Rialto Segment (Tables) - Rialto [Member]

12 Months Ended

Nov. 30, 2015

Segment Reporting Information [Line Items]

Assets And Liabilities Related To Rialto Segment

The assets and liabilities related to the Rialto segment were as follows:

	November 30,
(In thousands)	2015		2014
Assets:
Cash and cash equivalents	$	150,219	303,889
Restricted cash	15,061		46,975
Receivables, net (1)	154,948		153,773
Loans held-for-sale (2)	316,275		113,596
Loans receivable, net	164,826		137,124
Real estate owned - held-for-sale	183,052		190,535
Real estate owned - held-and-used, net	153,717		255,795
Investments in unconsolidated entities	224,869		175,700
Investments held-to-maturity	25,625		17,290
Other (3)	116,908		57,306
	$	1,505,500	1,451,983
Liabilities:
Notes and other debts payable	$	771,728	617,077
Other (4)	94,496		123,798
	$	866,224	740,875

(1) Receivables, net primarily related to loans sold but not settled as of November 30, 2015 and 2014.

(2) Loans held-for-sale related to unsold loans originated by RMF carried at fair value.

(3) Other assets included credit default swaps carried at fair value of $6.2 million and $1.7 million as of November 30, 2015 and 2014, respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of November 30, 2015.

(4) Other liabilities included interest rate swaps and swap future carried at fair value of $1.0 million and $1.4 million as of November 30, 2015 and 2014, respectively, and credit default swaps carried at fair value of $0.7 million and $0.8 million as of November 30, 2015 and 2014, respectively.

Other Income and Other Expense Disclosure

The following is a detail of Rialto other income, net:

	Years Ended November 30,
(In thousands)	2015			2014		2013
Realized gains on REO sales, net	$	35,242		43,671		48,785
Unrealized losses on transfer of loans receivable to REO and impairments, net	(13,678		)	(26,107	)	(16,517	)
REO and other expenses	(57,740		)	(58,067	)	(44,282	)
Rental and other income	48,430			43,898		20,269
Gain on bargain purchase acquisition	—			—		8,532
Rialto other income, net	$	12,254		3,395		16,787

Loans Receivable, Net by Type

	November 30,
(In thousands)	2015		2014
Nonaccrual loans: FDIC and Bank Portfolios	$	88,694	130,105
Accrual loans (1)	76,132		7,019
Loans receivable, net	$	164,826	137,124

(1) As of November 30, 2015 accrual loans included loans originated of which $17.1 million relates to a convertible land loan maturing in July 2016 and $59.1 million relates to floating rate commercial property loans maturing between May 2016 and July 2018.

Outstanding Balance And Carrying Value Of Loans

The following tables represents nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type:

November 30, 2015

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance	Without Allowance	Total Recorded Investment
Land	$	145,417	59,740	1,165	60,905
Single family homes	39,659		8,344	3,459	11,803
Commercial properties	13,458		1,368	1,085	2,453
Other	78,279		—	13,533	13,533
Loans receivable	$	276,813	69,452	19,242	88,694

November 30, 2014

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance	Without Allowance	Total Recorded Investment
Land	$	228,245	85,912	3,691	89,603
Single family homes	66,183		18,096	2,306	20,402
Commercial properties	34,048		3,368	3,918	7,286
Other	64,284		5	12,809	12,814
Loans receivable	$	392,760	107,381	22,724	130,105

Accretable Yield For The FDIC Portfolios And Bank Portfolios

For the year ended November 30, 2014, the activity in the accretable yield was as follows:

(In thousands)	November 30, 2014
Accretable yield, beginning of year	$	73,144
Additions	8,988
Deletions	(54,482		)
Accretions	(27,650		)
Accretable yield, end of year	$	—

Nonaccrual Loans

The following tables represents nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type:

November 30, 2015

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance	Without Allowance	Total Recorded Investment
Land	$	145,417	59,740	1,165	60,905
Single family homes	39,659		8,344	3,459	11,803
Commercial properties	13,458		1,368	1,085	2,453
Other	78,279		—	13,533	13,533
Loans receivable	$	276,813	69,452	19,242	88,694

November 30, 2014

			Recorded Investment
(In thousands)	Unpaid Principal Balance		With Allowance	Without Allowance	Total Recorded Investment
Land	$	228,245	85,912	3,691	89,603
Single family homes	66,183		18,096	2,306	20,402
Commercial properties	34,048		3,368	3,918	7,286
Other	64,284		5	12,809	12,814
Loans receivable	$	392,760	107,381	22,724	130,105

Allowance for Credit Losses on Financing Receivables

Nonaccrual — Loans in which forecasted principal and interest could not be reasonably estimated. The risk of nonaccrual loans relates to a decline in the value of the collateral securing the outstanding obligation and the recognition of an impairment through an allowance for loan losses if the recorded investment in the loan exceeds its fair value. The activity in the Company's allowance rollforward related to nonaccrual loans was as follows:

	November 30,
(In thousands)	2015			2014
Allowance on nonaccrual loans, beginning of year	$	58,326		1,213
Provision for loan losses	10,363			12,536
Reclassification from accrual (1)	—			53,265
Charge-offs	(33,064		)	(8,688	)
Allowance on nonaccrual loans, end of year	$	35,625		58,326

(1) During the fourth quarter of 2014, the Company changed from recording accretable yield income on a loan pool basis to recording income on a cost recovery basis per loan as the timing and amount of expected cash flows on the remaining loan portfolios could no longer be reasonably estimated. As of November 30, 2014, these loans were classified as nonaccrual loans.

Accrual — Loans in which forecasted cash flows under the loan agreement, as it might be modified from time to time, can be reasonably estimated at the date of acquisition. The risk associated with loans in this category relates to the possible default by the borrower with respect to principal and interest payments and/or the possible decline in value of the underlying collateral and thus, both could cause a decline in the forecasted cash flows used to determine accretable yield income (under ASC 310-30) and the recognition of an impairment through an allowance for loan losses but can be reversed if conditions improve. For the year ended November 30, 2015, there was no activity in the Company's allowance related to accrual loans. For the year ended November 30, 2014, the activity in the Company's allowance rollforward related to accrual loans accounted for under ASC 310-30 was as follows:

(In thousands)	November 30, 2014
Allowance on accrual loans, beginning of year	$	18,952
Provision for loan losses, net of recoveries	44,577
Reclassification to nonaccrual (1)	(53,265		)
Charge-offs	(10,264		)
Allowance on accrual loans, end of year	$	—

Changes In Real Estate Owned

The following tables present the activity in REO:

	November 30,
(In thousands)	2015			2014
REO - held-for-sale, beginning of year	$	190,535		197,851
Improvements	5,535			8,176
Sales	(120,053		)	(226,027	)
Impairments and unrealized losses	(12,192		)	(9,441	)
Transfers to/from held-and-used, net (1)	119,227			219,976
REO - held-for-sale, end of year	$	183,052		190,535

	November 30,
(In thousands)	2015			2014
REO - held-and-used, net, beginning of year	$	255,795		428,989
Additions	20,134			55,407
Improvements	2,942			6,102
Impairments	(2,624		)	(11,501	)
Depreciation	(2,339		)	(3,226	)
Transfers to held-for-sale (1)	(119,227		)	(219,976	)
Other	(964		)	—
REO - held-and-used, net, end of year	$	153,717		255,795

(1) During the years ended November 30, 2015 and 2014, the Rialto segment transferred certain properties to/from REO held-and-used, net to REO held-for-sale as a result of changes made in the disposition strategy of the real estate assets.

Schedule of Line of Credit Facilities

At November 30, 2015, RMF warehouse facilities were as follows:

(In thousands)	Maximum Aggregate Commitment
364-day warehouse repurchase facility that matures March 2016 (1)	$	250,000
364-day warehouse repurchase facility that matures August 2016 (1)	250,000
364-day warehouse repurchase facility that matures October 2016 (one year extension) (1)	400,000
Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2)	100,000
Totals	$	1,000,000

(1) RMF uses these facilities to finance its loan origination and securitization business.

(2) In August 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this new facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were $36.3 million as of November 30, 2015.

Private Equity Funds Related to Rialto segment

The following table reflects Rialto's investments in funds that invest in and manage real estate related assets and other investments:

								November 30, 2015		November 30, 2015		November 30, 2014
(Dollars in thousands)	Inception Year	Equity Commitments		Equity Commitments Called		Commitment to fund by the Company		Funds contributed by the Company		Investment
Rialto Real Estate Fund, LP	2010	$	700,006	$	700,006	$	75,000	$	75,000	$	68,570	71,831
Rialto Real Estate Fund II, LP	2012	1,305,000		1,305,000		100,000		100,000		99,947		67,652
Rialto Mezzanine Partners Fund, LP	2013	300,000		300,000		33,799		33,799		32,344		20,226
Rialto Capital CMBS Fund, LP	2014	70,660		70,660		23,735		23,735		23,233		15,266
Rialto Real Estate Fund III (1)	2015	510,233		—		100,000		—		—		—
Other investments										775		725
										$	224,869	175,700

Equity in Earnings (Loss) on Investments Related to Rialto Segment

Rialto's share of earnings (loss) from unconsolidated entities was as follows:

	Years Ended November 30,
(In thousands)	2015			2014	2013
Rialto Real Estate Fund, LP	$	9,676		30,612	19,391
Rialto Real Estate Fund II, LP	7,440			15,929	2,523
Rialto Mezzanine Partners Fund, LP	2,194			1,913	354
Rialto Capital CMBS Fund, LP	3,013			10,823	—
Rialto Real Estate Fund III (1)	(78		)	—	—
Other investments	48			—	85
Rialto equity in earnings from unconsolidated entities	$	22,293		59,277	22,353

Condensed Financial Information By Equity Method Investment

Summarized condensed financial information on a combined 100% basis related to Rialto’s investments in unconsolidated entities that are accounted for by the equity method was as follows:

Balance Sheets
	November 30,
(In thousands)	2015		2014
Assets:
Cash and cash equivalents	$	188,147	141,609
Loans receivable	473,997		512,034
Real estate owned	506,609		378,702
Investment securities	1,092,476		795,306
Investments in partnerships	429,979		311,037
Other assets	30,340		45,451
	$	2,721,548	2,184,139
Liabilities and equity:
Accounts payable and other liabilities	$	29,462	20,573
Notes payable	374,498		395,654
Equity	2,317,588		1,767,912
	$	2,721,548	2,184,139

Condensed Financial Information By Equity Method Investment, Statements Of Operations

Statements of Operations
	Years Ended November 30,
(In thousands)	2015		2014	2013
Revenues	$	170,921	150,452	251,533
Costs and expenses	97,162		95,629	252,563
Other income, net (1)	144,941		479,929	187,446
Net earnings of unconsolidated entities	$	218,700	534,752	186,416
Rialto equity in earnings from unconsolidated entities	$	22,293	59,277	22,353

(1) Other income, net included realized and unrealized gains (losses) on investments.