CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Interest income
Interest income	$ 4,380		$ 16,225		$ 35,177		$ 50,187
Interest expense
Interest expense	2,199	[1]	6,547	[1]	22,213	[1]	20,090	[1]
Net interest income	2,181		9,678		12,964		30,097
Non-interest revenue
Income on preferred stock investment	1,326		1,340		3,935		4,429
Other income	809		489		1,866		1,662
Total non-interest revenue	9,610		5,896		22,681		14,549
Total revenues, net of interest expense	11,791		15,574		35,645		44,646
Operating and other expenses
Interest expense	3,628	[2]	4,639	[2]	11,374	[2]	14,179	[2]
Salaries and benefits	2,895		2,457		10,045		7,757
General and administrative	1,102		1,286		3,528		3,814
Professional fees	1,375		1,525		6,777		5,163
Impairment on bonds	939		2,282		1,772		3,369
Net loan loss (recovery)	5		(1,363)		5		(5,647)
Other expenses	1,178		955		4,965		2,950
Total operating and other expenses	25,976		20,820		78,414		52,708
Net gains (losses) on assets and derivatives	76,404		(633)		78,509		(1,768)
Net (losses) gains on early extinguishment of liabilities	(84)		132		36,179		601
Net gains due to initial real estate consolidation and foreclosure	2,411		2,853		10,895		5,404
Net gains (losses) related to CFVs					32,964		5,407
Equity in losses from Lower Tier Property Partnerships of CFVs					(20,323)		(25,917)
Net income (loss) from continuing operations before income taxes	62,015		(13,988)		90,417		(24,335)
Income tax (expense) benefit	(123)		(24)		1,309		(65)
Income from discontinued operations, net of tax	403		602		6,527		694
Net income (loss)	62,295		(13,410)		98,253		(23,706)
Net income to common shareholders	73,316		718		112,142		6,974
Basic income per common share:
Income from continuing operations (in dollars per share)	$ 1.73		$ 0.03		$ 2.52		$ 0.13
Income (loss) from discontinued operations (in dollars per share)	$ 0.01		$ (0.01)		$ 0.12		$ 0.03
Income per common share (in dollars per share)	$ 1.74		$ 0.02		$ 2.64		$ 0.16
Diluted income per common share:
Income from continuing operations (adjusted for liability classified awards) (in dollars per share)	$ 1.66		$ 0.03		$ 2.48		$ 0.13
Income (loss) from discontinued operations (in dollars per share)	$ 0.01		$ (0.01)		$ 0.12		$ 0.03
Income per common share (in dollars per share)	$ 1.67		$ 0.02		$ 2.60		$ 0.16
Weighted-average common shares outstanding:
Basic (in shares)	42,290	[3]	42,304	[3]	42,380	[3]	42,207	[3]
Diluted (in shares)	43,916		42,380		43,823		42,414
Bonds [Member]
Interest income
Interest income	4,214		15,998		34,677		49,467
Interest expense
Interest expense	1,975	[1]	5,922	[1]	21,167	[1]	18,208	[1]
Loans [Member]
Interest income
Interest income	166		227		500		720
Non Bond [Member]
Interest expense
Interest expense	224	[1]	625	[1]	1,046	[1]	1,882	[1]
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs	7,475		4,067		16,880		8,458
Operating and other expenses
Expenses from CFVs	14,854		9,039		39,948		21,123
Net gains (losses) related to CFVs	3,812		(4,608)		27,732		5,407
Equity in losses from Lower Tier Property Partnerships of CFVs	(6,343)		(6,486)		(20,129)		(25,917)
Consolidated Funds and Ventures [Member] | Continuing Operations [Member]
Operating and other expenses
Income allocable to noncontrolling interests:	11,186		17,407		18,915		36,884
Consolidated Funds and Ventures [Member] | Discontinued Operations [Member]
Operating and other expenses
Income allocable to noncontrolling interests:	(129)		(995)		(1,312)		648
Subsidiaries [Member]
Operating and other expenses
Income allocable to noncontrolling interests:	$ (36)		$ (2,284)		$ (3,714)		$ (6,852)

[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.