when talking about consolidation everyone on this board has focused on the Tabernas that have caused mark to market losses for RAS on a GAAP basis.
I don't remember once reading about how the $499 million of Rait 1&2 bonds owned by RAS are disappearing because of GAAP. I wonder why?
It's GAAP accounting. They show in the footnotes, but "money owed to yourself" will disappear in consolidation. Because the own the equity piece of RAIT 1&2 is is as if they owe money to themselves. Read up on how the money RAS owes to the Tabernas securitizations are eliminated in consolidation. Again, money owed to themselves "technically" because RAS owns the equity piece of the Tabernas securitizations. The controlling piece.