CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2013		Jun. 30, 2012		Jun. 30, 2013		Jun. 30, 2012
Interest income
Interest income	$ 14,858		$ 16,879		$ 30,796		$ 33,962
Interest expense
Interest expense	13,726	[1]	6,675	[1]	20,015	[1]	13,532	[1]
Net interest income	1,132		10,204		10,781		20,430
Non-interest revenue
Income on preferred stock investment	1,312		1,544		2,609		3,089
Other income	517		623		1,058		1,173
Total non-interest revenue	11,979		8,735		20,064		15,400
Total revenues, net of interest expense	13,111		18,939		30,845		35,830
Operating and other expenses
Interest expense	3,616	[2]	4,703	[2]	7,745	[2]	9,551	[2]
Salaries and benefits	3,262		2,509		7,150		5,300
General and administrative	1,133		1,172		2,426		2,528
Professional fees	3,057		1,384		5,402		3,638
Impairment on bonds	480		849		833		1,087
Net loan loss recovery	0		(872)		0		(4,284)
Other expenses	1,856		1,610		3,789		1,995
Total operating and other expenses	29,954		20,049		58,441		37,963
Net gains (losses) on assets and derivatives	921		(898)		2,105		(1,150)
Net (losses) gains on early extinguishment of liabilities	0		(1)		36,263		485
Net gains due to real estate consolidation and foreclosure	8,484		2,550		8,484		2,550
Net gains related to CFVs					29,127		10,015
Equity in losses from Lower Tier Property Partnerships of CFVs					(13,783)		(19,431)
Net (loss) income from continuing operations before income taxes	(5,873)		(1,064)		29,390		(9,664)
Income tax (expense) benefit	(95)		(23)		1,432		(41)
Income (loss) from discontinued operations, net of tax	418		(331)		5,135		(591)
Net (loss) income	(5,550)		(1,418)		35,957		(10,296)
Net (loss) income to common shareholders	(451)		2,414		38,825		6,256
Basic (loss) income per common share:
(Loss) income from continuing operations (in dollars per share)	$ (0.02)		$ 0.05		$ 0.83		$ 0.13
Income from discontinued operations (in dollars per share)	$ 0.01		$ 0.01		$ 0.09		$ 0.02
(Loss) income per common share (in dollars per share)	$ (0.01)		$ 0.06		$ 0.92		$ 0.15
Diluted income per common share:
(Loss) income from continuing operations (adjusted for liability classified awards) (in dollars per share)	$ (0.01)		$ 0.05		$ 0.84		$ 0.13
Income from discontinued operations (in dollars per share)	$ 0.01		$ 0.01		$ 0.09		$ 0.02
Income per common share (in dollars per share)	$ 0.00		$ 0.06		$ 0.93		$ 0.15
Weighted-average common shares outstanding:
Basic (in shares)	42,406	[3]	42,194	[3]	42,426	[3]	42,158	[3]
Diluted (in shares)	43,812		42,434		43,706		42,416
Bonds [Member]
Interest income
Interest income	14,667		16,600		30,462		33,469
Interest expense
Interest expense	13,442	[1]	6,050	[1]	19,193	[1]	12,276	[1]
Loans [Member]
Interest income
Interest income	191		279		334		493
Non Bond [Member]
Interest expense
Interest expense	284	[1]	625	[1]	822	[1]	1,256	[1]
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs	10,150		6,568		16,397		11,138
Operating and other expenses
Expenses from CFVs	16,550		8,694		31,096		18,148
Net gains related to CFVs	8,933		5,290		23,920		10,015
Equity in losses from Lower Tier Property Partnerships of CFVs	(7,368)		(6,895)		(13,786)		(19,431)
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]
Operating and other expenses
Income allocable to noncontrolling interests:	6,772		5,463		7,736		19,831
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]
Operating and other expenses
Income allocable to noncontrolling interests:	0		653		(1,190)		1,289
Subsidiaries [Member]
Operating and other expenses
Income allocable to noncontrolling interests:	$ (1,673)		$ (2,284)		$ (3,678)		$ (4,568)

[1] Represents interest expense related to debt which finances interest-bearing assets. See Note 6, “Debt.”

[2] Represents interest expense related to debt which does not finance interest-bearing assets. See Note 6, “Debt.”

[3] Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding.