Northstar Realty Finance (NRF) 10-K 28 Feb 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Feb. 26, 2014	Jun. 30, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'NORTHSTAR REALTY FINANCE CORP.	'	'
Entity Central Index Key	'0001273801	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$1,616,327,094
Entity Common Stock, Shares Outstanding	'	326,552,271	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'		'
Cash and cash equivalents	$635,990		$444,927
Restricted cash	166,487		360,075
Operating real estate, net	2,369,505		1,390,546
Real estate debt investments, net (refer to Note 5)	1,031,078		1,832,231
Investments in private equity funds, at fair value (refer to Note 6)	586,018		0
Investments in and advances to unconsolidated ventures (refer to Note 7)	142,340		111,025
Real estate securities, available for sale	1,052,320		1,124,668
Receivables, net of allowance of $1,151 and $1,526 as of December 31, 2013 and 2012, respectively	59,895		28,413
Receivables, related parties	25,262		23,706
Unbilled rent receivable, net of allowance of $307 as of December 31, 2013	15,006		16,129
Derivative assets, at fair value	3,469		6,229
Deferred costs and intangible assets, net	96,886		97,700
Assets of properties held for sale	30,063		0
Other assets	145,731		78,129
Total assets	6,360,050	[1]	5,513,778	[1]
Liabilities and equity	'		'
Mortgage and other notes payable	2,113,334		1,015,670
CDO bonds payable (refer to Note 9)	384,183		2,112,441
Securitization bonds payable	82,340		98,005
Credit facilities	70,038		61,088
Secured term loan	0		14,664
Exchangeable senior notes	490,973		291,031
Junior subordinated notes, at fair value	201,203		197,173
Accounts payable and accrued expenses	74,547		45,895
Escrow deposits payable	90,929		90,032
Derivative liabilities, at fair value	52,204		170,840
Liabilities of assets held for sale	28,962		0
Other liabilities	73,874		86,075
Total liabilities	3,662,587	[2]	4,182,914	[2]
Commitments and contingencies	'		'
NorthStar Realty Finance Corp. Stockholders’ Equity	'		'
Preferred stock, $736,640 and $536,640 aggregate liquidation preference as of December 31, 2013 and 2012, respectively	697,352		504,018
Common stock, $0.01 par value, 500,000,000 shares authorized, 308,806,828 and 163,607,259 shares issued and outstanding as of December 31, 2013 and 2012, respectively	3,088		1,636
Additional paid-in capital	2,647,906		1,195,131
Retained earnings (accumulated deficit)	-685,936		-376,685
Accumulated other comprehensive income (loss)	-4,334		-22,179
Total NorthStar Realty Finance Corp. stockholders’ equity	2,658,076		1,301,921
Non-controlling interests	39,387		28,943
Total equity	2,697,463		1,330,864
Total liabilities and equity	6,360,050		5,513,778
Variable Interest Entity, Primary Beneficiary	'		'
Assets	'		'
Restricted cash	24,411		320,815
Operating real estate, net	4,945		344,056
Real estate debt investments, net (refer to Note 5)	44,298		1,478,503
Investments in and advances to unconsolidated ventures (refer to Note 7)	0		59,939
Real estate securities, available for sale	644,015		1,015,972
Receivables, net of allowance of $1,151 and $1,526 as of December 31, 2013 and 2012, respectively	4,476		16,609
Unbilled rent receivable, net of allowance of $307 as of December 31, 2013	0		2,125
Deferred costs and intangible assets, net	0		37,753
Other assets	269		12,689
Total assets	722,414		3,288,461
Liabilities and equity	'		'
Mortgage and other notes payable	0		228,446
CDO bonds payable (refer to Note 9)	384,183		2,112,441
Secured term loan	0		14,664
Accounts payable and accrued expenses	2,686		13,626
Escrow deposits payable	22		67,406
Derivative liabilities, at fair value	52,204		170,840
Other liabilities	2,971		25,144
Total liabilities	$442,066		$2,632,567
[1]	•Restricted cash: December 31, 2013 $24,411 ; December 31, 2012: $320,815 •Operating real estate, net: December 31, 2013: $4,945 ; December 31, 2012: $344,056 •Real estate debt investments, net: December 31, 2013: $44,298 ; December 31, 2012: $1,478,503 •Investments in and advances to unconsolidated ventures: December 31, 2013: $0 ; December 31, 2012: $59,939 •Real estate securities, available for sale: December 31, 2013: $644,015 ; December 31, 2012: $1,015,972 •Receivables, net of allowance: December 31, 2013: $4,476 ; December 31, 2012: $16,609 •Unbilled rent receivable: December 31, 2013: $0 ; December 31, 2012: $2,125 •Deferred costs and intangible assets, net: December 31, 2013: $0 ; December 31, 2012: $37,753 •Other assets: December 31, 2013: $269 ; December 31, 2012: $12,689 •Total assets of consolidated VIEs: December 31, 2013: $722,414 ; December 31, 2012: $3,288,461
[2]	•Mortgage and other notes payable: December 31, 2013 $0 ; December 31, 2012: $228,446 •CDO bonds payable: December 31, 2013 $384,183 ; December 31, 2012: $2,112,441 •Secured term loan: December 31, 2013 $0 ; December 31, 2012: $14,664 •Accounts payable and accrued expenses: December 31, 2013 $2,686 ; December 31, 2012: $13,626 •Escrow deposits payable: December 31, 2013 $22 ; December 31, 2012: $67,406 •Derivative liabilities, at fair value: December 31, 2013 $52,204 ; December 31, 2012: $170,840 •Other liabilities: December 31, 2013 $2,971 ; December 31, 2012: $25,144 •Total liabilities of consolidated VIEs: December 31, 2013 $442,066 ; December 31, 2012: $2,632,567

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Receivables, allowance (in dollars)	$1,151	$1,526
Unbilled rent receivable, allowance (in dollars)	307	'
Preferred Stock, Liquidation Preference, Value	$736,640	$536,640
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (shares)	500,000,000	500,000,000
Common stock, shares issued (shares)	308,806,828	163,607,259
Common stock, shares outstanding (shares)	308,806,828	163,607,259

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Net interest income	'		'		'
Interest income	$303,989,000		$386,053,000		$401,201,000
Interest expense on debt and securities	38,152,000		50,557,000		45,280,000
Net interest income on debt and securities	265,837,000		335,496,000		355,921,000
Other revenues	'		'		'
Rental and escalation income	235,492,000		112,496,000		108,549,000
Selling commissions and dealer manager fees, related parties	62,572,000		42,385,000		12,024,000
Asset management and other fees, related parties	27,301,000		7,916,000		959,000
Other revenue	5,420,000		2,272,000		925,000
Total other revenues	330,785,000		165,069,000		122,457,000
Expenses	'		'		'
Other interest expense	140,507,000		89,536,000		94,988,000
Real estate properties—operating expenses	73,668,000		18,679,000		22,611,000
Commission expense (refer to Note 10)	57,325,000		38,506,000		10,764,000
Other expenses	4,703,000		6,648,000		8,824,000
Transaction costs	12,464,000		2,571,000		0
Provision for (reversal of) loan losses, net	-8,786,000		23,037,000		52,980,000
Provision for loss on equity investment	0		0		4,482,000
General and administrative	'		'		'
Salaries and equity-based compensation	64,726,000	[1]	62,313,000	[1]	66,183,000	[1]
Other general and administrative	22,511,000		19,370,000		24,877,000
Total general and administrative	87,237,000		81,683,000		91,060,000
Depreciation and amortization	93,470,000		47,499,000		42,915,000
Total expenses	460,588,000		308,159,000		328,624,000
Income (loss) from operations	136,034,000		192,406,000		149,754,000
Equity in earnings (losses) of unconsolidated ventures	85,477,000		88,000		-2,738,000
Other income (loss)	38,000		20,258,000		4,162,000
Unrealized gain (loss) on investments and other	-34,977,000		-548,277,000		-489,904,000
Realized gain (loss) on investments and other	33,676,000		60,485,000		78,782,000
Gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	-299,802,000		0		0
Gain from acquisition	0		0		89,000
Income (loss) from continuing operations	-79,554,000		-275,040,000		-259,855,000
Income (loss) from discontinued operations	-8,356,000		-128,000		131,000
Gain on sale from discontinued operations	0		2,079,000		17,198,000
Net income (loss)	-87,910,000		-273,089,000		-242,526,000
Net (income) loss attributable to non-controlling interests	5,973,000		11,527,000		5,615,000
Preferred stock dividends	-55,516,000		-27,025,000		-20,925,000
Contingently redeemable non-controlling interest accretion	0		0		-5,178,000
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-137,453,000		-288,587,000		-263,014,000
Earnings (loss) per share:	'		'		'
Net income (loss) per share from continuing operations (basic) (in dollars per share)	($0.61)		($2.32)		($3.12)
Income (loss) per share from discontinued operations (basic) (in dollars per share)	($0.04)		$0		($0.01)
Gain per share on sale of discontinued operations (basic) (in dollars per share)	$0		$0.01		$0.19
Net income (loss) per common share attributable to NorthStar Realty Finance Corp. common stockholders (basic) (in dollars per share)	($0.65)		($2.31)		($2.94)
Net income (loss) per common share attributable to NorthStar Realty Finance Corp. common stockholders (diluted) (in dollars per share)	($0.65)		($2.31)		($2.94)
Weighted average number of shares:	'		'		'
Basic (in shares)	211,815,520		125,198,517		89,348,670
Diluted (in shares)	220,978,335		131,224,199		93,627,456
Equity-based compensation expense	$16,961,000		$12,817,000		$11,682,000
[1]	The years ended December 31, 2013, 2012 and 2011 include $17.0 million, $12.8 million and $11.7 million, respectively, of equity-based compensation expense.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest [Abstract]	'	'	'
Net income (loss)	($87,910)	($273,089)	($242,526)
Other comprehensive income (loss):	'	'	'
Unrealized gain (loss) on real estate securities, available for sale	-557	7,259	-7,506
Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other	-926	0	0
Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15)	4,885	7,412	7,491
Reclassification of swap (gain) loss into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	15,246	0	0
Total other comprehensive income (loss)	18,648	14,671	-15
Comprehensive income (loss)	-69,262	-258,418	-242,541
Comprehensive (income) loss attributable to non-controlling interests	5,174	10,837	5,590
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($64,088)	($247,581)	($236,951)

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total NorthStar Stockholders’ Equity	Non-controlling Interests
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2010	$1,277,691	$241,372	$781	$723,102	$293,382	($36,119)	$1,222,518	$55,173
Balance (in shares) at Dec. 31, 2010	'	10,000,000	78,105,000	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net proceeds from offering of common stock (in shares)	'	'	17,250,000	'	'	'	'	'
Net proceeds from offering of common stock	69,305	'	173	69,132	'	'	69,305	'
Reclassification of equity compensation to liability	-2,136	'	'	'	'	'	'	-2,136
Non-controlling interests—contributions	144	'	'	'	'	'	'	144
Non-controlling interests—distributions	-13,202	'	'	'	'	'	'	-13,202
Dividend reinvestment plan (in shares)	'	'	62,000	'	'	'	'	'
Dividend reinvestment plan	264	'	'	264	'	'	264	'
Amortization of equity-based compensation	11,682	'	'	17	'	'	17	11,665
Contingently redeemable non-controlling interest accretion	-5,178	'	'	'	-5,178	'	-5,178	'
Equity component of exchangeable senior notes	10,971	'	'	10,971	'	'	10,971	'
Other comprehensive income (loss)	-15	'	'	'	'	-41	-41	26
Conversion of LTIP Units (in shares)	'	'	628,000	'	'	'	'	'
Conversion of LTIP Units	'	'	6	6,340	'	'	6,346	-6,346
Dividends on common stock, LTIP Units and RSUs	-40,803	'	'	'	-38,994	'	-38,994	-1,809
Dividends on preferred stock	-20,925	'	'	'	-20,925	'	-20,925	'
Net income (loss)	-242,526	'	'	'	-236,911	'	-236,911	-11,273
Net income (loss)	-248,184	'	'	'	'	'	'	'
Balance at Dec. 31, 2011	1,039,614	241,372	960	809,826	-8,626	-36,160	1,007,372	32,242
Balance (in shares) at Dec. 31, 2011	'	10,000,000	96,045,000	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net proceeds from offering of common stock (in shares)	'	'	67,250,000	'	'	'	'	'
Net proceeds from offering of common stock	382,809	'	673	382,136	'	'	382,809	'
Net proceeds from offering of preferred stock (in shares)	'	11,466,000	'	'	'	'	'	'
Net proceeds from offering of preferred stock	262,646	262,646	'	'	'	'	262,646	'
Redemptions of non-controlling interests	'	'	'	-2,358	'	'	-2,358	2,358
Non-controlling interests—contributions	8,755	'	'	'	'	'	'	8,755
Non-controlling interests—distributions	-7,053	'	'	'	'	'	'	-7,053
Dividend reinvestment plan (in shares)	'	'	35,000	'	'	'	'	'
Dividend reinvestment plan	203	'	1	202	'	'	203	'
Amortization of equity-based compensation	12,817	'	'	'	'	'	'	12,817
Contingently redeemable non-controlling interest accretion	0	'	'	'	'	'	'	'
Equity component of exchangeable senior notes	2,179	'	'	2,179	'	'	2,179	'
Other comprehensive income (loss)	14,671	'	'	'	'	13,981	13,981	690
Conversion of LTIP Units (in shares)	'	'	277,000	'	'	'	'	'
Conversion of LTIP Units	'	'	2	3,146	'	'	3,148	-3,148
Dividends on common stock, LTIP Units and RSUs	-85,663	'	'	'	-79,472	'	-79,472	-6,191
Dividends on preferred stock	-27,025	'	'	'	-27,025	'	-27,025	'
Net income (loss)	-273,089	'	'	'	-261,562	'	-261,562	-11,527
Balance at Dec. 31, 2012	1,330,864	504,018	1,636	1,195,131	-376,685	-22,179	1,301,921	28,943
Balance (in shares) at Dec. 31, 2012	'	21,466,000	163,607,000	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net proceeds from offering of common stock (in shares)	'	'	132,250,000	'	'	'	'	'
Net proceeds from offering of common stock	1,305,619	'	1,323	1,304,296	'	'	1,305,619	'
Net proceeds from offering of preferred stock (in shares)	'	8,000,000	'	'	'	'	'	'
Net proceeds from offering of preferred stock	193,334	193,334	'	'	'	'	193,334	'
Common stock related to transactions (refer to Note 12)	17,712	'	'	17,712	'	'	17,712	'
Non-controlling interests—contributions	19,774	'	'	'	'	'	'	19,774
Non-controlling interests—distributions	-1,403	'	'	'	'	'	'	-1,403
Dividend reinvestment plan (in shares)	26,835	'	27,000	'	'	'	'	'
Dividend reinvestment plan	249	'	0	249	'	'	249	'
Amortization of equity-based compensation	16,961	'	'	'	'	'	'	16,961
Contingently redeemable non-controlling interest accretion	0	'	'	'	'	'	'	'
Equity component of exchangeable senior notes	45,740	'	'	45,740	'	'	45,740	'
Conversion of exchangeable senior notes (in shares)	'	'	11,582,000	'	'	'	'	'
Conversion of exchangeable senior notes	74,777	'	116	74,661	'	'	74,777	'
Other comprehensive income (loss)	18,648	'	'	'	'	17,845	17,845	803
Conversion of LTIP Units (in shares)	'	'	1,341,000	'	'	'	'	'
Conversion of LTIP Units	0	'	13	10,117	'	'	10,130	-10,130
Dividends on common stock, LTIP Units and RSUs	-181,386	'	'	'	-171,798	'	-171,798	-9,588
Dividends on preferred stock	-55,516	'	'	'	-55,516	'	-55,516	'
Net income (loss)	-87,910	'	'	'	-81,937	'	-81,937	-5,973
Balance at Dec. 31, 2013	2,697,463	697,352	3,088	2,647,906	-685,936	-4,334	2,658,076	39,387
Balance (in shares) at Dec. 31, 2013	'	29,466,000	308,807,000	'	'	'	'	'
Balance at Nov. 30, 2013	'	'	'	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Net proceeds from offering of common stock (in shares)	'	'	57,500,000	'	'	'	'	'
Balance at Dec. 31, 2013	'	'	$3,088	'	'	'	'	'
Balance (in shares) at Dec. 31, 2013	'	'	308,807,000	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income (loss)	($87,910)	($273,089)	($242,526)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'	'
Equity in (earnings) losses of PE Investments	-82,592	0	0
Equity in (earnings) losses of unconsolidated ventures	-2,885	-88	2,738
Depreciation and amortization	94,840	49,207	45,050
Amortization of premium/accretion of discount on investments	-58,032	-137,816	-136,365
Interest accretion on investments	-1,549	-1,827	-7,094
Amortization of deferred financing costs	7,393	3,528	4,995
Amortization of equity-based compensation	16,961	12,817	11,682
Unrealized (gain) loss on investments and other	-17,757	469,374	387,326
Realized gain (loss) on investments and other / other income	-33,714	-60,743	-78,782
(Gain) loss from deconsolidation of N-Star CDOs	299,802	0	0
Gain on sale from discontinued operations/gain from acquisition	0	-2,079	-17,287
Reversal of accrued loss contingency and other costs	0	-20,000	0
Accrued loss contingency	0	0	20,000
Impairment from discontinued operations	8,613	966	0
Distributions from PE Investments (refer to Note 6)	82,592	0	0
Distributions from unconsolidated ventures	4,744	2,433	709
Distributions from unconsolidated ventures	7,028	0	0
Amortization of capitalized above/below market leases	-1,438	-1,266	-957
Straight line rental income, net	-2,713	-3,342	-2,795
Provision for loss on equity investment	0	0	4,482
Provision for (reversal of) loan losses, net	-8,786	23,037	52,980
Allowance for uncollectible accounts	1,138	833	445
Other	151	598	0
Discount received	7,815	17,399	0
Changes in assets and liabilities:	'	'	'
Restricted cash	-6,846	495	-1,794
Receivables	-10,912	969	78
Other assets	-1,040	-1,464	-3,857
Receivables, related parties	-11,946	-5,908	-2,510
Accounts payable and accrued expenses	32,860	-21,425	15,051
Other liabilities	4,857	24,302	7,497
Net cash provided by (used in) operating activities	240,674	76,911	59,066
Cash flows from investing activities:	'	'	'
Acquisitions of operating real estate, net	-1,624,959	-311,485	0
Improvements of operating real estate	-11,028	-4,485	-4,028
Deferred costs and intangible assets	-769	-575	-2,281
Net proceeds from sale of operating real estate	17,687	13,369	57,007
Originations of real estate debt investments, net	-744,209	-242,326	-64,846
Acquisitions of real estate debt investments	-56,301	-100,460	-214,888
Proceeds from sale of real estate debt investments (refer to Note 10)	106,845	18,109	208,748
Repayments on real estate debt investments	274,029	239,588	306,498
Investments in PE Investments (refer to Note 6)	-664,392	0	0
Distributions from PE Investments (refer to Note 6)	135,607	0	0
Investment in and advances to unconsolidated ventures	-109,218	-20,326	-2,579
Distributions from unconsolidated ventures	11,782	487	986
Acquisitions of real estate securities, available for sale	-2,800	-89,041	-348,212
Proceeds from sales of real estate securities, available for sale	223,992	343,900	331,500
Repayments on real estate securities, available for sale	187,622	229,870	127,332
Change in restricted cash	-30,736	-5,084	-6,000
Purchase of equity interest	0	0	-10,715
Other assets	1,695	-19,640	4,801
Net cash provided by (used in) investing activities	-2,285,153	51,901	383,323
Cash flows from financing activities:	'	'	'
Borrowings from mortgage notes	1,252,085	241,400	37,445
Repayments of mortgage notes	-21,272	-8,987	-148,354
Proceeds from CDO bond reissuance	23,725	89,637	0
Proceeds from CDO bonds	0	10,000	64,744
Repayments of CDO bonds	-655,575	-693,705	-386,167
Repurchases of CDO bonds	-44,222	-98,818	-75,314
Proceeds from securitization bonds payable	0	98,131	0
Paydowns on securitization bonds payable	-15,794	0	0
Borrowings from credit facilities	147,748	134,775	65,566
Repayments of credit facilities	-138,798	-137,946	-1,307
Repayments of secured term loan	-105	-18	-22,199
Proceeds from exchangeable senior notes	345,000	82,000	172,500
Repurchases and repayment of exchangeable senior notes	-36,710	-7,500	-75,188
Payment of deferred financing costs	-28,280	-11,088	-12,781
Purchase of derivative instruments	-9,563	-8,920	-8,500
Settlement of derivative instruments	0	-11,175	-27,097
Collateral held by derivative counterparties	0	0	23,280
Change in restricted cash	134,504	-41,522	81,069
Net proceeds from preferred stock offering	193,334	262,646	0
Net proceeds from common stock offering	1,305,619	383,480	69,305
Proceeds from dividend reinvestment plan	249	203	266
Dividends (common and preferred)	-227,314	-106,497	-59,919
Contributions from non-controlling interests	19,774	8,755	0
Distributions to non-controlling interests	-8,863	-13,244	-120,669
Net cash provided by (used in) financing activities	2,235,542	171,607	-423,320
Net increase (decrease) in cash and cash equivalents	191,063	300,419	19,069
Cash and cash equivalents—beginning of period	444,927	144,508	125,439
Cash and cash equivalents—end of period	$635,990	$444,927	$144,508

Business_and_Organization

Business and Organization	12 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Business and Organization	'
	Business and Organization
	NorthStar Realty Finance Corp. is a diversified commercial real estate (“CRE”) investment and asset management company (the “Company”). The Company is a Maryland corporation and is an internally-managed real estate investment trust (“REIT”) formed in October 2003. Substantially all of the Company’s assets, directly or indirectly, are held by, and the Company conducts its operations, directly or indirectly, through NorthStar Realty Finance Limited Partnership, a Delaware limited partnership and the operating partnership of the Company (the “Operating Partnership”).
	On December 10, 2013, the Company announced that its board of directors unanimously approved a plan to spin-off its asset management business into a separate publicly-traded company in the form of a tax-free distribution. In connection with the spin-off, the Company formed NorthStar Asset Management Group Inc. (“NSAM”). The Company will be externally managed by NSAM through a management contract with an initial term of 20 years. NSAM will also manage the sponsored non-traded REITs: NorthStar Real Estate Income Trust, Inc. (“NorthStar Income”), NorthStar Healthcare Income, Inc. (“NorthStar Healthcare”) and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”), collectively the Sponsored Companies. In addition, NSAM will own NorthStar Realty Securities, LLC (“NorthStar Securities”), a captive broker-dealer platform and perform other asset management-related services. The entities that manage the Sponsored Companies will become subsidiaries of NSAM as part of the spin-off. The spin-off is expected to be completed in the second quarter of 2014.
	All references herein to the Company refer to NorthStar Realty Finance Corp. and its consolidated subsidiaries, including the Operating Partnership, collectively, unless the context otherwise requires.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Accounting
	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.
	The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations (“CDOs”) and its liabilities to subsidiary trusts issuing preferred securities (“junior subordinated notes”), to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
	Investments in and Advances to Unconsolidated Ventures
	The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at fair value or the cost method.
	Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. Allocations of net income (loss) may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments (directly or indirectly in joint ventures) that own limited partnership interests in real estate private equity funds (“PE Investments”) and certain components of the Company’s investment in RXR Realty, LLC (“RXR Realty”). PE Investments are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. The Company records the change in fair value for its share of the projected future cash flow of such investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).
	The Company may account for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
	Non-controlling Interests
	A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to controlling and non-controlling interests. Allocations to non-controlling interests may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
	Reclassifications
	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
	Comprehensive Income (Loss)
	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include: (i) unrealized gain (loss) on real estate securities available for sale for which the fair value option is not elected; and (ii) the reclassification of unrealized gain (loss) on derivative instruments that are or were deemed to be effective hedges.
	Cash and Cash Equivalents
	The Company considers all highly-liquid investments with a remaining maturity date of three months or less to be cash equivalents. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
	Restricted Cash
	Restricted cash consists of amounts related to operating real estate (escrows for taxes, insurance, capital expenditures, tenant security deposits, payments required under certain lease agreements), loan origination (escrow deposits) and the Company’s CDO and securitization financing transactions. Restricted cash in CDO financing transactions represent proceeds from repayments and/or sales and since the CDO financing transactions are past their respective reinvestment period, the cash is being distributed in accordance with priority of cash flows set forth in the respective CDO’s governing documents.
	Fair Value Option
	The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company will generally not elect the fair value option for its assets and liabilities. However, the Company may elect to apply the fair value option for certain investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
	Operating Real Estate
	Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:		Term:
	Building (fee interest)		30 to 40 years
	Building improvements		Lesser of the useful life or remaining life of the building
	Building (leasehold interest)		Lesser of 40 years or remaining term of the lease
	Land improvements		10 to 30 years
	Tenant improvements		Lesser of the useful life or remaining term of the lease
	The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles. The Company evaluates whether real estate acquired in connection with a foreclosure, UCC/deed in lieu of foreclosure or a consentual modification of a loan (herein collectively referred to as taking title to collateral) (“REO”) constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses.
	Operating real estate, including REO, which has met the criteria to be classified as held for sale, is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. In addition, the results of operations are reclassified to income (loss) from discontinued operations in the consolidated statements of operations.
	Minimum rental amounts due under leases are generally either subject to scheduled fixed increases or adjustments. The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2013 (dollars in thousands):
	Years Ending December 31:
	2014(1)		$	80,574
	2015		78,507
	2016		72,240
	2017		58,729
	2018		46,775
	Thereafter		158,655
	Total		$	495,480
	_______________________
	-1	Excludes rental income from manufactured housing communities and multifamily properties that are subject to short-term leases.
	Real Estate Debt Investments
	CRE debt investments are generally intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan fees, premium, discount and unfunded commitments. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value.
	Real Estate Securities
	The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations.
	The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gains (losses) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary.
	Deferred Costs
	Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
	Identified Intangibles
	The Company records acquired identified intangibles, which includes intangible assets (value of the above-market leases, in-place leases and other intangibles) and intangible liabilities (value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term. Identified intangible assets are recorded in deferred costs and intangible assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
The following table presents identified intangibles as of December 31, 2013 and 2012 (dollars in thousands):
		31-Dec-13									31-Dec-12
								Intangible									Intangible
		Intangible Assets (1)						Liabilities (1)			Intangible Assets						Liabilities
		Above-market Leases			Other			Below-market Leases			Above-market Leases			Other			Below-market Leases
Gross amount		$	6,264		$	93,037		$	19,499		$	21,180		$	106,453		$	42,017
Accumulated amortization		(4,351		)	(42,185		)	(10,799		)	(7,646		)	(46,329		)	(13,919		)
Total		$	1,913		$	50,852		$	8,700		$	13,534		$	60,124		$	28,098
______________________________________________________
(1) The decrease from prior year relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
The Company recorded amortization of acquired above-market leases, net of acquired below-market leases, of $1.4 million, $1.4 million and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of other intangible assets was $15.4 million, $13.7 million and $13.4 million for the years ended December 31, 2013, 2012 and 2011, respectively.
Estimated annual amortization of intangible assets and liabilities is presented as follows (dollars in thousands):
Years Ending December 31:		Above and Below Market Leases, Net(1)			Other Intangibles(1)
2014		$	934		$	11,799
2015		873			10,474
2016		855			9,307
2017		898			7,293
2018		571			5,388
Thereafter		2,656			6,591
Total		$	6,787		$	50,852
______________________________________________________
(1) Identified intangibles will be amortized through periods ending December 2025.
Other Assets and Other Liabilities
The following table presents other assets and other liabilities as of December 31, 2013 and 2012 (dollars in thousands):
		December 31,
Other assets:		2013			2012
Manufactured homes		$	69,217		$	12,707
Notes receivable		38,418			3,579
Investment-related reserves and deposits		11,127			32,325
Furniture, fixtures and equipment, net		6,977			6,821
Prepaid expenses		5,361			3,412
Timeshare		462			3,467
Other		14,169			15,818
Total		$	145,731		$	78,129
		December 31,
Other liabilities:		2013			2012
PE Investment III deferred purchase price		$	39,760		$	—
Unearned revenue		2,029			46,677
Security deposits		9,294			5,247
Below-market leases		8,700			28,098
Other		14,091			6,053
Total		$	73,874		$	86,075
Revenue Recognition
Operating Real Estate
Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred.
Real Estate Debt Investments
Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
Loans acquired at a discount with deteriorated credit quality are accreted to expected recovery, which takes into consideration the contractual cash flow of the loan, adjusted for the impact of any prepayments, and expected future cash flow the Company expects to receive. The Company continues to estimate the amount of recovery over the life of such loans. A subsequent change in expected future cash flow is recognized as an adjustment to the accretable yield prospectively over the remaining life of such loan.
Real Estate Securities
Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
Selling Commissions and Dealer Manager Fees
Selling commissions and dealer manager fees represent income earned from selling equity in sponsored companies through NorthStar Securities, the Company’s broker-dealer subsidiary, while such companies are raising capital for their respective public offerings. Selling commissions and dealer manager fees and commission expense are accrued on a trade date basis. The Company is currently raising capital for NorthStar Healthcare and NorthStar Income II. NorthStar Income, the Company’s first sponsored company, successfully completed its $1.1 billion public offering on July 1, 2013. These companies are collectively referred to as Sponsored Companies.
Asset Management and Other Fees
Asset management and other fees include fees earned from the management of Sponsored Companies and are recognized in the period during which the related services are performed and the amounts have been contractually earned.
Credit Losses and Impairment on Investments
Operating Real Estate
The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions and asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations.
Allowances for doubtful accounts for tenant/operator receivables are established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenants/operators to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
Real Estate Debt Investments
Loans are considered impaired when based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses.
Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
Investments in and Advances to Unconsolidated Ventures
The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations.
Real Estate Securities
CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur.
CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Troubled Debt Restructuring
CRE debt investments modified in a troubled debt restructuring (“TDR”) are modifications granting a concession to a borrower experiencing financial difficulties where a lender agrees to terms that are more favorable to the borrower than is otherwise available in the current market. Management judgment is necessary to determine whether a loan modification is considered a TDR. Troubled debt that is fully satisfied via taking title to collateral, repossession or other transfers of assets is generally included in the definition of TDR. Loans acquired as a pool with deteriorated credit quality that have been modified are not considered a TDR.
Derivatives
Derivatives are used to manage exposure to interest rate risk. For derivatives that qualify as cash flow hedges, the effective portion of changes in fair value of derivatives designated as a hedge is recorded in accumulated OCI and is subsequently reclassified into income in the period that the hedged item affects income. Amounts reported in OCI relate to the hedge of the Company’s floating-rate borrowings are reclassified to interest expense as interest payments are made on associated borrowings.
The change in fair value for derivatives that do not qualify as a hedge for U.S. GAAP is recorded in earnings. When the Company elected the fair value option for certain of its borrowings, any derivatives designated as a qualifying hedge at the time no longer qualified for hedge accounting given that the underlying borrowing will be remeasured with changes in the fair value recorded in earnings. For such derivatives, the unrealized gain (loss) at that time will remain in accumulated OCI and will be reclassified into earnings over the life of the associated borrowing, with current changes in fair value recorded in earnings.
Exchangeable Senior Notes
The proceeds from exchangeable senior notes that may be settled in cash at the option of the issuer, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The liability component is calculated based on the present value of the contractual cash flows discounted at a comparable market conventional borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable senior notes and is accreted as additional interest expense to the contractual maturity using the effective interest method. The equity component is calculated based on the difference between the proceeds received and the fair value of the liability component at the issuance date. The equity component is recorded in additional paid-in-capital, net of issuance costs, on the consolidated balance sheets. Issuance costs related to exchangeable senior notes is allocated between the liability and the equity components based on their relative values.
Equity-Based Compensation
The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For service-based awards, the Company recognizes compensation expense over the vesting period on a straight-line basis. For awards with performance or market measures, the Company recognizes compensation expense over the requisite service period, using the accelerated attribution expense method. For performance-based measures, compensation expense, net of estimated forfeitures, is recorded based on the Company’s estimate of the probable achievement of such measures. For market-based measures, the Company recognizes compensation expense based on the initial estimate of the fair value of the award using a binomial model.
For awards with a combination of performance or market measures, the Company estimates the fair value as if it were two separate awards. First, the Company estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, the Company records the compensation expense based on the fair value of the market measure. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, the Company records compensation expense based upon the performance-based measure. The Company would then record a cumulative catch-up adjustment for any additional compensation expense.
Foreign Currency Remeasurement
Assets and liabilities denominated in non-U.S. currencies are remeasured at rates of exchange prevailing on the reporting date and revenues and expenses are remeasured at average rates of exchange for the period. The Company’s functional currency of its euro-dominated investment is the U.S. dollar, therefore, any gains or losses from the remeasurement of foreign currency to U.S. dollars are included in the consolidated statements of operations.
Earnings Per Share
The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. For purposes of calculating EPS, the Company considers all unvested restricted stock units which participate in the Company’s dividends to be outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding warrants or other contracts to issue common stock were exercised or converted to common stock (including limited partnership interests in the Operating Partnership which are structured as profits interests (“LTIP Units”)), where such exercise or conversion would result in a lower EPS. The dilutive effect of partnership interests in the Operating Partnership is calculated assuming all units are converted to common stock.
Income Taxes
The Company and its wholly-owned subsidiary, NRFC Sub-REIT Corp. (“Sub-REIT”), have each elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s and Sub-REIT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
The Company maintains various taxable REIT subsidiaries (“TRSs”) which may be subject to U.S. federal, state and local income taxes and foreign taxes. In general, a TRS of the Company may perform non-customary services for tenants of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. A TRS is subject to regular corporate income tax. The Company has established several TRSs in jurisdictions for which no taxes are assessed on corporate earnings. However, the Company must include in earnings the income from these TRSs even if it has received no cash distributions. Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in domestic TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in tax expense in the consolidated statements of operations. One of the Company’s TRSs had net operating losses of $20.6 million which can generally be used to offset future operating income for up to 20 years. As of December 31, 2013, the Company has a deferred tax asset of $8.0 million, principally as a result of net operating losses. The Company had concluded that it is more likely than not that the net operating losses will not be used during the carryforward period, and as such, the Company has established a valuation allowance against the deferred tax asset.
From time-to-time, the Company’s TRSs generate taxable income from intercompany transactions. The TRS entities generate taxable revenue from fees for services provided to the Company’s various lines of business. Certain entities may be consolidated in the Company’s financial statements. In consolidation, these fees are eliminated when the entity is included in the consolidated group. Nonetheless, all income taxes are accrued by the TRSs in the year in which the taxable revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
Certain TRS entities are domiciled in non-U.S. jurisdictions and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally are included in the Company’s taxable income on a current basis, whether or not distributed. Upon distribution of any previously included income, no incremental U.S. federal, state or local income taxes would be payable by the Company.
The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. The Company reviews the tax balances of its TRS entities quarterly and as new information becomes available, the balances are adjusted as appropriate.
The Company has assessed its tax positions for all open tax years, which includes 2010 to 2013 and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2013, 2012 and 2011.
Recent Accounting Pronouncements
In December 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting update that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse borrowing, the reporting entity must apply sales accounting to the real estate to determine whether it should derecognize the in substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the borrowing. The requirements of the accounting update were effective for the Company in the first quarter 2013 and are applied on a prospective basis. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements.
In February 2013, the FASB issued an accounting update to present the reclassification adjustments to OCI by component on the face of the statement of operations or in the notes to the consolidated financial statements. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety into earnings, an entity is required to cross-reference to other disclosures required under U.S. GAAP to provide additional detail about those amounts. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2013
Variable Interest Entities	'
Variable Interest Entities	'
	Variable Interest Entities
	As of December 31, 2013, the Company has identified the following consolidated and unconsolidated VIEs.
	CDO Financing Transactions
	The Company sponsored nine CDOs, three of which were primarily collateralized by CRE debt and six of which were primarily collateralized by CRE securities. The Company acquired equity interests of two CRE debt focused CDOs, the CSE RE 2006-A CDO (“CSE CDO”) and the CapLease 2005-1 CDO (“CapLease CDO”). In the case of the CSE CDO, the Company was delegated the collateral management and special servicing rights, and for the CapLease CDO, the Company acquired the collateral management rights. These CDOs are collectively referred to as the N-Star CDOs and their assets are referred to as legacy investments. All N-Star CDOs are considered VIEs. At the time of issuance of the sponsored CDOs, the Company retained the below investment grade bonds, which are referred to as subordinate bonds, and preferred shares and equity notes, which are referred to as equity interests. In addition, the Company repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained subordinate bonds are herein collectively referred to as N-Star CDO bonds.
	The collateral for the CRE debt CDO financing transactions primarily includes first mortgage loans, subordinate interests, mezzanine loans, credit tenant loans and other loans. The collateral for the CDO financing transactions primarily collateralized by CRE securities includes commercial mortgage-backed securities (“CMBS”), unsecured REIT debt and CDO notes backed primarily by CRE securities and debt. Assets of each of the VIEs may only be used to settle obligations of the respective VIE. Creditors of each of the VIEs have no recourse to the general credit of the Company.
	Consolidated N-Star CDOs
	As of December 31, 2013, the Company serves as collateral manager and/or special servicer for N-Star CDOs I, III, V and IX which are primarily collateralized by CRE securities. The Company consolidates these entities as the Company has the power to direct the activities that most significantly impact the economic performance of these CDOs and therefore continues to be the primary beneficiary.
	The Company is not contractually required to provide financial support to any of these consolidated VIEs, however, the Company, in its capacity as collateral manager/collateral manager delegate and/or special servicer, may in its sole discretion provide support such as protective and other advances it deems appropriate. The Company did not provide any other financial support to any of its consolidated VIEs for the years ended December 31, 2013 and 2012.
	Unconsolidated N-Star CDOs
	The Company delegated the collateral management rights for N-Star CDOs IV, VI and VIII and the CapLease CDO on September 30, 2013 and the CSE CDO on December 31, 2013 to a third-party collateral manager who is entitled to a percentage of the senior and subordinate collateral management fees. The Company continues to receive fees as named collateral manager or collateral manager delegate and retained administrative responsibilities. The Company evaluated the reconsideration event and determined that these CDOs were still VIEs as the equity investors do not have the characteristics of a controlling financial interest. The Company evaluated the fees paid to the third-party collateral manager and concluded that the third party was acting as a principal. The Company no longer has the power to direct the activities that most significantly impact the economic performance of these CDOs, which includes but is not limited to selling collateral, and therefore is no longer the primary beneficiary of such CDOs. As a result, the Company deconsolidated the assets and liabilities for N-Star CDOs IV, VI and VIII and the CapLease CDO on September 30, 2013 and the CSE CDO on December 31, 2013.
	In July 2013, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO VII due to the ability of a single party to remove the Company as collateral manager as a result of an existing event of default. The Company was no longer the primary beneficiary of N-Star CDO VII, and as a result, in the third quarter 2013, the Company deconsolidated the assets and liabilities of this CDO. Similar events of default in the future, if they occur, could cause the Company to deconsolidate additional CDO financing transactions. In the fourth quarter 2013, N-Star CDO VII was liquidated.
	The deconsolidation of the N-Star CDOs resulted in a non-cash loss on deconsolidation recorded in the consolidated statement of operations for the year ended December 31, 2013 summarized as follows (dollars in thousands):
	Assets of deconsolidated N-Star CDOs	$	(2,198,761	)
	Liabilities of deconsolidated N-Star CDOs	1,770,907
	Subtotal of net assets deconsolidated	(427,854		)
	N-Star CDO bonds(1)	191,449
	N-Star CDO equity(1)	159,437
	Other(2)	(166,739		)
	Subtotal	184,147
	Reclassification of unrealized gain (loss) to gain (loss) from deconsolidation	(40,849		)
	Reclassification from OCI of swap gain (loss) into gain (loss) from deconsolidation	(15,246		)
	Total gain (loss) on deconsolidation of N-Star CDOs	$	(299,802	)
	___________________________________________________________
	-1	The fair value of N-Star CDO bonds and equity interests are recorded as CRE securities on the consolidated balance sheet (refer to Note 8).
	-2	Primarily represents the fair value of CRE debt investments, two notes payables and CDO bonds payable that were previously eliminated in consolidation.
	Other Unconsolidated VIEs
	Based on management’s analysis, the Company is not the primary beneficiary of the VIEs summarized below and as such, these VIEs are not consolidated into the Company’s financial statements as of December 31, 2013. These unconsolidated VIEs are summarized as follows:
	Real Estate Debt Investments
	The Company identified one CRE debt investment with a carrying value of $1.9 million as a variable interest in a VIE. The Company determined that it is not the primary beneficiary of this VIE, and as such, the VIE is not consolidated in the Company’s financial statements. For all other CRE debt investments, the Company determined that these investments are not VIEs and, as such, the Company continues to account for all CRE debt investments as loans.
	Real Estate Securities
	The Company identified six CRE securities with an aggregate fair value of $34.9 million as variable interests in VIEs. In connection with certain CMBS investments, the Company became the controlling class and/or was named directing certificate holder of a securitization it did not sponsor. For two of these securitizations, the Company was appointed as special servicer. The Company determined each securitization was a VIE. However, the Company determined at that time and continues to believe that it does not currently or potentially hold a significant interest in any of these securitizations and, therefore, is not the primary beneficiary.
	In February 2013, NorthStar Income, acquired a “B-piece” in a new $1.2 billion securitization. An affiliate of the Company was appointed as special servicer for the securitization. The Company determined such securitization was a VIE. However, the Company determined at that time and continues to believe that it does not currently or potentially hold a significant interest and, therefore, is not the primary beneficiary.
	NorthStar Realty Finance Trusts
	The Company owns all of the common stock of NorthStar Realty Finance Trusts I through VIII (collectively, the “Trusts”). The Trusts were formed to issue trust preferred securities. The Company determined that the holders of the trust preferred securities were the primary beneficiaries of the Trusts. As a result, the Company did not consolidate the Trusts and has accounted for the investment in the common stock of the Trusts under the equity method. As of December 31, 2013, the Company’s carrying value and maximum exposure to loss related to its investment in the Trusts is $3.7 million.
	Summary of Unconsolidated VIEs
	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2013 (dollars in thousands):
		Junior			Real Estate		Real Estate		Total		Maximum
		Subordinated			Debt		Securities,				Exposure
		Notes, at			Investments,		Available				to Loss(1)
		Fair Value			Net		for Sale
	Real estate debt investments, net	$	—		$	1,886	$	—	$	1,886	$	1,886
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		205,287		205,287		205,287
	N-Star CDO equity	—			—		158,274		158,274		158,274
	CMBS	—			—		34,859		34,859		34,859
	Subtotal real estate securities, available for sale	—			—		398,420		398,420		398,420
	Total assets	—			1,886		398,420		400,306		400,306
	Junior subordinated notes, at fair value	201,203			—		—		201,203		NA
	Total liabilities	201,203			—		—		201,203		NA
	Net	$	(201,203	)	$	1,886	$	398,420	$	199,103	NA
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of December 31, 2013 would not exceed the carrying value of its investment.
	The Company did not provide financial support to any of its unconsolidated VIEs during the years ended December 31, 2013 and 2012. As of December 31, 2013, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

Operating_Real_Estate

Operating Real Estate	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
Operating Real Estate	'
	Operating Real Estate
	The following table presents operating real estate, net as of December 31, 2013 and 2012 (dollars in thousands):
			December 31,
			2013				2012
	Land		$	461,133			$	268,738
	Land improvements		1,003,069				211,323
	Buildings and improvements		1,036,752				967,727
	Tenant improvements		31,811				69,304
	Leasehold interests		12,322				12,322
	Furniture and fixtures		15,415				9,075
	Subtotal(1)		2,560,502				1,538,489
	Less: Accumulated depreciation		(190,997		)		(147,943		)
	Operating real estate, net(2)		$	2,369,505			$	1,390,546
	__________________
	-1	As of December 31, 2013 and 2012, includes $4.9 million and $342.5 million of REO, respectively.
	-2	As of December 31, 2013 and 2012, operating real estate was subject to $2.1 billion and $1.0 billion of mortgage notes payable, respectively.
	For the years ended December 31, 2013, 2012 and 2011, depreciation expense was $76.1 million, $33.3 million and $29.1 million, respectively.
	Operating Real Estate Acquisitions
	The following summarizes significant acquisitions of operating real estate for the year ended December 31, 2013. The Company consolidates each of these properties based on its majority voting interest in the respective property owning entity, as applicable.
	Manufactured Housing Communities Portfolios
	In April 2013, the Company, through a joint venture with a private investor, acquired a portfolio of manufactured housing communities comprised of 71 communities containing approximately 17,000 pad rental sites located throughout five states (primarily in Florida and Salt Lake City, Utah) (“MH Portfolio 2”) for an aggregate purchase price of $865.3 million, including all escrows and reserves and $2.2 million of transaction costs. MH Portfolio 2 was financed with eight separate ten-year, non-recourse mortgages in the aggregate amount of $640.0 million at a weighted average fixed interest rate of 4.02% and maturing in 2023 (“MH 2 Senior Mortgage”). The Company structured the acquisition as a joint venture with the same third-party operating partner that is currently managing the Company’s initial portfolio of manufactured housing communities (“MH Portfolio 1”). The Company contributed $214.9 million of equity for an approximate 98% interest in MH Portfolio 2. For the year ended December 31, 2013, the Company recorded $64.6 million of revenue and $13.7 million of net loss associated with MH Portfolio 2, respectively.
	The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of MH Portfolio 2 (dollars in thousands):
	Assets:
	Land		$	151,294
	Land improvements		593,941
	Buildings		11,271
	Acquired in-place leases		18,375
	Other assets acquired		88,194
	Total assets acquired		$	863,075
	Liabilities:
	Mortgage notes payable		$	639,999
	Other liabilities		3,203
	Total liabilities		643,202
	Total NorthStar Realty Finance Corp. stockholders’ equity		214,873
	Non-controlling interests		5,000
	Total equity		219,873
	Total liabilities and equity		$	863,075
	The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisition of MH Portfolio 2 and related borrowings as if it occurred on January 1, 2011. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
		Years Ended December 31,
		2013				2012				2011
	Pro forma total revenues	$	658,757			$	639,520			$	608,740
	Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(140,068	)		$	(300,219	)		$	(277,365	)
	Pro forma EPS—Basic	$	(0.66	)		$	(2.40	)		$	(3.10	)
	Pro forma EPS—Diluted	$	(0.66	)		$	(2.40	)		$	(3.10	)
	In December 2013, the Company, through a joint venture with a private investor, acquired a portfolio of manufactured housing communities comprised of 12 communities containing approximately 4,600 pad rental sites located throughout three states (“MH Portfolio 3”) for an aggregate purchase price of $344.7 million, including all costs, escrows and reserves. MH Portfolio 3 was financed with three separate ten-year, non-recourse mortgages in the aggregate amount of $248.0 million at a weighted average fixed interest rate of 4.92% and maturing in 2024 (“MH 3 Senior Mortgage”). The Company structured the acquisition as a joint venture with the same third-party operating partner that is currently managing the Company’s other portfolios of manufactured housing communities MH Portfolio 1 and MH Portfolio 2. The Company contributed $89.0 million of equity for an approximate 92% interest in MH Portfolio 3.
	The following table presents the initial allocation of the purchase price of the assets acquired and liabilities issued upon the closing of MH Portfolio 3 (dollars in thousands):
	Assets:
	Land		$	43,831
	Land improvements		242,259
	Buildings		6,375
	Acquired in-place leases		7,122
	Other assets acquired (1)		45,123
	Total assets acquired		$	344,710
	Liabilities:
	Mortgage notes payable		$	248,000
	Total liabilities		248,000
	Total NorthStar Realty Finance Corp. stockholders’ equity		88,973
	Non-controlling interests		7,737
	Total equity		96,710
	Total liabilities and equity		$	344,710
	_________________
	-1	Includes $29.1 million of notes receivable and $12.2 million of manufactured homes recorded in other assets in the consolidated balance sheets.
	Multifamily Investments
In March 2013, the Company, through a joint venture with a private investor, acquired a multifamily property with 972 units, located in Tennessee (“Multifamily Property 1”), for $49.2 million. Multifamily Property 1 was financed with a non-recourse mortgage of $39.6 million at a fixed interest rate of 3.996% and maturing in 2023 (“MF 1 Senior Mortgage”). The Company contributed $12.9 million of equity for a 90% interest in Multifamily Property 1.
In the second quarter 2013, the Company, through a joint venture with a private investor, acquired eight multifamily properties with 2,418 units, located in Georgia, Florida and Tennessee (“Multifamily Properties 2”), for $202.1 million. Multifamily Properties 2 was financed with seven separate non-recourse mortgages in the aggregate amount of $158.4 million at a weighted average fixed interest rate of 4.03% and maturing in 2023 (“MF 2 Senior Mortgages”). The Company contributed $55.3 million of equity for a 95% interest in Multifamily Properties 2.
In June 2013, the Company, through a joint venture with a private investor, acquired two multifamily properties with 626 units, located in Arizona (“Multifamily Properties 3”), for $61.5 million. Multifamily Properties 3 was financed with two separate non-recourse mortgages of $46.5 million at a weighted average fixed interest rate of 4.28% and maturing in 2023 (“MF 3 Senior Mortgages”). The Company contributed $15.0 million of equity for an 85% interest in Multifamily Properties 3.
Healthcare Investments
In June 2013, the Company acquired 11 assisted living facilities located in Minnesota for $51.0 million. The Company contributed $14.6 million of equity and financed the portfolio with a non-recourse mortgage of $38.2 million at an interest rate of LIBOR plus 3.00% and maturing in 2016 with two one-year extension options.
In June 2013, the Company acquired a memory care facility located in Connecticut for $10.5 million. The Company contributed $3.0 million of equity and financed the property with a non-recourse mortgage of $7.9 million at an interest rate of LIBOR plus 2.75% and maturing in 2018. In the fourth quarter 2013, the Company sold this asset to NorthStar Healthcare at cost. Refer to Note 10 for further disclosure.
REO
The Company acquired one retail property, located in Wisconsin, in connection with taking title to a CRE debt investment, for the year ended December 31, 2013. The property had an original loan balance of $12.5 million and an initial REO value of $6.9 million and is reported on the Company’s consolidated balance sheet as of December 31, 2013.
The following table presents a rollforward of REO in operating real estate for the year ended December 31, 2013 (dollars in thousands):
Beginning balance		$	344,056
Additions(1)		201,110
Deconsolidation of N-Star CDOs		(533,016		)
Capital expenditures		2,692
Depreciation		(9,897		)
Ending balance		$	4,945
____________________________________________________________
-1	Represents REO for which the Company took title to for the year ended December 31, 2013, of which one REO with a carrying value of $4.9 million remains as of December 31, 2013 subsequent to the deconsolidation of certain N-Star CDOs (refer to Note 3).
Real Estate Sales
For the year ended December 31, 2013, the Company did not have any operating real estate sales, other than the sale of properties at cost to NorthStar Healthcare (refer to Note 10). The following table presents sales of operating real estate for the years ended December 31, 2012 and 2011, respectively (dollars in thousands):
Date		Type		Location		Sales Proceeds				Gain (Loss)
2012
January		Land		Aventura, FL		$	5,068			$	2,011
June		Land		Florence, AZ		1,356				1,001
December		Retail		Park City, UT		—				6,281
Subtotal from continuing operations						6,424				9,293
April		Office		Indianapolis, IN		2,118				314
December		Multifamily		San Antonio, TX		4,827				1,765
Subtotal from discontinued operations						6,945				2,079
Total						$	13,369			$	11,372
2011
March		Retail		New York, NY		$	6,889			$	4,981
April		Healthcare		Various - Wisconsin		25,992				9,416
August		Multifamily		Norcross, GA		7,122				2,918
Other		Office		Various		17,004				(117		)
Total from discontinued operations						$	57,007			$	17,198
In May 2011, the Company took title to a timeshare property which is classified in other assets on the consolidated balance sheets. For the year ended December 31, 2013, the Company sold 29 timeshare units for total sales proceeds of $17.5 million, including seller financing of $0.6 million, resulting in a net realized gain of $12.2 million. For the year ended December 31, 2012, the Company sold 38 timeshare units for total sales proceeds of $22.7 million, including seller financing of $0.9 million, resulting in a net realized gain of $20.9 million. For the year ended December 31, 2011, the Company sold 15 timeshare units for total sales proceeds of $8.7 million, including seller financing of $2.3 million, resulting in a net realized gain of $3.7 million.
In connection with the acquisition of manufactured housing portfolios, the Company acquired manufactured homes which are classified in other assets on the consolidated balance sheets. For the year ended December 31, 2013, the Company sold 436 manufactured homes for total sales proceeds of $7.2 million, including seller financing of $4.7 million, resulting in a net realized loss of $1.2 million.
Discontinued Operations
Discontinued operations relates to five healthcare properties held for sale as of December 31, 2013 and a multifamily property and an office property sold in 2012. The following table presents income (loss) from discontinued operations related to such properties for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Years Ended December 31,
		2013				2012				2011
Revenue
Rental and escalation income		$	3,736			$	7,202			$	9,057
Other revenue		92				—				219
Total revenue		3,828				7,202				9,276
Expenses
Other interest expense		1,893				1,934				4,129
Real estate properties—operating expenses		34				1,580				1,296
Other expenses		195				66				—
Impairment on operating real estate(3)		8,613				966				—
Other general and administrative		79				1,076				1,585
Depreciation and amortization		1,370				1,708				2,135
Total expenses		12,184				7,330				9,145
Income (loss) from discontinued operations		(8,356		)		(128		)		131
Gain (loss) on sale from discontinued operations		—				2,079			(1)	17,198			(2)
Total income (loss) from discontinued operations		$	(8,356	)		$	1,951			$	17,329
____________________________________________________________
-1	Relates primarily to the sale of a multifamily property and an office property.
-2	Primarily related to the sale of 18 healthcare assisted living facilities, a leasehold interest in a retail property and a multifamily property.
-3	In 2013, primarily relates to a healthcare property where the Company is in negotiations with the existing lender to appoint a receiver on the property and to return the property to such lender.
Midwest Holdings
In March 2011, the Company sold its 100% common membership interest in Midwest Care Holdco TRS I LLC (“Midwest Holdings”) and assigned all of its rights, title, obligations and other interests in Midwest Holdings to the purchaser and contemporaneously entered into a new lease agreement with an affiliate of the purchaser. As of March 2011, the operations of Midwest Holdings were deconsolidated. For the year ended December 31, 2011, the Company recognized a realized loss of $0.5 million in connection with the sale and deconsolidation of its common membership interest.

Real_Estate_Debt_Investments

Real Estate Debt Investments	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]	'
Real Estate Debt Investments	'
	The following table presents CRE debt investments as of December 31, 2013, excluding CRE debt underlying deconsolidated CDOs (dollars in thousands):
																	Weighted Average(6)								Floating Rate
																									as % of
		Number				Principal				Carrying				Allocation by			Fixed Rate		Spread			Yield(8)			Principal Amount(6)
						Amount(1)				Value(4)				Investment					Over
														Type(5)					LIBOR(7)
	Asset Type:
	First mortgage loans	15				$	441,750			$	407,202			40.7	%		10.98	%	6.59	%		9.9	%		90.2	%
	Mezzanine loans	6				109,215				107,116				10.1	%		13.96	%	12.09	%		12.97	%		74.2	%
	Subordinate interests(2)	8				246,652				253,113				22.7	%		12.41	%	12.33	%		12.77	%		33.3	%
	Term loans	4				230,343				219,349				21.1	%		12.45	%	—			12.96	%		—
	Subtotal/Weighted average(3)	33				1,027,960				986,780				94.6	%		12.36	%	8.04	%		11.58	%		53.8	%
	CRE debt in N-Star CDOs
	First mortgage loans	2				34,418				21,431				3.2	%		—		2.22	%		3.68	%		100	%
	Mezzanine loans	1				11,000				10,965				1	%		8	%	—			8.33	%		—
	Subordinate interests	1				7,773				7,773				0.8	%		—		6.75	%		6.92	%		100	%
	Term loans	7				4,129				4,129				0.4	%		6.95	%	—			6.95	%		—
	Subtotal/Weighted average	11				57,320				44,298				5.4	%		7.71	%	3.05	%		5.7	%		73.6	%
	Total(9)	44				$	1,085,280			$	1,031,078			100	%		12.21	%	7.68	%		11.31	%		54.9	%
	___________________________________________________________
	-1	Term loans includes one revolver of $25.0 million, of which $3.5 million is outstanding as of December 31, 2013.
	-2	Includes $100 million preferred equity investment for which the Company elected the fair value option. As of December 31, 2013, carrying value represents fair value with respect to this investment.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $133.4 million for Securitization 2012-1 and $109.1 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company’s cash requirement on future fundings would be $8.1 million.
	-4	There are no loans on non-accrual status. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Accrual includes $5.1 million carrying value of loans where the Company does not recognize interest income on the accrual rate but did recognize interest income based on the current rate.
	-5	Based on principal amount.
	-6	Excludes three CRE debt investments with an aggregate principal amount of $37 million that were originated prior to 2008.
	-7	$426.1 million principal amount has a weighted average LIBOR floor of 0.99%. Includes one first mortgage loan with a principal amount of $7.4 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2013, and for CRE debt with a LIBOR floor, using such floor.
	-9	The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
	Milford
	In April 2013, the Company, together with NorthStar Income, originated a $255.0 million loan secured by a leasehold mortgage in the recently renovated, 1,331 room Milford Plaza Hotel (“Milford”) located in the epicenter of Times Square, New York City. In addition, the investment includes an aggregate 35.0% interest in the Milford hotel and retail component of the hotel. Refer to Note 7 for further disclosure. Initially, the Company funded $165.7 million of the investment and NorthStar Income funded the remaining $89.3 million.
	In the third quarter 2013, the senior portion of the Milford loan was structured into a senior loan and a subordinate interest of $57.1 million and $46.9 million, respectively, to facilitate the financing of the senior loan into a securitization issued by the Company’s sponsored non-traded REIT, NorthStar Income (“Securitization 2013-1”). The remainder of the Milford loan was retained by the Company and is held unleveraged in a general partnership (“Milford Loan JV”). Both the Company and the Sponsor are the general partners. The Company is the designated partner. The Milford Loan JV is considered a voting interest entity and is not consolidated due to the substantive participating and kick-out rights held by NorthStar Income. The Company and NorthStar Income each control their proportionate interest in the Milford Loan JV. Accordingly, the Company records its respective CRE debt investment on its consolidated balance sheets. The transfer of the senior loan obtained sale treatment under U.S. GAAP as the Company no longer maintains effective control of its transferred asset.
	RXR Investment
	In December 2013, the Company entered into a strategic transaction with RXR Realty, a real estate operating and investment management company focused on the New York Tri-State area. The investment in RXR Realty (“RXR Investment”) includes $150.0 million corporate debt, $100.0 million preferred equity for which the fair value option was elected, $25.0 million revolver, of which $3.5 million has been drawn on as of December 31, 2013, and an approximate 30% equity interest (“RXR Equity Interest”). Refer to Note 7 for further disclosure.
	For the year ended 2013, the Company originated 15 loans and acquired three loans with an aggregate principal amount of $472.8 million, excluding the loans originated in connection with the RXR Investment described above.
	The following table presents CRE debt investments as of December 31, 2012 (dollars in thousands):
																	Weighted Average								Floating Rate
																									as % of
		Number				Principal				Carrying				Allocation by			Fixed Rate		Spread			Yield(6)			Principal Amount
						Amount				Value(1)(2)				Investment					Over
														Type(3)					LIBOR(4)(5)
	Asset Type:
	First mortgage loans	74				$	1,578,872			$	1,205,313			66.6	%		4.29	%	3.25	%		6.1	%		94.5	%
	Mezzanine loans	18				440,941				333,064				18.6	%		4.34	%	1.61	%		2.68	%		59.9	%
	Subordinate interests	7				121,473				96,357				5.1	%		6.4	%	3.97	%		5.85	%		75.7	%
	Credit tenant loans and other notes	43				124,460				118,093				5.2	%		6.58	%	—			7.39	%		—
	Term loans	10				105,718				79,404				4.5	%		10.86	%	3.5	%		11.94	%		4.8	%
	Total/Weighted average	152				$	2,371,464			$	1,832,231			100	%		6.26	%	3.05	%		5.68	%		78.2	%
	____________________________________________________________
	-1	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $1,478.5 million for CDO financing transactions, $145.6 million for Securitization 2012-1 and $51.2 million for credit facilities. The remainder is unleveraged.
	-2	Includes seven loans with an aggregate carrying value of $162.5 million on non-accrual status (one of which was a loan acquired with deteriorated credit quality) which were primarily comprised of mezzanine loans. One of these loans was classified as non-performing. Non-accrual excludes $106.4 million carrying value of loans where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-3	Based on principal amount.
	-4	$315.8 million principal amount of the CRE debt investments have a weighted average LIBOR floor of 2.59%.
	-5	Includes one first mortgage loan with a principal amount of $7.5 million with a spread over prime rate.
	-6	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2012, and for CRE debt with a LIBOR floor, using such floor.
	For the years ended December 31, 2013, 2012 and 2011, the Company sold five loans at cost (refer to Note 10), three loans for a realized gain of $1.0 million and 11 loans for a net realized gain of $84.3 million, respectively.
	The following table presents maturities of CRE debt investments based on principal amount as of December 31, 2013 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	Years Ending December 31:
	2014	$	246,000			$	174,549
	2015	205,931				41,452
2016	158,158				128,623
2017	72,158				190,874
2018	3,245				149,994
Thereafter	399,788				399,788
Total	$	1,085,280			$	1,085,280
____________________________________________________________
-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
As of December 31, 2013, the weighted average maturity, including extensions, of CRE debt investments is 4.9 years.
Actual maturities may differ from contractual maturities as certain borrowers may have the right to prepay with or without prepayment penalty. The Company may also extend contractual maturities in connection with loan modifications.
The principal amount of CRE debt investments differs from the carrying value due to unamortized origination fees and costs, unamortized premium and discount and loan loss reserves being recorded as part of the carrying value of the investment. As of December 31, 2013, the Company had $22.5 million of net unamortized discount and $7.3 million of net unamortized origination fees and costs.
The Company did not have any non-performing loans as of December 31, 2013. The Company’s maximum exposure to loss related to the non-performing loans as of December 31, 2012 was $6.9 million.
Provision for Loan Losses
The following table presents activity in loan loss reserves on CRE debt investments for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Years Ended December 31,
		2013					2012					2011
Beginning balance		$	156,699				$	187,784				$	197,200
Provision for (reversal of) loan losses, net (1)(2)		(8,786		)			23,037					52,980
Transfers to REO		(5,623		)			(5,260		)			(29,260		)
Sales		—					(667		)			—
Write-offs / payoffs		(20,210		)	(3)		(48,195		)			(33,136		)
Deconsolidation of N-Star CDOs(4)		(119,200		)			—					—
Ending balance		$	2,880				$	156,699				$	187,784
____________________________________________________________
-1	Relates to four, seven and 12 loans, for the years ended December 31, 2013, 2012 and 2011, respectively.
-2	Includes $15.1 million and $4.7 million of reversals of previously recorded provisions for loan losses for the years ended December 31, 2013 and 2012, respectively.
-3	Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan.
-4	Refer to Note 3 for further disclosure.
Credit Quality Monitoring
CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity.
The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as a “loan with no loan loss reserve.” The Company categorizes a debt investment as a non-performing loan (“NPL”) if it is in maturity default and/or past due at least 90 days on its contractual debt service payments. The Company considers the remaining debt investments to be of weaker credit quality and categorizes such loans as “other loans with a loan loss reserve/non-accrual status.” These loans are not considered NPLs because such loans are performing in accordance with contractual terms but the loans have a loan loss reserve and/or are on non-accrual status. Even if a borrower is currently paying contractual debt service or debt service is not due in accordance with its contractual terms, the Company may still determine that the borrower may not be able to perform under its contractual terms in the future and make full payment upon maturity. The Company’s definition of an NPL may differ from that of other companies that track NPLs.
The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands):
	December 31,
Credit Quality Indicator:	2013				2012
Loans with no loan loss reserve:
First mortgage loans	$	426,850			$	1,150,637
Mezzanine loans	116,196				186,131
Subordinate interests	260,886				96,357
Credit tenant loans and other notes	—				118,093
Term loans	223,478				57,646
Subtotal	1,027,410				1,608,864
Other loans with a loan loss reserve/non-accrual status:(1)
First mortgage loans	1,783				47,799
Mezzanine loans	1,885				146,933
Term loans	—				21,758
Subtotal	3,668				216,490
Non-performing loans:
First mortgage loans	—				6,877
Subtotal	—				6,877
Total(2)	$	1,031,078			$	1,832,231
____________________________________________________________
-1	December 31, 2012 includes four loans with a 100% loan loss reserve representing an aggregate principal amount of $36.0 million which are not considered NPLs as debt service is currently being received or debt service is not contractually due until maturity.
-2	The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Impaired Loans
The Company considers impaired loans to generally include NPLs, loans with a loan loss reserve, loans on non-accrual status (excluding loans acquired with deteriorated credit quality) and TDRs. The following table presents impaired loans as of December 31, 2013 and 2012 (dollars in thousands):
	December 31, 2013(2)																December 31, 2012(2)
	Number				Principal				Carrying				Loan Loss				Number			Principal				Carrying			Loan Loss
					Amount(1)				Value(1)				Reserve							Amount(1)				Value(1)			Reserve
Class of Debt:
First mortgage loans	1				$	2,782			$	1,783			$	1,000			6			$	112,774			$	85,887		$	11,813
Mezzanine loans	1				3,765				1,885				1,880				9			265,225				157,178			108,036
Subordinate interests	—				—				—				—				2			22,100				—			22,100
Term loans	—				—				—				—				1			45,550				21,758			14,750
Total(3)	2				$	6,547			$	3,668			$	2,880			18			$	445,649			$	264,823		$	156,699
____________________________________________________________
-1	Principal amount differs from carrying value due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment.
-2	December 31, 2012 includes five loans, primarily first mortgage loans, considered TDRs with an aggregate carrying value of $41.4 million, all of which do not have loan loss reserves. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.4 million and $13.8 million as of December 31, 2013 and 2012, respectively, that is on non-accrual status and does have a loan loss reserve.
-3	The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
	December 31, 2013											December 31, 2012										31-Dec-11
	Number(1)			Average				Year Ended				Number			Average			Year Ended				Number			Average			Year Ended
				Carrying				Income							Carrying			Income							Carrying			Income
				Value(1)											Value										Value
Class of Debt:
First mortgage loans	5			$	67,531			$	1,050			6			$	97,580		$	1,191			6			$	65,818		$	428
Mezzanine loans	7			100,109				416				9			163,916			6,922				9			162,585			8,812
Subordinate interests	1			—				3				2			6,015			—				4			8,180			522
Term loans	—			19,530				—				1			23,917			3,859				2			27,154			4,116
Total/weighted average	13			$	187,170			$	1,469			18			$	291,428		$	11,972			21			$	263,737		$	13,878
___________________________________________________________
-1	Includes impaired loans outstanding during the period which were deconsolidated in 2013 on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
As of December 31, 2013, the Company did not have any loans past due greater than 90 days. As of December 31, 2012, the Company had one first mortgage loan with a principal amount of $12.5 million past due greater than 90 days. This amount excludes non-accrual loans disclosed in the tables above.
Troubled Debt Restructurings
The following table presents CRE debt investments that were modified and considered a TDR for the years ended December 31, 2013 and 2012 (dollars in thousands):
	31-Dec-13													31-Dec-12
	Number			Carrying				Original			Modified			Number				Carrying				Original			Modified
				Value(1)				WA Interest			WA Interest							Value(1)				WA Interest			WA Interest
								Rate			Rate											Rate			Rate
Class of Debt:
First mortgage loans	—			$	—			—			—			3			(3)(4)	$	35,241			3.52	%		2.78	%
Mezzanine loans	1	(2)		50,905				10.85	%		—			1			(5)	12,681				2.5	%		—
Subordinate interests	—			—				—			—			1			(6)	—				3.35	%		3	%
Total/weighted average	1			$	50,905			10.85	%		—			5				$	47,922			3.25	%		2.04	%
____________________________________________________________
-1	Represents carrying value the quarter it was determined the loan modification was determined to be a TDR.
-2	Considered a TDR in the first quarter 2013 and was subsequently modified in the second quarter 2013. On September 30, 2013, the Company deconsolidated certain N-Star CDOs, and as a result, no longer records this loan on its consolidated balance sheets. Refer to Note 3 for further disclosure.
-3	Excludes one first mortgage loan with a carrying value of $6.0 million considered a TDR in the first quarter 2012 which the Company subsequently took title to the collateral.
-4	Includes one loan which was modified into a senior first mortgage and mezzanine loan.
-5	The loan was modified into a mezzanine loan and preferred equity interest with a modified rate of LIBOR plus 10% and a fixed rate of 7%, respectively, however, interest was deferred until certain hurdles are met.
-6	The carrying value of this loan was zero as of December 31, 2012.
All loans modified in a TDR generally provided interest rate concessions and/or deferral of interest or principal repayments. Any loan modification is intended to maximize the collection of the principal and interest related to such loan. There were no write-downs related to the CRE debt investments that were modified and considered a TDR for the periods presented.

Investments_in_Private_Equity_

Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures	12 Months Ended
	Dec. 31, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures	'
	Investments in Private Equity Funds
	The following is a description of investments in private equity funds that own PE investments either through unconsolidated ventures (“PE Investment I”) and (“PE Investment II” ) or directly (“PE Investment III”), which are recorded as investments in private equity funds at fair value on the consolidated balance sheets. The Company elected the fair value option for PE Investments. As a result, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected future cash flow from one period to another. All PE Investments are considered voting interest entities. PE Investment I and II are not consolidated by the Company due to the substantive participating rights of the partners in joint ventures that own the interests in the real estate private equity funds. PE Investment III is not consolidated as the Company does not own a majority voting interest.
	PE Investment I
	In February 2013, the Company completed the initial closing (“PE I Initial Closing”) of PE Investment I which owns a portfolio of limited partnership interests in real estate private equity funds managed by institutional-quality sponsors. Pursuant to the terms of the agreement, at the PE I Initial Closing, the full purchase price was funded, excluding future capital commitments. Accordingly, the Company funded $282.1 million and NorthStar Income (together with the Company, the “NorthStar Entities”) funded $118.0 million. The NorthStar Entities have an aggregate ownership interest in PE Investment I of 51%, of which the Company owns 70.5%. The Company assigned its rights to the remaining 29.5% to a subsidiary of NorthStar Income. Teachers Insurance and Annuity Association of America (the “Class B Partner”) contributed its interests in 49 funds subject to the transaction in exchange for all of the Class B partnership interests in PE Investment I.
	PE Investment I provides for all cash distributions on a priority basis to the NorthStar Entities as follows: (i) first, 85% to the NorthStar Entities and 15% to the Class B Partner until the NorthStar Entities receive a 1.5x multiple on all of their invested capital, including amounts funded in connection with future capital commitments; (ii) second, 15% to the NorthStar Entities and 85% to the Class B Partner until the Class B Partner receives a return of its then remaining June 30, 2012 capital; and (iii) third, 51% to the NorthStar Entities and 49% to the Class B Partner. All amounts paid to and received by the NorthStar Entities are based on each partner’s proportionate interest.
	Since the Company was contractually entitled to its proportional share of all distributions derived from the fund interests since June 30, 2012 regardless of the date fund interests were transferred to PE Investment I, at the PE I Initial Closing, the Company recorded its proportional share of all distributions received since June 30, 2012. As of December 31, 2013, the carrying value of the investment in PE Investment I was $226.3 million. From PE I Initial Closing through December 31, 2013, the Company recognized $53.7 million of equity in earnings. From PE I Initial Closing through December 31, 2013, the Company received $130.2 million of net distributions and made $20.8 million of contributions related to PE Investment I. As of December 31, 2013, the Company’s estimated future capital commitments to the fund interests in PE Investment I would be approximately $17 million.
	The Company guaranteed all of its funding obligations that may be due and owed under PE Investment I agreements directly to PE Investment I entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that was solely caused by the Company or NorthStar Income, as the case may be.
	In December 2012, the Company deposited an aggregate of $40.0 million in connection with this transaction, which included $11.8 million on behalf of NorthStar Income, in the proportion of the respective capital contributions. This amount was settled by NorthStar Income in the first quarter 2013.
	PE Investment II
	In June 2013, the Company, NorthStar Income and funds managed by Goldman Sachs Asset Management (“Vintage Funds”) (each a “Partner”) formed joint ventures and entered into an agreement with Common Pension Fund E, a common trust fund created under New Jersey law (“PE II Seller”), to acquire a portfolio of limited partnership interests in 24 real estate private equity funds managed by institutional-quality sponsors. The aggregate reported net asset value (“NAV”) acquired was $916.2 million as of September 30, 2012. The Company, NorthStar Income and the Vintage Funds each have an ownership interest in PE Investment II of 70%, 15% and 15%, respectively. All amounts paid and received will be based on each Partner’s proportionate interest.
	PE Investment II paid $504.8 million to PE II Seller for all of the fund interests, or 55% of the September 30, 2012 NAV (the “Initial Amount”), and will pay the remaining $411.4 million, or 45% of the September 30, 2012 NAV (the “Deferred Amount”), by the fourth year after the first day of the fiscal quarter following the closing date of each fund interest. The Company’s share of the Initial Amount and the Deferred Amount represents $353.4 million and $288.0 million, respectively. The Company funded all of its proportionate share of the Initial Amount at the initial closing (“PE II Initial Closing”) on July 3, 2013. The Deferred Amount is a liability of PE Investment II. Each Partner, directly or indirectly, guaranteed its proportionate interest of the Deferred Amount. The Company determined there was an immaterial amount of fair value related to the guarantee.
	PE Investment II is entitled to receive all cash distributions from September 30, 2012 through the quarter in which each fund interest closed and is obligated to fund all capital contributions from September 30, 2012. At each closing, there was a “true up” for any distributions received and any contributions made by PE II Seller from the contributed funds since September 30, 2012.
	Beginning on the first day of the full fiscal quarter following the closing date of each fund interest and for a period of three years thereafter, distributions will be made to PE Investment II on a priority basis as follows: 85% to PE Investment II and 15% to PE II Seller, provided that at the end of each such fiscal year, PE Investment II will pay amounts, if any, necessary to reduce the Deferred Amount by 15% of the then outstanding Deferred Amount (the “Amortization Amount”) to the extent distributions to PE II Seller during each such year were less than the Amortization Amount for such year.
	In the fourth year following the applicable closing date, distributions will be split equally between PE Investment II and PE II Seller. At the conclusion of that four-year period, PE Investment II will be required to pay to PE II Seller the Deferred Amount less: (i) any distributions received by PE II Seller during such four-year period; and (ii) any Amortization Amounts received by PE II Seller during such four-year period. PE Investment II will receive 100% of all distributions following the payment of the Deferred Amount.
	The Company guaranteed all of its funding obligations that may be due and owed under PE Investment II agreements directly to PE Investment II entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that was solely caused by the Company or NorthStar Income, as the case may be.
	From PE II Initial Closing through December 31, 2013, the Company recognized $28.9 million of equity in earnings. From PE II Initial Closing through December 31, 2013, the Company received $104.9 million of net distributions and made $11.6 million of contributions related to PE Investment II. As of December 31, 2013, the carrying value of the investment in PE Investment II was $288.9 million. As of December 31, 2013, the Company’s estimated future capital commitments to the fund interests in PE Investment II would be approximately $26 million.
	PE Investment III
	In December 2013, the Company entered into an agreement with The Rockefeller Foundation (the “PE III Seller”) to acquire the entire interest in a portfolio of limited partnership interests in eight real estate private equity funds. PE Investment III paid $39.8 million to the PE III Seller for all of the fund interests, or 50% of the June 30, 2013 NAV, and will pay the remaining $39.8 million, or 50% of the June 30, 2013 NAV, by December 31, 2015 to two third parties. The aggregate reported NAV of PE Investment III as of June 30, 2013 was $80.3 million.
	PE Investment III received all cash distributions from June 30, 2013 through the closing on December 31, 2013 and funded all capital contributions from June 30, 2013. The Company guaranteed all of its funding obligations that may be due and owed under PE Investment III agreements directly to PE Investment III entities.
	On the closing on December 31, 2013, the Company received $9.0 million of distributions and made $0.3 million of contributions related to PE Investment III. As of December 31, 2013, the carrying value of the investment in PE Investment III was $70.8 million. As of December 31, 2013, the Company’s estimated future capital commitments to the fund interests in PE Investment III would be approximately $2 million.
	7. Investments in and Advances to Unconsolidated Ventures
	The following is a description of investments in and advances to unconsolidated ventures. All of the below are accounted for under the equity method, except for the RXR Investment for which the fair value option was elected.
	RXR Equity Interest
	In December 2013, the Company entered into a $337.4 million investment in RXR Realty, a real estate operating and investment management company focused on the New York Tri-State area. The investment includes the RXR Equity Interest, for which the fair value option was elected. As a result, the Company records equity in earnings (losses) for the RXR Equity Interest based on the change in fair value for its share of the projected future cash flow from one period to another. As of December 31, 2013, the carrying value of the approximate 30% RXR Equity Interest was $84.1 million. From closing to December 31, 2013, the Company recognized equity in earnings of $0.2 million.
	Multifamily Joint Venture
	In July 2013, the Company, through a joint venture with a private investor, acquired a multifamily property with 498 units, located in Philadelphia, Pennsylvania for an aggregate purchase price of $41.0 million, including all costs, escrows and reserves. The property was financed with a non-recourse mortgage note of $29.5 million and the remainder in cash. The mortgage note matures on July 1, 2023 and bears a fixed interest rate of 3.69%. The Company’s 90% interest in the joint venture was acquired for $10.4 million and as of December 31, 2013 the carrying value was $10.0 million. For the year ended December 31, 2013, the Company recognized equity in losses of $0.7 million which was primarily related to recording transaction costs of $0.8 million.
	Meadowlands
	The Company owned a 22% interest in Meadowlands Two, LLC, which holds 100% of Meadowlands One, LLC, which is currently in the form of a preferred equity interest secured by a retail/entertainment complex located in New Jersey (the “NJ Property”). As a result of the deconsolidation of certain N-Star CDOs, the Company deconsolidated its investment in the NJ Property on September 30, 2013 (refer to Note 3). As of December 31, 2012, the carrying value of the investment in the NJ Property was $64.8 million. For the years ended December 31, 2013, 2012 and 2011, the Company recognized equity in losses of $0.8 million, $1.5 million and $7.0 million including a provision for loss on equity investment of $4.5 million in the first quarter 2011, respectively.
	LandCap Partners
	In October 2007, the Company entered into a joint venture with Whitehall Street Global Real Estate Limited Partnership 2007 (“Whitehall”) to form LandCap Partners and LandCap LoanCo. (collectively referred to as “LandCap”). The joint venture is managed by a third-party management group which has extensive experience in the single family housing sector. The Company and Whitehall agreed to provide no additional new investment capital in the LandCap joint venture. As of December 31, 2013 and 2012, the carrying value of the 49% interest in LandCap was $14.1 million and $13.5 million, respectively. As of December 31, 2013 and 2012, LandCap had investments totaling $26.9 million and $30.9 million, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company recognized equity in earnings of $0.5 million and equity in losses of $1.2 million and $1.1 million, respectively.
	CS Federal Drive, LLC
	The Company owns a 50% interest in CS Federal Drive, LLC (“CS/Federal”), which owns three adjacent class A office/flex buildings in Colorado. The properties were acquired for $54.3 million and the joint venture financed the transaction with two separate non-recourse mortgages totaling $38.0 million and the remainder in cash. The mortgages mature on February 11, 2016 and bear a fixed interest rate of 5.51% and 5.46%, respectively. As of December 31, 2013 and 2012, the carrying value of the investment in CS/Federal was $5.5 million and $5.4 million, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company recognized equity in earnings of $0.3 million, $0.7 million and $0.7 million, respectively.
	Sponsored Companies
	The Company sponsors NorthStar Income, a CRE debt-oriented non-traded REIT. As of December 31, 2013 and 2012, the carrying value of the investment in NorthStar Income was $6.1 million and $6.1 million, respectively, representing an interest of 0.6% and 1.1%, respectively. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $0.5 million, $0.3 million and $0.1 million of equity in earnings, respectively.
	The Company sponsors NorthStar Healthcare, a healthcare debt and equity focused non-traded REIT. In August 2013, NorthStar Healthcare was deconsolidated as the Company no longer owned a majority voting interest. As of December 31, 2013, the carrying value of the investment in NorthStar Healthcare was $2.1 million, representing an interest of 2.3%. For the year ended December 31, 2013, the Company recognized an immaterial amount of equity in losses.
	The Company sponsors NorthStar Income II, a CRE debt-oriented non-traded REIT. In November 2013, NorthStar Income II was deconsolidated as the Company no longer owned a majority voting interest. As of December 31, 2013, the carrying value of the investment in NorthStar Income II was $2.1 million, representing an interest of 8.7%. For the year ended December 31, 2013, the Company recognized an immaterial amount of equity in earnings.
	Other
	In May 2012, the Company acquired a 9.8% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by a portfolio of luxury residences located in resort destinations. As of December 31, 2013 and 2012, the carrying value of the Company’s investment was $5.7 million for each period. For the years ended December 31, 2013 and 2012, the Company recognized $1.5 million and $1.0 million of equity in earnings, respectively.
	In August 2012, the Company acquired a 33.3% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by an office building in New York. In July 2013, the loan was paid off at par. For the years ended December 31, 2013 and 2012, the Company recognized $2.8 million and $0.9 million of equity in earnings, respectively.
	In connection with the Milford loan, the Company and NorthStar Income have an aggregate 35.0% interest in the Milford hotel and retail component of the hotel, of which the Company owns 65% and NorthStar Income owns 35%. There was no carrying value as of December 31, 2013. For the year ended December 31, 2013, the Company recognized $1.1 million of equity in losses.
	In June 2013, in connection with the restructuring of an existing mezzanine loan, the Company acquired a 9.99% equity interest for $8.5 million in a joint venture that owns two office buildings in Chicago. As of December 31, 2013, the carrying value of the investment was $8.5 million. For the year ended December 31, 2013, the Company did not recognize any equity in earnings.
	Summarized Financial Data
	The combined balance sheets for the unconsolidated ventures, including PE Investments, as of December 31, 2013 and 2012, are as follows (dollars in thousands):
		December 31,
		2013		2012
	Assets
	Operating real estate, net	$	1,097,155	$	573,319
	Real estate debt investments	1,246,311		689,143
	Investments in private equity funds	1,589,493		—
	Real estate securities	280,117		280,117
	Other assets	1,064,653		370,774
	Total assets	$	5,277,729	$	1,913,353
	Liabilities and equity
	Mortgages and other notes payable	$	1,851,561	$	301,656
	Other liabilities	1,064,479		516,841
	Total liabilities	2,916,040		818,497
	Equity	2,361,689		1,094,856
	Total liabilities and equity	$	5,277,729	$	1,913,353
	Net investment in unconsolidated ventures	$	728,358	$	111,025
	The combined statements of operations for the unconsolidated ventures, including PE Investments, from acquisition date through the three years ended December 31, 2013 are as follows (dollars in thousands):
		Years Ended December 31,
		2013		2012		2011
	Total revenues	$	322,944	$	44,378	$	8,738
Operating expenses	89,807		21,357		15,089
Transaction costs	5,199		—		—
Interest expense	37,838		18,217		18,618
Depreciation and amortization	9,564		2,993		2,328
Total expenses	142,408		42,567		36,035
Net (loss) income	$	180,536	$	1,811	$	(27,297	)
Equity in earnings (losses) of unconsolidated ventures	$	85,477	$	88	$	(2,738	)

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	12 Months Ended
	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'
Real Estate Securities, Available for Sale	'
	Real Estate Securities, Available for Sale
	The following table presents CRE securities as of December 31, 2013 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		(Losses)			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	31	$	481,386	$	207,547	$	1,878	$	(4,138	)	$	205,287	23	%	1.82	%	20	%
	N-Star CDO equity(5)	5	158,274		158,274		—		—			158,274		7.6	%	NA		18.42	%
	CMBS and other securities(6)	17	98,650		58,482		6,457		(18,264		)	46,675		4.7	%	3.06	%	4.98	%
	Subtotal(2)	53	738,310		424,303		8,335		(22,402		)	410,236		35.3	%	2.03	%	17.34	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	264	1,140,368		799,126		67,770		(294,595		)	572,301		54.5	%	3.15	%	9.65	%
	Third-party CDO notes	20	109,651		99,603		—		(74,672		)	24,931		5.2	%	0.29	%	1.17	%
	Agency debentures	8	87,172		29,031		2,644		(2,135		)	29,540		4.2	%	NA		4.64	%
	Unsecured REIT debt	1	8,000		8,502		1,019		—			9,521		0.4	%	7.5	%	6	%
	Trust preferred securities	2	7,225		7,225		—		(1,434		)	5,791		0.4	%	2.25	%	2.32	%
	Subtotal	295	1,352,416		943,487		71,433		(372,836		)	642,084		64.7	%	2.73	%	8.51	%
	Total	348	$	2,090,726	$	1,367,790	$	79,768	$	(395,238	)	$	1,052,320	100	%	2.52	%	11.25	%
	____________________________________________________________
	-1	Excludes $126.6 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on fair value for N-Star CDO equity and principal amount for remaining securities.
	-4	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2013.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $30.6 million carrying value of these securities (refer to Note 14).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	As of December 31, 2013, the Company’s CRE securities portfolio is comprised of N-Star CDO bonds and N-Star CDO equity and other securities which are predominantly conduit CMBS, meaning each asset is a pool backed by a large number of commercial real estate loans. As a result, this portfolio is typically well-diversified by collateral type and geography. As of December 31, 2013, contractual maturities of CRE securities investments ranged from seven months to 39 years, with a weighted average expected maturity of 3.1 years.
	The following table presents CRE securities as of December 31, 2012 (dollars in thousands):
							Cumulative Unrealized(2)							Allocation by		Weighted		Weighted
		Number(1)	Principal		Amortized		Gains		Losses			Fair		Investment		Average		Average
			Amount		Cost							Value(3)		Type(4)		Coupon		Yield(5)
	Asset Type:
	CMBS	485	$	2,207,067	$	1,551,389	$	84,752	$	(652,123	)	$	984,018	86.9	%	3.75	%	10.43	%
	Third-party CDO notes	35	197,103		159,657		—		(111,421		)	48,236		7.8	%	0.62	%	7.54	%
	Unsecured REIT debt	11	57,180		53,585		2,898		(102		)	56,381		2.2	%	5.5	%	1.29	%
	Trust preferred securities	3	14,725		10,916		1,184		(2,529		)	9,571		0.6	%	2.26	%	6.8	%
	Agency debentures	4	63,000		17,538		8,924		—			26,462		2.5	%	NA		3.51	%
	Total	538	$	2,539,075	$	1,793,085	$	97,758	$	(766,175	)	$	1,124,668	100	%	3.45	%	9.81	%
	_________________________________________________________
	-1	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	-2	Includes 21 CRE securities for which the fair value option was not elected.
	-3	Predominately all CRE securities serve as collateral for financing transactions including carrying value of $1,016.0 million for CDO financing transactions and $35.5 million for the CMBS Facility (refer to Note 9). The remainder is unleveraged.
	-4	Based on principal amount.
	-5	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2012.
	For the year ended December 31, 2013, proceeds from the sale of CRE securities was $224.0 million, resulting in a net realized gain of $35.4 million, which includes proceeds related to the liquidation of N-Star CDO II (refer to Note 9). For the year ended December 31, 2012, proceeds from the sale of CRE securities was $343.9 million, resulting in a net realized gain of $50.5 million. For the year ended December 31, 2011, proceeds from the sale of CRE securities was $331.5 million, resulting in a net realized gain of $27.4 million.
	CRE securities investments includes 36 securities for which the fair value option was not elected. As of December 31, 2013, the aggregate carrying value of these securities was $221.3 million, representing $2.0 million of accumulated net unrealized losses included in OCI. The Company held 19 securities with an aggregate carrying value of $133.5 million with an unrealized loss of $4.1 million as of December 31, 2013 and all were in an unrealized loss position for a period of less than 12 months. Based on management’s quarterly evaluation, no OTTI was identified related to these securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity.

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The following table presents borrowings as of December 31, 2013 and 2012 (dollars in thousands):
							December 31, 2013								December 31, 2012
		Recourse vs.		Final	Contractual		Principal				Carrying				Principal				Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)				Amount				Value(3)
	Mortgage and other notes payable:(4)
	Manufactured housing communities
	MH 1 Senior Mortgages(5)	Non-recourse		23-Jan	4.39%		$	236,900			$	236,900			$	236,900			$	236,900
	MH 2 Senior Mortgages(6)	Non-recourse		23-May	4.02%		639,999				639,999				—				—
	MH 3 Senior Mortgages (7)	Non-recourse		24-Jan	4.92%		248,000				248,000				—				—
	Subtotal Manufactured housing communities						1,124,899				1,124,899				236,900				236,900
	Healthcare
	Hillsboro, OR(8)	Non-recourse		14-Jan	5.94%		—				—				31,650				31,650
	Wakefield Portfolio	Non-recourse		15-Mar	LIBOR + 5.95%		55,768				55,768				56,717				56,717
	Ohio Portfolio	Non-recourse		16-Mar	6.00%		20,496				20,496				20,747				20,747
	Lancaster, OH	Non-recourse		16-Mar	LIBOR + 5.00%		4,399				4,399				4,453				4,453
	Wilkinson Portfolio	Non-recourse		17-Jan	6.99%		152,772				152,772				155,332				155,332
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan	7.09%		7,545				7,545				7,667				7,667
	East Arlington, TX	Non-recourse		17-May	5.89%		3,209				3,209				3,259				3,259
	Minnesota Portfolio	Non-recourse		May-18(9)	LIBOR + 3.00%		38,175				38,175				—				—
	Healthcare Preferred(10)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000				—				—
	Indiana Portfolio(10)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130				—				—
	Subtotal Healthcare						478,494				478,494				279,825				279,825
	Net lease
	South Portland, ME	Non-recourse		14-Jun	7.34%		3,819				3,819				4,051				4,051
	Fort Wayne, IN	Non-recourse		15-Jan	6.41%		3,019				3,019				3,123				3,123
	Reading, PA	Non-recourse		15-Jan	5.58%		12,765				12,765				13,073				13,073
	Reading, PA	Non-recourse		15-Jan	6.00%		5,000				5,000				5,000				5,000
	EDS Portfolio	Non-recourse		15-Oct	5.37%		43,682				43,682				44,575				44,575
	Keene, NH	Non-recourse		16-Feb	5.85%		6,237				6,237				6,353				6,353
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		16,095				16,095				16,374				16,374
	Aurora, CO	Non-recourse		16-Jul	6.22%		31,232				31,232				31,713				31,713
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,729				31,729				32,296				32,296
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,600				26,600				27,022				27,022
	Milpitas, CA	Non-recourse		17-Mar	5.95%		20,055				20,055				20,616				20,616
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700				27,700				27,700
	Fort Mill, SC(11)	Non-recourse		17-Apr	6.21%		1,464				1,464				1,827				1,827
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,689				13,689				14,133				14,133
	Columbus, OH	Non-recourse		17-Dec	6.48%		22,300				22,300				22,643				22,643
	Subtotal Net lease						265,386				265,386				270,499				270,499
	Multifamily
	MF 1 Senior Mortgage	Non-recourse		23-Apr	4.00%		39,600				39,600				—				—
	MF 2 Senior Mortgages(12)	Non-recourse		May-23/July-23	4.03%		158,417				158,417				—				—
	MF 3 Senior Mortgages(13)	Non-recourse		23-Jul	4.28%		46,538				46,538				—				—
	Subtotal Multifamily						244,555				244,555				—				—
	Subtotal Non-VIE financing						2,113,334				2,113,334				787,224				787,224
	REO
	Phoenix, AZ	—		—	—		—				—				211,921				211,921
	Austin, TX	—		—	—		—				—				16,525				16,525
	Subtotal REO—VIE						—				—				228,446				228,446
	Subtotal Mortgage and other notes payable						2,113,334				2,113,334				1,015,670				1,015,670
							December 31, 2013								December 31, 2012
		Recourse vs.		Final	Contractual		Principal				Carrying				Principal				Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)				Amount				Value(3)
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 4.26%		$	37,754			$	34,886			$	106,648			$	100,429
	N-Star II	—		—	—		—				—				82,694				69,089
	N-Star III	Non-recourse		Jun-40	LIBOR + 1.66%		100,022				46,090				148,232				60,806
	N-Star IV	—		—	—		—				—				181,353				149,112
	N-Star V	Non-recourse		Sep-45	LIBOR + 0.92%		202,899				80,897				263,738				107,823
	N-Star VI	—		—	—		—				—				284,623				221,306
	N-Star VII	—		—	—		—				—				240,586				93,689
	N-Star VIII	—		—	—		—				—				562,367				413,281
N-Star IX	Non-recourse		Aug-52	LIBOR + 0.40%		629,544				222,310				674,723				244,248
CSE CDO	—		—	—		—				—				694,863				539,687
CapLease CDO	—		—	—		—				—				131,926				112,971
Subtotal CDO bonds payable—VIE						970,219				384,183				3,371,753				2,112,441
Securitization bonds payable:
Securitization 2012-1	Non-recourse		29-Aug	LIBOR+1.62% (14)		82,337				82,340				98,131				98,005
Subtotal Securitization financing transaction						82,337				82,340				98,131				98,005
Secured term loan:
Term Asset-Backed Securities Loan Facility	—		—	—		—				—				14,664				14,664
Subtotal Secured term loan—VIE						—				—				14,664				14,664
Credit facilities:
CMBS Facility(15)	—		—	—		—				—				31,238				31,238
Loan Facility(16)	—		—	—		—				—				15,000				15,000
Loan Facility 1	Non-recourse		Jul-18(17)	5.19%(18)		14,850				14,850				14,850				14,850
Loan Facility 2	Partial Recourse(19)		Mar-18(20)	3.48%(21)		55,188				55,188				—				—
Subtotal Credit facilities						70,038				70,038				61,088				61,088
Exchangeable senior notes:(22)
11.50% Notes(23)	—		—	—		—				—				35,710				35,611
7.25% Notes	Recourse		Jun-27(24)	7.25%		12,955				12,955				12,955				12,955
7.50% Notes	Recourse		Mar-31(25)	7.50%		172,500				165,366				172,500				162,596
8.875% Notes	Recourse		Jun-32(26)	8.88%		13,360				13,068				82,000				79,869
5.375% Notes	Recourse		Jun-33(27)	5.38%		345,000				299,584				—				—
Subtotal Exchangeable senior notes						543,815				490,973				303,165				291,031
Junior subordinated notes:(28)
Trust I	Recourse		Mar-35	8.15%		41,240				31,342				41,240				31,549
Trust II	Recourse		Jun-35	7.74%		25,780				19,722				25,780				19,722
Trust III	Recourse		Jan-36	7.81%		41,238				31,547				41,238				31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				38,327				50,100				38,326
Trust V	Recourse		Sep-36	LIBOR + 2.70%		30,100				19,866				30,100				18,662
Trust VI	Recourse		Dec-36	LIBOR + 2.90%		25,100				16,943				25,100				16,064
Trust VII	Recourse		Apr-37	LIBOR + 2.50%		31,459				20,290				31,459				19,190
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%		35,100				23,166				35,100				22,113
Subtotal Junior subordinated notes						280,117				201,203				280,117				197,173
Grand Total(29)						$	4,059,860			$	3,342,071			$	5,144,588			$	3,790,072
____________________________________________________________
-1	Refer to Note 15 for further disclosure regarding derivative instruments which are used to manage interest rate exposure.
-2	For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I and the Wakefield Portfolio and one-month LIBOR for the other borrowings.
-3	Carrying value represents fair value with respect to CDO bonds payable (excluding CapLease CDO bonds payable for which the fair value option was not elected) and junior subordinated notes due to the election of the fair value option (refer to Note 14) and amortized cost with regards to the other borrowings.
-4	Mortgage and other notes payable are subject to customary non-recourse carveouts.
-5	Represents two separate senior mortgage notes both maturing in January 2023 with a weighted average interest rate of 4.387%.
-6	Represents eight separate senior mortgage notes all maturing in May 2023 with a weighted average interest rate of 4.016%.
-7	Represents three separate senior mortgage notes all maturing in January 2024 with a weighted average interest rate of 4.915%.
-8	Borrowing related to properties that are held for sale as of December 31, 2013.
-9	The initial maturity date is May 31, 2016, subject to two one-year extensions at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-10	Represents borrowings previously eliminated in consolidation that were initially recorded at fair value.
-11	Represents a mezzanine loan on the net lease property.
-12	Represents seven separate senior mortgage notes, five maturing in May 2023 and two maturing in July 2023 with a weighted average interest rate of 4.03%.
-13	Represents two separate senior mortgage notes both maturing in July 2023 with a weighted average interest rate of 4.28%.
-14	Contractual interest rate represents a weighted average spread.
-15	The facility was repaid in October 2013.
-16	The initial maturity date was November 22, 2013 and the Company did not exercise the extension option.
-17	The initial maturity date is July 30, 2015, with three one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-18	Represents the weighted average contractual interest rate as of December 31, 2013, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-19	Recourse solely with respect to certain types of loans as defined in the governing documents.
-20	The initial maturity is March 11, 2014, with four one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-21	Represents the weighted average contractual interest rate as of December 31, 2013, which varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%.
-22	Principal amount differs from carrying value on the consolidated balance sheets due to the unamortized discount associated with the equity component of the notes.
-23	Paid off at par at maturity in June 2013.
-24	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2014.
-25	The holders have repurchase rights which may require the Company to repurchase the notes on March 15, 2016.
-26	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019.
-27	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028.
-28	Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for the first ten years after which the interest rate will float and reset quarterly at rates ranging from three-month LIBOR plus 2.50% to 2.90%.
-29	The change from prior year is the result of deconsolidation of certain N-Star CDOs and the liquidation of N-Star CDO II. Refer to Note 3 for further disclosure.
The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2013 (dollars in thousands):
	Total			Mortgage				CDO Bonds				Securitization				Credit				Exchangeable			Junior
				and Other Notes				Payable				Bonds Payable				Facilities				Senior Notes(1)			Subordinated
				Payable																			Notes
2014	$	27,190		$	14,235			$	—			$	—			$	—			$	12,955		$	—
2015	130,255			130,255				—				—				—				—			—
2016	299,456			126,956				—				—				—				172,500			—
2017	278,049			278,049				—				—				—				—			—
2018	127,228			57,190				—				—				70,038				—			—
Thereafter	3,197,682			1,506,649				970,219				82,337				—				358,360			280,117
Total	$	4,059,860		$	2,113,334			$	970,219			$	82,337			$	70,038			$	543,815		$	280,117
____________________________________________________________
-1	The 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, March 15, 2031, June 15, 2032 and June 15, 2033, respectively. The above table reflects the holders’ repurchase rights which may require the Company to repurchase the 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes on June 15, 2014, March 15, 2016, June 15, 2019 and June 15, 2023, respectively.
Securitization 2012-1
In November 2012, the Company entered into a $351.4 million securitization financing transaction (“Securitization 2012-1”) collateralized by CRE debt investments originated by the Company and on behalf of NorthStar Income. The Company contributed five CRE debt investments with a $152.2 million aggregate principal amount and retained an equity interest of $54.1 million. A total of $227.5 million of permanent, non-recourse, non-mark-to-market investment grade bonds were issued, of which $98.1 million financed the CRE debt investments contributed by the Company, representing an advance rate of 65% at a weighted average coupon of LIBOR plus 1.63%. The Company used the proceeds to repay $95.1 million of borrowings on its loan facilities.
The retained equity interests of the Company and NorthStar Income are held by a general partnership and both the Company and NorthStar Income are the general partners (“Financing JV”). The Company evaluated both Securitization 2012-1 and the Financing JV under the VIE model and concluded that both entities were considered voting interest entities. The Company first determined that the equity interests and the issued senior beneficial interests represented variable interests in Securitization 2012-1. The Company then determined that the entities were not VIEs as the equity investors have the characteristics of a controlling financial interest and there is sufficient equity at risk for the entities to finance their activities without additional subordinated financial support from other parties. The power to direct the activities most significant to economic performance is through the special servicer who has the ability to manage the assets that are delinquent or in default. The investment-grade bondholders have no control rights. Voting rights in both entities are in proportion to the economic interests. The retained equity interests in Securitization 2012-1 appoint the special servicer, providing the power to the equity investment at risk via voting rights held by the Financing JV. Furthermore, each of the partners retained the economic interests in its own loans as if the loans have been securitized on a stand-alone basis. All distributions on the retained interests occur after the third party bonds have received their contractual principal and interest payments. Shortfalls are borne by the retained interests and any losses will be absorbed first by the respective owner of such loans. Based on the preceding analysis, the Company concluded that the structures did not possess characteristics of a VIE and were voting interest entities.
The Company is the designated member of the Financing JV. The entities are not consolidated due to the substantive participating and kick-out rights held by NorthStar Income. The transferred debt investments failed sale treatment under U.S. GAAP as the Company maintains effective control of its contributed assets. The Company records its respective CRE debt investments and securitization bonds payable on its consolidated balance sheets.
N-Star CDOs
In May 2013, the Company completed the redemption of the outstanding bonds of N-Star CDO II. The Company owned $70.9 million principal amount of bonds in N-Star CDO II that it repurchased in the open market at an aggregate purchase price of $36.0 million. The Company received $70.0 million in connection with the redemption of the repurchased N-Star CDO II bonds. The Company liquidated N-Star CDO II in the second quarter 2013 and recorded a realized gain of $7.0 million. In July 2013, the Company deconsolidated N-Star CDO VII. The Company deconsolidated N-Star CDOs IV, VI, and VIII and the CapLease CDO as of September 30, 2013 and the CSE CDO as of December 31, 2013, which resulted in the deconsolidation of the respective CDO bonds payable. Refer to Note 3 for further disclosure.
Exchangeable Senior Notes
In June 2007, the Operating Partnership issued $172.5 million of 7.25% exchangeable senior notes (“7.25% Notes”) which were offered in accordance with Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), of which $13.0 million remains outstanding as of December 31, 2013. The 7.25% Notes are senior unsecured obligations of the Operating Partnership. The 7.25% Notes have an initial exchange rate representing an exchange price of $16.89 per share of the Company’s common stock, subject to adjustment under certain circumstances, and may be exchangeable upon the occurrence of specified events, and at any time on or after March 15, 2027, and prior to the close of business on the second business day immediately preceding the maturity date, into cash or common stock of the Company, or a combination thereof, if any, at the Company’s option. On June 15, 2012, $7.5 million principal amount of the 7.25% Notes were redeemed by the Company at par. The exchange price as of December 31, 2013 was $16.04 per share.
In March 2011, the Operating Partnership issued $172.5 million of 7.50% exchangeable senior notes (“7.50% Notes”) due in 2031 for net proceeds of $163.0 million. The 7.50% Notes were offered in a private offering exempt from registration in accordance with Rule 144A. The 7.50% Notes are senior unsecured obligations of the Operating Partnership. The 7.50% Notes have an initial exchange rate representing an exchange price of $6.44 per share of the Company’s common stock, subject to adjustment under certain circumstances and may be exchangeable at any time prior to the close of business on the second business day immediately preceding the maturity date for cash or common stock of the Company, or a combination thereof, at the Company’s option. The exchange price as of December 31, 2013 was $5.92 per share.
In June 2012, the Operating Partnership issued $75.0 million of 8.875% exchangeable senior notes (“8.875% Notes”) which were offered in accordance with Rule 144A for net proceeds of $72.0 million. In July 2012, the underwriters exercised their over-allotment option resulting in the issuance of an additional $7.0 million of the 8.875% Notes for net proceeds of $6.8 million. The 8.875% Notes are senior unsecured obligations of the Operating Partnership. The 8.875% Notes have an initial exchange rate representing an exchange price of $6.00 per share of the Company’s common stock, subject to adjustment under certain circumstances, and may be exchangeable upon the occurrence of specified events, and at any time on or after June 15, 2019, and prior to the close of business on the second business day immediately preceding the maturity date, into cash or common stock of the Company, or a combination thereof, if any, at the Company’s option. The exchange price as of December 31, 2013 was $5.86 per share. In December 2013, $67.6 million principal amount of the 8.875% Notes were exchanged for 11.5 million shares of common stock. In connection with this conversion, the Company recorded a loss of $10.9 million in realized gain (loss) on investments and other in the consolidated statements of operations. In January 2014, $9.7 million principal amount of the 8.875% Notes were exchanged for 1.7 million shares of common stock.
In June 2013, the Operating Partnership issued $300.0 million of 5.375% exchangeable senior notes (“5.375% Notes”) which were offered in accordance with Rule 144A, for net proceeds of $290.5 million. The 5.375% Notes are senior unsecured obligations of the Operating Partnership. The 5.375% Notes have an initial exchange rate representing an exchange price of approximately $9.74 per share of the Company’s common stock, subject to adjustment under certain circumstances. In July 2013, the Company issued an additional $45.0 million of the 5.375% Notes as a result of the full over-allotment option being settled. Net proceeds from the exercise of the over-allotment option was $43.7 million. The exchange price as of December 31, 2013 was $9.74 per share. In January 2014, $137.0 million principal amount of the 5.375% Notes were exchanged for 14.1 million shares of common stock.
The 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes are redeemable, at the Company’s option, on and after June 15, 2014, March 15, 2016, June 15, 2019 and June 15, 2023, respectively. The Company may be required to repurchase each issuance of exchangeable senior notes at certain dates and upon the occurrence of certain designated events.
All of the Company’s outstanding exchangeable senior notes contain unconditional guarantees by the Company, the Operating Partnership and/or the Sub-REIT on an unsecured and unsubordinated basis.
The following table presents the components of outstanding exchangeable senior notes as of December 31, 2013 and 2012 (dollars in thousands):
		31-Dec-13											31-Dec-12
		Principal Amount			Unamortized Discount(1)				Carrying Value				Principal Amount				Unamortized Discount				Carrying Value
11.50% Notes		$	—		$	—			$	—			$	35,710			$	(99	)		$	35,611
7.25% Notes		12,955			—				12,955				12,955				—				12,955
7.50% Notes		172,500			(7,134		)		165,366				172,500				(9,904		)		162,596
8.875% Notes		13,360			(292		)		13,068				82,000				(2,131		)		79,869
5.375% Notes		345,000			(45,416		)		299,584				—				—				—
Total		$	543,815		$	(52,842	)		$	490,973			$	303,165			$	(12,134	)		$	291,031
______________________
-1	The remaining amortization period for the 7.50% Notes, 8.875% Notes and 5.375% Notes is 2.2 years, 5.5 years and 9.5 years, respectively.
As of December 31, 2013 and 2012, the aggregate carrying value of the equity components of the exchangeable senior notes is $25.9 million and $17.9 million, respectively, which is recorded as a component of additional paid-in capital. The following table presents the components of interest expense related to outstanding exchangeable senior notes for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Interest and Amortization Expense
Years Ended		Interest Expense			Amortization Expense(1)				Total Interest Expense
2013		$	32,475		$	8,416			$	40,891
2012		22,204			5,025				27,229
2011		18,872			4,490				23,362
_________________________
-1	The effective interest rate of the 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes was 8.0%, 9.6%, 9.4% and 7.3% for the year ended December 31, 2013, respectively.
Credit Facilities
Loan Facilities
In July 2012, a subsidiary of the Company entered into a credit and security agreement (“Loan Facility 1”) of $40.0 million on a non-recourse basis, subject to certain exceptions, to finance first mortgage loans and senior loan participations secured by commercial real estate. In connection with Loan Facility 1, the Operating Partnership agreed to guarantee interest payments and the customary obligations under Loan Facility 1 if either the Company or its affiliates engage in certain customary bad acts. In addition, the Operating Partnership pledged its interests in the Company’s borrowing subsidiary as collateral. Loan Facility 1 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Operating Partnership must maintain at least $3.75 million and as much as $7.5 million in unrestricted cash, or other eligible investments, at all times during the term of Loan Facility 1.
In March 2013, a subsidiary of the Company entered into a master repurchase agreement (“Loan Facility 2”) of $200.0 million to finance first mortgage loans and senior interests secured by commercial real estate. In connection with Loan Facility 2, the Company and the Operating Partnership entered into a guaranty agreement under which the Company and the Operating Partnership guaranty certain of the obligations under Loan Facility 2. Loan Facility 2 and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. More specifically, the Company must maintain at least $20.0 million in unrestricted cash or cash equivalents at all times during the term of Loan Facility 2. In addition, the Company has agreed to guarantee certain customary obligations under Loan Facility 2 if the Company or an affiliate of the Company engage in certain customary bad acts.
As of December 31, 2013, the Company had $109.1 million carrying value of loans financed with $70.0 million on the loan facilities with $170.0 million of available borrowing under its loan facilities.
Summary of Credit Facilities
During the initial term, the credit facilities act as revolving credit facilities that can be paid down as assets payoff and re-drawn upon for new investments. As of December 31, 2013, the Company was in compliance with all of its financial covenants.

Related_Party_and_Sponsored_Co

Related Party and Sponsored Company Arrangements	12 Months Ended
	Dec. 31, 2013
Related Party Transactions [Abstract]	'
Related Party and Sponsored Company Arrangements	'
	Related Party and Sponsored Company Arrangements
	Asset Management and Other Fees
	The Company has agreements with each of its Sponsored Companies to manage their day-to-day operations, including identifying, originating and acquiring investments on their behalf and earning fees for its services. For the years ended December 31, 2013, 2012 and 2011, the Company earned $26.6 million, $7.9 million and $1.0 million of fees related to these agreements, respectively. In general, the Company may determine to defer fees or seek reimbursement, subject to compliance with applicable policies. From inception through December 31, 2013, the Company deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to NorthStar Income.
	The Company earns collateral management fees from its CDOs. For the years ended December 31, 2013, 2012 and 2011, the Company earned $10.4 million, $14.4 million and $17.3 million in fee income, respectively. For the fourth quarter 2013, the Company recorded fee income of $0.7 million in its consolidated statements of operations relating to deconsolidated CDOs. All remaining amounts were eliminated in consolidation as all of the Company’s CDOs were consolidated prior to the third quarter 2013.
	Selling Commissions and Dealer Manager Fees and Commission Expense
	Selling commissions and dealer manager fees represents income earned by selling equity in Sponsored Companies through NorthStar Securities. Pursuant to dealer manager agreements between NorthStar Securities and the Sponsored Companies, the Company receives selling commissions of up to 7% of gross offering proceeds raised. The Company reallows all selling commissions earned to participating broker-dealers. In addition, the Company also receives a dealer manager fee of up to 3% of gross offering proceeds raised, a portion of which is typically reallowed to participating broker-dealers. Commission expense represents fees to participating broker-dealers with whom the Company has selling agreements and commissions to employees of NorthStar Securities. The Company earns net commission income through NorthStar Securities for selling equity in the Sponsored Companies which is expected to cover the costs of the Company’s broker-dealer business. Currently, net commission income covers the majority of such costs. For the years ended December 31, 2013, 2012 and 2011, commission expense was $57.3 million, $38.5 million and $10.8 million respectively, of which $7.8 million, $5.2 million and $1.5 million, respectively, related to employees of NorthStar Securities.
	Sponsored Companies
	The Company incurs direct and indirect costs on behalf of its Sponsored Companies which are expected to be reimbursed subsequently to the Company. As of December 31, 2013 and 2012, the Company had aggregate unreimbursed costs of $21.0 million and $11.6 million, respectively, from its Sponsored Companies. These amounts are recorded as receivables, related parties on the consolidated balance sheets. For the years ended December 31, 2013 and 2012, the Company received $13.5 million and $6.6 million, respectively, of reimbursement from its Sponsored Companies.
	The Company committed to purchase up to $10.0 million in shares of each of its Sponsored Companies’ common stock during the two-year period from when each offering was declared effective, in the event that Sponsored Company’s distributions to its stockholders exceeds its modified funds from operations (“MFFO”) (as defined in accordance with the current practice guidelines issued by the Investment Program Association). With respect to this commitment, the Company purchased the following shares:
	•	NorthStar Income - The Company purchased an aggregate of 507,980 shares of NorthStar Income’s common stock for $4.6 million from inception of NorthStar Income through the termination of the agreement which ended on July 19, 2013.
	•	NorthStar Healthcare - The Company purchased an aggregate of 255,614 shares of its common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.3 million. In August 2013, NorthStar Healthcare was deconsolidated as the Company no longer owns a majority voting interest. The commitment with NorthStar Healthcare ends in August 2014, unless extended by the Company in its discretion.
	•	NorthStar Income II - The Company purchased an aggregate of 245,109 shares of its common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.2 million. In November 2013, NorthStar Income II was deconsolidated as the Company no longer owns a majority voting interest. The commitment with NorthStar Income II ends in May 2015, unless extended by the Company in its discretion.
	In 2013, the Company originated an $11.3 million first mortgage loan and acquired two assisted living facilities and a memory care facility totaling $25.8 million (refer to Note 4 and 5), which were subsequently sold to NorthStar Healthcare at cost. Additionally, in 2013, the Company originated a $25.5 million first mortgage loan, $16.5 million of which was subsequently sold to NorthStar Income II, at cost (refer to Note 5). In January 2014, the remaining $9.0 million was sold to NorthStar Income II at cost. All sales were approved by the respective independent board of directors of NorthStar Healthcare and NorthStar Income II, as applicable.
	Securitization 2012-1
	The Company entered into an agreement with NorthStar Income that provides that both the Company and NorthStar Income receive the economic benefit and bear the economic risk associated with the investments each contributed into Securitization 2012-1. In both cases, the respective retained equity interest of the Company and NorthStar Income is subordinate to interests of the investment-grade bondholders of Securitization 2012-1 and the investment-grade bondholders have no recourse to the general credit of the Company or NorthStar Income. In the event that either the Company or NorthStar Income suffer a complete loss of their equity interests in Securitization 2012-1, any additional losses would be borne by the remaining equity interests held by the Company or NorthStar Income, as the case may be, prior to the investment-grade bondholders.
	Securitization 2013-1
	In August 2013, the Company bifurcated three first mortgage loans with an aggregate principal amount of $141.7 million into senior loans of $79.1 million and subordinate interests of $62.6 million to facilitate the financing of the senior loans into Securitization 2013-1, a securitization financing transaction entered into by NorthStar Income. The Company transferred three senior loans at cost to Securitization 2013-1. The Company did not retain any interest in the senior loans and retained the subordinate interests on an unleveraged basis. The sale of the senior loans obtained sale treatment under U.S. GAAP as the Company no longer maintains effective control of its transferred assets.
	Legacy Fund
	The Company has two CRE debt investments with a subsidiary of Legacy Partners Realty Fund I, LLC (the “Legacy Fund”), as borrower. One of the Company’s directors, Preston Butcher, is the chairman of the board of directors and chief executive officer and owns a significant interest in Legacy Partners Commercial, LLC, which indirectly owns an equity interest in, and owns the manager of, the Legacy Fund. One loan of $16.4 million matures in March 2014 and has a one-year extension option. The interest rate is one-month LIBOR plus 7.50%, of which one-month LIBOR plus 3.00% is current pay. The other loan of $23.2 million matures in January 2015 and has an interest rate of one-month LIBOR plus 3.50%. For the years ended December 31, 2013, 2012 and 2011, the Company earned an aggregate $1.6 million, $2.1 million and $1.9 million of interest income, respectively. On September 30, 2013, the Company deconsolidated certain N-Star CDOs, and as a result, the Company no longer records these loans on its consolidated balance sheets (refer to Note 3).
	Furthermore, in February 2013, NorthStar Income made a $91.0 million loan to the Legacy Fund. In connection with this loan, the Company, acting in its capacity as the advisor to NorthStar Income, received a customary 1.0% origination fee and further earns an annual asset management fee of 1.25%. In addition, the Company leases office space in Colorado with an affiliate of the Legacy Fund under an operating lease with annual lease payments of approximately $0.2 million through December 31, 2016. The Company has the option to renew the lease for an additional five years.

EquityBased_Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Equity-Based Compensation	'
	Equity-Based Compensation
	Omnibus Stock Incentive Plan
	In September 2004, the board of directors of the Company adopted the NorthStar Realty Finance Corp. 2004 Omnibus Stock Incentive Plan and such plan, as amended and restated, was further adopted by the board of directors of the Company on April 17, 2013 and approved by the stockholders on May 29, 2013 (the “Stock Incentive Plan”). The Stock Incentive Plan provides for the issuance of stock-based incentive awards, including incentive stock options, non-qualified stock options, stock appreciation rights, shares of common stock of the Company, in the form of restricted shares and other equity-based awards such as LTIP Units or any combination of the foregoing. LTIP Unit holders are entitled to dividends on the entire grant beginning on the date of grant. The eligible participants in the Stock Incentive Plan include directors, officers, employees, consultants and advisors of the Company.
	An aggregate of 15,584,200 shares of common stock of the Company are currently reserved pursuant to the Stock Incentive Plan, subject to equitable adjustment upon the occurrence of certain corporate events. 9,186,885 LTIP Units have been issued, of which 2,627,312 LTIP Units remain subject to vesting.
	The following table presents the status of all LTIP Unit grants as of December 31, 2013 and 2012 (units in thousands):
		December 31, 2013				December 31, 2012
		LTIP Unit		Weighted		LTIP Unit		Weighted
		Grants(2)		Average		Grants		Average
				Grant Price				Grant Price
	Beginning balance(1)	6,228		$	6.66	4,208		$	7.53
	Granted	4,333		8.1		2,306		5.59
	Converted to common stock	(1,341	)	7.9		(277	)	11.09
	Forfeited	(2	)	5.38		(9	)	5.38
	Ending Balance/Weighted Average	9,218		$	7.15	6,228		$	6.66
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2013 and 2012 for the periods ended December 31, 2013 and 2012, respectively.
	-2	Includes 698,142 LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan, of which 667,509 LTIP Units have been converted.
	The Company recognized equity-based compensation expense related to these awards of $12.9 million, $5.8 million and $6.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, the related equity-based compensation expense to be recognized over the remaining vesting period through April 2017 is $13.4 million, provided there are no forfeitures.
	Incentive Compensation Plan
	The compensation committee of the board of directors (the “Committee”) of the Company approved the material terms of the NorthStar Realty Finance Corp. Executive Incentive Bonus Plan for the Company’s executive officers and other employees (the “Plan”). Pursuant to the Plan, a potential incentive compensation pool is expected to be established each calendar year. The size of the incentive pool will be calculated as the sum of: (a) 1.75% of the Company’s “adjusted equity capital” for the year; and (b) 25% of the Company’s adjusted funds from operations, as adjusted, above a 9% return hurdle on adjusted equity capital. Payout from the incentive pool is subject to achievement of additional performance goals summarized below.
	The incentive pool is expected to be divided into the following three separate incentive compensation components: (a) an annual cash bonus, tied to annual performance of the Company and paid prior to or shortly after completion of the year-end audit (“Annual Bonus”); (b) a deferred cash bonus, determined based on the same year’s performance, but paid 50% following the close of each of the first and second years after such incentive pool is determined, subject to the participant’s continued employment through each payment date (“Deferred Cash Bonus”); and (c) a long-term incentive in the form of restricted stock units (“RSUs”) and/or LTIP Units. RSUs are subject to the Company achieving cumulative performance hurdles and/or target stock prices established by the Committee for a three- or four-year period, subject to the participant’s continued employment through the payment date. Upon the conclusion of the applicable performance period, each executive officer will receive a payout, if any, equal to the value of one share of common stock at the time of such payout, including the dividends paid with respect to a share of common stock following the first year of the applicable performance period, for each RSU actually earned (the “Long-Term Amount Value”). The Long-Term Amount Value, if any, will be paid in the form of shares of common stock or LTIP Units to the extent available under the Company’s equity compensation plans or, if all or a portion of such shares or LTIP Units are not available, in cash (the “Long Term Amount Payout”).
	The Committee evaluates the Plan on an annual basis and considers alternatives to the foregoing as the Committee deems appropriate and in the best interests of the Company. Performance goals for each component will be set by the Committee at the beginning of each subsequent calendar year for each new cycle. The goals will generally be divided into ranges of performance, each of which will correspond to a payout level equal to a percentage of a participant’s pool allocation for such component.
	In connection with the 2009 Plan, the Company issued 3,147,454 RSUs to executive officers which vested subject to the Company achieving cumulative performance hurdles and/or target stock prices for the three-year period ended December 31, 2011. The Company determined in 2011 that the performance hurdle was reached which entitled the recipients to 100% of the RSUs granted. The Company did not have a sufficient amount of common stock or LTIP Units available, and as a result, 2,609,074 RSUs were settled in cash in February 2012. 538,380 RSUs were not settled until December 2012, subject to continued employment of certain executive officers through such date, and were settled in cash for $1.4 million. The Company recognized compensation expense of $1.4 million and $13.9 million for the years ended December 31, 2012 and 2011, respectively.
	In connection with the 2010 Plan, the Company issued 2,209,999 RSUs to executive officers which vested subject to the Company achieving cumulative performance hurdles and/or target stock prices for the three-year period ending December 31, 2012. The Company determined in the fourth quarter of 2011 the performance hurdle was reached entitling the recipients to 100% of the RSUs granted, and accordingly recorded a cumulative catch up adjustment of $3.6 million to compensation expense based on the stock price at the grant date. For the years ended December 31, 2012 and 2011, the Company recognized equity-based compensation expense of $5.7 million and $5.6 million, respectively. The award was fully amortized by December 31, 2012. In achievement of the performance hurdles, the Company issued 2,209,999 LTIP Units to executive officers in February 2013.
	In connection with the 2011 Plan, the Company issued 1,525,797 RSUs to executive officers which vest subject to the Company achieving target stock prices for the four-year period ending December 31, 2014. The fair value of the grant is being amortized into equity-based compensation expense over the performance period. For the years ended December 31, 2013 and 2012, the Company recognized compensation expense of $1.4 million and $1.3 million, respectively. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). At the same time, the Company granted 1,525,797 LTIP Units to executive officers which vest to the recipient at a rate of four annual installments ending January 29, 2015 and which may not be sold prior to January 1, 2015. The Company also granted 606,257 LTIP Units (net of forfeitures) to certain non-executive employees, which vest quarterly over three years beginning April 2012.
	In connection with the 2012 Plan, the Company issued 1,409,682 RSUs to executive officers, subject to the Company achieving target stock prices for the four-year period ending December 31, 2015. The Company does not yet know whether it is probable that such measure will be achieved and that such RSUs will be earned. The fair value of the grant is being amortized into equity-based compensation expense over the performance period. For the year ended December 31, 2013, the Company recognized compensation expense of $2.7 million. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). At the same time, the Company granted 1,409,682 LTIP Units to executive officers which vest to the recipient at a rate of four annual installments ending January 29, 2016 and which may not be sold prior to December 31, 2015. The Company also granted 581,607 LTIP Units to certain non-executive employees, which vest quarterly over three years beginning April 2013.
	In February 2014, in connection with the 2013 Plan, the Company issued 1,000,744 RSUs to executive officers. The RSUs are subject to the Company achieving target stock prices established by the Committee for the four-year period ending December 31, 2016. Upon conclusion of the applicable performance period, each executive officer will receive the Long Term Amount Payout (if earned). At the same time, the Company granted to executive officers an additional 1,000,744 deferred LTIP Units which vest annually at a rate of four annual installments ending January 29, 2017 and 523,157 deferred LTIP Units which vest on December 31, 2015. In addition, the Company granted 556,344 of deferred LTIP Units to certain non-executive employees, which vest quarterly over three years beginning April 2014. Deferred LTIP Units are equity awards representing the right to receive either LTIP Units in the Operating Partnership or its successor or, if such LTIP Units are not available, upon settlement of the award, shares of common stock of the Company.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Common Stock
	The following table presents common stock issued for the year ended December 31, 2013 (dollars in thousands):
			Number of shares			Price per share (1)				Net proceeds
	Feb-13		34,500,000			$	8.39			$	280,218
	Aug-13		40,250,000			$	9.6			376,099
	Dec-13		57,500,000			$	11.65			649,302
	Total		132,250,000							$	1,305,619
	____________________
	(1) Includes the full over-allotment option exercised by the underwriters of the offering.
	In December 2013, as part of the consideration for the RXR Investment, the Company granted 1.36 million shares of its common stock in a private offering to an RXR Realty affiliate resulting in an increase to additional paid in capital of $17.7 million. This amount is recorded as a premium on the related CRE debt investments and will be amortized to interest income over the life of the debt, using the effective interest method, in the consolidated statements of operations. Such shares were issued in January 2014.
	Preferred Stock
	The following table presents classes of cumulative redeemable preferred stock issued in a public offering and outstanding as of December 31, 2013 (dollars in thousands):
			Number of Shares			Amount (1)
	Series A 8.75%		2,466,689			$	59,453
	Series B 8.25%		13,998,905			323,757
	Series C 8.875%(2)		5,000,000			120,808
	Series D 8.50%(3)		8,000,000			193,334
	Total		29,465,594			$	697,352
	__________________________________
	-1	250 million shares have been authorized and all shares have a $0.01 par value. All preferred shares have a $25 per share liquidation preference.
	-2	The Series C shares are currently not callable.
	-3	Issued in April 2013 and includes the over-allotment option.
	Warrants Outstanding
	The following table presents outstanding warrants issued to purchase shares of the Company’s common stock as of December 31, 2013:
	Issue Date		Expiration Date		Number			Exercise Price
	October 2009(1)		Oct-19		500,000			$	7.5
	October 2009(1)		Oct-20		250,000			$	8.6
	October 2009(1)		Oct-21		250,000			$	10.75
	June 2010(2)		Jun-20		2,000,000			$	7.6
	Total				3,000,000
	________________________
	-1	Issued in connection with an amendment to a secured term loan with Wachovia Bank, NA.
	-2	Issued in connection with the repayment and extinguishment of a secured term loan with Wachovia Bank, NA. The maximum cash consideration associated with these awards is approximately $5 million assuming that Wachovia Bank, NA. receives $40 million of loan principal assigned in connection with the repayment and extinguishment of the secured term loan.
	The exercise price of all outstanding warrants may be paid in cash or by cashless exercise and the exercise price and number of shares of common stock issuable are subject to anti-dilution requirements. All warrants are currently exercisable and have a one-to-one conversion to common stock.
	Dividend Reinvestment Plan
	In April 2007, as amended effective January 1, 2012, the Company implemented a Dividend Reinvestment Plan (the “DRP”), pursuant to which it registered with the Securities and Exchange Commission (“SEC“) and reserved for issuance 14,279,846 shares of its common stock. Pursuant to the amended terms of the DRP, stockholders are able to automatically reinvest all or a portion of their dividends for additional shares of the Company’s common stock. The Company expects to use the proceeds from the DRP for general corporate purposes. For the year ended December 31, 2013, the Company issued 26,835 shares of its common stock pursuant to the DRP for gross sales proceeds of $0.2 million.
	Dividends
	The following table presents dividends declared (on a per share basis) for the years ended December 31, 2013, 2012 and 2011:
	Common Stock						Preferred Stock
									Dividend
	Declaration		Dividend				Declaration		Series A				Series B		Series C		Series D
	Date						Date
	2013
	February 13		$	0.18			February 1		$	0.54688			$	0.51563	$	0.76424	N/A
	May 1		$	0.19			May 1		$	0.54688			$	0.51563	$	0.55469	$	0.2066
	31-Jul		$	0.2			31-Jul		$	0.54688			$	0.51563	$	0.55469	$	0.53125
	30-Oct		$	0.21			30-Oct		$	0.54688			$	0.51563	$	0.55469	$	0.53125
	2012
	February 15		$	0.135			30-Jan		$	0.54688			$	0.51563	N/A		N/A
	May 2		$	0.15			May 2		$	0.54688			$	0.51563	N/A		N/A
	2-Aug		$	0.16			2-Aug		$	0.54688			$	0.51563	N/A		N/A
	1-Nov		$	0.17			1-Nov		$	0.54688			$	0.51563	N/A		N/A
	2011
	19-Jan		$	0.1			14-Feb		$	0.54688			$	0.51563	N/A		N/A
	May 4		$	0.1			May 25		$	0.54688			$	0.51563	N/A		N/A
	3-Aug		$	0.1			19-Aug		$	0.54688			$	0.51563	N/A		N/A
	2-Nov		$	0.125			15-Nov		$	0.54688			$	0.51563	N/A		N/A
	Earnings Per Share
	The following table presents EPS for the years ended December 31, 2013, 2012 and 2011 (dollars and shares in thousands, except per share data):
			Years Ended December 31,
			2013				2012				2011
	Numerator:
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		$	(137,453	)		$	(288,587	)		$	(263,014	)
Net income (loss) attributable to LTIP Units non-controlling interest		(5,571		)		(13,962		)		(12,780		)
Net income (loss) attributable to common stockholders and LTIP Units(1)		$	(143,024	)		$	(302,549	)		$	(275,794	)
Denominator:(1)
Weighted average shares of common stock		211,816				125,199				89,349
Weighted average LTIP Units(2)		9,162				6,025				4,278
Weighted average shares of common stock and LTIP Units		220,978				131,224				93,627
Earnings (loss) per share:
Basic		$	(0.65	)		$	(2.31	)		$	(2.94	)
Diluted		$	(0.65	)		$	(2.31	)		$	(2.94	)
____________________________________________________________
-1	Excludes the effect of RSUs, exchangeable senior notes and warrants outstanding and exercisable as of December 31, 2013, 2012 and 2011 that were not dilutive for the respective periods. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.
-2	The EPS calculation takes into account LTIP Units which receive non-forfeitable dividends from the date of grant, share equally in the Company’s net income (loss) and convert on a one-for-one basis into common stock.

Noncontrolling_Interests

Non-controlling Interests	12 Months Ended
	Dec. 31, 2013
Noncontrolling Interest [Abstract]	'
Non-controlling Interests	'
	Non-controlling Interests
	Operating Partnership
	Non-controlling interests include the aggregate LTIP Units held by limited partners (the “Unit Holders”) in the Operating Partnership. Net income (loss) attributable to the non-controlling interest is based on the weighted average Unit Holders’ ownership percentage of the Operating Partnership for the respective period. The issuance of additional common stock or LTIP Units changes the percentage ownership of both the Unit Holders and the Company. Since a unit is generally redeemable for cash or common stock at the option of the Company, it is deemed to be equivalent to common stock. Therefore, such transactions are treated as capital transactions and result in an allocation between stockholders’ equity and non-controlling interests in the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. As of December 31, 2013 and 2012, LTIP Units of 9,217,518 and 6,228,727 were outstanding, respectively, representing a 2.9% and 3.7% ownership and non-controlling interest in the Operating Partnership, respectively. Net income (loss) attributable to the Operating Partnership non-controlling interest for the years ended December 31, 2013, 2012 and 2011 was a loss of $5.6 million, $14.0 million and $12.8 million, respectively.
	Contingently Redeemable Non-controlling Interest
	In July 2011, the Company repaid the $100.0 million preferred membership interest in NorthStar Realty Healthcare, LLC to Inland American Real Estate Trust, Inc., which had a 10.5% distribution rate. Net income (loss) allocated to this non-controlling interest for the year ended December 31, 2011 was income of $5.7 million.
	Other
	The Company has non-controlling interests in various real estate investments that represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests for the years ended December 31, 2013, 2012 and 2011 was a loss of $0.4 million, and income of $2.4 million and $1.5 million, respectively.
	The following table presents net income (loss) attributable to the Company’s common stockholders for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Years Ended December 31,
		2013			2012			2011
	Income (loss) from continuing operations	$	(129,394	)	$	(290,451	)	$	(279,545	)
	Income (loss) from discontinued operations	(8,059		)	(123		)	125
	Gain on sale from discontinued operations	—			1,987			16,406
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(137,453	)	$	(288,587	)	$	(263,014	)

Fair_Value

Fair Value	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value	'
	Fair Value
	Fair Value Measurement
	The fair value of financial instruments is categorized based on the priority of the inputs to the valuation technique and categorized into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
	Financial assets and liabilities recorded at fair value on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:
	Level 1. Quoted prices for identical assets or liabilities in an active market.
	Level 2. Financial assets and liabilities whose values are based on the following:
	(a)Quoted prices for similar assets or liabilities in active markets.
	(b)Quoted prices for identical or similar assets or liabilities in non-active markets.
	(c)Pricing models whose inputs are observable for substantially the full term of the asset or liability.
	(d)Pricing models whose inputs are derived principally from or corroborated by observable market data
	for substantially the full term of the asset or liability.
	Level 3. Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement.
	Determination of Fair Value
	The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
	Investments in Private Equity Funds
	The Company accounts for PE Investments at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets in the funds and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy. The Company is not using the NAV (practical expedient) of the underlying funds for purposes of determining fair value.
	RXR Investment
	The Company accounts for the RXR Equity Interest at fair value which is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying assets and discount rate. Additionally, the Company accounts for the RXR Realty preferred equity at fair value, which is determined based on comparing the current yield to the estimated yield for newly originated loans with similar credit risk. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.
	Real Estate Securities
	N-Star CDO Bonds
	The fair value of subordinate N-Star CDO bonds is determined using an internal price interpolated based on third party prices of the more senior N-Star CDO bonds of the respective CDO. For the remaining N-Star CDO bonds, fair value is determined using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy.
	N-Star CDO Equity
	The fair value of N-Star CDO equity is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying collateral of these CDOs and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy.
	Other CRE Securities
	Other CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market.
	Derivative Instruments
	Derivative instruments are valued using a third-party pricing service. These quotations are not adjusted and are generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, are classified as Level 2 of the fair value hierarchy. Derivative instruments are also assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. However, since the majority of derivatives are held in non-recourse CDO financing structures where, by design, the derivative contracts are senior to all the CDO bonds payable, there is no material impact of a credit valuation adjustment.
	CDO Bonds Payable
	CDO bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. CDO bonds payable are classified as Level 3 of the fair value hierarchy.
	Junior Subordinated Notes
	Junior subordinated notes are valued using quotations from nationally recognized financial institutions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the implied credit spread of the Company’s other borrowings and the timing and amount of expected future cash flow. Junior subordinated notes are classified as Level 3 of the fair value hierarchy.
	Fair Value Hierarchy
	Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 by level within the fair value hierarchy (dollars in thousands):
		December 31, 2013
		Level 1				Level 2				Level 3				Total
	Assets:
	Investments in private equity funds, at fair value	$	—			$	—			$	586,018			$	586,018
	RXR Investment(1)	—				—				192,419				192,419
	Real estate securities, available for sale:
	N-Star CDO bonds	—				—				205,287				205,287
	N-Star CDO equity	—				—				158,274				158,274
	CMBS and other securities	—				20,694				25,981				46,675
	CRE securities in N-Star CDOs
	CMBS	—				507,725				64,576				572,301
	Third-party CDO notes	—				—				24,931				24,931
	Agency debentures	—				29,540				—				29,540
	Unsecured REIT debt	—				9,521				—				9,521
	Trust preferred securities	—				—				5,791				5,791
	Subtotal real estate securities, available for sale	—				567,480				484,840				1,052,320
	Derivative assets	—				3,469				—				3,469
	Total assets	$	—			$	570,949			$	1,263,277			$	1,834,226
	Liabilities:
	CDO bonds payable	$	—			$	—			$	384,183			$	384,183
	Junior subordinated notes	—				—				201,203				201,203
	Derivative liabilities	—				52,204				—				52,204
	Total liabilities	$	—			$	52,204			$	585,386			$	637,590
	____________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment for which the fair value option was elected.
		December 31, 2012
		Level 1				Level 2				Level 3				Total
	Assets:
	Real estate securities, available for sale:
	CMBS	$	—			$	703,327			$	280,691			$	984,018
Third-party CDO notes	—				420				47,816				48,236
Unsecured REIT debt	—				56,246				135				56,381
Trust preferred securities	—				—				9,571				9,571
Agency debentures	—				26,462				—				26,462
Subtotal	—				786,455				338,213				1,124,668
Derivative assets	—				6,229				—				6,229
Total assets	$	—			$	792,684			$	338,213			$	1,130,897
Liabilities:
CDO bonds payable(1)	$	—			$	—			$	1,999,470			$	1,999,470
Junior subordinated notes	—				—				197,173				197,173
Derivative liabilities	—				170,840				—				170,840
Total liabilities	$	—			$	170,840			$	2,196,643			$	2,367,483
____________________________________________________________
-1	Excludes CapLease CDO bonds payable for which the fair value option was not elected.
The following table presents additional information about financial assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2013 and 2012, for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):
	December 31, 2013																		December 31, 2012
	Investments				RXR Investment(1)				Real Estate				CDO Bonds			Junior			Real Estate			CDO Bonds			Junior
	in Private								Securities				Payable			Subordinated			Securities			Payable			Subordinated
	Equity Funds															Notes									Notes
Beginning balance(2)	$	—			$	—			$	338,213			$	1,999,470		$	197,173		$	422,607		$	2,145,239		$	157,168
Transfers into Level 3(3)	—				—				7,788				—			—			84,871			—			—
Transfers out of Level 3(3)	—				—				(108,143		)		—			—			(91,161		)	—			—
Purchases / borrowings / amortization / contributions	747,564				192,209				23,594				43,983			—			59,559			99,775			—
Sales	—				—				(40,328		)		—			—			(95,433		)	—			—
Paydowns / distributions	(244,138		)		—				(54,971		)		(647,947		)	—			(80,911		)	(675,038		)	—
Repurchases	—				—				—				(44,221		)	—			—			(103,118		)	—
Gains:
Equity in earnings of unconsolidated ventures	82,592				210				—				—			—			—			—			—
Unrealized gains included in earnings	—				—				68,794				—			—			59,048			—			—
Realized gains included in earnings	—				—				15,179				—			—			25,431			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—				—				3,098				—			—			6,982			—			—
Deconsolidation of N-Star CDOs(3)	—				—				350,886				(1,656,857		)	—			—			—			—
Losses:
Unrealized losses included in earnings	—				—				(19,523		)		106,622			4,030			(47,795		)	510,105			40,005
Realized losses included in earnings	—				—				(5,601		)		26,697			—			(4,416		)	22,507			—
Unrealized losses on real estate securities, available for sale included in OCI	—				—				(4,138		)		—			—			(569		)	—			—
Deconsolidation of N-Star CDOs(4)	—				—				(90,008		)		556,436			—			—			—			—
Ending balance	$	586,018			$	192,419			$	484,840			$	384,183		$	201,203		$	338,213		$	1,999,470		$	197,173
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—			$	—			$	20,746			$	93,025		$	(4,030	)	$	14,481		$	(320,134	)	$	(40,005	)
____________________________________________________________
-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment, for which the fair value option was elected.
-2	Represents the balance as of January 1, 2013 and 2012 and for the periods ended December 31, 2013 and 2012, respectively.
-3	Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year.
-4	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
There were no transfers, other than those identified in the table above, during the years ended December 31, 2013 and 2012.
The Company relies on the third-party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements related to CRE securities (including N-Star CDO bonds), CDO bonds payable and junior subordinated notes. The Company believes such pricing service or broker quotation for such items may be based on a market transaction of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit (such as credit support and delinquency rates).
For the year ended December 31, 2013, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows:
	Fair Value				Valuation Technique		Key Unobservable Inputs		Range
PE Investments	$	586,018			Discounted Cash Flow Model		Discount Rate		18% - 25%
RXR Investment(1)	$	192,419			Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread		7.5% - 12%
N-Star CDO equity	$	158,274			Discounted Cash Flow Model		Discount Rate		18% - 20%
____________________________________________________________
-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment, for which the fair value option was elected.
For the year ended December 31, 2013, non-recurring fair value measurements included one loan for which a provision for loan loss was recorded but is no longer recorded on the consolidated balance sheets due to the deconsolidation of certain N-Star CDOs (refer to Note 3). The key unobservable inputs used to determine the provision for loan loss included a 7.0% discount rate and a 5.0% capitalization rate. Additionally, in connection with the deconsolidation of certain N-Star CDOs, the Company recorded CRE debt investments, CDO bonds payable and two notes payable at fair value related to amounts that previously eliminated in consolidation. The fair value was determined under the methodologies disclosed below.
Significant increases (decreases) in any one of the inputs described above in isolation may result in a significantly different fair value for the financial assets and liabilities utilizing such Level 3 inputs.
Fair Value Option
The Company has historically elected to apply the fair value option for the following financial assets and liabilities existing at the time of adoption or at the time the Company recognizes the eligible item for the purpose of consistent accounting application: CRE securities financed in N-Star CDOs; CDO bonds payable; and junior subordinated notes. Given the market volatility in the past few years, the Company has observed that the impact of electing the fair value option would generally result in additional variability to the Company’s consolidated statements of operations which management believes is not a useful presentation for such financial assets and liabilities. Therefore, the Company more recently has not elected the fair value option for new investments in CRE securities and securitization financing transactions. The Company may elect the fair value option for certain of its financial assets or liabilities due to the nature of the instrument. In the case of PE Investments, certain components of the RXR Investment and N-Star CDO equity, the Company elected the fair value option because management believes it is a more useful presentation for such investments. The Company determined recording the PE Investments, certain components of the RXR Investment and N-Star CDO equity based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment.
The following table presents the fair value of financial instruments for which the fair value option was elected as of December 31, 2013 and 2012 (dollars in thousands):
	December 31,
	2013				2012
Assets:
Investments in private equity funds, at fair value	$	586,018			$	—
RXR Investment(1)	192,419				—
Real estate securities, available for sale:
N-Star CDO equity	158,274				—
CMBS and other securities(2)	30,642				20,668
CRE securities in N-Star CDOs
CMBS	572,301				897,800
Third-party CDO notes	24,931				25,756
Agency debentures	29,540				26,462
Unsecured REIT debt	9,521				56,381
Trust preferred securities	5,791				9,571
Subtotal CRE securities in N-Star CDOs	642,084				1,015,970
Total assets	$	1,609,437			$	1,036,638
Liabilities:
CDO bonds payable(3)	$	384,183			$	1,999,470
Junior subordinated notes	201,203				197,173
Total liabilities	$	585,386			$	2,196,643
___________________________________________________________
-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment for which the fair value option was elected.
-2	December 31, 2013 excludes 36 CRE securities with an aggregate carrying value of $221.3 million for which the fair value option was not elected. December 31, 2012 excludes 21 CRE securities with an aggregate carrying value of $88.0 million for which the fair value option was not elected.
-3	December 31, 2012 excludes CapLease CDO bonds payable with a carrying value of $113.0 million for which the fair value option was not elected.
The following table presents the difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected as of December 31, 2013 (dollars in thousands):
	Fair Value				Amount				Difference
					Due Upon
					Maturity
CDO bonds payable	$	384,183			$	970,219			$	(586,036	)
Junior subordinated notes	201,203				280,117				(78,914		)
Total	$	585,386			$	1,250,336			$	(664,950	)
The Company attributes the change in the fair value of floating-rate liabilities to changes in instrument-specific credit spreads. For fixed-rate liabilities, the Company attributes the change in fair value to interest rate-related and instrument-specific credit spread changes.
Change in Fair Value Recorded in the Statements of Operations
The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Years Ended December 31,
		2013(3)				2012				2011
Assets:
Real estate securities, available for sale		$	94,679			$	35,993			$	(186,136	)
Liabilities:
CDO bonds payable		(106,622		)		(510,105		)		(197,054		)
Junior subordinated notes		(4,030		)		(40,005		)		34,067
Subtotal(1)		(15,973		)		(514,117		)		(349,123		)
Derivatives		33,730				44,743				(38,203		)
Total(2)		$	17,757			$	(469,374	)		$	(387,326	)
____________________________________________________________
-1	Represents financial assets and liabilities for which the fair value option was elected.
-2	Excludes net cash payments on interest rate swaps related to CDO bonds payable and junior subordinated notes.
-3	Includes a reversal of net unrealized gains from the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
As the value of the Company’s outstanding CDO bonds payable increase towards par through a change in fair value, it generates an unrealized loss which is recorded in the consolidated statements of operations. For the year ended December 31, 2013, unrealized losses for CDO bonds payable attributable to paydowns at par, including the liquidation of N-Star CDO II and the deconsolidation of certain N-Star CDOs (refer to Notes 3 and 9) and repurchases were $69.8 million. The remaining amount relates to the change in fair value.
Fair Value of Financial Instruments
In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value.
The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2013 and 2012 (dollars in thousands):
	December 31, 2013												December 31, 2012
	Principal /				Carrying				Fair Value				Principal /			Carrying			Fair Value
	Notional				Value								Notional			Value
	Amount												Amount
Financial assets:(1)
Real estate debt investments, net	$	1,085,280			$	1,031,078			$	1,026,709			$	2,371,464		$	1,832,231		$	1,763,851
Real estate securities, available for sale(2)	2,090,726				1,052,320				1,052,320				2,539,075			1,124,668			1,124,668
Derivative assets(2)(3)	478,688				3,469				3,469				815,500			6,229			6,229
Financial liabilities:(1)
Mortgage and other notes payable	$	2,113,334			$	2,113,334			$	2,107,110			$	1,015,670		$	1,015,670		$	1,034,428
CDO bonds payable(2)	970,219				384,183				384,183				3,371,753			2,112,441			2,108,817
Securitization bonds payable	82,337				82,340				82,517				98,131			98,005			98,298
Credit facilities	70,038				70,038				70,038				61,088			61,088			61,088
Secured term loan	—				—				—				14,664			14,664			15,276
Exchangeable senior notes	543,815				490,973				909,601				303,165			291,031			357,627
Junior subordinated notes(2)	280,117				201,203				201,203				280,117			197,173			197,173
Derivative liabilities(2)(3)	674,418				52,204				52,204				1,392,269			170,840			170,840
____________________________________________________________
-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
-2	Refer to the “Determination of Fair Value” above for disclosure of methodologies used to determine fair value.
-3	Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million and $68.9 million as of December 31, 2013 and 2012, respectively.
Disclosure about fair value of financial instruments is based on pertinent information available to management as of the reporting date. Although management is not aware of any factors that would significantly affect fair value, such amounts have not been comprehensively revalued for purposes of these consolidated financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.
Real Estate Debt Investments
For CRE debt investments, fair value was approximated by comparing the current yield to the estimated yield for newly originated loans with similar credit risk or the market yield at which a third party might expect to purchase such investment. Fair value was determined assuming fully-extended maturities regardless of structural or economic tests required to achieve such extended maturities. For any CRE debt investments that are deemed impaired, carrying value approximates fair value. These fair value measurements of CRE debt are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.
Mortgage and Other Notes Payable
For mortgage and other notes payable, the Company primarily uses rates currently available with similar terms and remaining maturities to estimate fair value. These measurements are determined using comparable U.S. Treasury rates as of the end of the reporting period. The fair value of the notes payable assumed in deconsolidation of certain N-Star CDOs were determined based on comparing the current rate to the estimated rate for newly originated mortgage loans with similar credit risk. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.
Securitization Bonds Payable
Securitization bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy.
Credit Facilities
The Company has amounts outstanding under both of its credit facilities. All credit facilities bear floating rates of interest. As of the reporting date, the Company believes the carrying value approximates fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.
Secured Term Loan
Secured term loan represented the Company’s Term Asset-Backed Securities Loan Facility borrowing. The estimated fair value was based on interest rates available for issuance of liabilities with similar terms and remaining maturities. This fair value measurement was based on observable inputs, and as such, was classified as Level 2 of the fair value hierarchy.
Exchangeable Senior Notes
For the exchangeable senior notes, the Company uses available market information, which includes quoted market prices or recent transactions, if available, to estimate their fair value and are, therefore, based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.
The following table presents the exchangeable senior notes as of December 31, 2013 (dollars in thousands):
	Principal				Carrying				Fair
	Amount				Value				Value
7.25% Notes	$	12,955			$	12,955			$	13,092
7.50% Notes	172,500				165,366				390,540
8.875% Notes	13,360				13,068				30,593
5.375% Notes	345,000				299,584				475,376
Total	$	543,815			$	490,973			$	909,601

Risk_Management_and_Derivative

Risk Management and Derivative Activities	12 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Risk Management and Derivative Activities	'
	Risk Management and Derivative Activities
	Derivatives
	The Company uses derivative instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap agreements and the primary objective is to minimize interest rate risks associated with investment and financing activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations.
	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2013 and 2012 (dollars in thousands):
		Number				Notional				Fair Value				Range of	Range of Maturity
						Amount(1)				Net Asset				Fixed LIBOR
										(Liability)
	As of December 31, 2013:
	Interest rate swaps	19				$	674,418			$	(52,204	)	(2)	4.27% ‑ 5.25%	May 2014 ‑ July 2018
	Interest rate caps/floors	3				478,688				3,469				1.64% ‑ 5.00%	July 2014 - January 2015
	Total	22				$	1,153,106			$	(48,735	)
	As of December 31, 2012:
	Interest rate swaps	34				$	1,392,269			$	(170,840	)	(2)	4.55% - 5.63%	May 2013 - October 2019
	Interest rate caps/floors	5				815,500				6,229				1.64% - 7.00%	January 2013(3) - October 2014
	Total	39				$	2,207,769			$	(164,611	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million and $68.9 million as of December 31, 2013 and 2012, respectively.
	-2	All of the interest rate swaps were liabilities at period end and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO’s investments exceeded the fair value of the CDO’s derivative liabilities, a credit valuation adjustment was not recorded.
	-3	Two floors with a total notional amount of $450.0 million were extended to July 2014.
	The change in number and notional amount of interest rate swaps from December 31, 2012 primarily relates to the deconsolidation of certain N-Star CDOs (refer to Note 3) and contractual notional amortization. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of December 31, 2013 and 2012.
	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of December 31, 2013 and 2012 (dollars in thousands):
					December 31,
			Balance Sheet Location		2013				2012
	Interest rate caps/floors		Derivative assets		$	3,469			$	6,229
	Interest rate swaps		Derivative liabilities		$	52,204			$	170,840
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
				Years Ended December 31,
		Statements of Operations Location		2013				2012				2011
	Amount of gain (loss) recognized in earnings:
	Adjustments to fair value interest rate swaps	Unrealized gain (loss) on investment and other		$	33,730			$	44,743			$	(38,203	)
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investment and other		$	(52,734	)		$	(78,903	)		$	(102,578	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities		$	(4,885	)		$	(7,412	)		$	(7,491	)
	Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	Gain (loss) from deconsolidation		$	(15,246	)		$	—			$	—
	The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of December 31, 2013 and 2012.
	Credit Risk Concentrations
	Concentrations of credit risk arise when a number of borrowers, tenants, operators or issuers related to the Company’s investments are engaged in similar business activities or located in the same geographic location to be similarly affected by changes in economic conditions. The Company monitors its portfolio to identify potential concentrations of credit risks. The Company has no one borrower, tenant or operator that generates 10% or more of its total revenue. However, two operators in the Company’s healthcare portfolio generate 6% and 11% of the Company’s rental and escalation income for the year ended December 31, 2013, respectively, which represents 2% and 4% of total revenue, respectively. The Company believes the remainder of its real estate portfolio is reasonably well diversified and does not contain any unusual concentrations of credit risks.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Obligations Under Lease Agreements
	The Company is the lessee of four offices located in New York, New York, Dallas, Texas, Englewood, Colorado and Bethesda, Maryland. In addition, the Company is a lessee for seven ground leases treated as operating leases (six are paid directly by the tenants/operators).
	The following table presents minimum future rental payments under these contractual lease obligations as of December 31, 2013 (dollars in thousands):
	Years Ending December 31:(1)
	2014		$	5,611
	2015		5,528
	2016		5,579
	2017		4,604
	2018		3,134
	Thereafter		13,660
	Total minimum lease payments		$	38,116
	____________________________________________________________
	-1	Includes the extension of the lease in the Dallas, Texas office that occurred in January 2014.
	The Company recognized $2.9 million, $2.8 million and $2.9 million in rental expense for its offices for the years ended December 31, 2013, 2012 and 2011, respectively.
	WaMu Matter
	In 2009, one of the Company’s net lease investments comprised of three office buildings totaling 257,000 square feet located in Chatsworth, California and 100% leased to Washington Mutual Bank was foreclosed on by the lender. The lender subsequently filed a complaint against subsidiaries of the Company in the Superior Court of the State of California, County of Los Angeles. In March 2012, the Court of Appeal of the State of California, Second Appellate District, issued a unanimous decision in favor of the Company’s subsidiary, overturning the judgment issued by the Superior Court of California for the County of Los Angeles. The ruling directed the Superior Court to enter summary judgment in the Company’s favor and reversed the award against the Company. Furthermore, the Court of Appeal awarded the Company costs on appeal. As a result of the ruling, in the first quarter 2012, the Company reversed a $20.0 million loss accrual recorded in other income (loss) in the consolidated statements of operations.
	Other
	The Company is involved in various litigation matters arising in the ordinary course of its business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, in the opinion of management, the legal proceedings are not expected to have a material adverse effect on the Company’s financial position or results of operations.
	Effective January 1, 2005, the Company adopted the NorthStar Realty Limited Partnership 401(k) Retirement Plan (the “401(k) Plan”) for its employees.  Eligible employees under the 401(k) Plan may begin participation on the first day of the month after they have completed 30 days of employment.  The Company’s matching contribution is calculated as 100% of the first 3% and 50% of the next 2%, of participant’s eligible earnings contributed (utilizing earnings that are not in excess of the amount established by the Internal Revenue Service).  The Company’s aggregate matching contribution for the years ended December 31, 2013, 2012 and 2011 was $0.8 million, $0.8 million and $0.6 million, respectively.

Quarterly_Financial_Informatio

Quarterly Financial Information (Unaudited) (Notes)	12 Months Ended
	Dec. 31, 2013
Supplemental Income Statement Elements [Abstract]	'
Quarterly Financial Information (Unaudited)	'
	Quarterly Financial Information (Unaudited)
	The following presents selected quarterly information, which reflects prior period reclassifications related to discontinued operations, for the years ended December 31, 2013 and 2012 (dollars in thousands):
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2013			2013			2013			2013
	Net interest income on debt and securities		$	80,330		$	65,009		$	61,560		$	58,938
	Other revenues		84,962			82,182			103,805			59,836
	Expenses		117,114			112,876			135,404			95,194
	Income (loss) from operations		48,178			34,315			29,961			23,580
	Income (loss) from continuing operations		13,253			(141,746		)	(621		)	49,560
	Net income (loss)		4,689			(141,749		)	(546		)	49,696
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(10,422		)	(151,027		)	(12,626		)	36,622
	Earnings (loss) per share:
	Basic		$	(0.04	)	$	(0.68	)	$	(0.06	)	$	0.21
	Diluted		$	(0.04	)	$	(0.68	)	$	(0.06	)	$	0.2
	__________________
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2012			2012			2012			2012
	Net interest income on debt and securities		$	130,698		$	70,254		$	67,462		$	67,082
	Other revenues		47,823			42,236			40,362			34,648
	Expenses		85,224			76,763			73,804			72,368
	Income (loss) from operations		93,297			35,727			34,020			29,362
	Income (loss) from continuing operations		(16,686		)	(150,650		)	(76,768		)	(30,936		)
	Net income (loss)		(15,802		)	(150,611		)	(76,120		)	(30,556		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(27,582		)	(149,577		)	(77,511		)	(33,917		)
	Earnings (loss) per share:
	Basic		$	(0.20	)	$	(1.11	)	$	(0.62	)	$	(0.33	)
	Diluted		$	(0.20	)	$	(1.11	)	$	(0.62	)	$	(0.33	)
	_________________
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment_Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	Effective January 1, 2013, the Company redefined its segments to conform with its management of such businesses. Accordingly, the Company has reclassified the prior period segment financial results to conform to the current year presentation. The Company currently conducts its business through the following segments, which are based on how management reviews and manages its business:
	•	The real estate segment concentrates on various types of investments in commercial real estate located throughout the United States that currently includes manufactured housing communities, healthcare, net lease and multifamily properties. In addition, the real estate segment includes PE Investments diversified by property type and geography. The manufactured housing communities portfolio focuses on owning pad rental sites located throughout the United States. The healthcare properties are typically leased under net leases to healthcare operators and focus on mid-acuity facilities (i.e., skilled nursing and assisted living), with the highest concentration in private-pay assisted living facilities. The net lease properties are primarily office, industrial and retail properties typically under net leases to corporate tenants. The multifamily portfolio primarily focuses on owning properties located in suburban markets that are best suited to capture the formation of new households.
	•	The CRE debt segment is focused on originating, structuring, acquiring and managing senior and subordinate debt investments secured primarily by commercial real estate and includes first mortgage loans, subordinate interests, mezzanine loans, credit tenant and other loans and preferred equity interests. The Company may from time to time take title to collateral in connection with a CRE debt investment as REO which would be included in the CRE debt business.
	•	The asset management segment provides asset management and other services to the Sponsored Companies and any other companies the Company may sponsor in the future, through which the Company earns management, incentive and other fees. The Company currently manages NorthStar Income, NorthStar Healthcare and NorthStar Income II. In connection with the Sponsored Companies, the Company manages the day to day operations including identifying, originating, acquiring and managing investments on their behalf and earns asset management and other fees for these services, which vary based on the amount of assets under management, investment activity and investment performance. NorthStar Income successfully completed its $1.1 billion public offering on July 1, 2013. The Company is currently raising capital for NorthStar Healthcare, which has a maximum offering amount of $1.1 billion and NorthStar Income II which has a maximum offering amount of $1.65 billion. In addition, the Company continues to receive collateral management fees related to administrative responsibilities on the Company’s CDO financing transactions.
	•	The CRE securities segment is predominately comprised of N-Star CDO bonds and N-Star CDO equity of deconsolidated N-Star CDOs and includes other securities which are mostly conduit CMBS. The Company also invests in opportunistic CRE securities such as an investment in a “B-piece” CMBS.
	The Company also historically originated or acquired CRE debt and securities investments that were predominantly financed through permanent, non-recourse CDOs. The Company’s consolidated CDO financing transactions are reported as a separate business segment. All of the Company’s CDOs are past the reinvestment period and given the nature of these transactions, these CDOs are amortizing over time as the underlying assets paydown or are sold. The Company has been winding down its legacy CDO business and investing in a broad and diverse range of CRE assets. As a result, such legacy business is a significantly smaller portion of its business today than in the past. As of December 31, 2013, the Company’s CRE debt N-Star CDOs have been deconsolidated (refer to Note 3) and the CRE securities N-Star CDOs continue to be consolidated.
	The Company primarily generates revenue from net interest income on the CRE debt and securities portfolios, rental income from its real estate properties and fee income from asset management activities. Additionally, the Company records equity in earnings of unconsolidated ventures, including from PE Investments. The Company’s income is primarily derived through the difference between revenue and the cost at which the Company is able to finance its investments. The Company may also acquire investments which generate attractive returns without any leverage.
	The following tables present segment reporting (dollars in thousands):
	Statement of Operations:													N-Star CDOs(2)
	Year ended December 31, 2013:	Real				CRE			Asset			CRE		CRE			CRE			Corporate(3)				Eliminations(1)			Consolidated
		Estate				Debt			Management(1)			Securities		Debt			Securities										Total
	Net interest income on debt and securities	$	511			$	48,991		$	—		$	37,557	$	50,678		$	84,599		$	43,501		(4)	$	—		$	265,837
	Rental and escalation income	203,134				260			—			—		32,098			—			—				—			235,492
	Asset management and other fees, related parties	—				—			37,700			—		—			—			—				(10,399		)	27,301
	Income (loss) from operations	(17,950		)	(5)	49,257			30,382			37,285		31,786			90,118			(84,844		)		—			136,034
	Equity in earnings (losses) of unconsolidated ventures	82,330				3,550			355			—		(758		)	—			—				—			85,477
	Gain (loss) from deconsolidation of N-Star CDOs	—				—			—			—		(327,083		)	27,281			—				—			(299,802		)
	Income (loss) from continuing operations	75,961				55,107			30,057			84,632		(319,445		)	93,916			(99,782		)		—			(79,554		)
	Net income (loss)	67,605				55,107			30,057			84,632		(319,445		)	93,916			(99,782		)		—			(87,910		)
	Balance Sheet:
	December 31, 2013:
	Investments in private equity funds, at fair value	$	586,018			$	—		$	—		$	—	$	—		$	—		$	—			$	—		$	586,018
	Investments in and advances to unconsolidated ventures	29,599				98,358			10,384			—		—			—			3,999				—			142,340
	Total Assets	3,335,938				1,211,079			37,421			418,837		15,169			714,458			627,148				—			6,360,050
	____________________
	-1	$11.1 million of collateral management fees were earned related to CDO financing transactions for the year ended December 31, 2013, of which $10.4 million were eliminated in consolidation. These amounts are recorded as asset management and other fees and as an expense in the N-Star CDO segments.
	-2	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments.
	-3	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Includes depreciation and amortization of $75.8 million for the year ended December 31, 2013.
	Statement of Operations:													N-Star CDOs(2)
	Year ended December 31, 2012:	Real				CRE			Asset			CRE		CRE			CRE			Corporate(3)				Eliminations(1)			Consolidated
		Estate				Debt			Management(1)			Securities		Debt			Securities										Total
	Net interest income on debt and securities	$	159			$	15,347		$	—		$	16,743	$	146,977		$	117,320		$	38,950		(4)	$	—		$	335,496
	Rental and escalation income	82,200				—			—			—		30,296			—			—				—			112,496
	Asset management and other fees, related parties	—				—			22,268			—		—			—			—				(14,352		)	7,916
	Income (loss) from operations	3,956			(5)	13,866			17,260			16,077		96,436			115,201			(70,390		)		—			192,406
	Equity in earnings (losses) of unconsolidated ventures	(1,936		)		1,904			(167		)	—		287			—			—				—			88
	Income (loss) from continuing operations	42,927				16,915			17,093			22,993		(175,974		)	(95,027		)	(103,967		)		—			(275,040		)
	Net income (loss)	42,260				16,915			17,093			22,993		(173,356		)	(95,027		)	(103,967		)		—			(273,089		)
	Balance Sheet:
	December 31, 2012:
	Investments in and advances to unconsolidated ventures	$	30,293			$	70,585		$	6,149		$	—	$	—		$	—		$	3,998			$	—		$	111,025
	Total Assets	1,189,193				383,998			34,177			195,803		2,282,847			1,035,862			391,898				—			5,513,778
	_______________________________________________
	-1	Represents $14.4 million of collateral management fees related to CDO financing transactions for year ended December 31, 2012, that were eliminated in consolidation. These amounts are recorded as asset management and other fees and as an expense in the N-Star CDO segments.
	-2	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments.
	-3	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Includes depreciation and amortization of $27.0 million for the year ended December 31, 2012.
	Statement of Operations:													N-Star CDOs(2)
	Year ended December 31, 2011:	Real				CRE			Asset			CRE		CRE			CRE			Corporate(3)				Eliminations(1)			Consolidated
		Estate				Debt			Management(1)			Securities		Debt			Securities										Total
	Net interest income on debt and securities	$	143			$	1,600		$	—		$	8,122	$	171,424		$	158,108		$	16,524		(4)	$	—		$	355,921
	Rental and escalation income	89,730				—			—			—		18,664			—			155				—			108,549
	Asset management and other fees, related parties	—				—			18,273			—		—			—			—				(17,314		)	959
	Income (loss) from operations	(11,264		)	(5)	796			7,800			7,866		83,929			146,511			(85,884		)		—			149,754
	Equity in earnings (losses) of unconsolidated ventures	(3,387		)		—			(48		)	—		697			—			—				—			(2,738		)
	Income (loss) from continuing operations	(32,830		)		(2,600		)	7,752			1,666		54,959			(234,454		)	(54,348		)		—			(259,855		)
	Net income (loss)	(18,050		)		(2,600		)	7,752			1,666		57,508			(234,454		)	(54,348		)		—			(242,526		)
	Balance Sheet:
	December 31, 2011:
Investments in and advances to unconsolidated ventures	$	20,044			$	68,174		$	4,183		$	—	$	—		$	—		$	3,742			$	—		$	96,143
Total Assets	887,858				71,198			12,239			125,669		2,360,466			1,393,231			155,776				—			5,006,437
___________________________________________________________
-1	Represents $17.3 million of collateral management fees related to CDO financing transactions for year ended December 31, 2011, that were eliminated in consolidation. These amounts are recorded as asset management and other fees and as an expense in the N-Star CDO segments.
-2	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments.
-3	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
-5	Includes depreciation and amortization of $28.2 million for the year ended December 31, 2011.

Supplemental_Disclosures_of_No

Supplemental Disclosures of Non-cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
Supplemental Disclosures of Non-cash Investing and Financing Activities	'
	Supplemental Disclosures of Non-cash Investing and Financing Activities
	The following table presents non-cash investing and financing activities for the years ended December 31, 2013, 2012 and 2011 dollars in thousands):
		Years Ended December 31,
		2013 (2)		2012		2011
	Real estate acquisition(1)	$	135,361	$	62,236	$	318,386
	Reduction of CRE debt investments(1)	135,361		62,236		123,682
	Reduction of operating real estate via taking title	—		—		50,029
	Assumption of mortgage notes payable(1)	—		—		248,252
	Assignment of mortgage note payable via sale	7,813		—		73,577
	Reduction of mortgage note payable due to foreclosure	—		—		47,372
	Increase in restricted cash(1)	2,730		—		12,275
	Non-cash related to PE Investments	17,473		—		—
	Deferred purchase price for PE Investment III (refer to Note 6)	39,760		—		—
	Reclassification of operating real estate to asset held for sale	30,063		1,046		—
	Reclassification of operating real estate to other assets	89,219		—		—
	Reclassification of operating real estate to deferred costs and intangible assets	25,497		7,536		—
	Reclassification of real estate debt investment to other assets	8,952		—		—
	Reclassification from equity to liabilities for prior year accrued equity compensation	—		—		2,136
	Reclassification of mortgage note payable to liabilities held for sale	28,962		—		—
	Escrow deposit payable related to CRE debt investments	57,226		37,176		7,747
	Dividends payable related to RSUs	2,128		—		—
	Activity in non-controlling interest	—		2,358		144
	Elimination of mortgage notes payable upon acquisition of CRE debt investment	—		—		36,252
	Equity component of exchangeable senior notes	45,740		2,179		14,318
	Conversion of exchangeable senior notes	74,778		—		—
	Common stock related to transactions (refer to Note 12)	17,712		—		—
	Increase of restricted cash in connection with swap collateral	—		—		22,389
	Decrease of restricted cash in connection with swap collateral	—		22,037		—
	Assignment of CRE debt investment	—		26,100		—
	Discount on CRE debt investment	—		2,516		—
	Elimination of CRE securities	—		—		11,205
	Redemption of LTIP Units for common stock	10,129		3,149		8,481
	Due from related party	—		11,795		—
	Consolidation of assets of CDOs	—		—		212,205
	Consolidation of liabilities of CDOs	—		—		201,409
	____________________________________________________________
	-1	Non-cash activity occurred in connection with taking title to collateral.
	-2	Refer to Note 3 for non-cash investing and financing activities related to the deconsolidation of certain N-Star CDOs.
	Cash Paid for Interest
	For the years ended December 31, 2013, 2012, and 2011, cash paid for interest on outstanding borrowings was $158.9 million, $126.2 million and $124.7 million, respectively. The difference between interest expense on the consolidated statements of operations and cash paid for interest is primarily due to reclassification of losses related to derivative instruments from OCI into earnings and non-cash interest expense recorded on amortization of deferred financing costs related to borrowings.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Healthcare Strategic Joint Venture
	In January 2014, NSAM entered into a long-term strategic partnership with James F. Flaherty III, former Chief Executive Officer of HCP, Inc. (NYSE: HCP), focused on expanding the Company’s healthcare business into a preeminent healthcare platform (“Healthcare Strategic Partnership”). In connection with the partnership, Mr. Flaherty will oversee and seek to grow both the Company’s healthcare real estate portfolio and the portfolio of NorthStar Healthcare. In addition, the partnership is expected to focus on raising institutional capital for funds expected to be managed by NSAM. In connection with entering into the partnership, the Company granted Mr. Flaherty 1,000,000 RSUs, which shall vest on January 22, 2019, unless certain conditions are met. The RSUs are entitled to dividends and shall be settled either in Company shares or in cash at the option of the Company.
	The Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% above certain hurdles for new and existing healthcare real estate investments held by the Company and NorthStar Healthcare (herein collectively referred to as Healthcare Balance Sheet Promote) and from new investments in future funds or companies (herein referred to as Healthcare Fund Promote). The Healthcare Strategic Partnership will also be entitled to any incentive fees earned from NorthStar Healthcare or any future sponsored healthcare non-traded REITs (herein collectively referred to as Healthcare NTR Promote).
	NSAM is entitled to two-thirds of any Healthcare Balance Sheet Promote and Healthcare NTR Promote; one-half of any Healthcare Fund Promote and 100% of any asset management fees earned by the Healthcare Strategic Partnership or any healthcare real estate entity managed by NSAM.
	Acquisition of Healthcare Senior Housing Portfolio
	In February 2014, the Company entered into a term sheet to acquire a $1.05 billion healthcare real estate portfolio comprised of over 8,500 beds across 43 senior housing facilities and 37 skilled nursing facilities, located primarily in Florida, Illinois, Oregon and Texas. There is no assurance the Company will be able to enter into a definitive agreement to acquire this portfolio or close the transaction on the terms anticipated, or at all.
	NSAM Registration Statement
	In February 2014, NSAM filed a Registration Statement on Form 10 with the SEC under the Securities Exchange Act of 1934, as amended, to register shares of NSAM common stock. The information statement, which forms a part of the Registration Statement on Form 10, discloses that upon the consummation of the spin-off, holders of record of the Company’s common stock as of the close of business on the relevant record date will receive one share of NSAM common stock for every one share of our common stock held. The information statement also discloses that in connection with and immediately prior to the consummation of the spin-off, the Company expects to effect a 1-for-2 reverse stock split of the Company’s common stock.
	Dividends
	On February 26, 2014, the Company declared a dividend of $0.25 per share of common stock. The common stock dividend will be paid on March 14, 2014 to stockholders of record as of the close of business on March 10, 2014. On January 29, 2014, the Company declared a dividend of $0.54688 per share of Series A preferred stock, $0.51563 per share of Series B preferred stock, $0.55469 per share of Series C preferred stock and $0.53125 per share of Series D preferred stock. Dividends were paid on all series of preferred stock on February 18, 2014, to stockholders of record as of the close of business on February 10, 2014.
	Exchange Offer
	On February 27, 2014, the Company issued a press release announcing its intention to commence an exchange offer for the outstanding 7.50% Notes of the Operating Partnership.  The Company intends to offer 3.00% Senior Notes due 2014 in exchange for the 7.50% Notes.  The proposed exchange offer has not yet commenced, and is included for informational purposes only and is not an offer to buy or exchange or the solicitation of an offer to sell or exchange any securities.  At the time the exchange offer is commenced, it shall be conducted in accordance with applicable law in the United States and the Company will file a tender offer statement on Schedule TO and related documents with the SEC.  Holders of the 7.50% Notes are strongly advised to carefully read the Company’s preliminary prospectus, the related letter of transmittal and the related exchange offer documents to be filed with the SEC, as they will contain important information, including the various terms of, and conditions to, the proposed exchange offer.  Once filed, holders of the 7.50% Notes will be able to obtain free copies of these documents and other documents filed by the Company with the SEC at the website of the SEC at www.sec.gov.  If commenced, the proposed exchange offer shall be governed in accordance with the applicable laws in the United States.

Schedule_IIValuation_and_Quali

Schedule II-Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Dec. 31, 2013
Valuation and Qualifying Accounts [Abstract]	'
Schedule II- Valuation and Qualifying Accounts and Reserves	'
	SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
	(Dollars in Thousands)
		Beginning Balance		Charged to Costs and Expenses			Other Charges		Deductions			Ending Balance
	For the Year Ended December 31, 2013
	Loan loss reserves	$	156,699	$	(8,786	)	$	—	$	(145,033	)	$	2,880
	Allowance for doubtful accounts	1,526		784			—		(1,159		)	1,151
	Allowance for unbilled rent receivable	—		354			—		(47		)	307
		$	158,225	$	(7,648	)	$	—	$	(146,239	)	$	4,338
	For the Year Ended December 31, 2012
	Loan loss reserves	$	187,784	$	23,037		$	—	$	(54,122	)	$	156,699
	Allowance for doubtful accounts	1,179		833			—		(486		)	1,526
		$	188,963	$	23,870		$	—	$	(54,608	)	$	158,225
	For the Year Ended December 31, 2011
	Loan loss reserves	$	197,200	$	52,980		$	—	$	(62,396	)	$	187,784
	Allowance for doubtful accounts	2,642		445			—		(1,908		)	1,179
		$	199,842	$	53,425		$	—	$	(64,304	)	$	188,963

SEC_Schedule_III_Real_Estate_a

SEC Schedule III- Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]	'
SEC Schedule III- Real Estate and Accumulated Depreciation	'
	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
	As of December 31, 2013
	(Dollars in Thousands)
	Column A		Column B			Column C Initial Cost						Column D Capitalized Subsequent to Acquisition			Column E Gross Amount Carried at Close of Period						Column F				Column G	Column H
	Location City, State		Encumbrances			Land			Building & Improvements			Land, Buildings & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
	Manufactured Housing
	Alton, IL		$	6,575		$	987		$	2,942		$	21		$	987	$	2,963	$	3,950	$	139	$	3,811	12-Dec	10-30 years
	Apopka, FL		2,433			3,311			11,895			14			3,311		11,909		15,220		526		14,694		13-Apr	10-30 years
	Arvada, CO		8,671			6,028			12,481			—			6,028		12,481		18,509		738		17,771		12-Dec	10-30 years
	Aurora, CO		4,240			7,262			14,327			6			7,262		14,333		21,595		871		20,724		12-Dec	10-30 years
	Austin, TX		34,357			6,440			31,587			—			6,440		31,587		38,027		42		37,985		13-Dec	10-30 years
	Belton, MO		3,044			1,681			11,892			9			1,681		11,901		13,582		528		13,054		13-Apr	10-30 years
	Bloomingburg, NY		1,364			1,953			18,186			11			1,953		18,197		20,150		801		19,349		13-Apr	10-30 years
	Blossvale, NY		10,615			107			3,424			29			107		3,453		3,560		155		3,405		13-Apr	10-30 years
	Casper, WY		24,157			6,924			13,906			—			6,924		13,906		20,830		848		19,982		12-Dec	10-30 years
	Cheyenne, WY		33,467			5,299			10,438			8			5,299		10,446		15,745		642		15,103		12-Dec	10-30 years
	Clearfield, UT		26,022			3,246			11,389			7			3,246		11,396		14,642		501		14,141		13-Apr	10-30 years
	Clio, MI		3,539			1,110			4,749			—			1,110		4,749		5,859		6		5,853		13-Dec	10-30 years
	Commerce City, CO		9,070			2,318			4,604			—			2,318		4,604		6,922		283		6,639		12-Dec	10-30 years
	Connelly, NY		5,160			308			7,054			—			308		7,054		7,362		315		7,047		13-Apr	10-30 years
	Davie, FL		5,676			9,381			8,816			—			9,381		8,816		18,197		388		17,809		13-Apr	10-30 years
	Davison, MI		3,791			1,251			5,140			—			1,251		5,140		6,391		6		6,385		13-Dec	10-30 years
	Denver, CO		8,502			2,322			5,172			4			2,322		5,176		7,498		291		7,207		12-Dec	10-30 years
	Denver, CO		22,363			2,670			22,690			—			2,670		22,690		25,360		30		25,330		13-Dec	10-30 years
	Fayetteville, CO		5,456			346			743			—			346		743		1,089		45		1,044		12-Dec	10-30 years
	Ft. Collins, CO		14,929			11,856			23,170			30			11,856		23,200		35,056		1,418		33,638		12-Dec	10-30 years
	Gainesville, FL		29,413			2,886			11,489			22			2,886		11,511		14,397		509		13,888		13-Apr	10-30 years
	Gansevoort, NY		2,145			163			510			—			163		510		673		24		649		13-Apr	10-30 years
	Gillette, WY		17,461			9,148			18,156			—			9,148		18,156		27,304		1,106		26,198		12-Dec	10-30 years
	Godfrey, IL		3,564			492			1,077			—			492		1,077		1,569		64		1,505		12-Dec	10-30 years
	Golden, CO		1,466			4,955			9,836			171			4,955		10,007		14,962		600		14,362		12-Dec	10-30 years
	Grand Prairie, TX		21,967			7,740			21,869			—			7,740		21,869		29,609		29		29,580		13-Dec	10-30 years
	Greeley, CO		14,714			10,073			20,006			86			10,073		20,092		30,165		1,221		28,944		12-Dec	10-30 years
	Haysville, KS		9,436			95			1,542			—			95		1,542		1,637		70		1,567		13-Apr	10-30 years
	Henderson, CO		9,685			8,734			17,672			6			8,734		17,678		26,412		1,040		25,372		12-Dec	10-30 years
	Jacksonville, FL		82,076			22,173			71,764			28			22,173		71,792		93,965		3,166		90,799		13-Apr	10-30 years
	Kansas City, KS		4,570			1,221			6,937			15			1,221		6,952		8,173		303		7,870		13-Apr	10-30 years
	Kansas City, MO		7,062			885			9,777			19			885		9,796		10,681		428		10,253		13-Apr	10-30 years
	Kissimmee, FL		1,253			5,771			23,662			7			5,771		23,669		29,440		1,049		28,391		13-Apr	10-30 years
	Lake Wales, FL		9,679			1,841			6,341			35			1,841		6,376		8,217		302		7,915		13-Apr	10-30 years
	NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
	SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
	As of December 31, 2013
	(Dollars in Thousands)
	Column A		Column B			Column C Initial Cost						Column D Capitalized Subsequent to Acquisition			Column E Gross Amount Carried at Close of Period						Column F				Column G	Column H
	Location City, State		Encumbrances			Land			Building & Improvements			Land, Buildings & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
	Laramie, WY		$	4,526		$	1,794		$	3,687		$	—		$	1,794	$	3,687	$	5,481	$	220	$	5,261	12-Dec	10-30 years
	Lawrence, KS		17,987			931			14,943			13			931		14,956		15,887		668		15,219		13-Apr	10-30 years
	Layton, UT		12,384			7,145			21,356			54			7,145		21,410		28,555		947		27,608		13-Apr	10-30 years
	Lewisville, TX		23,852			9,170			23,617			—			9,170		23,617		32,787		32		32,755		13-Dec	10-30 years
	Liverpool, NY		11,920			1,398			13,229			55			1,398		13,284		14,682		572		14,110		13-Apr	10-30 years
	Longmont, CO		2,661			2,045			4,244			4			2,045		4,248		6,293		250		6,043		12-Dec	10-30 years
	Longmont, CO		44,225			3,660			45,285			—			3,660		45,285		48,945		59		48,886		13-Dec	10-30 years
	Loveland, CO		17,984			2,206			4,343			8			2,206		4,351		6,557		268		6,289		12-Dec	10-30 years
	Magna, UT		3,612			3,224			12,041			5			3,224		12,046		15,270		537		14,733		13-Apr	10-30 years
	Manhattan, KS		23,538			1,130			18,726			72			1,130		18,798		19,928		826		19,102		13-Apr	10-30 years
	Nanuet, NY		8,256			1,106			12,990			10			1,106		13,000		14,106		578		13,528		13-Apr	10-30 years
	Naples, FL		7,961			4,316			11,239			8			4,316		11,247		15,563		497		15,066		13-Apr	10-30 years
	North Salt Lake, UT		5,455			8,878			22,268			53			8,878		22,321		31,199		984		30,215		13-Apr	10-30 years
	O' Fallon, IL		11,561			1,643			3,285			19			1,643		3,304		4,947		201		4,746		12-Dec	10-30 years
	Ogden, UT		20,361			14,388			53,113			66			14,388		53,179		67,567		2,350		65,217		13-Apr	10-30 years
	Orlando, FL		57,410			7,480			26,807			21			7,480		26,828		34,308		1,185		33,123		13-Apr	10-30 years
	Park City, KS		12,554			722			4,172			10			722		4,182		4,904		184		4,720		13-Apr	10-30 years
Pompano Beach, FL		3,774			2,515			4,217			4			2,515		4,221		6,736		186		6,550		13-Apr	10-30 years
Pontoon Beach, IL		8,689			3,383			7,044			20			3,383		7,064		10,447		415		10,032		12-Dec	10-30 years
Port Jervis, NY		12,377			985			9,394			9			985		9,403		10,388		419		9,969		13-Apr	10-30 years
Queensbury, NY		2,071			296			8,730			11			296		8,741		9,037		384		8,653		13-Apr	10-30 years
Salt Lake City, UT		57,189			14,506			59,398			9			14,506		59,407		73,913		2,639		71,274		13-Apr	10-30 years
Sandy, UT		20,125			6,412			19,874			—			6,412		19,874		26,286		881		25,405		13-Apr	10-30 years
Sarasota Springs, NY		12,090			95			2,904			9			95		2,913		3,008		131		2,877		13-Apr	10-30 years
Springdale, AR		7,529			1,850			3,708			5			1,850		3,713		5,563		231		5,332		12-Dec	10-30 years
Thornton, CO		21,998			4,664			9,214			5			4,664		9,219		13,883		561		13,322		12-Dec	10-30 years
Thornton, CO		93,905			11,789			94,121			—			11,789		94,121		105,910		126		105,784		13-Dec	10-30 years
Tooele, UT		11,618			981			9,449			7			981		9,456		10,437		420		10,017		13-Apr	10-30 years
Topeka, KS		23,575			5,097			7,167			8			5,097		7,175		12,272		319		11,953		13-Apr	10-30 years
Washingtonville, NY		3,052			1,181			4,810			—			1,181		4,810		5,991		215		5,776		13-Apr	10-30 years
West Jordan, UT		14,705			7,198			28,908			8			7,198		28,916		36,114		1,284		34,830		13-Apr	10-30 years
West Valley City, UT		24,333			3,444			18,077			6			3,444		18,083		21,527		804		20,723		13-Apr	10-30 years
NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
As of December 31, 2013
(Dollars in Thousands)
Column A		Column B			Column C Initial Cost						Column D Capitalized Subsequent to Acquisition			Column E Gross Amount Carried at Close of Period						Column F				Column G	Column H
Location City, State		Encumbrances			Land			Building & Improvements			Land, Buildings & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Wichita, KS		$	57,631		$	2,265		$	13,432		$	33		$	2,265	$	13,465	$	15,730	$	592	$	15,138	13-Apr	10-30 years
Winter Haven, FL		16,069			580			5,510			5			580		5,515		6,095		242		5,853		13-Apr	10-30 years
Total Manufactured Housing		1,124,899			289,454			1,046,545			1,065			289,454		1,047,610		1,337,064		38,691		1,298,373
Healthcare
Alexandria, MN		1,748			260			2,200			—			260		2,200		2,460		36		2,424		13-Jun	40 years
Baxter, MN		2,291			220			2,786			—			220		2,786		3,006		43		2,963		13-Jun	40 years
Black Mountain, NC		5,075			468			5,786			861			468		6,647		7,115		1,092		6,023		6-Jul	40 years
Blountstown, FL		3,709			378			5,069			908			378		5,977		6,355		964		5,391		6-Jul	40 years
Bremerton, WA		6,971			964			8,171			360			964		8,531		9,495		1,549		7,946		6-Dec	40 years
Carrollton, GA		2,826			816			4,220			1,017			816		5,237		6,053		881		5,172		7-Jan	40 years
Castleton, IN		7,453			677			8,077			—			677		8,077		8,754		1,321		7,433		7-Jun	40 years
Charleston, IL		5,607			485			6,211			743			485		6,954		7,439		1,152		6,287		7-Jan	40 years
Chesterfield, IN		4,282			815			4,204			—			815		4,204		5,019		687		4,332		7-Jun	40 years
Cincinnati, OH		10,938			2,052			15,776			771			2,052		16,547		18,599		3,145		15,454		7-Jan	40 years
Clemmons, NC		2,069			337			4,541			33			337		4,574		4,911		704		4,207		7-Apr	40 years
Clinton, OK		1,283			225			3,513			483			225		3,996		4,221		868		3,353		7-Jan	40 years
Cloquet, MN		3,398			170			4,021			—			170		4,021		4,191		60		4,131		13-Jun	40 years
Columbia City, IN		8,339			1,034			6,390			—			1,034		6,390		7,424		1,045		6,379		7-Jun	40 years
Daly City, CA		10,775			—			—			12,322			—		12,322		12,322		5,541		6,781		7-Aug	40 years
Daly City, CA		4,595			3,297			1,872			—			3,297		1,872		5,169		286		4,883		7-Aug	40 years
Detroit Lakes, MN		1,977			40			2,420			—			40		2,420		2,460		39		2,421		13-Jun	40 years
Duluth, MN		9,655			300			12,436			—			300		12,436		12,736		180		12,556		13-Jun	40 years
Duluth, MN		3,298			200			4,355			—			200		4,355		4,555		70		4,485		13-Jun	40 years
Duluth, MN		—			555			—			—			555		—		555		—		555		13-Jun	NA
Dunkirk, IN		2,164			310			2,299			—			310		2,299		2,609		376		2,233		7-Jun	40 years
East Arlington, TX		3,210			3,619			901			63			3,619		964		4,583		147		4,436		7-May	40 years
Effingham, IL		519			211			1,145			12			211		1,157		1,368		205		1,163		7-Jan	40 years
Effingham, IL		4,415			340			4,994			364			340		5,358		5,698		911		4,787		7-Jan	40 years
Elk City, OK		4,171			143			6,721			403			143		7,124		7,267		1,395		5,872		7-Jan	40 years
Fairfield, IL		6,141			153			7,898			73			153		7,971		8,124		1,393		6,731		7-Jan	40 years
Fergus Falls, MN		—			245			—			—			245		—		245		—		245		13-Jun	NA
Fort Wayne, IN		5,048			1,478			4,409			—			1,478		4,409		5,887		721		5,166		7-Jun	40 years
Fullerton, CA		749			1,357			872			162			1,357		1,034		2,391		176		2,215		7-Jan	40 years
Fullerton, CA		7,272			4,065			8,564			259			4,065		8,823		12,888		1,593		11,295		7-Jan	40 years
NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
As of December 31, 2013
(Dollars in Thousands)
Column A		Column B			Column C Initial Cost						Column D Capitalized Subsequent to Acquisition			Column E Gross Amount Carried at Close of Period						Column F				Column G	Column H
Location City, State		Encumbrances			Land			Building & Improvements			Land, Buildings & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Garden Grove, CA		$	10,725		$	6,975		$	5,927		$	274		$	6,975	$	6,201	$	13,176	$	1,140	$	12,036	7-Jan	40 years
Grand Rapids, MN		3,325			160			3,849			—			160		3,849		4,009		58		3,951		13-Jun	40 years
Grove City, OH		4,304			613			6,882			262			613		7,144		7,757		1,233		6,524		7-Jun	40 years
Harrisburg, IL		3,534			191			5,059			10			191		5,069		5,260		883		4,377		7-Jun	40 years
Hartford City, IN		721			199			1,782			—			199		1,782		1,981		291		1,690		7-Jun	40 years
Hobart, IN		5,860			1,835			5,019			—			1,835		5,019		6,854		821		6,033		7-Jun	40 years
Huntington, IN		—			120			—			—			120		—		120		—		120		7-Jun	NA
Huntington, IN		5,093			526			5,037			—			526		5,037		5,563		824		4,739		7-Jun	40 years
Indianapolis, IN		2,463			210			2,511			—			210		2,511		2,721		410		2,311		7-Jun	40 years
Kingfisher, OK		3,804			128			5,497			295			128		5,792		5,920		1,116		4,804		7-Jan	40 years
La Vista, NE		4,094			562			4,966			415			562		5,381		5,943		949		4,994		7-Jan	40 years
LaGrange, IN		4,828			446			5,494			—			446		5,494		5,940		898		5,042		7-Jun	40 years
LaGrange, IN		490			47			584			—			47		584		631		95		536		7-Jun	40 years
Lancaster, OH		6,559			294			6,094			329			294		6,423		6,717		1,162		5,555		7-Jun	40 years
Lancaster, OH		4,399			720			5,780			1,026			720		6,806		7,526		384		7,142		12-Jan	40 years
Little Falls, MN		1,687			250			1,754			—			250		1,754		2,004		31		1,973		13-Jun	40 years
Marysville, OH		4,919			2,218			5,015			368			2,218		5,383		7,601		984		6,617		7-Jun	40 years
Mattoon, IL		6,646			210			6,871			292			210		7,163		7,373		1,341		6,032		7-Jan	40 years
Mattoon, IL		5,439			227			7,534			302			227		7,836		8,063		1,228		6,835		7-Jan	40 years
Memphis, TN		14,009			4,770			14,305			586			4,770		14,891		19,661		2,752		16,909		7-Jan	40 years
Middletown, IN		—			52			—			—			52		—		52		—		52		7-Jun	NA
Middletown, IN		3,831			132			4,750			—			132		4,750		4,882		777		4,105		7-Jun	40 years
Mooresville, IN		4,282			631			4,187			—			631		4,187		4,818		685		4,133		7-Jun	40 years
Morris, IL		2,069			568			9,103			943			568		10,046		10,614		1,933		8,681		6-May	40 years
Mountain Iron, MN		3,253			175			3,651			—			175		3,651		3,826		55		3,771		13-Jun	40 years
Mt. Sterling, KY		10,735			599			12,561			25			599		12,586		13,185		2,065		11,120		7-Feb	40 years
Oklahoma City, OK		4,247			757			5,184			355			757		5,539		6,296		1,098		5,198		7-Jan	40 years
Olney, IL		2,353			57			2,897			32			57		2,929		2,986		517		2,469		7-Jan	40 years
Olney, IL		4,064			109			5,419			372			109		5,791		5,900		981		4,919		7-Jan	40 years
Paris, IL		6,554			187			6,797			140			187		6,937		7,124		1,193		5,931		7-Jan	40 years
Park Rapids, MN		2,432			50			2,683			—			50		2,683		2,733		42		2,691		13-Jun	40 years
Peru, IN		4,507			502			7,135			—			502		7,135		7,637		1,167		6,470		7-Jun	40 years
Plymouth, IN		3,471			128			5,538			—			128		5,538		5,666		906		4,760		7-Jun	40 years
Portage, IN		4,958			1,438			7,988			—			1,438		7,988		9,426		1,306		8,120		7-Jun	40 years
Proctor, MN		5,112			300			7,920			—			300		7,920		8,220		115		8,105		13-Jun	40 years
NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
As of December 31, 2013
(Dollars in Thousands)
Column A		Column B			Column C Initial Cost						Column D Capitalized Subsequent to Acquisition			Column E Gross Amount Carried at Close of Period						Column F				Column G	Column H
Location City, State		Encumbrances			Land			Building & Improvements			Land, Buildings & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Rantoul, IL		$	5,393		$	151		$	5,377		$	348		$	151	$	5,725	$	5,876	$	972	$	4,904	7-Jan	40 years
Robinson, IL		3,835			219			4,746			92			219		4,838		5,057		870		4,187		7-Jan	40 years
Rockford, IL		4,736			1,101			4,814			92			1,101		4,906		6,007		858		5,149		7-Jan	40 years
Rockport, IN		—			366			—			—			366		—		366		—		366		7-Jun	NA
Rockport, IN		2,119			253			2,092			—			253		2,092		2,345		342		2,003		7-Jun	40 years
Rushville, IN		5,401			310			5,858			—			310		5,858		6,168		958		5,210		7-Jun	40 years
Rushville, IN		729			62			1,177			—			62		1,177		1,239		192		1,047		7-Jun	40 years
Santa Ana, CA		7,562			2,281			7,046			237			2,281		7,283		9,564		1,326		8,238		7-Jan	40 years
Stephenville, TX		5,897			507			6,459			403			507		6,862		7,369		1,213		6,156		7-Jan	40 years
Sterling, IL		2,247			129			6,229			762			129		6,991		7,120		1,428		5,692		6-May	40 years
Sullivan, IN		5,344			1,794			4,469			—			1,794		4,469		6,263		730		5,533		7-Jun	40 years
Sullivan, IN		966			102			441			—			102		441		543		73		470		7-Jun	40 years
Sullivan, IN		—			494			—			—			494		—		494		—		494		7-Jun	NA
Sycamore, IL		8,143			816			9,897			121			816		10,018		10,834		1,755		9,079		7-Jan	40 years
Syracuse, IN		4,733			125			4,564			—			125		4,564		4,689		746		3,943		7-Jun	40 years
Tipton, IN		9,944			1,102			10,836			(27		)	1,102		10,809		11,911		1,590		10,321		7-Jun	40 years
Tuscola, IL		4,011			237			4,616			268			237		4,884		5,121		890		4,231		7-Jan	40 years
Vandalia, IL		7,043			82			7,969			49			82		8,018		8,100		1,395		6,705		7-Jan	40 years
Wabash, IN		1,645			1,060			870			—			1,060		870		1,930		142		1,788		7-Jun	40 years
Wabash, IN		4,665			1,451			4,154			—			1,451		4,154		5,605		679		4,926		7-Jun	40 years
Wakarusa, IN		9,316			289			13,420			—			289		13,420		13,709		2,195		11,514		7-Jun	40 years
Wakarusa, IN		5,996			153			7,111			—			153		7,111		7,264		1,164		6,100		7-Jun	40 years
Warsaw, IN		—			77			—			—			77		—		77		—		77		7-Jun	NA
Warsaw, IN		2,479			319			3,722			—			319		3,722		4,041		609		3,432		7-Jun	40 years
Washington Court House, OH		4,714			341			5,169			255			341		5,424		5,765		957		4,808		7-Jun	40 years
Weatherford, OK		4,308			229			5,600			376			229		5,976		6,205		1,179		5,026		7-Jan	40 years
Wichita, KS		7,523			2,282			10,478			20			2,282		10,498		12,780		1,581		11,199		7-Dec	40 years
Windsor, NC		—			397			—			—			397		—		397		—		397		7-Feb	NA
Total Healthcare (1)		403,494			68,329			462,738			27,856			68,329		490,594		558,923		79,864		479,059
Net Lease
Auburn Hills, MI		11,903			2,980			8,607			—			2,980		8,607		11,587		3,476		8,111		5-Sep	40 years
Aurora, CO		31,232			2,650			35,786			23			2,650		35,809		38,459		7,208		31,251		6-Jul	40 years
Camp Hill, PA		24,119			5,900			19,510			—			5,900		19,510		25,410		7,043		18,367		5-Sep	40 years
Columbus, OH		22,300			4,375			29,184			—			4,375		29,184		33,559		5,387		28,172		7-Nov	40 years
NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
As of December 31, 2013
(Dollars in Thousands)
Column A		Column B			Column C Initial Cost						Column D Capitalized Subsequent to Acquisition			Column E Gross Amount Carried at Close of Period						Column F				Column G	Column H
Location City, State		Encumbrances			Land			Building & Improvements			Land, Buildings & Improvements			Land		Building & Improvements		Total		Accumulated Depreciation		Total		Date Acquired	Life on Which Depreciation is Computed
Fort Mill, SC		$	29,164		$	3,300		$	31,554		$	—		$	3,300	$	31,554	$	34,854	$	6,098	$	28,756	7-Mar	40 years
Milpitas, CA		20,056			16,800			8,847			—			16,800		8,847		25,647		2,451		23,196		7-Feb	40 years
Indianapolis, IN		26,601			1,670			32,306			—			1,670		32,306		33,976		7,381		26,595		6-Mar	40 years
Rancho Cordova, CA		7,659			3,060			9,360			—			3,060		9,360		12,420		2,236		10,184		5-Sep	40 years
Rockaway, NJ		16,094			6,118			15,664			295			6,118		15,959		22,077		3,786		18,291		6-Mar	40 years
Salt Lake City, UT		13,688			672			19,739			366			672		20,105		20,777		5,630		15,147		5-Aug	40 years
Bloomingdale, IL		5,332			—			5,810			—			—		5,810		5,810		1,285		4,525		6-Sep	40 years
Fort Wayne, IN		3,020			—			3,642			—			—		3,642		3,642		866		2,776		6-Sep	40 years
Keene, NH		6,237			3,033			5,919			—			3,033		5,919		8,952		1,293		7,659		6-Sep	40 years
Concord, NH		7,788			2,145			9,216			—			2,145		9,216		11,361		2,072		9,289		6-Sep	40 years
Melville, NY		4,136			—			3,187			—			—		3,187		3,187		791		2,396		6-Sep	40 years
Millbury, MA		4,396			—			5,994			—			—		5,994		5,994		1,182		4,812		6-Sep	40 years
North Attleboro, MA		4,379			—			5,445			—			—		5,445		5,445		1,200		4,245		6-Sep	40 years
South Portland, ME		3,819			—			6,687			—			—		6,687		6,687		2,122		4,565		6-Sep	24.4 years
Wichita, KS		5,698			1,325			5,584			—			1,325		5,584		6,909		1,186		5,723		6-Sep	40 years
Reading, PA		17,765			3,225			21,792			574			3,225		22,366		25,591		3,769		21,822		7-Jun	40 years
Total Net Lease		265,386			57,253			283,833			1,258			57,253		285,091		342,344		66,462		275,882
Multifamily
Houston, TX		14,870			2,401			16,293			167			2,401		16,460		18,861		285		18,576		13-Jun	10-30 years
Jacksonville, FL		51,130			8,933			55,617			475			8,933		56,092		65,025		1,108		63,917		Apr-13/Jun-13	10-30 years
Marietta, GA		11,395			3,742			11,258			327			3,742		11,585		15,327		323		15,004		13-Apr	10-30 years
Memphis, TN		39,600			7,300			41,896			1,307			7,300		43,203		50,503		1,055		49,448		13-Mar	10-30 years
Murfreesboro, TN		18,780			2,900			20,850			487			2,900		21,337		24,237		500		23,737		13-Apr	10-30 years
Panama City, FL		12,880			800			15,150			296			800		15,446		16,246		386		15,860		13-Apr	10-30 years
Roswell, GA		23,812			7,920			23,825			970			7,920		24,795		32,715		623		32,092		13-Apr	10-30 years
Savannah, GA		25,550			2,700			29,750			246			2,700		29,996		32,696		683		32,013		13-Apr	10-30 years
Scottsdale, AZ		46,538			8,394			53,130			—			8,394		53,130		61,524		925		60,599		13-Jun	10-30 years
Total Multifamily		244,555			45,090			267,769			4,275			45,090		272,044		317,134		5,888		311,246
REO
Sheboygan, WI		—			1,007			4,030			—			1,007		4,030		5,037		92		4,945		13-Jan	40 years
Grand Total		$	2,038,334		$	461,133		$	2,064,915		$	34,454		$	461,133	$	2,099,369	$	2,560,502	$	190,997	$	2,369,505
___________________________________________
(1) Excludes portfolio level financing of $75 million.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)
As of December 31, 2013
(Dollars in Thousands)
The following table presents changes in the Company’s operating real estate portfolio for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		2013			2012			2011
Beginning balance		$	1,538,489		$	1,207,519		$	1,046,492
Property acquisitions		1,598,837			330,397			320,687
Transfers to held for sale		(29,097		)	(966		)	(2,302		)
Improvements		11,028			4,785			4,028
Retirements and disposals(1)		—			(3,246		)	(161,386		)
Deconsolidation of N-Star CDOs		(558,755		)	—			—
Ending balance		$	2,560,502		$	1,538,489		$	1,207,519
______________________
-1	Includes $59.8 million of write-offs related to taking title to collateral in 2011. There were no such write-offs in 2013 and 2012.
The following table presents changes in accumulated depreciation, exclusive of amounts relating to equipment and furniture and fixtures, for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		2013			2012			2011
Beginning balance		$	147,943		$	118,070		$	108,430
Depreciation expense		76,127			33,257			29,100
Assets held for sale		(7,387		)	—			—
Retirements and disposals(1)		(1,370		)	(3,384		)	(19,460		)
Deconsolidation		(24,316		)	—			—
Ending balance		$	190,997		$	147,943		$	118,070
______________________
-1	Includes $0.4 million and $9.8 million of write-offs related to taking title to collateral in 2012 and 2011, respectively. There were no write-offs in 2013.

Schedule_IVMortgage_Loans_on_R

Schedule IV-Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]	'
Schedule IV-Mortgage Loans on Real Estate	'
	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
	31-Dec-13
	(Dollars in Thousands)
	Asset Type:		Location / Description(1)		Number	Interest Rate			Maturity Date(3)		Periodic Payment Terms(4)	Prior Liens(5)		Principal Amount(6)		Carrying Value(7)		Principal Amount of Loans Subject to Delinquent Principal or Interest(8)
						Floating(2)		Fixed
	First mortgage loans:
	First Mortgage - A		Pennsylvania / Office		1	7.25%		—	16-Sep		I/O	$	—	$	61,500	$	60,648	$	—
	First Mortgage - B		New Jersey / Retail		1	3.09%		—	14-Dec		I/O	—		60,426		57,210		—
	First Mortgage - C		California / Condo		1	8.25%		—	15-Oct		P&I	—		44,283		43,854		—
	First Mortgage - D		New York / Land		1	—		11.00%	14-Mar		I/O	—		39,000		37,961		—
	First Mortgage - E		California / Office		1	6.90%		—	16-Oct		I/O	—		38,750		38,407		—
	First Mortgage - F		Colorado / Retail		1	6.65%		—	15-Apr		I/O	—		35,500		35,536		—
	First Mortgage - G		Florida / Land		1	12.00%		—	14-Sep		I/O	—		32,025		31,234		—
	Other first mortgage loans		Various / Various		10	0.00% to 18.25%		0.00% to 10.75%	Apr-14 to Sep-17			—		164,684		123,783		—
	Subtotal first mortgage loans:				17									476,168		428,633		—
	Subordinate interests
	Subordinate interests - A		NY, NJ, CT / Office		1	—		12.00%	20-Dec		I/O	—		100,000		108,260		—
	Subordinate interests - B		New York / Hotel		1	—		13.11%	23-May		I/O	—		61,750		60,773		—
	Subordinate interests - C		New York / Hotel		1	10.93%		—	23-May		I/O	—		46,930		46,387		—
	Other subordinate interests		Various / Various		6	6.75% to 17.17%		11.50% to 12.00%	Dec-14 to Aug-16			—		45,745		45,466		—
	Subtotal subordinate interests				9							—		254,425		260,886		—
	Mezzanine loans:
	Other mezzanine loans		Various / Various		7	0.19% to 12.70%		0.00% to 14.50%	Jul-14 to Feb-23			—		120,215		118,081		—
	Subtotal mezzanine loans				7							—		120,215		118,081		—
	Term loans
	Term loan - A		NY, NJ, CT / Office		2	—		12.00%	20-Dec		I/O	—		150,000		162,390		—
	Term loan - B		Other / Other		1	—		14.00%	17-Jul		I/O	—		50,000		48,095		—
	Other term loans		Various / Various		8	—		6.36% to 12.5%	May-15 to Jun-28			—		34,472		12,993		—
	Subtotal term loans				11							—		234,472		223,478		—
	Total				44							$	—	$	1,085,280	$	1,031,078	$	—
	_________________________
	-1	Description of property types include condo, hotel, industrial, land, multifamily, office, retail and other.
	-2	Certain floating rate loans are subject to LIBOR floors ranging from 0.25% to 4.00%. Includes one first mortgage loan with a principal amount of $7.4 million with a spread over prime rate. All other floating rate loans are based on one-month LIBOR.
	-3	Represents initial maturity.
	-4	P&I =rincipal and interest; I/O =nterest only.
	-5	There are no prior liens held by third-parties for individual loans greater than 3% of the total carrying value of the total loan portfolio as of December 31, 2013.
	-6	Term loans includes one revolver of $25.0 million, of which $3.5 million is outstanding as of December 31, 2013.
	-7	Individual loans each have a carrying value greater than 3% of total loans. All other loans each have a carrying value less than 3% of total loans.
	-8	There are no loans that have principal and interest delinquencies greater than 90 days.
	NORTHSTAR REALTY FINANCE CORP. AND SUBSIDIARIES
	SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Continued)
	31-Dec-13
	(Dollars in Thousands)
	Reconciliation of Carrying Value of Real Estate Debt:
			Years Ended December 31,
			2013			2012			2011
	Beginning balance		$	1,832,231		$	1,710,582		$	1,840,425
	Additions:
	Principal amount of new loans and additional funding on existing loans		806,138			397,058			299,405
	Consolidation of CDOs(1)		—			—			138,168
	Interest accretion		1,284			1,636			7,682
	Acquisition cost (fees) on new loans		(4,032		)	(2,949		)	(5,068		)
	Premium (discount) on new loans		16,116			(26,014		)	(50,857		)
	Amortization of acquisition costs, fees, premiums and discounts		28,480			95,233			88,545
	Deductions:
	Collection of principal		272,054			258,042			428,055
	Deconsolidation of CDOs (refer to Note 3)		1,134,713			—			—
	Provision for (reversal of) loan losses, net		(8,786		)	23,037			52,980
	Transfers to affiliates (refer to Note 10)		115,797			—			—
	Taking title to collateral		135,361			62,236			126,683
	Ending balance		$	1,031,078		$	1,832,231		$	1,710,582
	_________________________
	(1) Represents the consolidation of the CapLease CDO in 2011.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Basis of Accounting	'
	Basis of Accounting
	The accompanying consolidated financial statements and related notes of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	'
	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.
	The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations (“CDOs”) and its liabilities to subsidiary trusts issuing preferred securities (“junior subordinated notes”), to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
Voting Interest Entities	'
	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Investments in and Advances to Unconsolidated Ventures	'
	Investments in and Advances to Unconsolidated Ventures
	The Company has non-controlling, unconsolidated ownership interests in entities that may be accounted for using the equity method, at fair value or the cost method.
	Under the equity method, the investment is adjusted each period for capital contributions and distributions and its share of the entity’s net income (loss). Capital contributions, distributions and net income (loss) of such entities are recorded in accordance with the terms of the governing documents. Allocations of net income (loss) may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments (directly or indirectly in joint ventures) that own limited partnership interests in real estate private equity funds (“PE Investments”) and certain components of the Company’s investment in RXR Realty, LLC (“RXR Realty”). PE Investments are recorded as investments in private equity funds, at fair value on the consolidated balance sheets. The Company records the change in fair value for its share of the projected future cash flow of such investments from one period to another in equity in earnings (losses) from unconsolidated ventures in the consolidated statements of operations. Any change in fair value attributed to market related assumptions is considered unrealized gain (loss).
	The Company may account for investments that do not qualify for equity method accounting or for which the fair value option was not elected using the cost method if the Company determines the investment in the unconsolidated entity is insignificant. Under the cost method, equity in earnings is recorded as dividends are received to the extent they are not considered a return of capital, which is recorded as a reduction of cost of the investment.
Non-controlling Interests	'
	Non-controlling Interests
	A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity on the consolidated balance sheets and presented separately as net income (loss) and other comprehensive income (loss) (“OCI”) attributable to controlling and non-controlling interests. Allocations to non-controlling interests may differ from the stated ownership percentage interest in such entities as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
Estimates	'
	Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that could affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates and assumptions.
Reclassifications	'
	Reclassifications
	Certain prior period amounts have been reclassified in the consolidated financial statements to conform to current period presentation.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)
	The Company reports consolidated comprehensive income (loss) in separate statements following the consolidated statements of operations. Comprehensive income (loss) is defined as the change in equity resulting from net income (loss) and OCI. The components of OCI principally include: (i) unrealized gain (loss) on real estate securities available for sale for which the fair value option is not elected; and (ii) the reclassification of unrealized gain (loss) on derivative instruments that are or were deemed to be effective hedges.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly-liquid investments with a remaining maturity date of three months or less to be cash equivalents. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250,000 per institution. The Company mitigates credit risk by placing cash and cash equivalents with major financial institutions. To date, the Company has not experienced any losses on cash and cash equivalents.
Restricted Cash	'
	Restricted Cash
	Restricted cash consists of amounts related to operating real estate (escrows for taxes, insurance, capital expenditures, tenant security deposits, payments required under certain lease agreements), loan origination (escrow deposits) and the Company’s CDO and securitization financing transactions. Restricted cash in CDO financing transactions represent proceeds from repayments and/or sales and since the CDO financing transactions are past their respective reinvestment period, the cash is being distributed in accordance with priority of cash flows set forth in the respective CDO’s governing documents.
Fair Value Option	'
	Fair Value Option
	The fair value option provides an election that allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis at initial recognition. The Company will generally not elect the fair value option for its assets and liabilities. However, the Company may elect to apply the fair value option for certain investments. Any change in fair value for assets and liabilities for which the election is made is recognized in earnings.
Operating Real Estate	'
	Operating Real Estate
	Operating real estate is carried at historical cost less accumulated depreciation. Costs directly related to an acquisition deemed to be a business combination are expensed and included in transaction costs in the consolidated statements of operations. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:	Term:
	Building (fee interest)	30 to 40 years
	Building improvements	Lesser of the useful life or remaining life of the building
	Building (leasehold interest)	Lesser of 40 years or remaining term of the lease
	Land improvements	10 to 30 years
	Tenant improvements	Lesser of the useful life or remaining term of the lease
	The Company follows the purchase method for an acquisition of operating real estate, where the purchase price is allocated to tangible assets such as land, building, tenant and land improvements and other identified intangibles. The Company evaluates whether real estate acquired in connection with a foreclosure, UCC/deed in lieu of foreclosure or a consentual modification of a loan (herein collectively referred to as taking title to collateral) (“REO”) constitutes a business and whether business combination accounting is appropriate. Any excess upon taking title to collateral between the carrying value of a loan over the estimated fair value of the property is charged to provision for loan losses.
	Operating real estate, including REO, which has met the criteria to be classified as held for sale, is separately presented on the consolidated balance sheets. Such operating real estate is recorded at the lower of its carrying value or its estimated fair value less the cost to sell. Once a property is determined to be held for sale, depreciation is no longer recorded. In addition, the results of operations are reclassified to income (loss) from discontinued operations in the consolidated statements of operations.
Real Estate Securities	'
	Real Estate Securities
	The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations.
	The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gains (losses) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary.
Deferred Costs	'
	Deferred Costs
	Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is refinanced or repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles	'
	Identified Intangibles
	The Company records acquired identified intangibles, which includes intangible assets (value of the above-market leases, in-place leases and other intangibles) and intangible liabilities (value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term. Identified intangible assets are recorded in deferred costs and intangible assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
Revenue Recognition	'
	Revenue Recognition
	Operating Real Estate
	Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred.
	Real Estate Debt Investments
	Interest income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to interest income in the consolidated statements of operations. The amortization of a premium or accretion of a discount is discontinued if such loan is reclassified to held for sale.
	Loans acquired at a discount with deteriorated credit quality are accreted to expected recovery, which takes into consideration the contractual cash flow of the loan, adjusted for the impact of any prepayments, and expected future cash flow the Company expects to receive. The Company continues to estimate the amount of recovery over the life of such loans. A subsequent change in expected future cash flow is recognized as an adjustment to the accretable yield prospectively over the remaining life of such loan.
	Real Estate Securities
	Interest income is recognized using the effective interest method with any premium or discount amortized or accreted through earnings based on expected cash flow through the expected maturity date of the security. Changes to expected cash flow may result in a change to the yield which is then applied retrospectively for high-credit quality securities that cannot be prepaid or otherwise settled in such a way that the holder would not recover substantially all of the investment or prospectively for all other securities to recognize interest income.
	Selling Commissions and Dealer Manager Fees
	Selling commissions and dealer manager fees represent income earned from selling equity in sponsored companies through NorthStar Securities, the Company’s broker-dealer subsidiary, while such companies are raising capital for their respective public offerings. Selling commissions and dealer manager fees and commission expense are accrued on a trade date basis. The Company is currently raising capital for NorthStar Healthcare and NorthStar Income II. NorthStar Income, the Company’s first sponsored company, successfully completed its $1.1 billion public offering on July 1, 2013. These companies are collectively referred to as Sponsored Companies.
	Asset Management and Other Fees
	Asset management and other fees include fees earned from the management of Sponsored Companies and are recognized in the period during which the related services are performed and the amounts have been contractually earned.
Credit Losses and Impairment on Investments	'
	Credit Losses and Impairment on Investments
	Operating Real Estate
	The Company’s real estate portfolio is reviewed on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value of its operating real estate may be impaired or that its carrying value may not be recoverable. A property’s value is considered impaired if the Company’s estimate of the aggregate expected future undiscounted cash flow generated by the property is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, real estate sector conditions and asset specific and other factors. To the extent an impairment has occurred, the loss is measured as the excess of the carrying value of the property over the estimated fair value and recorded in impairment on operating real estate in the consolidated statements of operations.
	Allowances for doubtful accounts for tenant/operator receivables are established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenants/operators to make required rent and other payments contractually due. Additionally, the Company establishes, on a current basis, an allowance for future tenant/operator credit losses on unbilled rent receivable based on an evaluation of the collectability of such amounts.
	Real Estate Debt Investments
	Loans are considered impaired when based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company assesses the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of the Company is required in this analysis. The Company considers the estimated net recoverable value of the loan as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination is based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the loan, a loan loss reserve is recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each loan is maintained at a level that is determined to be adequate by management to absorb probable losses.
	Income recognition is suspended for a loan at the earlier of the date at which payments become 90-days past due or when, in the opinion of the Company, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired loan is in doubt, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired loan is not in doubt, contractual interest is recorded as interest income when received, under the cash basis method until an accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. A loan is written off when it is no longer realizable and/or legally discharged.
	Investments in and Advances to Unconsolidated Ventures
	The Company reviews its investments in unconsolidated ventures for which the Company did not elect the fair value option on a quarterly basis, or more frequently as necessary, to assess whether there are any indicators that the value may be impaired or that its carrying value may not be recoverable. An investment is considered impaired if the projected net recoverable amount over the expected holding period is less than the carrying value. In conducting this review, the Company considers U.S. macroeconomic factors, including real estate sector conditions, together with asset specific and other factors. To the extent an impairment has occurred and is considered to be other than temporary, the loss is measured as the excess of the carrying value of the investment over the estimated fair value and recorded in provision for loss on equity investment in the consolidated statements of operations.
	Real Estate Securities
	CRE securities for which the fair value option is elected are not evaluated for other-than-temporary impairment (“OTTI”) as any change in fair value is recorded in the consolidated statements of operations. Realized losses on such securities are reclassified to realized gain (loss) on investments and other as losses occur.
	CRE securities for which the fair value option is not elected are evaluated for OTTI quarterly. Impairment of a security is considered to be other-than-temporary when: (i) the holder has the intent to sell the impaired security; (ii) it is more likely than not the holder will be required to sell the security; or (iii) the holder does not expect to recover the entire amortized cost of the security. When a CRE security has been deemed to be other-than-temporarily impaired due to (i) or (ii), the security is written down to its fair value and an OTTI is recognized in the consolidated statements of operations. In the case of (iii), the security is written down to its fair value and the amount of OTTI is then bifurcated into: (i) the amount related to expected credit losses; and (ii) the amount related to fair value adjustments in excess of expected credit losses. The portion of OTTI related to expected credit losses is recognized in the consolidated statements of operations. The remaining OTTI related to the valuation adjustment is recognized as a component of accumulated OCI in the consolidated statements of equity. The portion of OTTI recognized through earnings is accreted back to the amortized cost basis of the security through interest income, while amounts recognized through OCI are amortized over the life of the security with no impact on earnings. CRE securities which are not high-credit quality are considered to have an OTTI if the security has an unrealized loss and there has been an adverse change in expected cash flow. The amount of OTTI is then bifurcated as discussed above.
Troubled Debt Restructuring	'
	Troubled Debt Restructuring
	CRE debt investments modified in a troubled debt restructuring (“TDR”) are modifications granting a concession to a borrower experiencing financial difficulties where a lender agrees to terms that are more favorable to the borrower than is otherwise available in the current market. Management judgment is necessary to determine whether a loan modification is considered a TDR. Troubled debt that is fully satisfied via taking title to collateral, repossession or other transfers of assets is generally included in the definition of TDR. Loans acquired as a pool with deteriorated credit quality that have been modified are not considered a TDR.
Derivatives	'
	Derivatives
	Derivatives are used to manage exposure to interest rate risk. For derivatives that qualify as cash flow hedges, the effective portion of changes in fair value of derivatives designated as a hedge is recorded in accumulated OCI and is subsequently reclassified into income in the period that the hedged item affects income. Amounts reported in OCI relate to the hedge of the Company’s floating-rate borrowings are reclassified to interest expense as interest payments are made on associated borrowings.
	The change in fair value for derivatives that do not qualify as a hedge for U.S. GAAP is recorded in earnings. When the Company elected the fair value option for certain of its borrowings, any derivatives designated as a qualifying hedge at the time no longer qualified for hedge accounting given that the underlying borrowing will be remeasured with changes in the fair value recorded in earnings. For such derivatives, the unrealized gain (loss) at that time will remain in accumulated OCI and will be reclassified into earnings over the life of the associated borrowing, with current changes in fair value recorded in earnings.
Exchangeable Senior Notes	'
	Exchangeable Senior Notes
	The proceeds from exchangeable senior notes that may be settled in cash at the option of the issuer, including partial cash settlements, must be bifurcated between a liability component and an equity component associated with the embedded conversion option. The liability component is calculated based on the present value of the contractual cash flows discounted at a comparable market conventional borrowing rate at the date of issuance. The difference between the principal amount and the fair value of the liability component is reported as a discount on the exchangeable senior notes and is accreted as additional interest expense to the contractual maturity using the effective interest method. The equity component is calculated based on the difference between the proceeds received and the fair value of the liability component at the issuance date. The equity component is recorded in additional paid-in-capital, net of issuance costs, on the consolidated balance sheets. Issuance costs related to exchangeable senior notes is allocated between the liability and the equity components based on their relative values.
Equity-Based Compensation	'
	Equity-Based Compensation
	The Company accounts for its equity-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For service-based awards, the Company recognizes compensation expense over the vesting period on a straight-line basis. For awards with performance or market measures, the Company recognizes compensation expense over the requisite service period, using the accelerated attribution expense method. For performance-based measures, compensation expense, net of estimated forfeitures, is recorded based on the Company’s estimate of the probable achievement of such measures. For market-based measures, the Company recognizes compensation expense based on the initial estimate of the fair value of the award using a binomial model.
	For awards with a combination of performance or market measures, the Company estimates the fair value as if it were two separate awards. First, the Company estimates the probability of achieving the performance measure. If it is not probable the performance condition will be met, the Company records the compensation expense based on the fair value of the market measure. This expense is recorded even if the market-based measure is never met. If the performance-based measure is subsequently estimated to be achieved, the Company records compensation expense based upon the performance-based measure. The Company would then record a cumulative catch-up adjustment for any additional compensation expense.
Foreign Currency Remeasurement	'
	Foreign Currency Remeasurement
	Assets and liabilities denominated in non-U.S. currencies are remeasured at rates of exchange prevailing on the reporting date and revenues and expenses are remeasured at average rates of exchange for the period. The Company’s functional currency of its euro-dominated investment is the U.S. dollar, therefore, any gains or losses from the remeasurement of foreign currency to U.S. dollars are included in the consolidated statements of operations.
Earnings Per Share	'
	Earnings Per Share
	The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding. For purposes of calculating EPS, the Company considers all unvested restricted stock units which participate in the Company’s dividends to be outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding warrants or other contracts to issue common stock were exercised or converted to common stock (including limited partnership interests in the Operating Partnership which are structured as profits interests (“LTIP Units”)), where such exercise or conversion would result in a lower EPS. The dilutive effect of partnership interests in the Operating Partnership is calculated assuming all units are converted to common stock.
Income Taxes	'
	Income Taxes
	The Company and its wholly-owned subsidiary, NRFC Sub-REIT Corp. (“Sub-REIT”), have each elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s and Sub-REIT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
	The Company maintains various taxable REIT subsidiaries (“TRSs”) which may be subject to U.S. federal, state and local income taxes and foreign taxes. In general, a TRS of the Company may perform non-customary services for tenants of the Company, hold assets that the Company cannot hold directly and may engage in any real estate or non-real estate-related business. A TRS is subject to regular corporate income tax. The Company has established several TRSs in jurisdictions for which no taxes are assessed on corporate earnings. However, the Company must include in earnings the income from these TRSs even if it has received no cash distributions. Current and deferred taxes are provided on the portion of earnings (losses) recognized by the Company with respect to its interest in domestic TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in tax expense in the consolidated statements of operations. One of the Company’s TRSs had net operating losses of $20.6 million which can generally be used to offset future operating income for up to 20 years. As of December 31, 2013, the Company has a deferred tax asset of $8.0 million, principally as a result of net operating losses. The Company had concluded that it is more likely than not that the net operating losses will not be used during the carryforward period, and as such, the Company has established a valuation allowance against the deferred tax asset.
	From time-to-time, the Company’s TRSs generate taxable income from intercompany transactions. The TRS entities generate taxable revenue from fees for services provided to the Company’s various lines of business. Certain entities may be consolidated in the Company’s financial statements. In consolidation, these fees are eliminated when the entity is included in the consolidated group. Nonetheless, all income taxes are accrued by the TRSs in the year in which the taxable revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
	Certain TRS entities are domiciled in non-U.S. jurisdictions and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally are included in the Company’s taxable income on a current basis, whether or not distributed. Upon distribution of any previously included income, no incremental U.S. federal, state or local income taxes would be payable by the Company.
	The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. The Company reviews the tax balances of its TRS entities quarterly and as new information becomes available, the balances are adjusted as appropriate.
	The Company has assessed its tax positions for all open tax years, which includes 2010 to 2013 and concluded there were no material uncertainties to be recognized. The Company’s accounting policy with respect to interest and penalties is to classify these amounts as interest expense. The Company has not recognized any such amounts related to uncertain tax positions for the years ended December 31, 2013, 2012 and 2011.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In December 2011, the Financial Accounting Standards Board (“FASB”) issued an accounting update that concluded when a parent ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary’s non-recourse borrowing, the reporting entity must apply sales accounting to the real estate to determine whether it should derecognize the in substance real estate. The reporting entity is precluded from derecognizing the real estate until legal ownership has been transferred to the lender to satisfy the borrowing. The requirements of the accounting update were effective for the Company in the first quarter 2013 and are applied on a prospective basis. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements.
	In February 2013, the FASB issued an accounting update to present the reclassification adjustments to OCI by component on the face of the statement of operations or in the notes to the consolidated financial statements. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety into earnings, an entity is required to cross-reference to other disclosures required under U.S. GAAP to provide additional detail about those amounts. The Company adopted the provisions of the update and it did not have a material impact on the consolidated financial statements.

Summary_of_Significan_Accounti

Summary of Significan Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2013
Accounting Policies [Abstract]	'
Summary of operating real estate, which is depreciated using straignt-line method over the estimated useful lifes of the assets	'
	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows:
	Category:	Term:
	Building (fee interest)	30 to 40 years
	Building improvements	Lesser of the useful life or remaining life of the building
	Building (leasehold interest)	Lesser of 40 years or remaining term of the lease
	Land improvements	10 to 30 years
	Tenant improvements	Lesser of the useful life or remaining term of the lease
Schedule of future minimum rental income under leases	'
	The following table presents approximate future minimum rental income under noncancelable operating leases to be received over the next five years and thereafter as of December 31, 2013 (dollars in thousands):
	Years Ending December 31:
	2014(1)	$	80,574
	2015	78,507
	2016	72,240
	2017	58,729
	2018	46,775
	Thereafter	158,655
	Total	$	495,480
Schedule of identified intangibles	'
	The following table presents identified intangibles as of December 31, 2013 and 2012 (dollars in thousands):
		31-Dec-13									31-Dec-12
								Intangible									Intangible
		Intangible Assets (1)						Liabilities (1)			Intangible Assets						Liabilities
		Above-market Leases			Other			Below-market Leases			Above-market Leases			Other			Below-market Leases
	Gross amount	$	6,264		$	93,037		$	19,499		$	21,180		$	106,453		$	42,017
	Accumulated amortization	(4,351		)	(42,185		)	(10,799		)	(7,646		)	(46,329		)	(13,919		)
	Total	$	1,913		$	50,852		$	8,700		$	13,534		$	60,124		$	28,098
	______________________________________________________
	(1) The decrease from prior year relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Schedule of estimated annual amortization of intangible assets and liabilities	'
	Estimated annual amortization of intangible assets and liabilities is presented as follows (dollars in thousands):
	Years Ending December 31:	Above and Below Market Leases, Net(1)			Other Intangibles(1)
	2014	$	934		$	11,799
	2015	873			10,474
	2016	855			9,307
	2017	898			7,293
	2018	571			5,388
	Thereafter	2,656			6,591
	Total	$	6,787		$	50,852
	______________________________________________________
	(1) Identified intangibles will be amortized through periods ending December 2025.
Schedule of other assets and other liabilities	'
	The following table presents other assets and other liabilities as of December 31, 2013 and 2012 (dollars in thousands):
		December 31,
	Other assets:	2013			2012
	Manufactured homes	$	69,217		$	12,707
	Notes receivable	38,418			3,579
	Investment-related reserves and deposits	11,127			32,325
	Furniture, fixtures and equipment, net	6,977			6,821
	Prepaid expenses	5,361			3,412
	Timeshare	462			3,467
	Other	14,169			15,818
	Total	$	145,731		$	78,129
		December 31,
	Other liabilities:	2013			2012
	PE Investment III deferred purchase price	$	39,760		$	—
	Unearned revenue	2,029			46,677
	Security deposits	9,294			5,247
	Below-market leases	8,700			28,098
	Other	14,091			6,053
	Total	$	73,874		$	86,075

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Variable interest entities	'
Deconsolidation of Variable Interest Entity	'
	The deconsolidation of the N-Star CDOs resulted in a non-cash loss on deconsolidation recorded in the consolidated statement of operations for the year ended December 31, 2013 summarized as follows (dollars in thousands):
	Assets of deconsolidated N-Star CDOs	$	(2,198,761	)
	Liabilities of deconsolidated N-Star CDOs	1,770,907
	Subtotal of net assets deconsolidated	(427,854		)
	N-Star CDO bonds(1)	191,449
	N-Star CDO equity(1)	159,437
	Other(2)	(166,739		)
	Subtotal	184,147
	Reclassification of unrealized gain (loss) to gain (loss) from deconsolidation	(40,849		)
	Reclassification from OCI of swap gain (loss) into gain (loss) from deconsolidation	(15,246		)
	Total gain (loss) on deconsolidation of N-Star CDOs	$	(299,802	)
	___________________________________________________________
	-1	The fair value of N-Star CDO bonds and equity interests are recorded as CRE securities on the consolidated balance sheet (refer to Note 8).
	-2	Primarily represents the fair value of CRE debt investments, two notes payables and CDO bonds payable that were previously eliminated in consolidation.
Unconsolidated VIEs	'
Variable interest entities	'
Schedule of classification and carrying value of assets and liabilities and maximum exposure of VIEs	'
	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of December 31, 2013 (dollars in thousands):
		Junior			Real Estate		Real Estate		Total		Maximum
		Subordinated			Debt		Securities,				Exposure
		Notes, at			Investments,		Available				to Loss(1)
		Fair Value			Net		for Sale
	Real estate debt investments, net	$	—		$	1,886	$	—	$	1,886	$	1,886
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		205,287		205,287		205,287
	N-Star CDO equity	—			—		158,274		158,274		158,274
	CMBS	—			—		34,859		34,859		34,859
	Subtotal real estate securities, available for sale	—			—		398,420		398,420		398,420
	Total assets	—			1,886		398,420		400,306		400,306
	Junior subordinated notes, at fair value	201,203			—		—		201,203		NA
	Total liabilities	201,203			—		—		201,203		NA
	Net	$	(201,203	)	$	1,886	$	398,420	$	199,103	NA
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of December 31, 2013 would not exceed the carrying value of its investment.

Operating_Real_Estate_Tables

Operating Real Estate (Tables)	12 Months Ended
	Dec. 31, 2013
Real Estate [Abstract]	'
Schedule of operating real estate, net	'
	The following table presents operating real estate, net as of December 31, 2013 and 2012 (dollars in thousands):
			December 31,
			2013				2012
	Land		$	461,133			$	268,738
	Land improvements		1,003,069				211,323
	Buildings and improvements		1,036,752				967,727
	Tenant improvements		31,811				69,304
	Leasehold interests		12,322				12,322
	Furniture and fixtures		15,415				9,075
	Subtotal(1)		2,560,502				1,538,489
	Less: Accumulated depreciation		(190,997		)		(147,943		)
	Operating real estate, net(2)		$	2,369,505			$	1,390,546
	__________________
	-1	As of December 31, 2013 and 2012, includes $4.9 million and $342.5 million of REO, respectively.
	-2	As of December 31, 2013 and 2012, operating real estate was subject to $2.1 billion and $1.0 billion of mortgage notes payable, respectively.
Summary of the allocation of the purchase price of the assets acquired and related liabilities that continue to be subject to refinement upon receipt of all information	'
	The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of MH Portfolio 2 (dollars in thousands):
	Assets:
	Land		$	151,294
	Land improvements		593,941
	Buildings		11,271
	Acquired in-place leases		18,375
	Other assets acquired		88,194
	Total assets acquired		$	863,075
	Liabilities:
	Mortgage notes payable		$	639,999
	Other liabilities		3,203
	Total liabilities		643,202
	Total NorthStar Realty Finance Corp. stockholders’ equity		214,873
	Non-controlling interests		5,000
	Total equity		219,873
	Total liabilities and equity		$	863,075
	The following table presents the initial allocation of the purchase price of the assets acquired and liabilities issued upon the closing of MH Portfolio 3 (dollars in thousands):
	Assets:
	Land		$	43,831
	Land improvements		242,259
	Buildings		6,375
	Acquired in-place leases		7,122
	Other assets acquired (1)		45,123
	Total assets acquired		$	344,710
	Liabilities:
	Mortgage notes payable		$	248,000
	Total liabilities		248,000
	Total NorthStar Realty Finance Corp. stockholders’ equity		88,973
	Non-controlling interests		7,737
	Total equity		96,710
	Total liabilities and equity		$	344,710
	_________________
	-1	Includes $29.1 million of notes receivable and $12.2 million of manufactured homes recorded in other assets in the consolidated balance sheets.
Schedule of unaudited consolidated pro forma results of operations	'
	The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
		Years Ended December 31,
		2013				2012				2011
	Pro forma total revenues	$	658,757			$	639,520			$	608,740
	Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(140,068	)		$	(300,219	)		$	(277,365	)
	Pro forma EPS—Basic	$	(0.66	)		$	(2.40	)		$	(3.10	)
	Pro forma EPS—Diluted	$	(0.66	)		$	(2.40	)		$	(3.10	)
Schedule of Real Estate Owned	'
	The following table presents a rollforward of REO in operating real estate for the year ended December 31, 2013 (dollars in thousands):
	Beginning balance		$	344,056
	Additions(1)		201,110
	Deconsolidation of N-Star CDOs		(533,016		)
	Capital expenditures		2,692
	Depreciation		(9,897		)
	Ending balance		$	4,945
	____________________________________________________________
	-1	Represents REO for which the Company took title to for the year ended December 31, 2013, of which one REO with a carrying value of $4.9 million remains as of December 31, 2013 subsequent to the deconsolidation of certain N-Star CDOs (refer to Note 3).
Schedule of slaes of operating real estate	'
	For the year ended December 31, 2013, the Company did not have any operating real estate sales, other than the sale of properties at cost to NorthStar Healthcare (refer to Note 10). The following table presents sales of operating real estate for the years ended December 31, 2012 and 2011, respectively (dollars in thousands):
	Date		Type		Location		Sales Proceeds				Gain (Loss)
	2012
	January		Land		Aventura, FL		$	5,068			$	2,011
	June		Land		Florence, AZ		1,356				1,001
	December		Retail		Park City, UT		—				6,281
	Subtotal from continuing operations						6,424				9,293
	April		Office		Indianapolis, IN		2,118				314
	December		Multifamily		San Antonio, TX		4,827				1,765
	Subtotal from discontinued operations						6,945				2,079
	Total						$	13,369			$	11,372
	2011
	March		Retail		New York, NY		$	6,889			$	4,981
	April		Healthcare		Various - Wisconsin		25,992				9,416
	August		Multifamily		Norcross, GA		7,122				2,918
	Other		Office		Various		17,004				(117		)
	Total from discontinued operations						$	57,007			$	17,198
Summary of income (loss) from discontinued operations	'
	The following table presents income (loss) from discontinued operations related to such properties for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
			Years Ended December 31,
			2013				2012				2011
	Revenue
	Rental and escalation income		$	3,736			$	7,202			$	9,057
	Other revenue		92				—				219
	Total revenue		3,828				7,202				9,276
	Expenses
	Other interest expense		1,893				1,934				4,129
	Real estate properties—operating expenses		34				1,580				1,296
	Other expenses		195				66				—
	Impairment on operating real estate(3)		8,613				966				—
	Other general and administrative		79				1,076				1,585
	Depreciation and amortization		1,370				1,708				2,135
	Total expenses		12,184				7,330				9,145
	Income (loss) from discontinued operations		(8,356		)		(128		)		131
	Gain (loss) on sale from discontinued operations		—				2,079			(1)	17,198			(2)
	Total income (loss) from discontinued operations		$	(8,356	)		$	1,951			$	17,329
	____________________________________________________________
	-1	Relates primarily to the sale of a multifamily property and an office property.
	-2	Primarily related to the sale of 18 healthcare assisted living facilities, a leasehold interest in a retail property and a multifamily property.
	-3	In 2013, primarily relates to a healthcare property where the Company is in negotiations with the existing lender to appoint a receiver on the property and to return the property to such lender.

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	12 Months Ended
	Dec. 31, 2013
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]	'
Schedule of CRE debt investments	'
	The following table presents CRE debt investments as of December 31, 2013, excluding CRE debt underlying deconsolidated CDOs (dollars in thousands):
																	Weighted Average(6)								Floating Rate
																									as % of
		Number				Principal				Carrying				Allocation by			Fixed Rate		Spread			Yield(8)			Principal Amount(6)
						Amount(1)				Value(4)				Investment					Over
														Type(5)					LIBOR(7)
	Asset Type:
	First mortgage loans	15				$	441,750			$	407,202			40.7	%		10.98	%	6.59	%		9.9	%		90.2	%
	Mezzanine loans	6				109,215				107,116				10.1	%		13.96	%	12.09	%		12.97	%		74.2	%
	Subordinate interests(2)	8				246,652				253,113				22.7	%		12.41	%	12.33	%		12.77	%		33.3	%
	Term loans	4				230,343				219,349				21.1	%		12.45	%	—			12.96	%		—
	Subtotal/Weighted average(3)	33				1,027,960				986,780				94.6	%		12.36	%	8.04	%		11.58	%		53.8	%
	CRE debt in N-Star CDOs
	First mortgage loans	2				34,418				21,431				3.2	%		—		2.22	%		3.68	%		100	%
	Mezzanine loans	1				11,000				10,965				1	%		8	%	—			8.33	%		—
	Subordinate interests	1				7,773				7,773				0.8	%		—		6.75	%		6.92	%		100	%
	Term loans	7				4,129				4,129				0.4	%		6.95	%	—			6.95	%		—
	Subtotal/Weighted average	11				57,320				44,298				5.4	%		7.71	%	3.05	%		5.7	%		73.6	%
	Total(9)	44				$	1,085,280			$	1,031,078			100	%		12.21	%	7.68	%		11.31	%		54.9	%
	___________________________________________________________
	-1	Term loans includes one revolver of $25.0 million, of which $3.5 million is outstanding as of December 31, 2013.
	-2	Includes $100 million preferred equity investment for which the Company elected the fair value option. As of December 31, 2013, carrying value represents fair value with respect to this investment.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $133.4 million for Securitization 2012-1 and $109.1 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company’s cash requirement on future fundings would be $8.1 million.
	-4	There are no loans on non-accrual status. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Accrual includes $5.1 million carrying value of loans where the Company does not recognize interest income on the accrual rate but did recognize interest income based on the current rate.
	-5	Based on principal amount.
	-6	Excludes three CRE debt investments with an aggregate principal amount of $37 million that were originated prior to 2008.
	-7	$426.1 million principal amount has a weighted average LIBOR floor of 0.99%. Includes one first mortgage loan with a principal amount of $7.4 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2013, and for CRE debt with a LIBOR floor, using such floor.
	-9	The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
	The following table presents CRE debt investments as of December 31, 2012 (dollars in thousands):
																	Weighted Average								Floating Rate
																									as % of
		Number				Principal				Carrying				Allocation by			Fixed Rate		Spread			Yield(6)			Principal Amount
						Amount				Value(1)(2)				Investment					Over
														Type(3)					LIBOR(4)(5)
	Asset Type:
	First mortgage loans	74				$	1,578,872			$	1,205,313			66.6	%		4.29	%	3.25	%		6.1	%		94.5	%
	Mezzanine loans	18				440,941				333,064				18.6	%		4.34	%	1.61	%		2.68	%		59.9	%
	Subordinate interests	7				121,473				96,357				5.1	%		6.4	%	3.97	%		5.85	%		75.7	%
	Credit tenant loans and other notes	43				124,460				118,093				5.2	%		6.58	%	—			7.39	%		—
	Term loans	10				105,718				79,404				4.5	%		10.86	%	3.5	%		11.94	%		4.8	%
	Total/Weighted average	152				$	2,371,464			$	1,832,231			100	%		6.26	%	3.05	%		5.68	%		78.2	%
	____________________________________________________________
	-1	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $1,478.5 million for CDO financing transactions, $145.6 million for Securitization 2012-1 and $51.2 million for credit facilities. The remainder is unleveraged.
	-2	Includes seven loans with an aggregate carrying value of $162.5 million on non-accrual status (one of which was a loan acquired with deteriorated credit quality) which were primarily comprised of mezzanine loans. One of these loans was classified as non-performing. Non-accrual excludes $106.4 million carrying value of loans where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-3	Based on principal amount.
	-4	$315.8 million principal amount of the CRE debt investments have a weighted average LIBOR floor of 2.59%.
	-5	Includes one first mortgage loan with a principal amount of $7.5 million with a spread over prime rate.
	-6	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2012, and for CRE debt with a LIBOR floor, using such floor.
Schedule of Maturities of CRE debt investments based on principal amount	'
	The following table presents maturities of CRE debt investments based on principal amount as of December 31, 2013 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	Years Ending December 31:
	2014	$	246,000			$	174,549
	2015	205,931				41,452
	2016	158,158				128,623
	2017	72,158				190,874
	2018	3,245				149,994
	Thereafter	399,788				399,788
	Total	$	1,085,280			$	1,085,280
	____________________________________________________________
	-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
Schedule of activity in loan loss reserves on CRE debt investments	'
	The following table presents activity in loan loss reserves on CRE debt investments for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
			Years Ended December 31,
			2013					2012					2011
	Beginning balance		$	156,699				$	187,784				$	197,200
	Provision for (reversal of) loan losses, net (1)(2)		(8,786		)			23,037					52,980
	Transfers to REO		(5,623		)			(5,260		)			(29,260		)
	Sales		—					(667		)			—
	Write-offs / payoffs		(20,210		)	(3)		(48,195		)			(33,136		)
	Deconsolidation of N-Star CDOs(4)		(119,200		)			—					—
	Ending balance		$	2,880				$	156,699				$	187,784
	____________________________________________________________
	-1	Relates to four, seven and 12 loans, for the years ended December 31, 2013, 2012 and 2011, respectively.
	-2	Includes $15.1 million and $4.7 million of reversals of previously recorded provisions for loan losses for the years ended December 31, 2013 and 2012, respectively.
	-3	Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan.
	-4	Refer to Note 3 for further disclosure.
Schedule of the carrying value of CRE debt investments, by credit quality indicator	'
	The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands):
		December 31,
	Credit Quality Indicator:	2013				2012
	Loans with no loan loss reserve:
	First mortgage loans	$	426,850			$	1,150,637
	Mezzanine loans	116,196				186,131
	Subordinate interests	260,886				96,357
	Credit tenant loans and other notes	—				118,093
	Term loans	223,478				57,646
	Subtotal	1,027,410				1,608,864
	Other loans with a loan loss reserve/non-accrual status:(1)
	First mortgage loans	1,783				47,799
	Mezzanine loans	1,885				146,933
	Term loans	—				21,758
	Subtotal	3,668				216,490
	Non-performing loans:
	First mortgage loans	—				6,877
	Subtotal	—				6,877
	Total(2)	$	1,031,078			$	1,832,231
	____________________________________________________________
	-1	December 31, 2012 includes four loans with a 100% loan loss reserve representing an aggregate principal amount of $36.0 million which are not considered NPLs as debt service is currently being received or debt service is not contractually due until maturity.
	-2	The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Schedule of impaired loans	'
	The following table presents impaired loans as of December 31, 2013 and 2012 (dollars in thousands):
		December 31, 2013(2)																December 31, 2012(2)
		Number				Principal				Carrying				Loan Loss				Number			Principal				Carrying			Loan Loss
						Amount(1)				Value(1)				Reserve							Amount(1)				Value(1)			Reserve
	Class of Debt:
	First mortgage loans	1				$	2,782			$	1,783			$	1,000			6			$	112,774			$	85,887		$	11,813
	Mezzanine loans	1				3,765				1,885				1,880				9			265,225				157,178			108,036
	Subordinate interests	—				—				—				—				2			22,100				—			22,100
	Term loans	—				—				—				—				1			45,550				21,758			14,750
	Total(3)	2				$	6,547			$	3,668			$	2,880			18			$	445,649			$	264,823		$	156,699
	____________________________________________________________
	-1	Principal amount differs from carrying value due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment.
	-2	December 31, 2012 includes five loans, primarily first mortgage loans, considered TDRs with an aggregate carrying value of $41.4 million, all of which do not have loan loss reserves. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.4 million and $13.8 million as of December 31, 2013 and 2012, respectively, that is on non-accrual status and does have a loan loss reserve.
	-3	The decrease from prior year primarily relates to the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Summary of average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'
	The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		December 31, 2013											December 31, 2012										31-Dec-11
		Number(1)			Average				Year Ended				Number			Average			Year Ended				Number			Average			Year Ended
					Carrying				Income							Carrying			Income							Carrying			Income
					Value(1)											Value										Value
	Class of Debt:
	First mortgage loans	5			$	67,531			$	1,050			6			$	97,580		$	1,191			6			$	65,818		$	428
	Mezzanine loans	7			100,109				416				9			163,916			6,922				9			162,585			8,812
	Subordinate interests	1			—				3				2			6,015			—				4			8,180			522
	Term loans	—			19,530				—				1			23,917			3,859				2			27,154			4,116
	Total/weighted average	13			$	187,170			$	1,469			18			$	291,428		$	11,972			21			$	263,737		$	13,878
	___________________________________________________________
	-1	Includes impaired loans outstanding during the period which were deconsolidated in 2013 on September 30, 2013 and December 31, 2013. Refer to Note 3 for further discl
Summary of CRE debt investments that were modified and considered a TDR	'
	The following table presents CRE debt investments that were modified and considered a TDR for the years ended December 31, 2013 and 2012 (dollars in thousands):
		31-Dec-13													31-Dec-12
		Number			Carrying				Original			Modified			Number				Carrying				Original			Modified
					Value(1)				WA Interest			WA Interest							Value(1)				WA Interest			WA Interest
									Rate			Rate											Rate			Rate
	Class of Debt:
	First mortgage loans	—			$	—			—			—			3			(3)(4)	$	35,241			3.52	%		2.78	%
	Mezzanine loans	1	(2)		50,905				10.85	%		—			1			(5)	12,681				2.5	%		—
	Subordinate interests	—			—				—			—			1			(6)	—				3.35	%		3	%
	Total/weighted average	1			$	50,905			10.85	%		—			5				$	47,922			3.25	%		2.04	%
	____________________________________________________________
	-1	Represents carrying value the quarter it was determined the loan modification was determined to be a TDR.
	-2	Considered a TDR in the first quarter 2013 and was subsequently modified in the second quarter 2013. On September 30, 2013, the Company deconsolidated certain N-Star CDOs, and as a result, no longer records this loan on its consolidated balance sheets. Refer to Note 3 for further disclosure.
	-3	Excludes one first mortgage loan with a carrying value of $6.0 million considered a TDR in the first quarter 2012 which the Company subsequently took title to the collateral.
	-4	Includes one loan which was modified into a senior first mortgage and mezzanine loan.
	-5	The loan was modified into a mezzanine loan and preferred equity interest with a modified rate of LIBOR plus 10% and a fixed rate of 7%, respectively, however, interest was deferred until certain hurdles are met.
	-6	The carrying value of this loan was zero as of December 31, 2012.

Investments_in_Private_Equity_1

Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures (Tables)	12 Months Ended
	Dec. 31, 2013
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Equity Method Investments	'
	The combined balance sheets for the unconsolidated ventures, including PE Investments, as of December 31, 2013 and 2012, are as follows (dollars in thousands):
		December 31,
		2013		2012
	Assets
	Operating real estate, net	$	1,097,155	$	573,319
	Real estate debt investments	1,246,311		689,143
	Investments in private equity funds	1,589,493		—
	Real estate securities	280,117		280,117
	Other assets	1,064,653		370,774
	Total assets	$	5,277,729	$	1,913,353
	Liabilities and equity
	Mortgages and other notes payable	$	1,851,561	$	301,656
	Other liabilities	1,064,479		516,841
	Total liabilities	2,916,040		818,497
	Equity	2,361,689		1,094,856
	Total liabilities and equity	$	5,277,729	$	1,913,353
	Net investment in unconsolidated ventures	$	728,358	$	111,025
	The combined statements of operations for the unconsolidated ventures, including PE Investments, from acquisition date through the three years ended December 31, 2013 are as follows (dollars in thousands):
		Years Ended December 31,
		2013		2012		2011
	Total revenues	$	322,944	$	44,378	$	8,738
	Operating expenses	89,807		21,357		15,089
	Transaction costs	5,199		—		—
	Interest expense	37,838		18,217		18,618
	Depreciation and amortization	9,564		2,993		2,328
	Total expenses	142,408		42,567		36,035
	Net (loss) income	$	180,536	$	1,811	$	(27,297	)
	Equity in earnings (losses) of unconsolidated ventures	$	85,477	$	88	$	(2,738	)

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	12 Months Ended
	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]	'
Schedule of CRE securities	'
	The following table presents CRE securities as of December 31, 2012 (dollars in thousands):
							Cumulative Unrealized(2)							Allocation by		Weighted		Weighted
		Number(1)	Principal		Amortized		Gains		Losses			Fair		Investment		Average		Average
			Amount		Cost							Value(3)		Type(4)		Coupon		Yield(5)
	Asset Type:
	CMBS	485	$	2,207,067	$	1,551,389	$	84,752	$	(652,123	)	$	984,018	86.9	%	3.75	%	10.43	%
	Third-party CDO notes	35	197,103		159,657		—		(111,421		)	48,236		7.8	%	0.62	%	7.54	%
	Unsecured REIT debt	11	57,180		53,585		2,898		(102		)	56,381		2.2	%	5.5	%	1.29	%
	Trust preferred securities	3	14,725		10,916		1,184		(2,529		)	9,571		0.6	%	2.26	%	6.8	%
	Agency debentures	4	63,000		17,538		8,924		—			26,462		2.5	%	NA		3.51	%
	Total	538	$	2,539,075	$	1,793,085	$	97,758	$	(766,175	)	$	1,124,668	100	%	3.45	%	9.81	%
	_________________________________________________________
	-1	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	-2	Includes 21 CRE securities for which the fair value option was not elected.
	-3	Predominately all CRE securities serve as collateral for financing transactions including carrying value of $1,016.0 million for CDO financing transactions and $35.5 million for the CMBS Facility (refer to Note 9). The remainder is unleveraged.
	-4	Based on principal amount.
	-5	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2012.
	The following table presents CRE securities as of December 31, 2013 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		(Losses)			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	31	$	481,386	$	207,547	$	1,878	$	(4,138	)	$	205,287	23	%	1.82	%	20	%
	N-Star CDO equity(5)	5	158,274		158,274		—		—			158,274		7.6	%	NA		18.42	%
	CMBS and other securities(6)	17	98,650		58,482		6,457		(18,264		)	46,675		4.7	%	3.06	%	4.98	%
	Subtotal(2)	53	738,310		424,303		8,335		(22,402		)	410,236		35.3	%	2.03	%	17.34	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	264	1,140,368		799,126		67,770		(294,595		)	572,301		54.5	%	3.15	%	9.65	%
	Third-party CDO notes	20	109,651		99,603		—		(74,672		)	24,931		5.2	%	0.29	%	1.17	%
	Agency debentures	8	87,172		29,031		2,644		(2,135		)	29,540		4.2	%	NA		4.64	%
	Unsecured REIT debt	1	8,000		8,502		1,019		—			9,521		0.4	%	7.5	%	6	%
	Trust preferred securities	2	7,225		7,225		—		(1,434		)	5,791		0.4	%	2.25	%	2.32	%
	Subtotal	295	1,352,416		943,487		71,433		(372,836		)	642,084		64.7	%	2.73	%	8.51	%
	Total	348	$	2,090,726	$	1,367,790	$	79,768	$	(395,238	)	$	1,052,320	100	%	2.52	%	11.25	%
	____________________________________________________________
	-1	Excludes $126.6 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on fair value for N-Star CDO equity and principal amount for remaining securities.
	-4	Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of December 31, 2013.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $30.6 million carrying value of these securities (refer to Note 14).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.

Borrowings_Tables

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Schedule of outstanding borrowings	'
	The following table presents borrowings as of December 31, 2013 and 2012 (dollars in thousands):
							December 31, 2013								December 31, 2012
		Recourse vs.		Final	Contractual		Principal				Carrying				Principal				Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)				Amount				Value(3)
	Mortgage and other notes payable:(4)
	Manufactured housing communities
	MH 1 Senior Mortgages(5)	Non-recourse		23-Jan	4.39%		$	236,900			$	236,900			$	236,900			$	236,900
	MH 2 Senior Mortgages(6)	Non-recourse		23-May	4.02%		639,999				639,999				—				—
	MH 3 Senior Mortgages (7)	Non-recourse		24-Jan	4.92%		248,000				248,000				—				—
	Subtotal Manufactured housing communities						1,124,899				1,124,899				236,900				236,900
	Healthcare
	Hillsboro, OR(8)	Non-recourse		14-Jan	5.94%		—				—				31,650				31,650
	Wakefield Portfolio	Non-recourse		15-Mar	LIBOR + 5.95%		55,768				55,768				56,717				56,717
	Ohio Portfolio	Non-recourse		16-Mar	6.00%		20,496				20,496				20,747				20,747
	Lancaster, OH	Non-recourse		16-Mar	LIBOR + 5.00%		4,399				4,399				4,453				4,453
	Wilkinson Portfolio	Non-recourse		17-Jan	6.99%		152,772				152,772				155,332				155,332
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan	7.09%		7,545				7,545				7,667				7,667
	East Arlington, TX	Non-recourse		17-May	5.89%		3,209				3,209				3,259				3,259
	Minnesota Portfolio	Non-recourse		May-18(9)	LIBOR + 3.00%		38,175				38,175				—				—
	Healthcare Preferred(10)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000				—				—
	Indiana Portfolio(10)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130				—				—
	Subtotal Healthcare						478,494				478,494				279,825				279,825
	Net lease
	South Portland, ME	Non-recourse		14-Jun	7.34%		3,819				3,819				4,051				4,051
	Fort Wayne, IN	Non-recourse		15-Jan	6.41%		3,019				3,019				3,123				3,123
	Reading, PA	Non-recourse		15-Jan	5.58%		12,765				12,765				13,073				13,073
	Reading, PA	Non-recourse		15-Jan	6.00%		5,000				5,000				5,000				5,000
	EDS Portfolio	Non-recourse		15-Oct	5.37%		43,682				43,682				44,575				44,575
	Keene, NH	Non-recourse		16-Feb	5.85%		6,237				6,237				6,353				6,353
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		16,095				16,095				16,374				16,374
	Aurora, CO	Non-recourse		16-Jul	6.22%		31,232				31,232				31,713				31,713
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,729				31,729				32,296				32,296
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,600				26,600				27,022				27,022
	Milpitas, CA	Non-recourse		17-Mar	5.95%		20,055				20,055				20,616				20,616
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700				27,700				27,700
	Fort Mill, SC(11)	Non-recourse		17-Apr	6.21%		1,464				1,464				1,827				1,827
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,689				13,689				14,133				14,133
	Columbus, OH	Non-recourse		17-Dec	6.48%		22,300				22,300				22,643				22,643
	Subtotal Net lease						265,386				265,386				270,499				270,499
	Multifamily
	MF 1 Senior Mortgage	Non-recourse		23-Apr	4.00%		39,600				39,600				—				—
	MF 2 Senior Mortgages(12)	Non-recourse		May-23/July-23	4.03%		158,417				158,417				—				—
	MF 3 Senior Mortgages(13)	Non-recourse		23-Jul	4.28%		46,538				46,538				—				—
	Subtotal Multifamily						244,555				244,555				—				—
	Subtotal Non-VIE financing						2,113,334				2,113,334				787,224				787,224
	REO
	Phoenix, AZ	—		—	—		—				—				211,921				211,921
	Austin, TX	—		—	—		—				—				16,525				16,525
	Subtotal REO—VIE						—				—				228,446				228,446
	Subtotal Mortgage and other notes payable						2,113,334				2,113,334				1,015,670				1,015,670
							December 31, 2013								December 31, 2012
		Recourse vs.		Final	Contractual		Principal				Carrying				Principal				Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)				Amount				Value(3)
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 4.26%		$	37,754			$	34,886			$	106,648			$	100,429
	N-Star II	—		—	—		—				—				82,694				69,089
	N-Star III	Non-recourse		Jun-40	LIBOR + 1.66%		100,022				46,090				148,232				60,806
	N-Star IV	—		—	—		—				—				181,353				149,112
	N-Star V	Non-recourse		Sep-45	LIBOR + 0.92%		202,899				80,897				263,738				107,823
	N-Star VI	—		—	—		—				—				284,623				221,306
	N-Star VII	—		—	—		—				—				240,586				93,689
	N-Star VIII	—		—	—		—				—				562,367				413,281
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.40%		629,544				222,310				674,723				244,248
CSE CDO	—		—	—		—				—				694,863				539,687
CapLease CDO	—		—	—		—				—				131,926				112,971
Subtotal CDO bonds payable—VIE						970,219				384,183				3,371,753				2,112,441
Securitization bonds payable:
Securitization 2012-1	Non-recourse		29-Aug	LIBOR+1.62% (14)		82,337				82,340				98,131				98,005
Subtotal Securitization financing transaction						82,337				82,340				98,131				98,005
Secured term loan:
Term Asset-Backed Securities Loan Facility	—		—	—		—				—				14,664				14,664
Subtotal Secured term loan—VIE						—				—				14,664				14,664
Credit facilities:
CMBS Facility(15)	—		—	—		—				—				31,238				31,238
Loan Facility(16)	—		—	—		—				—				15,000				15,000
Loan Facility 1	Non-recourse		Jul-18(17)	5.19%(18)		14,850				14,850				14,850				14,850
Loan Facility 2	Partial Recourse(19)		Mar-18(20)	3.48%(21)		55,188				55,188				—				—
Subtotal Credit facilities						70,038				70,038				61,088				61,088
Exchangeable senior notes:(22)
11.50% Notes(23)	—		—	—		—				—				35,710				35,611
7.25% Notes	Recourse		Jun-27(24)	7.25%		12,955				12,955				12,955				12,955
7.50% Notes	Recourse		Mar-31(25)	7.50%		172,500				165,366				172,500				162,596
8.875% Notes	Recourse		Jun-32(26)	8.88%		13,360				13,068				82,000				79,869
5.375% Notes	Recourse		Jun-33(27)	5.38%		345,000				299,584				—				—
Subtotal Exchangeable senior notes						543,815				490,973				303,165				291,031
Junior subordinated notes:(28)
Trust I	Recourse		Mar-35	8.15%		41,240				31,342				41,240				31,549
Trust II	Recourse		Jun-35	7.74%		25,780				19,722				25,780				19,722
Trust III	Recourse		Jan-36	7.81%		41,238				31,547				41,238				31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				38,327				50,100				38,326
Trust V	Recourse		Sep-36	LIBOR + 2.70%		30,100				19,866				30,100				18,662
Trust VI	Recourse		Dec-36	LIBOR + 2.90%		25,100				16,943				25,100				16,064
Trust VII	Recourse		Apr-37	LIBOR + 2.50%		31,459				20,290				31,459				19,190
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%		35,100				23,166				35,100				22,113
Subtotal Junior subordinated notes						280,117				201,203				280,117				197,173
Grand Total(29)						$	4,059,860			$	3,342,071			$	5,144,588			$	3,790,072
____________________________________________________________
-1	Refer to Note 15 for further disclosure regarding derivative instruments which are used to manage interest rate exposure.
-2	For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I and the Wakefield Portfolio and one-month LIBOR for the other borrowings.
-3	Carrying value represents fair value with respect to CDO bonds payable (excluding CapLease CDO bonds payable for which the fair value option was not elected) and junior subordinated notes due to the election of the fair value option (refer to Note 14) and amortized cost with regards to the other borrowings.
-4	Mortgage and other notes payable are subject to customary non-recourse carveouts.
-5	Represents two separate senior mortgage notes both maturing in January 2023 with a weighted average interest rate of 4.387%.
-6	Represents eight separate senior mortgage notes all maturing in May 2023 with a weighted average interest rate of 4.016%.
-7	Represents three separate senior mortgage notes all maturing in January 2024 with a weighted average interest rate of 4.915%.
-8	Borrowing related to properties that are held for sale as of December 31, 2013.
-9	The initial maturity date is May 31, 2016, subject to two one-year extensions at the option of the Company, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-10	Represents borrowings previously eliminated in consolidation that were initially recorded at fair value.
-11	Represents a mezzanine loan on the net lease property.
-12	Represents seven separate senior mortgage notes, five maturing in May 2023 and two maturing in July 2023 with a weighted average interest rate of 4.03%.
-13	Represents two separate senior mortgage notes both maturing in July 2023 with a weighted average interest rate of 4.28%.
-14	Contractual interest rate represents a weighted average spread.
-15	The facility was repaid in October 2013.
-16	The initial maturity date was November 22, 2013 and the Company did not exercise the extension option.
-17	The initial maturity date is July 30, 2015, with three one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-18	Represents the weighted average contractual interest rate as of December 31, 2013, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-19	Recourse solely with respect to certain types of loans as defined in the governing documents.
-20	The initial maturity is March 11, 2014, with four one-year extensions at the Company’s option, which may be exercised upon the satisfaction of certain customary conditions set forth in the governing documents.
-21	Represents the weighted average contractual interest rate as of December 31, 2013, which varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%.
-22	Principal amount differs from carrying value on the consolidated balance sheets due to the unamortized discount associated with the equity component of the notes.
-23	Paid off at par at maturity in June 2013.
-24	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2014.
-25	The holders have repurchase rights which may require the Company to repurchase the notes on March 15, 2016.
-26	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019.
-27	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028.
-28	Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for the first ten years after which the interest rate will float and reset quarterly at rates ranging from three-month LIBOR plus 2.50% to 2.90%.
-29	The change from prior year is the result of deconsolidation of certain N-Star CDOs and the liquidation of N-Star CDO II. Refer to Note 3 for further disclosure.
Schedule of principal amount on the borrowings, based on maturity	'
	The following table presents scheduled principal on borrowings, based on final maturity as of December 31, 2013 (dollars in thousands):
		Total			Mortgage				CDO Bonds				Securitization				Credit				Exchangeable			Junior
					and Other Notes				Payable				Bonds Payable				Facilities				Senior Notes(1)			Subordinated
					Payable																			Notes
	2014	$	27,190		$	14,235			$	—			$	—			$	—			$	12,955		$	—
	2015	130,255			130,255				—				—				—				—			—
	2016	299,456			126,956				—				—				—				172,500			—
	2017	278,049			278,049				—				—				—				—			—
	2018	127,228			57,190				—				—				70,038				—			—
	Thereafter	3,197,682			1,506,649				970,219				82,337				—				358,360			280,117
	Total	$	4,059,860		$	2,113,334			$	970,219			$	82,337			$	70,038			$	543,815		$	280,117
	____________________________________________________________
	-1	The 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, March 15, 2031, June 15, 2032 and June 15, 2033, respectively. The above table reflects the holders’ repurchase rights which may require the Company to repurchase the 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes on June 15, 2014, March 15, 2016, June 15, 2019 and June 15, 2023, respectively.
Summary of components of the outstanding exchangable senior notes	'
	The following table presents the components of outstanding exchangeable senior notes as of December 31, 2013 and 2012 (dollars in thousands):
			31-Dec-13											31-Dec-12
			Principal Amount			Unamortized Discount(1)				Carrying Value				Principal Amount				Unamortized Discount				Carrying Value
	11.50% Notes		$	—		$	—			$	—			$	35,710			$	(99	)		$	35,611
	7.25% Notes		12,955			—				12,955				12,955				—				12,955
	7.50% Notes		172,500			(7,134		)		165,366				172,500				(9,904		)		162,596
	8.875% Notes		13,360			(292		)		13,068				82,000				(2,131		)		79,869
	5.375% Notes		345,000			(45,416		)		299,584				—				—				—
	Total		$	543,815		$	(52,842	)		$	490,973			$	303,165			$	(12,134	)		$	291,031
	______________________
	-1	The remaining amortization period for the 7.50% Notes, 8.875% Notes and 5.375% Notes is 2.2 years, 5.5 years and 9.5 years, respectively.
Schedule of components of interest expense related to outstanding exchangable senior notes	'
	The following table presents the components of interest expense related to outstanding exchangeable senior notes for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
			Interest and Amortization Expense
	Years Ended		Interest Expense			Amortization Expense(1)				Total Interest Expense
	2013		$	32,475		$	8,416			$	40,891
	2012		22,204			5,025				27,229
	2011		18,872			4,490				23,362
	_________________________
	-1	The effective interest rate of the 7.25% Notes, 7.50% Notes, 8.875% Notes and 5.375% Notes was 8.0%, 9.6%, 9.4% and 7.3% for the year ended December 31, 2013, respectively.

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of LTIP Unit grants	'
	The following table presents the status of all LTIP Unit grants as of December 31, 2013 and 2012 (units in thousands):
		December 31, 2013				December 31, 2012
		LTIP Unit		Weighted		LTIP Unit		Weighted
		Grants(2)		Average		Grants		Average
				Grant Price				Grant Price
	Beginning balance(1)	6,228		$	6.66	4,208		$	7.53
	Granted	4,333		8.1		2,306		5.59
	Converted to common stock	(1,341	)	7.9		(277	)	11.09
	Forfeited	(2	)	5.38		(9	)	5.38
	Ending Balance/Weighted Average	9,218		$	7.15	6,228		$	6.66
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2013 and 2012 for the periods ended December 31, 2013 and 2012, respectively.
	-2	Includes 698,142 LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan, of which 667,509 LTIP Units have been converted.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Stockholders' Equity Note [Abstract]	'
Schedule of common stock issued during the period	'
	The following table presents common stock issued for the year ended December 31, 2013 (dollars in thousands):
			Number of shares			Price per share (1)				Net proceeds
	Feb-13		34,500,000			$	8.39			$	280,218
	Aug-13		40,250,000			$	9.6			376,099
	Dec-13		57,500,000			$	11.65			649,302
	Total		132,250,000							$	1,305,619
	____________________
	(1) Includes the full over-allotment option exercised by the underwriters of the offering.
Schedule classes of cumulative redeemable preferred stock issued and outstanding	'
	The following table presents classes of cumulative redeemable preferred stock issued in a public offering and outstanding as of December 31, 2013 (dollars in thousands):
			Number of Shares			Amount (1)
	Series A 8.75%		2,466,689			$	59,453
	Series B 8.25%		13,998,905			323,757
	Series C 8.875%(2)		5,000,000			120,808
	Series D 8.50%(3)		8,000,000			193,334
	Total		29,465,594			$	697,352
	__________________________________
	-1	250 million shares have been authorized and all shares have a $0.01 par value. All preferred shares have a $25 per share liquidation preference.
	-2	The Series C shares are currently not callable.
	-3	Issued in April 2013 and includes the over-allotment option.
Schedule of outstanding warrants issued to purchase shares of the Company's common stock	'
	The following table presents outstanding warrants issued to purchase shares of the Company’s common stock as of December 31, 2013:
	Issue Date		Expiration Date		Number			Exercise Price
	October 2009(1)		Oct-19		500,000			$	7.5
	October 2009(1)		Oct-20		250,000			$	8.6
	October 2009(1)		Oct-21		250,000			$	10.75
	June 2010(2)		Jun-20		2,000,000			$	7.6
	Total				3,000,000
	________________________
	-1	Issued in connection with an amendment to a secured term loan with Wachovia Bank, NA.
	-2	Issued in connection with the repayment and extinguishment of a secured term loan with Wachovia Bank, NA.
Summary of dividends declared (on a per share basis)	'
	The following table presents dividends declared (on a per share basis) for the years ended December 31, 2013, 2012 and 2011:
	Common Stock						Preferred Stock
									Dividend
	Declaration		Dividend				Declaration		Series A				Series B		Series C		Series D
	Date						Date
	2013
	February 13		$	0.18			February 1		$	0.54688			$	0.51563	$	0.76424	N/A
	May 1		$	0.19			May 1		$	0.54688			$	0.51563	$	0.55469	$	0.2066
	31-Jul		$	0.2			31-Jul		$	0.54688			$	0.51563	$	0.55469	$	0.53125
	30-Oct		$	0.21			30-Oct		$	0.54688			$	0.51563	$	0.55469	$	0.53125
	2012
	February 15		$	0.135			30-Jan		$	0.54688			$	0.51563	N/A		N/A
	May 2		$	0.15			May 2		$	0.54688			$	0.51563	N/A		N/A
	2-Aug		$	0.16			2-Aug		$	0.54688			$	0.51563	N/A		N/A
	1-Nov		$	0.17			1-Nov		$	0.54688			$	0.51563	N/A		N/A
	2011
	19-Jan		$	0.1			14-Feb		$	0.54688			$	0.51563	N/A		N/A
	May 4		$	0.1			May 25		$	0.54688			$	0.51563	N/A		N/A
	3-Aug		$	0.1			19-Aug		$	0.54688			$	0.51563	N/A		N/A
	2-Nov		$	0.125			15-Nov		$	0.54688			$	0.51563	N/A		N/A
Schedule of calculation of earnings per share	'
	The following table presents EPS for the years ended December 31, 2013, 2012 and 2011 (dollars and shares in thousands, except per share data):
			Years Ended December 31,
			2013				2012				2011
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		$	(137,453	)		$	(288,587	)		$	(263,014	)
	Net income (loss) attributable to LTIP Units non-controlling interest		(5,571		)		(13,962		)		(12,780		)
	Net income (loss) attributable to common stockholders and LTIP Units(1)		$	(143,024	)		$	(302,549	)		$	(275,794	)
	Denominator:(1)
	Weighted average shares of common stock		211,816				125,199				89,349
	Weighted average LTIP Units(2)		9,162				6,025				4,278
	Weighted average shares of common stock and LTIP Units		220,978				131,224				93,627
	Earnings (loss) per share:
	Basic		$	(0.65	)		$	(2.31	)		$	(2.94	)
	Diluted		$	(0.65	)		$	(2.31	)		$	(2.94	)
	____________________________________________________________
	-1	Excludes the effect of RSUs, exchangeable senior notes and warrants outstanding and exercisable as of December 31, 2013, 2012 and 2011 that were not dilutive for the respective periods. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.
	-2	The EPS calculation takes into account LTIP Units which receive non-forfeitable dividends from the date of grant, share equally in the Company’s net income (loss) and convert on a one-for-one basis into common stock.

Noncontrolling_Interests_Table

Non-controlling Interests (Tables)	12 Months Ended
	Dec. 31, 2013
Noncontrolling Interest [Abstract]	'
Schedule of net income (loss) attributable to the Company's common stockholders	'
	The following table presents net income (loss) attributable to the Company’s common stockholders for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
		Years Ended December 31,
		2013			2012			2011
	Income (loss) from continuing operations	$	(129,394	)	$	(290,451	)	$	(279,545	)
	Income (loss) from discontinued operations	(8,059		)	(123		)	125
	Gain on sale from discontinued operations	—			1,987			16,406
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(137,453	)	$	(288,587	)	$	(263,014	)

Fair_Value_Tables

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Schedule of financial assets and liabilities accounted at fair value on recurring basis by level within fair value hierarchy	'
	The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012 by level within the fair value hierarchy (dollars in thousands):
		December 31, 2013
		Level 1				Level 2				Level 3				Total
	Assets:
	Investments in private equity funds, at fair value	$	—			$	—			$	586,018			$	586,018
	RXR Investment(1)	—				—				192,419				192,419
	Real estate securities, available for sale:
	N-Star CDO bonds	—				—				205,287				205,287
	N-Star CDO equity	—				—				158,274				158,274
	CMBS and other securities	—				20,694				25,981				46,675
	CRE securities in N-Star CDOs
	CMBS	—				507,725				64,576				572,301
	Third-party CDO notes	—				—				24,931				24,931
	Agency debentures	—				29,540				—				29,540
	Unsecured REIT debt	—				9,521				—				9,521
	Trust preferred securities	—				—				5,791				5,791
	Subtotal real estate securities, available for sale	—				567,480				484,840				1,052,320
	Derivative assets	—				3,469				—				3,469
	Total assets	$	—			$	570,949			$	1,263,277			$	1,834,226
	Liabilities:
	CDO bonds payable	$	—			$	—			$	384,183			$	384,183
	Junior subordinated notes	—				—				201,203				201,203
	Derivative liabilities	—				52,204				—				52,204
	Total liabilities	$	—			$	52,204			$	585,386			$	637,590
	____________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment for which the fair value option was elected.
		December 31, 2012
		Level 1				Level 2				Level 3				Total
	Assets:
	Real estate securities, available for sale:
	CMBS	$	—			$	703,327			$	280,691			$	984,018
	Third-party CDO notes	—				420				47,816				48,236
	Unsecured REIT debt	—				56,246				135				56,381
	Trust preferred securities	—				—				9,571				9,571
	Agency debentures	—				26,462				—				26,462
	Subtotal	—				786,455				338,213				1,124,668
	Derivative assets	—				6,229				—				6,229
	Total assets	$	—			$	792,684			$	338,213			$	1,130,897
	Liabilities:
	CDO bonds payable(1)	$	—			$	—			$	1,999,470			$	1,999,470
	Junior subordinated notes	—				—				197,173				197,173
	Derivative liabilities	—				170,840				—				170,840
	Total liabilities	$	—			$	170,840			$	2,196,643			$	2,367,483
	____________________________________________________________
	-1	Excludes CapLease CDO bonds payable for which the fair value option was not elected.
Schedule of additional information about the financial assets and liabilities measured at fair value on a recurring basis	'
	The following table presents additional information about financial assets and liabilities which are measured at fair value on a recurring basis as of December 31, 2013 and 2012, for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):
		December 31, 2013																		December 31, 2012
		Investments				RXR Investment(1)				Real Estate				CDO Bonds			Junior			Real Estate			CDO Bonds			Junior
		in Private								Securities				Payable			Subordinated			Securities			Payable			Subordinated
		Equity Funds															Notes									Notes
	Beginning balance(2)	$	—			$	—			$	338,213			$	1,999,470		$	197,173		$	422,607		$	2,145,239		$	157,168
	Transfers into Level 3(3)	—				—				7,788				—			—			84,871			—			—
	Transfers out of Level 3(3)	—				—				(108,143		)		—			—			(91,161		)	—			—
	Purchases / borrowings / amortization / contributions	747,564				192,209				23,594				43,983			—			59,559			99,775			—
	Sales	—				—				(40,328		)		—			—			(95,433		)	—			—
	Paydowns / distributions	(244,138		)		—				(54,971		)		(647,947		)	—			(80,911		)	(675,038		)	—
	Repurchases	—				—				—				(44,221		)	—			—			(103,118		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	82,592				210				—				—			—			—			—			—
	Unrealized gains included in earnings	—				—				68,794				—			—			59,048			—			—
	Realized gains included in earnings	—				—				15,179				—			—			25,431			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—				—				3,098				—			—			6,982			—			—
	Deconsolidation of N-Star CDOs(3)	—				—				350,886				(1,656,857		)	—			—			—			—
	Losses:
	Unrealized losses included in earnings	—				—				(19,523		)		106,622			4,030			(47,795		)	510,105			40,005
	Realized losses included in earnings	—				—				(5,601		)		26,697			—			(4,416		)	22,507			—
	Unrealized losses on real estate securities, available for sale included in OCI	—				—				(4,138		)		—			—			(569		)	—			—
	Deconsolidation of N-Star CDOs(4)	—				—				(90,008		)		556,436			—			—			—			—
	Ending balance	$	586,018			$	192,419			$	484,840			$	384,183		$	201,203		$	338,213		$	1,999,470		$	197,173
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—			$	—			$	20,746			$	93,025		$	(4,030	)	$	14,481		$	(320,134	)	$	(40,005	)
	____________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment, for which the fair value option was elected.
	-2	Represents the balance as of January 1, 2013 and 2012 and for the periods ended December 31, 2013 and 2012, respectively.
	-3	Transfers between Level 2 and Level 3 represent a fair value measurement from a third-party pricing service or broker quotations that have become more or less observable during the period. Transfers are assumed to occur at the beginning of the year.
	-4	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Fair Value Inputs, Assets, Quantitative Information	'
	For the year ended December 31, 2013, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows:
		Fair Value				Valuation Technique		Key Unobservable Inputs		Range
	PE Investments	$	586,018			Discounted Cash Flow Model		Discount Rate		18% - 25%
	RXR Investment(1)	$	192,419			Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread		7.5% - 12%
	N-Star CDO equity	$	158,274			Discounted Cash Flow Model		Discount Rate		18% - 20%
	____________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment, for which the fair value option was elected.
Schedule of fair value of financial instruments for which the fair value option was elected	'
	following table presents the fair value of financial instruments for which the fair value option was elected as of December 31, 2013 and 2012 (dollars in thousands):
		December 31,
		2013				2012
	Assets:
	Investments in private equity funds, at fair value	$	586,018			$	—
	RXR Investment(1)	192,419				—
	Real estate securities, available for sale:
	N-Star CDO equity	158,274				—
	CMBS and other securities(2)	30,642				20,668
	CRE securities in N-Star CDOs
	CMBS	572,301				897,800
	Third-party CDO notes	24,931				25,756
	Agency debentures	29,540				26,462
	Unsecured REIT debt	9,521				56,381
	Trust preferred securities	5,791				9,571
	Subtotal CRE securities in N-Star CDOs	642,084				1,015,970
	Total assets	$	1,609,437			$	1,036,638
	Liabilities:
	CDO bonds payable(3)	$	384,183			$	1,999,470
	Junior subordinated notes	201,203				197,173
	Total liabilities	$	585,386			$	2,196,643
	___________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity debt investment for which the fair value option was elected.
	-2	December 31, 2013 excludes 36 CRE securities with an aggregate carrying value of $221.3 million for which the fair value option was not elected. December 31, 2012 excludes 21 CRE securities with an aggregate carrying value of $88.0 million for which the fair value option was not elected.
	-3	December 31, 2012 excludes CapLease CDO bonds payable with a carrying value of $113.0 million for which the fair value option was not elected.
Schedule of difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected	'
	The following table presents the difference between the fair value and the aggregate principal amount of liabilities, for which the fair value option has been elected as of December 31, 2013 (dollars in thousands):
		Fair Value				Amount				Difference
						Due Upon
						Maturity
	CDO bonds payable	$	384,183			$	970,219			$	(586,036	)
	Junior subordinated notes	201,203				280,117				(78,914		)
	Total	$	585,386			$	1,250,336			$	(664,950	)
Schedule of change in fair value of financial assets and liabilities in the consolidated statements of operations	'
	The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
			Years Ended December 31,
			2013(3)				2012				2011
	Assets:
	Real estate securities, available for sale		$	94,679			$	35,993			$	(186,136	)
	Liabilities:
	CDO bonds payable		(106,622		)		(510,105		)		(197,054		)
	Junior subordinated notes		(4,030		)		(40,005		)		34,067
	Subtotal(1)		(15,973		)		(514,117		)		(349,123		)
	Derivatives		33,730				44,743				(38,203		)
	Total(2)		$	17,757			$	(469,374	)		$	(387,326	)
	____________________________________________________________
	-1	Represents financial assets and liabilities for which the fair value option was elected.
	-2	Excludes net cash payments on interest rate swaps related to CDO bonds payable and junior subordinated notes.
	-3	Includes a reversal of net unrealized gains from the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities	'
	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of December 31, 2013 and 2012 (dollars in thousands):
		December 31, 2013												December 31, 2012
		Principal /				Carrying				Fair Value				Principal /			Carrying			Fair Value
		Notional				Value								Notional			Value
		Amount												Amount
	Financial assets:(1)
	Real estate debt investments, net	$	1,085,280			$	1,031,078			$	1,026,709			$	2,371,464		$	1,832,231		$	1,763,851
	Real estate securities, available for sale(2)	2,090,726				1,052,320				1,052,320				2,539,075			1,124,668			1,124,668
	Derivative assets(2)(3)	478,688				3,469				3,469				815,500			6,229			6,229
	Financial liabilities:(1)
	Mortgage and other notes payable	$	2,113,334			$	2,113,334			$	2,107,110			$	1,015,670		$	1,015,670		$	1,034,428
	CDO bonds payable(2)	970,219				384,183				384,183				3,371,753			2,112,441			2,108,817
	Securitization bonds payable	82,337				82,340				82,517				98,131			98,005			98,298
	Credit facilities	70,038				70,038				70,038				61,088			61,088			61,088
	Secured term loan	—				—				—				14,664			14,664			15,276
	Exchangeable senior notes	543,815				490,973				909,601				303,165			291,031			357,627
	Junior subordinated notes(2)	280,117				201,203				201,203				280,117			197,173			197,173
	Derivative liabilities(2)(3)	674,418				52,204				52,204				1,392,269			170,840			170,840
	____________________________________________________________
	-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
	-2	Refer to the “Determination of Fair Value” above for disclosure of methodologies used to determine fair value.
	-3	Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million and $68.9 million as of December 31, 2013 and 2012, respectively.
Summary of exchangeable senior notes	'
	The following table presents the exchangeable senior notes as of December 31, 2013 (dollars in thousands):
		Principal				Carrying				Fair
		Amount				Value				Value
	7.25% Notes	$	12,955			$	12,955			$	13,092
	7.50% Notes	172,500				165,366				390,540
	8.875% Notes	13,360				13,068				30,593
	5.375% Notes	345,000				299,584				475,376
	Total	$	543,815			$	490,973			$	909,601

Risk_Management_and_Derivative1

Risk Management and Derivative Activities (Tables)	12 Months Ended
	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Summary of derivative instruments that were not designated as hedges under U.S. GAAP	'
	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of December 31, 2013 and 2012 (dollars in thousands):
		Number				Notional				Fair Value				Range of	Range of Maturity
						Amount(1)				Net Asset				Fixed LIBOR
										(Liability)
	As of December 31, 2013:
	Interest rate swaps	19				$	674,418			$	(52,204	)	(2)	4.27% ‑ 5.25%	May 2014 ‑ July 2018
	Interest rate caps/floors	3				478,688				3,469				1.64% ‑ 5.00%	July 2014 - January 2015
	Total	22				$	1,153,106			$	(48,735	)
	As of December 31, 2012:
	Interest rate swaps	34				$	1,392,269			$	(170,840	)	(2)	4.55% - 5.63%	May 2013 - October 2019
	Interest rate caps/floors	5				815,500				6,229				1.64% - 7.00%	January 2013(3) - October 2014
	Total	39				$	2,207,769			$	(164,611	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million and $68.9 million as of December 31, 2013 and 2012, respectively.
	-2	All of the interest rate swaps were liabilities at period end and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO’s investments exceeded the fair value of the CDO’s derivative liabilities, a credit valuation adjustment was not recorded.
	-3	Two floors with a total notional amount of $450.0 million were extended to July 2014.
Schedule of fair value of the derivative instruments as well as their classification on consolidated balance sheets	'
	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of December 31, 2013 and 2012 (dollars in thousands):
					December 31,
			Balance Sheet Location		2013				2012
	Interest rate caps/floors		Derivative assets		$	3,469			$	6,229
	Interest rate swaps		Derivative liabilities		$	52,204			$	170,840
Schedule of the effect of the derivative instruments on consolidated statements of operations	'
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands):
				Years Ended December 31,
		Statements of Operations Location		2013				2012				2011
	Amount of gain (loss) recognized in earnings:
	Adjustments to fair value interest rate swaps	Unrealized gain (loss) on investment and other		$	33,730			$	44,743			$	(38,203	)
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investment and other		$	(52,734	)		$	(78,903	)		$	(102,578	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities		$	(4,885	)		$	(7,412	)		$	(7,491	)
	Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	Gain (loss) from deconsolidation		$	(15,246	)		$	—			$	—

Commitments_and_Contingencies_

Commitments and Contingencies Commintments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of future minimum rental payments for operating leases	'
	The following table presents minimum future rental payments under these contractual lease obligations as of December 31, 2013 (dollars in thousands):
	Years Ending December 31:(1)
	2014		$	5,611
	2015		5,528
	2016		5,579
	2017		4,604
	2018		3,134
	Thereafter		13,660
	Total minimum lease payments		$	38,116
	____________________________________________________________
	-1	Includes the extension of the lease in the Dallas, Texas office that occurred in January 2014.

Quarterly_Financial_Informatio1

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Supplemental Income Statement Elements [Abstract]	'
Schedule of the Company's selected quarterly information, which reflects prior period reclassificaitons related to discontinued operations	'
	The following presents selected quarterly information, which reflects prior period reclassifications related to discontinued operations, for the years ended December 31, 2013 and 2012 (dollars in thousands):
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2013			2013			2013			2013
	Net interest income on debt and securities		$	80,330		$	65,009		$	61,560		$	58,938
	Other revenues		84,962			82,182			103,805			59,836
	Expenses		117,114			112,876			135,404			95,194
	Income (loss) from operations		48,178			34,315			29,961			23,580
	Income (loss) from continuing operations		13,253			(141,746		)	(621		)	49,560
	Net income (loss)		4,689			(141,749		)	(546		)	49,696
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(10,422		)	(151,027		)	(12,626		)	36,622
	Earnings (loss) per share:
	Basic		$	(0.04	)	$	(0.68	)	$	(0.06	)	$	0.21
	Diluted		$	(0.04	)	$	(0.68	)	$	(0.06	)	$	0.2
	__________________
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.
			Three Months Ended
			December 31,			September 30,			June 30,			March 31,
			2012			2012			2012			2012
	Net interest income on debt and securities		$	130,698		$	70,254		$	67,462		$	67,082
	Other revenues		47,823			42,236			40,362			34,648
	Expenses		85,224			76,763			73,804			72,368
	Income (loss) from operations		93,297			35,727			34,020			29,362
	Income (loss) from continuing operations		(16,686		)	(150,650		)	(76,768		)	(30,936		)
	Net income (loss)		(15,802		)	(150,611		)	(76,120		)	(30,556		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders		(27,582		)	(149,577		)	(77,511		)	(33,917		)
	Earnings (loss) per share:
	Basic		$	(0.20	)	$	(1.11	)	$	(0.62	)	$	(0.33	)
	Diluted		$	(0.20	)	$	(1.11	)	$	(0.62	)	$	(0.33	)
	_________________
	-1	The total for the year may differ from the sum of the quarters as a result of weighting.

Segment_Reporting_Tables

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Schedule of segment reporting	'
	The following tables present segment reporting (dollars in thousands):
	Statement of Operations:													N-Star CDOs(2)
	Year ended December 31, 2013:	Real				CRE			Asset			CRE		CRE			CRE			Corporate(3)				Eliminations(1)			Consolidated
		Estate				Debt			Management(1)			Securities		Debt			Securities										Total
	Net interest income on debt and securities	$	511			$	48,991		$	—		$	37,557	$	50,678		$	84,599		$	43,501		(4)	$	—		$	265,837
	Rental and escalation income	203,134				260			—			—		32,098			—			—				—			235,492
	Asset management and other fees, related parties	—				—			37,700			—		—			—			—				(10,399		)	27,301
	Income (loss) from operations	(17,950		)	(5)	49,257			30,382			37,285		31,786			90,118			(84,844		)		—			136,034
	Equity in earnings (losses) of unconsolidated ventures	82,330				3,550			355			—		(758		)	—			—				—			85,477
	Gain (loss) from deconsolidation of N-Star CDOs	—				—			—			—		(327,083		)	27,281			—				—			(299,802		)
	Income (loss) from continuing operations	75,961				55,107			30,057			84,632		(319,445		)	93,916			(99,782		)		—			(79,554		)
	Net income (loss)	67,605				55,107			30,057			84,632		(319,445		)	93,916			(99,782		)		—			(87,910		)
	Balance Sheet:
	December 31, 2013:
	Investments in private equity funds, at fair value	$	586,018			$	—		$	—		$	—	$	—		$	—		$	—			$	—		$	586,018
	Investments in and advances to unconsolidated ventures	29,599				98,358			10,384			—		—			—			3,999				—			142,340
	Total Assets	3,335,938				1,211,079			37,421			418,837		15,169			714,458			627,148				—			6,360,050
	____________________
	-1	$11.1 million of collateral management fees were earned related to CDO financing transactions for the year ended December 31, 2013, of which $10.4 million were eliminated in consolidation. These amounts are recorded as asset management and other fees and as an expense in the N-Star CDO segments.
	-2	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments.
	-3	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Includes depreciation and amortization of $75.8 million for the year ended December 31, 2013.
	Statement of Operations:													N-Star CDOs(2)
	Year ended December 31, 2012:	Real				CRE			Asset			CRE		CRE			CRE			Corporate(3)				Eliminations(1)			Consolidated
		Estate				Debt			Management(1)			Securities		Debt			Securities										Total
	Net interest income on debt and securities	$	159			$	15,347		$	—		$	16,743	$	146,977		$	117,320		$	38,950		(4)	$	—		$	335,496
	Rental and escalation income	82,200				—			—			—		30,296			—			—				—			112,496
	Asset management and other fees, related parties	—				—			22,268			—		—			—			—				(14,352		)	7,916
	Income (loss) from operations	3,956			(5)	13,866			17,260			16,077		96,436			115,201			(70,390		)		—			192,406
	Equity in earnings (losses) of unconsolidated ventures	(1,936		)		1,904			(167		)	—		287			—			—				—			88
	Income (loss) from continuing operations	42,927				16,915			17,093			22,993		(175,974		)	(95,027		)	(103,967		)		—			(275,040		)
	Net income (loss)	42,260				16,915			17,093			22,993		(173,356		)	(95,027		)	(103,967		)		—			(273,089		)
	Balance Sheet:
	December 31, 2012:
	Investments in and advances to unconsolidated ventures	$	30,293			$	70,585		$	6,149		$	—	$	—		$	—		$	3,998			$	—		$	111,025
	Total Assets	1,189,193				383,998			34,177			195,803		2,282,847			1,035,862			391,898				—			5,513,778
	_______________________________________________
	-1	Represents $14.4 million of collateral management fees related to CDO financing transactions for year ended December 31, 2012, that were eliminated in consolidation. These amounts are recorded as asset management and other fees and as an expense in the N-Star CDO segments.
	-2	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments.
	-3	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Includes depreciation and amortization of $27.0 million for the year ended December 31, 2012.
	Statement of Operations:													N-Star CDOs(2)
	Year ended December 31, 2011:	Real				CRE			Asset			CRE		CRE			CRE			Corporate(3)				Eliminations(1)			Consolidated
		Estate				Debt			Management(1)			Securities		Debt			Securities										Total
	Net interest income on debt and securities	$	143			$	1,600		$	—		$	8,122	$	171,424		$	158,108		$	16,524		(4)	$	—		$	355,921
	Rental and escalation income	89,730				—			—			—		18,664			—			155				—			108,549
	Asset management and other fees, related parties	—				—			18,273			—		—			—			—				(17,314		)	959
	Income (loss) from operations	(11,264		)	(5)	796			7,800			7,866		83,929			146,511			(85,884		)		—			149,754
	Equity in earnings (losses) of unconsolidated ventures	(3,387		)		—			(48		)	—		697			—			—				—			(2,738		)
	Income (loss) from continuing operations	(32,830		)		(2,600		)	7,752			1,666		54,959			(234,454		)	(54,348		)		—			(259,855		)
	Net income (loss)	(18,050		)		(2,600		)	7,752			1,666		57,508			(234,454		)	(54,348		)		—			(242,526		)
	Balance Sheet:
	December 31, 2011:
	Investments in and advances to unconsolidated ventures	$	20,044			$	68,174		$	4,183		$	—	$	—		$	—		$	3,742			$	—		$	96,143
	Total Assets	887,858				71,198			12,239			125,669		2,360,466			1,393,231			155,776				—			5,006,437
	___________________________________________________________
	-1	Represents $17.3 million of collateral management fees related to CDO financing transactions for year ended December 31, 2011, that were eliminated in consolidation. These amounts are recorded as asset management and other fees and as an expense in the N-Star CDO segments.
	-2	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments.
	-3	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-4	Represents income earned from CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments.
	-5	Includes depreciation and amortization of $28.2 million for the year ended December 31, 2011.

Supplemental_Disclosures_of_No1

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	12 Months Ended
	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'
Summary of non-cash investing and financing activities	'
	The following table presents non-cash investing and financing activities for the years ended December 31, 2013, 2012 and 2011 dollars in thousands):
		Years Ended December 31,
		2013 (2)		2012		2011
	Real estate acquisition(1)	$	135,361	$	62,236	$	318,386
	Reduction of CRE debt investments(1)	135,361		62,236		123,682
	Reduction of operating real estate via taking title	—		—		50,029
	Assumption of mortgage notes payable(1)	—		—		248,252
	Assignment of mortgage note payable via sale	7,813		—		73,577
	Reduction of mortgage note payable due to foreclosure	—		—		47,372
	Increase in restricted cash(1)	2,730		—		12,275
	Non-cash related to PE Investments	17,473		—		—
	Deferred purchase price for PE Investment III (refer to Note 6)	39,760		—		—
	Reclassification of operating real estate to asset held for sale	30,063		1,046		—
	Reclassification of operating real estate to other assets	89,219		—		—
	Reclassification of operating real estate to deferred costs and intangible assets	25,497		7,536		—
	Reclassification of real estate debt investment to other assets	8,952		—		—
	Reclassification from equity to liabilities for prior year accrued equity compensation	—		—		2,136
	Reclassification of mortgage note payable to liabilities held for sale	28,962		—		—
	Escrow deposit payable related to CRE debt investments	57,226		37,176		7,747
	Dividends payable related to RSUs	2,128		—		—
	Activity in non-controlling interest	—		2,358		144
	Elimination of mortgage notes payable upon acquisition of CRE debt investment	—		—		36,252
	Equity component of exchangeable senior notes	45,740		2,179		14,318
	Conversion of exchangeable senior notes	74,778		—		—
	Common stock related to transactions (refer to Note 12)	17,712		—		—
	Increase of restricted cash in connection with swap collateral	—		—		22,389
	Decrease of restricted cash in connection with swap collateral	—		22,037		—
	Assignment of CRE debt investment	—		26,100		—
	Discount on CRE debt investment	—		2,516		—
	Elimination of CRE securities	—		—		11,205
	Redemption of LTIP Units for common stock	10,129		3,149		8,481
	Due from related party	—		11,795		—
	Consolidation of assets of CDOs	—		—		212,205
	Consolidation of liabilities of CDOs	—		—		201,409
	____________________________________________________________
	-1	Non-cash activity occurred in connection with taking title to collateral.
	-2	Refer to Note 3 for non-cash investing and financing activities related to the deconsolidation of certain N-Star CDOs.

Business_and_Organization_Narr

Business and Organization Narrative (Details)	0 Months Ended
	Dec. 10, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Length of Management Contract Term	'20 years

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'
Number of days past due for suspension of income recognition	'90 days
Future minimum rental income under leases [Abstract]	'
2014	$80,574,000
2015	78,507,000
2016	72,240,000
2017	58,729,000
2018	46,775,000
Thereafter	158,655,000
Total	495,480,000
Building (fee interest) | Minimum	'
Operating Real Estate [Abstract]	'
term	'30 years
Building (fee interest) | Maximum	'
Operating Real Estate [Abstract]	'
term	'40 years
Building (leasehold interest) | Minimum	'
Operating Real Estate [Abstract]	'
term	'40 years
Land improvements | Minimum	'
Operating Real Estate [Abstract]	'
term	'10 years
Land improvements | Maximum	'
Operating Real Estate [Abstract]	'
term	'30 years
NS Real Estate Income Trust Advisor, LLC [Member]	'
Property, Plant and Equipment [Line Items]	'
Stock Issued During Period Value New Issues Gross Proceeds	$1,100,000,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies-Intangible Assets (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Above Market Leases	'	'	'
Intangible Assets [Abstract]	'	'	'
Gross amount	$6,264,000	$21,180,000	'
Accumulated amortization	-4,351,000	-7,646,000	'
Total	1,913,000	13,534,000	'
Other Intangible Assets	'	'	'
Finite-lived Intangible Assets [Line Items]	'	'	'
Amortization expense recorded	15,400,000	13,700,000	13,400,000
Estimated annual amortization of intangible assets and liabilities [Abstract]	'	'	'
2014	11,799,000	'	'
2015	10,474,000	'	'
2016	9,307,000	'	'
2017	7,293,000	'	'
2018	5,388,000	'	'
Thereafter	6,591,000	'	'
Intangible Assets [Abstract]	'	'	'
Gross amount	93,037,000	106,453,000	'
Accumulated amortization	-42,185,000	-46,329,000	'
Total	50,852,000	60,124,000	'
Below Market Leases	'	'	'
Intangible Liabilities [Abstract]	'	'	'
Gross amount	19,499,000	42,017,000	'
Accumulated amortization	-10,799,000	-13,919,000	'
Total	8,700,000	28,098,000	'
Above and Below Market Leases, Net	'	'	'
Finite-lived Intangible Assets [Line Items]	'	'	'
Amortization expense recorded	1,400,000	1,400,000	1,000,000
Estimated annual amortization of intangible assets and liabilities [Abstract]	'	'	'
2014	934,000	'	'
2015	873,000	'	'
2016	855,000	'	'
2017	898,000	'	'
2018	571,000	'	'
Thereafter	2,656,000	'	'
Total	$6,787,000	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies Summary of Significant Accounint Policies-Income Taxes (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
	trs
Accounting Policies [Abstract]	'
Minimum percentage of taxable income to be distributed to stockholders for maintaining qualificaiton as REIT (percent)	90.00%
Number of entity's TRSs having net operating losses, which can be used to offset future operating income (trs)	1
Net operating losses of TRSs, which can be used to offse future operating income	$20.60
Period up to which net operating losses can generally be used to offset future operating income	'20 years
Deferred tax assets as a result of net operating losses	$8

Summary_of_Significant_Account5

Summary of Significant Accounting Policies Summary of Significant Accounting Policies-Other assets and liabilities (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Other assets:	'	'
Manufactured homes	$69,217	$12,707
Notes receivable	38,418	3,579
Investment-related reserves and deposits	11,127	32,325
Furniture, fixtures and equipment, net	6,977	6,821
Prepaid expenses	5,361	3,412
Timeshare	462	3,467
Other	14,169	15,818
Other Assets	145,731	78,129
Other liabilities:	'	'
PE Investment III deferred purchase price	39,760	0
Unearned revenue	2,029	46,677
Security deposits	9,294	5,247
Below-market leases	8,700	28,098
Other	14,091	6,053
Other Liabilities	$73,874	$86,075

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 28, 2013

Dec. 31, 2013

instrument

CMBS

Consolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

B-piece

Northstar Realty Finance Trusts I-VIII

cdo

Real estate debt investments, net

Junior Subordinated Notes

N-Star CDO bonds

N-Star CDO equity

CMBS

CRE Securities

Real Estate Securities

NorthStar Income

entity

Securitization

entity

Variable interest entities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of sponsored CDOs (CDO)

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

Number of Sponsored Collateralized Debt Obligations Collateralized By CRE Debt (CDO)

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

Number of Sponsored Collateralized Debt Obligations Collateralized By CRE Securities (CDO)

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

Number of CDOs in which equity interests were acquired (CDO)

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

Deconsolidation [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets of deconsolidated N-Star CDOs

($2,198,761,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liabilities of deconsolidated N-Star CDOs

1,770,907,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subtotal of net assets deconsolidated

-427,854,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

N-Star CDO bonds

191,449,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

N-Star CDO equity

159,437,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other

-166,739,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Subtotal

184,147,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification of unrealized gain (loss) to gain (loss) from deconsolidation

-40,849,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification from OCI of swap gain (loss) into gain (loss) from deconsolidation

-15,246,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total gain (loss) on deconsolidation of N-Star CDOs

-299,802,000

0

0

'

'

'

'

'

'

'

'

'

'

'

'

Debt instruments previously eliminated in consolidation (instruments)

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unconsolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of variable interest entities in which company is not primary beneficiary (entities)

'

'

'

'

'

'

1

'

'

'

'

'

6

'

'

Number of VIE securitizations for which the company was appointed as a special servicer (securitization)

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

Value of the entity acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

1,200,000,000

'

Carrying value and maximum exposure of unconsolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate debt investments, net

'

'

'

'

'

'

1,886,000

'

'

'

'

'

'

'

'

Real estate securities, available for sale:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate securities, available for sale

1,052,320,000

1,124,668,000

'

984,018,000

'

'

'

'

205,287,000

158,274,000

34,859,000

398,420,000

'

'

'

Maximum Exposure to Loss

'

'

'

'

'

400,306,000

1,886,000

'

205,287,000

158,274,000

34,859,000

398,420,000

'

'

3,700,000

Total assets

'

'

'

'

'

400,306,000

1,886,000

'

'

'

'

'

398,420,000

'

'

Junior subordinated notes, at fair value

201,203,000

197,173,000

'

'

'

'

'

201,203,000

'

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

201,203,000

'

201,203,000

'

'

'

'

'

'

'

Net

'

'

'

'

'

$199,103,000

$1,886,000

($201,203,000)

'

'

'

'

$398,420,000

'

'

Operating_Real_EstateDepreciat

Operating Real Estate-Depreciation (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate [Abstract]	'	'	'
Land	$461,133,000	$268,738,000	'
Land improvements	1,003,069,000	211,323,000	'
Buildings and improvements	1,036,752,000	967,727,000	'
Tenant improvements	31,811,000	69,304,000	'
Leasehold interests	12,322,000	12,322,000	'
Furniture and fixtures	15,415,000	9,075,000	'
Real estate investment property, at cost	2,560,502,000	1,538,489,000	'
Less: Accumulated depreciation	-190,997,000	-147,943,000	'
Total	2,369,505,000	1,390,546,000	'
REO	4,900,000	342,500,000	'
Operating real estate subject to mortgage notes payable	2,100,000,000	1,000,000,000	'
Depreciation expense	$76,100,000	$33,300,000	$29,100,000

Operating_Real_EstateText_Deta

Operating Real Estate-Text (Details) (USD $)

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Dec. 31, 2013

Apr. 30, 2013

Dec. 31, 2013

Apr. 30, 2013

Dec. 31, 2013

property

state

loan

loan

MH Joint Venture

MH Joint Venture

Multifamily Property 1

Multifamily Properties 2

Multifamily Properties 2

Multifamily Properties 3

Multifamily Properties 3

Assisted living facilities located in Minnesota

Assisted living facilities located in Minnesota

Memory care facility located in Connecticut

Memory care facility located in Connecticut

Weighted Average

Pad rental sites

Pad rental sites

Pad rental sites

Manufactured homes

community

state

loan

unit

property

unit

extension

LIBOR

LIBOR

Multifamily Properties 2

property

Weighted Average

state

unit

note

unit

note

note

property

community

state

Operating Real Estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of manufactured housing communities acquired as a portfolio (communities)

12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

71

'

'

'

Number of Pad Rental Sites

4,600

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of States in which Entity Operates

3

3

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties acquired as a portfolio (properties)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8

'

2

'

'

'

'

'

'

17,000

'

'

'

Number of states in which real estate properties are located (states)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

'

'

Aggregate purchase price of properties to be acquired, including all costs, escrows and reserves

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$865,300,000

'

'

'

Business Acquisition, Transaction Costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,200,000

'

'

'

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

2

'

'

'

'

'

'

8

'

'

'

Term of debt instrument

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

Acquisition of real estate properties financed through issuance of non-recourse mortgage notes

'

'

'

'

'

'

'

'

'

'

'

'

248,000,000

'

39,600,000

158,400,000

'

46,500,000

'

38,200,000

'

7,900,000

'

'

640,000,000

'

'

'

Debt, Weighted Average Interest Rate

4.92%

4.92%

'

'

'

'

'

'

'

4.92%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.28%

'

'

'

'

4.03%

'

'

4.02%

'

Percentage of equity interest (percent)

'

'

'

'

'

'

'

'

'

'

'

'

92.00%

92.00%

90.00%

95.00%

'

'

85.00%

'

'

'

'

'

98.00%

'

'

'

Consideration transferred excluding amount financed by debt

'

'

'

'

'

'

'

'

'

'

'

'

89,000,000

89,000,000

12,900,000

'

55,300,000

15,000,000

'

14,600,000

'

3,000,000

'

'

214,900,000

'

'

'

Revenues

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

64,600,000

'

'

Net income (loss)

'

-4,689,000

141,749,000

546,000

-49,696,000

15,802,000

150,611,000

76,120,000

30,556,000

87,910,000

273,089,000

242,526,000

'

'

'

'

'

'

'

'

'

'

'

'

'

13,700,000

'

'

Number of units within a facility acquired (units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

972

2,418

'

626

'

'

'

'

'

'

'

'

'

'

Acquisition cost

'

'

'

'

'

'

'

'

'

'

'

'

344,700,000

'

49,200,000

202,100,000

'

61,500,000

'

51,000,000

'

10,500,000

'

'

'

'

'

'

Number

'

'

'

'

'

'

'

'

'

44

152

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of assisted living communities acquired (units)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'LIBOR

'

'

'

'

'

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

2.75%

'

'

'

'

'

Mortgage loans on real estate number of extension options (extensions)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

Mortgage loans on real estate duration of extension options

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

REO acquired by taking title, in connection with certain CRE debt investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Original Loan Balance

1,085,280,000

1,085,280,000

'

'

'

2,371,464,000

'

'

'

1,085,280,000

2,371,464,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial REO Value

$2,369,505,000

$2,369,505,000

'

'

'

$1,390,546,000

'

'

'

$2,369,505,000

$1,390,546,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,298,373,000

Operating_Real_EstateBusiness_

Operating Real Estate-Business Combination (Details) (USD $)	Apr. 30, 2013	Dec. 31, 2013
	MH Portfolio 2	MH Portfolio 3
Operating Real Estate	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	'	$29,100,000
Assets:	'	'
Land	151,294,000	43,831,000
Land improvements	593,941,000	242,259,000
Buildings	11,271,000	6,375,000
Acquired in-place leases	18,375,000	7,122,000
Other assets acquired	88,194,000	45,123,000
Total assets acquired	863,075,000	344,710,000
Liabilities:	'	'
Mortgage notes payable	639,999,000	248,000,000
Other liabilities	3,203,000	'
Total liabilities	643,202,000	248,000,000
Total NorthStar Realty Finance Corp. stockholders’ equity	214,873,000	88,973,000
Non-controlling interests	5,000,000	7,737,000
Total equity	219,873,000	96,710,000
Total liabilities and equity	863,075,000	344,710,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Manufactured Homes	'	$12,200,000

Operating_Real_EstatePro_Forma

Operating Real Estate-Pro Forma (Details) (Pad rental sites, USD $)	3 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Pad rental sites	'	'	'
Operating Real Estate	'	'	'
Pro forma total revenues	$658,757	$639,520	$608,740
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($140,068)	($300,219)	($277,365)
Pro forma EPS—Basic (in dollars per share)	($0.66)	($2.40)	($3.10)
Pro forma EPS - Diluted (in dollars per share)	($0.66)	($2.40)	($3.10)

Operating_Real_EstateREO_roll_

Operating Real Estate-REO roll forward (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
	repossessed_asset
Real Estate [Abstract]	'
Number of repossessed assets (repossessed asset)	1
Original loan balance	$12,500,000
Initial REO value	6,900,000
Repossessed Assets [Roll Forward]	'
Beginning balance	344,056,000
Additions	201,110,000
Deconsolidation of N-Star CDOs	-533,016,000
Capital expenditures	2,692,000
Depreciation	-9,897,000
Ending balance	$4,945,000

Operating_Real_Estate_Details_

Operating Real Estate (Details 2) (USD $)	12 Months Ended							1 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Mar. 31, 2011
	facility			Timeshare ownership member	Timeshare ownership member	Timeshare ownership member	Manufactured homes	Midwest Holdings [Member]
				unit	unit	unit	home
Real Estate Sales and Discontinued Operations	'	'	'	'	'	'	'	'
Disposal Group Including Discontinued Operation Number Of Facilities Sold	18	'	'	'	'	'	'	'
Number of timeshare units sold	'	'	'	29	38	15	'	'
Sales proceeds	($1,695,000)	$19,640,000	($4,801,000)	$17,500,000	$22,700,000	$8,700,000	$7,200,000	'
Gain (Loss)	'	11,372,000	'	12,200,000	20,900,000	3,700,000	-1,200,000	'
Amount financed by seller for sale of units	'	'	'	600,000	900,000	2,300,000	4,700,000	'
Number of manufactured homes sold	'	'	'	'	'	'	436	'
Revenue	'	'	'	'	'	'	'	'
Rental and escalation income	3,736,000	7,202,000	9,057,000	'	'	'	'	'
Other revenue	92,000	'	219,000	'	'	'	'	'
Total revenue	3,828,000	7,202,000	9,276,000	'	'	'	'	'
Expenses	'	'	'	'	'	'	'	'
Other interest expense	1,893,000	1,934,000	4,129,000	'	'	'	'	'
Real estate properties—operating expenses	34,000	1,580,000	1,296,000	'	'	'	'	'
Other Expenses	195,000	66,000	0	'	'	'	'	'
Impairment on operating real estate(3)	8,613,000	966,000	0	'	'	'	'	'
Other general and administrative	79,000	1,076,000	1,585,000	'	'	'	'	'
Depreciation and amortization	1,370,000	1,708,000	2,135,000	'	'	'	'	'
Total expenses	12,184,000	7,330,000	9,145,000	'	'	'	'	'
Income (loss) from discontinued operations	-8,356,000	-128,000	131,000	'	'	'	'	'
Gain on sale from discontinued operations	0	2,079,000	17,198,000	'	'	'	'	'
Total income (loss) from discontinued operations	-8,356,000	1,951,000	17,329,000	'	'	'	'	'
Percentage of common membership interest sold in Midwest Holdings (percent)	'	'	'	'	'	'	'	100.00%
Realized loss in connection with sale and deconsolidation of common membership interest	$299,802,000	$0	$0	'	'	'	'	$500,000

Operating_Real_Estate_Details

Operating Real Estate- (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	$13,369	'
Gain (Loss)	11,372	'
Continuing Operations	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	6,424	'
Gain (Loss)	9,293	'
Continuing Operations | Aventura, FL	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	5,068	'
Gain (Loss)	2,011	'
Continuing Operations | Florence, AZ	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	1,356	'
Gain (Loss)	1,001	'
Continuing Operations | Park City, UT	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	0	'
Gain (Loss)	6,281	'
Discontinued Operations	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	6,945	57,007
Gain (Loss)	2,079	17,198
Discontinued Operations | Indianapolis, IN	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	2,118	'
Gain (Loss)	314	'
Discontinued Operations | San Antonio, TX	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	4,827	'
Gain (Loss)	1,765	'
Discontinued Operations | New York, NY	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	'	6,889
Gain (Loss)	'	4,981
Discontinued Operations | Various - Wisconsin	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	'	25,992
Gain (Loss)	'	9,416
Discontinued Operations | Norcross, GA	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	'	7,122
Gain (Loss)	'	2,918
Discontinued Operations | Various	'	'
Real Estate Sales and Discontinued Operations	'	'
Sales Proceeds	'	17,004
Gain (Loss)	'	($117)

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)

10 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Nov. 01, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Apr. 30, 2013

Sep. 30, 2013

Apr. 30, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

loan

loan

loan

loan

Milford Plaza hotel

Milford Plaza hotel

Milford Plaza hotel

Non-accrual status

CDO financing transactions

Securitization Bonds Payable

Securitization Bonds Payable

Loan Facility

Loan Facility

Loans [Member]

LIBOR

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Subordinate interests

Subordinate interests

Subordinate mortgage interests

Subordinate mortgage interests

Subordinate mortgage interests

Subordinate mortgage interests

Credit tenant loans and other notes

Credit tenant loans and other notes

Credit tenant loans and other notes

Credit tenant loans and other notes

Subtotal term loans

Subtotal term loans

Subtotal term loans

Subtotal term loans

Subtotal term loans

Subtotal term loans

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Subordinate interests

Subordinate interests

Subordinate interests

RXR Realty [Member]

Nonperforming Financing Receivable

Preferred Equity Security

room

NorthStar Real Estate Income Trust Inc

loan

loan

LIBOR

LIBOR

Mortgage Loans on Real Estate, Variable Rate Base, Prime [Member]

Mortgage Loans on Real Estate, Variable Rate Base, Prime [Member]

loan

loan

Non-accrual status

Non-accrual status

Loans [Member]

Weighted Average

Weighted Average

Weighted Average

Weighted Average

Weighted Average

loan

loan

Weighted Average

Weighted Average

Weighted Average

loan

RXR Realty [Member]

loan

Weighted Average

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

Weighted Average

loan

loan

RXR Realty [Member]

Weighted Average

Weighted Average

Weighted Average

loan

LIBOR

Weighted Average

Weighted Average

First mortgage loans:

First mortgage loans:

First mortgage loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Subordinate mortgage interests

Subordinate mortgage interests

Subordinate mortgage interests

Subtotal term loans

Subtotal term loans

loan

Weighted Average

Weighted Average

First mortgage loans:

First mortgage loans:

First mortgage loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Subtotal term loans

Subtotal term loans

loan

Weighted Average

Weighted Average

Non-accrual status

Consolidated Entity Excluding Variable Interest Entities (VIE)

LIBOR

LIBOR

Mortgage Loans on Real Estate, Variable Rate Base, Prime [Member]

Mortgage Loans on Real Estate, Variable Rate Base, Prime [Member]

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

LIBOR

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

LIBOR

loan

Subordinate mortgage interests

loan

loan

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

CRE debt investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (loans)

'

44

152

'

'

'

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

17

74

'

'

'

'

'

'

1

1

7

18

'

'

'

9

'

7

'

'

'

43

'

'

'

11

10

'

'

'

'

33

'

'

'

15

'

'

6

'

'

8

'

'

4

'

11

'

'

'

2

'

'

1

'

'

7

'

1

'

'

'

1

'

Principal Amount

'

$1,085,280,000

$2,371,464,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$109,100,000

$1,578,872,000

'

'

$476,168,000

'

'

'

$7,400,000

$7,500,000

$120,215,000

$440,941,000

'

'

'

$254,425,000

$100,000,000

$121,473,000

'

'

'

$124,460,000

'

'

'

$234,472,000

$105,718,000

$150,000,000

'

'

'

$1,027,960,000

'

'

'

$441,750,350

'

'

$109,214,970

'

'

$246,652,100

'

'

$230,342,880

'

$57,320,000

'

'

'

$34,418,000

'

'

$11,000,000

'

'

$4,129,300

'

$7,773,000

'

'

'

'

$100,000,000

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

'

'

Amount outstanding under its loan facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,500,000

'

'

Carrying Value

'

1,031,078,000

1,832,231,000

1,710,582,000

1,840,425,000

'

'

'

162,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

428,633,000

1,205,313,000

'

'

'

'

'

'

'

'

118,081,000

333,064,000

'

'

'

260,886,000

'

96,357,000

'

'

'

118,093,000

'

'

'

223,478,000

79,404,000

'

'

'

'

986,780,000

'

'

'

407,202,000

'

'

107,116,000

'

'

253,113,000

'

'

219,349,000

'

44,298,000

1,478,503,000

'

'

21,431,000

'

'

10,965,000

'

'

4,129,000

'

7,773,000

'

'

'

'

'

Number of loans acquired with deteriorated credit quality (loan)

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocation by Investment Type (as a percent)

'

100.00%

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

66.60%

'

'

'

'

'

'

'

'

'

18.60%

'

'

'

'

'

5.10%

'

'

'

5.20%

'

'

'

'

4.50%

'

'

'

'

94.60%

'

'

'

40.70%

'

'

10.10%

'

'

22.70%

'

'

21.10%

'

5.40%

'

'

'

3.20%

'

'

1.00%

'

'

0.40%

'

0.80%

'

'

'

'

'

Fixed Rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12.21%

6.26%

'

'

'

'

'

'

'

'

'

4.29%

'

'

'

'

'

'

4.34%

'

'

'

'

'

6.40%

'

'

'

6.58%

'

'

'

'

'

10.86%

'

'

'

'

12.36%

'

'

10.98%

'

'

13.96%

'

'

12.41%

'

'

12.45%

'

'

7.71%

'

'

0.00%

'

'

8.00%

'

'

6.95%

'

0.00%

'

'

'

'

Loans Receivable, Description of Variable Rate Basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'Prime

'Prime

'

'

'

'

'

'

'LIBOR

'LIBOR

'Prime

'Prime

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Spread over floating interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.68%

3.05%

'

'

'

'

'

'

'

'

'

3.25%

'

'

'

'

'

'

1.61%

'

'

'

'

'

3.97%

'

'

'

'

'

'

'

'

'

3.50%

'

'

'

8.04%

'

'

6.59%

'

'

12.09%

'

'

12.33%

'

'

'

'

'

3.05%

'

'

2.22%

'

'

0.00%

'

'

'

'

6.75%

'

'

'

Yield (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11.31%

5.68%

'

'

'

'

'

'

'

'

'

6.10%

'

'

'

'

'

'

2.68%

'

'

'

'

'

5.85%

'

'

'

7.39%

'

'

'

'

'

11.94%

'

'

'

'

11.58%

'

'

9.90%

'

'

12.97%

'

'

12.77%

'

'

12.96%

'

'

5.70%

'

'

3.68%

'

'

8.33%

'

'

6.95%

'

6.92%

'

'

'

'

Floating Rate as % of Principal Amount (as a percent)

'

54.90%

78.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

94.50%

'

'

'

'

'

'

'

'

'

59.90%

'

'

'

'

'

75.70%

'

'

'

'

'

'

'

'

4.80%

'

'

'

'

53.80%

'

'

'

90.20%

'

'

74.20%

'

'

33.30%

'

'

'

'

73.60%

'

'

'

100.00%

'

'

0.00%

'

'

'

'

100.00%

'

'

'

'

'

Carrying value served as collateral

'

'

'

'

'

'

'

'

'

1,478,500,000

133,400,000

145,600,000

109,100,000

51,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash requirement on future fundings

'

8,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Loans On Real Estate Number Of Loans Non Accrual Status

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of the Company's CRE debt investments having weighted average LIBOR floor

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

315,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

426,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LIBOR floor (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.59%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.99%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans sold (loans)

'

5

3

11

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized gain on loans sold

'

'

1,000,000

84,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financing Receivable, Acquired with Deteriorated Credit Quality (loans)

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying amount of consolidated debt investments with deteriorated credit quality

'

'

264,823,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85,887,000

6,400,000

13,800,000

'

'

'

'

'

'

'

157,178,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,758,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of loans where interest income is recognized based on current rate

'

5,100,000

106,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage Loans on Real Estate, Number Of Loans Excluded From Weighted Average Calculations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

MortgageLoansOnRealEstateFaceAmountOfMortgagesExcludedFromWeightedAverageCalculations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

37,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans originated (loans)

15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loans on real estate, number of loans acquired (loans)

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of loans originated and acquired, including interests owned through joint ventures

472,800,000

'

'

'

'

165,700,000

'

89,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of loans originated with NorthStar Income

'

'

'

'

'

255,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of rooms (rooms)

'

'

'

'

'

1,331

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (as a percent)

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30.00%

'

'

Debt Instrument Senior Mortgage Loan Interest in Real Estate Debt Investments

'

'

'

'

'

'

57,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument Subordinate Mortgage Interest Retained in Real Estate Debt Investments Contributed

'

'

'

'

'

'

$46,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real_Estate_Debt_Investments_D1

Real Estate Debt Investments (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CRE debt investments	'	'
Total	$1,085,280,000	$2,371,464,000
Unamortized discounts and origination fees	'	'
Weighted average maturity including extensions of CRE debt investments	'4 years 10 months 20 days	'
Unamortized discounts	22,500,000	'
Unamortized origination fees and costs	7,300,000	'
Initial Maturity	'	'
CRE debt investments	'	'
2014	246,000,000	'
2015	205,931,000	'
2016	158,158,000	'
2017	72,158,000	'
2018	3,245,000	'
Thereafter	399,788,000	'
Total	1,085,280,000	'
Maturity Including Extensions	'	'
CRE debt investments	'	'
2014	174,549,000	'
2015	41,452,000	'
2016	128,623,000	'
2017	190,874,000	'
2018	149,994,000	'
Thereafter	399,788,000	'
Total	$1,085,280,000	'

Real_Estate_Debt_Investments_D2

Real Estate Debt Investments (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
	loan	loan	loan
Status of loan portfolio	'	'	'	'
Number (loans)	44	152	'	'
Loan loss reserves	$2,880,000	$156,699,000	$187,784,000	'
Real estate debt investments, net (refer to Note 5)	1,031,078,000	1,832,231,000	1,710,582,000	1,840,425,000
Loan Loss Reserve	'	'	'	'
Beginning balance	156,699,000	187,784,000	197,200,000	'
Provision for (reversal of) loan losses, net	-8,786,000	23,037,000	52,980,000	'
Transfers to REO	-5,623,000	-5,260,000	-29,260,000	'
Sales	0	-667,000	0	'
Write-offs / payoffs	-20,210,000	-48,195,000	-33,136,000	'
Allowance for Loan and Leases Losses, Deconsolidation of Loans	-119,200,000	0	0	'
Ending balance	2,880,000	156,699,000	187,784,000	'
Number of loans for which provision for loan losses is recorded (loans)	4	7	12	'
Reversal of previously recorded provision for loan loss	15,100,000	4,700,000	'	'
Number of Days of Default or Past Due for Loans to be Categorized as Nonperforming	'90 days	'	'	'
Non-Performing Loans	'	'	'	'
Status of loan portfolio	'	'	'	'
Real estate debt investments, net (refer to Note 5)	0	6,877,000	'	'
Amount of maximum additional exposure to loss	'	6,900,000	'	'
First mortgage loans:	'	'	'	'
Status of loan portfolio	'	'	'	'
Number (loans)	17	74	'	'
Loan loss reserves	1,000,000	11,813,000	'	'
Real estate debt investments, net (refer to Note 5)	428,633,000	1,205,313,000	'	'
Loan Loss Reserve	'	'	'	'
Beginning balance	11,813,000	'	'	'
Ending balance	1,000,000	11,813,000	'	'
First mortgage loans: | Non-Performing Loans	'	'	'	'
Status of loan portfolio	'	'	'	'
Real estate debt investments, net (refer to Note 5)	0	6,877,000	'	'
Mezzanine loans:	'	'	'	'
Status of loan portfolio	'	'	'	'
Number (loans)	7	18	'	'
Loan loss reserves	1,880,000	108,036,000	'	'
Real estate debt investments, net (refer to Note 5)	118,081,000	333,064,000	'	'
Loan Loss Reserve	'	'	'	'
Beginning balance	108,036,000	'	'	'
Ending balance	1,880,000	108,036,000	'	'
Subordinate mortgage interests	'	'	'	'
Status of loan portfolio	'	'	'	'
Number (loans)	'	7	'	'
Loan loss reserves	'	22,100,000	'	'
Real estate debt investments, net (refer to Note 5)	'	96,357,000	'	'
Loan Loss Reserve	'	'	'	'
Ending balance	'	22,100,000	'	'
Credit tenant loans and other notes	'	'	'	'
Status of loan portfolio	'	'	'	'
Number (loans)	'	43	'	'
Real estate debt investments, net (refer to Note 5)	'	118,093,000	'	'
Subtotal term loans	'	'	'	'
Status of loan portfolio	'	'	'	'
Number (loans)	11	10	'	'
Loan loss reserves	'	14,750,000	'	'
Real estate debt investments, net (refer to Note 5)	223,478,000	79,404,000	'	'
Loan Loss Reserve	'	'	'	'
Beginning balance	14,750,000	'	'	'
Ending balance	'	$14,750,000	'	'

Real_Estate_Debt_Investments_D3

Real Estate Debt Investments (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2010
	loan
Credit quality indicator	'	'	'	'
Carrying Value	$1,832,231,000	$1,031,078,000	$1,710,582,000	$1,840,425,000
Number of loans with 100% loan loss reserve (loans)	4	'	'	'
Loan loss reserve (percent)	100.00%	'	'	'
Aggregate principal amount of loans with 100% loan loss reserve	36,000,000	'	'	'
First mortgage loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	1,205,313,000	428,633,000	'	'
Mezzanine loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	333,064,000	118,081,000	'	'
Subordinate mortgage interests	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	96,357,000	'	'	'
Credit tenant loans and other notes	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	118,093,000	'	'	'
Subtotal term loans	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	79,404,000	223,478,000	'	'
Loans with no loan loss reserve	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	1,608,864,000	1,027,410,000	'	'
Loans with no loan loss reserve | First mortgage loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	1,150,637,000	426,850,000	'	'
Loans with no loan loss reserve | Mezzanine loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	186,131,000	116,196,000	'	'
Loans with no loan loss reserve | Subordinate mortgage interests	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	96,357,000	260,886,000	'	'
Loans with no loan loss reserve | Credit tenant loans and other notes	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	118,093,000	0	'	'
Loans with no loan loss reserve | Subtotal term loans	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	57,646,000	223,478,000	'	'
Other loans with a loan loss reserve/non-accrual status	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	216,490,000	3,668,000	'	'
Other loans with a loan loss reserve/non-accrual status | First mortgage loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	47,799,000	1,783,000	'	'
Other loans with a loan loss reserve/non-accrual status | Mezzanine loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	146,933,000	1,885,000	'	'
Other loans with a loan loss reserve/non-accrual status | Subtotal term loans	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	21,758,000	0	'	'
Non-performing	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	6,877,000	0	'	'
Non-performing | First mortgage loans:	'	'	'	'
Credit quality indicator	'	'	'	'
Carrying Value	$6,877,000	$0	'	'

Real_Estate_Debt_Investments_D4

Real Estate Debt Investments (Details 5) (USD $)

3 Months Ended

12 Months Ended

36 Months Ended

3 Months Ended

12 Months Ended

36 Months Ended

3 Months Ended

12 Months Ended

36 Months Ended

3 Months Ended

12 Months Ended

36 Months Ended

3 Months Ended

12 Months Ended

36 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

loan

loan

loan

loan

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

First mortgage loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Mezzanine loans:

Subordinate mortgage interests

Subordinate mortgage interests

Subordinate mortgage interests

Subordinate mortgage interests

Subtotal term loans

Subtotal term loans

Subtotal term loans

Subtotal term loans

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

loan

Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (loans)

'

2

'

'

'

'

1

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

Impaired Financing Receivable Principal Amount Acquired with Deteriorated Credit Quality

$6,547,000

$445,649,000

'

$445,649,000

'

$2,782,000

$112,774,000

$112,774,000

'

$112,774,000

$3,765,000

$265,225,000

'

$265,225,000

'

$22,100,000

'

$22,100,000

'

$45,550,000

'

$45,550,000

Impaired Financing Receivable, Recorded Investment

3,668,000

'

'

'

'

1,783,000

'

'

'

'

1,885,000

'

'

'

'

'

'

'

'

'

'

'

Carrying amount of consolidated debt investments with deteriorated credit quality

'

264,823,000

'

264,823,000

'

'

85,887,000

85,887,000

'

85,887,000

'

157,178,000

'

157,178,000

'

'

'

'

'

21,758,000

'

21,758,000

Allowance for Loan and Lease Losses, Real Estate

2,880,000

156,699,000

187,784,000

156,699,000

197,200,000

1,000,000

11,813,000

11,813,000

'

11,813,000

1,880,000

108,036,000

'

108,036,000

'

22,100,000

'

22,100,000

'

14,750,000

'

14,750,000

Mortgage Loans on Real Estate Number of Impaired Loans (loans)

13

18

21

18

'

5

6

'

6

6

7

9

9

9

1

2

4

2

0

1

2

1

Financing Receivable Modifications, Number of Contracts with No Related Allowance (loans)

'

5

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financing Receivable, Modifications, Carrying Amount with No Related Allowance

'

41,400,000

'

41,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financing Receivable, Acquired with Deteriorated Credit Quality (loans)

'

1

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Average Carrying Value

187,170,000

291,428,000

263,737,000

'

'

67,531,000

97,580,000

'

65,818,000

'

100,109,000

163,916,000

162,585,000

'

'

6,015,000

8,180,000

'

19,530,000

23,917,000

27,154,000

'

Impaired Financing Receivable, Interest Income, Accrual Method

1,469,000

11,972,000

13,878,000

'

'

1,050,000

1,191,000

'

428,000

'

416,000

6,922,000

8,812,000

'

3,000

0

522,000

'

0

3,859,000

4,116,000

'

Number of receivables past due greater than 90 days (loans)

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Receivables past due greater than 90 days

'

'

'

'

'

'

$12,500,000

$12,500,000

'

$12,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Real_Estate_Debt_Investments_D5

Real Estate Debt Investments (Details 6) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
	loan	loan	loan
Troubled Debt Restructurings	'	'	'
Number of loans modified during the period (loans)	'	1	5
Carrying value of loans modified during the period	'	$50,905,000	$47,922,000
Original W A Interest Rate (as a percent)	'	10.85%	3.25%
Modified W A Interest Rate (as a percent)	'	0.00%	2.04%
First mortgage loans:	'	'	'
Troubled Debt Restructurings	'	'	'
Number of loans modified during the period (loans)	'	0	3
Carrying value of loans modified during the period	'	0	35,241,000
Original W A Interest Rate (as a percent)	'	0.00%	3.52%
Modified W A Interest Rate (as a percent)	'	0.00%	2.78%
Number of loan modifications considered TDRs	1	'	'
Carrying value of loan considered to be TDR at the time of taking title	6,000,000	'	'
Mezzanine loans:	'	'	'
Troubled Debt Restructurings	'	'	'
Number of loans modified during the period (loans)	'	1	1
Carrying value of loans modified during the period	'	50,905,000	12,681,000
Original W A Interest Rate (as a percent)	'	10.85%	2.50%
Modified W A Interest Rate (as a percent)	'	0.00%	0.00%
Number of loan modifications considered TDRs	1	'	'
Subordinate mortgage interests	'	'	'
Troubled Debt Restructurings	'	'	'
Number of loans modified during the period (loans)	'	0	1
Carrying value of loans modified during the period	'	$0	$0
Original W A Interest Rate (as a percent)	'	0.00%	3.35%
Modified W A Interest Rate (as a percent)	'	0.00%	3.00%
Modified into mezzanine loan | Mezzanine loans:	'	'	'
Troubled Debt Restructurings	'	'	'
Floating(2)	'	'	10.00%
Preferred Equity Interest [Member] | Modified into subordinate mortgage interest	'	'	'
Troubled Debt Restructurings	'	'	'
Fixed	'	'	7.00%

Investments_in_Private_Equity_2

Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures (Details) (USD $)

12 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Apr. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jul. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

31-May-12

Dec. 31, 2013

Dec. 31, 2012

Aug. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Feb. 28, 2013

Dec. 31, 2012

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Dec. 31, 2013

Feb. 28, 2013

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

third_party

Milford Plaza hotel

Milford Plaza hotel

Corporate Joint Venture

Corporate Joint Venture

Corporate Joint Venture

Multifamily

Multifamily

Meadowlands Two LLC

Meadowlands Two LLC

Meadowlands Two LLC

Meadowlands Two LLC

LandCap

LandCap

LandCap

CS/Federal

CS/Federal

CS/Federal

CS/Federal

CS/Federal

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

NorthStar Healthcare

NorthStar Healthcare

Northstar Income II

Other

Other

Other

Other joint venture one

Other joint venture one

Other joint venture one

NorthStar Income

NorthStar Income I

NorthStar Income I

NorthStar Income I

Joint venture that owns two office buildings in Chicago

Joint venture that owns two office buildings in Chicago

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment III

PE Investment III

PE Investment III

RXR Equity Investment

property

Meadowlands One, LLC

note

Non-recourse mortgage note bearing 5.51% interest

Non-recourse mortgage note bearing 5.46% interest

CSE CDO

building

fund

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

NorthStar Income I

NorthStar Income I

Class B Partner

Class B Partner

Class B Partner

fund

Vintage Funds

NorthStar Real Estate Income Trust Inc

fund

property

Cash distribution until NorthStar Entities receives a 1.5x multiple on all of their invested capital

Remaining cash distribution

Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital

Cash distribution until return of then remaining June 30, 2012 capital of Class B Partner

Remaining cash distribution

Investment in and advances to unconsolidated ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount funded at initial closing of real estate private equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$282,100,000

'

$118,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate ownership interest held by the entity together with NorthStar Income (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

51.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest in amount funded (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70.50%

'

29.50%

'

'

'

'

'

70.00%

'

'

15.00%

15.00%

'

'

'

'

Number of real estate private equity funds contributed (funds)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

49

'

'

'

'

'

'

'

'

24

'

'

'

'

'

'

'

Cash distribution to the Class B Partner (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

51.00%

'

'

'

'

'

'

'

'

'

'

'

'

Cash distribution to the Class B Partner (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

85.00%

49.00%

'

'

'

'

'

'

'

'

'

Multiplier factor for cash distribution to the NorthStar Entities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.5

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value Method Investment Percentage of Cash Distribution After Multiplier to Entity And Related Party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (Loss) from Private Equity Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

53,700,000

'

'

'

'

'

'

'

'

28,900,000

'

'

'

'

'

'

'

'

Net distributions received

11,782,000

487,000

986,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

130,200,000

'

'

'

'

'

'

'

'

104,900,000

'

'

'

'

'

'

9,000,000

'

Payments to Acquire Private Equity Investments

664,392,000

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,800,000

'

'

'

'

'

'

'

'

11,600,000

'

'

'

'

'

'

300,000

'

Estimated future capital commitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,000,000

'

'

'

'

'

'

'

'

26,000,000

'

'

'

'

'

'

'

'

Number of Real Estate Private Equity Funds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8

'

'

'

Amount deposited in connection with subscription agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

'

'

11,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate reported net asset value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

916,200,000

'

'

'

'

'

'

Amount to be paid to seller for all of the fund interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

504,800,000

'

'

'

'

'

'

39,800,000

'

Percentage of June 30, 2013 NAV paid as initial amount to seller for all of the fund interests (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

55.00%

'

'

'

'

'

50.00%

'

'

Deferred amount paid to seller for remaining of the fund interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

411,400,000

'

'

'

'

'

'

39,800,000

'

Percentage of June 30, 2013 NAV paid as deferred amount to seller for all of the fund interests (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45.00%

'

'

'

'

'

50.00%

'

'

Fair Value Method Investment Number of Third Parties Paid Deferred Amount

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Private Equity Method Investments

'

'

'

'

'

1,589,493,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80,300,000

'

'

Entity's share in initial amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

353,400,000

'

'

'

'

'

'

'

'

Entity's share in deferred amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

288,000,000

'

'

'

'

'

'

'

'

Period in which distribution will be made on priority basis since beginning, on the first day of the fiscal quarter following the closing date of each fund interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

Percentage of distribution to PE Investment II (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

'

'

'

'

'

'

'

'

Percentage of distribution to Seller (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

Reduction in deferred amount as a percentage of amortization amount (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

'

'

'

'

Distribution period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

'

'

'

Percentage of distributions receivable by funds following the payment of the Deferred Amount (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

Number of units in real estate property acquired (units)

'

'

'

'

'

'

'

'

498

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount contributed in the joint venture

109,218,000

20,326,000

2,579,000

'

'

'

'

'

41,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

337,400,000

Investments in and advances to unconsolidated ventures (refer to Note 7)

142,340,000

111,025,000

96,143,000

'

'

728,358,000

111,025,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

84,100,000

Acquisition of real estate properties financed through issuance of non-recourse mortgage notes

'

'

'

'

'

'

'

'

29,500,000

'

'

'

'

'

'

'

'

38,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

3.69%

'

'

'

'

'

'

'

'

'

'

'

5.51%

5.46%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (as a percent)

'

'

'

'

35.00%

'

'

'

90.00%

'

22.00%

'

'

'

49.00%

49.00%

'

50.00%

'

'

'

'

0.60%

1.10%

2.30%

'

8.70%

'

'

9.80%

'

'

33.30%

'

'

'

'

9.99%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30.00%

Carrying value of investment

'

'

'

'

'

'

'

'

10,400,000

10,000,000

'

64,800,000

'

'

14,100,000

13,500,000

'

5,500,000

5,400,000

'

'

'

'

'

2,100,000

6,100,000

2,100,000

5,700,000

5,700,000

'

'

'

'

'

6,100,000

6,100,000

'

'

8,500,000

'

226,300,000

'

'

'

'

'

'

'

'

288,900,000

'

'

'

'

70,800,000

'

70,800,000

'

nrf_PrivateEquityInvestmentEstimatedFutureCapitalCommitments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

Equity in earnings and losses recognized

-85,477,000

-88,000

2,738,000

1,100,000

'

-85,477,000

-88,000

2,738,000

'

700,000

800,000

1,500,000

7,000,000

'

-500,000

1,200,000

1,100,000

-300,000

-700,000

-700,000

'

'

'

'

'

'

'

-1,500,000

-1,000,000

'

-2,800,000

-900,000

'

'

-500,000

-300,000

-100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-200,000

Provision for Investment Loss Cash Flow Impact

0

0

-4,482,000

'

'

'

'

'

'

'

'

'

4,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transaction costs

12,464,000

2,571,000

0

'

'

5,199,000

0

0

'

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,900,000

30,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of adjacent class A office/flex buildings located in Colorado Springs acquired as a portfolio (properties)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost of portfolio of the real estate properties acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

54,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investment Ownership Breakdown Of Total Ownership (as a percent)

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of office buildings owned (buildings)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate securities, available for sale

$1,052,320,000

$1,124,668,000

'

'

'

$280,117,000

$280,117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments_in_Private_Equity_3

Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures (Details 2) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Jul. 31, 2013
							Corporate Joint Venture	Corporate Joint Venture	Multifamily	Multifamily
Investments in and Advances to Affiliates [Line Items]	'		'		'	'	'	'	'	'
Equity Method Investments	'		'		'	'	'	'	$10,000,000	$10,400,000
Assets	'		'		'	'	'	'	'	'
Operating real estate, net	2,369,505,000		1,390,546,000		'	'	1,097,155,000	573,319,000	'	'
Real estate debt investments	1,031,078,000		1,832,231,000		1,710,582,000	1,840,425,000	1,246,311,000	689,143,000	'	'
Private Equity Method Investments	'		'		'	'	1,589,493,000	0	'	'
Investments in private equity funds	1,052,320,000		1,124,668,000		'	'	280,117,000	280,117,000	'	'
Other assets	145,731,000		78,129,000		'	'	1,064,653,000	370,774,000	'	'
Total assets	6,360,050,000	[1]	5,513,778,000	[1]	5,006,437,000	'	5,277,729,000	1,913,353,000	'	'
Liabilities and equity	'		'		'	'	'	'	'	'
Mortgage and other notes payable	2,113,334,000		1,015,670,000		'	'	1,851,561,000	301,656,000	'	'
Other liabilities	73,874,000		86,075,000		'	'	1,064,479,000	516,841,000	'	'
Total liabilities	3,662,587,000	[2]	4,182,914,000	[2]	'	'	2,916,040,000	818,497,000	'	'
Equity	'		'		'	'	2,361,689,000	1,094,856,000	'	'
Total liabilities and equity	6,360,050,000		5,513,778,000		'	'	5,277,729,000	1,913,353,000	'	'
Investments in and advance to unconsolidated ventures	$142,340,000		$111,025,000		$96,143,000	'	$728,358,000	$111,025,000	'	'
[1]	•Restricted cash: December 31, 2013 $24,411 ; December 31, 2012: $320,815 •Operating real estate, net: December 31, 2013: $4,945 ; December 31, 2012: $344,056 •Real estate debt investments, net: December 31, 2013: $44,298 ; December 31, 2012: $1,478,503 •Investments in and advances to unconsolidated ventures: December 31, 2013: $0 ; December 31, 2012: $59,939 •Real estate securities, available for sale: December 31, 2013: $644,015 ; December 31, 2012: $1,015,972 •Receivables, net of allowance: December 31, 2013: $4,476 ; December 31, 2012: $16,609 •Unbilled rent receivable: December 31, 2013: $0 ; December 31, 2012: $2,125 •Deferred costs and intangible assets, net: December 31, 2013: $0 ; December 31, 2012: $37,753 •Other assets: December 31, 2013: $269 ; December 31, 2012: $12,689 •Total assets of consolidated VIEs: December 31, 2013: $722,414 ; December 31, 2012: $3,288,461
[2]	•Mortgage and other notes payable: December 31, 2013 $0 ; December 31, 2012: $228,446 •CDO bonds payable: December 31, 2013 $384,183 ; December 31, 2012: $2,112,441 •Secured term loan: December 31, 2013 $0 ; December 31, 2012: $14,664 •Accounts payable and accrued expenses: December 31, 2013 $2,686 ; December 31, 2012: $13,626 •Escrow deposits payable: December 31, 2013 $22 ; December 31, 2012: $67,406 •Derivative liabilities, at fair value: December 31, 2013 $52,204 ; December 31, 2012: $170,840 •Other liabilities: December 31, 2013 $2,971 ; December 31, 2012: $25,144 •Total liabilities of consolidated VIEs: December 31, 2013 $442,066 ; December 31, 2012: $2,632,567

Investments_in_Private_Equity_4

Investments in Private Equity Funds and Investments in and Advances to Unconsolidated Ventures (Details 3) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment in and advances to unconsolidated ventures	'	'	'	'	'	'	'	'	'	'	'
Transaction costs	'	'	'	'	'	'	'	'	$12,464	$2,571	$0
Other interest expense	'	'	'	'	'	'	'	'	140,507	89,536	94,988
Depreciation and amortization	'	'	'	'	'	'	'	'	93,470	47,499	42,915
Total expenses	117,114	112,876	135,404	95,194	85,224	76,763	73,804	72,368	460,588	308,159	328,624
Equity in earnings (losses) of unconsolidated ventures	'	'	'	'	'	'	'	'	85,477	88	-2,738
Corporate Joint Venture	'	'	'	'	'	'	'	'	'	'	'
Investment in and advances to unconsolidated ventures	'	'	'	'	'	'	'	'	'	'	'
Total revenues	'	'	'	'	'	'	'	'	322,944	44,378	8,738
Operating expenses	'	'	'	'	'	'	'	'	89,807	21,357	15,089
Transaction costs	'	'	'	'	'	'	'	'	5,199	0	0
Other interest expense	'	'	'	'	'	'	'	'	37,838	18,217	18,618
Depreciation and amortization	'	'	'	'	'	'	'	'	9,564	2,993	2,328
Total expenses	'	'	'	'	'	'	'	'	142,408	42,567	36,035
Net (loss) income	'	'	'	'	'	'	'	'	180,536	1,811	-27,297
Equity in earnings (losses) of unconsolidated ventures	'	'	'	'	'	'	'	'	$85,477	$88	($2,738)

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	security	security
	loan	loan
Real estate securities, available for sale	'	'	'
Number (security)	348	538	'
Principal Amount	'	$2,539,075,000	'
Amortized Cost	1,367,790,000	1,793,085,000	'
Cumulative Unrealized Gains	79,768,000	97,758,000	'
Cumulative Unrealized (Losses)	-395,238,000	-766,175,000	'
Fair Value	1,052,320,000	1,124,668,000	'
Allocation Investment Type (as a percent)	100.00%	100.00%	'
Weighted Average Coupon (as a percent)	2.52%	3.45%	'
Weighted Average Yield (as a percent)	11.25%	9.81%	'
Weighted average expected maturity	'3 years 1 month 0 days	'	'
Number of CRE securities for which the fair value option was not elected (securities)	36	21	'
Proceeds from the sale of CRE securities	223,992,000	343,900,000	331,500,000
Net realized gain (loss) of CRE securities investments	35,400,000	50,500,000	27,400,000
Carrying value of items for which the fair value option was not elected	221,300,000	'	'
Accumulated net unrealized gains included in OCI	2,000,000	'	'
Number of securities under unrealized loss position (securities)	19	'	'
Aggregate carrying value of securities in an unrealized loss position for a period of less than 12 months	133,500,000	'	'
Unrealized loss on securities with an unrealized loss position for a period of less than 12 months	4,100,000	'	'
OTTI recognized	0	'	'
CDO financing transactions	'	'	'
Real estate securities, available for sale	'	'	'
Carrying value of securities served as collateral for the company's financing transactions	'	1,016,000,000	'
CMBS Facility	'	'	'
Real estate securities, available for sale	'	'	'
Carrying value of securities served as collateral for the company's financing transactions	'	35,500,000	'
Minimum	'	'	'
Real estate securities, available for sale	'	'	'
Contractual maturities of the CRE securities portfolio	'0 years 7 months	'	'
Maximum	'	'	'
Real estate securities, available for sale	'	'	'
Contractual maturities of the CRE securities portfolio	'39 years	'	'
Period of unrealized loss of securities	'12 months	'	'
Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	53	'	'
Amortized Cost	424,303,000	'	'
Cumulative Unrealized Gains	8,335,000	'	'
Cumulative Unrealized (Losses)	-22,402,000	'	'
Allocation Investment Type (as a percent)	35.30%	'	'
Weighted Average Coupon (as a percent)	2.03%	'	'
Weighted Average Yield (as a percent)	17.34%	'	'
Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	295	'	'
Amortized Cost	943,487,000	'	'
Cumulative Unrealized Gains	71,433,000	'	'
Cumulative Unrealized (Losses)	-372,836,000	'	'
Allocation Investment Type (as a percent)	64.70%	'	'
Weighted Average Coupon (as a percent)	2.73%	'	'
Weighted Average Yield (as a percent)	8.51%	'	'
N-Star CDO bonds | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	31	'	'
Amortized Cost	207,547,000	'	'
Cumulative Unrealized Gains	1,878,000	'	'
Cumulative Unrealized (Losses)	-4,138,000	'	'
Fair Value	205,287,000	'	'
Allocation Investment Type (as a percent)	23.00%	'	'
Weighted Average Coupon (as a percent)	1.82%	'	'
Weighted Average Yield (as a percent)	20.00%	'	'
Principal Amount Eliminated In Consolidation	126,600,000	'	'
N-Star CDO equity | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	5	'	'
Amortized Cost	158,274,000	'	'
Cumulative Unrealized Gains	0	'	'
Cumulative Unrealized (Losses)	0	'	'
Fair Value	158,274,000	'	'
Allocation Investment Type (as a percent)	7.60%	'	'
Weighted Average Yield (as a percent)	18.42%	'	'
CMBS	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	'	485	'
Principal Amount	'	2,207,067,000	'
Amortized Cost	'	1,551,389,000	'
Cumulative Unrealized Gains	'	84,752,000	'
Cumulative Unrealized (Losses)	'	-652,123,000	'
Fair Value	'	984,018,000	'
Allocation Investment Type (as a percent)	'	86.90%	'
Weighted Average Coupon (as a percent)	'	3.75%	'
Weighted Average Yield (as a percent)	'	10.43%	'
CMBS | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	17	'	'
Amortized Cost	58,482,000	'	'
Cumulative Unrealized Gains	6,457,000	'	'
Cumulative Unrealized (Losses)	-18,264,000	'	'
Fair Value	34,859,000	'	'
Allocation Investment Type (as a percent)	4.70%	'	'
Weighted Average Coupon (as a percent)	3.06%	'	'
Weighted Average Yield (as a percent)	4.98%	'	'
CMBS | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	264	'	'
Amortized Cost	799,126,000	'	'
Cumulative Unrealized Gains	67,770,000	'	'
Cumulative Unrealized (Losses)	-294,595,000	'	'
Allocation Investment Type (as a percent)	54.50%	'	'
Weighted Average Coupon (as a percent)	3.15%	'	'
Weighted Average Yield (as a percent)	9.65%	'	'
Collateralized Debt Obligations	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	'	35	'
Principal Amount	'	197,103,000	'
Amortized Cost	'	159,657,000	'
Cumulative Unrealized Gains	'	0	'
Cumulative Unrealized (Losses)	'	-111,421,000	'
Fair Value	'	48,236,000	'
Allocation Investment Type (as a percent)	'	7.80%	'
Weighted Average Coupon (as a percent)	'	0.62%	'
Weighted Average Yield (as a percent)	'	7.54%	'
Collateralized Debt Obligations | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	20	'	'
Amortized Cost	99,603,000	'	'
Cumulative Unrealized Gains	0	'	'
Cumulative Unrealized (Losses)	-74,672,000	'	'
Allocation Investment Type (as a percent)	5.20%	'	'
Weighted Average Coupon (as a percent)	0.29%	'	'
Weighted Average Yield (as a percent)	1.17%	'	'
Agency debentures	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	'	4	'
Principal Amount	'	63,000,000	'
Amortized Cost	'	17,538,000	'
Cumulative Unrealized Gains	'	8,924,000	'
Cumulative Unrealized (Losses)	'	0	'
Fair Value	'	26,462,000	'
Allocation Investment Type (as a percent)	'	2.50%	'
Weighted Average Yield (as a percent)	'	3.51%	'
Agency debentures | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	8	'	'
Amortized Cost	29,031,000	'	'
Cumulative Unrealized Gains	2,644,000	'	'
Cumulative Unrealized (Losses)	-2,135,000	'	'
Allocation Investment Type (as a percent)	4.20%	'	'
Weighted Average Yield (as a percent)	4.64%	'	'
Unsecured REIT debt	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	'	11	'
Principal Amount	'	57,180,000	'
Amortized Cost	'	53,585,000	'
Cumulative Unrealized Gains	'	2,898,000	'
Cumulative Unrealized (Losses)	'	-102,000	'
Fair Value	'	56,381,000	'
Allocation Investment Type (as a percent)	'	2.20%	'
Weighted Average Coupon (as a percent)	'	5.50%	'
Weighted Average Yield (as a percent)	'	1.29%	'
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	1	'	'
Amortized Cost	8,502,000	'	'
Cumulative Unrealized Gains	1,019,000	'	'
Cumulative Unrealized (Losses)	0	'	'
Allocation Investment Type (as a percent)	0.40%	'	'
Weighted Average Coupon (as a percent)	7.50%	'	'
Weighted Average Yield (as a percent)	6.00%	'	'
Trust preferred securities	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	'	3	'
Principal Amount	'	14,725,000	'
Amortized Cost	'	10,916,000	'
Cumulative Unrealized Gains	'	1,184,000	'
Cumulative Unrealized (Losses)	'	-2,529,000	'
Fair Value	'	9,571,000	'
Allocation Investment Type (as a percent)	'	0.60%	'
Weighted Average Coupon (as a percent)	'	2.26%	'
Weighted Average Yield (as a percent)	'	6.80%	'
Trust preferred securities | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (security)	2	'	'
Amortized Cost	7,225,000	'	'
Cumulative Unrealized Gains	0	'	'
Cumulative Unrealized (Losses)	-1,434,000	'	'
Allocation Investment Type (as a percent)	0.40%	'	'
Weighted Average Coupon (as a percent)	2.25%	'	'
Weighted Average Yield (as a percent)	2.32%	'	'
Principal / Notional Amount	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	2,090,726,000	'	'
Fair Value	2,090,726,000	2,539,075,000	'
Principal / Notional Amount | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	738,310,000	'	'
Principal / Notional Amount | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	1,352,416,000	'	'
Principal / Notional Amount | N-Star CDO bonds | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	481,386,000	'	'
Principal / Notional Amount | N-Star CDO equity | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	158,274,000	'	'
Principal / Notional Amount | CMBS | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	98,650,000	'	'
Principal / Notional Amount | CMBS | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	1,140,368,000	'	'
Principal / Notional Amount | Collateralized Debt Obligations | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	109,651,000	'	'
Principal / Notional Amount | Agency debentures | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	87,172,000	'	'
Principal / Notional Amount | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	8,000,000	'	'
Principal / Notional Amount | Trust preferred securities | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	7,225,000	'	'
Fair value option	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	1,052,320,000	'	'
Fair value option | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	410,236,000	'	'
Fair value option | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	642,084,000	'	'
Fair value option | N-Star CDO bonds | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	205,287,000	'	'
Fair value option | N-Star CDO equity | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	158,274,000	'	'
Fair value option | CMBS | Unconsolidated VIEs	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	46,675,000	'	'
mortgage backed securities	30,600,000	'	'
Fair value option | CMBS | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	572,301,000	'	'
Fair value option | Collateralized Debt Obligations | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	24,931,000	'	'
Fair value option | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	9,521,000	'	'
Fair value option | Trust preferred securities | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	5,791,000	'	'
Trust preferred securities | Fair value option | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	5,791,000	9,571,000	'
Trust preferred securities | Fair value option | Agency debentures | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	$29,540,000	'	'

Borrowings_Details

Borrowings (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2007

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

Securitization bonds payable

Securitization bonds payable

Securitization bonds payable

Securitization bonds payable

Securitization bonds payable

Secured term loans

Secured term loans

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Non-VIE financing

Non-VIE financing

Manufactured housing communities

Manufactured housing communities

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Net lease

Net lease

Multifamily

REO

REO

REO

MH 1 Senior Mortgage

MH 1 Senior Mortgage

MH 2 Senior Mortgage

MH 2 Senior Mortgage

MH 3 Senior Mortgages (7)

5.94% Non-recourse Note Payable, Due January 14

5.94% Non-recourse Note Payable, Due January 14

LIBOR Plus 5.95% Non-recourse Note Payable, Due March 15

LIBOR Plus 5.95% Non-recourse Note Payable, Due March 15

6.00% Non-recourse Note Payable, Due March 16

6.00% Non-recourse Note Payable, Due March 16

LIBOR Plus 5.00% Non-recourse Note Payable, Due March 16

LIBOR Plus 5.00% Non-recourse Note Payable, Due March 16

6.99% Non-recourse Note Payable, Due January 17

6.99% Non-recourse Note Payable, Due January 17

7.09% Non-recourse Note Payable, Due January 17

7.09% Non-recourse Note Payable, Due January 17

5.89% Non-recourse Note Payable, Due May 17

5.89% Non-recourse Note Payable, Due May 17

LIBOR Plus 3.00% Non-recourse Note Payable, Due May 18

LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 21

LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 21

7.34% Non-recourse Note Payable, Due June 14

7.34% Non-recourse Note Payable, Due June 14

6.41% Non-recourse Note Payable, Due January 15

6.41% Non-recourse Note Payable, Due January 15

5.85% Non-recourse Note Payable, Due January 15

5.85% Non-recourse Note Payable, Due January 15

6.00% Non-recourse Note Payable, Due January 15

6.00% Non-recourse Note Payable, Due January 15

5.37% Non-recourse Note Payable, Due October 15

5.37% Non-recourse Note Payable, Due October 15

5.85% Non-recourse Note Payable, Due February 16

5.85% Non-recourse Note Payable, Due February 16

5.68% Non-recourse Note Payable, Due April 16

5.68% Non-recourse Note Payable, Due April 16

6.22% Non-recourse Note Payable, Due July 16

6.22% Non-recourse Note Payable, Due July 16

6.17% Non-recourse Note Payable, Due October 16

6.17% Non-recourse Note Payable, Due October 16

6.06% Non-recourse Note Payable, Due February 17

6.06% Non-recourse Note Payable, Due February 17

5.95% Non-recourse Note Payable, Due March 17

5.95% Non-recourse Note Payable, Due March 17

5.63% Non-recourse Note Payable, Due April 17

5.63% Non-recourse Note Payable, Due April 17

6.21% Non-recourse Note Payable, Due April 17

6.21% Non-recourse Note Payable, Due April 17

5.16% Non-recourse Note Payable, Due September 17

5.16% Non-recourse Note Payable, Due September 17

6.48% Non-recourse Note Payable, Due December 17

6.48% Non-recourse Note Payable, Due December 17

MF Property 1 Senior Mortgage

MF Property 1 Senior Mortgage

MF Properties 2 Senior Mortgage

MF Properties 2 Senior Mortgage

MF Properties 2 Senior Mortgage - maturing in May 2023

MF Properties 2 Senior Mortgage - maturing in July 2023

MF Properties 3 Senior Mortgage

MF Properties 3 Senior Mortgage

CMBS Facility

CMBS Facility

N-Star I

N-Star I

N-Star II

N-Star III

N-Star III

N-Star IV

N-Star V

N-Star V

N-Star VI

N-Star VII

N-Star VIII

N-Star IX

N-Star IX

CSE CDO

Cap Lease CDO

Securitization 2012-1

Securitization 2012-1

Securitization 2012-1

Term Asset-Backed Securities Loan Facility

CMBS Facility

Loan Facility

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

11.50% Notes

11.50% Notes

7.25% Notes

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

8.875% Notes

5.375% Notes

5.375% Notes

5.375% Notes

Minimum

Maximum

Trust I

Trust I

Trust II

Trust II

Trust III

Trust III

Trust IV

Trust IV

Trust V

Trust V

Trust VI

Trust VI

Trust VII

Trust VII

Trust VIII

Trust VIII

Wakefield Portfolio

Wakefield Portfolio

Lancaster, OH

Lancaster, OH

Minnesota Portfolio

Minnesota Portfolio

Healthcare Preferred

Healthcare Preferred

Indiana Portfolio(10)

Indiana Portfolio(10)

Phoenix, AZ

Austin, TX

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

extension

Minimum

Maximum

extension

Minimum

Maximum

note

note

note

Hillsboro, OR

Hillsboro, OR

Wakefield Portfolio

Wakefield Portfolio

Ohio Portfolio

Ohio Portfolio

Lancaster, OH

Lancaster, OH

Wilkinson Portfolio

Wilkinson Portfolio

Tuscola/Harrisburg

Tuscola/Harrisburg

East Arlington, TX

East Arlington, TX

Minnesota Portfolio

Healthcare Preferred

Indiana Portfolio(10)

South Portland, ME

South Portland, ME

Fort Wayne, IN

Fort Wayne, IN

Reading, PA 1

Reading, PA 1

Reading, PA 2

Reading, PA 2

EDS Portfolio

EDS Portfolio

Keene, NH

Keene, NH

Green Pond, NJ

Green Pond, NJ

Aurora, CO

Aurora, CO

DSG Portfolio

DSG Portfolio

Indianapolis, IN

Indianapolis, IN

Milpitas, CA

Milpitas, CA

Fort Mill, SC 1

Fort Mill, SC 1

Fort Mill, SC 2

Fort Mill, SC 2

Salt Lake City, UT

Salt Lake City, UT

Columbus, OH

Columbus, OH

note

note

note

note

extension

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contractual interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

0.00%

4.39%

4.39%

4.02%

4.02%

4.92%

5.94%

5.94%

'

'

6.00%

6.00%

'

'

6.99%

6.99%

7.09%

7.09%

5.89%

5.89%

'

'

'

7.34%

7.34%

6.41%

6.41%

5.58%

5.58%

6.00%

6.00%

5.37%

5.37%

5.85%

5.85%

5.68%

5.68%

6.22%

6.22%

6.17%

6.17%

6.06%

6.06%

5.95%

5.95%

5.63%

5.63%

6.21%

6.21%

5.16%

5.16%

6.48%

6.48%

4.00%

4.00%

4.03%

4.03%

'

'

4.28%

4.28%

1.65%

1.65%

'

'

'

'

0.00%

'

'

0.00%

'

'

0.00%

0.00%

0.00%

'

'

0.00%

0.00%

'

'

'

'

'

'

0.00%

'

'

'

'

'

5.19%

'

'

5.19%

3.48%

'

'

'

'

11.50%

11.50%

7.25%

7.25%

7.25%

7.50%

7.50%

7.50%

8.88%

8.88%

8.88%

5.38%

5.38%

5.38%

'

'

'

'

8.15%

8.15%

7.74%

7.74%

7.81%

7.81%

7.95%

7.95%

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'three-month LIBOR

'three-month LIBOR

'one-month LIBOR

'one-month LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'three-month LIBOR

'three-month LIBOR

'

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'

'one-month LIBOR

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'three-month LIBOR

'three-month LIBOR

'three-month LIBOR

'three-month LIBOR

'three-month LIBOR

'three-month LIBOR

'three-month LIBOR

'three-month LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

'

'

'

'

5.95%

5.95%

5.00%

5.00%

3.00%

3.00%

7.75%

7.75%

4.50%

4.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.26%

4.26%

'

1.66%

1.66%

'

0.92%

0.92%

'

'

'

0.40%

0.40%

'

'

'

'

1.63%

1.62%

1.62%

'

'

'

'

'

'

'

'

3.95%

5.95%

'

'

2.50%

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.50%

2.90%

'

'

'

'

'

'

'

'

2.70%

2.70%

2.90%

2.90%

2.50%

2.50%

2.70%

2.70%

Principal Amount

$4,059,860

$5,144,588

$2,113,334

$1,015,670

$2,113,334

$787,224

$1,124,899

$236,900

$478,494

$279,825

'

'

'

'

'

'

'

'

'

'

$265,386

$270,499

$244,555

$228,446

$211,921

$16,525

$236,900

$236,900

$639,999

'

$248,000

'

$31,650

$55,768

$56,717

$20,496

$20,747

$4,399

$4,453

$152,772

$155,332

$7,545

$7,667

$3,209

$3,259

$38,175

$75,000

$121,130

$3,819

$4,051

$3,019

$3,123

$12,765

$13,073

$5,000

$5,000

$43,682

$44,575

$6,237

$6,353

$16,095

$16,374

$31,232

$31,713

$31,729

$32,296

$26,600

$27,022

$20,055

$20,616

$27,700

$27,700

$1,464

$1,827

$13,689

$14,133

$22,300

$22,643

$39,600

'

$158,417

'

'

'

$46,538

'

'

'

$970,219

$3,371,753

$37,754

$106,648

$82,694

$100,022

$148,232

$181,353

$202,899

$263,738

$284,623

$240,586

$562,367

$629,544

$674,723

$694,863

$131,926

$82,337

$98,131

'

$82,337

$98,131

$14,664

$14,664

$70,038

$61,088

$31,238

$15,000

$14,850

$14,850

'

'

$55,188

'

'

'

$543,815

$303,165

$0

$35,710

$12,955

$12,955

$172,500

$172,500

$172,500

$172,500

$13,360

$82,000

$75,000

$345,000

$300,000

$0

$280,117

$280,117

'

'

$41,240

$41,240

$25,780

$25,780

$41,238

$41,238

$50,100

$50,100

$30,100

$30,100

$25,100

$25,100

$31,459

$31,459

$35,100

$35,100

Carrying Value

$3,342,071

$3,790,072

$2,113,334

$1,015,670

$2,113,334

$787,224

$1,124,899

$236,900

$478,494

$279,825

'

'

'

'

'

'

'

'

'

'

$265,386

$270,499

$244,555

$228,446

$211,921

$16,525

$236,900

$236,900

$639,999

'

$248,000

'

$31,650

$55,768

$56,717

$20,496

$20,747

$4,399

$4,453

$152,772

$155,332

$7,545

$7,667

$3,209

$3,259

$38,175

$75,000

$121,130

$3,819

$4,051

$3,019

$3,123

$12,765

$13,073

$5,000

$5,000

$43,682

$44,575

$6,237

$6,353

$16,095

$16,374

$31,232

$31,713

$31,729

$32,296

$26,600

$27,022

$20,055

$20,616

$27,700

$27,700

$1,464

$1,827

$13,689

$14,133

$22,300

$22,643

$39,600

'

$158,417

'

'

'

$46,538

'

'

'

$384,183

$2,112,441

$34,886

$100,429

$69,089

$46,090

$60,806

$149,112

$80,897

$107,823

$221,306

$93,689

$413,281

$222,310

$244,248

$539,687

$112,971

$82,340

$98,005

'

$82,340

$98,005

$14,664

$14,664

$70,038

$61,088

$31,238

$15,000

$14,850

$14,850

'

'

$55,188

'

'

'

$490,973

$291,031

$0

$35,611

$12,955

$12,955

'

$165,366

$162,596

'

$13,068

$79,869

'

$299,584

'

$0

$201,203

$197,173

'

'

$31,342

$31,549

$19,722

$19,722

$31,547

$31,547

$38,327

$38,326

$19,866

$18,662

$16,943

$16,064

$20,290

$19,190

$23,166

$22,113

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

8

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

5

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average financing cost (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.39%

'

4.02%

'

4.92%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.03%

'

'

'

4.28%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of optional extensions to initial term (extension)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Optional extension period of initial maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of fixed interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

BorrowingsRepayments_of_Princi

Borrowings-Repayments of Principal (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2007

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Notes and Loans Payable

Notes and Loans Payable

CDO Bonds Payable

CDO Bonds Payable

Securitization Bonds Payable

Securitization Bonds Payable

Credit facility

Credit facility

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Junior Subordinated Notes

Junior Subordinated Notes

7.25% Notes

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

8.875% Notes

5.375% Notes

5.375% Notes

5.375% Notes

Maturities of Long-term Debt [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2014

$27,190

'

$14,235

'

'

'

'

'

'

'

$12,955

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

130,255

'

130,255

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

299,456

'

126,956

'

'

'

'

'

'

'

172,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

278,049

'

278,049

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

127,228

'

57,190

'

'

'

'

'

70,038

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

3,197,682

'

1,506,649

'

970,219

'

82,337

'

'

'

358,360

'

'

'

'

'

'

'

'

'

'

'

'

'

280,117

'

Total

$4,059,860

$5,144,588

$2,113,334

$1,015,670

$970,219

$3,371,753

$82,337

$98,131

$70,038

$61,088

$543,815

$303,165

$12,955

$12,955

$172,500

$172,500

$172,500

$172,500

$13,360

$82,000

$75,000

$345,000

$300,000

$0

$280,117

$280,117

Contractual interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

7.25%

7.25%

7.25%

7.50%

7.50%

7.50%

8.88%

8.88%

8.88%

5.38%

5.38%

5.38%

'

'

BorrowingsText_Details

Borrowings-Text (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Share data in Thousands, except Per Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jul. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Nov. 30, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

31-May-13

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 15, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2007

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Feb. 27, 2014

Dec. 31, 2013

Jul. 31, 2013

Jun. 30, 2012

Dec. 31, 2012

Jan. 31, 2014

Jul. 31, 2013

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jan. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jul. 31, 2012

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jul. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Jul. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Securitization Bonds Payable

Securitization Bonds Payable

Securitization Bonds Payable

Securitization Bonds Payable

Securitization Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Credit facility

Subsidiary two

Subsidiary

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

First mortgage loans:

First mortgage loans:

investment

N-Star II

N-Star II

7.25% Notes

7.25% Notes

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

8.875% Notes

8.875% Notes

8.875% Notes

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

CMBS Facility

Loan Facility 1

Loan Facility 1

Loan Facility 2

Loan Facility 2

Credit facility

Credit facility

Credit facility

Credit facility

Subsidiary two

Credit facility

Credit facility

Subsidiary two

Subsequent events

Subsequent events

Subsequent events

Loan Facility 1

Loan Facility 2

Loan Facility 1

Loan Facility 2

Credit facility

Loan Facility 1

Loan Facility 2

Credit facility

Loan Facility 1

Loan Facility 1

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes Payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$67,600,000

'

'

'

$9,700,000

'

'

'

'

$137,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of financing transaction collateralized by CRE debt investments

'

'

'

'

'

'

351,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate debt investments contributed (investments)

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate principal amount of real estate debt investment contributed

'

'

'

'

'

'

152,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity interest retained in real estate debt investments contributed

'

'

'

'

'

'

54,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount borrowed as per borrowing agreement

'

'

'

'

'

'

227,500,000

'

'

'

'

'

'

'

'

'

'

'

'

163,000,000

'

'

'

'

6,800,000

72,000,000

'

'

'

290,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Portion of debt financing the CRE debt investments

'

'

'

'

'

'

98,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advance rates (as a percent)

'

'

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

1.63%

1.62%

1.62%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.95%

2.50%

'

5.95%

5.00%

'

'

'

Repayments of credit facilities

138,798,000

137,946,000

1,307,000

'

'

'

95,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of debt previously repurchased

'

'

'

'

'

'

'

'

'

'

'

70,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase price of bonds redeemed

'

'

'

'

'

'

'

'

'

'

'

36,000,000

'

'

'

7,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from redemption of the repurchased bonds

'

'

'

'

'

'

'

'

'

'

'

70,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized gain on deconsolidation of CDO

'

'

'

'

'

'

'

'

'

'

'

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount

4,059,860,000

5,144,588,000

'

'

82,337,000

98,131,000

'

82,337,000

98,131,000

970,219,000

3,371,753,000

'

82,694,000

543,815,000

303,165,000

'

12,955,000

12,955,000

172,500,000

172,500,000

172,500,000

172,500,000

'

13,360,000

'

75,000,000

82,000,000

'

'

300,000,000

345,000,000

0

'

70,038,000

61,088,000

31,238,000

14,850,000

14,850,000

55,188,000

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes

'

'

'

'

'

'

'

'

'

'

'

'

0.00%

'

'

'

7.25%

7.25%

7.25%

7.50%

7.50%

7.50%

7.50%

8.88%

'

8.88%

8.88%

'

'

5.38%

5.38%

5.38%

'

'

'

'

'

5.19%

5.19%

3.48%

'

'

'

'

'

'

'

'

'

'

Secured term loan

0

14,664,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of the equity components of debt instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

25,900,000

17,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$16.04

'

$16.89

$6.44

$5.92

'

'

$5.86

'

$6

'

'

'

$9.74

$9.74

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional borrowing amount

'

'

'

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

45,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,500

'

'

'

1,700

'

'

'

'

14,100

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Losses on Conversion of Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from net issuance costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount

1,085,280,000

2,371,464,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

109,100,000

1,578,872,000

Weighted average fixed interest rate (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

'

'

'

9.60%

'

'

9.40%

'

'

'

'

'

'

7.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

200,000,000

'

'

'

'

'

'

'

'

Aggregate amount of unrestricted cash required to provide credit support for the borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

3,750,000

'

'

7,500,000

'

'

Amount outstanding under its loan facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available borrowing under its loan facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$170,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

BorrowingsValue_Details

Borrowings-Value (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2007

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

11.50% Notes

11.50% Notes

7.25% Notes

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

8.875% Notes

5.375% Notes

5.375% Notes

5.375% Notes

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes

'

'

'

'

11.50%

11.50%

7.25%

7.25%

7.25%

7.50%

7.50%

7.50%

8.88%

8.88%

8.88%

5.38%

5.38%

5.38%

Principal Amount

$4,059,860

$5,144,588

$543,815

$303,165

$0

$35,710

$12,955

$12,955

$172,500

$172,500

$172,500

$172,500

$13,360

$82,000

$75,000

$345,000

$300,000

$0

Unamortized Discount

'

'

-52,842

-12,134

0

-99

0

0

'

-7,134

-9,904

'

-292

-2,131

'

-45,416

'

0

Carrying Value

$3,342,071

$3,790,072

$490,973

$291,031

$0

$35,611

$12,955

$12,955

'

$165,366

$162,596

'

$13,068

$79,869

'

$299,584

'

$0

Remaining amortization period

'

'

'

'

'

'

'

'

'

'2 years 2 months 12 days

'

'

'5 years 5 months 30 days

'

'

'9 years 6 months

'

'

BorrowingsInterest_Expense_Det

Borrowings-Interest Expense (Details) (Exchangeable senior notes, USD $)

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Jun. 30, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2007

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2012

5.375% Notes

5.375% Notes

5.375% Notes

7.25% Notes

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

8.875% Notes

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Expense

$32,475

$22,204

$18,872

'

'

'

'

'

'

'

'

'

'

'

'

Amortization Expense

8,416

5,025

4,490

'

'

'

'

'

'

'

'

'

'

'

'

Total Interest Expense

$40,891

$27,229

$23,362

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes

'

'

'

5.38%

5.38%

5.38%

7.25%

7.25%

7.25%

7.50%

7.50%

7.50%

8.88%

8.88%

8.88%

Effective interest rate (percent)

'

'

'

7.30%

'

'

8.00%

'

'

9.60%

'

'

9.40%

'

'

Related_Party_and_Sponsored_Co1

Related Party and Sponsored Company Arrangements (Details) (USD $)

1 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Aug. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jul. 19, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Feb. 28, 2013

Aug. 31, 2013

Aug. 31, 2013

Dec. 31, 2013

Jun. 30, 2013

Jan. 31, 2014

loan

loan

loan

First mortgage loans:

First mortgage loans:

N-Star CDOs and the CSE and CapLease CDOs financing transactions

N-Star CDOs and the CSE and CapLease CDOs financing transactions

N-Star CDOs and the CSE and CapLease CDOs financing transactions

N-Star CDOs and the CSE and CapLease CDOs financing transactions

Sponsored Companies

Sponsored Companies

Sponsored Companies

Sponsored Companies

NorthStar Real Estate Income Trust Inc

NorthStar Healthcare

NorthStar Healthcare

NorthStar Real Estate Income II, Inc.

NorthStar Real Estate Income II, Inc.

NorthStar Real Estate Income II, Inc.

NorthStar Income

NorthStar Income

NorthStar Realty Securities

NorthStar Realty Securities

NorthStar Realty Securities

Consolidated Entities [Member]

Consolidated Entities [Member]

Consolidated Entities [Member]

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Senior Loans

Subordinate interests

Assisted Living Facilities

Memory Care Facility [Member]

Subsequent events

loan

loan

Maximum

Maximum

First mortgage loans:

First mortgage loans:

investment

Loan maturing in March 2014

Loan maturing in January 2015

NorthStar Real Estate Income Trust Inc

NorthStar Healthcare

NorthStar Real Estate Income II, Inc.

First mortgage loans:

building

Related party and sponsored company arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Selling commissions (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dealer manager fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commission expense

'

'

$57,325,000

$38,506,000

$10,764,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7,800,000

$5,200,000

$1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advisory fee income

'

'

27,301,000

7,916,000

959,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

26,600,000

7,900,000

1,000,000

'

'

'

'

'

'

'

'

'

'

'

Amount of acquisition fees deferred since inception

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of disposition fees deferred since inception

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate unreimbursed costs

'

25,262,000

25,262,000

23,706,000

'

'

'

'

'

'

'

'

21,000,000

11,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from revenue reimbursement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,500,000

6,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management services fee income

'

'

27,301,000

7,916,000

959,000

'

'

'

14,400,000

10,400,000

14,400,000

17,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fee income

'

700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of shares of common stock committed to be purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period during which the company has committed to purchase the shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares purchased since inception (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

507,980

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments made since inception to acquire shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares purchased (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

255,614

'

245,109

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares purchased to satisfy the minimum offering amount (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

222,223

'

222,223

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contributions made

'

'

0

0

10,715,000

'

'

'

'

'

'

'

'

'

'

'

'

2,300,000

'

2,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Sale of Loans Held-for-sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,300,000

'

'

25,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notes receivables from related parties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

Number of assisted living facilities sold (buildings)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

Acquisition cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,800,000

'

Number of mortgage loans which are structured (loans)

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument principal amount bifurcated into separate debt instruments

141,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument debt created from bifurcation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

79,100,000

62,600,000

'

'

'

Debt Instrument Number of Loans Transfered

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number

'

'

44

152

'

'

17

74

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

Carrying Value

'

1,031,078,000

1,031,078,000

1,832,231,000

1,710,582,000

1,840,425,000

428,633,000

1,205,313,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,400,000

23,200,000

'

'

'

'

'

'

Duration of extension options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

Interest, base rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'one-month LIBOR

'

'

'

'

'

'

Interest, base rate margin (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.50%

3.50%

'

'

'

'

'

'

Current pay, base rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'one-month LIBOR

'

'

'

'

'

'

'

Current pay, base rate margin (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

Aggregate interest income earned

'

'

303,989,000

386,053,000

401,201,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,600,000

2,100,000

1,900,000

'

'

'

'

'

'

'

'

Loan made by the related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

91,000,000

'

'

'

'

'

Origination fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

'

'

'

'

'

Asset management fee (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.25%

'

'

'

'

'

Annual lease payments under operating lease

'

'

$2,900,000

$2,800,000

$2,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$200,000

'

'

'

'

'

'

'

'

'

'

Renewal term for lease of office space in Colorado

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

EquityBased_CompensationText_D

Equity-Based Compensation-Text (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

In Millions, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 28, 2013

Jan. 31, 2014

Dec. 31, 2012

Feb. 29, 2012

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2009

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Feb. 26, 2014

Dec. 31, 2011

Dec. 31, 2012

Feb. 26, 2014

Feb. 26, 2014

Dec. 31, 2011

Dec. 31, 2012

Feb. 26, 2014

Incentive Compensation Plan

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

RSUs

Subsequent events

Vest at rate of four annual installments

Vest at rate of four annual installments

Vest at rate of four annual installments

Vest 100% on December 31, 2015

Quarterly over three years

Quarterly over three years

Quarterly over three years

component

Stock Incentive Plan

Stock Incentive Plan

Stock Incentive Plan

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Minimum

Maximum

RSUs

LTIP Units

LTIP Units

Subsequent events

Subsequent events

LTIP Units

LTIP Units

Subsequent events

2010 Plan

2009 Plan

2009 Plan

2009 Plan

2009 Plan

2009 Plan

2010 Plan

2010 Plan

2010 Plan

2010 Plan

2011 Plan

2011 Plan

2011 Plan

2012 Plan

2012 Plan

Incentive Compensation Plan

Incentive Compensation Plan

Executive officers

Executive officers

Executive officers

LTIP Units

LTIP Units

Non-executive employees

Non-executive employees

LTIP Units

2013 Plan

2011 Plan

2012 Plan

Executive officers

Executive officers

2011 Plan

2012 Plan

Non-executive employees

installment

installment

2013 Plan

2013 Plan

2013 Plan

Equity-Based Compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate shares of common stock reserved under the plan (shares)

'

'

'

15,584,200

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate number of units issued (shares)

'

'

'

9,186,885

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units subject to vesting (shares)

'

'

'

2,627,312

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Recognized equity-based compensation expenses

'

'

'

$12.90

$5.80

$6

'

'

'

'

$1.40

$13.90

'

'

$5.70

$5.60

'

$1.40

$1.30

'

$2.70

'

'

'

'

'

'

'

'

'

'

'

Related compensation expense to be recognized over the remaining vesting period

'

'

'

13.4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional disclosures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of adjusted equity capital used in calculating size of incentive pool (percent)

1.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of adjusted funds from operations used in calculating size of incentive pool (percent)

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of return hurdle on adjusted equity capital (percent)

9.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of incentive compensation components into which the incentive pool is expected to be divided (components)

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of deferred cash bonus (percent)

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period considered for achieving cumulative performance goals or target stock prices under the Plan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'4 years

'

'

'

'

'

'

'

'

Number of shares of common stock given as payout (shares)

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares Issued (shares)

'

'

'

'

'

'

2,209,999

1,000,000

'

'

'

'

3,147,454

'

'

'

2,209,999

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period following which employee will receive payout subject to conditions under the Plan

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'3 years

'

'

'4 years

'

'4 years

'

'

'4 years

'

'

'4 years

'

'

'

'

Percentage of grants entitled for vesting (percent)

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

RSU's settled in cash (in shares)

'

'

'

'

'

'

'

'

'

2,609,074

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance of RSUs not settled (in shares)

'

'

'

'

'

'

'

'

538,380

'

538,380

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Awards settled in cash

'

'

'

'

'

'

'

'

1.4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative catch up adjustment

'

'

'

'

'

'

'

'

'

'

'

'

'

$3.60

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Options and awards graned in period

'

4,333,000

2,306,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,525,797

'

1,409,682

'

'

1,000,744

1,525,797

1,409,682

1,000,744

523,157

'

581,607

556,344

Number of equal annual installments in which units vest (installments)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

4

'

'

'

'

'

Units granted, net of forfeitures (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

606,257

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'3 years

'3 years

EquityBased_CompensationRollfo

Equity-Based Compensation-Rollforward (Details) (LTIP Units, USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
LTIP Grants	'	'
Beginning balance (in units)	6,228,000	4,208,000
Granted (in units)	4,333,000	2,306,000
Converted to common stock (in units)	-1,341,000	-277,000
Forfeited (in units)	-2,000	-9,000
Ending Balance/Weighted Average (in units)	9,218,000	6,228,000
Weighted Average Grant Price	'	'
Beginning balance (in dollars per share)	$6.66	$7.53
Granted (in dollars per share)	$8.10	$5.59
Converted to common stock (in dollars per share)	$7.90	$11.09
Forfeited (in dollars per share)	$5.38	$5.38
Ending Balance/Weighted Average (in dollars per share)	$7.15	$6.66
Long-term Incentive Plan 2004	'	'
LTIP Grants	'	'
Ending Balance/Weighted Average (in units)	698,142	'
Weighted Average Grant Price	'	'
Units redeemed for common stock (units)	667,509	'

Stockholders_EquityCommon_Shar

Stockholders' Equity-Common Shares Issued (Details) (USD $)	1 Months Ended			12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Aug. 31, 2013	Feb. 28, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stockholders' equity	'	'	'	'	'	'
Net proceeds from common stock offering	'	'	'	$1,305,619	383,480	69,305
Common Stock	'	'	'	'	'	'
Stockholders' equity	'	'	'	'	'	'
Number of shares issued (shares)	57,500,000	40,250,000	34,500,000	132,250,000	67,250,000	17,250,000
Stock issuance price per share (in dollars per share)	$11.65	$9.60	$8.39	$11.65	'	'
Net proceeds from common stock offering	649,302	376,099	280,218	1,305,619	'	'
Common Stock | RXR Equity Investment	'	'	'	'	'	'
Stockholders' equity	'	'	'	'	'	'
Number of shares issued (shares)	1,360,000	'	'	'	'	'
Common Stock | RXR Equity Investment | Additional Paid-in Capital	'	'	'	'	'	'
Stockholders' equity	'	'	'	'	'	'
Net proceeds from common stock offering	$17,700	'	'	'	'	'

Stockholders_EquityClasses_of_

Stockholders' Equity-Classes of Preferred Stock (Details) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stockholders' equity	'	'	'
Net proceeds from the issuance of stock	$1,305,619	$382,809	$69,305
Preferred stock authorized (shares)	250,000,000	'	'
Series A, 8.75%	'	'	'
Stockholders' equity	'	'	'
Preferred stock, dividend yield (as a percent)	8.75%	'	'
Preferred stock issued (shares)	2,466,689	'	'
Net proceeds from the issuance of stock	59,453	'	'
Series B, 8.25%	'	'	'
Stockholders' equity	'	'	'
Preferred stock, dividend yield (as a percent)	8.25%	'	'
Preferred stock issued (shares)	13,998,905	'	'
Net proceeds from the issuance of stock	323,757	'	'
Series C, 8.875%	'	'	'
Stockholders' equity	'	'	'
Preferred stock, dividend yield (as a percent)	8.88%	'	'
Preferred stock issued (shares)	5,000,000	'	'
Net proceeds from the issuance of stock	120,808	'	'
Series D, 8.50%	'	'	'
Stockholders' equity	'	'	'
Preferred stock, dividend yield (as a percent)	8.50%	'	'
Preferred stock issued (shares)	8,000,000	'	'
Net proceeds from the issuance of stock	193,334	'	'
Preferred Stock	'	'	'
Stockholders' equity	'	'	'
Preferred stock issued (shares)	29,465,594	'	'
Net proceeds from the issuance of stock	$697,352	'	'
Preferred stock par value (in dollars per share)	$0.01	'	'
Preferred stock, liquidation preference (in dollars per share)	$25	'	'

Stockholders_EquityWarrants_Ou

Stockholders' Equity-Warrants Outstanding (Details) (USD $)	Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
Class of Warrant or Right [Line Items]	'
Class of warrant, maximum cash consideration	$5
Class of warrant principal needed for maximum cash consideration	$40
Warrant	'
Class of Warrant or Right [Line Items]	'
Number of Warrants (shares)	3,000,000
Warrant | October 2019	'
Class of Warrant or Right [Line Items]	'
Number of Warrants (shares)	500,000
Exercise Price (in dollars per share)	7.5
Warrant | October 2020	'
Class of Warrant or Right [Line Items]	'
Number of Warrants (shares)	250,000
Exercise Price (in dollars per share)	8.6
Warrant | October 2021	'
Class of Warrant or Right [Line Items]	'
Number of Warrants (shares)	250,000
Exercise Price (in dollars per share)	10.75
Warrant | June 2020	'
Class of Warrant or Right [Line Items]	'
Number of Warrants (shares)	2,000,000
Exercise Price (in dollars per share)	7.6

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

3 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 30, 2007

Dec. 31, 2013

Dec. 31, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Nov. 02, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Nov. 02, 2011

Aug. 03, 2011

4-May-11

Jan. 19, 2011

Dec. 31, 2013

Aug. 31, 2013

Feb. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Nov. 02, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Nov. 02, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Aug. 03, 2011

4-May-11

Jan. 19, 2011

Nov. 02, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Nov. 02, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Aug. 03, 2011

4-May-11

Jan. 19, 2011

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Series B preferred stock

Series D Preferred Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series C Preferred Stock

Series C Preferred Stock

Series C Preferred Stock

Series C Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Stockholders' equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares issued (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

57,500,000

40,250,000

34,500,000

132,250,000

67,250,000

17,250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, dividend yield (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

8.25%

8.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from the issuance of stock

'

'

'

'

'

'

'

'

$1,305,619

$382,809

$69,305

'

$323,757

$193,334

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,323

$673

$173

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

DRP

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares of common stock reserved for issuance under DRP (in shares)

'

'

'

'

'

'

'

'

'

'

'

14,279,846

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares issued pursuant to the DRP (in shares)

'

'

'

'

'

'

'

'

26,835

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

27,000

35,000

62,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross sales price from shares issued pursuant to the DRP

'

'

'

'

'

'

'

'

249

203

264

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends per share of common stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.21

$0.20

$0.19

$0.18

$0.17

$0.16

$0.15

$0.14

$0.13

$0.10

$0.10

$0.10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends declared per share of preferred stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.55

$0.55

$0.55

$0.76

$0.53

$0.53

$0.21

Numerator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders

-10,422

-151,027

-12,626

36,622

-27,582

-149,577

-77,511

-33,917

-137,453

-288,587

-263,014

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to LTIP Units non-controlling interest

'

'

'

'

'

'

'

'

-5,571

-13,962

-12,780

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to common stockholders and LTIP Units

'

'

'

'

'

'

'

'

($143,024)

($302,549)

($275,794)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Denominator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average shares of common stock, basic (in shares)

'

'

'

'

'

'

'

'

211,815,520

125,198,517

89,348,670

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average LTIP Units (in shares)

'

'

'

'

'

'

'

'

9,162,000

6,025,000

4,278,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average shares of common stock and LTIP Units (in shares)

'

'

'

'

'

'

'

'

220,978,000

131,224,000

93,627,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings (loss) per share:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic (in dollars per share)

($0.04)

($0.68)

($0.06)

$0.21

($0.20)

($1.11)

($0.62)

($0.33)

($0.65)

($2.31)

($2.94)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted (in dollars per share)

($0.04)

($0.68)

($0.06)

$0.20

($0.20)

($1.11)

($0.62)

($0.33)

($0.65)

($2.31)

($2.94)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of LTIP Units into common shares, ratio

'

'

'

'

'

'

'

'

1

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of RSUs, convertible debt and warrants outstanding and exercisable that were not dilutive, excluded from computation of diluted EPS (in shares)

'

'

'

'

'

'

'

'

'

3,000,000

3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (USD $)

3 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jul. 31, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Operating Partnership

Operating Partnership

Operating Partnership

NorthStar Realty Healthcare, LLC

NorthStar Realty Healthcare, LLC

Other non-controlling interests

Other non-controlling interests

Other non-controlling interests

Non-controlling interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate limited partnership units (in shares)

'

'

'

'

'

'

'

'

'

'

'

9,217,518

6,228,727

'

'

'

'

'

'

Non-controlling interests, ownership percentage (percent)

'

'

'

'

'

'

'

'

'

'

'

2.90%

3.70%

'

'

'

'

'

'

Net income (loss) allocated to the non-controlling interest

'

'

'

'

'

'

'

'

($5,571,000)

($13,962,000)

($12,780,000)

$5,600,000

$14,000,000

$12,800,000

'

'

'

'

'

Amount of preferred membership interest repaid

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

Distribution rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.50%

'

'

'

'

Net income (loss) allocated to Inland American's non-controlling interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,700,000

'

'

'

Net income (loss) allocated to other non-controlling interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000

2,400,000

1,500,000

Income (loss) from continuing operations

'

'

'

'

'

'

'

'

-129,394,000

-290,451,000

-279,545,000

'

'

'

'

'

'

'

'

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

-8,059,000

-123,000

125,000

'

'

'

'

'

'

'

'

Gain on sale from discontinued operations

'

'

'

'

'

'

'

'

0

1,987,000

16,406,000

'

'

'

'

'

'

'

'

Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders

($10,422,000)

($151,027,000)

($12,626,000)

$36,622,000

($27,582,000)

($149,577,000)

($77,511,000)

($33,917,000)

($137,453,000)

($288,587,000)

($263,014,000)

'

'

'

'

'

'

'

'

Fair_Value_Details

Fair Value (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'
Investments in private equity funds, at fair value	$586,018	$0
Real estate securities, available for sale	1,052,320	1,124,668
Liabilities:	'	'
Derivative liabilities, at fair value	52,204	170,840
Collateralized Debt Obligations	'	'
Assets:	'	'
Real estate securities, available for sale	'	48,236
Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	'	26,462
CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	'	984,018
Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	'	9,571
Unconsolidated VIEs | N-Star CDO bonds	'	'
Assets:	'	'
Real estate securities, available for sale	205,287	'
Unconsolidated VIEs | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	158,274	'
Unconsolidated VIEs | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	34,859	'
Level 3	'	'
Liabilities:	'	'
Junior subordinated notes	201,203	'
Recurring basis | Level 2	'	'
Assets:	'	'
Real estate securities, available for sale	'	786,455
Derivative assets	3,469	6,229
Total assets	570,949	792,684
Liabilities:	'	'
Derivative liabilities, at fair value	'	170,840
Total liabilities	52,204	170,840
Recurring basis | Level 2 | Collateralized Debt Obligations	'	'
Assets:	'	'
Real estate securities, available for sale	'	420
Recurring basis | Level 2 | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	'	26,462
Recurring basis | Level 2 | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	'	56,246
Recurring basis | Level 2 | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	'	703,327
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	20,694	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	507,725	'
Total assets	567,480	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	29,540	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	9,521	'
Recurring basis | Level 3	'	'
Assets:	'	'
Investments in private equity funds, at fair value	586,018	'
RXR Investment(1)	192,419	'
Real estate securities, available for sale	'	338,213
Total assets	1,263,277	338,213
Liabilities:	'	'
CDO bonds payable (refer to Note 9)	384,183	1,999,470
Junior subordinated notes	'	197,173
Total liabilities	585,386	2,196,643
Recurring basis | Level 3 | Collateralized Debt Obligations	'	'
Assets:	'	'
Real estate securities, available for sale	'	47,816
Recurring basis | Level 3 | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	'	135
Recurring basis | Level 3 | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	'	280,691
Recurring basis | Level 3 | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	'	9,571
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	25,981	'
Recurring basis | Level 3 | Unconsolidated VIEs | N-Star CDO bonds	'	'
Assets:	'	'
Real estate securities, available for sale	205,287	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	5,791	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	64,576	'
Total assets	484,840	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Collateralized Debt Obligations	'	'
Assets:	'	'
Real estate securities, available for sale	24,931	'
Recurring basis | Total	'	'
Assets:	'	'
Investments in private equity funds, at fair value	586,018	'
RXR Investment(1)	192,419	'
Real estate securities, available for sale	'	1,124,668
Derivative assets	3,469	6,229
Total assets	1,834,226	1,130,897
Liabilities:	'	'
CDO bonds payable (refer to Note 9)	384,183	1,999,470
Junior subordinated notes	201,203	197,173
Derivative liabilities, at fair value	'	170,840
Total liabilities	637,590	2,367,483
Recurring basis | Total | Collateralized Debt Obligations	'	'
Assets:	'	'
Real estate securities, available for sale	'	48,236
Recurring basis | Total | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	'	26,462
Recurring basis | Total | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	'	56,381
Recurring basis | Total | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	'	984,018
Recurring basis | Total | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	'	9,571
Recurring basis | Total | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	46,675	'
Recurring basis | Total | Unconsolidated VIEs | N-Star CDO bonds	'	'
Assets:	'	'
Real estate securities, available for sale	205,287	'
Recurring basis | Total | Unconsolidated VIEs | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	158,274	'
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	5,791	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	572,301	'
Total assets	1,052,320	'
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | Collateralized Debt Obligations	'	'
Assets:	'	'
Real estate securities, available for sale	24,931	'
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	29,540	'
Recurring basis | Total | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	9,521	'
Interest Rate Swap | Level 2	'	'
Liabilities:	'	'
Derivative liabilities, at fair value	52,204	'
Interest Rate Swap | Recurring basis | Total	'	'
Liabilities:	'	'
Derivative liabilities, at fair value	$52,204	'

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Purchases / borrowings / amortization / contributions	$0	$0
CDO Bonds Payable	'	'
Gains:	'	'
Deconsolidation of N-Star CDOs	-1,656,857,000	'
Losses:	'	'
Unobservable Inputs Reconciliation Recurring Basis Losses From Deconsolidation Of N Star CDOs	556,436,000	'
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Beginning balance	1,999,470,000	2,145,239,000
Purchases / borrowings / amortization / contributions	43,983,000	99,775,000
Paydowns / distributions	-647,947,000	-675,038,000
Repurchases	-44,221,000	-103,118,000
Losses:	'	'
Unrealized losses included in earnings	106,622,000	510,105,000
Realized losses included in earnings	26,697,000	22,507,000
Ending balance	384,183,000	1,999,470,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	93,025,000	-320,134,000
Junior Subordinated Notes	'	'
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Beginning balance	197,173,000	157,168,000
Losses:	'	'
Unrealized losses included in earnings	4,030,000	40,005,000
Ending balance	201,203,000	197,173,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	-4,030,000	-40,005,000
Investments in Private Equity Funds	'	'
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Purchases / borrowings / amortization / contributions	747,564,000	'
Paydowns / distributions	-244,138,000	'
Gains:	'	'
Equity in earnings of unconsolidated ventures	82,592,000	'
Losses:	'	'
Ending balance	586,018,000	'
RXR Investment(1)	'	'
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Purchases / borrowings / amortization / contributions	192,209,000	'
Gains:	'	'
Equity in earnings of unconsolidated ventures	210,000	'
Losses:	'	'
Ending balance	192,419,000	'
Real Estate Securities	'	'
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Beginning balance	338,213,000	422,607,000
Transfers into Level 3	7,788,000	84,871,000
Transfers out of Level 3	-108,143,000	-91,161,000
Purchases / borrowings / amortization / contributions	23,594,000	59,559,000
Sales	-40,328,000	-95,433,000
Paydowns / distributions	-54,971,000	-80,911,000
Gains:	'	'
Unrealized gains included in earnings	68,794,000	59,048,000
Realized gains included in earnings	15,179,000	25,431,000
Unrealized gain on real estate securities, available for sale included in OCI	3,098,000	6,982,000
Deconsolidation of N-Star CDOs	350,886,000	'
Losses:	'	'
Unrealized losses included in earnings	-19,523,000	-47,795,000
Realized losses included in earnings	-5,601,000	-4,416,000
Unrealized losses on real estate securities, available for sale included in OCI	-4,138,000	-569,000
Unobservable Inputs Reconciliation Recurring Basis Losses From Deconsolidation Of N Star CDOs	-90,008,000	'
Ending balance	484,840,000	338,213,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$20,746,000	$14,481,000

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
	security	security
Assets:	'	'
Available for sale securities	$1,052,320,000	$1,124,668,000
CDO bonds payable (refer to Note 9)	384,183,000	2,112,441,000
Liabilities:	'	'
Number of CRE securities for which the fair value option was not elected (securities)	36	21
Carrying value of items for which the fair value option was not elected	221,300,000	'
Difference	'	'
Total liabilities	-664,950,000	'
Real Estate Securities	'	'
Liabilities:	'	'
Number of CRE securities for which the fair value option was not elected (securities)	'	21
Carrying value of items for which the fair value option was not elected	'	88,000,000
CDO Bonds Payable	'	'
Liabilities:	'	'
Carrying value of items for which the fair value option was not elected	'	113,000,000
Difference	'	'
Total liabilities	-586,036,000	'
Junior Subordinated Notes	'	'
Difference	'	'
Total liabilities	-78,914,000	'
Fair value option	'	'
Assets:	'	'
Available for sale securities	1,052,320,000	'
Total assets	1,609,437,000	1,036,638,000
Liabilities:	'	'
Total liabilities	585,386,000	2,196,643,000
Fair value option | Private Equity Funds	'	'
Assets:	'	'
Available for sale securities	586,018,000	'
Fair value option | RXR Investment(1)	'	'
Assets:	'	'
Available for sale securities	192,419,000	'
Fair value option | CDO Bonds Payable	'	'
Assets:	'	'
CDO bonds payable (refer to Note 9)	384,183,000	1,999,470,000
Fair value option | Junior Subordinated Notes	'	'
Liabilities:	'	'
Junior subordinated notes	201,203,000	197,173,000
Principal / Notional Amount	'	'
Assets:	'	'
Available for sale securities	2,090,726,000	2,539,075,000
Amount Due Upon Maturity	'	'
Total liabilities	1,250,336,000	'
Unconsolidated VIEs | Fair value option	'	'
Assets:	'	'
Available for sale securities	410,236,000	'
Unconsolidated VIEs | Fair value option | N-Star CDO equity	'	'
Assets:	'	'
Available for sale securities	158,274,000	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair value option | CMBS	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	30,642,000	20,668,000
Variable Interest Entity, Primary Beneficiary | Fair value option	'	'
Assets:	'	'
Available for sale securities	642,084,000	'
Available for Sale Securities Excluding Private Equity Funds	642,084,000	1,015,970,000
Variable Interest Entity, Primary Beneficiary | Fair value option | CMBS	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	572,301,000	897,800,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Third-party CDO notes	'	'
Assets:	'	'
Third-party CDO notes	24,931,000	25,756,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Agency debentures	'	'
Assets:	'	'
Available for sale securities	29,540,000	26,462,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Unsecured REIT debt	'	'
Assets:	'	'
Available for sale securities	9,521,000	56,381,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Trust preferred securities	'	'
Assets:	'	'
Available for sale securities	5,791,000	9,571,000
CDO Bonds Payable | Fair value option | CDO Bonds Payable	'	'
Liabilities:	'	'
Total liabilities	384,183,000	'
CDO Bonds Payable | Principal / Notional Amount	'	'
Assets:	'	'
CDO bonds payable (refer to Note 9)	970,219,000	3,371,753,000
Amount Due Upon Maturity	'	'
Total liabilities	970,219,000	'
Junior Subordinated Notes | Principal / Notional Amount	'	'
Amount Due Upon Maturity	'	'
Total liabilities	280,117,000	'
Junior Subordinated Notes | Unconsolidated VIEs | Fair value option	'	'
Liabilities:	'	'
Total liabilities	$201,203,000	'

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'
Net gain (loss) in fair value	$17,757	($469,374)	($387,326)
Fair value option	'	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'
Gain (loss) in change in fair value	-15,973	-514,117	-349,123
Real Estate Securities, Available for Sale | Fair value option	'	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'
Gain (loss) in change in fair value	94,679	35,993	-186,136
CDO Bonds Payable | Fair value option	'	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'
Gain (loss) in change in fair value	-106,622	-510,105	-197,054
Junior Subordinated Notes | Fair value option	'	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'
Gain (loss) in change in fair value	-4,030	-40,005	34,067
Derivative	'	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'
Recognized gain (loss) on changes in fair value	$33,730	$44,743	($38,203)

Fair_Value_Details_5

Fair Value (Details 5) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Financial assets:	'	'	'	'
Real estate debt investments, net (refer to Note 5)	$1,031,078	$1,832,231	$1,710,582	$1,840,425
Real estate securities, available for sale	1,052,320	1,124,668	'	'
Financial liabilities:	'	'	'	'
Mortgage and other notes payable	2,113,334	1,015,670	'	'
CDO bonds payable (refer to Note 9)	384,183	2,112,441	'	'
Securitization bonds payable	82,340	98,005	'	'
Secured term loan	0	14,664	'	'
Credit facilities	70,038	61,088	'	'
Exchangeable senior notes	490,973	291,031	'	'
Junior subordinated notes	201,203	197,173	'	'
Derivative liabilities	52,204	170,840	'	'
Principal / Notional Amount	'	'	'	'
Financial assets:	'	'	'	'
Real estate debt investments, net (refer to Note 5)	1,085,280	2,371,464	'	'
Real estate securities, available for sale	2,090,726	2,539,075	'	'
Financial liabilities:	'	'	'	'
Mortgage and other notes payable	2,113,334	1,015,670	'	'
Secured term loan	70,038	61,088	'	'
Principal / Notional Amount | Interest Rate, Caps Floors	'	'	'	'
Financial assets:	'	'	'	'
Derivative assets	478,688	815,500	'	'
Principal / Notional Amount | Interest Rate Swap	'	'	'	'
Financial liabilities:	'	'	'	'
Derivative liabilities	674,418	1,392,269	'	'
Principal / Notional Amount | CDO Bonds Payable	'	'	'	'
Financial liabilities:	'	'	'	'
CDO bonds payable (refer to Note 9)	970,219	3,371,753	'	'
Principal / Notional Amount | Securitization bonds payable	'	'	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	82,337	98,131	'	'
Principal / Notional Amount | Secured term loan	'	'	'	'
Financial liabilities:	'	'	'	'
Credit facilities	'	14,664	'	'
Principal / Notional Amount | Exchangeable senior notes	'	'	'	'
Financial liabilities:	'	'	'	'
Exchangeable senior notes	543,815	303,165	'	'
Principal / Notional Amount | Junior Subordinated Notes	'	'	'	'
Financial liabilities:	'	'	'	'
Junior subordinated notes	280,117	280,117	'	'
Carrying Value	'	'	'	'
Financial assets:	'	'	'	'
Real estate debt investments, net (refer to Note 5)	1,031,078	1,832,231	'	'
Real estate securities, available for sale	1,052,320	1,124,668	'	'
Financial liabilities:	'	'	'	'
Mortgage and other notes payable	'	1,015,670	'	'
Secured term loan	70,038	61,088	'	'
Carrying Value | Interest Rate, Caps Floors	'	'	'	'
Financial assets:	'	'	'	'
Derivative assets	3,469	6,229	'	'
Carrying Value | Interest Rate Swap	'	'	'	'
Financial liabilities:	'	'	'	'
Derivative liabilities	52,204	170,840	'	'
Carrying Value | CDO Bonds Payable	'	'	'	'
Financial liabilities:	'	'	'	'
CDO bonds payable (refer to Note 9)	384,183	2,112,441	'	'
Carrying Value | Securitization bonds payable	'	'	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	82,340	98,005	'	'
Carrying Value | Secured term loan	'	'	'	'
Financial liabilities:	'	'	'	'
Credit facilities	'	14,664	'	'
Carrying Value | Exchangeable senior notes	'	'	'	'
Financial liabilities:	'	'	'	'
Exchangeable senior notes	490,973	291,031	'	'
Carrying Value | Junior Subordinated Notes	'	'	'	'
Financial liabilities:	'	'	'	'
Junior subordinated notes	201,203	197,173	'	'
Fair Value	'	'	'	'
Financial assets:	'	'	'	'
Real estate debt investments, net (refer to Note 5)	1,026,709	1,763,851	'	'
Real estate securities, available for sale	1,052,320	1,124,668	'	'
Financial liabilities:	'	'	'	'
Mortgage and other notes payable	2,107,110	1,034,428	'	'
Secured term loan	70,038	61,088	'	'
Fair Value | Interest Rate, Caps Floors	'	'	'	'
Financial assets:	'	'	'	'
Derivative assets	3,469	6,229	'	'
Fair Value | Interest Rate Swap	'	'	'	'
Financial liabilities:	'	'	'	'
Derivative liabilities	52,204	170,840	'	'
Fair Value | CDO Bonds Payable	'	'	'	'
Financial liabilities:	'	'	'	'
CDO bonds payable (refer to Note 9)	384,183	2,108,817	'	'
Fair Value | Securitization bonds payable	'	'	'	'
Financial liabilities:	'	'	'	'
Securitization bonds payable	82,517	98,298	'	'
Fair Value | Secured term loan	'	'	'	'
Financial liabilities:	'	'	'	'
Credit facilities	'	15,276	'	'
Fair Value | Exchangeable senior notes	'	'	'	'
Financial liabilities:	'	'	'	'
Exchangeable senior notes	909,601	357,627	'	'
Fair Value | Junior Subordinated Notes	'	'	'	'
Financial liabilities:	'	'	'	'
Junior subordinated notes	$201,203	$197,173	'	'

Fair_Value_Details_6

Fair Value (Details 6) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Principal Amount	$4,059,860	$5,144,588
Carrying Value	3,342,071	3,790,072
Fair Value	490,973	291,031
Senior Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Principal Amount	543,815	303,165
Carrying Value	490,973	291,031
Principal / Notional Amount	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Principal Amount	543,815	'
Principal / Notional Amount | Senior Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	543,815	303,165
Principal / Notional Amount | 7.25% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Conversion of exchangeable senior notes	7.25%	'
Principal Amount	12,955	'
Principal / Notional Amount | 7.50% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Conversion of exchangeable senior notes	7.50%	'
Principal Amount	172,500	'
Principal / Notional Amount | 8.875% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Conversion of exchangeable senior notes	8.88%	'
Principal Amount	13,360	'
Principal / Notional Amount | 5.375% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Conversion of exchangeable senior notes	5.38%	'
Principal Amount	345,000	'
Carrying Value	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Carrying Value	490,973	'
Carrying Value | Senior Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	490,973	291,031
Carrying Value | 7.25% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Carrying Value	12,955	'
Carrying Value | 7.50% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Carrying Value	165,366	'
Carrying Value | 8.875% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Carrying Value	13,068	'
Carrying Value | 5.375% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Carrying Value	299,584	'
Fair Value | Senior Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	909,601	357,627
Fair Value | 7.25% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	13,092	'
Fair Value | 7.50% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	390,540	'
Fair Value | 8.875% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	30,593	'
Fair Value | 5.375% Notes	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	$475,376	'

Fair_ValueText_Details

Fair Value-Text (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Fair Value Option	'	'
Transfers	$0	$0
Real estate securities, available for sale	1,052,320,000	1,124,668,000
Recurring basis | Total	'	'
Fair Value Option	'	'
Real estate securities, available for sale	'	1,124,668,000
Recurring basis | Level 3	'	'
Fair Value Option	'	'
Real estate securities, available for sale	'	338,213,000
Fair Value, Measurements, Nonrecurring | Level 3	'	'
Fair Value Option	'	'
Loans with provision for loan loss deconsolidated (loans)	1	'
Discount rate (percent)	7.00%	'
Capitalization rate (percent)	5.00%	'
CDO Bonds Payable	'	'
Fair Value Option	'	'
Unrealized losses for bonds attributable to paydowns at par, including redemption and repurchases	69,800,000	'
Private Equity Funds	'	'
Fair Value Option	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	586,018,000	'
RXR Investment(1)	'	'
Fair Value Option	'	'
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	192,419,000	'
Unconsolidated VIEs | N-Star CDO equity	'	'
Fair Value Option	'	'
Real estate securities, available for sale	158,274,000	'
Unconsolidated VIEs | N-Star CDO equity | Recurring basis | Total	'	'
Fair Value Option	'	'
Real estate securities, available for sale	$158,274,000	'
Minimum | Private Equity Funds	'	'
Fair Value Option	'	'
Discount rate (percent)	18.00%	'
Minimum | RXR Investment(1)	'	'
Fair Value Option	'	'
Discount rate (percent)	7.50%	'
Minimum | N-Star CDO equity	'	'
Fair Value Option	'	'
Discount rate (percent)	18.00%	'
Maximum | Private Equity Funds	'	'
Fair Value Option	'	'
Discount rate (percent)	25.00%	'
Maximum | RXR Investment(1)	'	'
Fair Value Option	'	'
Discount rate (percent)	12.00%	'
Maximum | N-Star CDO equity	'	'
Fair Value Option	'	'
Discount rate (percent)	20.00%	'

Risk_Management_and_Derivative2

Risk Management and Derivative Activities (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jan. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Not designated as hedges

Not designated as hedges

Designated as hedge

Designated as hedge

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate caps/floors

Interest rate caps/floors

Interest rate caps/floors

Interest rate caps/floors

Timing swaps

Timing swaps

Interest rate floor

Unrealized gain (loss) on investment and other

Unrealized gain (loss) on investment and other

Unrealized gain (loss) on investment and other

Interest expense on debt and securities

Interest expense on debt and securities

Interest expense on debt and securities

Gain (loss) from deconsolidation

Gain (loss) from deconsolidation

Gain (loss) from deconsolidation

instrument

instrument

instrument

instrument

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

instrument

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

instrument

instrument

instrument

instrument

Derivative instruments not designated as hedges under U.S. GAAP

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (instruments)

'

'

22

39

0

0

'

'

19

34

'

'

3

5

'

'

'

'

'

'

'

'

'

'

'

'

Notional Amount

'

'

$1,153,106,000

$2,207,769,000

'

'

'

'

$674,418,000

$1,392,269,000

'

'

$478,688,000

$815,500,000

$28,000,000

$68,900,000

$450,000,000

'

'

'

'

'

'

'

'

'

Fair Value Net Asset (Liability)

'

'

-48,735,000

-164,611,000

'

'

'

'

-52,204,000

-170,840,000

'

'

3,469,000

6,229,000

'

'

'

'

'

'

'

'

'

'

'

'

Lower Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

'

4.27%

4.55%

'

'

1.64%

1.64%

'

'

'

'

'

'

'

'

'

'

'

'

Higher Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

'

5.25%

5.63%

'

'

5.00%

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

Number of instruments whose term was extended (instruments)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

Derivative assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate caps/floors

'

'

'

'

'

'

'

'

'

'

3,469,000

6,229,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swaps

'

'

'

'

'

'

52,204,000

170,840,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-hedge derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of gain (loss) recognized in earnings: adjustments to fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33,730,000

44,743,000

-38,203,000

'

'

'

'

'

'

Amount of gain (loss) recognized in earnings: Net cash payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-52,734,000

-78,903,000

-102,578,000

'

'

'

'

'

'

Amount of swap gain (loss) reclassified from OCI into earnings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-4,885,000

-7,412,000

-7,491,000

-15,246,000

0

0

Cash margin held by counterparties as collateral

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk_Management_and_Derivative3

Risk Management and Derivative Activities (Details 2)	12 Months Ended
	Dec. 31, 2013
	operator
Credit risk concentrations	'
Number of operators considered in concentration risk percentage (operators)	2
Rental and escalation income | Customer concentration | Operator one	'
Credit risk concentrations	'
Concentration risk percentage (percent)	6.00%
Rental and escalation income | Customer concentration | Operator two	'
Credit risk concentrations	'
Concentration risk percentage (percent)	11.00%
Total revenue | Customer concentration | Operator one	'
Credit risk concentrations	'
Concentration risk percentage (percent)	2.00%
Total revenue | Customer concentration | Operator two	'
Credit risk concentrations	'
Concentration risk percentage (percent)	4.00%

Commitments_and_ContingenciesF

Commitments and Contingencies-Future Payments (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	lease
	office
Commitments and Contingencies Disclosure [Abstract]	'	'	'
Number of offices which the company is a lessee (office)	4	'	'
Number of Ground Leases Treated as Operating Leases	7	'	'
Number of Operating Leases Directly Paid by Tenants or Operators	6	'	'
Minimum future rental payments under contractual lease obligations	'	'	'
2014	$5,611,000	'	'
2015	5,528,000	'	'
2016	5,579,000	'	'
2017	4,604,000	'	'
2018	3,134,000	'	'
Thereafter	13,660,000	'	'
Total minimum lease payments	38,116,000	'	'
Rental expense recognized for offices	$2,900,000	$2,800,000	$2,900,000

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2012	Dec. 31, 2009
In Millions, unless otherwise specified	NNN Holdings	Chatsworth, California
		NetLeaseInvestment
		sqft
		building
Commitments and Contingencies	'	'
Number of net lease investments foreclosed on by lender (net lease investment)	'	1
Number of office buildings in one of the net lease investments (buildings)	'	3
Total square feet of office buildings (sqft)	'	257,000
Percentage of property leased WaMu (percent)	'	100.00%
Loss accrual reversed as a result of ruling	$20	'

Commitments_and_Contingencies4

Commitments and Contingencies-401K Plan (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Commitments and Contingencies Disclosure [Abstract]	'	'	'
Eligibility for participation in the plan, period of service	'30 days	'	'
Company's match of participant contributions of the first 3% of eligible earnings contributed (as a percent)	100.00%	'	'
Percentage of eligible earnings contributed, matched 100% by the company (percentage)	3.00%	'	'
Company's match of participant contributions of the next 2% of eligible earnings contributed (as a percent)	50.00%	'	'
Percentage of eligible earnings contributed, matched 50% by the company (percentage)	2.00%	'	'
Company's aggregate matching contribution	$0.80	$0.80	$0.60

Quarterly_Financial_Informatio2

Quarterly Financial Information (Unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Supplemental Income Statement Elements [Abstract]	'	'	'	'	'	'	'	'	'	'	'
Net interest income on debt and securities	$80,330	$65,009	$61,560	$58,938	$130,698	$70,254	$67,462	$67,082	$265,837	$335,496	$355,921
Other revenues	84,962	82,182	103,805	59,836	47,823	42,236	40,362	34,648	330,785	165,069	122,457
Expenses	117,114	112,876	135,404	95,194	85,224	76,763	73,804	72,368	460,588	308,159	328,624
Income (loss) from operations	48,178	34,315	29,961	23,580	93,297	35,727	34,020	29,362	136,034	192,406	149,754
Income (loss) from continuing operations	13,253	-141,746	-621	49,560	-16,686	-150,650	-76,768	-30,936	-79,554	-275,040	-259,855
Income (loss) from discontinued operations	'	'	'	'	'	'	'	'	-8,356	-128	131
Net income (loss)	4,689	-141,749	-546	49,696	-15,802	-150,611	-76,120	-30,556	-87,910	-273,089	-242,526
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($10,422)	($151,027)	($12,626)	$36,622	($27,582)	($149,577)	($77,511)	($33,917)	($137,453)	($288,587)	($263,014)
Earnings (loss) per share:	'	'	'	'	'	'	'	'	'	'	'
Basic (in dollars per share)	($0.04)	($0.68)	($0.06)	$0.21	($0.20)	($1.11)	($0.62)	($0.33)	($0.65)	($2.31)	($2.94)
Diluted (in dollars per share)	($0.04)	($0.68)	($0.06)	$0.20	($0.20)	($1.11)	($0.62)	($0.33)	($0.65)	($2.31)	($2.94)

Segment_Reporting_Details

Segment Reporting (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jul. 02, 2013

Jul. 02, 2013

Jul. 02, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

NorthStar Healthcare

NorthStar Real Estate Income II, Inc.

Net Lease

Net Lease

Net Lease

Non Legacy Investments CRE Debt Segment [Member]

Non Legacy Investments CRE Debt Segment [Member]

Non Legacy Investments CRE Debt Segment [Member]

Asset Management and Other Activities Segment [Member]

Asset Management and Other Activities Segment [Member]

Asset Management and Other Activities Segment [Member]

Non Legacy Investments CRE Securities Segment [Member]

Non Legacy Investments CRE Securities Segment [Member]

Non Legacy Investments CRE Securities Segment [Member]

Legacy Investments CRE Debt Segment [Member]

Legacy Investments CRE Debt Segment [Member]

Legacy Investments CRE Debt Segment [Member]

Legacy Investments CRE Securities Segment [Member]

Legacy Investments CRE Securities Segment [Member]

Legacy Investments CRE Securities Segment [Member]

Corporate Segment [Member]

Corporate Segment [Member]

Corporate Segment [Member]

Eliminations

Eliminations

Eliminations

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

N Star CDO

Maximum

Maximum

Maximum

Segment reporting

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from the issuance of stock

'

'

'

'

'

'

'

'

$1,305,619,000

$382,809,000

$69,305,000

'

'

'

$1,100,000,000

$1,100,000,000

$1,650,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net interest income on debt and securities

80,330,000

65,009,000

61,560,000

58,938,000

130,698,000

70,254,000

67,462,000

67,082,000

265,837,000

335,496,000

355,921,000

'

'

'

'

'

'

511,000

159,000

143,000

48,991,000

15,347,000

1,600,000

0

0

0

37,557,000

16,743,000

8,122,000

50,678,000

146,977,000

171,424,000

84,599,000

117,320,000

158,108,000

43,501,000

38,950,000

16,524,000

0

0

0

'

'

'

'

'

Rental and escalation income

'

'

'

'

'

'

'

'

235,492,000

112,496,000

108,549,000

'

'

'

'

'

'

203,134,000

82,200,000

89,730,000

260,000

'

0

0

'

0

0

'

'

32,098,000

30,296,000

18,664,000

0

'

0

0

'

155,000

0

'

0

'

'

'

'

'

Asset management services fee income

'

'

'

'

'

'

'

'

27,301,000

7,916,000

959,000

'

'

'

'

'

'

'

'

0

0

0

0

37,700,000

22,268,000

18,273,000

0

0

0

0

0

0

0

0

0

0

0

0

-10,399,000

-14,352,000

-17,314,000

14,400,000

10,400,000

14,400,000

17,300,000

11,100,000

Income (loss) from operations

48,178,000

34,315,000

29,961,000

23,580,000

93,297,000

35,727,000

34,020,000

29,362,000

136,034,000

192,406,000

149,754,000

'

'

'

'

'

'

-17,950,000

3,956,000

-11,264,000

49,257,000

13,866,000

796,000

30,382,000

17,260,000

7,800,000

37,285,000

16,077,000

7,866,000

31,786,000

96,436,000

83,929,000

90,118,000

115,201,000

146,511,000

-84,844,000

-70,390,000

-85,884,000

'

'

'

'

'

'

'

'

Equity in earnings (losses) of unconsolidated ventures

'

'

'

'

'

'

'

'

85,477,000

88,000

-2,738,000

500,000

300,000

100,000

'

'

'

82,330,000

-1,936,000

-3,387,000

3,550,000

1,904,000

0

355,000

-167,000

-48,000

0

0

0

-758,000

287,000

697,000

0

0

0

0

0

0

0

0

0

'

'

'

'

'

Gain (loss) from deconsolidation of N-Star CDOs

'

'

'

'

'

'

'

'

-299,802,000

0

0

'

'

'

'

'

'

'

'

'

0

'

'

0

'

'

0

'

'

-327,083,000

'

'

27,281,000

'

'

0

'

'

0

'

'

'

'

'

'

'

Income (loss) from continuing operations

13,253,000

-141,746,000

-621,000

49,560,000

-16,686,000

-150,650,000

-76,768,000

-30,936,000

-79,554,000

-275,040,000

-259,855,000

'

'

'

'

'

'

75,961,000

42,927,000

-32,830,000

55,107,000

16,915,000

-2,600,000

30,057,000

17,093,000

7,752,000

84,632,000

22,993,000

1,666,000

-319,445,000

-175,974,000

54,959,000

93,916,000

-95,027,000

-234,454,000

-99,782,000

-103,967,000

-54,348,000

'

'

'

'

'

'

'

'

Net income (loss)

4,689,000

-141,749,000

-546,000

49,696,000

-15,802,000

-150,611,000

-76,120,000

-30,556,000

-87,910,000

-273,089,000

-242,526,000

'

'

'

'

'

'

67,605,000

42,260,000

-18,050,000

55,107,000

16,915,000

-2,600,000

30,057,000

17,093,000

7,752,000

84,632,000

22,993,000

1,666,000

-319,445,000

-173,356,000

57,508,000

93,916,000

-95,027,000

-234,454,000

-99,782,000

-103,967,000

-54,348,000

'

'

'

'

'

'

'

'

Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure

586,018,000

'

'

'

'

'

'

'

586,018,000

'

'

'

'

'

'

'

'

586,018,000

'

'

0

'

'

0

'

'

0

'

'

0

'

'

0

'

'

0

'

'

0

'

'

'

'

'

'

'

Investments in and advances to unconsolidated ventures

142,340,000

'

'

'

111,025,000

'

'

'

142,340,000

111,025,000

96,143,000

'

'

'

'

'

'

29,599,000

30,293,000

20,044,000

98,358,000

70,585,000

68,174,000

10,384,000

6,149,000

4,183,000

0

0

0

0

0

0

0

0

0

3,999,000

3,998,000

3,742,000

0

0

0

'

'

'

'

'

Total Assets

6,360,050,000

[1]

'

'

'

5,513,778,000

[1]

'

'

'

6,360,050,000

[1]

5,513,778,000

[1]

5,006,437,000

'

'

'

'

'

'

3,335,938,000

1,189,193,000

887,858,000

1,211,079,000

383,998,000

71,198,000

37,421,000

34,177,000

12,239,000

418,837,000

195,803,000

125,669,000

15,169,000

2,282,847,000

2,360,466,000

714,458,000

1,035,862,000

1,393,231,000

627,148,000

391,898,000

155,776,000

0

0

0

'

'

'

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$75,800,000

$27,000,000

$28,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

•Restricted cash: December 31, 2013 $24,411 ; December 31, 2012: $320,815 •Operating real estate, net: December 31, 2013: $4,945 ; December 31, 2012: $344,056 •Real estate debt investments, net: December 31, 2013: $44,298 ; December 31, 2012: $1,478,503 •Investments in and advances to unconsolidated ventures: December 31, 2013: $0 ; December 31, 2012: $59,939 •Real estate securities, available for sale: December 31, 2013: $644,015 ; December 31, 2012: $1,015,972 •Receivables, net of allowance: December 31, 2013: $4,476 ; December 31, 2012: $16,609 •Unbilled rent receivable: December 31, 2013: $0 ; December 31, 2012: $2,125 •Deferred costs and intangible assets, net: December 31, 2013: $0 ; December 31, 2012: $37,753 •Other assets: December 31, 2013: $269 ; December 31, 2012: $12,689 •Total assets of consolidated VIEs: December 31, 2013: $722,414 ; December 31, 2012: $3,288,461

Supplemental_Disclosures_of_No2

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]	'	'	'
Real estate acquisition	$135,361,000	$62,236,000	$318,386,000
Reduction of CRE debt investments	135,361,000	62,236,000	123,682,000
Reduction of operating real estate via taking title	0	0	50,029,000
Assumption of mortgage notes payable	0	0	248,252,000
Assignment of mortgage note payable via sale	7,813,000	0	73,577,000
Reduction of mortgage note payable due to foreclosure	0	0	47,372,000
Increase in restricted cash	2,730,000	0	12,275,000
Non-cash related to PE Investments	17,473,000	0	0
Deferred Purchase Price for Private Equity Investment	39,760,000	0	0
Reclassification of operating real estate to asset held for sale	30,063,000	1,046,000	0
Reclassification of operating real estate to other assets	89,219,000	0	0
Reclassification of operating real estate to deferred costs and intangible assets	25,497,000	7,536,000	0
Reclassification of real estate debt investment to other assets	8,952,000	0	0
Reclassification from equity to liabilities for prior year accrued equity compensation	0	0	2,136,000
Reclassification of mortgage note payable to liabilities held for sale	28,962,000	0	0
Escrow deposit payable related to CRE debt investments	57,226,000	37,176,000	7,747,000
Dividends payable related to RSUs	2,128,000	0	0
Activity in non-controlling interest	0	2,358,000	144,000
Elimination of mortgage notes payable upon acquisition of CRE debt investment	0	0	36,252,000
Equity component of exchangeable senior notes	45,740,000	2,179,000	14,318,000
Common stock related to transactions (refer to Note 12)	17,712,000	0	0
Increase of restricted cash in connection with swap collateral	0	0	22,389,000
Decrease of restricted cash in connection with swap collateral	0	22,037,000	0
Assignment of CRE debt investment	0	26,100,000	0
Discount on CRE debt investment	0	2,516,000	0
Elimination of CRE securities	0	0	11,205,000
Redemption of LTIP Units for common stock	10,129,000	3,149,000	8,481,000
Due from related party	0	11,795,000	0
Consolidation of assets of CDOs	0	0	212,205,000
Consolidation of liabilities of CDOs	0	0	201,409,000
Interest paid	158,900,000	126,200,000	124,700,000
8.875% Notes	'	'	'
Debt Instrument [Line Items]	'	'	'
Equity component of exchangeable senior notes	$74,778,000	$0	$0

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

0 Months Ended

1 Months Ended

2 Months Ended

1 Months Ended

In Billions, except Share data, unless otherwise specified

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Nov. 02, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Nov. 02, 2011

Aug. 03, 2011

4-May-11

Jan. 19, 2011

Nov. 02, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Nov. 02, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Aug. 03, 2011

4-May-11

Jan. 19, 2011

Nov. 02, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Nov. 02, 2012

Aug. 02, 2012

2-May-12

Feb. 15, 2012

Aug. 03, 2011

4-May-11

Jan. 19, 2011

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 13, 2013

Oct. 30, 2013

Jul. 31, 2013

2-May-13

Feb. 26, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Feb. 28, 2014

Feb. 28, 2014

Jan. 31, 2014

Feb. 28, 2014

Feb. 28, 2014

Feb. 28, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2011

Feb. 27, 2014

Feb. 27, 2014

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Subsequent events

Subsequent events

Subsequent events

Subsequent events

Subsequent events

NSAM

NSAM

NSAM

Healthcare Senior Housing Portfolio

Healthcare Senior Housing Portfolio

RSUs

Forecast

Senior Housing Facilities

Skilled Nursing Facilities

7.50% Notes

7.50% Notes

7.50% Notes

7.50% Notes

Senior Notes, 3.50 Percent Due 2014

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series C preferred Stock

Series C preferred Stock

Series C preferred Stock

Series C preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Subsequent events

Minimum

Maximum

Subsequent events

Subsequent events

Healthcare Senior Housing Portfolio

Healthcare Senior Housing Portfolio

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Exchangeable senior notes

Series A preferred stock

Series B preferred stock

Series C preferred Stock

Series D Preferred Stock

Subsequent events

Subsequent events

bed

Subsequent events

Subsequent events

Subsequent events

Forecast

property

property

Subsequent Events

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares Issued (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

Incentive revenue fees (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

25.00%

'

'

'

'

'

'

'

'

'

'

'

Healthcare strategic partnership management fee (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration committed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1.05

'

'

'

'

'

'

'

'

'

'

Healthcare balance sheet promote and healthcare NTR promote asset management fee (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

66.66%

'

'

'

'

'

'

'

'

'

'

'

'

'

Healthcare fund promote, asset management fee (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock split, conversion ratio (2-1 reverse stock split)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.5

'

'

'

'

'

'

'

Number of real estate properties acquired as a portfolio (properties)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43

37

'

'

'

'

'

Number of beds in real estate properties acquired (beds)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,500

'

'

'

'

'

'

'

'

'

Dividends per share of common stock (in dollars per share)

$0.21

$0.20

$0.19

$0.18

$0.17

$0.16

$0.15

$0.14

$0.13

$0.10

$0.10

$0.10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends declared per share of preferred stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.55

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.52

$0.55

$0.55

$0.55

$0.76

$0.53

$0.53

$0.21

'

$0.55

$0.52

$0.55

$0.53

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.50%

7.50%

7.50%

7.50%

3.00%

Schedule_IIValuation_and_Quali1

Schedule II-Valuation and Qualifying Accounts and Reserves (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Movement in Valuation Allowances and Reserves [Roll Forward]	'	'	'
Beginning Balance	$158,225	$188,963	$199,842
Charged to Costs and Expenses	-7,648	23,870	53,425
Other Charges	0	0	0
Deductions	-146,239	-54,608	-64,304
Ending Balance	4,338	158,225	188,963
Loan loss reserves	'	'	'
Movement in Valuation Allowances and Reserves [Roll Forward]	'	'	'
Beginning Balance	156,699	187,784	197,200
Charged to Costs and Expenses	-8,786	23,037	52,980
Other Charges	0	0	0
Deductions	-145,033	-54,122	-62,396
Ending Balance	2,880	156,699	187,784
Allowance for doubtful accounts	'	'	'
Movement in Valuation Allowances and Reserves [Roll Forward]	'	'	'
Beginning Balance	1,526	1,179	2,642
Charged to Costs and Expenses	784	833	445
Other Charges	'	0	0
Deductions	-1,159	-486	-1,908
Ending Balance	1,151	1,526	1,179
Allowance for unbilled rent receivable	'	'	'
Movement in Valuation Allowances and Reserves [Roll Forward]	'	'	'
Beginning Balance	0	'	'
Charged to Costs and Expenses	354	'	'
Deductions	-47	'	'
Ending Balance	$307	'	'

SEC_Schedule_III_Real_Estate_a1

SEC Schedule III- Real Estate and Accumulated Depreciation (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Net Lease [Member]

Healthcare

Multifamily

Manufactured homes

Auburn Hills, MI

Aurora, CO

Aurora, CO

Camp Hill, PA

Columbus, OH

Fort Mill, SC

Milpitas, CA

Indianapolis, IN

Indianapolis, IN

Rancho Cordova, CA

Rockaway, NJ

Salt Lake City, UT

Salt Lake City, UT

Bloomingdale, IL

Fort Wayne, IN

Fort Wayne, IN

Keene, NH

Concord, NH

Melville, NY

Millbury, MA

North Attleboro, MA

South Portland, ME

Wichita, KS

Wichita, KS

Wichita, KS

Reading, PA

Alexandria, MN

Baxter, MN

Black Mountain, NC

Blountstown, FL

Bremerton, WA

Carrollton, GA

Castleton, IN

Charleston, IL

Chesterfield, IN

Cincinnati, OH

Clemmons, NC

Clinton, OK

Cloquet, MN

Columbia City, IN

Daly City, CA

Daly City, CA

Detroit Lakes, MN

Duluth, MN

Duluth, MN

Duluth, MN

Dunkirk, IN

East Arlington, TX

Effingham, IL

Effingham, IL

Elk City, OK

Fairfield, IL

Fergus Falls, MN

Fullerton, CA

Fullerton, CA

Garden Grove, CA

Grand Rapids, MN

Grove City, OH

Harrisburg, IL

Hartford City, IN

Hobart, IN

Huntington, IN

Huntington, IN

Kingfisher, OK

La Vista, NE

LaGrange, IN

LaGrange, IN

Lancaster, OH

Lancaster, OH

Little Falls, MN

Marysville, OH

Mattoon, IL

Mattoon, IL

Memphis, TN

Memphis, TN

Middletown, IN

Middletown, IN

Mooresville, IN

Morris, IL

Mountain Iron, MN

Mt. Sterling, KY

Oklahoma City, OK

Olney, IL

Olney, IL

Paris, IL

Park Rapids, MN

Peru, IN

Plymouth, IN

Portage, IN

Proctor, MN

Rantoul, IL

Robinson, IL

Rockford, IL

Rockport, IN

Rockport, IN

Rushville, IN

Rushville, IN

Santa Ana, CA

Stephenville, TX

Sterling, IL

Sullivan, IN

Sullivan, IN

Sullivan, IN

Sycamore, IL

Syracuse, IN

Tipton, IN

Tuscola, IL

Vandalia, IL

Wabash, IN

Wabash, IN

Wakarusa, IN

Wakarusa, IN

Warsaw, IN

Warsaw, IN

Washington Court House, OH

Weatherford, OK

Windsor, NC

Houston, TX

Jacksonville, FL

Jacksonville, FL

Marietta, GA

Murfreesboro, TN

Panama City, FL

Roswell, GA

Savannah, GA

Scottsdale, AZ

Alton, IL

Apopka, FL

Arvada, CO

Austin, TX

Belton, MO

Bloomingburg, NY

Blossvale, NY

Casper, WY

Cheyenne, WY

Clearfield, UT

Clio, MI

Commerce City, CO

Connelly, NY

Davie, FL

Davison, MI

Denver, CO

Denver, CO

Fayetteville, CO

Ft. Collins, CO

Gainesville, FL

Gansevoort, NY

Gillette, WY

Godfrey, IL

Golden, CO

Grand Prairie, TX

Greeley, CO

Haysville, KS

Henderson, CO

Kansas City, MO

Kissimmee, FL

Lake Wales, FL

Laramie, WY

Lawrence, KS

Layton, UT

Lewisville, TX

Liverpool, NY

Longmont, CO

Longmont, CO

Loveland, CO

Magna, UT

Manhattan, KS

Nanuet, NY

Naples, FL

North Salt Lake, UT

O' Fallon, IL

Ogden, UT

Orlando, FL

Park City, KS

Pompano Beach, FL

Pontoon Beach, IL

Port Jervis, NY

Queensbury, NY

Sandy, UT

Sarasota Springs, NY

Springdale, AR

Thornton, CO

Thornton, CO

Tooele, UT

Topeka, KS

Washingtonville, NY

West Jordan, UT

West Valley City, UT

Winter Haven, FL

Kansas City, KS

Sheboygan, WI

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Maximum

Net Lease [Member]

Net Lease [Member]

Manufactured homes

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Healthcare

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Manufactured homes

Net Lease [Member]

Net Lease [Member]

Healthcare

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Net Lease [Member]

Healthcare

Manufactured homes

Net Lease [Member]

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Multifamily

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Multifamily

Multifamily

Manufactured homes

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

REO

Aurora, CO

Salt Lake City, UT

Wichita, KS

Memphis, TN

Houston, TX

Jacksonville, FL

Jacksonville, FL

Marietta, GA

Murfreesboro, TN

Panama City, FL

Roswell, GA

Savannah, GA

Scottsdale, AZ

Alton, IL

Apopka, FL

Arvada, CO

Austin, TX

Belton, MO

Bloomingburg, NY

Blossvale, NY

Casper, WY

Cheyenne, WY

Clearfield, UT

Clio, MI

Commerce City, CO

Connelly, NY

Davie, FL

Davison, MI

Denver, CO

Denver, CO

Fayetteville, CO

Ft. Collins, CO

Gainesville, FL

Gansevoort, NY

Gillette, WY

Godfrey, IL

Golden, CO

Grand Prairie, TX

Greeley, CO

Haysville, KS

Henderson, CO

Kansas City, MO

Kissimmee, FL

Lake Wales, FL

Laramie, WY

Lawrence, KS

Layton, UT

Lewisville, TX

Liverpool, NY

Longmont, CO

Longmont, CO

Loveland, CO

Magna, UT

Manhattan, KS

Nanuet, NY

Naples, FL

North Salt Lake, UT

O' Fallon, IL

Ogden, UT

Orlando, FL

Park City, KS

Pompano Beach, FL

Pontoon Beach, IL

Port Jervis, NY

Queensbury, NY

Sandy, UT

Sarasota Springs, NY

Springdale, AR

Thornton, CO

Thornton, CO

Tooele, UT

Topeka, KS

Washingtonville, NY

West Jordan, UT

West Valley City, UT

Winter Haven, FL

Kansas City, KS

Aurora, CO

Salt Lake City, UT

Wichita, KS

Memphis, TN

Houston, TX

Jacksonville, FL

Jacksonville, FL

Marietta, GA

Murfreesboro, TN

Panama City, FL

Roswell, GA

Savannah, GA

Scottsdale, AZ

Alton, IL

Apopka, FL

Arvada, CO

Austin, TX

Belton, MO

Bloomingburg, NY

Blossvale, NY

Casper, WY

Cheyenne, WY

Clearfield, UT

Clio, MI

Commerce City, CO

Connelly, NY

Davie, FL

Davison, MI

Denver, CO

Denver, CO

Fayetteville, CO

Ft. Collins, CO

Gainesville, FL

Gansevoort, NY

Gillette, WY

Godfrey, IL

Golden, CO

Grand Prairie, TX

Greeley, CO

Haysville, KS

Henderson, CO

Kansas City, MO

Kissimmee, FL

Lake Wales, FL

Laramie, WY

Lawrence, KS

Layton, UT

Lewisville, TX

Liverpool, NY

Longmont, CO

Longmont, CO

Loveland, CO

Magna, UT

Manhattan, KS

Nanuet, NY

Naples, FL

North Salt Lake, UT

O' Fallon, IL

Ogden, UT

Orlando, FL

Park City, KS

Pompano Beach, FL

Pontoon Beach, IL

Port Jervis, NY

Queensbury, NY

Sandy, UT

Sarasota Springs, NY

Springdale, AR

Thornton, CO

Thornton, CO

Tooele, UT

Topeka, KS

Washingtonville, NY

West Jordan, UT

West Valley City, UT

Winter Haven, FL

Kansas City, KS

Manufactured homes

Manufactured homes

Manufactured homes

Multifamily

Multifamily

Multifamily

Manufactured homes

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Multifamily

Multifamily

Multifamily

Manufactured homes

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

Manufactured homes

SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]

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Encumbrances

$2,038,334,000

'

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$265,386,000

$403,494,000

$244,555,000

$1,124,899,000

$11,903,000

$31,232,000

$4,240,000

$24,119,000

$22,300,000

$29,164,000

$20,056,000

$26,601,000

$2,463,000

$7,659,000

$16,094,000

$13,688,000

$57,189,000

$5,332,000

$3,020,000

$5,048,000

$6,237,000

$7,788,000

$4,136,000

$4,396,000

$4,379,000

$3,819,000

$5,698,000

$7,523,000

$57,631,000

$17,765,000

$1,748,000

$2,291,000

$5,075,000

$3,709,000

$6,971,000

$2,826,000

$7,453,000

$5,607,000

$4,282,000

$10,938,000

$2,069,000

$1,283,000

$3,398,000

$8,339,000

$10,775,000

$4,595,000

$1,977,000

$9,655,000

$3,298,000

$0

$2,164,000

$3,210,000

$519,000

$4,415,000

$4,171,000

$6,141,000

$0

$749,000

$7,272,000

$10,725,000

$3,325,000

$4,304,000

$3,534,000

$721,000

$5,860,000

$0

$5,093,000

$3,804,000

$4,094,000

$4,828,000

$490,000

$6,559,000

$4,399,000

$1,687,000

$4,919,000

$6,646,000

$5,439,000

$14,009,000

$39,600,000

$0

$3,831,000

$4,282,000

$2,069,000

$3,253,000

$10,735,000

$4,247,000

$2,353,000

$4,064,000

$6,554,000

$2,432,000

$4,507,000

$3,471,000

$4,958,000

$5,112,000

$5,393,000

$3,835,000

$4,736,000

$0

$2,119,000

$5,401,000

$729,000

$7,562,000

$5,897,000

$2,247,000

$5,344,000

$966,000

$0

$8,143,000

$4,733,000

$9,944,000

$4,011,000

$7,043,000

$1,645,000

$4,665,000

$9,316,000

$5,996,000

$0

$2,479,000

$4,714,000

$4,308,000

$0

$14,870,000

$51,130,000

$82,076,000

$11,395,000

$18,780,000

$12,880,000

$23,812,000

$25,550,000

$46,538,000

$6,575,000

$2,433,000

$8,671,000

$34,357,000

$3,044,000

$1,364,000

$10,615,000

$24,157,000

$33,467,000

$26,022,000

$3,539,000

$9,070,000

$5,160,000

$5,676,000

$3,791,000

$8,502,000

$22,363,000

$5,456,000

$14,929,000

$29,413,000

$2,145,000

$17,461,000

$3,564,000

$1,466,000

$21,967,000

$14,714,000

$9,436,000

$9,685,000

$7,062,000

$1,253,000

$9,679,000

$4,526,000

$17,987,000

$12,384,000

$23,852,000

$11,920,000

$2,661,000

$44,225,000

$17,984,000

$3,612,000

$23,538,000

$8,256,000

$7,961,000

$5,455,000

$11,561,000

$20,361,000

$57,410,000

$12,554,000

$3,774,000

$8,689,000

$12,377,000

$2,071,000

$20,125,000

$12,090,000

$7,529,000

$21,998,000

$93,905,000

$11,618,000

$23,575,000

$3,052,000

$14,705,000

$24,333,000

$16,069,000

$4,570,000

$0

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'

'

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'

'

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'

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'

'

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'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

Encumbrances related to portfolio financing

'

'

'

'

'

75,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

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'

'

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'

'

'

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'

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'

'

'

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'

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'

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'

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'

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'

'

'

'

'

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'

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'

'

'

'

'

'

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'

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'

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'

'

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'

'

Initial Cost

'

'

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'

'

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'

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'

'

'

'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land

461,133,000

'

'

'

57,253,000

68,329,000

45,090,000

289,454,000

2,980,000

2,650,000

7,262,000

5,900,000

4,375,000

3,300,000

16,800,000

1,670,000

210,000

3,060,000

6,118,000

672,000

14,506,000

0

0

1,478,000

3,033,000

2,145,000

0

0

0

0

1,325,000

2,282,000

2,265,000

3,225,000

260,000

220,000

468,000

378,000

964,000

816,000

677,000

485,000

815,000

2,052,000

337,000

225,000

170,000

1,034,000

0

3,297,000

40,000

300,000

200,000

555,000

310,000

3,619,000

211,000

340,000

143,000

153,000

245,000

1,357,000

4,065,000

6,975,000

160,000

613,000

191,000

199,000

1,835,000

120,000

526,000

128,000

562,000

446,000

47,000

294,000

720,000

250,000

2,218,000

210,000

227,000

4,770,000

7,300,000

52,000

132,000

631,000

568,000

175,000

599,000

757,000

57,000

109,000

187,000

50,000

502,000

128,000

1,438,000

300,000

151,000

219,000

1,101,000

366,000

253,000

310,000

62,000

2,281,000

507,000

129,000

1,794,000

102,000

494,000

816,000

125,000

1,102,000

237,000

82,000

1,060,000

1,451,000

289,000

153,000

77,000

319,000

341,000

229,000

397,000

2,401,000

8,933,000

22,173,000

3,742,000

2,900,000

800,000

7,920,000

2,700,000

8,394,000

987,000

3,311,000

6,028,000

6,440,000

1,681,000

1,953,000

107,000

6,924,000

5,299,000

3,246,000

1,110,000

2,318,000

308,000

9,381,000

1,251,000

2,322,000

2,670,000

346,000

11,856,000

2,886,000

163,000

9,148,000

492,000

4,955,000

7,740,000

10,073,000

95,000

8,734,000

885,000

5,771,000

1,841,000

1,794,000

931,000

7,145,000

9,170,000

1,398,000

2,045,000

3,660,000

2,206,000

3,224,000

1,130,000

1,106,000

4,316,000

8,878,000

1,643,000

14,388,000

7,480,000

722,000

2,515,000

3,383,000

985,000

296,000

6,412,000

95,000

1,850,000

4,664,000

11,789,000

981,000

5,097,000

1,181,000

7,198,000

3,444,000

580,000

1,221,000

1,007,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

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'

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'

'

'

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'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

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'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Building & Improvements

2,064,915,000

'

'

'

283,833,000

462,738,000

267,769,000

1,046,545,000

8,607,000

35,786,000

14,327,000

19,510,000

29,184,000

31,554,000

8,847,000

32,306,000

2,511,000

9,360,000

15,664,000

19,739,000

59,398,000

5,810,000

3,642,000

4,409,000

5,919,000

9,216,000

3,187,000

5,994,000

5,445,000

6,687,000

5,584,000

10,478,000

13,432,000

21,792,000

2,200,000

2,786,000

5,786,000

5,069,000

8,171,000

4,220,000

8,077,000

6,211,000

4,204,000

15,776,000

4,541,000

3,513,000

4,021,000

6,390,000

0

1,872,000

2,420,000

12,436,000

4,355,000

0

2,299,000

901,000

1,145,000

4,994,000

6,721,000

7,898,000

0

872,000

8,564,000

5,927,000

3,849,000

6,882,000

5,059,000

1,782,000

5,019,000

0

5,037,000

5,497,000

4,966,000

5,494,000

584,000

6,094,000

5,780,000

1,754,000

5,015,000

6,871,000

7,534,000

14,305,000

41,896,000

0

4,750,000

4,187,000

9,103,000

3,651,000

12,561,000

5,184,000

2,897,000

5,419,000

6,797,000

2,683,000

7,135,000

5,538,000

7,988,000

7,920,000

5,377,000

4,746,000

4,814,000

0

2,092,000

5,858,000

1,177,000

7,046,000

6,459,000

6,229,000

4,469,000

441,000

0

9,897,000

4,564,000

10,836,000

4,616,000

7,969,000

870,000

4,154,000

13,420,000

7,111,000

0

3,722,000

5,169,000

5,600,000

0

16,293,000

55,617,000

71,764,000

11,258,000

20,850,000

15,150,000

23,825,000

29,750,000

53,130,000

2,942,000

11,895,000

12,481,000

31,587,000

11,892,000

18,186,000

3,424,000

13,906,000

10,438,000

11,389,000

4,749,000

4,604,000

7,054,000

8,816,000

5,140,000

5,172,000

22,690,000

743,000

23,170,000

11,489,000

510,000

18,156,000

1,077,000

9,836,000

21,869,000

20,006,000

1,542,000

17,672,000

9,777,000

23,662,000

6,341,000

3,687,000

14,943,000

21,356,000

23,617,000

13,229,000

4,244,000

45,285,000

4,343,000

12,041,000

18,726,000

12,990,000

11,239,000

22,268,000

3,285,000

53,113,000

26,807,000

4,172,000

4,217,000

7,044,000

9,394,000

8,730,000

19,874,000

2,904,000

3,708,000

9,214,000

94,121,000

9,449,000

7,167,000

4,810,000

28,908,000

18,077,000

5,510,000

6,937,000

4,030,000

'

'

'

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'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capitalized Subsequent to Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

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'

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'

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'

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'

'

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'

'

'

'

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'

'

'

'

'

'

'

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'

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'

'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land, Buildings & Improvements

34,454,000

'

'

'

1,258,000

27,856,000

4,275,000

1,065,000

0

23,000

6,000

0

0

0

0

0

0

0

295,000

366,000

9,000

0

0

0

0

0

0

0

0

0

0

20,000

33,000

574,000

0

0

861,000

908,000

360,000

1,017,000

0

743,000

0

771,000

33,000

483,000

0

0

12,322,000

0

0

0

0

0

0

63,000

12,000

364,000

403,000

73,000

0

162,000

259,000

274,000

0

262,000

10,000

0

0

0

0

295,000

415,000

0

0

329,000

1,026,000

0

368,000

292,000

302,000

586,000

1,307,000

0

0

0

943,000

0

25,000

355,000

32,000

372,000

140,000

0

0

0

0

0

348,000

92,000

92,000

0

0

0

0

237,000

403,000

762,000

0

0

0

121,000

0

-27,000

268,000

49,000

0

0

0

0

0

0

255,000

376,000

0

167,000

475,000

28,000

327,000

487,000

296,000

970,000

246,000

0

21,000

14,000

0

0

9,000

11,000

29,000

0

8,000

7,000

0

0

0

0

0

4,000

0

0

30,000

22,000

0

0

0

171,000

0

86,000

0

6,000

19,000

7,000

35,000

0

13,000

54,000

0

55,000

4,000

0

8,000

5,000

72,000

10,000

8,000

53,000

19,000

66,000

21,000

10,000

4,000

20,000

9,000

11,000

0

9,000

5,000

5,000

0

7,000

8,000

0

8,000

6,000

5,000

15,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

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'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross Amount Carried at Close of Period

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Land

461,133,000

'

'

'

57,253,000

68,329,000

45,090,000

289,454,000

2,980,000

2,650,000

7,262,000

5,900,000

4,375,000

3,300,000

16,800,000

1,670,000

210,000

3,060,000

6,118,000

672,000

14,506,000

0

0

1,478,000

3,033,000

2,145,000

0

0

0

0

1,325,000

2,282,000

2,265,000

3,225,000

260,000

220,000

468,000

378,000

964,000

816,000

677,000

485,000

815,000

2,052,000

337,000

225,000

170,000

1,034,000

0

3,297,000

40,000

300,000

200,000

555,000

310,000

3,619,000

211,000

340,000

143,000

153,000

245,000

1,357,000

4,065,000

6,975,000

160,000

613,000

191,000

199,000

1,835,000

120,000

526,000

128,000

562,000

446,000

47,000

294,000

720,000

250,000

2,218,000

210,000

227,000

4,770,000

7,300,000

52,000

132,000

631,000

568,000

175,000

599,000

757,000

57,000

109,000

187,000

50,000

502,000

128,000

1,438,000

300,000

151,000

219,000

1,101,000

366,000

253,000

310,000

62,000

2,281,000

507,000

129,000

1,794,000

102,000

494,000

816,000

125,000

1,102,000

237,000

82,000

1,060,000

1,451,000

289,000

153,000

77,000

319,000

341,000

229,000

397,000

2,401,000

8,933,000

22,173,000

3,742,000

2,900,000

800,000

7,920,000

2,700,000

8,394,000

987,000

3,311,000

6,028,000

6,440,000

1,681,000

1,953,000

107,000

6,924,000

5,299,000

3,246,000

1,110,000

2,318,000

308,000

9,381,000

1,251,000

2,322,000

2,670,000

346,000

11,856,000

2,886,000

163,000

9,148,000

492,000

4,955,000

7,740,000

10,073,000

95,000

8,734,000

885,000

5,771,000

1,841,000

1,794,000

931,000

7,145,000

9,170,000

1,398,000

2,045,000

3,660,000

2,206,000

3,224,000

1,130,000

1,106,000

4,316,000

8,878,000

1,643,000

14,388,000

7,480,000

722,000

2,515,000

3,383,000

985,000

296,000

6,412,000

95,000

1,850,000

4,664,000

11,789,000

981,000

5,097,000

1,181,000

7,198,000

3,444,000

580,000

1,221,000

1,007,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Building & Improvements

2,099,369,000

'

'

'

285,091,000

490,594,000

272,044,000

1,047,610,000

8,607,000

35,809,000

14,333,000

19,510,000

29,184,000

31,554,000

8,847,000

32,306,000

2,511,000

9,360,000

15,959,000

20,105,000

59,407,000

5,810,000

3,642,000

4,409,000

5,919,000

9,216,000

3,187,000

5,994,000

5,445,000

6,687,000

5,584,000

10,498,000

13,465,000

22,366,000

2,200,000

2,786,000

6,647,000

5,977,000

8,531,000

5,237,000

8,077,000

6,954,000

4,204,000

16,547,000

4,574,000

3,996,000

4,021,000

6,390,000

12,322,000

1,872,000

2,420,000

12,436,000

4,355,000

0

2,299,000

964,000

1,157,000

5,358,000

7,124,000

7,971,000

0

1,034,000

8,823,000

6,201,000

3,849,000

7,144,000

5,069,000

1,782,000

5,019,000

0

5,037,000

5,792,000

5,381,000

5,494,000

584,000

6,423,000

6,806,000

1,754,000

5,383,000

7,163,000

7,836,000

14,891,000

43,203,000

0

4,750,000

4,187,000

10,046,000

3,651,000

12,586,000

5,539,000

2,929,000

5,791,000

6,937,000

2,683,000

7,135,000

5,538,000

7,988,000

7,920,000

5,725,000

4,838,000

4,906,000

0

2,092,000

5,858,000

1,177,000

7,283,000

6,862,000

6,991,000

4,469,000

441,000

0

10,018,000

4,564,000

10,809,000

4,884,000

8,018,000

870,000

4,154,000

13,420,000

7,111,000

0

3,722,000

5,424,000

5,976,000

0

16,460,000

56,092,000

71,792,000

11,585,000

21,337,000

15,446,000

24,795,000

29,996,000

53,130,000

2,963,000

11,909,000

12,481,000

31,587,000

11,901,000

18,197,000

3,453,000

13,906,000

10,446,000

11,396,000

4,749,000

4,604,000

7,054,000

8,816,000

5,140,000

5,176,000

22,690,000

743,000

23,200,000

11,511,000

510,000

18,156,000

1,077,000

10,007,000

21,869,000

20,092,000

1,542,000

17,678,000

9,796,000

23,669,000

6,376,000

3,687,000

14,956,000

21,410,000

23,617,000

13,284,000

4,248,000

45,285,000

4,351,000

12,046,000

18,798,000

13,000,000

11,247,000

22,321,000

3,304,000

53,179,000

26,828,000

4,182,000

4,221,000

7,064,000

9,403,000

8,741,000

19,874,000

2,913,000

3,713,000

9,219,000

94,121,000

9,456,000

7,175,000

4,810,000

28,916,000

18,083,000

5,515,000

6,952,000

4,030,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

2,560,502,000

1,538,489,000

1,207,519,000

1,046,492,000

342,344,000

558,923,000

317,134,000

1,337,064,000

11,587,000

38,459,000

21,595,000

25,410,000

33,559,000

34,854,000

25,647,000

33,976,000

2,721,000

12,420,000

22,077,000

20,777,000

73,913,000

5,810,000

3,642,000

5,887,000

8,952,000

11,361,000

3,187,000

5,994,000

5,445,000

6,687,000

6,909,000

12,780,000

15,730,000

25,591,000

2,460,000

3,006,000

7,115,000

6,355,000

9,495,000

6,053,000

8,754,000

7,439,000

5,019,000

18,599,000

4,911,000

4,221,000

4,191,000

7,424,000

12,322,000

5,169,000

2,460,000

12,736,000

4,555,000

555,000

2,609,000

4,583,000

1,368,000

5,698,000

7,267,000

8,124,000

245,000

2,391,000

12,888,000

13,176,000

4,009,000

7,757,000

5,260,000

1,981,000

6,854,000

120,000

5,563,000

5,920,000

5,943,000

5,940,000

631,000

6,717,000

7,526,000

2,004,000

7,601,000

7,373,000

8,063,000

19,661,000

50,503,000

52,000

4,882,000

4,818,000

10,614,000

3,826,000

13,185,000

6,296,000

2,986,000

5,900,000

7,124,000

2,733,000

7,637,000

5,666,000

9,426,000

8,220,000

5,876,000

5,057,000

6,007,000

366,000

2,345,000

6,168,000

1,239,000

9,564,000

7,369,000

7,120,000

6,263,000

543,000

494,000

10,834,000

4,689,000

11,911,000

5,121,000

8,100,000

1,930,000

5,605,000

13,709,000

7,264,000

77,000

4,041,000

5,765,000

6,205,000

397,000

18,861,000

65,025,000

93,965,000

15,327,000

24,237,000

16,246,000

32,715,000

32,696,000

61,524,000

3,950,000

15,220,000

18,509,000

38,027,000

13,582,000

20,150,000

3,560,000

20,830,000

15,745,000

14,642,000

5,859,000

6,922,000

7,362,000

18,197,000

6,391,000

7,498,000

25,360,000

1,089,000

35,056,000

14,397,000

673,000

27,304,000

1,569,000

14,962,000

29,609,000

30,165,000

1,637,000

26,412,000

10,681,000

29,440,000

8,217,000

5,481,000

15,887,000

28,555,000

32,787,000

14,682,000

6,293,000

48,945,000

6,557,000

15,270,000

19,928,000

14,106,000

15,563,000

31,199,000

4,947,000

67,567,000

34,308,000

4,904,000

6,736,000

10,447,000

10,388,000

9,037,000

26,286,000

3,008,000

5,563,000

13,883,000

105,910,000

10,437,000

12,272,000

5,991,000

36,114,000

21,527,000

6,095,000

8,173,000

5,037,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated Depreciation

190,997,000

147,943,000

118,070,000

108,430,000

66,462,000

79,864,000

5,888,000

38,691,000

3,476,000

7,208,000

871,000

7,043,000

5,387,000

6,098,000

2,451,000

7,381,000

410,000

2,236,000

3,786,000

5,630,000

2,639,000

1,285,000

866,000

721,000

1,293,000

2,072,000

791,000

1,182,000

1,200,000

2,122,000

1,186,000

1,581,000

592,000

3,769,000

36,000

43,000

1,092,000

964,000

1,549,000

881,000

1,321,000

1,152,000

687,000

3,145,000

704,000

868,000

60,000

1,045,000

5,541,000

286,000

39,000

180,000

70,000

0

376,000

147,000

205,000

911,000

1,395,000

1,393,000

0

176,000

1,593,000

1,140,000

58,000

1,233,000

883,000

291,000

821,000

0

824,000

1,116,000

949,000

898,000

95,000

1,162,000

384,000

31,000

984,000

1,341,000

1,228,000

2,752,000

1,055,000

0

777,000

685,000

1,933,000

55,000

2,065,000

1,098,000

517,000

981,000

1,193,000

42,000

1,167,000

906,000

1,306,000

115,000

972,000

870,000

858,000

0

342,000

958,000

192,000

1,326,000

1,213,000

1,428,000

730,000

73,000

0

1,755,000

746,000

1,590,000

890,000

1,395,000

142,000

679,000

2,195,000

1,164,000

0

609,000

957,000

1,179,000

0

285,000

1,108,000

3,166,000

323,000

500,000

386,000

623,000

683,000

925,000

139,000

526,000

738,000

42,000

528,000

801,000

155,000

848,000

642,000

501,000

6,000

283,000

315,000

388,000

6,000

291,000

30,000

45,000

1,418,000

509,000

24,000

1,106,000

64,000

600,000

29,000

1,221,000

70,000

1,040,000

428,000

1,049,000

302,000

220,000

668,000

947,000

32,000

572,000

250,000

59,000

268,000

537,000

826,000

578,000

497,000

984,000

201,000

2,350,000

1,185,000

184,000

186,000

415,000

419,000

384,000

881,000

131,000

231,000

561,000

126,000

420,000

319,000

215,000

1,284,000

804,000

242,000

303,000

92,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

$2,369,505,000

$1,390,546,000

'

'

$275,882,000

$479,059,000

$311,246,000

$1,298,373,000

$8,111,000

$31,251,000

$20,724,000

$18,367,000

$28,172,000

$28,756,000

$23,196,000

$26,595,000

$2,311,000

$10,184,000

$18,291,000

$15,147,000

$71,274,000

$4,525,000

$2,776,000

$5,166,000

$7,659,000

$9,289,000

$2,396,000

$4,812,000

$4,245,000

$4,565,000

$5,723,000

$11,199,000

$15,138,000

$21,822,000

$2,424,000

$2,963,000

$6,023,000

$5,391,000

$7,946,000

$5,172,000

$7,433,000

$6,287,000

$4,332,000

$15,454,000

$4,207,000

$3,353,000

$4,131,000

$6,379,000

$6,781,000

$4,883,000

$2,421,000

$12,556,000

$4,485,000

$555,000

$2,233,000

$4,436,000

$1,163,000

$4,787,000

$5,872,000

$6,731,000

$245,000

$2,215,000

$11,295,000

$12,036,000

$3,951,000

$6,524,000

$4,377,000

$1,690,000

$6,033,000

$120,000

$4,739,000

$4,804,000

$4,994,000

$5,042,000

$536,000

$5,555,000

$7,142,000

$1,973,000

$6,617,000

$6,032,000

$6,835,000

$16,909,000

$49,448,000

$52,000

$4,105,000

$4,133,000

$8,681,000

$3,771,000

$11,120,000

$5,198,000

$2,469,000

$4,919,000

$5,931,000

$2,691,000

$6,470,000

$4,760,000

$8,120,000

$8,105,000

$4,904,000

$4,187,000

$5,149,000

$366,000

$2,003,000

$5,210,000

$1,047,000

$8,238,000

$6,156,000

$5,692,000

$5,533,000

$470,000

$494,000

$9,079,000

$3,943,000

$10,321,000

$4,231,000

$6,705,000

$1,788,000

$4,926,000

$11,514,000

$6,100,000

$77,000

$3,432,000

$4,808,000

$5,026,000

$397,000

$18,576,000

$63,917,000

$90,799,000

$15,004,000

$23,737,000

$15,860,000

$32,092,000

$32,013,000

$60,599,000

$3,811,000

$14,694,000

$17,771,000

$37,985,000

$13,054,000

$19,349,000

$3,405,000

$19,982,000

$15,103,000

$14,141,000

$5,853,000

$6,639,000

$7,047,000

$17,809,000

$6,385,000

$7,207,000

$25,330,000

$1,044,000

$33,638,000

$13,888,000

$649,000

$26,198,000

$1,505,000

$14,362,000

$29,580,000

$28,944,000

$1,567,000

$25,372,000

$10,253,000

$28,391,000

$7,915,000

$5,261,000

$15,219,000

$27,608,000

$32,755,000

$14,110,000

$6,043,000

$48,886,000

$6,289,000

$14,733,000

$19,102,000

$13,528,000

$15,066,000

$30,215,000

$4,746,000

$65,217,000

$33,123,000

$4,720,000

$6,550,000

$10,032,000

$9,969,000

$8,653,000

$25,405,000

$2,877,000

$5,332,000

$13,322,000

$105,784,000

$10,017,000

$11,953,000

$5,776,000

$34,830,000

$20,723,000

$5,853,000

$7,870,000

$4,945,000

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Life on Which Depreciation is Computed

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'40 years

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'40 years

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'40 years

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'40 years

'40 years

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'40 years

'40 years

'40 years

'40 years

'40 years

'24 years 4 months 24 days

'40 years

'40 years

'

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'

'40 years

'40 years

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'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

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'

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

'40 years

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'40 years

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'40 years

'10 years

'10 years

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'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

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'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

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'10 years

'10 years

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'10 years

'10 years

'10 years

'10 years

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'10 years

'10 years

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'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'10 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

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'30 years

'30 years

'30 years

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'30 years

'30 years

'30 years

'30 years

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'30 years

'30 years

'30 years

'30 years

'30 years

Schedule_IIIReal_Estate_and_Ac

Schedule III-Real Estate and Accumulated Depreciation-2 (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Changes in the company's operating real estate	'	'	'
Beginning balance	$1,538,489,000	$1,207,519,000	$1,046,492,000
Property acquisitions	1,598,837,000	330,397,000	320,687,000
Transfers to held for sale	-29,097,000	-966,000	-2,302,000
Improvements	11,028,000	4,785,000	4,028,000
Retirements and disposals	0	-3,246,000	-161,386,000
Deconsolidation of N-Star CDOs	-558,755,000	0	0
Ending balance	2,560,502,000	1,538,489,000	1,207,519,000
Write-offs related to taking title to collateral	0	0	59,800,000
Changes in accumulated depreciation, exclusive of amounts relating to equipment and furniture and fixtures	'	'	'
Beginning balance	147,943,000	118,070,000	108,430,000
Depreciation expense	76,127,000	33,257,000	29,100,000
Assets held for sale	-7,387,000	0	0
Retirements and disposals	-1,370,000	-3,384,000	-19,460,000
Deconsolidation	-24,316,000	0	0
Ending balance	190,997,000	147,943,000	118,070,000
Write-offs related to taking title to collateral	$0	$400,000	$9,800,000

Schedule_IVMortgage_Loans_on_R1

Schedule IV-Mortgage Loans on Real Estate (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
	loan	loan
CRE debt investments	'	'	'	'
Number	44	152	'	'
Prior Liens	$0	'	'	'
Principal Amount	1,085,280,000	2,371,464,000	'	'
Carrying Value	1,031,078,000	1,832,231,000	1,710,582,000	1,840,425,000
Principal Amount of Loans Subject to Delinquent Principal or Interest(8)	0	'	'	'
First mortgage loans:	'	'	'	'
CRE debt investments	'	'	'	'
Number	17	74	'	'
Principal Amount	109,100,000	1,578,872,000	'	'
Carrying Value	428,633,000	1,205,313,000	'	'
Principal Amount of Loans Subject to Delinquent Principal or Interest(8)	0	'	'	'
First Mortgage - A	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	7.25%	'	'	'
Principal Amount	61,500,000	'	'	'
Carrying Value	60,648,000	'	'	'
First Mortgage - B	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	3.09%	'	'	'
Fixed	0.00%	'	'	'
Principal Amount	60,426,351	'	'	'
Carrying Value	57,210,000	'	'	'
First Mortgage - C	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	8.25%	'	'	'
Principal Amount	44,283,426	'	'	'
Carrying Value	43,854,000	'	'	'
First Mortgage - D	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	0.00%	'	'	'
Fixed	11.00%	'	'	'
Principal Amount	39,000,000	'	'	'
Carrying Value	37,961,000	'	'	'
First Mortgage - E	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	6.90%	'	'	'
Principal Amount	38,750,000	'	'	'
Carrying Value	38,407,000	'	'	'
First Mortgage - F	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	6.65%	'	'	'
Principal Amount	35,500,000	'	'	'
Carrying Value	35,536,000	'	'	'
First Mortgage - G	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	12.00%	'	'	'
Principal Amount	32,025,000	'	'	'
Carrying Value	31,234,000	'	'	'
Other first mortgage loans	'	'	'	'
CRE debt investments	'	'	'	'
Number	10	'	'	'
Principal Amount	164,683,769	'	'	'
Carrying Value	123,783,000	'	'	'
Subordinate interests	'	'	'	'
CRE debt investments	'	'	'	'
Number	9	'	'	'
Prior Liens	0	'	'	'
Principal Amount	254,425,000	'	'	'
Carrying Value	260,886,000	'	'	'
Subordinate interests - A	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	0.00%	'	'	'
Fixed	12.00%	'	'	'
Prior Liens	0	'	'	'
Principal Amount	100,000,000	'	'	'
Carrying Value	108,260,000	'	'	'
Subordinate interests - B	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	0.00%	'	'	'
Fixed	13.11%	'	'	'
Principal Amount	61,750,000	'	'	'
Carrying Value	60,773,000	'	'	'
Subordinate interests - C	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Floating(2)	10.93%	'	'	'
Fixed	0.00%	'	'	'
Principal Amount	46,930,000	'	'	'
Carrying Value	46,387,000	'	'	'
Other sub mortgage interests	'	'	'	'
CRE debt investments	'	'	'	'
Number	6	'	'	'
Principal Amount	45,745,301	'	'	'
Carrying Value	45,466,000	'	'	'
Mezzanine loans:	'	'	'	'
CRE debt investments	'	'	'	'
Number	7	18	'	'
Prior Liens	0	'	'	'
Principal Amount	120,215,000	440,941,000	'	'
Carrying Value	118,081,000	333,064,000	'	'
Other mezzanine loans	'	'	'	'
CRE debt investments	'	'	'	'
Number	7	'	'	'
Principal Amount	120,214,975	'	'	'
Carrying Value	118,081,000	'	'	'
Term loan - A	'	'	'	'
CRE debt investments	'	'	'	'
Number	2	'	'	'
Fixed	12.00%	'	'	'
Prior Liens	0	'	'	'
Principal Amount	150,000,000	'	'	'
Carrying Value	162,390,000	'	'	'
Term loan - B	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	'	'	'
Fixed	14.00%	'	'	'
Prior Liens	0	'	'	'
Principal Amount	50,000,000	'	'	'
Carrying Value	48,095,000	'	'	'
Other term loans	'	'	'	'
CRE debt investments	'	'	'	'
Number	8	'	'	'
Prior Liens	0	'	'	'
Principal Amount	34,472,189	'	'	'
Carrying Value	12,993,000	'	'	'
Subtotal term loans	'	'	'	'
CRE debt investments	'	'	'	'
Number	11	10	'	'
Prior Liens	0	'	'	'
Principal Amount	234,472,000	105,718,000	'	'
Carrying Value	223,478,000	79,404,000	'	'
Loans [Member]	'	'	'	'
CRE debt investments	'	'	'	'
Number	44	'	'	'
Principal Amount	1,085,280,000	'	'	'
Minimum	'	'	'	'
CRE debt investments	'	'	'	'
Carrying value of individual loans as a percentage of total carrying value of real estate debt portfolio (as a percent)	3.00%	'	'	'
Minimum | First Mortgage - A	'	'	'	'
CRE debt investments	'	'	'	'
Loans Receivable LIBOR Floor	0.25%	'	'	'
Minimum | Other first mortgage loans	'	'	'	'
CRE debt investments	'	'	'	'
Floating(2)	0.00%	'	'	'
Fixed	0.00%	'	'	'
Minimum | Other sub mortgage interests	'	'	'	'
CRE debt investments	'	'	'	'
Floating(2)	6.75%	'	'	'
Fixed	11.50%	'	'	'
Minimum | Other mezzanine loans	'	'	'	'
CRE debt investments	'	'	'	'
Floating(2)	0.19%	'	'	'
Fixed	0.00%	'	'	'
Minimum | Other term loans	'	'	'	'
CRE debt investments	'	'	'	'
Fixed	6.36%	'	'	'
Maximum	'	'	'	'
CRE debt investments	'	'	'	'
Carrying value of individual loans as a percentage of total carrying value of real estate debt portfolio (as a percent)	3.00%	'	'	'
Maximum | First Mortgage - F	'	'	'	'
CRE debt investments	'	'	'	'
Loans Receivable LIBOR Floor	4.00%	'	'	'
Maximum | Other first mortgage loans	'	'	'	'
CRE debt investments	'	'	'	'
Floating(2)	18.25%	'	'	'
Fixed	10.75%	'	'	'
Maximum | Other sub mortgage interests	'	'	'	'
CRE debt investments	'	'	'	'
Floating(2)	17.17%	'	'	'
Fixed	12.00%	'	'	'
Maximum | Other mezzanine loans	'	'	'	'
CRE debt investments	'	'	'	'
Floating(2)	12.70%	'	'	'
Fixed	14.50%	'	'	'
Maximum | Other term loans	'	'	'	'
CRE debt investments	'	'	'	'
Fixed	12.50%	'	'	'
Weighted Average	'	'	'	'
CRE debt investments	'	'	'	'
Fixed	12.21%	6.26%	'	'
Weighted Average | First mortgage loans:	'	'	'	'
CRE debt investments	'	'	'	'
Fixed	'	4.29%	'	'
Weighted Average | Mezzanine loans:	'	'	'	'
CRE debt investments	'	'	'	'
Fixed	'	4.34%	'	'
Weighted Average | Subtotal term loans	'	'	'	'
CRE debt investments	'	'	'	'
Fixed	'	10.86%	'	'
Loans [Member] | First mortgage loans:	'	'	'	'
CRE debt investments	'	'	'	'
Principal Amount	476,168,000	'	'	'
Mortgage Loans on Real Estate, Variable Rate Base, Prime [Member] | Weighted Average	'	'	'	'
CRE debt investments	'	'	'	'
Loans Receivable, Description of Variable Rate Basis	'Prime	'Prime	'	'
Mortgage Loans on Real Estate, Variable Rate Base, Prime [Member] | Weighted Average | First mortgage loans:	'	'	'	'
CRE debt investments	'	'	'	'
Number	1	1	'	'
Principal Amount	$7,400,000	$7,500,000	'	'
Loans Receivable, Description of Variable Rate Basis	'Prime	'Prime	'	'

Schedule_IVMortgage_Loans_on_R2

Schedule IV-Mortgage Loans on Real Estate Schedule IV- Mortgage Loans on Real Estate-2 (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	loan	loan	loan
Movement in Mortgage Loans on Real Estate [Roll Forward]	'	'	'
Beginning balance	$1,832,231	$1,710,582	$1,840,425
Additions:	'	'	'
Principal amount of new loans and additional funding on existing loans	806,138	397,058	299,405
Consolidation of CDOs(1)	0	0	138,168
Interest accretion	1,284	1,636	7,682
Acquisition cost (fees) on new loans	-4,032	-2,949	-5,068
Premium (discount) on new loans	16,116	-26,014	-50,857
Amortization of acquisition costs, fees, premiums and discounts	28,480	95,233	88,545
Deductions:	'	'	'
Collection of principal	272,054	258,042	428,055
Deconsolidation of CDOs (refer to Note 3)	1,134,713	0	0
Provision for (reversal of) loan losses, net	-8,786	23,037	52,980
Transfers to affiliates (refer to Note 10)	115,797	0	0
Taking title to collateral	135,361	62,236	126,683
Ending balance	$1,031,078	$1,832,231	$1,710,582
Number of loans sold (loans)	5	3	11