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Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($)
$ in Thousands
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Dec. 31, 2014
Investments in mortgages and loans, at amortized cost:        
Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,612,632 $ 1,623,583    
Allowance for loan losses (18,165) (17,097) $ (10,797) $ (9,218)
Total investment in mortgages and loans, net 1,594,467 1,606,486    
Investments in real estate        
Investments in real estate 2,487,634 2,517,645    
Less: Accumulated depreciation and amortization [1] (209,421) (198,326)    
Total investments in real estate [2] 2,278,213 2,319,319    
Cash and cash equivalents 94,569 125,886 $ 92,657 $ 121,726
Restricted cash 200,166 213,012    
Accrued interest receivable 49,987 47,343    
Other assets 73,670 71,207    
Intangible assets        
Accumulated amortization (32,228) (26,307)    
Total intangible assets 26,698 32,675    
Total assets 4,317,770 4,415,928    
Liabilities and Equity        
Indebtedness 3,267,230 3,328,082    
Accrued interest payable 13,160 9,834    
Accounts payable and accrued expenses 29,989 39,672    
Derivative liabilities 4,181 4,727    
Deferred taxes, borrowers’ escrows and other liabilities 203,612 203,477    
Total liabilities 3,518,172 3,585,792    
Shareholders’ equity:        
Accumulated other comprehensive income (loss) (2,434) (4,699)    
Retained earnings (deficit) (1,707,143) (1,680,751)    
Total shareholders’ equity 381,185 404,528    
Noncontrolling interests 331,328 340,213    
Total liabilities and equity 4,317,770 4,415,928    
IRT        
Investments in real estate        
Investments in real estate 1,357,338 1,372,015    
Less: Accumulated depreciation and amortization (44,422) (39,638)    
Liabilities and Equity        
Indebtedness 492,129 543,080    
Variable Interest Entities        
Investments in mortgages and loans, at amortized cost:        
Commercial mortgages, mezzanine loans, other loans and preferred equity interests 1,676,670 1,358,497    
Allowance for loan losses 0      
Total investment in mortgages and loans, net 1,676,670 1,358,497    
Investments in real estate        
Investments in real estate 1,636,346 1,650,789    
Less: Accumulated depreciation and amortization (73,296) (66,036)    
Total investments in real estate 1,563,050 1,584,753    
Cash and cash equivalents 24,407 39,890    
Restricted cash 21,603 20,990    
Accrued interest receivable 78,277 73,368    
Other assets 28,022 28,641    
Intangible assets        
Intangible assets 20,532 20,532    
Accumulated amortization (17,483) (12,997)    
Total intangible assets 3,049 7,535    
Total assets 3,395,078 3,113,674    
Liabilities and Equity        
Indebtedness 2,667,966 2,419,171    
Accrued interest payable 18,179 15,681    
Accounts payable and accrued expenses 21,767 25,312    
Derivative liabilities 2,401 4,672    
Deferred taxes, borrowers’ escrows and other liabilities 28,902 28,218    
Total liabilities 2,739,215 2,493,054    
Shareholders’ equity:        
Accumulated other comprehensive income (loss) (2,435) (4,699)    
RAIT investment 250,348 201,503    
Retained earnings (deficit) 80,150 87,131    
Total shareholders’ equity 328,063 283,935    
Noncontrolling interests 327,800 336,685    
Total liabilities and equity 3,395,078 3,113,674    
Variable Interest Entities | RAIT Securitizations        
Investments in mortgages and loans, at amortized cost:        
Commercial mortgages, mezzanine loans, other loans and preferred equity interests 1,330,285 1,358,497    
Total investment in mortgages and loans, net 1,330,285 1,358,497    
Investments in real estate        
Restricted cash 11,295 12,718    
Accrued interest receivable 76,722 73,368    
Other assets 11,735 11,539    
Intangible assets        
Total assets 1,430,037 1,456,122    
Liabilities and Equity        
Indebtedness 1,146,378 1,178,794    
Accrued interest payable 456 445    
Accounts payable and accrued expenses 2 8    
Derivative liabilities 2,401 4,672    
Total liabilities 1,149,237 1,183,919    
Shareholders’ equity:        
Accumulated other comprehensive income (loss) (2,409) (4,691)    
RAIT investment 118,291 115,810    
Retained earnings (deficit) 164,918 161,084    
Total shareholders’ equity 280,800 272,203    
Total liabilities and equity 1,430,037 1,456,122    
Variable Interest Entities | IRT        
Investments in real estate        
Investments in real estate 1,357,338 1,372,015    
Less: Accumulated depreciation and amortization (44,422) (39,638)    
Total investments in real estate 1,312,916 1,332,377    
Cash and cash equivalents 21,924 38,301    
Restricted cash 7,015 5,413    
Other assets 2,795 3,362    
Intangible assets        
Intangible assets 15,287 15,287    
Accumulated amortization (15,287) (11,551)    
Total intangible assets   3,736    
Total assets 1,344,650 1,383,189    
Liabilities and Equity        
Indebtedness 940,336 966,611    
Accrued interest payable 1,175 1,239    
Accounts payable and accrued expenses 16,089 19,304    
Deferred taxes, borrowers’ escrows and other liabilities 6,078 6,004    
Total liabilities 963,678 993,158    
Shareholders’ equity:        
Accumulated other comprehensive income (loss) (26) (8)    
RAIT investment 75,542 68,273    
Retained earnings (deficit) (23,090) (14,499)    
Total shareholders’ equity 52,426 53,766    
Noncontrolling interests 328,546 336,265    
Total liabilities and equity 1,344,650 1,383,189    
Variable Interest Entities | RAIT VIE Properties        
Investments in real estate        
Investments in real estate 279,008 278,774    
Less: Accumulated depreciation and amortization (28,874) (26,398)    
Total investments in real estate 250,134 252,376    
Cash and cash equivalents 1,761 1,589    
Restricted cash 3,290 2,859    
Other assets 13,492 13,740    
Intangible assets        
Intangible assets 5,245 5,245    
Accumulated amortization (2,196) (1,446)    
Total intangible assets 3,049 3,799    
Total assets 271,726 274,363    
Liabilities and Equity        
Indebtedness 273,548 273,766    
Accrued interest payable 15,935 13,997    
Accounts payable and accrued expenses 5,676 6,000    
Deferred taxes, borrowers’ escrows and other liabilities 22,194 22,214    
Total liabilities 317,353 315,977    
Shareholders’ equity:        
RAIT investment 17,887 17,420    
Retained earnings (deficit) (62,768) (59,454)    
Total shareholders’ equity (44,881) (42,034)    
Noncontrolling interests (746) 420    
Total liabilities and equity 271,726 $ 274,363    
Variable Interest Entities | RAIT Venture VIE        
Investments in mortgages and loans, at amortized cost:        
Commercial mortgages, mezzanine loans, other loans and preferred equity interests 346,385      
Total investment in mortgages and loans, net 346,385      
Investments in real estate        
Cash and cash equivalents 722      
Restricted cash 3      
Accrued interest receivable 1,555      
Intangible assets        
Total assets 348,665      
Liabilities and Equity        
Indebtedness 307,704      
Accrued interest payable 613      
Deferred taxes, borrowers’ escrows and other liabilities 630      
Total liabilities 308,947      
Shareholders’ equity:        
RAIT investment 38,628      
Retained earnings (deficit) 1,090      
Total shareholders’ equity 39,718      
Total liabilities and equity $ 348,665      
[1] As of March 31, 2016, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,357,338 and accumulated depreciation of $44,422. As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638.
[2] As of March 31, 2016, four of our multifamily real estate properties, two of IRT’s multifamily real estate properties and one parcel of land were considered held-for-sale. The carrying amount of our multifamily properties was $36,301. The carrying amount of the IRT properties was $39,347. The carrying amount of the parcel of land was $1,470.