Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2014

Assets and Liabilities of Consolidated Variable Interest Entities

The following table presents the assets and liabilities of our consolidated VIEs as of each respective date.

	As of December 31, 2014
	RAIT Securitizations			IRT			RAIT VIE Properties			Total
Assets
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,535,097		$	—		$	—		$	1,535,097
Allowance for losses		(8,423	)		—			—			(8,423	)
Total investments in mortgages and loans		1,526,674			—			—			1,526,674
Investments in real estate
Investments in real estate		—			689,112			23,899			713,011
Accumulated depreciation		—			(23,376	)		(3,686	)		(27,062	)
Total investments in real estate		—			665,736			20,213			685,949
Investments in securities and security-related receivables, at fair value		10,995			—			—			10,995
Cash and cash equivalents		—			14,763			216			14,979
Restricted cash		14,715			5,205			244			20,164
Accrued interest receivable		74,904			—			—			74,904
Other assets		136			(420	)		6,908			6,624
Deferred financing costs
Deferred financing costs		26,028			3,431			346			29,805
Accumulated amortization		(20,095	)		(507	)		(239	)		(20,841	)
Total deferred financing costs		5,933			2,924			107			8,964
Intangible assets
Intangible assets		—			7,596			—			7,596
Accumulated amortization		—			(4,345	)		—			(4,345	)
Total intangible assets		—			3,251			—			3,251
Total assets	$	1,633,357		$	691,459		$	27,688		$	2,352,504
Liabilities and Equity
Indebtedness	$	1,315,103		$	418,900		$	21,280		$	1,755,283
Accrued interest payable		670			31			3,661			4,362
Accounts payable and accrued expenses		3			8,371			3,290			11,664
Derivative liabilities		20,051			—			—			20,051
Deferred taxes, borrowers’ escrows and other liabilities		—			1,124			2,950			4,074
Total liabilities		1,335,827			428,426			31,181			1,795,434
Equity:
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(20,788	)		—			—			(20,788	)
RAIT investment		114,207			71,024			743			185,974
Retained earnings (deficit)		204,111			(16,729	)		(4,236	)		183,146
Total shareholders’ equity		297,530			54,295			(3,493	)		348,332
Noncontroling Interests		—			208,738			—			208,738
Total liabilities and equity	$	1,633,357		$	691,459		$	27,688		$	2,352,504

	As of December 31, 2013
	RAIT Securitizations			IRT			RAIT VIE Properties			Taberna			Total
Assets
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,617,257		$	—		$	—		$	199,250		$	1,816,507
Allowance for losses		(6,347	)		—			—			(10,903	)		(17,250	)
Total investments in mortgages and loans		1,610,910			—			—			188,347			1,799,257
Investments in real estate
Investments in real estate		—			190,097			23,089			—			213,186
Accumulated depreciation		—			(15,775	)		(2,763	)		—			(18,538	)
Total investments in real estate		—			174,322			20,326			—			194,648
Investments in securities and security-related receivables, at fair value		10,904			—			—			555,673			566,577
Cash and cash equivalents		—			3,333			266			—			3,599
Restricted cash		30,738			902			181			8,972			40,793
Accrued interest receivable		55,894			—			—			12,562			68,456
Other assets		—			—			—			—			—
Deferred financing costs
Deferred financing costs		26,028			997			345			—			27,370
Accumulated amortization		(16,784	)		(151	)		(172	)		—			(17,107	)
Total deferred financing costs		9,244			846			173			—			10,263
Intangible assets
Intangible assets		—			1,085			—			—			1,085
Accumulated amortization		—			(568	)		—			—			(568	)
Total intangible assets		—			517			—			—			517
Total assets	$	1,717,690		$	179,920		$	20,946		$	765,554		$	2,684,110
Liabilities and Equity
Indebtedness (including $377,235 at fair value relating to the Taberna entities)	$	1,439,317		$	103,303		$	21,419		$	382,497		$	1,946,536
Accrued interest payable		830			32			3,186			69,074			73,122
Accounts payable and accrued expenses		4			2,389			3,295			83			5,771
Derivative liabilities		42,263			—			—			71,060			113,323
Deferred taxes, borrowers’ escrows and other liabilities		(120	)		(688	)		(4,221	)		10,834			5,805
Total liabilities		1,482,294			105,036			23,679			533,548			2,144,557
Equity:
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(43,000	)		—			—			(16,684	)		(59,684	)
RAIT investment		175,167			48,852			742			86,874			311,635
Retained earnings (deficit)		103,229			(3,300	)		(3,475	)		161,816			258,270
Total shareholders’ equity		235,396			45,552			(2,733	)		232,006			510,221
Noncontroling Interests		—			29,332			—			—			29,332
Total liabilities and equity	$	1,717,690		$	179,920		$	20,946		$	765,554		$	2,684,110