Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2016

Mortgage Loans On Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

RAIT Financial Trust

Schedule IV

Mortgage Loans on Real Estate

As of December 31, 2016

(Dollars in thousands)

(1) Summary of Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests

	Number of Loans		Interest Rate							Maturity Date		Principal				Carrying Amount of Mortgage Loans (a) (c)
Description of mortgage loans			Lowest				Highest			Earliest	Latest	Lowest		Highest
Commercial mortgage loans
Multi-family		20		5.0	%			8.0	%	4/1/2017	9/30/2020	$	4,800	$	34,350		$	264,187
Office		36		4.4	%			7.2	%	2/1/2017	4/16/2022		1,486		27,040			422,627
Retail		27		4.4	%			7.5	%	4/1/2017	12/1/2025		299		45,939			377,484
Other		11		5.0	%			6.3	%	1/1/2017	11/30/2021		650		23,850			97,083
Subtotal		94											7,235		131,179			1,161,381
Mezzanine loans
Multi-family		5		6.0	%			14.5	%	4/1/2017	1/1/2025		500		12,339			19,868
Office		15		5.1	%			12.5	%	2/9/2017	5/1/2025		380		18,500			67,810
Retail		2		5.0	%			12.5	%	3/1/2017	5/8/2018		142		658			799
Other		1		12.0	%			12.0	%	12/1/2017	12/1/2017		1,379		1,379			1,379
Subtotal		23											2,401		32,876			89,856
Preferred equity interests
Multi-family		7		6.0	%			11.9	%	4/1/2020	7/1/2027		238		7,948			27,813
Office		10		0.0	%	(b)		11.0	%	1/11/2017	1/2/2029		750		3,650			15,016
Subtotal		17											988		11,598			42,829
Total commercial mortgage loans, mezzanine loans and preferred equity interests		134										$	10,624	$	175,653		$	1,294,066

(a) The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.

(b) Relates to a $2.5 million preferred equity interest and a $3.7 million preferred equity interest where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.

(c) Reconciliation of carrying amount of commercial mortgage loans, mezzanine loans and preferred equity interests:

	For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Balance, beginning of period	$	1,625,838		$	1,393,132
Additions during period:
Investments in loans		165,240			1,012,310
Accretion of discount		458			1,301
Deductions during period:
Collections of principal		(417,735	)		(291,228	)
Sales of conduit loans		(35,177	)		(424,979	)
Conversion of loans to real estate and charge-offs		(44,558	)		(64,698	)
Balance, end of period:	$	1,294,066		$	1,625,838

(a) Summary of Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests by Geographic Location:

			Interest Rate							Principal
Location by State	Number of Loans		Lowest				Highest			Lowest		Highest		Carrying Amount of Mortgage Loans
Texas		24		5.0	%			14.5	%	$	238	$	34,350	$	236,249
Florida		14		4.6	%			12.0	%		142		27,040		186,409
Various		3		4.4	%			7.5	%		299		45,939		110,574
California		16		0.0	%	(a)		7.3	%		1,486		24,100		148,901
Ohio		7		5.5	%			6.5	%		1,590		20,000		65,570
Pennsylvania		4		5.0	%			11.9	%		884		15,500		34,574
Colorado		2		5.1	%			5.8	%		820		21,009		23,315
New York		3		5.9	%			9.7	%		4,000		7,875		18,625
Wisconsin		12		5.5	%			11.0	%		500		13,000		33,347
Maryland		3		5.5	%			7.0	%		4,040		12,000		24,990
North Carolina		1		5.5	%			5.5	%		650		23,850		24,500
Georgia		6		5.5	%			12.5	%		380		30,804		57,384
Illinois		5		5.3	%			6.8	%		5,400		13,000		48,757
Alabama		5		5.0	%			6.5	%		6,739		13,600		46,464
Minnesota		1		4.4	%			5.5	%		3,995		16,000		19,995
Massachusetts		1		7.2	%			7.2	%		18,500		18,500		18,381
Tennessee		2		6.0	%			7.0	%		6,159		7,250		13,409
New Jersey		1		11.0	%			11.0	%		4,000		4,000		4,000
Arizona		3		5.3	%			12.1	%		2,000		11,750		19,980
Indiana		2		10.0	%			12.0	%		900		1,054		1,954
Connecticut		1		12.0	%			12.0	%		554		4,000		8,302
Oklahoma		3		5.5	%			10.0	%		4,878		7,860		18,338
Michigan		1		5.8	%			5.8	%		6,800		6,800		6,800
Virginia		5		4.8	%			6.5	%		5,500		16,956		45,906
South Carolina		1		5.5	%			5.5	%		9,000		9,000		9,000
Missouri		1		9.1	%			9.1	%		2,600		2,600		2,600
Delaware		1		12.5	%			12.5	%		658		658		658
New Mexico		1		6.0	%			6.0	%		4,550		4,550		4,550
Nevada		3		6.0	%			6.3	%		8,400		26,000		43,350
Washington		1		6.5	%			6.5	%		11,000		11,000		11,000
District of Columbia		1		6.8	%			6.8	%		6,185		6,185		6,185
		134		0.0	%			14.5	%	$	0	$	45,939	$	1,294,066

(a) Relates to a $3.7 million preferred equity interest and a $2.5 million preferred equity interest where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.