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Rialto Segment (Tables) - Rialto [Member]
 3 Months Ended
Feb. 29, 2016
Segment Reporting Information [Line Items]  
Schedule Of Assets and Liabilities By Segment
The assets and liabilities related to the Rialto segment were as follows:
(In thousands)
February 29,
2016
 
November 30,
2015
Assets:
 
 
 
Cash and cash equivalents
$
112,305

 
150,219

Restricted cash (1)
10,233

 
15,061

Receivables, net (2)
—

 
154,948

Loans held-for-sale (3)
243,230

 
316,275

Loans receivable, net
166,536

 
164,826

Real estate owned - held-for-sale
177,221

 
183,052

Real estate owned - held-and-used, net
148,900

 
153,717

Investments in unconsolidated entities
234,039

 
224,869

Investments held-to-maturity
49,309

 
25,625

Other (4)
130,231

 
116,908

 
$
1,272,004

 
1,505,500

Liabilities:
 
 
 
Notes and other debts payable
$
609,150

 
771,728

Other (5)
47,153

 
94,496

 
$
656,303

 
866,224


(1)
Restricted cash primarily consists of upfront deposits and application fees RMF receives before originating loans and is recognized as income once the loan has been originated as well as cash held in escrow by the Company’s loan servicer provider on behalf of customers and lenders and is disbursed in accordance with agreements between the transacting parties.
(2)
Receivables, net primarily relate to loans sold but not settled as of November 30, 2015.
(3)
Loans held-for-sale relate to unsold loans originated by RMF carried at fair value.
(4)
Other assets included credit default swaps carried at fair value of $9.8 million and $6.2 million as of February 29, 2016 and November 30, 2015, respectively, and interest rate swaps and swap futures carried at fair value of $0.3 million as of November 30, 2015.
(5)
Other liabilities included interest rate swaps and swap futures carried at fair value of $6.0 million and $1.0 million as of February 29, 2016 and November 30, 2015, respectively, and credit default swaps carried at fair value of $0.7 million as of November 30, 2015.
Other Income (Expense), Net Related By Segment
The following is a detail of Rialto other expense, net:
 
Three Months Ended
 
February 29,
 
February 28,
(In thousands)
2016
 
2015
Realized gains on REO sales, net
$
3,746

 
3,130

Unrealized losses on transfer of loans receivable to REO and impairments, net
(153
)
 
(2,556
)
REO and other expenses
(14,835
)
 
(13,242
)
Rental and other income
10,551

 
12,396

Rialto other expense, net
$
(691
)
 
(272
)
Loans Receivable, Net by Type
The following table represents loans receivable, net by type:
(In thousands)
February 29,
2016
 
November 30,
2015
Nonaccrual loans: FDIC and Bank Portfolios
$
78,447

 
88,694

Accrual loans
88,089

 
76,132

Loans receivable, net
$
166,536

 
164,826
Nonaccrual Loans
The following tables represent nonaccrual loans in the FDIC Portfolios and Bank Portfolios accounted for under ASC 310-10 aggregated by collateral type:
February 29, 2016
 
 
 
Recorded Investment
 
 
(In thousands)
Unpaid
Principal Balance
 
With
Allowance
 
Without
Allowance
 
Total  Recorded
Investment
Land
$
114,480

 
51,691

 
1,153

 
52,844

Single family homes
35,413

 
8,306

 
1,974

 
10,280

Commercial properties
12,154

 
1,379

 
1,072

 
2,451

Other
66,667

 
—

 
12,872

 
12,872

Loans receivable
$
228,714

 
61,376

 
17,071

 
78,447

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
Allowance for Credit Losses on Financing Receivables [Table Text Block]
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:
 
Three Months Ended
 
February 29,
 
February 28,
(In thousands)
2016
 
2015
Allowance on nonaccrual loans, beginning of the period
$
35,625

 
58,236

Provision for loan losses, net of recoveries
2,339

 
1,224

Charge-offs
(7,571
)
 
(8,441
)
Allowance on nonaccrual loans, end of the period
$
30,393

 
51,019
Changes In Real Estate Owned
The following tables represent the activity in REO:
 
Three Months Ended
 
February 29,
 
February 28,
(In thousands)
2016
 
2015
REO - held-for-sale, beginning of period
$
183,052

 
190,535

Improvements
887

 
1,704

Sales
(16,510
)
 
(24,925
)
Impairments and unrealized losses
(3,548
)
 
(1,418
)
Transfers from held-and-used, net (1)
13,340

 
19,615

REO - held-for-sale, end of period
$
177,221

 
185,511

 
Three Months Ended
 
February 29,
 
February 28,
(In thousands)
2016
 
2015
REO - held-and-used, net, beginning of period
$
153,717

 
255,795

Additions
8,667

 
8,912

Improvements
307

 
643

Impairments
(89
)
 
(1,413
)
Depreciation
(362
)
 
(789
)
Transfers to held-for-sale (1)
(13,340
)
 
(19,615
)
Other
—

 
(964
)
REO - held-and-used, net, end of period
$
148,900

 
242,569

(1)
During both the three months ended February 29, 2016 and February 28, 2015, the Rialto segment transferred certain properties from REO held-and-used, net to REO held-for-sale as a result of changes in the disposition strategy of the real estate assets.
Schedule of Line of Credit Facilities [Table Text Block]
At February 29, 2016, Rialto warehouse facilities were as follows:
(In thousands)
Maximum Aggregate Commitment
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

364-day warehouse repurchase facility that matures January 2017 (1)
250,000

Warehouse repurchase facility that matures December 2017 (1)
100,000

Warehouse repurchase facility that matures August 2018 (two - one year extensions) (2)
100,000

Total
$
1,100,000

(1)
RMF uses these facilities to finance its loan origination and securitization activities.
(2)
In 2015, Rialto entered into a separate repurchase facility to finance the origination of floating rate accrual loans. Loans financed under this facility will be held as accrual loans within loans receivable, net. Borrowings under this facility were $41.6 million and $36.3 million as of February 29, 2016 and November 30, 2015, respectively.
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:
 
 
 
 
 
 
 
 
 
February 29,
2016
 
February 29,
2016
 
November 30,
2015
(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

 
$
63,278

 
68,570

Rialto Real Estate Fund II, LP
2012
 
1,305,000

 
1,305,000

 
100,000

 
100,000

 
97,498

 
99,947

Rialto Mezzanine Partners Fund, LP
2013
 
300,000

 
300,000

 
33,799

 
33,799

 
28,296

 
32,344

Rialto Capital CMBS Funds
2014
 
102,878

 
102,878

 
44,750

 
44,750

 
44,097

 
23,233

Rialto Real Estate Fund III
2015
 
697,173

 
—

 
100,000

 
—

 
72

 
—

Other investments
 
 
 
 
 
 
 
 
 
 
798

 
775

 
 
 
 
 
 
 
 
 
 
 
$
234,039

 
224,869
Equity in Earnings (Loss) on Investments Related to Rialto Segment [Table Text Block]
Rialto's share of earnings (loss) from unconsolidated entities was as follows:
 
Three Months Ended
 
February 29,
 
February 28,
(In thousands)
2016
 
2015
Rialto Real Estate Fund, LP
$
1,339

 
746

Rialto Real Estate Fund II, LP
(722
)
 
893

Rialto Mezzanine Partners Fund, LP
724

 
475

Rialto Capital CMBS Funds
372

 
544

Rialto Real Estate Fund III
(239
)
 
—

Other investments
23

 
6

Rialto equity in earnings from unconsolidated entities
$
1,497

 
2,664
Condensed Financial Information By Equity Method Investment, Balance Sheets
Balance Sheets
(In thousands)
February 29,
2016
 
November 30,
2015
Assets:
 
 
 
Cash and cash equivalents
$
108,500

 
188,147

Loans receivable
450,787

 
473,997

Real estate owned
518,466

 
506,609

Investment securities
1,188,653

 
1,092,476

Investments in partnerships
422,493

 
429,979

Other assets
27,495

 
30,340

 
$
2,716,394

 
2,721,548

Liabilities and equity:
 
 
 
Accounts payable and other liabilities
$
35,947

 
29,462

Notes payable
450,250

 
374,498

Equity
2,230,197

 
2,317,588

 
$
2,716,394

 
2,721,548
Condensed Financial Information By Equity Method Investment, Statements Of Operations

Statements of Operations
 
Three Months Ended
 
February 29,
 
February 28,
(In thousands)
2016
 
2015
Revenues
$
44,296

 
41,738

Costs and expenses
20,899

 
23,005

Other income (expense), net (1)
(15,162
)
 
5,874

Net earnings of unconsolidated entities
$
8,235

 
24,607

Rialto equity in earnings from unconsolidated entities
$
1,497

 
2,664


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