VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

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 June 30, 2016
	RAIT Securitizations			IRT			RAIT VIE Properties			RAIT Venture VIE		Total
Assets
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,618,072		$	—		$	—		$	345,801	$	1,963,873
Allowance for losses		—			—			—			—		0
Total investments in mortgages and loans		1,618,072			—			—			345,801		1,963,873
Investments in real estate
Investments in real estate		—			1,314,115			276,396			—		1,590,511
Accumulated depreciation		—			(45,059	)		(31,194	)		—		(76,253	)
Total investments in real estate		—			1,269,056			245,202			—		1,514,258
Cash and cash equivalents		—			28,051			2,218			2		30,271
Restricted cash		11,891			6,779			4,582			5		23,257
Accrued interest receivable		71,481			—			—			1,443		72,924
Other assets		498			3,985			13,594			—		18,077
Intangible assets
Intangible assets		—			15,287			6,801			—		22,088
Accumulated amortization		—			(15,287	)		(3,351	)		—		(18,638	)
Total intangible assets		—			—			3,450			—		3,450
Total assets	$	1,701,942		$	1,307,871		$	269,046		$	347,251	$	3,626,110
Liabilities and Equity
Indebtedness, net	$	1,387,751		$	880,287		$	273,140		$	307,287	$	2,848,465
Accrued interest payable		1,367			701			17,953			662		20,683
Accounts payable and accrued expenses		2			17,807			6,031			—		23,840
Derivative liabilities		787			1,163			—			—		1,950
Deferred taxes, borrowers’ escrows and other liabilities		—			5,964			3,150			—		9,114
Total liabilities		1,389,907			905,922			300,274			307,949		2,904,052
Equity:
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(789	)		(1,195	)		—			—		(1,984	)
RAIT investment		151,340			58,194			38,972			38,616		287,122
Retained earnings (deficit)		161,484			(2,600	)		(68,464	)		686		91,106
Total shareholders’ equity		312,035			54,399			(29,492	)		39,302		376,244
Noncontrolling Interests		—			347,550			(1,736	)		—		345,814
Total liabilities and equity	$	1,701,942		$	1,307,871		$	269,046		$	347,251	$	3,626,110

	As of December 31, 2015
	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	$	2,242,416		$	—		$	—		$	2,242,416
Allowance for losses		—			—			—			—
Total investments in mortgages and loans		2,242,416			—			—			2,242,416
Investments in real estate
Investments in real estate		—			1,372,015			278,774			1,650,789
Accumulated depreciation		—			(39,638	)		(26,398	)		(66,036	)
Total investments in real estate		—			1,332,377			252,376			1,584,753
Cash and cash equivalents		—			38,301			1,589			39,890
Restricted cash		14,944			5,413			2,859			23,216
Accrued interest receivable		77,130			—			—			77,130
Other assets		479			3,362			13,740			17,581
Intangible assets
Intangible assets		—			15,287			5,245			20,532
Accumulated amortization		—			(11,551	)		(1,446	)		(12,997	)
Total intangible assets		—			3,736			3,799			7,535
Total assets	$	2,334,969		$	1,383,189		$	274,363		$	3,992,521
Liabilities and Equity
Indebtedness, net	$	2,090,091		$	966,611		$	273,766		$	3,330,468
Accrued interest payable		2,207			1,239			13,997			17,443
Accounts payable and accrued expenses		8			19,304			6,000			25,312
Derivative liabilities		4,672			—			—			4,672
Deferred taxes, borrowers’ escrows and other liabilities		176			6,004			3,842			10,022
Total liabilities		2,097,154			993,158			297,605			3,387,917
Equity:
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(4,691	)		(8	)		—			(4,699	)
RAIT investment		86,822			68,273			35,792			190,887
Retained earnings (deficit)		155,684			(14,499	)		(59,454	)		81,731
Total shareholders’ equity		237,815			53,766			(23,662	)		267,919
Noncontrolling Interests		—			336,265			420			336,685
Total liabilities and equity	$	2,334,969		$	1,383,189		$	274,363		$	3,992,521

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details