Income (Loss)	6,147	13,800	11,759	15,970	-9,895	11,839	14,654	14,050	47,676	30,648	28,727
Net income	14,347	15,719	20,207	18,101	2,559	27,190	9,511	12,767	68,374	52,027	87,145
Net income attributable to common shareholders	1,744	1,516	2,718	990	1,375	3,442	1,113	496	6,968	6,426	24,028
Basic earnings per common share:
Basic earnings per common share (in dollars per share)	$0.07	$0.07	$0.13	$0.05	$0.07	$0.17	$0.05	$0.02	$0.33	$0.32	$1.21
Diluted earnings per common share:
Diluted earnings per common share (in dollars per share)	$0.07	$0.07	$0.12	$0.04	$0.06	$0.16	$0.05	$0.02	$0.31	$0.29	$1.14
RAI [Member]
Revenues									83,097
Net (income) loss attributable to noncontrolling interests	-56	11	-84	40	3	-40	-26	43	89	20	557
RSO [Member]
Revenues									99,446
Operating Income (Loss)									36,663
Net (income) loss attributable to noncontrolling interests	-12,547	-14,214	-17,405	-17,151	-1,187	-23,708	-8,372	-12,314	61,317	45,581	62,560
Reportable Legal Entities [Member] | RAI [Member]
Revenues	21,470	19,829	21,547	20,251	22,141	24,422	14,563	15,449	83,097	76,575	61,477
Operating Income (Loss)									13,888
Net income									9,107
Net (income) loss attributable to noncontrolling interests									89
Net income attributable to common shareholders									9,018
Reportable Legal Entities [Member] | RSO [Member]
Revenues	24,563	25,809	23,828	25,246	4,232	22,819	26,177	29,755	99,446	82,983	109,138
Net income									62,168
Net (income) loss attributable to noncontrolling interests									18,141
Net income attributable to common shareholders									44,027
Consolidation, Eliminations [Member]
Revenues	-3,208	-4,136	-3,040	-2,880	-3,226	-5,183	-2,725	-2,700	-13,264	-13,834	-17,544
Operating Income (Loss)									-2,875
Net income									-2,901
Net income attributable to common shareholders									-46,077
Consolidation, Eliminations [Member] | RSO [Member]
Net (income) loss attributable to noncontrolling interests									$43,176

VARIABLE_INTEREST_ENTITIES_RSO

VARIABLE INTEREST ENTITIES - RSO Balance Sheets Detail (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$27,542,000	$19,853,000	$11,899,000	$12,803,000
Trading securities	475,000	317,000
Total investment securities, at fair value	9,540,000	7,839,000
Direct financing leases	2,109,000
Total assets	2,900,842,000	2,318,451,000	2,443,193,000
LIABILITIES
Borrowings	20,412,000	20,619,000
Total liabilities	1,820,399,000	1,421,125,000
Stockholders' equity per RSO balance sheet:
Stockholders equity	163,594,000	153,724,000
RSO [Member]
ASSETS
Cash and cash equivalents	79,905,000	262,270,000	85,278,000		43,116,000
Restricted cash	122,138,000	63,309,000
Subtotal - Cash and cash equivalents	202,043,000	325,579,000
Trading securities	20,786,000	11,558,000
Investment securities available-for-sale, pledged as collateral, at fair value	197,800,000	162,608,000
Investment securities available-for-sale, at fair value	77,920,000	52,598,000
Total investment securities, at fair value	296,506,000	226,764,000
Loans, pledged as collateral and net of allowances of $4.6 million and $13.8 million	1,925,980,000	1,369,526,000
Loans receivablebrelated party	1,277,000	6,966,000
Loans held for sale, at fair value	111,736,000	21,916,000
Loans	2,038,435,000	1,397,458,000
Property available-for-sale	180,000	25,346,000
Investment in real estate	0	29,778,000
Investments in unconsolidated entities	59,827,000	69,069,000
Investments in real estate and unconsolidated entities	60,007,000	124,193,000
Linked transactions, net at fair value	15,367,000	30,066,000
Derivatives, at fair value	5,304,000	0
Interest receivable	16,260,000	8,965,000
Deferred tax assets, net	13,094,000	5,212,000
Principal paydown receivable	40,920,000	6,821,000
Intangible assets	9,736,000	11,822,000
Direct financing leases		0
Prepaid expenses	4,196,000	2,871,000
Other assets	131,481,000	76,467,000
Total assets	2,728,472,000	2,150,461,000
LIABILITIES
Borrowings	1,717,132,000	1,320,015,000
Distribution payable	30,592,000	27,023,000
Accrued interest expense	2,123,000	1,693,000
Derivatives, at fair value	8,476,000	10,586,000
Accrued tax liability	9,219,000	1,629,000
Deferred tax liability	460,000	4,112,000
Accounts payable and other liabilities	9,287,000	12,650,000
Other liabilities	57,561,000	55,247,000
Total liabilities	1,774,693,000	1,375,262,000
Assets of consolidated Variable Interest Entities (VIEs) included in the total assets above:
Cash and cash equivalents	25,000	0
Restricted cash	121,247,000	61,372,000
Investment securities available-for-sale, pledged as collateral, at fair value	119,203,000	105,846,000
Loans held for sale	282,000	2,376,000
Loans, pledged as collateral and net of allowances of $3.3 million and $8.8 million	1,261,137,000	1,219,569,000
Interest receivable	8,941,000	5,627,000
Prepaid expenses	221,000	247,000
Principal receivable	25,767,000	6,821,000
Other assets	-12,000	0
Total assets of consolidated VIE - RSO	1,536,811,000	1,401,858,000
Liabilities of consolidated VIEs included in the total liabilities above:
Borrowings	1,046,494,000	1,070,339,000
Accrued interest expense	1,000,000	918,000
Derivatives, at fair value	8,439,000	10,191,000
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	-529,000	0
Accounts payable and other liabilities	-386,000	1,604,000
Total liabilities of consolidated VIE - RSO	1,055,018,000	1,083,052,000
Stockholders' equity per RSO balance sheet:
Noncontrolling interests	916,543,000	743,364,000
Reportable Legal Entities [Member]
ASSETS
Total assets	172,370,000	167,990,000	160,207,000
Stockholders' equity per RSO balance sheet:
Stockholders equity	159,261,000
Reportable Legal Entities [Member] | RSO [Member]
ASSETS
Loans	2,038,993,000	1,398,408,000
Investments in real estate and unconsolidated entities	60,007,000	124,193,000
Other assets	24,604,000	10,726,000
Other assets	131,590,000	76,483,000
Total assets	2,729,139,000	2,151,427,000
LIABILITIES
Borrowings	1,716,871,000	1,319,810,000
Other liabilities	60,157,000	57,693,000
Total liabilities	1,777,028,000	1,377,503,000
Stockholders' equity per RSO balance sheet:
Stockholders equity	952,111,000	773,924,000
Consolidation, Eliminations [Member]
ASSETS
Total assets	-34,237,000
LIABILITIES
Total liabilities	-3,002,000
Stockholders' equity per RSO balance sheet:
Stockholders equity	4,333,000
Consolidation, Eliminations [Member] | RSO [Member]
ASSETS
Loans	-558,000	-950,000
Investments in real estate and unconsolidated entities	0	0
Other assets	-109,000	-16,000
LIABILITIES
Borrowings	261,000	205,000
Other liabilities	-2,596,000	-2,446,000
Stockholders' equity per RSO balance sheet:
Stockholders equity	($35,568,000)	($30,560,000)

VARIABLE_INTEREST_ENTITIES_RSO1

VARIABLE INTEREST ENTITIES - RSO Balance Sheets Detail (Label Values) (Details) (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
RSO [Member]
ASSETS
Loans, pledged as collateral, allowances	$4,600,000	$13,800,000
Variable interest entity, loans, pledged as collateral, allowance	$8,800,000	$15,200,000

VARIABLE_INTEREST_ENTITIES_RSO2

VARIABLE INTEREST ENTITIES - RSO Income Statement Detail (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Interest expense									$1,905	$2,036	$2,289
Revenues from consolidated VIE - RSO	42,825	41,502	42,335	42,617	23,147	42,058	38,015	42,504	169,279	145,724	153,071
COSTS AND EXPENSES:
General and administrative									11,118	10,268	9,792
Depreciation and amortization									1,819	1,936	2,084
Income tax provision - RSO									3,641
Expenses of consolidated VIE - RSO									121,603	115,076	124,344
OTHER INCOME (EXPENSE)
Equity in (losses) earnings of unconsolidated entities									4,199	5,389	4,083
Other (expense) income									24,339	21,997	86,181
Other income, net, from consolidated VIE - RSO									24,339
Income from continuing operations before taxes									72,015	52,645	114,908
Income tax provision - RSO									3,641
Net income attributable to common shareholders	1,744	1,516	2,718	990	1,375	3,442	1,113	496	6,968	6,426	24,028
Net income allocable to non-controlling interest, net of tax									-85,974	-58,636	-82,366
RSO [Member]
Interest income:
Loans									102,857	99,455	109,030
Securities									17,265	14,309	14,296
Interest income b other									6,785	4,212	10,004
Total interest income									126,907	117,976	133,330
Interest expense									45,473	61,010	42,792
Net interest income									81,434	56,966	90,538
Rental income									8,441	19,923	11,463
Dividend income									186	273	69
Fee income									9,385	5,821	7,068
Revenues from consolidated VIE - RSO									99,446	82,983	109,138
COSTS AND EXPENSES:
Management fees b related party									13,584	14,220	18,512
Equity compensation b related party									6,566	10,472	4,636
Rental operating expense									5,443	14,062	8,046
General and administrative									15,263	12,304	9,773
Depreciation and amortization									2,737	3,855	5,885
Income tax provision - RSO									-2,212	-1,041	14,602
Net impairment losses recognized in earnings									0	863	180
Provision for loan losses									1,804	3,020	16,818
Total operating expenses									62,783	59,958	78,452
Expenses of consolidated VIE - RSO									64,995	60,999	63,850
Adjusted operating income									34,451	21,984	45,288
OTHER INCOME (EXPENSE)
Equity in (losses) earnings of unconsolidated entities									4,767	949	-2,709
Net realized gain on sales of investment securities available-for-sale and loans									15,283	9,637	4,106
Net realized and unrealized (loss) gain on investment securities, trading									-2,818	-324	12,435
Unrealized gain (loss) and net interest income on linked transactions, net									7,850	-3,841	728
(Loss) on reissuance/gain on extinguishment of debt									-4,442	0	16,699
Gains on the sale of real estate									6,127	16,616	0
Other (expense) income									-1,262	391	2,498
Other income, net, from consolidated VIE - RSO									25,505	23,428	33,757
Income from continuing operations before taxes									59,956	45,412	79,045
Income tax provision - RSO									-2,212	-1,041	14,602
Net income attributable to common shareholders									62,168	46,453	64,443
Net income allocated to preferred shares									-17,176	-7,221	-1,244
Net income allocable to non-controlling interest, net of tax									-965	0	0
NET INCOME ALLOCABLE TO RSO COMMON SHAREHOLDERS									44,027	39,232	63,199
Primary Capital Advisors LLC [Member]
COSTS AND EXPENSES:
General and administrative									$19,598	$2,203	$0

VARIABLE_INTEREST_ENTITIES_RSO3

VARIABLE INTEREST ENTITIES - RSO Cash Flow Detail (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$1,744,000	$1,516,000	$2,718,000	$990,000	$1,375,000	$3,442,000	$1,113,000	$496,000	$6,968,000	$6,426,000	$24,028,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Non-cash incentive compensation to the Manager									0	484,000	1,468,000
Settlement of derivative instruments - investing									-4,142,000	0	0
Net impairment losses recognized in earnings										214,000	74,000
Equity in net (earnings) losses of unconsolidated subsidiaries									-4,199,000	-5,389,000	-4,083,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Subtotal - principal payments and proceeds from sales received by consolidated VIE - RSO, before eliminations									858,751,000
(Decrease) increase in restricted cash of consolidated VIE - RSO									-23,568,000
Capital expenditures									-430,000
Other investing activity of consolidated VIE - RSO									-24,082,000
Proceeds from borrowings:
Reissuance of debt										0	0
Payments on borrowings:
Subtotal - net (repayments) borrowings of debt by consolidated VIE - RSO									207,604,000
Dividends paid									-4,272,000
Net proceeds from issuances of common stock (net of offering costs of $0, $3,837 and $2,165)									15,584,000
Repurchase of common stock									-10,591,000
Increase (decrease) in cash									7,689,000	7,954,000	-904,000
Cash, beginning of year				19,853,000				11,899,000	19,853,000	11,899,000	12,803,000
Cash, end of year	27,542,000				19,853,000				27,542,000	19,853,000	11,899,000
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash									1,654,000	1,690,000	1,980,000
Income taxes paid in cash									1,268,000	1,651,000	1,367,000
RSO [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income									62,168,000	46,453,000	64,443,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses									1,804,000	3,020,000	16,818,000
Depreciation of investments in real estate and other									690,000	1,946,000	1,838,000
Amortization of intangible assets									2,059,000	1,970,000	4,047,000
Amortization of term facilities									2,508,000	1,395,000	957,000
Accretion of net discounts on loans held for investment									-2,223,000	-9,521,000	-17,817,000
Accretion of net discounts on securities available-for-sale									-3,941,000	-2,712,000	-3,177,000
Amortization of discount on notes of securitizations									1,228,000	14,524,000	2,470,000
Amortization of debt issuance costs on notes of securitizations									3,601,000	7,426,000	4,700,000
Amortization of stock-based compensation									6,566,000	10,472,000	4,636,000
Amortization of terminated derivative instruments									282,000	339,000	227,000
Accretion of interest-only available-for-sales securities									-790,000	-1,005,000	-719,000
Non-cash incentive compensation to the Manager									0	0	0
Deferred income tax (benefit) expense									-11,536,000	-6,710,000	2,329,000
Purchase of mortgage loans held for sale, net									-96,536,000	-146,000	0
Purchase of securities, trading									-20,190,000	-11,044,000	-8,348,000
Principal payments on securities, trading									1,928,000	4,309,000	1,027,000
Proceeds from sales of securities, trading									1,747,000	19,696,000	33,579,000
Net realized and unrealized loss (gain) on investment securities, trading									2,818,000	324,000	-12,435,000
Net realized gains on sales of investment securities available-for-sale and loans									-15,283,000	-10,986,000	-4,106,000
Loss (gain) on the reissuance / (extinguishment) of debt									4,442,000	0	-16,699,000
Gain on sale of real estate									-6,127,000	-16,616,000	0
Net impairment losses recognized in earnings									0	855,000	180,000
Linked Transactions fair value adjustments									-5,615,000	6,018,000	-168,000
Equity in net (earnings) losses of unconsolidated subsidiaries									-4,767,000	-949,000	2,709,000
Adjust for impact of imputed interest on VIE accounting									0	0	1,879,000
Changes in operating assets and liabilities
Decrease (increase) in restricted cash									5,204,000	8,445,000	-2,062,000
(Increase) decrease in interest receivable, net of purchased interest									-7,295,000	-1,108,000	987,000
Decrease (increase) in principal paydowns receivable
Increase (decrease) in management fee payable									171,000	-6,357,000	3,929,000
Increase (decrease) in security deposits									4,696,000	-337,000	25,000
(Decrease) increase in accounts payable and accrued liabilities									-3,363,000	-16,327,000	6,329,000
Increase (decrease) in accrued interest expense									430,000	-1,445,000	-193,000
Increase (decrease) in other assets									9,873,000	7,259,000	-22,505,000
Subtotal - consolidated VIE - RSO operating activity									-131,761,000	3,219,000	1,905,000
Change in consolidated VIE - RSO cash for the period									182,365,000	-176,992,000	-42,162,000
Adjustments to reconcile net income of VIE - RSO to net cash provided by (used in) operating activities									50,485,000	-174,485,000	-39,325,000
Net cash (used in) provided by operating activities (excluding eliminations)									-69,593,000	49,672,000	66,348,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans									-1,019,721,000	-725,657,000	-649,983,000
Purchase of securities available-for-sale									-180,990,000	-136,282,000	-119,779,000
Purchase of loans and investments									-1,200,711,000	-861,939,000	-769,762,000
Principal payments received on loans									376,219,000	590,663,000	544,811,000
Proceeds from sale of loans									209,707,000	674,977,000	173,378,000
Principal payments on securities available-for-sale									56,053,000	52,812,000	47,284,000
Proceeds from sale of securities available-for-sale									147,171,000	11,893,000	28,652,000
Proceeds from sale of real estate held-for-sale									65,753,000	37,001,000	2,886,000
Principal payments received on loans b related parties									3,848,000	1,685,000	1,251,000
(Decrease) increase in restricted cash of consolidated VIE - RSO									-23,568,000	22,248,000	50,756,000
Acquisition of controlling interest in Moselle CLO S.A.									0	-7,613,000	0
Acquisition of Primary Capital Advisors, LC									0	-7,613,000	0
Return of investment in (investment in) unconsolidated entity									9,557,000	-28,034,000	474,000
Equity contribution to VIE									0	0	-710,000
Improvement of real estate held-for-sale									0	-404,000	-138,000
Distributions from investments in real estate									0	1,094,000	1,152,000
Improvements in investments in real estate									-221,000	-365,000	-3,878,000
Investment in loans - related parties									-1,572,000	-1,241,000	0
Purchase of furniture and fixtures									-69,000	-133,000	0
Capital expenditures									-865,000	-373,000	0
Other investing activity of consolidated VIE - RSO									-24,082,000	-37,662,000	-3,147,000
Net cash provided by (used in) investing activities (excluding eliminations)									-389,131,000	492,271,000	76,156,000
Proceeds from borrowings:
Repurchase agreements									277,875,000	15,226,000	71,121,000
CRE Securitization									235,344,000	260,840,000	0
6.0% Convertible senior notes									0	115,000,000	0
Senior secured revolving credit facility									113,500,000	0	0
Reissuance of debt									52,663,000
Payments on borrowings:
Collateralized debt obligations									-451,991,000	-797,573,000	-243,539,000
CRE Securitization									-34,000,000	0	0
Senior secured revolving credit facility									0	0	0
Mortgage payable									0	-13,600,000	0
Repurchase of issued bonds									0	0	0
Retirement of debt									0	0	-20,365,000
Proceeds received from non-controlling interests									14,213,000	5,531,000	114,000
Subtotal - net (repayments) borrowings of debt by consolidated VIE - RSO									207,604,000	-414,576,000	-192,669,000
Dividends paid									-101,936,000	-91,255,000	-71,876,000
Net proceeds from issuances of common stock (net of offering costs of $0, $3,837 and $2,165)									0	114,454,000	55,502,000
Net proceeds from dividend reinvestment and stock purchase plan (net of offering costs of $0, $0 and $19)									30,297,000	19,211,000	73,044,000
Proceeds from issuance of redeemable preferred shares, net of offering costs									116,268,000	0	0
Repurchase of common stock									-6,832,000	0	0
Subtotal - net proceeds from issuance of stock by consolidated VIE									196,198,000	189,991,000	171,056,000
Payment of debt issuance costs									-8,939,000	-9,786,000	-586,000
Settlement of derivative instruments									3,052,000	0	0
Payment of equity to third party sub-note holders									-2,323,000	-30,709,000	-3,480,000
Distributions paid on preferred stock									-15,008,000	-6,413,000	-613,000
Other consolidated VIE -RSO financing activity									-23,043,000	-46,703,000	-4,679,000
Net cash provided by (used in) financing activities (excluding eliminations)									276,359,000	-364,951,000	-100,342,000
Increase (decrease) in cash									-182,365,000	176,992,000	42,162,000
Cash, beginning of year				262,270,000				85,278,000	262,270,000	85,278,000		43,116,000
Cash, end of year	79,905,000				262,270,000				79,905,000	262,270,000	85,278,000	43,116,000
SUPPLEMENTAL DISCLOSURE:
Interest expense paid in cash									35,690,000	41,453,000	41,369,000
Income taxes paid in cash									3,305,000	10,710,000	22,758,000
RSO [Member] | Redeemable Preferred Stock Series A [Member]
Payments on borrowings:
Proceeds from issuance of redeemable preferred shares, net of offering costs									8,984,000	112,000	16,411,000
RSO [Member] | Redeemable Preferred Stock Series B [Member]
Payments on borrowings:
Proceeds from issuance of redeemable preferred shares, net of offering costs									47,481,000	56,214,000	26,099,000
Reportable Legal Entities [Member] | RSO [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Non-cash incentive compensation to the Manager									0	484,000	1,468,000
Changes in operating assets and liabilities
Adjustments to reconcile net income of VIE - RSO to net cash provided by (used in) operating activities									50,604,000	-173,773,000	-40,257,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans and investments									-1,200,711,000	-861,939,000	-769,762,000
Subtotal - principal payments and proceeds from sales received by consolidated VIE - RSO, before eliminations									858,751,000	1,369,031,000	798,262,000
Other investing activity of consolidated VIE - RSO									-23,603,000	-37,069,000	-3,100,000
Payments on borrowings:
Dividends paid									-104,225,000	-93,458,000	-74,050,000
Other consolidated VIE -RSO financing activity									-23,218,000	-46,908,000	-4,679,000
Consolidation, Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income									-46,077,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in net (earnings) losses of unconsolidated subsidiaries									483,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Other investing activity of consolidated VIE - RSO									-479,000
Payments on borrowings:
Other consolidated VIE -RSO financing activity									175,000
Consolidation, Eliminations [Member] | RSO [Member]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Non-cash incentive compensation to the Manager									0	-484,000	-1,468,000
Changes in operating assets and liabilities
Adjustments to reconcile net income of VIE - RSO to net cash provided by (used in) operating activities									-119,000	-712,000	932,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of loans and investments									0	0	0
Other investing activity of consolidated VIE - RSO									-479,000	-593,000	-47,000
Payments on borrowings:
Dividends paid									2,289,000	2,203,000	2,174,000
Other consolidated VIE -RSO financing activity									175,000	205,000	0
Moselle CLO [Member] | RSO [Member]
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of controlling interest in Moselle CLO S.A.									-30,433,000	0	0
Acquisition of Primary Capital Advisors, LC									($30,433,000)	$0	$0

VARIABLE_INTEREST_ENTITIES_RSO4

VARIABLE INTEREST ENTITIES - RSO Cash Flow Detail (Label Values) (Details) (RSO [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from dividend reinvestment and stock purchase plan, offering costs	$0	$0	$19
Common Stock [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Offering costs on stock issuance	0	3,837	2,165
Redeemable Preferred Stock Series A [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Offering costs on stock issuance	260	3	781
Preferred stock, coupon authorized (in hundredths)	8.50%
Redeemable Preferred Stock Series B [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Offering costs on stock issuance	858	1,670	1,201
Preferred stock, coupon authorized (in hundredths)	8.25%
Redeemable Preferred Stock Series C [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Offering costs on stock issuance	$300	$0	$0
Preferred stock, coupon authorized (in hundredths)	8.63%

VARIABLE_INTEREST_ENTITIES_SUM

VARIABLE INTEREST ENTITIES - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) RSO (USD $)	12 Months Ended		0 Months Ended					12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Sep. 10, 2013	Feb. 24, 2014	Mar. 27, 2014	Jul. 03, 2014	Nov. 06, 2014	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
	state
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$27,542,000	$19,853,000						$11,899,000	$12,803,000
RSO [Member]
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	79,905,000	262,270,000						85,278,000		43,116,000
Number of States Where Company Originates Loans	35
Impairment charges	0	0
RSO [Member] | Building [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	25 years
RSO [Member] | Building [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years
RSO [Member] | Site Improvements [Member]
Property, Plant and Equipment [Line Items]
Useful life	Lesser of the remaining life of building or useful lives
RSO [Member] | Prime Brokerage Account [Member]
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	31,800,000	22,500,000
RSO [Member] | Money Market Account [Member]
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	32,600,000	156,600,000
RSO [Member] | Checking Accounts [Member]
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	15,400,000	81,100,000
RSO [Member] | Real Estate Investment [Member]
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	100,000	2,100,000
Variable Interest Entity, Not Primary Beneficiary [Member] | Harvest CLO VII Limited [Member] | RSO [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage in VIE			9.50%
Variable Interest Entity, Not Primary Beneficiary [Member] | Moselle CLO S.A. [Member] | RSO [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage in VIE			88.60%	88.60%
Variable Interest Entity, Not Primary Beneficiary [Member] | Harvest CLO VIII Limited [Member] | RSO [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage in VIE			12.60%		12.60%
Variable Interest Entity, Not Primary Beneficiary [Member] | Harvest X Investor [Member] | RSO [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage in VIE			55.00%			55.00%
Variable Interest Entity, Not Primary Beneficiary [Member] | Harvest CLO X [Member] | RSO [Member]
Property, Plant and Equipment [Line Items]
Ownership percentage in VIE			32.10%				32.10%
Increase (Decrease) in Net Cash Flows from Operating Activities [Member]
Property, Plant and Equipment [Line Items]
Prior Period Reclassification Adjustment		-18,700,000						25,500,000
Increase (Decrease) in Net Cash Flows from Investing Activities [Member]
Property, Plant and Equipment [Line Items]
Prior Period Reclassification Adjustment		$18,700,000						($25,500,000)

VARIABLE_INTEREST_ENTITIES_Sch

VARIABLE INTEREST ENTITIES (Schedule of Carrying Value of Assets and Liabilities of Consolidated VIEs) (Details) RSO (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$25,000	$0
Restricted cash	121,247,000	61,372,000
Investment securities available-for-sale, pledged as collateral, at fair value	119,203,000	105,846,000
Loans, pledged as collateral	1,261,137,000	1,219,569,000
Loans held for sale	282,000	2,376,000
Interest receivable	8,941,000	5,627,000
Prepaid assets	221,000	247,000
Principal receivable	25,767,000	6,821,000
Other assets	-12,000	0
Total assets of consolidated VIE - RSO	1,536,811,000	1,401,858,000
LIABILITIES
Borrowings	1,046,494,000	1,070,339,000
Accrued interest expense	1,000,000	918,000
Derivatives, at fair value	8,439,000	10,191,000
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	-529,000	0
Accounts payable and other liabilities	-386,000	1,604,000
Total liabilities of consolidated VIE - RSO	1,055,018,000	1,083,052,000
Apidos CDO I Ltd. [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	416,000
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	153,000
Loans held for sale	0
Interest receivable	0
Prepaid assets	2,000
Principal receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	571,000
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	8,000
Total liabilities of consolidated VIE - RSO	8,000
Apidos CDO III Ltd. [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	3,104,000
Investment securities available-for-sale, pledged as collateral, at fair value	3,057,000
Loans, pledged as collateral	80,761,000
Loans held for sale	0
Interest receivable	327,000
Prepaid assets	21,000
Principal receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	87,270,000
LIABILITIES
Borrowings	74,646,000
Accrued interest expense	46,000
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	40,000
Total liabilities of consolidated VIE - RSO	74,732,000
Apidos Cinco CDO Ltd [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	20,142,000
Investment securities available-for-sale, pledged as collateral, at fair value	11,115,000
Loans, pledged as collateral	249,164,000
Loans held for sale	282,000
Interest receivable	858,000
Prepaid assets	19,000
Principal receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	281,580,000
LIABILITIES
Borrowings	255,463,000
Accrued interest expense	270,000
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	17,000
Total liabilities of consolidated VIE - RSO	255,750,000
Apidos CLO VIII Ltd. [Member]
ASSETS
Cash and cash equivalents	0
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 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
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIE - RSO	0
Whitney CLO I, Ltd. [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	116,000
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 receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	116,000
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIE - RSO	0
Resource Real Estate Funding CDO 2006-1 [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	20,000
Investment securities available-for-sale, pledged as collateral, at fair value	11,274,000
Loans, pledged as collateral	128,398,000
Loans held for sale	0
Interest receivable	2,293,000
Prepaid assets	78,000
Principal receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	142,063,000
LIABILITIES
Borrowings	61,424,000
Accrued interest expense	36,000
Derivatives, at fair value	864,000
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	-1,000
Total liabilities of consolidated VIE - RSO	62,323,000
Resource Real Estate Funding CDO 2007-1 [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	250,000
Investment securities available-for-sale, pledged as collateral, at fair value	64,858,000
Loans, pledged as collateral	206,207,000
Loans held for sale	0
Interest receivable	1,979,000
Prepaid assets	64,000
Principal receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	273,358,000
LIABILITIES
Borrowings	130,207,000
Accrued interest expense	97,000
Derivatives, at fair value	7,575,000
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	1,000
Total liabilities of consolidated VIE - RSO	137,880,000
RCC CRE Notes 2013 [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	2,713,000
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	248,662,000
Loans held for sale	0
Interest receivable	1,279,000
Prepaid assets	37,000
Principal receivable	20,500,000
Other assets	0
Total assets of consolidated VIE - RSO	273,191,000
LIABILITIES
Borrowings	224,157,000
Accrued interest expense	186,000
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIE - RSO	224,343,000
RCC CRE Notes 2014 [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	0
Investment securities available-for-sale, pledged as collateral, at fair value	0
Loans, pledged as collateral	347,792,000
Loans held for sale	0
Interest receivable	1,396,000
Prepaid assets	0
Principal receivable	2,207,000
Other assets	-12,000
Total assets of consolidated VIE - RSO	351,383,000
LIABILITIES
Borrowings	231,657,000
Accrued interest expense	133,000
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	0
Total liabilities of consolidated VIE - RSO	231,790,000
Moselle CLO [Member]
ASSETS
Cash and cash equivalents	0
Restricted cash	94,481,000
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 receivable	3,060,000
Other assets	0
Total assets of consolidated VIE - RSO	97,541,000
LIABILITIES
Borrowings	68,940,000
Accrued interest expense	232,000
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	0
Accounts payable and other liabilities	-453,000
Total liabilities of consolidated VIE - RSO	68,719,000
RCM Global Manager, LLC [Member]
ASSETS
Cash and cash equivalents	25,000
Restricted cash	0
Investment securities available-for-sale, pledged as collateral, at fair value	28,899,000
Loans, pledged as collateral	0
Loans held for sale	0
Interest receivable	809,000
Prepaid assets	0
Principal receivable	0
Other assets	0
Total assets of consolidated VIE - RSO	29,733,000
LIABILITIES
Borrowings	0
Accrued interest expense	0
Derivatives, at fair value	0
Variable Interest Entity, Consolidated, Carrying Amount, Unsettled Loan Purchases	-529,000
Accounts payable and other liabilities	2,000
Total liabilities of consolidated VIE - RSO	-527,000
Variable Interest Entity, Primary Beneficiary [Member]
LIABILITIES
Restricted cash available for reinvestment in certain of the CDOs	$3,000,000

VARIABLE_INTEREST_ENTITIES_Det

VARIABLE INTEREST ENTITIES (Details) RSO (USD $)

1 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

Oct. 31, 2012

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Feb. 28, 2011

Feb. 28, 2014

Sep. 30, 2014

Jul. 09, 2014

Sep. 30, 2014

Feb. 28, 2013

Jan. 31, 2013

31-May-13

credit

Entity

Entity

Entity

Variable Interest Entity [Line Items]

Ownership percentage

10.00%

Borrowings

$20,412,000

$20,619,000

RSO [Member]

Variable Interest Entity [Line Items]

Number of consolidated VIEs

11

Number Of Credits Supported In VIEs

2

Financial support provided to VIEs

219,000

166,000

156,000

Investments in unconsolidated entities

59,827,000

69,069,000

Borrowings

1,717,132,000

1,320,015,000

Intangible assets

9,736,000

11,822,000

Fee income

9,385,000

5,821,000

7,068,000

Preferred equity acquired

66.60%

RSO [Member] | Investment in RCAM [Member]

Variable Interest Entity [Line Items]

Number of Collateralized Loan Obligation Issuers held by Purchased Entity

5

Business Combination, Consideration Transferred

22,500,000

Intangible assets

9,400,000

11,200,000

Fee income

5,100,000

5,300,000

7,000,000

RSO [Member] | Moselle CLO [Member]

Variable Interest Entity [Line Items]

Ownership percentage in VIE

88.60%

Payments to Acquire Equity Method Investments

30,400,000

RSO [Member] | Whitney CLO I, Ltd. [Member]

Variable Interest Entity [Line Items]

Ownership interests in variable interest entity

66.60%

68.30%

RCC Residential, Inc. [Member] | RSO [Member]

Variable Interest Entity [Line Items]

Payments to Acquire Equity Method Investments

15,000,000

Payments to Acquire Businesses and Interest in Affiliates

23,500,000

Ownership percentage

63.80%

Pelium [Member] | RSO [Member]

Variable Interest Entity [Line Items]

Payments to Acquire Equity Method Investments

17,500,000

Ownership percentage

74.10%

80.40%

80.40%

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%

20.00%

Partners' Capital Account, Contributions

40,000,000

Class 1 Subordinated Notes [Member] | RSO [Member] | Moselle CLO S.A. Senior Notes [Member]

Variable Interest Entity [Line Items]

Percentage of Outstanding Notes Purchased

100.00%

Class 2 Subordinated Notes [Member] | RSO [Member] | Moselle CLO S.A. Senior Notes [Member]

Variable Interest Entity [Line Items]

Percentage of Outstanding Notes Purchased

67.90%

Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member] | Investment in RCAM [Member]

Variable Interest Entity [Line Items]

Number of Collateralized Loan Obligation Issuers held by Purchased Entity

4

Number of Collateralized Loan Obligations Liquidated

1

Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member] | Interest in RCT II [Member]

Variable Interest Entity [Line Items]

Borrowings

25,800,000

Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member] | Interest in RCT I and RCT II [Member]

Variable Interest Entity [Line Items]

Ownership percentage in VIE

100.00%

Investments in unconsolidated entities

1,500,000

Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member] | Interest in RCT I [Member]

Variable Interest Entity [Line Items]

Variable Interest Entity, Percentage of Total Value of Trusts Held

3.00%

Borrowings

$25,800,000

Variable Interest Entity, Not Primary Beneficiary [Member] | Interest in RCT II [Member] | RSO [Member]

Variable Interest Entity [Line Items]

Ownership percentage

100.00%

Variable Interest Entity, Percentage of Total Value of Trusts Held

3.00%

Variable Interest Entity, Primary Beneficiary [Member] | RSO [Member] | Investment in RCAM [Member]

Variable Interest Entity [Line Items]

Preferred equity acquired

66.60%

Variable Interest Entity, Primary Beneficiary [Member] | RSO [Member] | Whitney CLO I, Ltd. [Member]

Variable Interest Entity [Line Items]

Ownership interests in variable interest entity

68.30%

VARIABLE_INTEREST_ENTITIES_VAR

VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES - Unconsolidated Variable Interest Entities (Details) (RSO [Member], Variable Interest Entity, Not Primary Beneficiary [Member], USD $)	Dec. 31, 2014
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Investment in Unconsolidated Entities	$40,965
Maximum Exposure to Loss in Non-consolidated VIEs	1,534
Variable Interest Entity, Nonconsolidated, Carrying Amount, Finite-Lived Intangible Assets, Net	9,434
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	50,399
Variable Interest Entity, Nonconsolidated, Carrying Amount, Borrowed Funds	51,205
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	51,205
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	-806
LEAF Commercial Capital Inc [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Investment in Unconsolidated Entities	39,417
Variable Interest Entity, Nonconsolidated, Carrying Amount, Finite-Lived Intangible Assets, Net	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	39,417
Variable Interest Entity, Nonconsolidated, Carrying Amount, Borrowed Funds	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	39,417
Unsecured Junior Subordinated Debentures [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Investment in Unconsolidated Entities	1,548
Variable Interest Entity, Nonconsolidated, Carrying Amount, Finite-Lived Intangible Assets, Net	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	1,548
Variable Interest Entity, Nonconsolidated, Carrying Amount, Borrowed Funds	51,205
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	51,205
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	-49,657
Resource Capital Asset Management [Member]
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Investment in Unconsolidated Entities	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Finite-Lived Intangible Assets, Net	9,434
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	9,434
Variable Interest Entity, Nonconsolidated, Carrying Amount, Borrowed Funds	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Liabilities	0
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net	9,434
Investments in Unconsolidated Entities [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss in Non-consolidated VIEs	40,965
Finite-Lived Intangible Assets, Net [Member]
Variable Interest Entity [Line Items]
Maximum Exposure to Loss in Non-consolidated VIEs	$9,434

VARIABLE_INTEREST_ENTITIES_SUP

VARIABLE INTEREST ENTITIES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) RSO (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-cash investing activities include the following:
Contribution of lease receivables and other assets	$2,385	$0	$0
Non-cash financing activities include the following:
Dividends payable	1,312	977
RSO [Member]
Non-cash investing activities include the following:
Acquisition of real estate investments	0	0	-21,661
Conversion of loans to investment in real estate	0	0	21,661
Acquisition of loans, pledged as collateral	0	0	-230,152
Non-cash financing activities include the following:
Issuance of restricted stock	890	823	2,189
Contribution of equipment-backed securitized notes and other liabilities	457	0	0
Subscription receivable	0	0	1,248
Assumption of collateralized debt obligations	0	0	206,408
RSO [Member] | Common Stock [Member]
Non-cash financing activities include the following:
Dividends payable	26,563	25,536	21,024
RSO [Member] | Redeemable Preferred Stock [Member]
Non-cash financing activities include the following:
Dividends payable	$6,044	$2,159	$1,244

VARIABLE_INTEREST_ENTITIES_INV

VARIABLE INTEREST ENTITIES - INVESTMENT SECURITIES TRADING (Schedule of Investment Trading Securities at Fair Value) (Details) RSO (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost	$475	$317
RSO [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost	24,772	9,976
Unrealized Gains	1,098	4,050
Amortized Cost	20,786	11,558
Unrealized Losses	-5,084	-2,468
RSO [Member] | Structured notes [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost	22,876	8,057
Unrealized Gains	1,098	4,050
Amortized Cost	20,786	11,107
Unrealized Losses	-3,188	-1,000
RSO [Member] | RMBS [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Amortized Cost	1,896	1,919
Unrealized Gains	0	0
Amortized Cost	0	451
Unrealized Losses	($1,896)	($1,468)

VARIABLE_INTEREST_ENTITIES_INV1

VARIABLE INTEREST ENTITIES - INVESTMENT SECURITIES TRADING (Details) RSO (RSO [Member], USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	Security	Security
RSO [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities purchased	38	37
Securities sold	9	8
Net realized gain (loss)	$3

VARIABLE_INTEREST_ENTITIES_INV2

VARIABLE INTEREST ENTITIES - INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Schedule of Available-for-Sale Securities, Fair Value) (Details) RSO (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	$7,850	$6,179
Fair Value	9,065	7,522
RSO [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	256,515	218,470
Unrealized Gains	22,761	9,230
Unrealized Losses	-3,556	-12,494
Fair Value	275,720	215,206
Investment securities available-for-sale, pledged as collateral, at fair value	197,800	162,608
RSO [Member] | CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	168,669	185,178
Unrealized Gains	4,938	7,570
Unrealized Losses	-3,202	-12,030
Fair Value	170,405	180,718
RSO [Member] | RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	29,814
Unrealized Gains	937
Unrealized Losses	0
Fair Value	30,751
RSO [Member] | ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	55,617	30,775
Unrealized Gains	16,876	1,644
Unrealized Losses	-336	-394
Fair Value	72,157	32,025
RSO [Member] | Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost or Amortized Cost	2,415	2,517
Unrealized Gains	10	16
Unrealized Losses	-18	-70
Fair Value	$2,407	$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 $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
RSO [Member]
Fair Value
Less than one year	$78,095	$39,256
Greater than one year and less than five years	115,302	139,700
Greater than five years and less than ten years	20,177	26,526
Greater than ten years	62,146	9,724
Total	275,720	215,206
Amortized Cost
Less than one year	79,649	40,931
Greater than one year and less than five years	100,909	141,760
Greater than five years and less than ten years	17,516	25,707
Greater than ten years	58,441	10,072
Total	$256,515	$218,470
Weighted Average Coupon
Less than one year	4.13%	5.25%
Greater than one year and less than five years	4.64%	4.69%
Greater than five years	16.45%	1.10%
Weighted average coupon rate, greater than ten years	7.86%	7.90%
Total	6.08%	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 $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value	$2,643	$2,404
Unrealized Losses	-176	-204
Fair Value	0	0
Unrealized Losses	0	0
RSO [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value	38,307	53,020
Unrealized Losses	-851	-7,567
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Securities	31	36
Fair Value	26,541	20,851
Unrealized Losses	-2,705	-4,927
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Securities	16	19
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Fair value, total	64,848	73,871
Gross unrealized losses, total	-3,556	-12,494
Number of Securities	47	55
RSO [Member] | CMBS [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value	35,860	52,012
Unrealized Losses	-555	-7,496
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Securities	22	34
Fair Value	25,583	14,159
Unrealized Losses	-2,647	-4,534
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Securities	13	10
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Fair value, total	61,443	66,171
Gross unrealized losses, total	-3,202	-12,030
Number of Securities	35	44
RSO [Member] | ABS [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value	1,000	143
Unrealized Losses	-278	-1
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Securities	8	1
Fair Value	958	6,692
Unrealized Losses	-58	-393
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Securities	3	9
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Fair value, total	1,958	6,835
Gross unrealized losses, total	-336	-394
Number of Securities	11	10
RSO [Member] | Corporate bonds [Member]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract]
Fair Value	1,447	865
Unrealized Losses	-18	-70
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Number of Securities	1	1
Fair Value	0	0
Unrealized Losses	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Number of Securities	0	0
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses [Abstract]
Fair value, total	1,447	865
Gross unrealized losses, total	($18)	($70)
Number of Securities	1	1

VARIABLE_INTEREST_ENTITIES_INV5

VARIABLE INTEREST ENTITIES - INVESTMENT SECURITIES AVAILABLE-FOR-SALE (Details) RSO (RSO [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	Security	Security
CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Impairment charge on loan investment	$0	$328,000
Number of securities sold	5	4
Par value of securities sold	27,370,000	14,500,000
Realized Gain (Loss)	1,000	466,000
ABS [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities redeemed	1	0
Par value of securities redeemed	2,500,000
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	25,500
Available-for-Sale Securities, Liquidated During Period, Par Value	3,000,000
Available-for-sale Securities, Gross Realized Losses on Liquidation	570,000
Corporate bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities sold	8	35
Par value of securities sold	11,574,000	34,253,000
Realized Gain (Loss)	2,922,000	-474,000
Number of securities redeemed	2	3
Par value of securities redeemed	1,600,000	4,300,000
Realized gains on redemption		11,000
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds	$48,000

VARIABLE_INTEREST_ENTITIES_INV6

VARIABLE INTEREST ENTITIES - INVESTMENTS IN REAL ESTATE (Investments in Real Estate) (Details) RSO (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate Properties [Line Items]
Investments in real estate	$17,097	$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 Real Estate Property [Member]
Real Estate Properties [Line Items]
Book Value		$10,273
Number of Properties		1

VARIABLE_INTEREST_ENTITIES_INV7

VARIABLE INTEREST ENTITIES - INVESTMENTS IN REAL ESTATE (Details) RSO (RSO [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	Property	Property
		Loan
RSO [Member]
Real Estate Line Items [Line Items]
Acquisition of Real Estate Held-for-investment, Number of Properties	0
Number of loans foreclosed		0
Sale of Real Estate Held-for-investment, Number of Properties	3	1
Gains on the sale of real estate	$6,127	$16,616	$0

VARIABLE_INTEREST_ENTITIES_LOA

VARIABLE INTEREST ENTITIES - LOANS HELD FOR INVESTMENT (Summary of Loans) (Details) RSO (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Allowance for Credit Losses	($16,990,000)	($36,243,000)	($32,628,000)
RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,940,406,000	1,390,844,000
Unamortized (discount) premium, gross	-9,813,000	-7,511,000
Gross carrying value of loans held for investment	1,930,593,000	1,383,333,000
Financing Receivable, Allowance for Credit Losses	-4,613,000	-13,807,000	-17,691,000
Unamortized (discount) premium, gross, allowance for loan loss	0	0
Carrying value, allowance for loan loss	-4,613,000	-13,807,000
Loans and receivables	1,935,793,000	1,377,037,000
Unamortized (discount) premium, net	-9,813,000	-7,511,000
Net carrying value of loans held for investment	1,925,980,000	1,369,526,000
Loans Receivable Held-for-sale, Amount	111,736,000	21,916,000
Financing Receivable, Net and Loans Receivable Held-for-sale	2,047,529,000	1,398,953,000
Net Carrying Value of Loans Held for Investment and Loans Held for Sale	2,037,716,000	1,391,442,000
Deferred amendment fees	88,000	216,000
Residential Mortgage Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Held-for-sale, Amount	111,454,000	15,066,000
Whole Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,271,121,000	749,083,000
Unamortized (discount) premium, gross	-7,529,000	-3,294,000
Gross carrying value of loans held for investment	1,263,592,000	745,789,000
Loans and receivables	1,263,592,000	745,789,000
B Notes [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	16,120,000	16,288,000
Unamortized (discount) premium, gross	-48,000	-83,000
Gross carrying value of loans held for investment	16,072,000	16,205,000
Loans and receivables	16,072,000	16,205,000
Mezzanine Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	67,446,000	64,417,000
Unamortized (discount) premium, gross	-80,000	-100,000
Gross carrying value of loans held for investment	67,366,000	64,317,000
Loans and receivables	67,366,000	64,317,000
Commercial Real Estate Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,354,687,000	829,788,000
Unamortized (discount) premium, gross	-7,657,000	-3,477,000
Gross carrying value of loans held for investment	1,347,030,000	826,311,000
Loan origination fees	7,600,000	3,300,000
Extension and exit fees	0	73,000
Bank Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	332,058,000	519,343,000
Unamortized (discount) premium, gross	-1,410,000	-3,950,000
Gross carrying value of loans held for investment	330,648,000	515,393,000
Financing Receivable, Allowance for Credit Losses	-570,000	-3,391,000	-9,705,000
Loans and receivables	330,930,000	517,770,000
Deferred upfront fee	82,000	141,000
Middle-market Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	250,859,000
Unamortized (discount) premium, gross	-746,000
Gross carrying value of loans held for investment	250,113,000
Financing Receivable, Allowance for Credit Losses	0	0	0
Loans and receivables	250,113,000	44,253,000
Residential Mortgage [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	2,802,000
Unamortized (discount) premium, gross	0
Gross carrying value of loans held for investment	2,802,000
Agency-Conforming [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Held-for-sale, Amount	28,900,000	15,100,000
Jumbo Mortgage Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Held-for-sale, Amount	82,600,000	0
Residential Mortgage Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		1,849,000
Unamortized (discount) premium, gross		0
Gross carrying value of loans held for investment		1,849,000
Loans Receivable Held-for-sale, Amount	111,454,000	15,066,000
Middle-market Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross		39,864,000
Unamortized (discount) premium, gross		-84,000
Gross carrying value of loans held for investment		39,780,000
Loans Receivable Held-for-sale, Amount		4,473,000
Bank Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Held-for-sale, Amount	$282,000	$2,377,000

VARIABLE_INTEREST_ENTITIES_LOA1

VARIABLE INTEREST ENTITIES - LOANS HELD FOR INVESTMENT (Commercial Real Estate Loans Held for Investment) (Details) RSO (RSO [Member], USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate		10.00%
Allowance for loan loss		4,613,000	13,807,000
Loans held for sale, net		111,736,000	21,916,000
Whole Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss		3,758,000	9,683,000
Fixed contractual interest in floating rate whole loan		15.00%	12.00%
Whole Loans, Floating Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment, unfunded loan commitments		105,100,000	13,700,000
Not included in total [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss		4,000,000	10,400,000
Whole Loans, Fixed Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.		12,000,000	11,400,000
Preferred equity tranche [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost		799,000
B Notes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss		55,000	174,000
Mezzanine Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss		230,000	559,000
Mezzanine Loans, Floating Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate basis	LIBOR	LIBOR
Maturity Dates	Apr-16	Apr-16
Basis spread on variable rate		15.32%
Mezzanine Loans, Fixed Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loan tranches		2
Mezzanine Loans, Fixed Rate, Tranche One [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate		0.50%
Mezzanine Loans, Fixed Rate, Tranche Two [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on variable rate		18.50%
Commercial Real Estate Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss		570,000	3,400,000
Minimum [Member] | Whole Loans, Floating Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate basis	LIBOR	LIBOR
Maturity Dates	Mar-14	May-15
Basis spread on variable rate		1.75%	2.68%
Minimum [Member] | Mezzanine Loans, Fixed Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate		0.50%	0.50%
Maturity Dates	Sep-14	Jan-16
Maximum [Member] | Whole Loans, Floating Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate basis	LIBOR	LIBOR
Maturity Dates	Feb-19	Feb-19
Basis spread on variable rate		15.00%	12.14%
Maximum [Member] | Mezzanine Loans, Fixed Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Stated interest rate		18.71%	18.72%
Maturity Dates	Sep-19	Sep-19
Commercial Real Estate Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Quantity		78	56
Amortized Cost		1,347,030,000	826,311,000
Commercial Real Estate Loans [Member] | Mezzanine Loans, Fixed Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Quantity		3	3
Amortized Cost		54,808,000	51,862,000
Commercial Real Estate Loans [Member] | Mezzanine Loans, Floating Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Quantity		1	1
Amortized Cost		12,558,000	12,455,000
The amortized cost of loans held for investments, fixed rate whole loans included in floating rate whole loans.		4,200,000
Commercial Real Estate Loans [Member] | B Notes, Fixed Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Quantity		1	1
Amortized Cost		16,072,000	16,205,000
Stated interest rate		8.68%	8.68%
Commercial Real Estate Loans [Member] | B Notes, Fixed Rate [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity Dates		Apr-16	Apr-16
Commercial Real Estate Loans [Member] | Whole Loans, Floating Rate [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Quantity		73	51
Amortized Cost		1,263,592,000	745,789,000
Quantity of Loans, Fixed Contractual Interest in Floating Rate Whole Loan, Rate Two			2

VARIABLE_INTEREST_ENTITIES_LOA2

VARIABLE INTEREST ENTITIES - LOANS HELD FOR INVESTMENT (Commercial Real Estate Loans) (Details) (RSO [Member], Commercial Real Estate Loans [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
2015	$0	$5,711
2016	60,473	17,949
2017 and Thereafter	1,286,557	802,651
Loans held for investment, amortized cost	1,347,030	826,311
B Notes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2015	0	0
2016	16,072	0
2017 and Thereafter	0	16,205
Loans held for investment, amortized cost	16,072	16,205
Mezzanine Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2015	0	5,711
2016	16,736	0
2017 and Thereafter	50,630	58,606
Loans held for investment, amortized cost	67,366	64,317
Whole Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2015	0	0
2016	27,665	17,949
2017 and Thereafter	1,235,927	727,840
Loans held for investment, amortized cost	$1,263,592	$745,789

VARIABLE_INTEREST_ENTITIES_LOA3

VARIABLE INTEREST ENTITIES - LOANS HELD FOR INVESTMENT (Weighted Average Life of Bank Loans, at Amortized Cost) (Details) RSO (RSO [Member], Bank Loans [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
RSO [Member] | Bank Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less than one year	$7,829	$36,985
Greater than one year and less than five years	274,332	366,848
Five years or greater	48,769	113,937
Loans held for investment, amortized cost	$330,930	$517,770

VARIABLE_INTEREST_ENTITIES_LOA4

VARIABLE INTEREST ENTITIES - LOANS HELD FOR INVESTMENT (Weighted Average Life of Middle-Market Loans, at Amortized Cost) (Details) RSO (Middle-market Loans [Member], RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized Cost	$250,113	$44,253
B Notes [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less than one year	0	0
Mezzanine Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Greater than one year and less than five years	132,353	13,027
Whole Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Five years or greater	$117,760	$31,226

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 $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$4,613	$13,807
B Notes [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	55	174
Percentage of Total Allowance	1.19%	1.26%
Mezzanine Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	230	559
Percentage of Total Allowance	4.99%	4.05%
Whole Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	3,758	9,683
Percentage of Total Allowance	81.47%	70.13%
Bank Loans [Member]
Receivables with Imputed Interest [Line Items]
Allowance for Loan Loss	$570	$3,391
Percentage of Total Allowance	12.36%	24.56%

VARIABLE_INTEREST_ENTITIES_LOA6

VARIABLE INTEREST ENTITIES - LOANS HELD FOR INVESTMENT (Details) RSO (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, net	111,736,000	21,916,000
Allowance for loan loss	4,613,000	13,807,000
Loans, allowances	4,600,000	13,800,000
RSO [Member] | North Carolina [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for Investment, Percentage of Loans Originated		9.00%
RSO [Member] | Georgia [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for Investment, Percentage of Loans Originated	56.00%	66.00%
RSO [Member] | Alabama [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for Investment, Percentage of Loans Originated	5.00%	6.00%
RSO [Member] | TENNESSEE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for Investment, Percentage of Loans Originated	4.00%	7.00%
RSO [Member] | Utah
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for Investment, Percentage of Loans Originated	8.00%
RSO [Member] | Virginia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Held for Investment, Percentage of Loans Originated	7.00%	7.00%
RSO [Member] | Bank Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, net	330,400,000	514,400,000
Allowance for loan loss	570,000	3,391,000
RSO [Member] | Bank Loans [Member] | Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate basis	three month LIBOR	three month LIBOR
Basis spread on variable rate	1.25%	1.50%
RSO [Member] | Bank Loans [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable rate basis	three month LIBOR	three month LIBOR
Basis spread on variable rate	8.75%	10.50%
RSO [Member] | Whole Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss	3,758,000	9,683,000
RSO [Member] | Commercial Real Estate Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan loss	570,000	3,400,000
Middle-market Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, net		44,300,000
Middle-market Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, net	250,100,000
Bank Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, allowances	570,000,000	3,400,000
Commercial Real Estate Loans [Member] | RSO [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, allowances	4,000,000	10,400,000
Principal receivable		40,900,000
Commercial Real Estate Loans [Member] | RSO [Member] | California [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration of loan portfolio risk (in hundredths)	27.40%	39.00%
Commercial Real Estate Loans [Member] | RSO [Member] | Arizona [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration of loan portfolio risk (in hundredths)	7.30%	6.40%
Commercial Real Estate Loans [Member] | RSO [Member] | Texas [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration of loan portfolio risk (in hundredths)	27.30%	14.60%
Commercial Real Estate Loans [Member] | RSO [Member] | Industry Grouping of Healthcare, Education and Childcare [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration of loan portfolio risk (in hundredths)	17.50%	15.80%
Middle-market Loans [Member] | RSO [Member] | Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on variable rate	5.50%	3.75%
Middle-market Loans [Member] | RSO [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Basis spread on variable rate	9.25%	10.50%
Middle-market Loans [Member] | RSO [Member] | Industry Grouping of Persona, Food and Miscellaneous Service [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration of loan portfolio risk (in hundredths)	13.70%
Middle-market Loans [Member] | RSO [Member] | Hotels, Motels, Inns, and Gaming [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration of loan portfolio risk (in hundredths)	23.10%

VARIABLE_INTEREST_ENTITIES_INV8

VARIABLE INTEREST ENTITIES - INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) RSO (USD $)	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 28, 2014	Jan. 31, 2013
Schedule of Equity Method Investments [Line Items]
Ownership percentage					10.00%
RSO [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	$59,827,000	$69,069,000
Income (Loss) and Interest Expense from Equity Method Investments	7,564,000	4,342,000	490,000
RSO [Member] | Investment in Preferred Equity [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	0	7,149,000
Income (Loss) and Interest Expense from Equity Method Investments	410,000	992,000	705,000
RSO [Member] | Life Care Funding, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.20%
Investments in unconsolidated entities	0	1,530,000
Income (Loss) and Interest Expense from Equity Method Investments	-75,000	-470,000	0
Payments to Acquire Equity Method Investments				1,400,000
RSO [Member] | Investment in School Lane House [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	0	975,000
Income (Loss) and Interest Expense from Equity Method Investments	912,000	0	0
RSO [Member] | Interest in LCC [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	39,416,000	41,016,000
Income (Loss) and Interest Expense from Equity Method Investments	-1,555,000	-183,000	-3,256,000
RSO [Member] | Interest in RCT I and RCT II [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	3.00%
Investments in unconsolidated entities	1,548,000	1,548,000
Income (Loss) and Interest Expense from Equity Method Investments	2,387,000	2,401,000	2,494,000
RSO [Member] | RRE VIP Borrower, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	0	0
Income (Loss) and Interest Expense from Equity Method Investments	3,473,000	277,000	682,000
RSO [Member] | Varde Investment Partners, LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	7.50%
Investments in unconsolidated entities	654,000	674,000
Income (Loss) and Interest Expense from Equity Method Investments	-20,000	148,000	-135,000
RSO [Member] | CVC Global Credit Opportunities Fund, LP [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	27.70%
Investments in unconsolidated entities	18,209,000	16,177,000
Income (Loss) and Interest Expense from Equity Method Investments	2,032,000	1,177,000	0
RSO [Member] | Investments in Unconsolidated Entities [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	58,279,000	60,372,000
Income (Loss) and Interest Expense from Equity Method Investments	4,767,000	949,000	-2,709,000
RSO [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | LEAF [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities	39,400,000	41,000,000
RSO [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | LEAF [Member] | Interest in LCC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	28.40%
RSO [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | Life Care Funding, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments					$2,000,000

VARIABLE_INTEREST_ENTITIES_FIN

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Additional Information) (Details) RSO (RSO [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2012
	Loan	Loan	Loan	Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	$1,935,793,000	$1,377,037,000
Number of defaulted loans	2	3
Provision (recovery) for loan loss	1,804,000	3,020,000
Direct financing leases	2,100,000
Middle-market Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	250,113,000	44,253,000
Provision (recovery) for loan loss	92,000	22,000
Middle-market Loans [Member] | Held for Sale [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	0	4,473,000
Bank Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	330,930,000	517,770,000
Provision (recovery) for loan loss	4,173,000	312,000
Bank Loans [Member] | Nonperforming Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	1,400,000	3,600,000
Number of defaulted loans		1	1	1
Bank Loans [Member] | Held for Sale [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	282,000	2,377,000
Loans Receivable - Related Party [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (recovery) for loan loss	$1,297,000	$0

VARIABLE_INTEREST_ENTITIES_FIN1

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Allowance for Loan Losses and Recorded Investments in Loans) (Details) RSO (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	$36,243,000	$32,628,000
Charge-offs	-22,405,000	-712,000
Allowance for losses at end of period	16,990,000	36,243,000
Allowance for losses, ending balance:
Individually evaluated for impairment	16,990,000	36,229,000
Collectively evaluated for impairment	0	14,000
Loans, ending balance:
Individually evaluated for impairment	47,293,000	67,152,000
Collectively evaluated for impairment	88,000	91,000
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
Provision (recovery) for loan loss	1,804,000	3,020,000
Charge-offs	-10,998,000	-6,904,000
Allowance for losses at end of period	4,613,000	13,807,000
Allowance for losses, ending balance:
Individually evaluated for impairment	570,000	7,193,000
Collectively evaluated for impairment	4,043,000	6,614,000
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Individually evaluated for impairment	418,920,000	204,923,000
Collectively evaluated for impairment	1,513,232,000	1,207,292,000
Loans acquired with deteriorated credit quality	0	0
Loans and receivables	1,935,793,000	1,377,037,000
RSO [Member] | Commercial Portfolio Segment [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	10,416,000	7,986,000
Provision (recovery) for loan loss	-3,758,000	2,686,000
Charge-offs	-2,615,000	-256,000
Allowance for losses at end of period	4,043,000	10,416,000
Allowance for losses, ending balance:
Individually evaluated for impairment	0	4,572,000
Collectively evaluated for impairment	4,043,000	5,844,000
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Individually evaluated for impairment	166,180,000	194,403,000
Collectively evaluated for impairment	1,180,850,000	631,908,000
Loans acquired with deteriorated credit quality	0	0
Loans and receivables	1,347,030,000	826,311,000
RSO [Member] | Bank Loans [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	3,391,000	9,705,000
Provision (recovery) for loan loss	4,173,000	312,000
Charge-offs	-6,994,000	-6,626,000
Allowance for losses at end of period	570,000	3,391,000
Allowance for losses, ending balance:
Individually evaluated for impairment	570,000	2,621,000
Collectively evaluated for impairment	0	770,000
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Individually evaluated for impairment	1,350,000	3,554,000
Collectively evaluated for impairment	329,580,000	558,469,000
Loans acquired with deteriorated credit quality	0	0
Loans and receivables	330,930,000	517,770,000
RSO [Member] | Middle-market Loans [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	0	0
Provision (recovery) for loan loss	92,000	22,000
Charge-offs	-92,000	-22,000
Allowance for losses at end of period	0	0
Allowance for losses, ending balance:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Individually evaluated for impairment	250,113,000	0
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	0	0
Loans and receivables	250,113,000	44,253,000
RSO [Member] | Lease Receivables [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	0	0
Provision (recovery) for loan loss	0	0
Charge-offs	0	0
Allowance for losses at end of period	0	0
Allowance for losses, ending balance:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	2,802,000	16,915,000
Loans acquired with deteriorated credit quality	0	0
RSO [Member] | Loans Receivable - Related Party [Member]
Activity in the allowance for credit losses of financing receivables [Roll Forward]
Allowance for losses at beginning of period	0	0
Provision (recovery) for loan loss	1,297,000	0
Charge-offs	-1,297,000	0
Allowance for losses at end of period	0	0
Allowance for losses, ending balance:
Individually evaluated for impairment	0	0
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	0	0
Loans, ending balance:
Individually evaluated for impairment	1,277,000	6,966,000
Collectively evaluated for impairment	0	0
Loans acquired with deteriorated credit quality	$0	$0

VARIABLE_INTEREST_ENTITIES_FIN2

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Credit Risk Profiles of Bank Loans) (Details) RSO (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	$1,935,793	$1,377,037
Bank Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	330,930	517,770
Bank Loans [Member] | Rating 1 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	291,214	448,224
Bank Loans [Member] | Rating 2 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	32,660	42,476
Bank Loans [Member] | Rating 3 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	5,424	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	1,350	3,554
Bank Loans [Member] | Held for Sale [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and receivables	$282	$2,377

VARIABLE_INTEREST_ENTITIES_FIN3

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Credit Risk Profiles of Middle Market Loans) (Details) (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Impaired [Line Items]
Loans and receivables	$1,935,793	$1,377,037
Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	250,113	44,253
Rating 1 [Member] | Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	0	0
Rating 2 [Member] | Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	240,245	39,780
Rating 3 [Member] | Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	9,868	0
Rating 4 [Member] | Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	0	0
Rating 5 [Member] | Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	0	0
Held for Sale [Member] | Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans and receivables	$0	$4,473

VARIABLE_INTEREST_ENTITIES_FIN4

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Credit Risk Profiles of Commercial Real Estate Loans) (Details) RSO (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$1,935,793	$1,377,037
Whole Loans [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,263,592	745,789
Whole Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,231,092	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
Whole Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
B Notes [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	16,072	16,205
B Notes [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	16,072	16,205
B Notes [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
B Notes [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
B Notes [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
B Notes [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Mezzanine Loans [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	67,366	64,317
Mezzanine Loans [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	45,432	51,862
Mezzanine Loans [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	21,934	12,455
Mezzanine Loans [Member] | Rating 3 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Mezzanine Loans [Member] | Rating 4 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Mezzanine Loans [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	0	0
Commercial Portfolio Segment [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,347,030	826,311
Commercial Portfolio Segment [Member] | Rating 1 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	1,292,596	748,785
Commercial Portfolio Segment [Member] | Rating 2 [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	54,434	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
Commercial Portfolio Segment [Member] | Held for Sale [Member]
Schedule Of Financing Receivables [Line Items]
Loans and receivables	$0	$0

VARIABLE_INTEREST_ENTITIES_FIN5

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Loan Portfolio Aging Analysis as of the Dates Indicated at Cost Basis) (Details) RSO (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financing Receivable, Recorded Investment, Past Due [Line Items]
90-180 Days Past Due	$2,339	$1,257
Total Past Due	37,076	62,849
Current	10,305	4,394
RSO [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days	443	234
60-89 Days	82	91
90-180 Days Past Due	1,469	3,822
Total Past Due	1,994	4,147
Current	2,041,612	1,408,068
Total Loans Receivable	2,043,606	1,412,215
Total Loans Greater Than 90 days and accruing	0	0
Loans and receivables	1,935,793	1,377,037
Loans Receivable Held-for-sale, Amount	111,736	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
90-180 Days Past Due	0	0
Total Past Due	0	0
Current	1,263,592	745,789
Total Loans Receivable	1,263,592	745,789
Total Loans Greater Than 90 days and accruing	0
Loans and receivables	1,263,592	745,789
RSO [Member] | B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days	0	0
60-89 Days	0	0
90-180 Days Past Due	0	0
Total Past Due	0	0
Current	16,072	16,205
Total Loans Receivable	16,072	16,205
Total Loans Greater Than 90 days and accruing	0	0
Loans and receivables	16,072	16,205
RSO [Member] | Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days	0	0
60-89 Days	0	0
90-180 Days Past Due	0	0
Total Past Due	0	0
Current	67,366	64,317
Total Loans Receivable	67,366	64,317
Total Loans Greater Than 90 days and accruing	0	0
Loans and receivables	67,366	64,317
RSO [Member] | Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days	0	0
60-89 Days	0	0
90-180 Days Past Due	1,350	3,554
Total Past Due	1,350	3,554
Current	329,580	514,216
Total Loans Receivable	330,930	517,770
Total Loans Greater Than 90 days and accruing	0	0
Loans and receivables	330,930	517,770
RSO [Member] | Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days	0	0
60-89 Days	0	0
90-180 Days Past Due	0	0
Total Past Due	0	0
Current	250,113	44,253
Total Loans Receivable	250,113	44,253
Total Loans Greater Than 90 days and accruing		0
Loans and receivables	250,113	44,253
RSO [Member] | Residential Mortgage Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
30-59 Days	443	234
60-89 Days	82	91
90-180 Days Past Due	119	268
Total Past Due	644	593
Current	113,612	16,322
Total Loans Receivable	114,256	16,915
Total Loans Greater Than 90 days and accruing	0	0
Loans Receivable Held-for-sale, Amount	111,454	15,066
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
90-180 Days Past Due	0	0
Total Past Due	0	0
Current	1,277	6,966
Total Loans Receivable	1,277	6,966
Total Loans Greater Than 90 days and accruing	0	0
Held for Sale [Member] | RSO [Member] | Whole Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and receivables	0	0
Held for Sale [Member] | RSO [Member] | B Notes [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and receivables	0	0
Held for Sale [Member] | RSO [Member] | Mezzanine Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and receivables	0	0
Held for Sale [Member] | RSO [Member] | Bank Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and receivables	282	2,377
Held for Sale [Member] | RSO [Member] | Middle-market Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and receivables	$0	$4,473

VARIABLE_INTEREST_ENTITIES_FIN6

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Impaired Loans) (Details) RSO (RSO [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Impaired [Line Items]
Net Balance	$169,612,000	$204,005,000
Unpaid Principal Balance	169,612,000	203,958,000
Specific Allowance	-570,000	-7,193,000
Average Investment in Impaired Loans	170,599,000	186,315,000
Interest Income Recognized	15,686,000	11,676,000
Whole Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	128,108,000	130,759,000
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	25,572,000
Net Balance	128,108,000	156,331,000
Loans without a specific valuation allowance, Unpaid Principal Balance	128,108,000	130,759,000
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0	25,572,000
Unpaid Principal Balance	128,108,000	156,331,000
Specific Allowance	0	-4,572,000
Loans without a specific valuation allowance, Average Investment in Impaired Loans	130,445,000	123,495,000
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	24,748,000
Average Investment in Impaired Loans	130,445,000	148,243,000
Loans without a specific valuation allowance, Interest Income Recognized	12,679,000	8,439,000
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	0	1,622,000
Interest Income Recognized	12,679,000	10,061,000
B Notes [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Net Balance	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Impaired Financing Receivable, with Related 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
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	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
Impaired Financing Receivable, with Related Allowance, Recorded Investment	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
Impaired Financing Receivable, with Related 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
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Average Investment in Impaired Loans	38,072,000	38,072,000
Loans without a specific valuation allowance, Interest Income Recognized	2,859,000	1,615,000
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	0	0
Interest Income Recognized	2,859,000	1,615,000
Bank Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	1,350,000	3,554,000
Net Balance	1,350,000	3,554,000
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	1,350,000	3,554,000
Unpaid Principal Balance	1,350,000	3,554,000
Specific Allowance	-570,000	-2,621,000
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	0	0
Interest Income Recognized	0	0
Middle-market Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	0
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Net Balance	0	0
Loans without a specific valuation allowance, Unpaid Principal Balance	0	0
Impaired Financing Receivable, with Related 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
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	0	0
Interest Income Recognized	0	0
Residential Mortgage Loans [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	2,082,000	315,000
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Net Balance	2,082,000	315,000
Loans without a specific valuation allowance, Unpaid Principal Balance	2,082,000	268,000
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	2,082,000	268,000
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	2,082,000	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Average Investment in Impaired Loans	2,082,000	0
Loans without a specific valuation allowance, Interest Income Recognized	148,000	0
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	0	0
Interest Income Recognized	148,000	0
Loans Receivable - Related Party [Member]
Financing Receivable, Impaired [Line Items]
Loans without a specific valuation allowance, Recorded balance	0	5,733,000
Impaired Financing Receivable, with Related Allowance, Recorded Investment	0	0
Net Balance	0	5,733,000
Loans without a specific valuation allowance, Unpaid Principal Balance	0	5,733,000
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance	0	0
Unpaid Principal Balance	0	5,733,000
Specific Allowance	0	0
Loans without a specific valuation allowance, Average Investment in Impaired Loans	0	0
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment	0	0
Average Investment in Impaired Loans	0	0
Loans without a specific valuation allowance, Interest Income Recognized	0	0
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method	0	0
Interest Income Recognized	$0	$0

VARIABLE_INTEREST_ENTITIES_FIN7

VARIABLE INTEREST ENTITIES - FINANCING RECEIVABLES (Loan Portfolio Troubled-debt Restructurings) (Details) RSO (RSO [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
	Loan	Loan
Troubled debt restructuring [Abstract]
Number of Loans	4	6
Pre-Modification Outstanding Recorded Balance	$137,811	$150,076
Post-Modification Outstanding Recorded Balance	137,811	154,418
Whole Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans	3	5
Pre-Modification Outstanding Recorded Balance	99,739	143,484
Post-Modification Outstanding Recorded Balance	99,739	147,826
B Notes [Member]
Troubled debt restructuring [Abstract]
Number of Loans	0	0
Pre-Modification Outstanding Recorded Balance	0	0
Post-Modification Outstanding Recorded Balance	0	0
Mezzanine Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans	1	0
Pre-Modification Outstanding Recorded Balance	38,072	0
Post-Modification Outstanding Recorded Balance	38,072	0
Bank Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans	0	0
Pre-Modification Outstanding Recorded Balance	0	0
Post-Modification Outstanding Recorded Balance	0	0
Middle-market Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans	0	0
Pre-Modification Outstanding Recorded Balance	0	0
Post-Modification Outstanding Recorded Balance	0	0
Residential Mortgage Loans [Member]
Troubled debt restructuring [Abstract]
Number of Loans	0
Pre-Modification Outstanding Recorded Balance	0
Post-Modification Outstanding Recorded Balance	0
Loans Receivable - Related Party [Member]
Troubled debt restructuring [Abstract]
Number of Loans	0	1
Pre-Modification Outstanding Recorded Balance	0	6,592
Post-Modification Outstanding Recorded Balance	$0	$6,592

VARIABLE_INTEREST_ENTITIES_BUS

VARIABLE INTEREST ENTITIES - BUSINESS COMBINATIONS (Allocation of Purchase Price) (Details) RSO (RSO [Member], USD $)	12 Months Ended			0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 31, 2013
Business Acquisition [Line Items]
Total cash purchase price	$0	$7,613	$0
Primary Capital Advisors LLC [Member]
Business Acquisition [Line Items]
Cash and cash equivalents				1,233
Loans held for sale				15,021
Loans held for investment				2,071
Wholesale and correspondent relationships				600
Other assets				5,828
Total assets				24,753
Borrowings				14,584
Other liabilities				2,165
Total liabilities				16,749
Gain on bargain purchase	391
Total cash purchase price				$7,613

VARIABLE_INTEREST_ENTITIES_BUS1

VARIABLE INTEREST ENTITIES - BUSINESS COMBINATIONS (Additional Information) (Details) RSO (RSO [Member], USD $)	12 Months Ended			0 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 31, 2013	Oct. 31, 2013	Feb. 27, 2014
Business Acquisition [Line Items]
Total cash purchase price	$0	$7,613	$0
Value of restricted stock awarded	890	823	2,189
Primary Capital Advisors LLC [Member]
Business Acquisition [Line Items]
Total cash purchase price				7,613
Wholesale and correspondent relationships				600	600
Primary Capital Advisors LC [Member]
Business Acquisition [Line Items]
Value of restricted stock awarded					800
Equity Compensation Expense [Member]
Business Acquisition [Line Items]
Share-based compensation expense	634	106
General and Administrative Expense [Member]
Business Acquisition [Line Items]
Share-based compensation expense	$189	$48
Life Care Funding, LLC [Member]
Business Acquisition [Line Items]
Ownership percentage in VIE						50.20%
Wholesale or Correspondent Relationships [Member]
Business Acquisition [Line Items]
Intangible asset, estimated useful life	2 years

VARIABLE_INTEREST_ENTITIES_INT

VARIABLE INTEREST ENTITIES - INTANGIBLE ASSETS (Additional Information) (Details) RSO (RSO [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Acquired Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2015	$2,100,000
Expected amortization, 2016	2,000,000
Expected amortization, 2017	1,800,000
Expected amortization, 2019	1,600,000
Expected amortization, after year 5	1,000,000
Weighted average amortization period (in years)	6 years 7 months 6 days	7 years 8 months 12 days
Fee income	9,385,000	5,821,000	7,068,000
Investment in RCAM [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Fee income	$5,100,000	$5,300,000	$7,000,000

VARIABLE_INTEREST_ENTITIES_INT1

VARIABLE INTEREST ENTITIES - INTANGIBLE ASSETS (Summary of Intangible Assets) (Details) RSO (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]
Beginning Balance	$21,813	$24,303
Accumulated Amortization	-12,077	-12,481
Net Asset	9,736	11,822
Investment in RCAM [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning Balance	21,213	21,213
Accumulated Amortization	-11,779	-9,980
Net Asset	9,434	11,233
Investments in Real Estate [Member] | In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning Balance		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]
Beginning Balance		29
Accumulated Amortization		-29
Net Asset		0
Investment in PCA [Member] | Wholesale or Correspondent Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Beginning Balance	600	600
Accumulated Amortization	-298	-42
Net Asset	$302	$558

VARIABLE_INTEREST_ENTITIES_VAR1

VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES - INTANGIBLE ASSETS (Mortgage Servicing Rights) (Details) (RSO [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Expected amortization, 2015	$2,100,000
Expected amortization, 2016	2,000,000
Expected amortization, 2017	1,800,000
Expected amortization, 2018	1,800,000
Expected amortization, 2019	1,600,000
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of Period		24,303,000
Balance, end of period	21,813,000	24,303,000
Accumulated amortization	12,077,000	12,481,000
Balance, end of period	9,736,000	11,822,000
Servicing Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of Mortgage Servicing Rights (MSRs)	1,600,000
Expected amortization, 2015	2,000,000
Expected amortization, 2016	2,000,000
Expected amortization, 2017	1,800,000
Expected amortization, 2018	1,700,000
Expected amortization, 2019	1,100,000
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of Period	433,153,000
Additions	519,915,000
Payoffs, sales and curtailments	-58,301,000
Balance, end of period	894,767,000
Other Assets [Member] | Servicing Contracts [Member]
Finite-lived Intangible Assets [Roll Forward]
Balance, beginning of Period	4,885,000
Additions	6,446,000
Sales	0
Balance, end of period	11,331,000
Accumulated amortization	2,457,000
Balance, end of period	8,874,000
Other Income [Member] | Servicing Contracts [Member]
Finite-lived Intangible Assets [Roll Forward]
Servicing fees from capitalized portfolio	1,649,000
Late Fees	81,000
Other ancillary servicing revenue	$6,000

VARIABLE_INTEREST_ENTITIES_BOR

VARIABLE INTEREST ENTITIES - BORROWINGS (Schedule of Debt) (Details) RSO (RSO [Member], USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Senior secured revolving credit agreement		$1,734,901,000	$1,336,026,000
Unamortized Issuance Costs and Discounts		18,030,000	16,216,000
Outstanding Bowwings		1,716,871,000	1,319,810,000
Weighted Average Borrowing Rate		2.09%	1.87%
Weighted Average Remaining Maturity	13 years 1 month	10 years 0 months
Value of Collateral		2,287,115,000	1,508,603,000
Accrued interest expense		2,123,000	1,693,000
RREF CDO 2006-1 Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		61,423,000	94,209,000
Unamortized Issuance Costs and Discounts		0	205,000
Outstanding Bowwings		61,423,000	94,004,000
Weighted Average Borrowing Rate		2.12%	1.87%
Weighted Average Remaining Maturity	32 years 7 months	31 years 7 months
Value of Collateral		139,242,000	169,115,000
RREF CDO 2007-1 Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		130,340,000	178,556,000
Unamortized Issuance Costs and Discounts		133,000	719,000
Outstanding Bowwings		130,207,000	177,837,000
Weighted Average Borrowing Rate		1.19%	0.84%
Weighted Average Remaining Maturity	32 years 9 months	31 years 9 months
Value of Collateral		271,423,000	318,933,000
RCC CRE Notes 2013 [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		226,840,000
Unamortized Issuance Costs and Discounts		2,683,000
Outstanding Bowwings		224,157,000
Weighted Average Borrowing Rate		2.11%
Weighted Average Remaining Maturity		14 years 0 months
Value of Collateral		249,983,000
RCC CRE Notes 2014 [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		235,344,000
Unamortized Issuance Costs and Discounts		3,687,000
Outstanding Bowwings		231,657,000
Weighted Average Borrowing Rate		1.45%
Weighted Average Remaining Maturity		17 years 4 months
Value of Collateral		346,585,000
Apidos CDO III Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		74,646,000	133,326,000
Unamortized Issuance Costs and Discounts		0	117,000
Outstanding Bowwings		74,646,000	133,209,000
Weighted Average Borrowing Rate		1.18%	0.88%
Weighted Average Remaining Maturity	6 years 8 months	5 years 8 months
Value of Collateral		85,553,000	145,930,000
Apidos Cinco CDO Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		255,664,000	322,000,000
Unamortized Issuance Costs and Discounts		201,000	853,000
Outstanding Bowwings		255,463,000	321,147,000
Weighted Average Borrowing Rate		0.81%	0.74%
Weighted Average Remaining Maturity	6 years 5 months	5 years 5 months
Value of Collateral		272,512,000	342,796,000
Moselle CLO S.A. Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		63,321,000
Unamortized Issuance Costs and Discounts		0
Outstanding Bowwings		63,321,000
Weighted Average Borrowing Rate		1.49%
Weighted Average Remaining Maturity		5 years 0 months
Value of Collateral		93,576,000
Fair value outstanding		63,300,000
Unpaid principal		27,800,000
Moselle CLO S.A. Securitized Borrowings [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		5,619,000
Unamortized Issuance Costs and Discounts		0
Outstanding Bowwings		5,619,000
Weighted Average Borrowing Rate		1.49%
Weighted Average Remaining Maturity		5 years 0 months
Value of Collateral		0
Unsecured Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		51,548,000	51,548,000
Unamortized Issuance Costs and Discounts		343,000	543,000
Outstanding Bowwings		51,205,000	51,005,000
Weighted Average Borrowing Rate		4.19%	4.19%
Weighted Average Remaining Maturity	22 years 10 months	21 years 9 months
Value of Collateral		0	0
Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		115,000,000	115,000,000
Unamortized Issuance Costs and Discounts		6,626,000	8,465,000
Outstanding Bowwings		108,374,000	106,535,000
Weighted Average Borrowing Rate		6.00%	6.00%
Weighted Average Remaining Maturity	4 years 11 months	3 years 11 months
Value of Collateral		0	0
CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		207,640,000
Unamortized Issuance Costs and Discounts		1,958,000
Outstanding Bowwings		205,682,000
Weighted Average Borrowing Rate		2.43%
Weighted Average Remaining Maturity		20 days
Value of Collateral		297,571,000
CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		24,967,000	47,613,000
Unamortized Issuance Costs and Discounts		0	12,000
Outstanding Bowwings		24,967,000	47,601,000
Weighted Average Borrowing Rate		1.35%	1.38%
Weighted Average Remaining Maturity	21 days	20 days
Value of Collateral		30,180,000	56,949,000
Accrued interest expense		12,000	22,000
RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		22,248,000
Unamortized Issuance Costs and Discounts		36,000
Outstanding Bowwings		22,212,000
Weighted Average Borrowing Rate		1.16%
Weighted Average Remaining Maturity		1 day
Value of Collateral		27,885,000
Accrued interest expense		20,000,000
Residential Mortgage Financing Agreements [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		102,576,000
Unamortized Issuance Costs and Discounts		0
Outstanding Bowwings		102,576,000
Weighted Average Borrowing Rate		2.78%
Weighted Average Remaining Maturity		207 days
Value of Collateral		147,472,000
CMBS - Short Term Repurchase Agreements [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		44,225,000
Unamortized Issuance Costs and Discounts		0
Outstanding Bowwings		44,225,000
Weighted Average Borrowing Rate		1.63%
Weighted Average Remaining Maturity		17 days
Value of Collateral		62,446,000
Accrued interest expense		31,000,000
Senior Secured Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement		113,500,000
Unamortized Issuance Costs and Discounts		2,363,000
Outstanding Bowwings		111,137,000
Weighted Average Borrowing Rate		2.66%
Weighted Average Remaining Maturity		2 years 8 months
Value of Collateral		262,687,000
Principal receivable		14,900,000
CRE Notes 2013 [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement			260,840,000
Unamortized Issuance Costs and Discounts			4,269,000
Outstanding Bowwings			256,571,000
Weighted Average Borrowing Rate			2.03%
Weighted Average Remaining Maturity	15 years 0 months
Value of Collateral			305,586,000
Apidos CDO I Senior Notes [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement			87,131,000
Unamortized Issuance Costs and Discounts			0
Outstanding Bowwings			87,131,000
Weighted Average Borrowing Rate			1.68%
Weighted Average Remaining Maturity	3 years 7 months
Value of Collateral			103,736,000
Whitney CLO I Securitized Borrowings [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement			440,000
Unamortized Issuance Costs and Discounts			0
Outstanding Bowwings			440,000
Weighted Average Borrowing Rate			0.00%
Value of Collateral			885,000
Repurchase Agreements Debt [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement			30,736,000
Unamortized Issuance Costs and Discounts			1,033,000
Outstanding Bowwings			29,703,000
Weighted Average Borrowing Rate			2.67%
Weighted Average Remaining Maturity	21 days
Value of Collateral			48,186,000
Residential Mortgage [Member]
Debt Instrument [Line Items]
Senior secured revolving credit agreement			14,627,000
Unamortized Issuance Costs and Discounts			0
Outstanding Bowwings			14,627,000
Weighted Average Borrowing Rate			4.24%
Weighted Average Remaining Maturity	56 days
Value of Collateral			16,487,000
CRE Repurchase Facilities [Member]
Debt Instrument [Line Items]
Accrued interest expense		$198,000	$26,000

VARIABLE_INTEREST_ENTITIES_BOR1

VARIABLE INTEREST ENTITIES - BORROWINGS (Securitizations) (Details) (RSO [Member], USD $)	Dec. 31, 2014	Jul. 31, 2014	Aug. 31, 2005	31-May-06
RREF CDO 2006-1 Senior Notes [Member]
Debt Instrument [Line Items]
Total Note Paydowns	$165,600,000
RREF CDO 2007-1 Senior Notes [Member]
Debt Instrument [Line Items]
Total Note Paydowns	151,700,000
RCC CRE Notes 2013 [Member]
Debt Instrument [Line Items]
Total Note Paydowns	34,000,000
RCC CRE Notes 2014 [Member]
Debt Instrument [Line Items]
Total Note Paydowns	0
Outstanding Borrowings		253,300,000
Apidos CDO I Senior Notes [Member]
Debt Instrument [Line Items]
Total Note Paydowns	187,900,000
Outstanding Borrowings			321,500,000
Apidos CDO III Senior Notes [Member]
Debt Instrument [Line Items]
Total Note Paydowns	66,300,000
Outstanding Borrowings				262,500,000
Apidos Cinco CDO Senior Notes [Member]
Debt Instrument [Line Items]
Total Note Paydowns	100,300,000
Moselle CLO S.A. Senior Notes [Member]
Debt Instrument [Line Items]
Total Note Paydowns	$0

VARIABLE_INTEREST_ENTITIES_BOR2

VARIABLE INTEREST ENTITIES - BORROWINGS (RCC CRE Notes 2013) (Details) (USD $)	1 Months Ended
	Dec. 31, 2013	Dec. 31, 2014
RSO [Member] | CRE Notes 2013 [Member]
Debt Instrument [Line Items]
Closing transaction amount	307,800,000
Face amount of debt issued	260,800,000
Percentage of senior notes acquired by the parent	100.00%
Payments by parent to acquire notes issued by VIE	30,000,000
Ownership interests in variable interest entity	100.00%
RCC Commercial [Member] | CRE Notes 2013 [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	16,900,000
RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued		30,800,000
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class A [Member]
Debt Instrument [Line Items]
Face amount of debt issued		136,900,000
Basis spread on variable rate	1.30%
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class A-S [Member]
Debt Instrument [Line Items]
Face amount of debt issued		78,500,000
Basis spread on variable rate	2.15%
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Face amount of debt issued		13,800,000
Basis spread on variable rate	4.50%
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued		14,600,000
Basis spread on variable rate	3.50%
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class E [Member]
Debt Instrument [Line Items]
Face amount of debt issued		9,200,000
Basis spread on variable rate	5.50%
RCC CRE Notes 2013 Investor, LLC [Member] | CRE Notes 2013 [Member] | Senior Notes Class F [Member]
Debt Instrument [Line Items]
Face amount of debt issued		$6,900,000
Basis spread on variable rate	6.50%

VARIABLE_INTEREST_ENTITIES_VAR2

VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES - BORROWINGS (RCC CRE 2014) (Details) (USD $)	1 Months Ended
	Dec. 31, 2013	Jul. 31, 2014	Dec. 31, 2014
RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued			$30,800,000
CRE Notes 2013 [Member] | RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount	307,800,000
Face amount of debt issued	260,800,000
Percentage of senior notes acquired by the parent	100.00%
Payments by parent to acquire notes issued by VIE	30,000,000
Ownership interests in variable interest entity	100.00%
CRE Notes 2013 [Member] | RCC Commercial [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE	16,900,000
CRE Notes 2013 [Member] | RCC CRE Notes 2013 Investor, LLC [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate			1.45%
CRE Notes 2013 [Member] | RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class A [Member]
Debt Instrument [Line Items]
Face amount of debt issued			136,900,000
Basis spread on variable rate	1.30%
CRE Notes 2013 [Member] | RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued			14,600,000
Basis spread on variable rate	3.50%
CRE Notes 2013 [Member] | RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Face amount of debt issued			13,800,000
Basis spread on variable rate	4.50%
CRE Notes 2013 [Member] | RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class A-S [Member]
Debt Instrument [Line Items]
Face amount of debt issued			78,500,000
Basis spread on variable rate	2.15%
CRE Notes 2013 [Member] | RCC CRE Notes 2013 Investor, LLC [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%
RCC CRE Notes 2014 [Member] | RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount		353,900,000
Face amount of debt issued		253,300,000
Payments by parent to acquire notes issued by VIE		100,900,000
RCC CRE Notes 2014 [Member] | RSO [Member] | Senior Notes Class A [Member]
Debt Instrument [Line Items]
Face amount of debt issued		196,400,000
RCC CRE Notes 2014 [Member] | RSO [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued		17,700,000
Payments by parent to acquire notes issued by VIE		17,700,000
Basis spread on variable rate		4.25%
RCC CRE Notes 2014 [Member] | RSO [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued		$38,900,000
Basis spread on variable rate		2.50%

VARIABLE_INTEREST_ENTITIES_BOR3

VARIABLE INTEREST ENTITIES - BORROWINGS (Moselle CLO S.A.) (Details) (RSO [Member])

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Feb. 28, 2014

Jun. 30, 2007

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Jun. 30, 2007

Feb. 28, 2014

Moselle CLO [Member]

Class 1 Subordinated Notes [Member]

Class 2 Subordinated Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Moselle CLO S.A. Senior Notes [Member]

Senior Notes Class A-1E [Member]

Senior Notes Class A-1E [Member]

Senior Notes Class A-1L [Member]

Senior Notes Class A-1L [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-1LE [Member]

Senior Notes Class A-1LE USD [Member] [Member]

Senior Notes Class A-2E [Member]

Senior Notes Class A-2E [Member]

Senior Notes Class A-2L [Member]

Senior Notes Class A-2L [Member]

Senior Notes Class A-3E [Member]

Senior Notes Class A-3E [Member]

Senior Notes Class A-3L [Member]

Senior Notes Class A-3L [Member]

Senior Notes Class B-1E [Member]

Senior Notes Class B-1E [Member]

Senior Notes Class B-1L [Member]

Senior Notes Class B-1L [Member]

EUR (€)

USD ($)

USD ($)

EUR (€)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

Debt Instrument [Line Items]

Percentage of Outstanding Notes Purchased

100.00%

67.90%

Ownership percentage in VIE

88.60%

Face amount of debt issued

€ 24,900,000

$24,900,000

$10,300,000

€ 10,300,000

€ 13,800,000

$13,800,000

€ 6,800,000

$6,800,000

€ 16,000,000

$16,000,000

Basis spread on variable rate

0.25%

0.25%

0.31%

0.31%

0.40%

0.40%

0.70%

0.75%

1.80%

1.85%

VARIABLE_INTEREST_ENTITIES_BOR4

VARIABLE INTEREST ENTITIES - BORROWINGS (Resource Real Estate Funding CDO 2007-1) (Details) RSO (USD $)	1 Months Ended	12 Months Ended		1 Months Ended
	Jun. 30, 2007	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member]
Debt Instrument [Line Items]
Closing transaction amount	$500,000,000
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class A-1 [Member]
Debt Instrument [Line Items]
Face amount of debt issued	180,000,000
Basis spread on variable rate	0.28%
Debt reinsurance amount		25,000,000
Reissuance Price to par		92.53%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class A-1R [Member]
Debt Instrument [Line Items]
Face amount of debt issued	50,000,000
Basis spread on variable rate	0.32%
Commitment fee percentage, unused capacity balance		0.18%
Repurchase amount of debt			50,000,000	50,000,000
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class A-2 [Member]
Debt Instrument [Line Items]
Face amount of debt issued	57,500,000
Basis spread on variable rate	0.46%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued	22,500,000
Basis spread on variable rate	0.80%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued	7,000,000
Interest rate at period end (in hundredths)	6.42%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Face amount of debt issued	26,800,000
Basis spread on variable rate	0.95%
Repurchase amount of debt			26,800,000	26,800,000
Weighted average price to par paid to repurchase debt		86.85%
Debt reinsurance amount		15,000,000
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class E [Member]
Debt Instrument [Line Items]
Face amount of debt issued	11,900,000
Basis spread on variable rate	1.15%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class F [Member]
Debt Instrument [Line Items]
Face amount of debt issued	11,900,000
Basis spread on variable rate	1.30%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class G [Member]
Debt Instrument [Line Items]
Face amount of debt issued	11,300,000
Basis spread on variable rate	1.55%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class H [Member]
Debt Instrument [Line Items]
Face amount of debt issued	11,300,000
Basis spread on variable rate	2.30%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class J [Member]
Debt Instrument [Line Items]
Face amount of debt issued	11,300,000
Basis spread on variable rate	2.95%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class K [Member]
Debt Instrument [Line Items]
Face amount of debt issued	10,000,000
Basis spread on variable rate	3.25%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class L [Member]
Debt Instrument [Line Items]
Face amount of debt issued	18,800,000
Interest rate at period end (in hundredths)	7.50%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class M [Member]
Debt Instrument [Line Items]
Face amount of debt issued	28,800,000
Interest rate at period end (in hundredths)	8.50%
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class A-1R and Class D [Member]
Debt Instrument [Line Items]
Weighted average price to par paid to repurchase debt			78.85%
Gain on repurchase of debt instrument			14,900,000
RSO [Member] | RREF CDO 2007-1 Senior Notes [Member] | Senior Notes Class A1 and D [Member]
Debt Instrument [Line Items]
Loss on reinsurance		-3,800,000
RCC Real Estate [Member] | RREF CDO 2007-1 Senior Notes [Member]
Debt Instrument [Line Items]
Percentage of senior notes acquired by the parent	100.00%
Payments by parent to acquire notes issued by VIE	68,000,000
Resource Real Estate Funding 2007-1 CDO Investor LLC [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued	265,600,000
Percentage of senior notes acquired by the parent	100.00%
Payments by parent to acquire notes issued by VIE	$41,300,000
Description of variable rate basis				one-month LIBOR

VARIABLE_INTEREST_ENTITIES_BOR5

VARIABLE INTEREST ENTITIES - BORROWINGS (Resource Real Estate Funding CDO 2006-1) (Details) RSO (Resource Real Estate Funding CDO 2006-1 [Member], USD $)	1 Months Ended		12 Months Ended
	Dec. 31, 2013	Aug. 31, 2006	Dec. 31, 2014	Dec. 31, 2013
RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount		$345,000,000
Face amount of debt issued		308,700,000
Description of variable rate basis	one-month LIBOR
RSO [Member] | Senior Notes Class A-1 [Member]
Debt Instrument [Line Items]
Face amount of debt issued		129,400,000
Repayments of debt			110,000,000
Basis spread on variable rate		0.32%
Repurchase amount of debt	4,300,000			4,300,000
Debt reinsurance amount			6,700,000
Reissuance Price to par			98.94%
RSO [Member] | Senior Notes Class A-2 [Member]
Debt Instrument [Line Items]
Face amount of debt issued		17,400,000
Basis spread on variable rate		0.35%
RSO [Member] | Senior Notes Class A-2b [Member]
Debt Instrument [Line Items]
Face amount of debt issued		5,000,000
Interest rate at period end (in hundredths)		5.84%
RSO [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued		6,900,000
Basis spread on variable rate		0.40%
RSO [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued		20,700,000
Basis spread on variable rate		0.62%
Repurchase amount of debt	4,000,000			4,000,000
RSO [Member] | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Face amount of debt issued		15,500,000
Basis spread on variable rate		0.80%
Weighted average price to par paid to repurchase debt			95.56%
Debt reinsurance amount			12,000,000
RSO [Member] | Senior Notes Class A1 and D [Member]
Debt Instrument [Line Items]
Loss on reinsurance			-600,000
RSO [Member] | Senior Notes Class E [Member]
Debt Instrument [Line Items]
Face amount of debt issued		20,700,000
Basis spread on variable rate		1.30%
RSO [Member] | Senior Notes Class F [Member]
Debt Instrument [Line Items]
Face amount of debt issued		19,800,000
Basis spread on variable rate		1.60%
RSO [Member] | Senior Notes Class G [Member]
Debt Instrument [Line Items]
Face amount of debt issued		17,300,000
Basis spread on variable rate		1.90%
RSO [Member] | Senior Notes Class H [Member]
Debt Instrument [Line Items]
Face amount of debt issued		12,900,000
Basis spread on variable rate		3.75%
RSO [Member] | Senior Notes Class J [Member]
Debt Instrument [Line Items]
Face amount of debt issued		14,700,000
Interest rate at period end (in hundredths)		6.00%
RSO [Member] | Senior Notes Class K [Member]
Debt Instrument [Line Items]
Face amount of debt issued		28,400,000
Interest rate at period end (in hundredths)		6.00%
RSO [Member] | Senior Notes Class A-1 and Class C [Member]
Debt Instrument [Line Items]
Weighted average price to par paid to repurchase debt				81.63%
RCC Real Estate [Member] | Senior Notes Class J and K [Member]
Debt Instrument [Line Items]
Face amount of debt issued		43,100,000
Percentage of senior notes acquired by the parent		100.00%
Gain on Extinguishment of Debt [Member] | RCC Real Estate [Member] | Senior Notes Class A-1 and Class C [Member]
Debt Instrument [Line Items]
Gain on repurchase of debt instrument				1,500,000
Resource Real Estate Funding 2006-1 CDO Investor LLC [Member] | RSO [Member]
Debt Instrument [Line Items]
Purchased equity interests		$36,300,000
Percentage of total preference shares (in hundredths)		100.00%

VARIABLE_INTEREST_ENTITIES_BOR6

VARIABLE INTEREST ENTITIES - BORROWINGS (Whitney CLO I) (Details) RSO (RSO [Member], Whitney CLO I, Ltd. [Member], USD $)	Dec. 31, 2014	31-May-13	Oct. 31, 2012
In Thousands, unless otherwise specified
RSO [Member] | Whitney CLO I, Ltd. [Member]
Debt Instrument [Line Items]
Purchased equity interests		$550	$20,900
Purchased equity interests discount, percentage			42.50%
Ownership interests in variable interest entity	68.30%		66.60%

VARIABLE_INTEREST_ENTITIES_BOR7

VARIABLE INTEREST ENTITIES - BORROWINGS (Apidos CLO VIII) (Details) RSO (Apidos CLO VIII Senior Notes [Member], USD $)	Oct. 31, 2011
RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount	$350,000,000
Face amount of debt issued	317,600,000
Discount to investors	4.40%
Percentage of senior note acquired by unrelated third party (in hundredths)	57.00%
RCC Commercial [Member]
Debt Instrument [Line Items]
Purchased equity interests	$15,000,000
Percentage of senior note acquired from VIE (in hundredths)	43.00%

VARIABLE_INTEREST_ENTITIES_BOR8

VARIABLE INTEREST ENTITIES - BORROWINGS (Apidos Cinco CDO) (Details) RSO (Apidos Cinco CDO Senior Notes [Member], USD $)	1 Months Ended	5 Months Ended	1 Months Ended
	Dec. 31, 2013	31-May-07	31-May-07
RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount		$350,000,000	$350,000,000
Description of variable rate basis	LIBOR
RCC Commercial [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE		28,000,000
Percentage of senior notes acquired by the parent		100.00%	100.00%
Senior Notes Class A-1 [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		37,500,000	37,500,000
Basis spread on variable rate			0.24%
Senior Notes Class A-2a [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		200,000,000	200,000,000
Basis spread on variable rate			0.23%
Senior Notes Class A-2b [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		22,500,000	22,500,000
Basis spread on variable rate			0.32%
Senior Notes Class A-3 [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		19,000,000	19,000,000
Basis spread on variable rate			0.42%
Senior Notes Class B [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		18,000,000	18,000,000
Basis spread on variable rate			0.80%
Senior Notes Class C [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		14,000,000	14,000,000
Basis spread on variable rate			2.25%
Senior Notes Class D [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		11,000,000	11,000,000
Basis spread on variable rate			4.25%
Apidos Cinco CDO Ltd [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		$322,000,000	$322,000,000

VARIABLE_INTEREST_ENTITIES_BOR9

VARIABLE INTEREST ENTITIES - BORROWINGS (Apidos CDO III) (Details) RSO (Apidos CDO III Senior Notes [Member], USD $)	1 Months Ended		5 Months Ended
	Dec. 31, 2013	31-May-06	31-May-06
RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount		$285,500,000	$285,500,000
Face amount of debt issued		262,500,000	262,500,000
Description of variable rate basis	3-month LIBOR
RSO [Member] | Senior Notes Class A-1 [Member]
Debt Instrument [Line Items]
Face amount of debt issued		212,000,000	212,000,000
Basis spread on variable rate		0.26%
RSO [Member] | Senior Notes Class A-2 [Member]
Debt Instrument [Line Items]
Face amount of debt issued		19,000,000	19,000,000
Basis spread on variable rate		0.45%
RSO [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued		15,000,000	15,000,000
Basis spread on variable rate		0.75%
RSO [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued		10,500,000	10,500,000
Basis spread on variable rate		1.75%
RSO [Member] | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Face amount of debt issued		6,000,000	6,000,000
Basis spread on variable rate		4.25%
RCC Commercial [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE			$23,000,000
Percentage of senior notes acquired by the parent		100.00%	100.00%

Recovered_Sheet5

VARIABLE INTEREST ENTITIES - BORROWINGS (Unsecured Junior Subordinated Debentures) (Details) RSO (USD $)	12 Months Ended
	Dec. 31, 2014	Jan. 31, 2013	Dec. 31, 2013	31-May-06	Sep. 30, 2006
Debt Instrument [Line Items]
Ownership percentage		10.00%
RSO [Member]
Debt Instrument [Line Items]
Investments in unconsolidated entities	$59,827,000		$69,069,000
Unamortized Issuance Costs and Discounts	18,030,000		16,216,000
RSO [Member] | Unsecured Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Debt issuance costs, amortization period	10 years
Unamortized Issuance Costs and Discounts	343,000		543,000
RSO [Member] | Interest in RCT I [Member]
Debt Instrument [Line Items]
Investments in unconsolidated entities			774,000
RSO [Member] | Interest in RCT I [Member] | Unsecured Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Investments in unconsolidated entities			774,000
RSO [Member] | Interest in RCT II [Member] | Unsecured Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Investments in unconsolidated entities			774,000
RSO [Member] | RCT I entity [Member] | Unsecured Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Face amount of debt issued				25,800,000
Unamortized Issuance Costs and Discounts	160,000		261,000
Interest rate at period end (in hundredths)	4.21%		4.20%
RSO [Member] | RCT II entity [Member] | Unsecured Junior Subordinated Debentures [Member]
Debt Instrument [Line Items]
Face amount of debt issued					25,800,000
Unamortized Issuance Costs and Discounts	$183,000		$282,000
Interest rate at period end (in hundredths)	4.18%		4.19%
Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member] | Interest in RCT II [Member]
Debt Instrument [Line Items]
Variable Interest Entity, Percentage of Total Value of Trusts Held	3.00%
Ownership percentage			100.00%

Recovered_Sheet6

VARIABLE INTEREST ENTITIES - BORROWINGS (Apidos CDO I) (Details) RSO (Apidos CDO I Senior Notes [Member], USD $)	1 Months Ended
	Dec. 31, 2013	Aug. 31, 2005	31-May-06
RSO [Member]
Debt Instrument [Line Items]
Closing transaction amount		350,000,000
Face amount of debt issued		321,500,000
Description of variable rate basis	3-month LIBOR
RSO [Member] | Senior Notes Class A-1 [Member]
Debt Instrument [Line Items]
Face amount of debt issued			259,500,000
Basis spread on variable rate		0.26%
RSO [Member] | Senior Notes Class A-2 [Member]
Debt Instrument [Line Items]
Face amount of debt issued			15,000,000
Basis spread on variable rate		0.42%
RSO [Member] | Senior Notes Class B [Member]
Debt Instrument [Line Items]
Face amount of debt issued			20,500,000
Basis spread on variable rate		0.75%
RSO [Member] | Senior Notes Class C [Member]
Debt Instrument [Line Items]
Face amount of debt issued			13,000,000
Basis spread on variable rate		1.85%
RSO [Member] | Senior Notes Class D [Member]
Debt Instrument [Line Items]
Face amount of debt issued			8,000,000
Interest rate at period end (in hundredths)		9.25%
RCC Commercial [Member]
Debt Instrument [Line Items]
Payments by parent to acquire notes issued by VIE		28,500,000
Percentage of senior notes acquired by the parent		100.00%

Recovered_Sheet7

VARIABLE INTEREST ENTITIES - BORROWINGS (Repurchase and Credit Facilities) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
RSO [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate	2.09%	1.87%
Unamortized Issuance Costs and Discounts	$18,030,000	$16,216,000
RSO [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate	1.16%
Unamortized Issuance Costs and Discounts	36,000
RSO [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate	1.35%	1.38%
Unamortized Issuance Costs and Discounts	0	12,000
RSO [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate	2.43%
Unamortized Issuance Costs and Discounts	1,958,000
RSO [Member] | Residential Mortgage [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate		4.24%
Unamortized Issuance Costs and Discounts		0
Wells Fargo Bank, National Association [Member] | RSO [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	36,000,000
Wells Fargo Bank, National Association [Member] | RSO [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	0	12,000
Wells Fargo Bank, National Association [Member] | RSO [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	1,700,000	732,000
Deutsche Bank AG [Member] | RSO [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	268,000	300,000
Repurchase Agreements [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	399,662,000	91,931,000
Debt Instrument, Fair Value Disclosure	565,554,000	121,622,000
Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	61,189,000	0
Debt Instrument, Fair Value Disclosure	95,511,000	0
Debt Instrument, Number of Positions as Collateral	104	0
Weighted Average Borrowing Rate	2.75%	0.00%
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	10,442,000	0
Debt Instrument, Fair Value Disclosure	17,695,000	0
Debt Instrument, Number of Positions as Collateral	1	0
Weighted Average Borrowing Rate	1.66%	0.00%
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RCC Real Estate [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	150,000,000
Debt Instrument, Fair Value Disclosure	400,000,000
Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	33,783,000	0
Debt Instrument, Fair Value Disclosure	44,751,000	0
Debt Instrument, Number of Positions as Collateral	8	0
Weighted Average Borrowing Rate	1.62%	0.00%
Repurchase Agreements [Member] | New Century Bank [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	41,387,000	11,916,000
Debt Instrument, Fair Value Disclosure	51,961,000	13,089,000
Debt Instrument, Number of Positions as Collateral	158	74
Weighted Average Borrowing Rate	2.82%	4.17%
Repurchase Agreements [Member] | ViewPoint Bank, NA [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	0	2,711,000
Debt Instrument, Fair Value Disclosure	0	3,398,000
Debt Instrument, Number of Positions as Collateral	0	17
Weighted Average Borrowing Rate	0.00%	4.58%
CMBS - Term Repurchase Facilities [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	24,967,000	47,601,000
Debt Instrument, Fair Value Disclosure	30,180,000	56,949,000
Debt Instrument, Number of Positions as Collateral	33	44
Weighted Average Borrowing Rate	1.35%	1.38%
CRE - Term Repurchase Facility [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	179,762,000	30,003,000
Debt Instrument, Fair Value Disclosure	258,223,000	48,186,000
Debt Instrument, Number of Positions as Collateral	15	3
Weighted Average Borrowing Rate	2.38%	2.67%
CRE - Term Repurchase Facility [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	25,920,000	-300,000
Debt Instrument, Fair Value Disclosure	39,348,000	0
Debt Instrument, Number of Positions as Collateral	2	0
Weighted Average Borrowing Rate	2.78%	0.00%
RMBS - Term Repurchase Facility [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]
Debt Instrument [Line Items]
Outstanding Borrowings	22,212,000	0
Debt Instrument, Fair Value Disclosure	$27,885,000	$0
Debt Instrument, Number of Positions as Collateral	6	0
Weighted Average Borrowing Rate	1.16%	0.00%

Recovered_Sheet8

VARIABLE INTEREST ENTITIES - BORROWINGS (6% Convertible Senior Notes) (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Oct. 21, 2013
Debt Instrument [Line Items]
Reissuance of debt	$0	$0
RSO [Member]
Debt Instrument [Line Items]
Reissuance of debt			52,663,000
RSO [Member] | Six Percent Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Face amount of debt issued				115,000,000
Reissuance of debt				111,100,000
Unamortized discount				$4,900,000
Interest rate				6.00%
Debt Instrument, Convertible, Conversion Price				$6.66
Debt Conversion, Converted Instrument, Shares Issuable Upon Conversion				150.1502

Recovered_Sheet9

VARIABLE INTEREST ENTITIES - BORROWINGS (Linked Transactions) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
RSO [Member]
Debt Instrument [Line Items]
Linked transactions, net at fair value	$15,367,000	$30,066,000
Weighted Average Borrowing Rate	2.09%	1.87%
Unamortized Issuance Costs and Discounts	18,030,000	16,216,000
RSO [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate	1.35%	1.38%
Unamortized Issuance Costs and Discounts	0	12,000
RSO [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Weighted Average Borrowing Rate	2.43%
Unamortized Issuance Costs and Discounts	1,958,000
RSO [Member] | Wells Fargo Bank, National Association [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	0	12,000
RSO [Member] | Wells Fargo Bank, National Association [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Unamortized Issuance Costs and Discounts	1,700,000	732,000
Linked Transactions [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued	33,397,000	64,094,000
Linked transactions, net at fair value	48,605,000	93,823,000
Linked Transactions [Member] | RSO [Member] | JP Morgan Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued	0	0
Linked transactions, net at fair value	0	0
Debt Instrument, Number of Positions as Collateral	0	0
Weighted Average Borrowing Rate	0.00%	0.00%
Repurchase Agreements [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued	399,662,000	91,931,000
Repurchase Agreements [Member] | RSO [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued	10,442,000	0
Debt Instrument, Number of Positions as Collateral	1	0
Weighted Average Borrowing Rate	1.66%	0.00%
Repurchase Agreements [Member] | RSO [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Face amount of debt issued	33,783,000	0
Debt Instrument, Number of Positions as Collateral	8	0
Weighted Average Borrowing Rate	1.62%	0.00%
Repurchase Agreements [Member] | RSO [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Face amount of debt issued	61,189,000	0
Debt Instrument, Number of Positions as Collateral	104	0
Weighted Average Borrowing Rate	2.75%	0.00%
Repurchase Agreements [Member] | RCC Real Estate [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued	150,000,000
Repurchase Agreements [Member] | Linked Transactions [Member] | RSO [Member] | JP Morgan Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued	0	17,020,000
Linked transactions, net at fair value	0	24,814,000
Debt Instrument, Number of Positions as Collateral	0	4
Weighted Average Borrowing Rate	0.00%	0.99%
Repurchase Agreements [Member] | Linked Transactions [Member] | RSO [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued	4,108,000	21,969,000
Linked transactions, net at fair value	6,233,000	30,803,000
Debt Instrument, Number of Positions as Collateral	2	9
Weighted Average Borrowing Rate	1.37%	1.19%
Repurchase Agreements [Member] | Linked Transactions [Member] | RSO [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Face amount of debt issued	24,348,000	18,599,000
Linked transactions, net at fair value	36,001,000	29,861,000
Debt Instrument, Number of Positions as Collateral	10	9
Weighted Average Borrowing Rate	1.57%	1.43%
CMBS - Term Repurchase Facilities [Member] | RSO [Member]
Debt Instrument [Line Items]
Linked transactions, net at fair value	159,000	337,000
CMBS - Term Repurchase Facilities [Member] | Linked Transactions [Member] | RSO [Member]
Debt Instrument [Line Items]
Linked transactions, net at fair value	20,000	38,000
CMBS - Term Repurchase Facilities [Member] | Linked Transactions [Member] | RSO [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Face amount of debt issued	4,941,000	6,506,000
Linked transactions, net at fair value	6,371,000	8,345,000
Debt Instrument, Number of Positions as Collateral	7	7
Weighted Average Borrowing Rate	1.67%	1.65%
CMBS - Term Repurchase Facilities [Member] | Repurchase Agreements [Member] | RSO [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Face amount of debt issued	$24,967,000	$47,601,000
Debt Instrument, Number of Positions as Collateral	33	44
Weighted Average Borrowing Rate	1.35%	1.38%

Recovered_Sheet10

VARIABLE INTEREST ENTITIES - BORROWINGS (Amount at Risk Under Repurchase Facilities) (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
RSO [Member]
Debt Instrument [Line Items]
Outstanding Bowwings		$1,716,871,000	$1,319,810,000
Debt Instrument, Maturity Date Free Form	13 years 1 month	10 years 0 months
Weighted Average Borrowing Rate		2.09%	1.87%
RSO [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Outstanding Bowwings		24,967,000	47,601,000
Debt Instrument, Maturity Date Free Form	21 days	20 days
Weighted Average Borrowing Rate		1.35%	1.38%
RSO [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Outstanding Bowwings		22,212,000
Debt Instrument, Maturity Date Free Form		1 day
Weighted Average Borrowing Rate		1.16%
RSO [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Outstanding Bowwings		205,682,000
Debt Instrument, Maturity Date Free Form		20 days
Weighted Average Borrowing Rate		2.43%
RSO [Member] | Residential Mortgage Financing Agreements [Member]
Debt Instrument [Line Items]
Outstanding Bowwings		102,576,000
Debt Instrument, Maturity Date Free Form		207 days
Weighted Average Borrowing Rate		2.78%
RSO [Member] | Wells Fargo Bank, National Association [Member] | Linked and Non-linked Transactions [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		6,486,000	10,796,000
Debt Instrument, Maturity Date Free Form		20 days	21 days
Weighted Average Borrowing Rate		1.35%	1.38%
RSO [Member] | Wells Fargo Bank, National Association [Member] | Linked and Non-linked Transactions [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		5,017,000
Debt Instrument, Maturity Date Free Form		1 day
Weighted Average Borrowing Rate		1.16%
RSO [Member] | Wells Fargo Bank, National Association [Member] | Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		76,148,000	20,718,000
Debt Instrument, Maturity Date Free Form		20 days	21 days
Weighted Average Borrowing Rate		2.38%	2.67%
RSO [Member] | Wells Fargo Securities, LLC [Member] | Linked and Non-linked Transactions [Member] | Residential Mortgage Financing Agreements [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		6,902,000
Debt Instrument, Maturity Date Free Form		183 days
Weighted Average Borrowing Rate		2.75%
RSO [Member] | Deutsche Bank Securities, Inc [Member] | Linked and Non-linked Transactions [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		13,017,000
Debt Instrument, Maturity Date Free Form		19 days
Weighted Average Borrowing Rate		2.78%
RSO [Member] | New Century Bank [Member] | Linked and Non-linked Transactions [Member] | Residential Mortgage Financing Agreements [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		853,000
Debt Instrument, Maturity Date Free Form		242 days
Weighted Average Borrowing Rate		2.82%
RSO [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Face amount of debt issued		399,662,000	91,931,000
RSO [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Face amount of debt issued		61,189,000	0
Weighted Average Borrowing Rate		2.75%	0.00%
RSO [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | Linked and Non-linked Transactions [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk			8,925,000
Debt Instrument, Maturity Date Free Form			2 days
Weighted Average Borrowing Rate			1.19%
RSO [Member] | Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Face amount of debt issued		24,967,000	47,601,000
Weighted Average Borrowing Rate		1.35%	1.38%
RSO [Member] | Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member] | Linked and Non-linked Transactions [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		0	7,882,000
Debt Instrument, Maturity Date Free Form		0 days	11 days
Weighted Average Borrowing Rate		0.00%	0.99%
RSO [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued		10,442,000	0
Weighted Average Borrowing Rate		1.66%	0.00%
RSO [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | Linked and Non-linked Transactions [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		2,127,000
Debt Instrument, Maturity Date Free Form		9 days
Weighted Average Borrowing Rate		1.66%
RSO [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Face amount of debt issued		33,783,000	0
Weighted Average Borrowing Rate		1.62%	0.00%
RSO [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member] | Linked and Non-linked Transactions [Member]
Debt Instrument [Line Items]
Repurchase Agreement Counterparty, Amount at Risk		11,810,000	11,418,000
Debt Instrument, Maturity Date Free Form		20 days	22 days
Weighted Average Borrowing Rate		1.62%	1.43%
RSO [Member] | Repurchase Agreements [Member] | New Century Bank [Member]
Debt Instrument [Line Items]
Face amount of debt issued		41,387,000	11,916,000
Weighted Average Borrowing Rate		2.82%	4.17%
RCC Real Estate [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued		150,000,000
Linked Transactions [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued		33,397,000	64,094,000
Linked Transactions [Member] | RSO [Member] | Wells Fargo Bank, National Association [Member] | CMBS - Term Repurchase Facilities [Member]
Debt Instrument [Line Items]
Face amount of debt issued		4,941,000	6,506,000
Weighted Average Borrowing Rate		1.67%	1.65%
Linked Transactions [Member] | RSO [Member] | JP Morgan Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued		0	0
Weighted Average Borrowing Rate		0.00%	0.00%
Linked Transactions [Member] | RSO [Member] | Repurchase Agreements [Member] | JP Morgan Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued		0	17,020,000
Weighted Average Borrowing Rate		0.00%	0.99%
Linked Transactions [Member] | RSO [Member] | Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member]
Debt Instrument [Line Items]
Face amount of debt issued		4,108,000	21,969,000
Weighted Average Borrowing Rate		1.37%	1.19%
Linked Transactions [Member] | RSO [Member] | Repurchase Agreements [Member] | Deutsche Bank Securities, Inc [Member]
Debt Instrument [Line Items]
Face amount of debt issued		$24,348,000	$18,599,000
Weighted Average Borrowing Rate		1.57%	1.43%

Recovered_Sheet11

VARIABLE INTEREST ENTITIES - BORROWINGS (RMBS - Term Repurchase Facility) (Details) (RCC Residential Portfolio Inc. and RCC Residential Portfolio TRS Inc. [Member], Wells Fargo Bank, National Association [Member], RMBS - Term Repurchase Facility [Member], USD $)	1 Months Ended
	Jun. 30, 2014
RCC Residential Portfolio Inc. and RCC Residential Portfolio TRS Inc. [Member] | Wells Fargo Bank, National Association [Member] | RMBS - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Face amount of debt issued	$285,000,000
Debt instrument term	1 year
Debt instrument term, option to extend	1 year
Debt instrument, maximum interest rate	1.45%

Recovered_Sheet12

VARIABLE INTEREST ENTITIES - BORROWINGS (CMBS Term Repurchase Facility) (Details) RSO (Wells Fargo Bank, National Association [Member], RCC Real Estate And RCC Commercial [Member], CMBS - Term Repurchase Facilities [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Debt instrument term	2 years
Debt instrument term, option to extend	1 year
Description of variable rate basis	one-month LIBOR
Basis spread on variable rate	1.00%
Debt instrument, structuring fee, percent		0.25%
Line of credit facility, extension fee percentage (in hundredths)	0.25%
Maximum [Member]
Debt Instrument [Line Items]
Face amount of debt issued		100,000,000

Recovered_Sheet13

VARIABLE INTEREST ENTITIES - BORROWINGS (CRE - Term Repurchase Facilities) (Details) RSO (USD $)	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Apr. 12, 2013	Dec. 31, 2013	Feb. 27, 2012	Jul. 19, 2013
		extension
Wells Fargo Bank, National Association [Member] | RSO [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Availability		$250,000,000		$150,000,000
Debt instrument term	18 months
Origination fee, percentage			0.38%
Debt instrument term, option to extend	1 year
Wells Fargo Bank, National Association [Member] | RSO [Member] | Maximum [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Debt instrument term, number of options to extend		2
Structuring fee		101,000
Extension fee		938,000
Deutsche Bank AG [Member] | RCC Real Estate SPE 5 [Member]
Debt Instrument [Line Items]
Debt instrument, structuring fee, percent					0.25%
Deutsche Bank AG [Member] | RCC Real Estate SPE 5 [Member] | CRE - Term Repurchase Facility [Member]
Debt Instrument [Line Items]
Covenant Requirement, maximum judgment allowed against subsidiary	100,000
Covenant requirement, maximum judgment allowed against company	5,000,000
Repurchase Agreements [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued	399,662,000		91,931,000
Debt instrument, fair value	565,554,000		121,622,000
Repurchase Agreements [Member] | Wells Fargo Bank, National Association [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued	61,189,000		0
Debt instrument, fair value	95,511,000		0
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RCC Real Estate [Member]
Debt Instrument [Line Items]
Structuring fee	1,600,000
Face amount of debt issued	150,000,000
Debt instrument, fair value	400,000,000
Repurchase Agreements [Member] | Wells Fargo Securities, LLC [Member] | RSO [Member]
Debt Instrument [Line Items]
Face amount of debt issued	10,442,000		0
Debt instrument, fair value	17,695,000		0

Recovered_Sheet14

VARIABLE INTEREST ENTITIES - BORROWINGS (Short-Term Repurchase Agreements) (Details) RSO (Deutsche Bank Securities, Inc [Member], RCC Real Estate [Member], Repurchase Agreements [Member])	0 Months Ended
	Mar. 08, 2005
Deutsche Bank Securities, Inc [Member] | RCC Real Estate [Member] | Repurchase Agreements [Member]
Debt Instrument [Line Items]
Debt instrument term	12 months

Recovered_Sheet15

VARIABLE INTEREST ENTITIES - BORROWINGS (Residential Mortgage Financing Agreements) (Details) (USD $)	12 Months Ended	1 Months Ended
	Dec. 31, 2014	Jul. 31, 2014
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	300.00%
Primary Capital Advisors LC [Member] | ViewPoint Bank, NA [Member]
Debt Instrument [Line Items]
Availability	15,000,000
Number of amendments to facility	5
Basis spread on variable rate	4.00%
Primary Capital Advisors LC [Member] | New Century Bank [Member]
Debt Instrument [Line Items]
Availability	30,000,000
Number of amendments to facility	7
Covenant Requirement, maximum judgment allowed against subsidiary	10,000
Covenant requirement, maximum judgment allowed against subsidiary or guarantor	50,000
Minimum maintenance balance account required to be maintained	1,500,000
Primary Capital Advisors LC [Member] | New Century Bank [Member] | LIBOR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.63%
Primary Capital Advisors LC [Member] | New Century Bank [Member] | LIBOR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.88%
Primary Capital Advisors LLC [Member] | Wells Fargo Bank, National Association [Member]
Debt Instrument [Line Items]
Line of credit facility, amount outstanding		75,000,000
Primary Capital Advisors LLC [Member] | Wells Fargo Bank, National Association [Member] | Jumbo Mortgage Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		3.00%
Primary Capital Advisors LLC [Member] | Wells Fargo Bank, National Association [Member] | Other Debt Obligations [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Primary Capital Advisors LLC [Member] | Wells Fargo Bank, National Association [Member] | Minimum [Member] | Jumbo Mortgage Loans [Member]
Debt Instrument [Line Items]
Debt instrument term		180 days
RSO [Member]
Debt Instrument [Line Items]
Covenant requirement, maximum judgment allowed against subsidiary or guarantor	250,000

Recovered_Sheet16

VARIABLE INTEREST ENTITIES - BORROWINGS (Senior Secured Revolving Credit Facility) (Details) RSO (USD $)	12 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2014	Sep. 30, 2014	Sep. 18, 2014
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	300.00%
RSO [Member] | Northport LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of facility			$225,000,000	$110,000,000
Additional borrowing capacity of facility			15,000,000
Effective commitment of facility			125,000,000
Commitment fee percentage, unused capacity balance	35.00%
Line of credit facility, amount outstanding	11,500,000	11,500,000
RSO [Member] | Northport LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.38%
RSO [Member] | Northport LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	1.00%	0.50%
RSO [Member] | Northport LLC [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
RSO [Member] | Northport LLC [Member] | Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Northport LLC [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Ramp Up Period		6 months
Northport LLC [Member] | Revolving Credit Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%

VARIABLE_INTEREST_ENTITIES_REL

VARIABLE INTEREST ENTITIES - RELATED PARTY TRANSACTIONS (Relationship with LEAF Commercial Capital) (Details) (USD $)	12 Months Ended			0 Months Ended					12 Months Ended	15 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 11, 2013	Feb. 15, 2012	Sep. 03, 2011	Jun. 03, 2011	Mar. 05, 2010	Mar. 05, 2011	Jun. 01, 2011
Related Party Transaction [Line Items]
Equity in (losses) earnings of unconsolidated entities	$4,199,000	$5,389,000	$4,083,000
RSO [Member]
Related Party Transaction [Line Items]
Provision for loan losses	1,804,000	3,020,000	16,818,000
Equity in (losses) earnings of unconsolidated entities	4,767,000	949,000	-2,709,000
Investments in unconsolidated entities	59,827,000	69,069,000
RSO [Member] | Lease Equity Appreciation Fund II [Member]
Related Party Transaction [Line Items]
Maximum amount of facility								8,000,000
Credit facility term period									1 year
Credit facility interest rate							10.00%		12.00%	12.00%
Commitment fee percentage								1.00%
Line of credit facility, extension fee percentage (in hundredths)				1.00%	1.00%	1.00%
Provision for loan losses	1,300,000
Line of credit facility, amount outstanding	2,100,000
LEAF Commercial Capital Inc [Member] | RSO [Member]
Related Party Transaction [Line Items]
Equity in (losses) earnings of unconsolidated entities	1,600,000	183,000	3,300,000
Variable Interest Entity, Not Primary Beneficiary [Member] | LEAF Commercial Capital Inc [Member] | RSO [Member]
Related Party Transaction [Line Items]
Investments in unconsolidated entities	$39,400,000	$41,000,000

VARIABLE_INTEREST_ENTITIES_REL1

VARIABLE INTEREST ENTITIES - RELATED PARTY TRANSACTIONS (Relationship with CVC Credit Partners, LLC) (Details) RSO (USD $)	12 Months Ended			1 Months Ended	0 Months Ended	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 31, 2012	Feb. 24, 2011	Jul. 31, 2013	Jan. 31, 2013	31-May-13
Related Party Transaction [Line Items]
Ownership percentage							10.00%
Equity in (losses) earnings of unconsolidated entities	$4,199,000	$5,389,000	$4,083,000
Resource America [Member] | CVC Capital Partners [Member]
Related Party Transaction [Line Items]
Ownership percentage		33.00%
RSO [Member]
Related Party Transaction [Line Items]
Preferred equity acquired				66.60%
Equity in (losses) earnings of unconsolidated entities	4,767,000	949,000	-2,709,000
Investments in unconsolidated entities	59,827,000	69,069,000
RSO [Member] | Churchill Pacific Asset Management LLC [Member]
Related Party Transaction [Line Items]
Ownership percentage					100.00%
Purchase price of acquired entity paid by acquiring entity					22,500,000
Assets under management, carrying amount		1,900,000,000
Apidos Capital Management LLC [Member] | CVC Capital Partners [Member]
Related Party Transaction [Line Items]
Percentage of subordinated fees the company is entitled to collect (in hundredths)		10.00%
Percentage of incentive fees the company is entitled to collect (in hundredths)		50.00%
Subordinated fees received	1,300,000	643,000	800,000
Ownership interests in variable interest entity								68.30%
CVC Global Credit Opportunities Fund, LP [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member]
Related Party Transaction [Line Items]
Payments to Acquire Equity Method Investments						15,000,000
Investment management fee, percentage	1.50%
Equity in (losses) earnings of unconsolidated entities	2,000,000	1,200,000
Investments in unconsolidated entities	$18,200,000	$16,200,000

VARIABLE_INTEREST_ENTITIES_REL2

VARIABLE INTEREST ENTITIES - RELATED PARTY TRANSACTIONS (Relationship with Ledgewood) (Details) RSO (RSO [Member], Ledgewood [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
RSO [Member] | Ledgewood [Member]
Related Party Transaction [Line Items]
Legal fees	$280	$360	$438

VARIABLE_INTEREST_ENTITIES_FAI

VARIABLE INTEREST ENTITIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) RSO (RSO [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses included in earnings	$0	$328,000	$42,000
Outstanding Bowwings	1,716,871,000	1,319,810,000
Fair value adjustments in earnings	7,500,000
Notes Payable	1,734,901,000	1,336,026,000
Provision for loan losses	1,804,000	3,020,000	16,818,000
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of warrants	898,000
Derivative assets, at fair value	970,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Out of Level 2	31,545,000
Transfers into level 3	0
Outstanding Bowwings	111,137,000
Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Moselle CLO Notes	68,940,000
Recurring Basis [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Moselle CLO Notes	68,940,000
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Provision for loan losses	1,300,000	3,100,000	7,800,000
Moselle CLO [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Bowwings	176,900,000
Apidos Cinco CDO Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Bowwings	255,463,000	321,147,000
Total Note Paydowns	100,300,000
Notes Payable	255,664,000	322,000,000
Moselle CLO S.A. Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Bowwings	63,321,000
Total Note Paydowns	0
Notes Payable	63,321,000
Moselle CLO S.A. Securitized Borrowings [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding Bowwings	5,619,000
Notes Payable	5,619,000
RMBS [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Out of Level 2	31,545,000
Transfers into level 3	$0

VARIABLE_INTEREST_ENTITIES_FAI1

VARIABLE INTEREST ENTITIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value) (Details) RSO (USD $)	Dec. 31, 2014	Dec. 31, 2013
Assets:
Investment securities, trading	$475,000	$317,000
Investment securities available-for-sale	9,065,000	7,522,000
RSO [Member]
Assets:
Investment securities, trading	20,786,000	11,558,000
Investment securities available-for-sale	275,720,000	215,206,000
CMBS - linked transactions	15,367,000	30,066,000
Derivatives, at fair value	5,304,000	0
RSO [Member] | Recurring Basis [Member]
Assets:
Investment securities, trading	20,786,000	11,558,000
Investment securities available-for-sale	275,720,000	209,837,000
CMBS - linked transactions	15,367,000	30,066,000
Derivatives, at fair value	5,304,000
Total assets at fair value	317,177,000	251,461,000
Liabilities:
Moselle CLO Notes	68,940,000
Derivatives (net)	8,476,000	10,586,000
Total liabilities at fair value	77,416,000	10,586,000
RSO [Member] | Recurring Basis [Member] | Level 1 [Member]
Assets:
Investment securities, trading	0	0
Investment securities available-for-sale	0	2,370,000
CMBS - linked transactions	0	0
Derivatives, at fair value	3,429,000
Total assets at fair value	3,429,000	2,370,000
Liabilities:
Moselle CLO Notes	0
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	33,158,000	92,000
CMBS - linked transactions	0	0
Derivatives, at fair value	7,000
Total assets at fair value	33,165,000	92,000
Liabilities:
Moselle CLO Notes	0
Derivatives (net)	0	395,000
Total liabilities at fair value	0	395,000
RSO [Member] | Recurring Basis [Member] | Level 3 [Member]
Assets:
Investment securities, trading	20,786,000	11,558,000
Investment securities available-for-sale	242,562,000	207,375,000
CMBS - linked transactions	15,367,000	30,066,000
Derivatives, at fair value	1,868,000
Total assets at fair value	280,583,000	248,999,000
Liabilities:
Moselle CLO Notes	68,940,000
Derivatives (net)	8,476,000	10,191,000
Total liabilities at fair value	$77,416,000	$10,191,000

VARIABLE_INTEREST_ENTITIES_FAI2

VARIABLE INTEREST ENTITIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets Measured on Recurring Basis) (Details) RSO (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Total gains or losses (realized/unrealized):
Sales	($6,286)
RSO [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year		248,999
Total gains or losses (realized/unrealized):
Included in earnings		301
Purchases		253,377
Sales		-151,483
Paydowns		-58,809
Included in OCI		17,875
Transfers into of Level 2		-31,545
Transfers into level 3		0
Balance, end of year		278,715
CMBS Including Linked Transactions [Member] | RSO [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year		210,785
Total gains or losses (realized/unrealized):
Included in earnings		235
Purchases		123,671
Sales		-110,825
Paydowns		-43,891
Included in OCI		5,797
Transfers into of Level 2		0
Transfers into level 3		0
Balance, end of year		185,772
Asset-backed Securities [Member] | RSO [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year		26,656
Total gains or losses (realized/unrealized):
Included in earnings		3,740
Purchases		79,289
Sales		-38,262
Paydowns		-11,928
Included in OCI		12,662
Transfers into of Level 2		0
Transfers into level 3		0
Balance, end of year		72,157
RMBS [Member] | RSO [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year		451
Total gains or losses (realized/unrealized):
Included in earnings		-36
Purchases		31,058
Sales		0
Paydowns		-825
Included in OCI		897
Transfers into of Level 2		-31,545
Transfers into level 3		0
Balance, end of year		0
Structured notes [Member] | RSO [Member] | Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of year		11,107
Total gains or losses (realized/unrealized):
Included in earnings		-3,638
Purchases		19,359
Sales		-2,396
Paydowns		-2,165
Included in OCI		-1,481
Transfers into of Level 2		0
Transfers into level 3		0
Balance, end of year		$20,786

VARIABLE_INTEREST_ENTITIES_FAI3

VARIABLE INTEREST ENTITIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Liabilities Measured on Recurring Basis) (Details) RSO (RSO [Member], Level 3 [Member], Derivative Financial Instruments, Liabilities [Member], USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
RSO [Member] | Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$10,191	$14,077
Unrealized losses b included in accumulated other comprehensive income	-1,715	-3,886
Ending balance	$8,476	$10,191

VARIABLE_INTEREST_ENTITIES_FAI4

VARIABLE INTEREST ENTITIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities, Quantitative Information) (Details) RSO (RSO [Member], Fair Value, Measurements, Nonrecurring [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale, fair value	$36,956	$21,916
Impaired loans, fair value	139,489	225
Total assets at fair value	176,445	22,141
Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale, fair value	0	0
Impaired loans, fair value	0	0
Total assets at fair value	0	0
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale, fair value	36,956	6,850
Impaired loans, fair value	1,678	225
Total assets at fair value	38,634	7,075
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Loans held for sale, fair value	0	15,066
Impaired loans, fair value	137,811	0
Total assets at fair value	$137,811	$15,066

VARIABLE_INTEREST_ENTITIES_FAI5

VARIABLE INTEREST ENTITIES - FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, by Balance Sheet Grouping) (Details) RSO (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	$1,925,980	$1,369,526
Loans receivable-related party	1,277	6,966
CDO notes	1,046,493	1,070,339
Junior subordinated notes	51,205	51,005
Repurchase agreements	399,662	77,304
Outstanding Bowwings	1,716,871	1,319,810
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	1,909,019	1,358,434
Loans receivable-related party	1,277	6,966
CDO notes	975,762	653,617
Junior subordinated notes	17,699	17,499
Repurchase agreements	399,662	77,304
Outstanding Bowwings	111,137
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	0	0
Loans receivable-related party	0	0
CDO notes	0	0
Junior subordinated notes	0	0
Repurchase agreements	0	0
Outstanding Bowwings	0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	570,071	545,352
Loans receivable-related party	0	0
CDO notes	0	653,617
Junior subordinated notes	0	0
Repurchase agreements	0	0
Outstanding Bowwings	0
Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans held-for-investment	1,338,948	813,082
Loans receivable-related party	1,277	6,966
CDO notes	975,762	0
Junior subordinated notes	17,699	17,499
Repurchase agreements	399,662	77,304
Outstanding Bowwings	111,137
Discounted Cash Flow Technique [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	8,476
Interest Rate Swap [Member] | Discounted Cash Flow Technique [Member] | Derivative Financial Instruments, Liabilities [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average credit spreads	5.12%
Senior Secured Revolving Credit Agreement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Outstanding Bowwings	$111,137

VARIABLE_INTEREST_ENTITIES_INC

VARIABLE INTEREST ENTITIES - INCOME TAXES (Components of Income Taxes) (Details) RSO (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred:
Total income tax provision	$3,641
RSO [Member]
Current:
Federal	6,819	4,601	11,497
State	2,505	1,068	776
Total current tax provision	9,324	5,669	12,273
Deferred:
Federal	-9,450	-5,116	1,769
State	-2,086	-1,594	560
Total deferred tax provision	-11,536	-6,710	2,329
Total income tax provision	($2,212)	($1,041)	$14,602

VARIABLE_INTEREST_ENTITIES_INC1

VARIABLE INTEREST ENTITIES - INCOME TAXES (Reconciliation Between Federal Statutory Income Tax Rate and Effective Income Tax Rate) (Details) RSO (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Total income tax provision	$3,641
RSO [Member]
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Statutory tax rate	-2,232	-588	9,518
State and local taxes, net of federal benefit	-375	-728	225
Permanent adjustments	41	2	32
Subpart F income	0	0	3,458
Basis difference in LCC investment	0	0	0
True-up of period tax expense	353	253	0
Other items	1	20	1,369
Total income tax provision	($2,212)	($1,041)	$14,602

VARIABLE_INTEREST_ENTITIES_INC2

VARIABLE INTEREST ENTITIES - INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) RSO (RSO [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
RSO [Member]
Deferred tax assets related to:
Investment in securities	$1,030	$118
Intangible assets basis difference	2,533	2,725
Federal, state and local loss carryforwards	7,848	941
Subpart F income	0	1,359
Partnership investment	0	2
Deferred revenue	207	23
Accrued expenses	56	44
Amortization of intangibles	766	0
Unrealized gains losses	1,799	0
Mark to market adjustment	188	0
Charitable contribution carryforward	6	0
Equity compensation	167	0
Gain (loss) on sale of investments	116	0
Partnership investment	-1,622	0
Gross deferred tax assets	13,094	5,212
Valuation allowance	0	0
Deferred tax assets, net	13,094	5,212
Deferred tax liabilities related to:
Unrealized loss on investments	-366	-3,764
Equity investments	0	-153
Basis difference in LCC investment	0	-195
Depreciation	-1	0
Accrued expenses	-3	0
Partnership investment	-90	0
Total deferred tax liabilities	-460	-4,112
Deferred tax assets, net	$12,634	$1,100

VARIABLE_INTEREST_ENTITIES_INC3

VARIABLE INTEREST ENTITIES - INCOME TAXES (Details) RSO (USD $)	0 Months Ended
	Sep. 10, 2013	Feb. 24, 2014	Nov. 06, 2014	Mar. 27, 2014	Jul. 03, 2014	Dec. 31, 2014
Variable Interest Entity [Line Items]
Operating loss carryforwards						$170,900,000
Federal, foreign, state and local operating loss carryforwards						9,900,000
RSO [Member]
Variable Interest Entity [Line Items]
Operating loss carryforwards						33,800,000
Federal, foreign, state and local operating loss carryforwards						6,100,000
Harvest CLO VII Limited [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE	9.50%
Moselle CLO S.A. [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE	88.60%	88.60%
Harvest CLO X [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE	32.10%		32.10%
Harvest CLO VIII Limited [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE	12.60%			12.60%
Harvest X Investor [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Ownership percentage in VIE	55.00%				55.00%
Internal Revenue Service (IRS) [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Operating loss carryforwards						15,500,000
State and Local [Member] | RSO [Member]
Variable Interest Entity [Line Items]
Operating loss carryforwards						$18,200,000

VARIABLE_INTEREST_ENTITIES_RAI

VARIABLE INTEREST ENTITIES - (RAI Other VIEs - VIEs not consolidated) (Details) (USD $)	Dec. 31, 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	$30,303	$30,923
RSO [Member] | 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	1,534
RSO [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | RRE Opportunity REIT [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
RSO [Member] | 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	204
RSO [Member] | 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	614
RSO [Member] | 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	204
RSO [Member] | Receivables from Managed Entities and Related Parties [Member] | RRE Opportunity REIT [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
RSO [Member] | 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	204
RSO [Member] | 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
RSO [Member] | Investments [Member]
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]
Investments	1,330
RSO [Member] | Investments [Member] | RRE Opportunity REIT [Member]
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]
Investments	716
RSO [Member] | Investments [Member] | Ischus Entities [Member]
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]
Investments	0
RSO [Member] | Investments [Member] | Trapeza entities [Member]
Carrying amounts of assets of nonconsolidated VIEs and maximum exposure to loss associated with these VIEs [Abstract]
Investments	$614

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	12 Months Ended		0 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Jan. 13, 2015	Feb. 24, 2015	Dec. 31, 2014	Jan. 23, 2015
Subsequent Event [Line Items]
Reissuance of debt	$0	$0
Eight Percent Convertible Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Face amount of debt issued			100,000,000
Interest rate			8.00%
Reissuance of debt			97,000,000
Moselle CLO S.A. Senior Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Face amount of debt issued						23,000,000
RCC CRE Notes 2015 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Face amount of debt issued				282,100,000
Closing transaction amount				346,200,000
Percentage of senior notes acquired by the parent				100.00%
Payments by parent to acquire notes issued by VIE				27,700,000
Basis spread on variable rate				190.00%
Senior Notes Class E [Member] | RCC CRE Notes 2015 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of senior notes acquired by the parent				100.00%
Senior Notes Class E and F [Member] | RCC CRE Notes 2015 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments by parent to acquire notes issued by VIE				$36,300,000
LIBOR [Member]
Subsequent Event [Line Items]
Basis spread on variable rate					300.00%
LIBOR [Member] | RCC CRE Notes 2015 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Description of variable rate basis				LIBOR

VALUATION_AND_QUALIFYING_ACCOU1

VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for management fees b commercial finance [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$36,229	$29,586	$10,307
Additions Charged to Costs and Expenses	3,123	6,643	19,279
Amounts Written-off Against the Allowance, Net of Recoveries	-22,362	0	0
Balance at End of Year	16,990	36,229	29,586
Allowance for management fees b real estate [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	0	2,517	2,268
Additions Charged to Costs and Expenses	0	-2,518	389
Amounts Written-off Against the Allowance, Net of Recoveries	0	1	-140
Balance at End of Year	0	0	2,517
Allowance for doubtful accountsb financial fund management [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	0	457	0
Additions Charged to Costs and Expenses	0	199	457
Amounts Written-off Against the Allowance, Net of Recoveries	0	-656	0
Balance at End of Year	0	0	457
Allowance for investments in commercial finance assets: [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	0	0	0
Additions Charged to Costs and Expenses	-62	-42	-16
Amounts Written-off Against the Allowance, Net of Recoveries	62	42	16
Balance at End of Year	0	0	0
Allowance for rent receivables: [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	14	68	29
Additions Charged to Costs and Expenses	-3	-17	39
Amounts Written-off Against the Allowance, Net of Recoveries	-11	-37	0
Balance at End of Year	$0	$14	$68

REAL_ESTATE_AND_ACCUMULATED_DE1

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010
In Thousands, unless otherwise specified
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$10,531
Initial Cost to Company, Buildings and Land Improvements	13,061
Cost Capitalized Subsequent to Acquisition, Improvements Carrying Costs	7,125
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	20,186	19,951	19,987	21,389
Accumulated Depreciation	-9,188
Hotel Savannah, GA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,531
Initial Cost to Company, Buildings and Land Improvements	10,187
Cost Capitalized Subsequent to Acquisition, Improvements Carrying Costs	6,580
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	16,767
Accumulated Depreciation	-6,657
Commercial Philadelphia, PA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Buildings and Land Improvements	2,874
Cost Capitalized Subsequent to Acquisition, Improvements Carrying Costs	545
Gross Amount at which Carried at Close of Period, Buildings and Land Improvements Total	3,419
Accumulated Depreciation	($2,531)

REAL_ESTATE_AND_ACCUMULATED_DE2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Reconciliation) (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2010
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of year	$19,951	$19,987		$21,389
Additions: Improvements	235	342	198
Total Increase	20,186	20,329	21,587
Deductions: Cost of real estate sold	0	0	1,600
Deductions: Other - write down	0	378	0
Balance, end of year	$20,186	$19,951	$19,987	$21,389