Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net income (loss)	$ (10,503)	$ 266
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	1,325	2,000
Share-based compensation expense	1,273	1,348
Depreciation and amortization	24,276	19,024
Amortization of deferred financing costs and debt discounts	6,076	4,299
Accretion of discounts on investments	(1,457)	(2,452)
Amortization of above/below market leases	(424)	(134)
(Gains) losses on assets	(2,258)
(Gains) losses on extinguishment of debt	(344)
(Gains) on IRT merger with TSRE	(91)
Asset impairment	3,922
Change in fair value of financial instruments	4,088	(4,490)
Provision (benefit) for deferred taxes	(1,108)	(1,525)
Changes in assets and liabilities:
(Increase) in accrued interest receivable	(2,653)	(1,951)
(Increase) in other assets	(3,701)	(13,112)
Increase in accrued interest payable	3,486	2,620
(Decrease) in accounts payable and accrued expenses	(9,453)	(6,473)
Increase in other liabilities	4,907	5,166
Origination of conduit loans	(8,800)	(128,670)
Sales of conduit loans		92,897
Net conduit loans (originated) sold	(8,800)	(35,773)
Cash flows provided by (used in) operating activities	8,561	(31,187)
Investing activities:
Proceeds from sales or repayments of other securities		31,241
Origination of loans for investment	(35,591)	(91,359)
Principal repayments on loans	55,052	17,148
Investments in real estate	(7,521)	(4,239)
IRT's acquisition of TSRE, net of cash acquired	91
Proceeds from the disposition of real estate	23,286
Decrease in restricted cash	7,265	6,467
Cash flows provided by (used in) investing activities	42,582	(40,742)
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(74,266)	(19,629)
Proceeds from secured credit facilities, term loans and loans payable on real estate	53,476	22,900
Repayments and repurchase of CDO notes payable and floating rate transactions	(84,065)	(19,855)
Repayments of senior secured notes	(2,000)	(2,000)
Net proceeds related to conduit loan repurchase agreements	4,049	39,723
Net proceeds related to floating rate loan repurchase agreements	21,685	48,600
Proceeds from issuance of venture interests accounted for as indebtedness	24,796
Distribution to noncontrolling interests	(7,774)	(4,907)
Issuance of noncontrolling interests	68
Payments for deferred costs	(467)	(260)
Preferred share issuance, net of costs incurred		(21)
Common share issuance, net of costs incurred	(489)	(652)
Distributions paid to preferred shareholders	(8,955)	(6,296)
Distributions paid to common shareholders	(8,518)	(14,743)
Cash flows (used in) provided by financing activities	(82,460)	42,860
Net change in cash and cash equivalents	(31,317)	(29,069)
Cash and cash equivalents at the beginning of the period	125,886	121,726
Cash and cash equivalents at the end of the period	$ 94,569	$ 92,657