Northstar Realty Finance (NRF) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	7-May-14
Document and Entity Information	'	'
Entity Registrant Name	'NORTHSTAR REALTY FINANCE CORP.	'
Entity Central Index Key	'0001273801	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	332,640,554
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'		'
Cash and cash equivalents	$504,127		$635,990
Restricted cash	164,378		166,487
Operating real estate, net	2,327,914		2,370,183
Real estate debt investments, net (refer to Note 5)	1,158,058		1,031,078
Investments in private equity funds, at fair value (refer to Note 6)	571,903		586,018
Investments in and advances to unconsolidated ventures (refer to Note 7)	144,282		142,340
Real estate securities, available for sale (refer to Note 8)	978,381		1,052,320
Receivables	30,963		59,895
Receivables, related parties	29,169		25,262
Unbilled rent receivable	15,153		15,006
Derivative assets, at fair value	1,925		3,469
Deferred costs and intangible assets, net	96,666		96,886
Assets of properties held for sale	52,621		30,063
Other assets	137,278		145,053
Total assets	6,212,818	[1]	6,360,050	[1]
Liabilities	'		'
Mortgage and other notes payable	2,110,623		2,113,334
CDO bonds payable, at fair value	419,253		384,183
Securitization bonds payable	82,367		82,340
Credit facilities	62,030		70,038
Senior notes	481,118		0
Exchangeable senior notes	198,000		490,973
Junior subordinated notes, at fair value	213,200		201,203
Accounts payable and accrued expenses	73,591		74,547
Escrow deposits payable	104,421		90,929
Derivative liabilities, at fair value	30,717		52,204
Liabilities of properties held for sale	28,962		28,962
Other liabilities	73,732		73,874
Total liabilities	3,878,014	[2]	3,662,587	[2]
Commitments and contingencies	'		'
NorthStar Realty Finance Corp. Stockholders’ Equity	'		'
Preferred stock, $736,640 aggregate liquidation preference as of March 31, 2014 and December 31, 2013	697,352		697,352
Common stock, $0.01 par value, 500,000,000 shares authorized, 327,026,653 and 308,806,828 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively	3,270		3,088
Additional paid-in capital	2,501,249		2,647,906
Retained earnings (accumulated deficit)	-902,619		-685,936
Accumulated other comprehensive income (loss)	4,152		-4,334
Total NorthStar Realty Finance Corp. stockholders’ equity	2,303,404		2,658,076
Non-controlling interests	31,400		39,387
Total equity	2,334,804		2,697,463
Total liabilities and equity	6,212,818		6,360,050
Variable Interest Entity, Primary Beneficiary	'		'
Assets	'		'
Restricted cash	9,092		24,411
Operating real estate, net	4,920		4,945
Real estate debt investments, net (refer to Note 5)	43,542		44,298
Real estate securities, available for sale (refer to Note 8)	559,447		644,015
Receivables	3,436		4,476
Other assets	1,560		269
Total assets	621,997		722,414
Liabilities	'		'
CDO bonds payable, at fair value	419,253		384,183
Accounts payable and accrued expenses	2,313		2,686
Derivative liabilities, at fair value	30,717		52,204
Other liabilities	2,713		2,993
Total liabilities	$454,996		$442,066
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: March 31, 2014 $9,092 ; December 31, 2013: $24,411 •Operating real estate, net: March 31, 2014: $4,920 ; December 31, 2013: $4,945 •Real estate debt investments, net: March 31, 2014: $43,542 ; December 31, 2013: $44,298 •Real estate securities, available for sale: March 31, 2014: $559,447 ; December 31, 2013: $644,015 •Receivables, net of allowance: March 31, 2014: $3,436 ; December 31, 2013: $4,476•Other assets: March 31, 2014: $1,560 ; December 31, 2013: $269 •Total assets of consolidated VIEs: March 31, 2014: $621,997 ; December 31, 2013: $722,414
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: March 31, 2014 $419,253 ; December 31, 2013: $384,183 •Accounts payable and accrued expenses: March 31, 2014 $2,313 ; December 31, 2013: $2,686 •Derivative liabilities, at fair value: March 31, 2014 $30,717 ; December 31, 2013: $52,204 •Other liabilities: March 31, 2014 $2,713 ; December 31, 2013: $2,993 •Total liabilities of consolidated VIEs: March 31, 2014 $454,996 ; December 31, 2013: $442,066

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, aggregate liquidation preference (in dollars per share)	$736,640	$736,640
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	327,026,653	308,806,828
Common stock, shares outstanding	327,026,653	308,806,828

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013
Net interest income	'		'
Interest income (refer to Note 10)	$78,679		$70,335
Interest expense on debt and securities	3,283		11,397
Net interest income on debt and securities	75,396		58,938
Other revenues	'		'
Rental and escalation income	68,425		37,936
Selling commissions and dealer manager fees, related parties	14,548		16,940
Asset management and other fees, related parties	9,485		4,508
Other revenue	1,789		452
Total other revenues	94,247		59,836
Expenses	'		'
Other interest expense	39,033		25,780
Real estate properties—operating expenses	21,958		8,665
Commission expense (refer to Note 10)	13,560		15,369
Other expenses	776		1,254
Transaction costs	8,110		3,753
Provision for loan losses, net	1,886		2,336
General and administrative expenses	'		'
Salaries and equity-based compensation	20,863	[1]	18,330	[1]
Other general and administrative expenses	6,425		5,026
Total general and administrative expenses	27,288		23,356
Depreciation and amortization	27,049		14,705
Total expenses	139,660		95,218
Income (loss) from operations	29,983		23,556
Equity in earnings (losses) of unconsolidated ventures	31,792		8,313
Unrealized gain (loss) on investments and other	-141,951		13,585
Realized gain (loss) on investments and other	-45,901		4,082
Gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	3,355		0
Income (loss) from continuing operations	-122,722		49,536
Income (loss) from discontinued operations	-384		160
Net income (loss)	-123,106		49,696
Net (income) loss attributable to non-controlling interests	3,736		-1,733
Preferred stock dividends	-15,591		-11,341
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-134,961		36,622
Earnings (loss) per share:	'		'
Basic (in dollars per share)	($0.42)		$0.21
Diluted (in dollars per share)	($0.42)		$0.20
Weighted average number of shares:	'		'
Basic (in shares)	321,029,179		176,675,176
Diluted (in shares)	329,598,637		188,214,116
Dividends per share of common stock	$0.25		$0.19
Equity-based compensation expense	$9,605		$6,018
[1]	The three months ended March 31, 2014 and 2013 include $9.6 million and $6.0 million, respectively, of equity-based compensation expense.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest [Abstract]	'	'
Net income (loss)	($123,106)	$49,696
Other comprehensive income (loss):	'	'
Unrealized gain (loss) on real estate securities, available for sale	9,451	1,690
Reclassification of unrealized (gain) loss on real estate securities, available for sale to realized gain (loss) on investments and other	-967	'
Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15)	229	1,762
Total other comprehensive income (loss)	8,713	3,452
Comprehensive income (loss)	-114,393	53,148
Comprehensive (income) loss attributable to non-controlling interests	3,509	-1,889
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($110,884)	$51,259

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, 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)	'	'	27,000	'	'	'	'	'
Dividend reinvestment plan	249	'	0	249	'	'	249	'
Amortization of equity-based compensation	16,961	'	'	'	'	'	'	16,961
Equity component of exchangeable senior notes	45,740	'	'	45,740	'	'	45,740	'
Conversion of exchangeable senior notes (in shares)	'	'	11,582,000	'	'	'	'	'
Stock Issued During Period, Value, Conversion of Convertible Securities	74,777	'	116	74,661	'	'	74,777	0
Other comprehensive income (loss)	18,648	'	'	'	'	17,845	17,845	803
Conversion of LTIP Units (in shares)	'	'	1,341,000	'	'	'	'	'
Conversion of LTIP Units	'	'	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	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Common stock related to transactions (in shares)	'	'	1,355,000	'	'	'	'	'
Common stock related to transactions (refer to Note 12)	14	'	14	0	'	'	14	'
Non-controlling interests - contributions	198	'	'	'	'	'	'	198
Non-controlling interests - distributions	-673	'	'	'	'	'	'	-673
Dividend reinvestment plan (in shares)	4,720	'	5,000	'	'	'	'	'
Dividend reinvestment plan	77	'	'	77	'	'	77	'
Amortization of equity-based compensation	9,355	'	'	610	'	'	610	8,745
Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382	'	'	-296,382	'	'	'	'
Conversion of exchangeable senior notes (in shares)	'	'	15,749,000	'	'	'	'	'
Stock Issued During Period, Value, Conversion of Convertible Securities	'	'	157	'	'	'	'	'
Conversion of exchangeable senior notes	139,418	'	'	139,261	'	'	139,418	'
Other comprehensive income (loss)	8,713	'	'	'	'	8,486	8,486	227
Conversion of LTIP Units (in shares)	'	'	1,111,000	'	'	'	'	'
Conversion of LTIP Units	'	'	11	9,777	'	'	9,788	-9,788
Dividends on common stock, LTIP Units and RSUs	-84,682	'	'	'	-81,722	'	-81,722	-2,960
Dividends on preferred stock	-15,591	'	'	'	-15,591	'	-15,591	'
Net income (loss)	-123,106	'	'	'	-119,370	'	-119,370	-3,736
Balance at Mar. 31, 2014	$2,334,804	$697,352	$3,270	$2,501,249	($902,619)	$4,152	$2,303,404	$31,400
Balance (in shares) at Mar. 31, 2014	'	29,466,000	327,027,000	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income (loss)	($123,106,000)	$49,696,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Equity in (earnings) losses of PE Investments	-28,148,000	-7,683,000
Equity in (earnings) losses of unconsolidated ventures	-3,644,000	-630,000
Depreciation and amortization	27,049,000	15,074,000
Amortization of premium/accretion of discount on investments	-18,763,000	-13,054,000
Interest accretion on investments	-4,443,000	-321,000
Amortization of deferred financing costs	1,640,000	1,404,000
Amortization of equity-based compensation	9,355,000	6,018,000
Unrealized (gain) loss on investments and other	135,215,000	-30,339,000
Realized (gain) loss on investments and other	45,901,000	-4,082,000
(Gain) loss on deconsolidation of N-Star CDOs	-3,355,000	0
Distributions from PE Investments (refer to Note 6)	28,148,000	7,683,000
Distributions from unconsolidated ventures	541,000	788,000
Distributions from equity investments	4,764,000	0
Amortization of capitalized above/below market leases	-233,000	-398,000
Straight-line rental income, net	-318,000	-898,000
Provision for loan losses, net	1,886,000	2,336,000
Allowance for uncollectible accounts	0	744,000
Other	0	73,000
Discount received	71,000	2,194,000
Changes in assets and liabilities:	'	'
Restricted cash	-3,104,000	3,979,000
Receivables	-2,566,000	-2,597,000
Other assets	-1,916,000	2,646,000
Receivables, related parties	-3,652,000	-396,000
Accounts payable and accrued expenses	-7,954,000	10,297,000
Other liabilities	328,000	-295,000
Net cash provided by (used in) operating activities	53,696,000	42,239,000
Cash flows from investing activities:	'	'
Acquisition of operating real estate, net	0	-117,184,000
Improvements of operating real estate	-2,229,000	-2,772,000
Deferred costs and intangible assets	0	-136,000
Origination of real estate debt investments, net	-139,886,000	-11,322,000
Proceeds from Sale, Maturity and Collection of Investments	8,952,000	0
Repayments on real estate debt investments	12,190,000	20,530,000
Investment in PE Investments (refer to Note 6)	-1,836,000	-259,143,000
Distributions from PE Investments (refer to Note 6)	48,449,000	9,513,000
Investment in and advances to unconsolidated ventures	-493,000	-5,701,000
Distributions from unconsolidated ventures	256,000	474,000
Payments to Acquire Available-for-sale Securities	-7,872,000	0
Proceeds from the sale of real estate securities, available for sale	22,166,000	20,114,000
Repayments on real estate securities, available for sale	5,646,000	67,927,000
Change in restricted cash	999,000	-3,239,000
Other assets	-7,321,000	-26,570,000
Net cash provided by (used in) investing activities	-60,979,000	-307,509,000
Cash flows from financing activities:	'	'
Borrowings from mortgage notes	0	101,756,000
Repayments of mortgage notes	-2,711,000	-2,536,000
Repayments of CDO bonds	-30,186,000	-230,454,000
Repurchases of CDO bonds	0	-6,543,000
Borrowings from credit facilities	0	8,060,000
Repayments of credit facilities	-8,008,000	-13,643,000
Repurchases and repayment of exchangeable senior notes	0	-1,000,000
Payment of deferred financing costs	-747,000	-1,833,000
Purchase of derivative instruments	0	-9,560,000
Change in restricted cash	17,362,000	137,089,000
Net proceeds from common stock offering	0	280,364,000
Proceeds from dividend reinvestment plan	77,000	58,000
Dividends (common and preferred)	-97,313,000	-47,008,000
Contributions from non-controlling interests	198,000	1,423,000
Distributions to non-controlling interests	-3,252,000	-2,080,000
Net cash provided by (used in) financing activities	-124,580,000	214,052,000
Net increase (decrease) in cash and cash equivalents	-131,863,000	-51,218,000
Cash and cash equivalents—beginning of period	635,990,000	444,927,000
Cash and cash equivalents—end of period	504,127,000	393,709,000
Term Asset-Backed Securities Loan Facility | Secured term loans	'	'
Cash flows from financing activities:	'	'
Repayments of CDO bonds	$0	($41,000)

Business_and_Organization

Business and Organization	3 Months Ended
	Mar. 31, 2014
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”). Upon completion of the spin-off, the Company will be externally managed by an affiliate of 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 referred to as 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	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	Basis of Quarterly Presentation
	The accompanying unaudited 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”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the Securities and Exchange Commission (the “SEC”).
	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.
	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
	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. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.  Ordinary repairs and maintenance are expensed as incurred.  Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.  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. 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.
	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. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated 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.
	Other Assets and Other Liabilities
	The following table presents a summary of other assets and other liabilities as of March 31, 2014 and December 31, 2013 (dollars in thousands):
		March 31,		December 31,
		2014		2013
		(Unaudited)
	Other assets:
	Manufactured homes	$	63,495	$	69,217
	Notes receivable	40,664		38,418
	Investment-related reserves and deposits	10,389		11,127
	Furniture, fixtures and equipment, net	6,955		6,977
	Prepaid expenses	4,706		5,361
	Timeshare	386		462
	Other	10,683		13,491
	Total	$	137,278	$	145,053
		March 31,		December 31,
		2014		2013
		(Unaudited)
	Other liabilities:
	PE Investment III deferred purchase price (refer to Note 6)	$	39,760	$	39,760
	Unearned revenue	2,406		2,029
	Security deposits	9,515		9,294
	Below-market leases	8,324		8,700
	Other	13,727		14,091
	Total	$	73,732	$	73,874
	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.
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 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.
Asset Management and Other Fees
Asset management and other fees include asset management, incentive and other fees, such as acquisition and disposition fees, earned from the Sponsored Companies. Base asset management and other fees are recognized based on contractual terms specified in the underlying governing documents in the periods during which the related services are performed and the amounts have been contractually earned. Incentive fees and payments are recognized subject to the achievement of return hurdles in accordance with the respective terms set forth in each respective governing agreement of the Sponsored Companies.
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.
An allowance for a doubtful account for a tenant/operator receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator 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: (a) the amount related to expected credit losses; and (b) 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. As of March 31, 2014, the Company did not have any OTTI recorded on its CRE securities.
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.
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 flow 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.
Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest.
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. Diluted EPS reflects the potential dilution that could occur if outstanding warrants, restricted stock units (“RSUs”) 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 RSUs and LTIP Units is calculated assuming all units are converted to common stock.
Other
Refer to Note 2 of the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 for further disclosure of the Company’s significant accounting policies.
Recent Accounting Pronouncements
In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update that changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The requirements of this accounting update will be effective for the Company for the annual period beginning after December 15, 2014, however, early adoption is permitted but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issue. The Company early adopted this accounting pronouncement effective January 1, 2014 and the update did not have a material impact on the consolidated financial statements.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	Variable Interest Entities
	As of March 31, 2014, 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 March 31, 2014, the Company serves as collateral manager and/or special servicer for N-Star CDOs I, III 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 three months ended March 31, 2014 and 2013.
	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 March 2014, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO V 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 V, and as a result, in the first quarter 2014, 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.
	For the three months ended March 31, 2014, the deconsolidation of N-Star CDO V resulted in a non-cash realized gain on deconsolidation of $3.4 million recorded in the consolidated statement of operations. The gain was the result of the deconsolidation of $94.1 million of assets, $88.4 million of liabilities, net of $0.8 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $8.3 million of unrealized gain to gain (loss) from deconsolidation.
	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 March 31, 2014. These unconsolidated VIEs are summarized as follows:
	Real Estate Debt Investments
	The Company identified three CRE debt investments with an aggregate carrying value of $59.5 million as variable interests in a VIE. The Company determined that it is not the primary beneficiary of such VIEs, and as such, the VIEs are 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 two CRE securities with an aggregate fair value of $31.0 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 one 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 March 31, 2014, the Company’s carrying value and maximum exposure to loss related to its investment in the Trusts is $3.7 million and is recorded in investments in and advances to unconsolidated ventures in the consolidated balance sheets.
	Summary of Unconsolidated VIEs
	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2014 (dollars in thousands):
		Junior			Real Estate Debt Investments, Net		Real Estate		Total		Maximum
		Subordinated					Securities,				Exposure
		Notes, at					Available				to Loss(1)
		Fair Value					for Sale
	Real estate debt investments, net	$	—		$	59,508	$	—	$	59,508	$	59,508
	Investments in and advances to unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		230,241		230,241		230,241
	N-Star CDO equity	—			—		142,908		142,908		142,908
	CMBS	—			—		30,950		30,950		30,950
	Subtotal real estate securities, available for sale	—			—		404,099		404,099		404,099
	Total assets	3,742			59,508		404,099		467,349		467,349
	Junior subordinated notes, at fair value	213,200			—		—		213,200		NA
	Total liabilities	213,200			—		—		213,200		NA
	Net	$	(209,458	)	$	59,508	$	404,099	$	254,149	NA
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of March 31, 2014 would not exceed the carrying value of its investment.
	The Company did not provide financial support to any of its unconsolidated VIEs during the three months ended March 31, 2014 and 2013. As of March 31, 2014, 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	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Operating Real Estate	'
	Operating Real Estate
	Real Estate Acquisitions and Sales
	There were no significant acquisitions or sales of operating real estate for the three months ended March 31, 2014. In May 2014, the Company, through a subsidiary, completed its previously announced acquisition of a $1.1 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. Refer to Note 19 for further disclosure.
	Discontinued Operations
	Discontinued operations relates to five healthcare properties held for sale as of March 31, 2014. The following table presents income (loss) from discontinued operations related to such properties for the three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014			2013
	Revenue
	Rental and escalation income	$	—		$	960
	Other revenue	—			92
	Total revenue	—			1,052
	Expenses
	Other interest expense	—			470
	Real estate properties—operating expenses	350			—
	Other expenses	34			53
	Depreciation and amortization	—			369
	Total expenses	384			892
	Income (loss) from discontinued operations	$	(384	)	$	160

Real_Estate_Debt_Investments

Real Estate Debt Investments	3 Months Ended
	Mar. 31, 2014
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]	'
Real Estate Debt Investments	'
	Real Estate Debt Investments
	The following table presents CRE debt investments as of March 31, 2014, excluding CRE debt underlying deconsolidated N-Star 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				Value(4)			Investment						Over
													Type(5)						LIBOR(7)
	Asset Type:
	First mortgage loans	17				$	502,567			$	468,652		41.8	%		13.2	%		6.6	%		10.63	%	80.7	%
	Mezzanine loans	8				163,798				159,473			13.6	%		13.44	%		13.47	%		13.7	%	80	%
	Subordinate interests(1)	8				248,124				254,562			20.6	%		12.41	%		12.33	%		12.76	%	33.1	%
	Term loans(2)	4				231,864				231,829			19.3	%		12.44	%		—			12.94	%	—
	Subtotal/Weighted average(3)	37				1,146,353				1,114,516			95.3	%		12.62	%		8.62	%		11.97	%	53.1	%
	CRE debt in N-Star CDOs
	First mortgage loans	3				34,235				21,248			2.9	%		—			2.23	%		3.7	%	100	%
	Mezzanine loans	1				11,000				10,974			0.9	%		8	%		—			8.33	%	—
	Subordinate interests	1				7,444				7,444			0.6	%		—			7	%		7.15	%	100	%
	Term loans	7				3,876				3,876			0.3	%		6.93	%		—			6.93	%	—
	Subtotal/Weighted average	12				56,555				43,542			4.7	%		7.72	%		3.08	%		5.75	%	73.7	%
	Total	49				$	1,202,908			$	1,158,058		100	%		12.49	%		8.25	%		11.73	%	54.1	%
	____________________________________________________________
	-1	Includes a $100.9 million preferred equity investment for which the Company elected the fair value option. As of March 31, 2014, carrying value represents fair value with respect to this investment.
	-2	Term loans include one revolver of $25.0 million, of which $14.5 million is outstanding as of March 31, 2014.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $134.3 million for Securitization 2012-1 and $101.6 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 $11.1 million.
	-4	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.2 million as of March 31, 2014. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $3.2 million carrying value where the Company does not recognize interest income on the accrual rate but does 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 $35.2 million that were originated prior to 2008.
	-7	$483.0 million principal amount has a weighted average LIBOR floor of 0.90%. Includes one first mortgage loan with a principal amount of $7.2 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of March 31, 2014, and for CRE debt with a LIBOR floor, using such floor.
	Year to date through May 7, 2014, the Company originated six loans with an aggregate principal amount of $176.2 million.
	The following table presents CRE debt investments as of December 31, 2013, excluding CRE debt underlying deconsolidated N-Star 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				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(1)	8				246,652				253,113			22.7	%		12.41	%		12.33	%		12.77	%	33.3	%
	Term loans(2)	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	3				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	12				57,320				44,298			5.4	%		7.71	%		3.05	%		5.7	%	73.6	%
	Total	45				$	1,085,280			$	1,031,078		100	%		12.21	%		7.68	%		11.31	%	54.9	%
	____________________________________________________________
	-1	Includes a $100.0 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.
	-2	Term loans include one revolver of $25.0 million, of which $3.5 million is outstanding as of December 31, 2013.
	-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.
	-4	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.4 million as of December 31, 2013. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $5.1 million carrying value where the Company does not recognize interest income on the accrual rate but does 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 $37.0 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.
	The following table presents maturities of CRE debt investments based on principal amount as of March 31, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	April 1 to December 31, 2014	$	243,340			$	174,484
Years Ending December 31:
2015	251,761				94,313
2016	208,178				119,388
2017	72,131				240,476
2018	3,086				149,835
Thereafter	424,412				424,412
Total	$	1,202,908			$	1,202,908
____________________________________________________________
-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 March 31, 2014, the weighted average maturity, including extensions, of CRE debt investments was 4.5 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 certain 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 recorded as part of the carrying value of the investment. As of March 31, 2014, the Company had $21.7 million of net unamortized discount and $8.0 million of net unamortized origination fees and costs.
The Company did not have any non-performing loans (“NPLs”) as of March 31, 2014 and December 31, 2013.
Provision for Loan Losses
The following table presents activity in loan loss reserves on CRE debt investments for the three months ended March 31, 2014 and 2013 (dollars in thousands):
	Three Months Ended
	March 31,
	2014					2013
Beginning balance	$	2,880				$	156,699
Provision for loan losses, net	1,886					2,336			(1)
Transfers to REO	—					(5,623		)
Ending balance	$	4,766				$	153,412
____________________________________________________________
(1) Includes $4.0 million of reversals of previously recorded provisions for loan losses.
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 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):
Credit Quality Indicator:	March 31,				December 31,
	2014				2013
Loans with no loan loss reserve:
First mortgage loans	$	488,117			$	426,850
Mezzanine loans	170,447				116,195
Subordinate interests	262,006				260,886
Term loans	235,705				223,478
Subtotal	1,156,275				1,027,409
Other loans with a loan loss reserve/non-accrual status:
First mortgage loans(1)	1,783				1,783
Mezzanine loans	—				1,886
Subtotal	1,783				3,669
Non-performing loans:	—				—
Total	$	1,158,058			$	1,031,078
____________________________________________________________
-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.2 million and $6.4 million as of March 31, 2014 and December 31, 2013, respectively.
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 March 31, 2014 and December 31, 2013 (dollars in thousands):
	31-Mar-14															December 31, 2013
	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			1				$	2,782		$	1,783	$	1,000
Mezzanine loans	1				3,766				—			3,766				1				3,766			1,886		1,880
Total	2				$	6,548			$	1,783		$	4,766			2				$	6,548		$	3,669	$	2,880
____________________________________________________________
-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. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.2 million and $6.4 million as of March 31, 2014 and December 31, 2013, respectively.
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 three months ended March 31, 2014 and 2013 (dollars in thousands):
	31-Mar-14										31-Mar-13
	Number		Average Carrying Value				Quarter Ended Income				Number	Average				Quarter Ended
												Carrying				Income
												Value
Class of Debt:
First mortgage loans	1		$	1,783			$	—			5	$	91,390			$	267
Mezzanine loans	1		943				2				8	252,637				140
Subordinate interests	—		—				—				2	22,100				1
Term loans	—		—				—				1	36,508				894
Total/weighted average	2		$	2,726			$	2			16	$	402,635			$	1,302
As of March 31, 2014 and December 31, 2013, the Company did not have any loans past due greater than 90 days.
Troubled Debt Restructurings
The Company did not have any CRE debt investments modified that were considered TDRs during the three months ended March 31, 2014. The following table presents CRE debt investments that were modified and considered a TDR for the three months ended March 31, 2013 (dollars in thousands):
	31-Mar-13
Class of Debt:	Number					Carrying				Original		Modified
						Value				WA Interest		WA Interest
										Rate		Rate
Mezzanine loan	1					$	50,905			10.85	%	10.85	%	(1)
______________________________________
-1	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.
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 are 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	3 Months Ended
	Mar. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Investments in Private Equity Funds	'
	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.
	The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investment in unconsolidated ventures. The Company determined there was one significant unconsolidated joint venture with respect to PE Investment I as of March 31, 2014.
	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.
	As of March 31, 2014, the carrying value of the investment in PE Investment I was $221.1 million. For the three months ended March 31, 2014 and 2013, the Company recognized $13.6 million and $7.7 million of equity in earnings, respectively. For the three months ended March 31, 2014 and 2013, the Company received $19.0 million and $41.3 million of net distributions, respectively, and made $0.1 million and $19.9 million of contributions, respectively, related to PE Investment I. The three months ended March 31, 2013 represents activity from February 15, 2013 through March 31, 2013. As of March 31, 2014, the Company’s future capital commitments to the fund interests in PE Investment I are estimated to be approximately $14 million.
	The Company had one significant unconsolidated joint venture related to PE Investment I as of March 31, 2014. Summarized financial data for such unconsolidated joint venture for the three months ended December 31, 2013, which is the most recent financial information available from the underlying funds, included net investment income of $2.3 million, realized gains of $9.9 million and unrealized losses of $3.3 million. However, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected cash flow from one period to another and not based on such summarized financial data.
	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 is solely caused by the Company or NorthStar Income, as the case may be.
	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 $910.0 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 are 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 of the last day of the fiscal quarter following the closing date of each fund interest. For the three months ended March 31, 2014, PE Investment II paid $2.4 million of the Deferred Amount to PE II Seller of which the Company’s share was $1.7 million. As of March 31, 2014, the Company’s share of the Initial Amount and the Deferred Amount represents $353.4 million and $286.3 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.
	On March 31st of each year, commencing on March 31, 2015 and for a period of two years thereafter, PE Investment II will pay an amount necessary to reduce the Deferred Amount by the greater of 15% of the then outstanding Deferred Amount or 15% of the aggregate distributions received by PE Investment II during the preceding 12 month period.
	On the first full calendar quarter after the four-year anniversary of the applicable closing date of each fund interest, PE Investment II will be required to pay to PE II Seller the then outstanding unpaid Deferred Amount. 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.
	As of March 31, 2014, the carrying value of the investment in PE Investment II was $280.0 million. For the three months ended March 31, 2014, the Company recognized $13.1 million of equity in earnings. For the three months ended March 31, 2014, the Company received $23.7 million of net distributions and made no contributions, related to PE Investment II. As of March 31, 2014, the Company’s future capital commitments to the fund interests in PE Investment II are estimated to be approximately $15 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. Such amount is included in other liabilities on the consolidated balance sheets. The aggregate reported NAV of PE Investment III as of June 30, 2013 was $80.3 million. PE Investment III’s interests in real estate private equity funds cannot be redeemed. As of March 31, 2014, the Company’s future capital commitments to the fund interests in PE Investment III are $4.9 million, of which $2 million is expected to be funded.
	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.
	As of March 31, 2014, the carrying value of the investment in PE Investment III was $70.8 million. For the three months ended March 31, 2014, the Company recognized $1.4 million of equity in earnings. For the three months ended March 31, 2014, the Company received $1.4 million of net distributions and made $0.1 million of contributions, related to PE Investment III.
	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 certain components of the investment in RXR Realty for which the fair value option was elected.
	RXR Equity Interest
	In December 2013, the Company entered into a strategic transaction with RXR Realty, a leading real estate owner, developer and investment management company focused on high-quality real estate in the New York Tri-State area. The investment in RXR Realty includes an approximate 30% equity interest (“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 March 31, 2014, the carrying value of the approximate 30% RXR Equity Interest was $85.7 million. For the three months ended March 31, 2014, the Company recognized equity in earnings of $1.5 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 March 31, 2014, the carrying value was $10.1 million. For the three months ended March 31, 2014, the Company recognized equity in losses of $0.2 million.
	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 March 31, 2014 and December 31, 2013, the carrying value of the 49% interest in LandCap was $14.2 million and $14.1 million, respectively. As of March 31, 2014 and December 31, 2013, LandCap had investments totaling $25.1 million and $25.9 million, respectively. For the three months ended March 31, 2014 and 2013, the Company recognized equity in earnings of $0.1 million and equity in losses of $0.1 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 March 31, 2014 and December 31, 2013, the carrying value of the investment in CS/Federal was $5.4 million and $5.5 million, respectively. For the three months ended March 31, 2014 and 2013, the Company recognized equity in losses of $0.1 million and equity in earnings of $0.1 million, respectively.
	Sponsored Companies
	The Company sponsors NorthStar Income, a CRE debt focused non-traded REIT. As of March 31, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Income was $6.1 million for each period representing an interest of 0.6%. For the three months ended March 31, 2014 and 2013, the Company recognized $0.1 million and an immaterial amount of equity in earnings, respectively.
	The Company sponsors NorthStar Healthcare, a healthcare equity and debt focused non-traded REIT. As of March 31, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Healthcare was $2.0 million and $2.1 million, representing an interest of 1.2% and 2.3%, respectively. For the three months ended March 31, 2014, the Company recognized equity in losses of $0.1 million.
	The Company sponsors NorthStar Income II, the Company’s second CRE debt focused non-traded REIT. As of March 31, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Income II was $2.1 million for each period, representing an interest of 3.2% and 8.7%, respectively. For the three months ended March 31, 2014, the Company recognized an immaterial amount of equity in earnings.
	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). For the three months ended March 31, 2013, the Company recognized equity in losses of $0.3 million.
	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 March 31, 2014 and December 31, 2013, the carrying value of the Company’s investment was $6.5 million and $5.7 million, respectively. For the three months ended March 31, 2014 and 2013, the Company recognized $1.2 million and $0.4 million of equity in earnings, respectively. In April 2014, the loan was repaid at par.
	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 three months ended March 31, 2013, the Company recognized $0.6 million of equity in earnings.
	In April 2013, in connection with a loan on a hotel property in New York, the Company and NorthStar Income acquired 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. In March 2014, the retail component of the hotel was sold and for the three months ended March 31, 2014, the Company recognized a $1.2 million gain from this sale in equity in earnings.
	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 March 31, 2014 and December 31, 2013, the carrying value of the investment was $8.5 million for each period. For the three months ended March 31, 2014, the Company did not recognize any equity in earnings.

Investments_in_and_Advances_to

Investments in and Advances to Unconsolidated Ventures (Notes)	3 Months Ended
	Mar. 31, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
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.
	The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investment in unconsolidated ventures. The Company determined there was one significant unconsolidated joint venture with respect to PE Investment I as of March 31, 2014.
	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.
	As of March 31, 2014, the carrying value of the investment in PE Investment I was $221.1 million. For the three months ended March 31, 2014 and 2013, the Company recognized $13.6 million and $7.7 million of equity in earnings, respectively. For the three months ended March 31, 2014 and 2013, the Company received $19.0 million and $41.3 million of net distributions, respectively, and made $0.1 million and $19.9 million of contributions, respectively, related to PE Investment I. The three months ended March 31, 2013 represents activity from February 15, 2013 through March 31, 2013. As of March 31, 2014, the Company’s future capital commitments to the fund interests in PE Investment I are estimated to be approximately $14 million.
	The Company had one significant unconsolidated joint venture related to PE Investment I as of March 31, 2014. Summarized financial data for such unconsolidated joint venture for the three months ended December 31, 2013, which is the most recent financial information available from the underlying funds, included net investment income of $2.3 million, realized gains of $9.9 million and unrealized losses of $3.3 million. However, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected cash flow from one period to another and not based on such summarized financial data.
	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 is solely caused by the Company or NorthStar Income, as the case may be.
	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 $910.0 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 are 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 of the last day of the fiscal quarter following the closing date of each fund interest. For the three months ended March 31, 2014, PE Investment II paid $2.4 million of the Deferred Amount to PE II Seller of which the Company’s share was $1.7 million. As of March 31, 2014, the Company’s share of the Initial Amount and the Deferred Amount represents $353.4 million and $286.3 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.
	On March 31st of each year, commencing on March 31, 2015 and for a period of two years thereafter, PE Investment II will pay an amount necessary to reduce the Deferred Amount by the greater of 15% of the then outstanding Deferred Amount or 15% of the aggregate distributions received by PE Investment II during the preceding 12 month period.
	On the first full calendar quarter after the four-year anniversary of the applicable closing date of each fund interest, PE Investment II will be required to pay to PE II Seller the then outstanding unpaid Deferred Amount. 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.
	As of March 31, 2014, the carrying value of the investment in PE Investment II was $280.0 million. For the three months ended March 31, 2014, the Company recognized $13.1 million of equity in earnings. For the three months ended March 31, 2014, the Company received $23.7 million of net distributions and made no contributions, related to PE Investment II. As of March 31, 2014, the Company’s future capital commitments to the fund interests in PE Investment II are estimated to be approximately $15 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. Such amount is included in other liabilities on the consolidated balance sheets. The aggregate reported NAV of PE Investment III as of June 30, 2013 was $80.3 million. PE Investment III’s interests in real estate private equity funds cannot be redeemed. As of March 31, 2014, the Company’s future capital commitments to the fund interests in PE Investment III are $4.9 million, of which $2 million is expected to be funded.
	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.
	As of March 31, 2014, the carrying value of the investment in PE Investment III was $70.8 million. For the three months ended March 31, 2014, the Company recognized $1.4 million of equity in earnings. For the three months ended March 31, 2014, the Company received $1.4 million of net distributions and made $0.1 million of contributions, related to PE Investment III.
	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 certain components of the investment in RXR Realty for which the fair value option was elected.
	RXR Equity Interest
	In December 2013, the Company entered into a strategic transaction with RXR Realty, a leading real estate owner, developer and investment management company focused on high-quality real estate in the New York Tri-State area. The investment in RXR Realty includes an approximate 30% equity interest (“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 March 31, 2014, the carrying value of the approximate 30% RXR Equity Interest was $85.7 million. For the three months ended March 31, 2014, the Company recognized equity in earnings of $1.5 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 March 31, 2014, the carrying value was $10.1 million. For the three months ended March 31, 2014, the Company recognized equity in losses of $0.2 million.
	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 March 31, 2014 and December 31, 2013, the carrying value of the 49% interest in LandCap was $14.2 million and $14.1 million, respectively. As of March 31, 2014 and December 31, 2013, LandCap had investments totaling $25.1 million and $25.9 million, respectively. For the three months ended March 31, 2014 and 2013, the Company recognized equity in earnings of $0.1 million and equity in losses of $0.1 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 March 31, 2014 and December 31, 2013, the carrying value of the investment in CS/Federal was $5.4 million and $5.5 million, respectively. For the three months ended March 31, 2014 and 2013, the Company recognized equity in losses of $0.1 million and equity in earnings of $0.1 million, respectively.
	Sponsored Companies
	The Company sponsors NorthStar Income, a CRE debt focused non-traded REIT. As of March 31, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Income was $6.1 million for each period representing an interest of 0.6%. For the three months ended March 31, 2014 and 2013, the Company recognized $0.1 million and an immaterial amount of equity in earnings, respectively.
	The Company sponsors NorthStar Healthcare, a healthcare equity and debt focused non-traded REIT. As of March 31, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Healthcare was $2.0 million and $2.1 million, representing an interest of 1.2% and 2.3%, respectively. For the three months ended March 31, 2014, the Company recognized equity in losses of $0.1 million.
	The Company sponsors NorthStar Income II, the Company’s second CRE debt focused non-traded REIT. As of March 31, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Income II was $2.1 million for each period, representing an interest of 3.2% and 8.7%, respectively. For the three months ended March 31, 2014, the Company recognized an immaterial amount of equity in earnings.
	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). For the three months ended March 31, 2013, the Company recognized equity in losses of $0.3 million.
	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 March 31, 2014 and December 31, 2013, the carrying value of the Company’s investment was $6.5 million and $5.7 million, respectively. For the three months ended March 31, 2014 and 2013, the Company recognized $1.2 million and $0.4 million of equity in earnings, respectively. In April 2014, the loan was repaid at par.
	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 three months ended March 31, 2013, the Company recognized $0.6 million of equity in earnings.
	In April 2013, in connection with a loan on a hotel property in New York, the Company and NorthStar Income acquired 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. In March 2014, the retail component of the hotel was sold and for the three months ended March 31, 2014, the Company recognized a $1.2 million gain from this sale in equity in earnings.
	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 March 31, 2014 and December 31, 2013, the carrying value of the investment was $8.5 million for each period. For the three months ended March 31, 2014, the Company did not recognize any equity in earnings.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 (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)	33	$	512,040	$	223,851	$	15,468	$	(9,078	)	$	230,241	28.4	%	1.72	%	20.77	%
	N-Star CDO equity(5)	5	154,540		154,540		3,334		(14,966		)	142,908		8.6	%	NA		18.6	%
	CMBS and other securities(6)	15	103,255		52,161		12,531		(16,965		)	47,727		5.7	%	2.81	%	6.41	%
	Subtotal(2)	53	769,835		430,552		31,333		(41,009		)	420,876		42.7	%	1.9	%	18.25	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	189	837,022		594,647		64,714		(173,171		)	486,190		46.5	%	3.64	%	9.41	%
	Third-party CDO notes	14	91,584		83,574		66		(59,645		)	23,995		5.1	%	0.23	%	1.18	%
	Agency debentures	8	87,172		29,354		4,370		(1,778		)	31,946		4.9	%	NA		4.56	%
	Unsecured REIT debt	1	8,000		8,476		1,035		—			9,511		0.4	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,362		)	5,863		0.4	%	2.25	%	2.32	%
	Subtotal	214	1,031,003		723,276		70,185		(235,956		)	557,505		57.3	%	3.05	%	8.15	%
	Total	267	$	1,800,838	$	1,153,828	$	101,518	$	(276,965	)	$	978,381	100	%	2.62	%	11.92	%
	____________________________________________________________
	-1	Excludes $102.4 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on amortized cost 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 March 31, 2014.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $37.7 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 March 31, 2014, 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 March 31, 2014, contractual maturities of CRE securities investments ranged from five months to 39 years, with a weighted average expected maturity of 3.5 years.
	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	%	2.26	%	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 amortized cost 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.
	For the three months ended March 31, 2014, proceeds from the sale of CRE securities was $22.2 million, resulting in a net realized gain of $4.6 million. For the three months ended March 31, 2013, proceeds from the sale of CRE securities was $20.1 million, resulting in a net realized gain of $4.4 million.
	CRE securities investments, not held in N-Star CDOs, include 35 securities for which the fair value option was not elected. As of March 31, 2014, the aggregate carrying value of these securities was $240.2 million, representing $6.5 million of accumulated net unrealized gains included in OCI. The Company held 13 securities with an aggregate carrying value of $52.2 million with an unrealized loss of $9.1 million as of March 31, 2014 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	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The following table presents borrowings as of March 31, 2014 and December 31, 2013 (dollars in thousands):
							March 31, 2014								December 31, 2013
		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
	Manufactured Housing Portfolio 1(5)	Non-recourse		23-Jan	4.39%		$	236,900			$	236,900			$	236,900			$	236,900
	Manufactured Housing Portfolio 2(6)	Non-recourse		23-May	4.02%		639,999				639,999				639,999				639,999
	Manufactured Housing Portfolio 3(7)	Non-recourse		24-Jan	4.92%		248,000				248,000				248,000				248,000
	Subtotal Manufactured housing communities						1,124,899				1,124,899				1,124,899				1,124,899
	Healthcare
	Wakefield Portfolio	Non-recourse		15-Mar	LIBOR + 5.95%		55,507				55,507				55,768				55,768
	Ohio Portfolio	Non-recourse		16-Mar	6.00%		20,426				20,426				20,496				20,496
	Lancaster, OH	Non-recourse		16-Mar	LIBOR + 5.00%		4,384				4,384				4,399				4,399
	Wilkinson Portfolio	Non-recourse		17-Jan	6.99%		152,066				152,066				152,772				152,772
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan	7.09%		7,511				7,511				7,545				7,545
	East Arlington, TX	Non-recourse		17-May	5.89%		3,196				3,196				3,209				3,209
	Minnesota Portfolio	Non-recourse		May-18(8)	LIBOR + 3.00%		37,951				37,951				38,175				38,175
	Healthcare Preferred(9)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000				75,000				75,000
	Indiana Portfolio(9)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130				121,130				121,130
	Subtotal Healthcare						477,171				477,171				478,494				478,494
	Net lease
	South Portland, ME	Non-recourse		14-Jun	7.34%		3,758				3,758				3,819				3,819
	Fort Wayne, IN	Non-recourse		15-Jan	6.41%		2,992				2,992				3,019				3,019
	Reading, PA	Non-recourse		15-Jan	5.58%		12,684				12,684				12,765				12,765
	Reading, PA	Non-recourse		15-Jan	6.00%		5,000				5,000				5,000				5,000
	EDS Portfolio	Non-recourse		15-Oct	5.37%		43,443				43,443				43,682				43,682
	Keene, NH	Non-recourse		16-Feb	5.85%		6,203				6,203				6,237				6,237
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		16,019				16,019				16,095				16,095
	Aurora, CO	Non-recourse		16-Jul	6.22%		31,101				31,101				31,232				31,232
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,576				31,576				31,729				31,729
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,484				26,484				26,600				26,600
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,905				19,905				20,055				20,055
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700				27,700				27,700
	Fort Mill, SC(10)	Non-recourse		17-Apr	6.21%		1,365				1,365				1,464				1,464
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,562				13,562				13,689				13,689
	Columbus, OH	Non-recourse		17-Dec	6.48%		22,206				22,206				22,300				22,300
	Subtotal Net lease						263,998				263,998				265,386				265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600				39,600				39,600				39,600
	Multifamily Portfolio 1(11)	Non-recourse		May-23/July-23	4.03%		158,417				158,417				158,417				158,417
	Multifamily Portfolio 2(12)	Non-recourse		23-Jul	4.28%		46,538				46,538				46,538				46,538
	Subtotal Multifamily						244,555				244,555				244,555				244,555
	Subtotal Mortgage and other notes payable						2,110,623				2,110,623				2,113,334				2,113,334
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 4.26%		37,723				35,107				37,754				34,886
	N-Star III	Non-recourse		Jun-40	LIBOR + 1.66%		99,814				49,963				100,022				46,090
	N-Star V(13)	—		—	—		—				—				202,899				80,897
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.40%		602,389				334,183				629,544				222,310
	Subtotal CDO bonds payable—VIE						739,926				419,253				970,219				384,183
							March 31, 2014								December 31, 2013
		Recourse vs.		Final	Contractual		Principal				Carrying				Principal				Carrying
		Non-Recourse		Maturity	Interest Rate(1)(2)		Amount				Value(3)				Amount				Value(3)
	Securitization bonds payable:
	Securitization 2012-1	Non-recourse		29-Aug	LIBOR+1.62% (14)		$	82,337			$	82,367			$	82,337			$	82,340
	Subtotal Securitization financing transaction						82,337				82,367				82,337				82,340
	Credit facilities:
	Loan Facility 1	Non-recourse		Jul-18(15)	5.16%(16)		14,850				14,850				14,850				14,850
	Loan Facility 2	Partial Recourse(17)		Mar-18(18)	3.36%(19)		47,180				47,180				55,188				55,188
	Subtotal Credit facilities						62,030				62,030				70,038				70,038
	Senior Notes:
	Senior Notes(20)	Recourse		14-Sep	3.00%		481,118				481,118				—				—
Exchangeable senior notes:(21)
7.25% Notes	Recourse		Jun-27(22)	7.25%		12,955				12,955				12,955				12,955
7.50% Notes(20)	—		—	—		—				—				172,500				165,366
8.875% Notes	Recourse		Jun-32(23)	8.88%		3,810				3,734				13,360				13,068
5.375% Notes	Recourse		Jun-33(24)	5.38%		207,974				181,311				345,000				299,584
Subtotal Exchangeable senior notes						224,739				198,000				543,815				490,973
Junior subordinated notes:(25)
Trust I	Recourse		Mar-35	8.15%		41,240				33,198				41,240				31,342
Trust II	Recourse		Jun-35	7.74%		25,780				20,882				25,780				19,722
Trust III	Recourse		Jan-36	7.81%		41,238				33,403				41,238				31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				40,581				50,100				38,327
Trust V	Recourse		Sep-36	LIBOR + 2.70%		30,100				21,070				30,100				19,866
Trust VI	Recourse		Dec-36	LIBOR + 2.90%		25,100				17,947				25,100				16,943
Trust VII	Recourse		Apr-37	LIBOR + 2.50%		31,459				21,548				31,459				20,290
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%		35,100				24,571				35,100				23,166
Subtotal Junior subordinated notes						280,117				213,200				280,117				201,203
Grand Total						$	3,980,890			$	3,566,591			$	4,059,860			$	3,342,071
____________________________________________________________
-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 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	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.
-9	Represents borrowings previously eliminated in consolidation that were initially recorded at fair value.
-10	Represents a mezzanine loan on the net lease property.
-11	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%.
-12	Represents two separate senior mortgage notes both maturing in July 2023, with a weighted average interest rate of 4.28%.
-13	In March 2014, the Company deconsolidated N-Star CDO V which resulted in the deconsolidation of its CDO bonds payable. Refer to Note 3 for further disclosure.
-14	Contractual interest rate represents a weighted average spread.
-15	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.
-16	Represents the weighted average contractual interest rate as of March 31, 2014, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-17	Recourse solely with respect to certain types of loans as defined in the governing documents.
-18	The maturity is March 11, 2015, with three one-year extensions.
-19	Contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%.
-20	In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of Senior Notes.
-21	Principal amount differs from carrying value on the consolidated balance sheets due to the unamortized discount associated with the equity component of the notes.
-22	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2014.
-23	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019.
-24	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028.
-25	Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for periods ranging from June 2015 to September 2016, when the interest rate will change to floating and reset quarterly at rates ranging from three-month LIBOR plus 2.80% to 3.25%.
The following table presents scheduled principal on borrowings, based on final maturity as of March 31, 2014 (dollars in thousands):
	Total			Mortgage				CDO Bonds				Securitization				Credit				Senior Notes		Exchangeable		Junior
				and Other Notes				Payable				Bonds Payable				Facilities						Senior Notes(1)		Subordinated
				Payable																				Notes
April 1 to December 31, 2014	$	505,599		$	11,526			$	—			$	—			$	—			$	481,118	$	12,955	$	—
Years ending December 31:
2015	130,255			130,255				—				—				—				—		—		—
2016	126,956			126,956				—				—				—				—		—		—
2017	278,048			278,048				—				—				—				—		—		—
2018	119,220			57,190				—				—				62,030				—		—		—
Thereafter	2,820,812			1,506,648				739,926				82,337				—				—		211,784		280,117
Total	$	3,980,890		$	2,110,623			$	739,926			$	82,337			$	62,030			$	481,118	$	224,739	$	280,117
____________________________________________________________
-1	The 7.25% Notes, 8.875% Notes and 5.375% Notes have a final maturity date of June 15, 2027, 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, 8.875% Notes and 5.375% Notes on June 15, 2014, June 15, 2019 and June 15, 2023, respectively.
Senior Notes and Exchangeable Senior Notes
In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of senior notes due September 30, 2014 (the “Senior Notes”). The Senior Notes are senior unsecured obligations of the Company and may be redeemed in whole or in part with not less than ten or more than 60 days notice. At the stated maturity date, the Senior Notes may be settled in cash or common stock of the Company at the Company’s option. In connection with this exchange, the Company recorded a loss of $22.4 million in realized gain (loss) on investments and other in the consolidated statements of operations.
In January 2014, $9.6 million principal amount of the 8.875% Notes were exchanged for 1.6 million shares of common stock and $137.0 million principal amount of the 5.375% Notes were exchanged for 14.1 million shares of common stock. In connection with these conversions, the Company recorded a loss of $15.4 million in realized gain (loss) on investments and other in the consolidated statements of operations.
The Company’s outstanding senior notes contain unconditional guarantees by the Company. All of the Company’s outstanding exchangeable senior notes contain unconditional guarantees by the Company, the Operating Partnership and/or NRFC Sub-REIT Corp., a subsidiary of the Operating Partnership, on an unsecured and unsubordinated basis.
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 March 31, 2014, the Company had $101.6 million carrying value of loans financed with $62.0 million on the loan facilities, with $178.0 million of available borrowing under its loan facilities.
During the initial term, the credit facilities act as revolving credit facilities that can be paid down as assets repay or are sold and re-drawn upon for new investments. As of March 31, 2014, the Company was in compliance with all of its financial covenants.

Related_Party_and_Sponsored_Co

Related Party and Sponsored Company Arrangements	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 and 2013, the Company earned $8.7 million and $4.5 million of fees related to these agreements, respectively. Pursuant to each of the advisory agreements with the current Sponsored Companies, the Company may determine, in its sole discretion, to defer or waive, in whole or in part, certain asset management and other fees incurred. In considering whether to defer or waive any such fees, the Company evaluates the specific facts and circumstances surrounding the incurrence of a particular fee and makes its decision on a case by case basis. From inception through March 31, 2014, the Company deferred $0.5 million of acquisition fees and $0.3 million of disposition fees related to NorthStar Income.
	N-Star CDOs
	The Company earns collateral management fees from the N-Star CDOs. For the three months ended March 31, 2014 and 2013, the Company earned $1.6 million and $3.1 million in fee income, respectively. For the three months ended March 31, 2014, the Company recorded fee income of $0.8 million in its consolidated statements of operations relating to deconsolidated N-Star CDOs. All remaining amounts were eliminated in consolidation as all of the N-Star CDOs were consolidated prior to the third quarter 2013.
	Additionally, the Company earns interest income from the N-Star CDO bonds and N-Star CDO equity. For the three months ended March 31, 2014, the Company earned $20.3 million of interest income from such investments in deconsolidated N-Star CDOs.
	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 three months ended March 31, 2014 and 2013, commission expense was $13.6 million and $15.4 million, respectively, of which $1.7 million and $2.1 million, respectively, related to employees of NorthStar Securities.
	Sponsored Companies
	The Company is entitled to certain expense allocations for costs paid on behalf of its Sponsored Companies which include: (i) reimbursement for organization and offering costs such as professional fees and other associated with the formation and offering of the Sponsored Company; and (ii) reimbursement for direct and indirect operating costs such as certain salaries and professional and other costs associated with running the operations of the Sponsored Company. The Company facilitates the payment of organization and offering costs on behalf of the Sponsored Companies and records these costs as receivables, related parties on its consolidated balance sheets until repaid. The Sponsored Companies record these costs as either advisory fees-related party on their consolidated statements of operations or as a cost of capital in their consolidated statements of equity. As of March 31, 2014 and December 31, 2013, the Company had aggregate unreimbursed costs of $24.2 million and $21.0 million, respectively, from its Sponsored Companies. These amounts are recorded as receivables, related parties on the consolidated balance sheets. For the three months ended March 31, 2014 and 2013, the Company received $2.9 million and $3.4 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 (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. The commitment with NorthStar Healthcare ends in August 2015, 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. The commitment with NorthStar Income II ends in May 2015, unless extended by the Company in its discretion.
	In January 2014, the Company sold a $9.0 million pari passu participation in a first mortgage loan at cost originated by the Company to NorthStar Income II. Additionally, in April 2014, the Company sold a $5.0 million pari passu participation in a first mortgage loan at cost to NorthStar Income II. Such sales were approved by the independent board of directors of NorthStar Income II.
	On March 31, 2014, NorthStar/RXR New York Metro Income, Inc., (“NorthStar/RXR New York Metro”), confidentially submitted a registration statement on Form S-11 to the SEC seeking to raise up to $2.0 billion in a public offering of common stock. NorthStar/RXR New York Metro will be structured as a public, non-traded corporation that intends to qualify as a REIT and is co-sponsored by NSAM and RXR Realty. NorthStar/RXR New York Metro intends to make commercial real estate investments in the New York City metropolitan area.
	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., 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 certain RSUs (refer to Note 11).
	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.
	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, a securitization transaction entered into by the Company and NorthStar Income. 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 the retained equity interests in Securitization 2012-1, any additional losses would be borne by the remaining retained equity interests held by the Company or NorthStar Income, as the case may be, prior to the investment-grade bondholders.
	Legacy Fund
	The Company has four interests in CRE debt investments, two of which are in deconsolidated N-Star CDOs, 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 (“Legacy Partners Commercial”), which indirectly owns an equity interest in, and owns the manager of, the Legacy Fund.
	Two loans with an aggregate principal amount of $39.6 million were deconsolidated in September 2013 (refer to Note 3), and as a result, the Company no longer records these loans on the consolidated balance sheets. For the three months ended March 31, 2013, the Company recorded an aggregate $0.5 million of interest income in the consolidated statements of operations related to these loans.
	The third loan with a principal amount of $39.0 million matures in October 2016 and has two one-year extension options, at the borrower’s option. In March 2014, the Company originated the fourth loan, a senior mortgage loan with a principal amount of $17.3 million and a mezzanine loan with a principal amount of $8.1 million, both of which mature in April 2021. For the three months ended March 31, 2014, the Company recorded an aggregate $0.8 million of interest income in the consolidated statements of operations related to these loans.
	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	3 Months Ended
	Mar. 31, 2014
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 14,472,917 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. 10,159,855 LTIP Units (net of forfeitures) have been issued, of which 3,540,465 LTIP Units remain subject to vesting.
	The following table presents the status of all LTIP Unit grants as of March 31, 2014 and December 31, 2013 (units in thousands):
		March 31, 2014				December 31, 2013
		LTIP Unit		Weighted		LTIP Unit		Weighted
		Grants(2)		Average		Grants		Average
				Grant Price				Grant Price
	Beginning balance(1)	9,217		$	7.15	6,228		$	6.66
	Granted(3)	2,086		15.51		4,332		8.1
	Converted to common stock	(1,111	)	8.81		(1,341	)	7.9
	Forfeited	(2	)	9.11		(2	)	5.38
	Ending Balance/Weighted Average	10,190		$	8.68	9,217		$	7.15
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2014 and 2013 for the periods ended March 31, 2014 and December 31, 2013, 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.
	-3	Represents deferred LTIP Units granted in connection with the Stock Incentive Plan (refer to below).
	The Company recognized equity-based compensation expense related to these awards of $7.2 million and $5.3 million for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, the related equity-based compensation expense to be recognized over the remaining vesting period through April 2017 is $38.5 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 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 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. 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 three months ended March 31, 2014 and 2013, the Company recognized compensation expense of $0.4 million for both periods. 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 606,258 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 three months ended March 31, 2014 and 2013, the Company recognized compensation expense of $0.7 million and $0.4 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 1,409,682 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 (net of forfeitures) 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, subject to the Company achieving target stock prices for the four-year period ending December 31, 2016. 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 three months ended March 31, 2014, the Company recognized compensation expense of $0.4 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 1,000,744 deferred LTIP Units to executive officers 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. The Company also granted 556,767 of deferred LTIP Units (net of forfeitures) 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.
	Healthcare Strategic Joint Venture
	In connection with entering into the Healthcare Strategic Partnership, the Company granted Mr. Flaherty 1,000,000 RSUs, which vest on January 22, 2019, unless certain conditions are met. The RSUs are entitled to dividends and may be settled either in shares of common stock of the Company or in cash at the option of the Company. The Company recognized equity-based compensation expense related to these awards of $0.9 million for the three months ended March 31, 2014. In addition, Mr. Flaherty is entitled to incremental grants of stock subject to certain conditions being met.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Common Stock
	In January 2014, as part of the consideration for the RXR Investment, the Company issued 1.36 million shares of its common stock in a private offering to an RXR Realty affiliate. Such amount was granted in December 2013 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.
	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 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 three months ended March 31, 2014, the Company issued 4,720 shares of its common stock pursuant to the DRP for gross sales proceeds of $0.1 million.
	Dividends
	The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2014:
	Common Stock					Preferred Stock
							Dividend
	Declaration		Dividend			Declaration	Series A		Series B		Series C		Series D
	Date					Date
	February 26		$	0.25		29-Jan	$	0.54688	$	0.51563	$	0.55469	$	0.53125
	Earnings Per Share
	The following table presents EPS for the three months ended March 31, 2014 and 2013 (dollars and shares in thousands, except per share data):
		Three Months Ended March 31,
		2014			2013
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(134,961	)	$	36,622
	Net income (loss) attributable to LTIP Units non-controlling interest	(3,596		)	1,733
	Net income (loss) attributable to common stockholders and LTIP Units(1)	$	(138,557	)	$	38,355
	Denominator:
	Weighted average shares of common stock	321,029			176,675
	Weighted average LTIP Units(1)	8,569			8,361
	Weighted average shares of common stock and LTIP Units	329,598			185,036
	Dilutive securities(2)	—			3,178
	Weighted average diluted shares	329,598			188,214
	Earnings (loss) per share:
	Basic	$	(0.42	)	$	0.21
	Diluted	$	(0.42	)	$	0.2
	____________________________________________________________
	-1	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.
	-2	Excludes the effect of exchangeable senior notes, deferred LTIPs, RSUs and certain warrants outstanding and exercisable that were not dilutive as of March 31, 2014. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.

Noncontrolling_Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013, LTIP Units of 8,104,822 and 9,217,518 were outstanding, respectively, representing a 2.4% and 2.9% ownership and non-controlling interest in the Operating Partnership, respectively. Net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended March 31, 2014 and 2013 was a loss of $3.6 million and income of $1.7 million, respectively. Such amounts exclude 2,085,667 deferred LTIP Units issued in connection with the Stock Incentive Plan.
	Other
	Other non-controlling interests 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 three months ended March 31, 2014 and 2013 was a loss of $0.1 million and an immaterial amount, respectively.
	The following table presents net income (loss) attributable to the Company’s common stockholders for the three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014			2013
	Income (loss) from continuing operations	$	(134,587	)	$	36,469
	Income (loss) from discontinued operations	(374		)	153
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(134,961	)	$	36,622

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2014
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 investment 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 March 31, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):
		March 31, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	571,903		$	571,903
	RXR Investment(1)	—			—			194,657			194,657
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			230,241			230,241
	N-Star CDO equity	—			—			142,908			142,908
	CMBS and other securities	—			14,340			33,387			47,727
	CRE securities in N-Star CDOs
	CMBS	—			411,413			74,777			486,190
	Third-party CDO notes	—			—			23,995			23,995
	Agency debentures	—			31,946			—			31,946
	Unsecured REIT debt	—			9,511			—			9,511
	Trust preferred securities	—			—			5,863			5,863
	Subtotal real estate securities, available for sale	—			467,210			511,171			978,381
	Derivative assets	—			1,925			—			1,925
	Total assets	$	—		$	469,135		$	1,277,731		$	1,746,866
	Liabilities:
	CDO bonds payable	$	—		$	—		$	419,253		$	419,253
	Junior subordinated notes	—			—			213,200			213,200
	Derivative liabilities	—			30,717			—			30,717
	Total liabilities	$	—		$	30,717		$	632,453		$	663,170
		December 31, 2013
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	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 investment for which the fair value option was elected.
The following table presents additional information about financial assets and liabilities which are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):
	March 31, 2014															31-Dec-13
	Investments			RXR Investment(1)			Real Estate			CDO Bonds			Junior			Investments in Private Equity Funds			RXR Investment(1)		Real Estate			CDO Bonds			Junior
	in Private						Securities			Payable			Subordinated								Securities			Payable			Subordinated
	Equity Funds												Notes														Notes
Beginning balance(2)	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203		$	—		$	—	$	338,213		$	1,999,470		$	197,173
Transfers into Level 3(3)	—			—			13,909			—			—			—			—		7,788			—			—
Transfers out of Level 3(3)	—			—			—			—			—			—			—		(108,143		)	—			—
Purchases / borrowings / amortization / contributions	1,836			759			20,748			—			—			747,564			192,209		23,594			43,983
Sales	—			—			(7,761		)	—			—			—			—		(40,328		)	—			—
Paydowns / distributions	(44,099		)	—			(6,820		)	(30,185		)	—			(244,138		)	—		(54,971		)	(647,947		)	—
Repurchases	—			—			—			—			—			—			—		—			(44,221		)	—
Gains:
Equity in earnings of unconsolidated ventures	28,148			1,479						—			—			82,592			210		—			—			—
Unrealized gains included in earnings	—			—			20,284			—			—			—			—		68,794			—			—
Realized gains included in earnings	—			—			4,252			—			—			—			—		15,179			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			18,397			—			—			—			—		3,098			—			—
Deconsolidation of N-Star CDOs(4)	—			—			830			(78,105		)	—			—			—		350,886			(1,656,857		)	—
Losses:
Unrealized losses included in earnings	—			—			(16,105		)	143,360			11,997			—			—		(19,523		)	106,622			4,030
Realized losses included in earnings	—			—			(2,138		)	—			—			—			—		(5,601		)	26,697			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(9,749		)	—			—			—			—		(4,138		)	—			—
Deconsolidation of N-Star CDOs(4)	—			—			(9,516		)	—			—			—			—		(90,008		)	556,436			—
Ending balance	$	571,903		$	194,657		$	511,171		$	419,253		$	213,200		$	586,018		$	192,419	$	484,840		$	384,183		$	201,203
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—		$	—		$	4,179		$	(143,360	)	$	(11,997	)	$	—		$	—	$	20,746		$	93,025		$	(4,030	)
____________________________________________________________
-1	Includes the RXR Equity Interest and RXR Realty preferred equity investment, for which the fair value option was elected.
-2	Represents the balance as of January 1, 2014 and 2013 for the periods ended March 31, 2014 and December 31, 2013, 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 periods ended March 31, 2014 and December 31, 2013.
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 three months ended March 31, 2014, 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(2)	Range
PE Investments	$	571,903		Discounted Cash Flow Model		Discount Rate	18% - 24%
RXR Investment(1)	$	194,657		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7.5% - 12%
N-Star CDO equity	$	142,908		Discounted Cash Flow Model		Discount Rate	18% - 20%
_________________________________________
(1) Includes the RXR Equity Interest and RXR Realty preferred equity investment, for which the fair value option was elected.
(2) Includes timing and amount of expected future cash flows.
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 using 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 March 31, 2014 and December 31, 2013 (dollars in thousands):
	March 31,			December 31,
	2014			2013
Assets:
Investments in private equity funds	$	571,903		$	586,018
RXR Investment(1)	194,657			192,419
Real estate securities, available for sale:
N-Star CDO equity	142,908			158,274
CMBS and other securities(2)	37,736			30,642
CRE securities in N-Star CDOs
CMBS	486,190			572,301
Third-party CDO notes	23,995			24,931
Agency debentures	31,946			29,540
Unsecured REIT debt	9,511			9,521
Trust preferred securities	5,863			5,791
Subtotal real estate securities, available for sale	738,149			831,000
Total assets	$	1,504,709		$	1,609,437
Liabilities:
CDO bonds payable	$	419,253		$	384,183
Junior subordinated notes	213,200			201,203
Total liabilities	$	632,453		$	585,386
___________________________________________________________
-1	Includes the RXR Equity Interest and RXR Realty preferred equity investment for which the fair value option was elected.
-2	March 31, 2014 excludes 35 CRE securities with an aggregate carrying value of $240.2 million for which the fair value option was not elected. 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.
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 March 31, 2014 (dollars in thousands):
	Fair Value			Amount			Difference
				Due Upon
				Maturity
CDO bonds payable	$	419,253		$	739,926		$	(320,673	)
Junior subordinated notes	213,200			280,117			(66,917		)
Total	$	632,453		$	1,020,043		$	(387,590	)
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 the three months ended March 31, 2014 and 2013 (dollars in thousands):
	Three Months Ended March 31,
	2014			2013
Assets:
Real estate securities, available for sale	$	16,189		$	96,483
Liabilities:
CDO bonds payable	(143,360		)	(72,284		)
Junior subordinated notes	(11,997		)	(9,621		)
Subtotal(1)	(139,168		)	14,578
Derivatives	3,953			15,761
Total	$	(135,215	)	$	30,339
____________________________________________________________
(1) Represents financial assets and liabilities for which the fair value option was elected.
The remaining amount of unrealized gains (losses) on investments and other in the consolidated statements of operations relates to net cash payments on interest rate swaps (refer to Note 15).
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 three months ended March 31, 2014 and 2013, unrealized losses for CDO bonds payable attributable to paydowns at par, including the deconsolidation of N-Star CDO V, were $15.0 million and $44.6 million, respectively. 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 March 31, 2014 and December 31, 2013 (dollars in thousands):
	March 31, 2014									December 31, 2013
	Principal /			Carrying			Fair Value			Principal /			Carrying			Fair Value
	Notional			Value						Notional			Value
	Amount									Amount
Financial assets:(1)
Real estate debt investments, net	$	1,202,908		$	1,158,058		$	1,151,377		$	1,085,280		$	1,031,078		$	1,026,709
Real estate securities, available for sale(2)	1,800,838			978,381			978,381			2,090,726			1,052,320			1,052,320
Derivative assets(2)(3)	478,688			1,925			1,925			478,688			3,469			3,469
Financial liabilities:(1)
Mortgage and other notes payable	$	2,110,623		$	2,110,623		$	2,108,895		$	2,133,334		$	2,113,334		$	2,107,110
CDO bonds payable(2)	739,926			419,253			419,253			970,219			384,183			384,183
Securitization bonds payable	82,337			82,367			82,500			82,337			82,340			82,517
Credit facilities	62,030			62,030			62,030			70,038			70,038			70,038
Senior notes	481,118			481,118			481,118			—			—			—
Exchangeable senior notes	224,739			198,000			369,118			543,815			490,973			909,601
Junior subordinated notes(2)	280,117			213,200			213,200			280,117			201,203			201,203
Derivative liabilities(2)(3)	349,009			30,717			30,717			674,418			52,204			52,204
____________________________________________________________
-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 as of March 31, 2014 and December 31, 2013.
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. 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.
Senior Notes
The senior notes were issued March 31, 2014 and have a maturity date of September 30, 2014. The Company believes the carrying value approximates fair value. These fair value measurements are 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.

Risk_Management_and_Derivative

Risk Management and Derivative Activities	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 (dollars in thousands):
		Number			Notional				Fair Value				Range of	Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR
									(Liability)
	As of March 31, 2014:
	Interest rate swaps	17			$	349,009			$	(30,717	)	(2)	4.55% - 5.25%	May 2014 - July 2018
	Interest rate caps/floors	3			478,688				1,925				1.64% - 5.00%	July 2014 - January 2015
	Total	20			$	827,697			$	(28,792	)
	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	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million as of March 31, 2014 and December 31, 2013.
	-2	All of the interest rate swaps were liabilities of consolidated N-Star CDOs 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.
	The change in number and notional amount of interest rate swaps from December 31, 2013 primarily relates to the deconsolidation of N-Star CDO V (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 March 31, 2014 and December 31, 2013.
	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of March 31, 2014 and December 31, 2013 (dollars in thousands):
		Balance Sheet	March 31,				December 31,
		Location	2014				2013
	Interest rate caps/floors	Derivative assets	$	1,925			$	3,469
	Interest rate swaps	Derivative liabilities	$	30,717			$	52,204
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the three months ended March 31, 2014 and 2013 (dollars in thousands):
			Three Months Ended
			March 31,
		Statements of Operations Location	2014				2013
	Amount of gain (loss) recognized in earnings:
	Adjustments to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	3,953			$	15,761
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(6,736	)		$	(16,754	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(229	)		$	(1,762	)
	The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of March 31, 2014 and December 31, 2013.
	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 generated 5% and 10% of the Company’s rental and escalation income for the three months ended March 31, 2014, 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	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	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.

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	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 includes manufactured housing communities, healthcare, hotel, 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 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 addition, NorthStar/RXR New York Metro, which intends to make commercial real estate investments in the New York City metropolitan area, confidentially submitted a registration statement on Form S-11 to the SEC on March 31, 2014. 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 March 31, 2014, N-Star securities CDOs I, III and IX continue to be consolidated. As of March 31, 2014 and December 31, 2013, all N-Star CRE debt CDOs were deconsolidated. Refer to Note 3 for further disclosure regarding deconsolidated N-Star CDOs.
	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 for the three months ended March 31, 2014 and 2013 (dollars in thousands):
	Statement of Operations:											N-Star CDOs(2)
	Three months ended March 31, 2014:	Real Estate				CRE		Asset		CRE		CRE			Corporate(3)				Eliminations(1)				Consolidated
						Debt		Management(1)		Securities		Securities											Total
	Net interest income on debt and securities	$	736			$	30,775	$	—	$	23,766	$	15,662		$	4,457		(4)	$	—			$	75,396
	Rental and escalation income	68,141				—		—		—		284			—				—				68,425
	Asset management and other fees, related parties	—				—		10,224		—		—			—				(739		)		9,485
	Income (loss) from operations	(12,650		)	(5)	28,630		7,278		23,762		14,609			(31,646		)		—				29,983
	Equity in earnings (losses) of unconsolidated ventures	28,024				3,768		—		—		—			—				—				31,792
	Income (loss) from continuing operations	12,237				32,009		7,278		23,996		(114,976		)	(83,266		)		—				(122,722		)
	Net income (loss)	11,853				32,009		7,278		23,996		(114,976		)	(83,266		)		—				(123,106		)
	Statement of Operations:											N-Star CDOs(2)
	Three months ended March 31, 2013:	Real Estate				CRE		Asset		CRE		CRE			CRE				Corporate(3)				Eliminations(1)			Consolidated
						Debt		Management(1)		Securities		Debt			Securities											Total
	Net interest income on debt and securities	$	188			$	6,205	$	—	$	7,032	$	13,517		$	17,430			$	14,566		(4)	$	—		$	58,938
	Rental and escalation income	28,013				—		—		—		9,761			162				—				—			37,936
	Asset management and other fees, related parties	—				—		7,612		—		—			—				—				(3,104		)	4,508
	Income (loss) from operations	999			(5)	6,144		5,958		6,993		5,653			16,135				(18,326		)		—			23,556
	Equity in earnings (losses) of unconsolidated ventures	7,717				944		—		—		(348		)	—				—				—			8,313
	Income (loss) from continuing operations	12,687				5,359		5,958		6,774		(6,306		)	53,047				(27,983		)		—			49,536
	Net income (loss)	12,847				5,359		5,958		6,774		(6,306		)	53,047				(27,983		)		—			49,696
	_______________________________________________
	-1	$1.6 million and $3.1 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2014 and 2013, respectively, of which $0.7 million and $3.1 million, respectively, were eliminated in consolidation. These amounts are recorded as asset management and other fees in the asset management segment 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 $26.2 million and $9.0 million for the three months ended March 31, 2014 and 2013, respectively.
	The following table presents total assets by segment as of March 31, 2014 and December 31, 2013 (dollars in thousands):
												N-Star CDOs(1)
	Total Assets	Real Estate				CRE		Asset		CRE		CRE			Corporate				Consolidated
						Debt		Management		Securities		Securities							Total
	31-Mar-14	$	3,272,648			$	1,346,492	$	43,122	$	422,071	$	621,399		$	507,086			$	6,212,818
	31-Dec-13	$	3,343,402			$	1,211,079	$	37,421	$	418,837	$	722,163		$	627,148			$	6,360,050
	______________________________________
	(1) Based on CDO financing transactions that are primarily collateralized by CRE securities and may include other types of investments.

Supplemental_Disclosures_of_No

Supplemental Disclosures of Non-cash Investing and Financing Activities	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014		2013
	Senior Notes issued (refer to Note 9)	$	481,118	$	—
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382		—
	Conversion of exchangeable senior notes	139,418		—
	Reclassification of operating real estate to assets of properties held for sale	21,661		—
	Escrow deposit payable related to CRE debt investments	13,467		1,970
	Conversion of LTIP Units	9,788		978
	Deferred financing costs payable related to Senior Notes	3,919		—
	Non-cash related to PE Investments	726		13,378
	Dividends payable related to RSUs	381		—
	Real estate acquisition(1)	—		31,995
	Reduction of CRE debt investments(1)	—		31,995
	Increase in restricted cash(1)	—		2,580
	____________________________________________________________
	(1) Non-cash activity occurred in connection with taking title to collateral.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	NSAM Registration Statement
	In April 2014, NSAM filed Amendment No. 1 to the 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 May 7, 2014, the Company declared a dividend of $0.25 per share of common stock. The common stock dividend will be paid on May 23, 2014 to stockholders of record as of the close of business on May 19, 2014. On April 30, 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 will be paid on all series of preferred stock on May 15, 2014 to stockholders of record as of the close of business on May 12, 2014.
	Exchangeable Senior Notes
	In April 2014, $53.6 million principal amount of the 5.375% Notes were exchanged for 5.5 million shares of common stock.
	Healthcare Portfolio
	In May 2014, the Company completed its previously announced acquisition of a $1.1 billion healthcare real estate portfolio comprised of over 8,500 beds diversified across assisted living and skilled nursing facilities, located primarily in Florida, Illinois, Oregon and Texas. The Company acquired the portfolio through a joint venture with NorthStar Healthcare and an affiliate of Formation Capital, LLC. The Company contributed $358.2 million for an approximate 86% interest in the joint venture and together with NorthStar Healthcare owns an aggregate approximate 92% interest in the joint venture. The Company will consolidate this portfolio and recorded $7.5 million of transaction costs in the first quarter 2014 in connection with this transaction. The Company is in the process of allocating the purchase price of the real estate assets acquired and the related liabilities associated with this transaction.
	The following presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisition and related borrowings as if it occurred on January 1, 2013. 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):
		Three Months Ended March 31,
		2014			2013
	Pro forma total revenues	$	210,902		$	166,482
	Pro forma net income (loss) attributable to common stockholders	$	(131,592	)	$	39,540
	Pro forma EPS - basic	$	(0.41	)	$	0.22
	Pro forma EPS - diluted	$	(0.41	)	$	0.21
	Innkeepers Portfolio
	In May 2014, the Company entered into an agreement to acquire a $1.0 billion hotel portfolio consisting of 47 upscale extended stay hotels and premium branded select service hotels with approximately 6,100 rooms (“Innkeepers Portfolio”). The Innkeepers Portfolio is a geographically diverse, bi-coastal portfolio located primarily in top metropolitan markets, with the largest concentration of net operating income from hotels in California. The Company is acquiring the Innkeepers Portfolio through a joint venture with Chatham Lodging Trust (NYSE: CLDT) where the Company expects to contribute approximately $213 million of equity for an approximate 90% ownership interest.
	Industrial Portfolio
	In May 2014, the Company entered into an agreement to invest $167 million of preferred and common equity in an approximately $406 million, 6.3 million square foot industrial portfolio that is 100% net-leased with a remaining weighted average lease term of over 12 years (the “Industrial Portfolio”).  This portfolio consists of 39 properties across 17 states with the largest concentration of net operating income from properties in California. As part of this investment, the Company is expected to have an approximate 50% ownership interest.
	Strategic Investments
	In May 2014, the Company entered into an agreement to acquire a minority interest in Aerium Group (“Aerium”) for €50 million and expects to enter a joint venture with Aerium to evaluate and source real estate investments across Europe, including commercial real estate acquisitions, loan originations and acquisitions and other opportunistic investments.
	There can be no assurance that the Company will complete the transactions that are under contract described above on the terms contemplated or at all.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Quarterly Presentation	'
	Basis of Quarterly Presentation
	The accompanying unaudited 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”) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the consolidated financial statements prepared under U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the Securities and Exchange Commission (the “SEC”).
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.
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
	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. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life.  Ordinary repairs and maintenance are expensed as incurred.  Operating real estate is carried at historical cost less accumulated depreciation. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.  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. 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.
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.
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.
	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 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.
	Asset Management and Other Fees
	Asset management and other fees include asset management, incentive and other fees, such as acquisition and disposition fees, earned from the Sponsored Companies. Base asset management and other fees are recognized based on contractual terms specified in the underlying governing documents in the periods during which the related services are performed and the amounts have been contractually earned. Incentive fees and payments are recognized subject to the achievement of return hurdles in accordance with the respective terms set forth in each respective governing agreement of the Sponsored Companies.
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.
	An allowance for a doubtful account for a tenant/operator receivable is established based on a periodic review of aged receivables resulting from estimated losses due to the inability of tenant/operator 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: (a) the amount related to expected credit losses; and (b) 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.
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 flow 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.
	Equity-based compensation issued to non-employees is accounted for using the fair value of the award at the earlier of the performance commitment date or performance completion date. The awards are remeasured every quarter based on the stock price as of the end of the reporting period until such awards vest.
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. Diluted EPS reflects the potential dilution that could occur if outstanding warrants, restricted stock units (“RSUs”) 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 RSUs and LTIP Units is calculated assuming all units are converted to common stock.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting update that changes the requirements for reporting discontinued operations. A discontinued operation may include a component of an entity or a group of components of an entity or a business. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The requirements of this accounting update will be effective for the Company for the annual period beginning after December 15, 2014, however, early adoption is permitted but only for disposals or classifications as held for sale that have not been reported in financial statements previously issued or available for issue. The Company early adopted this accounting pronouncement effective January 1, 2014 and the update did not have a material impact on the consolidated financial statements.

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables) (Unconsolidated VIEs)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 (dollars in thousands):
		Junior			Real Estate Debt Investments, Net		Real Estate		Total		Maximum
		Subordinated					Securities,				Exposure
		Notes, at					Available				to Loss(1)
		Fair Value					for Sale
	Real estate debt investments, net	$	—		$	59,508	$	—	$	59,508	$	59,508
	Investments in and advances to unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		230,241		230,241		230,241
	N-Star CDO equity	—			—		142,908		142,908		142,908
	CMBS	—			—		30,950		30,950		30,950
	Subtotal real estate securities, available for sale	—			—		404,099		404,099		404,099
	Total assets	3,742			59,508		404,099		467,349		467,349
	Junior subordinated notes, at fair value	213,200			—		—		213,200		NA
	Total liabilities	213,200			—		—		213,200		NA
	Net	$	(209,458	)	$	59,508	$	404,099	$	254,149	NA
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of March 31, 2014 would not exceed the carrying value of its investment.

Operating_Real_Estate_Tables

Operating Real Estate (Tables)	3 Months Ended
	Mar. 31, 2014
Real Estate [Abstract]	'
Summary of income (loss) from discontinued operations	'
	The following table presents income (loss) from discontinued operations related to such properties for the three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014			2013
	Revenue
	Rental and escalation income	$	—		$	960
	Other revenue	—			92
	Total revenue	—			1,052
	Expenses
	Other interest expense	—			470
	Real estate properties—operating expenses	350			—
	Other expenses	34			53
	Depreciation and amortization	—			369
	Total expenses	384			892
	Income (loss) from discontinued operations	$	(384	)	$	160

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	3 Months Ended
	Mar. 31, 2014
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 N-Star 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				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(1)	8				246,652				253,113			22.7	%		12.41	%		12.33	%		12.77	%	33.3	%
	Term loans(2)	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	3				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	12				57,320				44,298			5.4	%		7.71	%		3.05	%		5.7	%	73.6	%
	Total	45				$	1,085,280			$	1,031,078		100	%		12.21	%		7.68	%		11.31	%	54.9	%
	____________________________________________________________
	-1	Includes a $100.0 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.
	-2	Term loans include one revolver of $25.0 million, of which $3.5 million is outstanding as of December 31, 2013.
	-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.
	-4	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.4 million as of December 31, 2013. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $5.1 million carrying value where the Company does not recognize interest income on the accrual rate but does 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 $37.0 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
	The following table presents CRE debt investments as of March 31, 2014, excluding CRE debt underlying deconsolidated N-Star 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				Value(4)			Investment						Over
													Type(5)						LIBOR(7)
	Asset Type:
	First mortgage loans	17				$	502,567			$	468,652		41.8	%		13.2	%		6.6	%		10.63	%	80.7	%
	Mezzanine loans	8				163,798				159,473			13.6	%		13.44	%		13.47	%		13.7	%	80	%
	Subordinate interests(1)	8				248,124				254,562			20.6	%		12.41	%		12.33	%		12.76	%	33.1	%
	Term loans(2)	4				231,864				231,829			19.3	%		12.44	%		—			12.94	%	—
	Subtotal/Weighted average(3)	37				1,146,353				1,114,516			95.3	%		12.62	%		8.62	%		11.97	%	53.1	%
	CRE debt in N-Star CDOs
	First mortgage loans	3				34,235				21,248			2.9	%		—			2.23	%		3.7	%	100	%
	Mezzanine loans	1				11,000				10,974			0.9	%		8	%		—			8.33	%	—
	Subordinate interests	1				7,444				7,444			0.6	%		—			7	%		7.15	%	100	%
	Term loans	7				3,876				3,876			0.3	%		6.93	%		—			6.93	%	—
	Subtotal/Weighted average	12				56,555				43,542			4.7	%		7.72	%		3.08	%		5.75	%	73.7	%
	Total	49				$	1,202,908			$	1,158,058		100	%		12.49	%		8.25	%		11.73	%	54.1	%
	____________________________________________________________
	-1	Includes a $100.9 million preferred equity investment for which the Company elected the fair value option. As of March 31, 2014, carrying value represents fair value with respect to this investment.
	-2	Term loans include one revolver of $25.0 million, of which $14.5 million is outstanding as of March 31, 2014.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $134.3 million for Securitization 2012-1 and $101.6 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 $11.1 million.
	-4	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.2 million as of March 31, 2014. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $3.2 million carrying value where the Company does not recognize interest income on the accrual rate but does 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 $35.2 million that were originated prior to 2008.
	-7	$483.0 million principal amount has a weighted average LIBOR floor of 0.90%. Includes one first mortgage loan with a principal amount of $7.2 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of March 31, 2014, 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 March 31, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	April 1 to December 31, 2014	$	243,340			$	174,484
	Years Ending December 31:
	2015	251,761				94,313
	2016	208,178				119,388
	2017	72,131				240,476
	2018	3,086				149,835
	Thereafter	424,412				424,412
	Total	$	1,202,908			$	1,202,908
	____________________________________________________________
	-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 three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended
		March 31,
		2014					2013
	Beginning balance	$	2,880				$	156,699
	Provision for loan losses, net	1,886					2,336			(1)
	Transfers to REO	—					(5,623		)
	Ending balance	$	4,766				$	153,412
	____________________________________________________________
	(1) Includes $4.0 million of reversals of previously recorded provisions for loan losses.
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):
	Credit Quality Indicator:	March 31,				December 31,
		2014				2013
	Loans with no loan loss reserve:
	First mortgage loans	$	488,117			$	426,850
	Mezzanine loans	170,447				116,195
	Subordinate interests	262,006				260,886
	Term loans	235,705				223,478
	Subtotal	1,156,275				1,027,409
	Other loans with a loan loss reserve/non-accrual status:
	First mortgage loans(1)	1,783				1,783
	Mezzanine loans	—				1,886
	Subtotal	1,783				3,669
	Non-performing loans:	—				—
	Total	$	1,158,058			$	1,031,078
Schedule of impaired loans	'
	The following table presents impaired loans as of March 31, 2014 and December 31, 2013 (dollars in thousands):
		31-Mar-14															December 31, 2013
		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			1				$	2,782		$	1,783	$	1,000
	Mezzanine loans	1				3,766				—			3,766				1				3,766			1,886		1,880
	Total	2				$	6,548			$	1,783		$	4,766			2				$	6,548		$	3,669	$	2,880
	____________________________________________________________
	-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. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $6.2 million and $6.4 million as of March 31, 2014 and December 31, 2013, respectively.
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 three months ended March 31, 2014 and 2013 (dollars in thousands):
		31-Mar-14										31-Mar-13
		Number		Average Carrying Value				Quarter Ended Income				Number	Average				Quarter Ended
													Carrying				Income
													Value
	Class of Debt:
	First mortgage loans	1		$	1,783			$	—			5	$	91,390			$	267
	Mezzanine loans	1		943				2				8	252,637				140
	Subordinate interests	—		—				—				2	22,100				1
	Term loans	—		—				—				1	36,508				894
	Total/weighted average	2		$	2,726			$	2			16	$	402,635			$	1,302
	As of March 31, 2014 and December 31, 2013, the Company did not have any loans past due greater than 90 days.
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 three months ended March 31, 2013 (dollars in thousands):
		31-Mar-13
	Class of Debt:	Number					Carrying				Original		Modified
							Value				WA Interest		WA Interest
											Rate		Rate
	Mezzanine loan	1					$	50,905			10.85	%	10.85	%	(1)
	______________________________________
	-1	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

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of CRE securities	'
	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	%	2.26	%	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 amortized cost 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.
	The following table presents CRE securities as of March 31, 2014 (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)	33	$	512,040	$	223,851	$	15,468	$	(9,078	)	$	230,241	28.4	%	1.72	%	20.77	%
	N-Star CDO equity(5)	5	154,540		154,540		3,334		(14,966		)	142,908		8.6	%	NA		18.6	%
	CMBS and other securities(6)	15	103,255		52,161		12,531		(16,965		)	47,727		5.7	%	2.81	%	6.41	%
	Subtotal(2)	53	769,835		430,552		31,333		(41,009		)	420,876		42.7	%	1.9	%	18.25	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	189	837,022		594,647		64,714		(173,171		)	486,190		46.5	%	3.64	%	9.41	%
	Third-party CDO notes	14	91,584		83,574		66		(59,645		)	23,995		5.1	%	0.23	%	1.18	%
	Agency debentures	8	87,172		29,354		4,370		(1,778		)	31,946		4.9	%	NA		4.56	%
	Unsecured REIT debt	1	8,000		8,476		1,035		—			9,511		0.4	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,362		)	5,863		0.4	%	2.25	%	2.32	%
	Subtotal	214	1,031,003		723,276		70,185		(235,956		)	557,505		57.3	%	3.05	%	8.15	%
	Total	267	$	1,800,838	$	1,153,828	$	101,518	$	(276,965	)	$	978,381	100	%	2.62	%	11.92	%
	____________________________________________________________
	-1	Excludes $102.4 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation.
	-2	All securities are unleveraged.
	-3	Based on amortized cost 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 March 31, 2014.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $37.7 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)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	The following table presents borrowings as of March 31, 2014 and December 31, 2013 (dollars in thousands):
							March 31, 2014								December 31, 2013
		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
	Manufactured Housing Portfolio 1(5)	Non-recourse		23-Jan	4.39%		$	236,900			$	236,900			$	236,900			$	236,900
	Manufactured Housing Portfolio 2(6)	Non-recourse		23-May	4.02%		639,999				639,999				639,999				639,999
	Manufactured Housing Portfolio 3(7)	Non-recourse		24-Jan	4.92%		248,000				248,000				248,000				248,000
	Subtotal Manufactured housing communities						1,124,899				1,124,899				1,124,899				1,124,899
	Healthcare
	Wakefield Portfolio	Non-recourse		15-Mar	LIBOR + 5.95%		55,507				55,507				55,768				55,768
	Ohio Portfolio	Non-recourse		16-Mar	6.00%		20,426				20,426				20,496				20,496
	Lancaster, OH	Non-recourse		16-Mar	LIBOR + 5.00%		4,384				4,384				4,399				4,399
	Wilkinson Portfolio	Non-recourse		17-Jan	6.99%		152,066				152,066				152,772				152,772
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan	7.09%		7,511				7,511				7,545				7,545
	East Arlington, TX	Non-recourse		17-May	5.89%		3,196				3,196				3,209				3,209
	Minnesota Portfolio	Non-recourse		May-18(8)	LIBOR + 3.00%		37,951				37,951				38,175				38,175
	Healthcare Preferred(9)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000				75,000				75,000
	Indiana Portfolio(9)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130				121,130				121,130
	Subtotal Healthcare						477,171				477,171				478,494				478,494
	Net lease
	South Portland, ME	Non-recourse		14-Jun	7.34%		3,758				3,758				3,819				3,819
	Fort Wayne, IN	Non-recourse		15-Jan	6.41%		2,992				2,992				3,019				3,019
	Reading, PA	Non-recourse		15-Jan	5.58%		12,684				12,684				12,765				12,765
	Reading, PA	Non-recourse		15-Jan	6.00%		5,000				5,000				5,000				5,000
	EDS Portfolio	Non-recourse		15-Oct	5.37%		43,443				43,443				43,682				43,682
	Keene, NH	Non-recourse		16-Feb	5.85%		6,203				6,203				6,237				6,237
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		16,019				16,019				16,095				16,095
	Aurora, CO	Non-recourse		16-Jul	6.22%		31,101				31,101				31,232				31,232
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,576				31,576				31,729				31,729
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,484				26,484				26,600				26,600
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,905				19,905				20,055				20,055
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700				27,700				27,700
	Fort Mill, SC(10)	Non-recourse		17-Apr	6.21%		1,365				1,365				1,464				1,464
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,562				13,562				13,689				13,689
	Columbus, OH	Non-recourse		17-Dec	6.48%		22,206				22,206				22,300				22,300
	Subtotal Net lease						263,998				263,998				265,386				265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600				39,600				39,600				39,600
	Multifamily Portfolio 1(11)	Non-recourse		May-23/July-23	4.03%		158,417				158,417				158,417				158,417
	Multifamily Portfolio 2(12)	Non-recourse		23-Jul	4.28%		46,538				46,538				46,538				46,538
	Subtotal Multifamily						244,555				244,555				244,555				244,555
	Subtotal Mortgage and other notes payable						2,110,623				2,110,623				2,113,334				2,113,334
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 4.26%		37,723				35,107				37,754				34,886
	N-Star III	Non-recourse		Jun-40	LIBOR + 1.66%		99,814				49,963				100,022				46,090
	N-Star V(13)	—		—	—		—				—				202,899				80,897
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.40%		602,389				334,183				629,544				222,310
	Subtotal CDO bonds payable—VIE						739,926				419,253				970,219				384,183
Schedule of principal amount on the borrowings, based on maturity	'
	The following table presents scheduled principal on borrowings, based on final maturity as of March 31, 2014 (dollars in thousands):
		Total			Mortgage				CDO Bonds				Securitization				Credit				Senior Notes		Exchangeable		Junior
					and Other Notes				Payable				Bonds Payable				Facilities						Senior Notes(1)		Subordinated
					Payable																				Notes
	April 1 to December 31, 2014	$	505,599		$	11,526			$	—			$	—			$	—			$	481,118	$	12,955	$	—
	Years ending December 31:
	2015	130,255			130,255				—				—				—				—		—		—
	2016	126,956			126,956				—				—				—				—		—		—
	2017	278,048			278,048				—				—				—				—		—		—
	2018	119,220			57,190				—				—				62,030				—		—		—
	Thereafter	2,820,812			1,506,648				739,926				82,337				—				—		211,784		280,117
	Total	$	3,980,890		$	2,110,623			$	739,926			$	82,337			$	62,030			$	481,118	$	224,739	$	280,117

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 (units in thousands):
		March 31, 2014				December 31, 2013
		LTIP Unit		Weighted		LTIP Unit		Weighted
		Grants(2)		Average		Grants		Average
				Grant Price				Grant Price
	Beginning balance(1)	9,217		$	7.15	6,228		$	6.66
	Granted(3)	2,086		15.51		4,332		8.1
	Converted to common stock	(1,111	)	8.81		(1,341	)	7.9
	Forfeited	(2	)	9.11		(2	)	5.38
	Ending Balance/Weighted Average	10,190		$	8.68	9,217		$	7.15
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2014 and 2013 for the periods ended March 31, 2014 and December 31, 2013, 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.
	-3	Represents deferred LTIP Units granted in connection with the Stock Incentive Plan (refer to below).

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity Note [Abstract]	'
Summary of dividends declared (on a per share basis)	'
	The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2014:
	Common Stock					Preferred Stock
							Dividend
	Declaration		Dividend			Declaration	Series A		Series B		Series C		Series D
	Date					Date
	February 26		$	0.25		29-Jan	$	0.54688	$	0.51563	$	0.55469	$	0.53125
Schedule of calculation of earnings per share	'
	The following table presents EPS for the three months ended March 31, 2014 and 2013 (dollars and shares in thousands, except per share data):
		Three Months Ended March 31,
		2014			2013
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(134,961	)	$	36,622
	Net income (loss) attributable to LTIP Units non-controlling interest	(3,596		)	1,733
	Net income (loss) attributable to common stockholders and LTIP Units(1)	$	(138,557	)	$	38,355
	Denominator:
	Weighted average shares of common stock	321,029			176,675
	Weighted average LTIP Units(1)	8,569			8,361
	Weighted average shares of common stock and LTIP Units	329,598			185,036
	Dilutive securities(2)	—			3,178
	Weighted average diluted shares	329,598			188,214
	Earnings (loss) per share:
	Basic	$	(0.42	)	$	0.21
	Diluted	$	(0.42	)	$	0.2
	____________________________________________________________
	-1	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.
	-2	Excludes the effect of exchangeable senior notes, deferred LTIPs, RSUs and certain warrants outstanding and exercisable that were not dilutive as of March 31, 2014. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.

Noncontrolling_Interests_Table

Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014			2013
	Income (loss) from continuing operations	$	(134,587	)	$	36,469
	Income (loss) from discontinued operations	(374		)	153
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(134,961	)	$	36,622

Fair_Value_Tables

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):
		March 31, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	571,903		$	571,903
	RXR Investment(1)	—			—			194,657			194,657
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			230,241			230,241
	N-Star CDO equity	—			—			142,908			142,908
	CMBS and other securities	—			14,340			33,387			47,727
	CRE securities in N-Star CDOs
	CMBS	—			411,413			74,777			486,190
	Third-party CDO notes	—			—			23,995			23,995
	Agency debentures	—			31,946			—			31,946
	Unsecured REIT debt	—			9,511			—			9,511
	Trust preferred securities	—			—			5,863			5,863
	Subtotal real estate securities, available for sale	—			467,210			511,171			978,381
	Derivative assets	—			1,925			—			1,925
	Total assets	$	—		$	469,135		$	1,277,731		$	1,746,866
	Liabilities:
	CDO bonds payable	$	—		$	—		$	419,253		$	419,253
	Junior subordinated notes	—			—			213,200			213,200
	Derivative liabilities	—			30,717			—			30,717
	Total liabilities	$	—		$	30,717		$	632,453		$	663,170
		December 31, 2013
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	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 investment for which the fair value option was 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 March 31, 2014 and December 31, 2013, for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):
		March 31, 2014															31-Dec-13
		Investments			RXR Investment(1)			Real Estate			CDO Bonds			Junior			Investments in Private Equity Funds			RXR Investment(1)		Real Estate			CDO Bonds			Junior
		in Private						Securities			Payable			Subordinated								Securities			Payable			Subordinated
		Equity Funds												Notes														Notes
	Beginning balance(2)	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203		$	—		$	—	$	338,213		$	1,999,470		$	197,173
	Transfers into Level 3(3)	—			—			13,909			—			—			—			—		7,788			—			—
	Transfers out of Level 3(3)	—			—			—			—			—			—			—		(108,143		)	—			—
	Purchases / borrowings / amortization / contributions	1,836			759			20,748			—			—			747,564			192,209		23,594			43,983
	Sales	—			—			(7,761		)	—			—			—			—		(40,328		)	—			—
	Paydowns / distributions	(44,099		)	—			(6,820		)	(30,185		)	—			(244,138		)	—		(54,971		)	(647,947		)	—
	Repurchases	—			—			—			—			—			—			—		—			(44,221		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	28,148			1,479						—			—			82,592			210		—			—			—
	Unrealized gains included in earnings	—			—			20,284			—			—			—			—		68,794			—			—
	Realized gains included in earnings	—			—			4,252			—			—			—			—		15,179			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			18,397			—			—			—			—		3,098			—			—
	Deconsolidation of N-Star CDOs(4)	—			—			830			(78,105		)	—			—			—		350,886			(1,656,857		)	—
	Losses:
	Unrealized losses included in earnings	—			—			(16,105		)	143,360			11,997			—			—		(19,523		)	106,622			4,030
	Realized losses included in earnings	—			—			(2,138		)	—			—			—			—		(5,601		)	26,697			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(9,749		)	—			—			—			—		(4,138		)	—			—
	Deconsolidation of N-Star CDOs(4)	—			—			(9,516		)	—			—			—			—		(90,008		)	556,436			—
	Ending balance	$	571,903		$	194,657		$	511,171		$	419,253		$	213,200		$	586,018		$	192,419	$	484,840		$	384,183		$	201,203
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—		$	—		$	4,179		$	(143,360	)	$	(11,997	)	$	—		$	—	$	20,746		$	93,025		$	(4,030	)
	____________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity investment, for which the fair value option was elected.
	-2	Represents the balance as of January 1, 2014 and 2013 for the periods ended March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014, 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(2)	Range
	PE Investments	$	571,903		Discounted Cash Flow Model		Discount Rate	18% - 24%
	RXR Investment(1)	$	194,657		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7.5% - 12%
	N-Star CDO equity	$	142,908		Discounted Cash Flow Model		Discount Rate	18% - 20%
	_________________________________________
	(1) Includes the RXR Equity Interest and RXR Realty preferred equity investment, for which the fair value option was elected.
Schedule of fair value of financial instruments for which the fair value option was elected	'
	The following table presents the fair value of financial instruments for which the fair value option was elected as of March 31, 2014 and December 31, 2013 (dollars in thousands):
		March 31,			December 31,
		2014			2013
	Assets:
	Investments in private equity funds	$	571,903		$	586,018
	RXR Investment(1)	194,657			192,419
	Real estate securities, available for sale:
	N-Star CDO equity	142,908			158,274
	CMBS and other securities(2)	37,736			30,642
	CRE securities in N-Star CDOs
	CMBS	486,190			572,301
	Third-party CDO notes	23,995			24,931
	Agency debentures	31,946			29,540
	Unsecured REIT debt	9,511			9,521
	Trust preferred securities	5,863			5,791
	Subtotal real estate securities, available for sale	738,149			831,000
	Total assets	$	1,504,709		$	1,609,437
	Liabilities:
	CDO bonds payable	$	419,253		$	384,183
	Junior subordinated notes	213,200			201,203
	Total liabilities	$	632,453		$	585,386
	___________________________________________________________
	-1	Includes the RXR Equity Interest and RXR Realty preferred equity investment for which the fair value option was elected.
	-2	March 31, 2014 excludes 35 CRE securities with an aggregate carrying value of $240.2 million for which the fair value option was not elected. 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.
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 March 31, 2014 (dollars in thousands):
		Fair Value			Amount			Difference
					Due Upon
					Maturity
	CDO bonds payable	$	419,253		$	739,926		$	(320,673	)
	Junior subordinated notes	213,200			280,117			(66,917		)
	Total	$	632,453		$	1,020,043		$	(387,590	)
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 the three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014			2013
	Assets:
	Real estate securities, available for sale	$	16,189		$	96,483
	Liabilities:
	CDO bonds payable	(143,360		)	(72,284		)
	Junior subordinated notes	(11,997		)	(9,621		)
	Subtotal(1)	(139,168		)	14,578
	Derivatives	3,953			15,761
	Total	$	(135,215	)	$	30,339
	____________________________________________________________
	(1) Represents financial assets and liabilities for which the fair value option was elected.
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 March 31, 2014 and December 31, 2013 (dollars in thousands):
		March 31, 2014									December 31, 2013
		Principal /			Carrying			Fair Value			Principal /			Carrying			Fair Value
		Notional			Value						Notional			Value
		Amount									Amount
	Financial assets:(1)
	Real estate debt investments, net	$	1,202,908		$	1,158,058		$	1,151,377		$	1,085,280		$	1,031,078		$	1,026,709
	Real estate securities, available for sale(2)	1,800,838			978,381			978,381			2,090,726			1,052,320			1,052,320
	Derivative assets(2)(3)	478,688			1,925			1,925			478,688			3,469			3,469
	Financial liabilities:(1)
	Mortgage and other notes payable	$	2,110,623		$	2,110,623		$	2,108,895		$	2,133,334		$	2,113,334		$	2,107,110
	CDO bonds payable(2)	739,926			419,253			419,253			970,219			384,183			384,183
	Securitization bonds payable	82,337			82,367			82,500			82,337			82,340			82,517
	Credit facilities	62,030			62,030			62,030			70,038			70,038			70,038
	Senior notes	481,118			481,118			481,118			—			—			—
	Exchangeable senior notes	224,739			198,000			369,118			543,815			490,973			909,601
	Junior subordinated notes(2)	280,117			213,200			213,200			280,117			201,203			201,203
	Derivative liabilities(2)(3)	349,009			30,717			30,717			674,418			52,204			52,204
	____________________________________________________________
	-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 as of March 31, 2014 and December 31, 2013.

Risk_Management_and_Derivative1

Risk Management and Derivative Activities (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013 (dollars in thousands):
		Number			Notional				Fair Value				Range of	Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR
									(Liability)
	As of March 31, 2014:
	Interest rate swaps	17			$	349,009			$	(30,717	)	(2)	4.55% - 5.25%	May 2014 - July 2018
	Interest rate caps/floors	3			478,688				1,925				1.64% - 5.00%	July 2014 - January 2015
	Total	20			$	827,697			$	(28,792	)
	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	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million as of March 31, 2014 and December 31, 2013.
	-2	All of the interest rate swaps were liabilities of consolidated N-Star CDOs 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.
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 March 31, 2014 and December 31, 2013 (dollars in thousands):
		Balance Sheet	March 31,				December 31,
		Location	2014				2013
	Interest rate caps/floors	Derivative assets	$	1,925			$	3,469
	Interest rate swaps	Derivative liabilities	$	30,717			$	52,204
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 three months ended March 31, 2014 and 2013 (dollars in thousands):
			Three Months Ended
			March 31,
		Statements of Operations Location	2014				2013
	Amount of gain (loss) recognized in earnings:
	Adjustments to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	3,953			$	15,761
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(6,736	)		$	(16,754	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(229	)		$	(1,762	)

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of segment reporting	'
	The following tables present segment reporting for the three months ended March 31, 2014 and 2013 (dollars in thousands):
	Statement of Operations:											N-Star CDOs(2)
	Three months ended March 31, 2014:	Real Estate				CRE		Asset		CRE		CRE			Corporate(3)				Eliminations(1)				Consolidated
						Debt		Management(1)		Securities		Securities											Total
	Net interest income on debt and securities	$	736			$	30,775	$	—	$	23,766	$	15,662		$	4,457		(4)	$	—			$	75,396
	Rental and escalation income	68,141				—		—		—		284			—				—				68,425
	Asset management and other fees, related parties	—				—		10,224		—		—			—				(739		)		9,485
	Income (loss) from operations	(12,650		)	(5)	28,630		7,278		23,762		14,609			(31,646		)		—				29,983
	Equity in earnings (losses) of unconsolidated ventures	28,024				3,768		—		—		—			—				—				31,792
	Income (loss) from continuing operations	12,237				32,009		7,278		23,996		(114,976		)	(83,266		)		—				(122,722		)
	Net income (loss)	11,853				32,009		7,278		23,996		(114,976		)	(83,266		)		—				(123,106		)
	Statement of Operations:											N-Star CDOs(2)
	Three months ended March 31, 2013:	Real Estate				CRE		Asset		CRE		CRE			CRE				Corporate(3)				Eliminations(1)			Consolidated
						Debt		Management(1)		Securities		Debt			Securities											Total
	Net interest income on debt and securities	$	188			$	6,205	$	—	$	7,032	$	13,517		$	17,430			$	14,566		(4)	$	—		$	58,938
	Rental and escalation income	28,013				—		—		—		9,761			162				—				—			37,936
	Asset management and other fees, related parties	—				—		7,612		—		—			—				—				(3,104		)	4,508
	Income (loss) from operations	999			(5)	6,144		5,958		6,993		5,653			16,135				(18,326		)		—			23,556
	Equity in earnings (losses) of unconsolidated ventures	7,717				944		—		—		(348		)	—				—				—			8,313
	Income (loss) from continuing operations	12,687				5,359		5,958		6,774		(6,306		)	53,047				(27,983		)		—			49,536
	Net income (loss)	12,847				5,359		5,958		6,774		(6,306		)	53,047				(27,983		)		—			49,696
	_______________________________________________
	-1	$1.6 million and $3.1 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2014 and 2013, respectively, of which $0.7 million and $3.1 million, respectively, were eliminated in consolidation. These amounts are recorded as asset management and other fees in the asset management segment 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 $26.2 million and $9.0 million for the three months ended March 31, 2014 and 2013, respectively.
Summary of total assets by segment	'
	The following table presents total assets by segment as of March 31, 2014 and December 31, 2013 (dollars in thousands):
												N-Star CDOs(1)
	Total Assets	Real Estate				CRE		Asset		CRE		CRE			Corporate				Consolidated
						Debt		Management		Securities		Securities							Total
	31-Mar-14	$	3,272,648			$	1,346,492	$	43,122	$	422,071	$	621,399		$	507,086			$	6,212,818
	31-Dec-13	$	3,343,402			$	1,211,079	$	37,421	$	418,837	$	722,163		$	627,148			$	6,360,050
	______________________________________
	(1) Based on CDO financing transactions that are primarily collateralized by CRE securities and may include other types of investments.

Supplemental_Disclosures_of_No1

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	3 Months Ended
	Mar. 31, 2014
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 three months ended March 31, 2014 and 2013 (dollars in thousands):
		Three Months Ended March 31,
		2014		2013
	Senior Notes issued (refer to Note 9)	$	481,118	$	—
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382		—
	Conversion of exchangeable senior notes	139,418		—
	Reclassification of operating real estate to assets of properties held for sale	21,661		—
	Escrow deposit payable related to CRE debt investments	13,467		1,970
	Conversion of LTIP Units	9,788		978
	Deferred financing costs payable related to Senior Notes	3,919		—
	Non-cash related to PE Investments	726		13,378
	Dividends payable related to RSUs	381		—
	Real estate acquisition(1)	—		31,995
	Reduction of CRE debt investments(1)	—		31,995
	Increase in restricted cash(1)	—		2,580
	____________________________________________________________
	(1) Non-cash activity occurred in connection with taking title to collateral.

Subsequent_Events_Tables

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Business Acquisition, Pro Forma Information	'
	The following presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisition and related borrowings as if it occurred on January 1, 2013. 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):
		Three Months Ended March 31,
		2014			2013
	Pro forma total revenues	$	210,902		$	166,482
	Pro forma net income (loss) attributable to common stockholders	$	(131,592	)	$	39,540
	Pro forma EPS - basic	$	(0.41	)	$	0.22
	Pro forma EPS - diluted	$	(0.41	)	$	0.21

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)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Number of Days Past Due for Suspension of Income Recognition	'90 days

Summary_of_Significant_Account3

Summary of Significant Accounting Policies-Other assets and liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other assets:	'	'
Manufactured homes	$63,495	$69,217
Notes receivable	40,664	38,418
Investment-related reserves and deposits	10,389	11,127
Furniture, fixtures and equipment, net	6,955	6,977
Prepaid expenses	4,706	5,361
Timeshare	386	462
Other	10,683	13,491
Total	137,278	145,053
Other liabilities:	'	'
PE Investment III deferred purchase price (refer to Note 6)	39,760	39,760
Unearned revenue	2,406	2,029
Security deposits	9,515	9,294
Below-market leases	8,324	8,700
Other	13,727	14,091
Total	$73,732	$73,874

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Junior Subordinated Notes, at Fair Value

Consolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated 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

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

Fair value option

cdo

Real Estate Debt Investments

Real Estate Securities, Available for Sale

Junior Subordinated Notes, at Fair Value

N-Star CDO Bonds

N-Star CDO Bonds

N-Star CDO equity

CMBS

CMBS

CRE Securities

CRE Securities

Real Estate Securities, Available for Sale

NorthStar Income

Consolidated VIEs

Consolidated VIEs

Consolidated VIEs

Consolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

Unconsolidated VIEs

entity

Real Estate Securities, Available for Sale

Real Estate Securities, Available for Sale

Real Estate Securities, Available for Sale

Securitization

CMBS

CMBS

N-Star CDO Bonds

N-Star CDO equity

CMBS

CMBS

entity

Variable interest entities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of sponsored CDOs (CDOs)

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on deconsolidation

$3,355,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in assets from deconsolidation of VIE

94,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in liabilities from deconsolidation of VIE

88,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of collateral debt obligations no longer eliminated in consolidation

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification of unrealized gain loss to gain loss from deconsolidation

8,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unconsolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Investments

'

'

'

'

'

'

59,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Value of the entity acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

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

144,282,000

'

142,340,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,700,000

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value and maximum exposure of unconsolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

467,349,000

59,508,000

404,099,000

3,742,000

230,241,000

'

142,908,000

30,950,000

30,950,000

404,099,000

404,099,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate securities, available for sale (refer to Note 8)

978,381,000

'

1,052,320,000

'

'

'

'

'

'

'

230,241,000

142,908,000

'

'

'

'

'

'

'

978,381,000

1,052,320,000

557,505,000

642,084,000

486,190,000

572,301,000

420,876,000

410,236,000

205,287,000

158,274,000

47,727,000

46,675,000

Maximum Loss Exposure

'

'

'

'

'

467,349,000

59,508,000

'

3,742,000

230,241,000

'

142,908,000

30,950,000

'

404,099,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Gross

3,566,591,000

'

3,342,071,000

201,203,000

'

'

'

'

213,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Junior subordinated notes, at fair value

213,200,000

'

201,203,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities

'

'

'

'

'

213,200,000

'

'

213,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net

'

'

'

'

'

$254,149,000

$59,508,000

$404,099,000

($209,458,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating_Real_Estate_Details

Operating Real Estate (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	8-May-14	9-May-14
	property		Subsidiaries	Subsidiaries
			Subsequent events	Subsequent events
			facility	bed
			bed
Business Acquisition [Line Items]	'	'	'	'
Payments to acquire real estate	'	'	$1,100,000,000	$1,100,000,000
Number of beds in real estate properties acquired (beds)	'	'	8,500	8,500
Number of senior housing facilities acquired (facilities)	'	'	43	'
Number of skilled nursing facilities acquired (facilities)	'	'	37	'
Number of healthcare properties held for sale (properties)	5	'	'	'
Revenue	'	'	'	'
Rental and escalation income	0	960,000	'	'
Other revenue	0	92,000	'	'
Total revenue	0	1,052,000	'	'
Expenses	'	'	'	'
Other interest expense	0	470,000	'	'
Real estate properties—operating expenses	350,000	0	'	'
Other expenses	34,000	53,000	'	'
Depreciation and amortization	0	369,000	'	'
Total expenses	384,000	892,000	'	'
Income (loss) from discontinued operations	($384,000)	$160,000	'	'

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

4 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Apr. 29, 2014

loan

loan

Securitization Bonds Payable

Securitization Bonds Payable

Credit Facility

Credit Facility

Loans

Loans

LIBOR

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

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Term loans

Term loans

Term loans

RXR Realty

RXR Realty

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)

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

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 Mortgage Interests

Subordinate Mortgage Interests

Subordinate Mortgage Interests

Preferred Equity Security

Preferred Equity Security

Subsequent events

loan

loan

LIBOR

LIBOR

loan

Weighted Average

Weighted Average

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

loan

loan

LIBOR

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Term loans

Term loans

loan

loan

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

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Term loans

Term loans

Term loans

Term loans

loan

Weighted Average

Weighted Average

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

loan

LIBOR

Prime

Prime

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

Weighted Average

LIBOR

LIBOR

loan

loan

Weighted Average

Weighted Average

Weighted Average

Weighted Average

loan

loan

Weighted Average

Weighted Average

Weighted Average

loan

Weighted Average

Weighted Average

loan

loan

Weighted Average

Weighted Average

LIBOR

Subordinate interests

Subordinate interests

loan

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

CRE debt investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (investments)

49

45

'

'

'

'

'

'

'

'

'

'

'

15

'

'

'

'

'

6

'

'

8

'

'

4

'

'

'

'

37

33

'

'

'

'

'

17

'

'

8

'

'

8

'

'

4

'

12

12

'

'

'

'

3

3

'

'

'

'

1

1

'

'

'

1

'

'

7

7

'

'

1

'

'

'

'

'

Principal Amount

$1,202,908,000

$1,085,280,000

'

'

'

'

'

'

'

'

'

'

'

$441,750,000

$101,600,000

'

'

$7,200,000

$7,400,000

$109,215,000

'

'

$246,652,000

'

'

$230,343,000

'

'

'

'

$1,146,353,000

$1,027,960,000

'

'

'

'

'

$502,567,000

'

'

$163,798,000

'

'

$248,124,000

'

'

$231,864,000

'

$56,555,000

$57,320,000

'

'

'

'

$34,235,000

$34,418,000

'

'

'

'

$11,000,000

$11,000,000

'

'

'

$7,444,000

'

'

$3,876,000

$4,129,000

'

'

$7,773,000

'

'

$100,900,000

$100,000,000

'

Carrying Value

1,158,058,000

1,031,078,000

'

'

'

'

'

'

'

'

'

'

'

407,202,000

'

'

'

'

'

107,116,000

'

'

253,113,000

'

'

219,349,000

'

'

'

'

1,114,516,000

986,780,000

'

'

'

'

'

468,652,000

'

'

159,473,000

'

'

254,562,000

'

'

231,829,000

'

43,542,000

44,298,000

'

'

'

'

21,248,000

21,431,000

'

'

'

'

10,974,000

10,965,000

'

'

'

7,444,000

'

'

3,876,000

4,129,000

'

'

7,773,000

'

'

'

'

'

Allocation by Investment Type (as a percent)

100.00%

100.00%

'

'

'

'

'

'

'

'

'

'

'

40.70%

'

'

'

'

'

10.10%

'

'

22.70%

'

'

21.10%

'

'

'

'

95.30%

94.60%

'

'

'

'

'

41.80%

'

'

13.60%

'

'

20.60%

'

'

19.30%

'

4.70%

5.40%

'

'

'

'

2.90%

3.20%

'

'

'

'

0.90%

1.00%

'

'

'

0.60%

'

'

0.30%

0.40%

'

'

0.80%

'

'

'

'

'

Fixed Rate (as a percent)

'

'

'

'

'

'

'

'

'

12.49%

12.21%

'

'

'

'

10.98%

'

'

'

'

13.96%

'

'

12.41%

'

'

12.45%

'

'

'

'

'

'

12.62%

12.36%

'

'

'

13.20%

'

'

13.44%

'

'

12.41%

'

'

12.44%

'

'

7.72%

7.71%

'

'

'

'

0.00%

'

'

'

'

'

8.00%

8.00%

'

'

'

'

'

'

6.93%

6.95%

'

0.00%

'

'

'

'

Spread over floating interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

7.68%

8.25%

'

'

'

6.59%

'

'

'

'

12.09%

'

'

12.33%

'

'

0.00%

'

'

'

'

'

'

'

8.62%

8.04%

'

'

6.60%

'

'

13.47%

'

'

12.33%

'

'

'

'

'

'

3.08%

3.05%

'

'

'

'

2.23%

2.22%

'

'

'

'

0.00%

'

'

7.00%

'

'

'

'

'

'

6.75%

'

'

'

Yield (as a percent)

'

'

'

'

'

'

'

'

'

11.73%

11.31%

'

'

'

'

9.90%

'

'

'

'

12.97%

'

'

12.77%

'

'

12.96%

'

'

'

'

'

'

11.97%

11.58%

'

'

'

10.63%

'

'

13.70%

'

'

12.76%

'

'

12.94%

'

'

5.75%

5.70%

'

'

'

'

3.68%

3.70%

'

'

'

'

8.33%

8.33%

'

'

7.15%

'

'

'

6.93%

6.95%

'

6.92%

'

'

'

'

Floating Rate as % of Principal Amount

54.10%

54.90%

'

'

'

'

'

'

'

'

'

'

'

90.20%

'

'

'

'

'

74.20%

'

'

33.30%

'

'

0.00%

'

'

'

'

53.10%

53.80%

'

'

'

'

'

80.70%

'

'

80.00%

'

'

33.10%

'

'

'

'

73.70%

73.60%

'

'

'

'

100.00%

100.00%

'

'

'

'

'

0.00%

'

'

'

100.00%

'

'

'

'

'

'

100.00%

'

'

'

'

'

Number of loans originated (loans)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit credit facility maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

14,500,000

3,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value served as collateral

'

'

134,300,000

133,400,000

101,600,000

109,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash requirement on future fundings

11,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

3,200,000

5,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans excluded from weighted average calculations (loans)

'

'

'

'

'

'

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Face amount of mortgages excluded from weighted average calculations

'

'

'

'

'

'

35,200,000

37,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

426,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

483,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LIBOR floor (as a percent)

'

'

'

'

'

'

'

'

'

'

'

0.99%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans originated (loans)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$176,200,000

Real_Estate_Debt_Investments_D1

Real Estate Debt Investments (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
CRE debt investments	'	'
Total	$1,202,908,000	$1,085,280,000
Weighted average maturity including extensions of CRE debt investments	'4 years 6 months 0 days	'
Unamortized discounts and origination fees	'	'
Unamortized discounts	21,700,000	'
Unamortized origination fees and costs	8,000,000	'
Initial Maturity	'	'
CRE debt investments	'	'
April 1 to December 31, 2014	243,340,000	'
2015	251,761,000	'
2016	208,178,000	'
2017	72,131,000	'
2018	3,086,000	'
Thereafter	424,412,000	'
Total	1,202,908,000	'
Maturity Including Extensions	'	'
CRE debt investments	'	'
April 1 to December 31, 2014	174,484,000	'
2015	94,313,000	'
2016	119,388,000	'
2017	240,476,000	'
2018	149,835,000	'
Thereafter	424,412,000	'
Total	$1,202,908,000	'

Real_Estate_Debt_Investments_D2

Real Estate Debt Investments (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			First mortgage loans	First mortgage loans	Mezzanine loans	Mezzanine loans
Loan Loss Reserve	'	'	'	'	'	'
Beginning balance	$2,880,000	$156,699,000	$1,000,000	$1,000,000	$3,766,000	$1,880,000
Provision for loan losses, net	1,886,000	2,336,000	'	'	'	'
Transfers to REO	'	-5,623,000	'	'	'	'
Ending balance	4,766,000	153,412,000	1,000,000	1,000,000	3,766,000	1,880,000
Reversal of previously recorded provision for loan loss	'	$4,000,000	'	'	'	'
Number of Days of Default or Past Due for Loans to be Categorized as Nonperforming	'90 days	'	'	'	'	'

Real_Estate_Debt_Investments_D3

Real Estate Debt Investments (Details 4) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Credit quality indicator	'	'
Real estate debt investments, net	$1,158,058	$1,031,078
First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	'	407,202
Mezzanine loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	'	107,116
Subordinate interests	'	'
Credit quality indicator	'	'
Real estate debt investments, net	'	253,113
Term loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	'	219,349
Loans with no loan loss reserve:	'	'
Credit quality indicator	'	'
Real estate debt investments, net	1,156,275	1,027,409
Loans with no loan loss reserve: | First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	488,117	426,850
Loans with no loan loss reserve: | Mezzanine loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	170,447	116,195
Loans with no loan loss reserve: | Subordinate interests	'	'
Credit quality indicator	'	'
Real estate debt investments, net	262,006	260,886
Loans with no loan loss reserve: | Term loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	235,705	223,478
Other loans with a loan loss reserve/non-accrual status:	'	'
Credit quality indicator	'	'
Real estate debt investments, net	1,783	3,669
Other loans with a loan loss reserve/non-accrual status: | First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	1,783	1,783
Other loans with a loan loss reserve/non-accrual status: | Mezzanine loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	0	1,886
Non-performing loans: | First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	'	$0

Real_Estate_Debt_Investments_D4

Real Estate Debt Investments (Details 5) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
	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	'	'	'
Principal Amount	$6,548	'	$6,548	'
Carrying Value	1,783	'	3,669	'
Loan Loss Reserve	4,766	153,412	2,880	156,699
Number (loans)	2	16	2	'
Average Carrying Value	2,726	402,635	'	'
Quarter Ended Income	2	1,302	'	'
First mortgage loans	'	'	'	'
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'	'	'	'
Number (loans)	1	'	'	'
Principal Amount	2,782	'	2,782	'
Carrying Value	1,783	'	1,783	'
Loan Loss Reserve	1,000	'	1,000	'
Number (loans)	1	5	1	'
Average Carrying Value	1,783	91,390	'	'
Quarter Ended Income	0	267	'	'
First mortgage loans | Non-Performing Loans	'	'	'	'
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'	'	'	'
Carrying Value	6,200	'	6,400	'
First mortgage loan acquired with deteriorated credit quality	1,000	'	1	'
Mezzanine loans	'	'	'	'
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'	'	'	'
Number (loans)	1	'	'	'
Principal Amount	3,766	'	3,766	'
Carrying Value	0	'	1,886	'
Loan Loss Reserve	3,766	'	1,880	'
Number (loans)	1	8	1	'
Average Carrying Value	943	252,637	'	'
Quarter Ended Income	2	140	'	'
Subordinate interests	'	'	'	'
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'	'	'	'
Number (loans)	0	2	'	'
Average Carrying Value	'	22,100	'	'
Quarter Ended Income	0	1	'	'
Term loans	'	'	'	'
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'	'	'	'
Number (loans)	0	1	'	'
Average Carrying Value	0	36,508	'	'
Quarter Ended Income	$0	$894	'	'

Real_Estate_Debt_Investments_D5

Real Estate Debt Investments (Details 6) (Mezzanine loans, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013
	loan
Mezzanine loans	'
Troubled Debt Restructurings	'
Number of loans modified during the period (loans)	1
Carrying value of loans modified during the period	$50,905
Original W A Interest Rate (as a percent)	10.85%
Modified W A Interest Rate (as a percent)	10.85%

Investments_in_Private_Equity_1

Investments in Private Equity Funds (details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Sep. 30, 2012

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Feb. 28, 2013

Dec. 31, 2013

Jun. 30, 2013

Mar. 31, 2014

Sep. 30, 2012

Feb. 28, 2013

Sep. 30, 2012

Mar. 31, 2014

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

third_party

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment III

PE Investment III

PE Investment III

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

Vintage Funds

NorthStar Real Estate Income Trust Inc

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

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

Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012

Remaining cash distribution

Remaining cash distribution

fund

joint_venture

fund

fund

PE Investment II

PE Investment I

PE Investment II

NorthStar Real Estate Income Trust Inc

Class B Partner

Class B Partner

NorthStar Real Estate Income Trust Inc

Class B Partner

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

Investments in and Advances to Affiliates [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unconsolidated Joint Venture

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount funded at initial closing

'

'

'

'

'

'

'

'

'

$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)

'

'

'

'

70.00%

'

'

'

'

70.50%

'

'

'

15.00%

29.50%

15.00%

'

'

'

'

'

'

Number of real estate private equity funds contributed (funds)

'

'

'

'

'

24

'

'

'

49

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

'

'

51.00%

'

Cash distribution to the NorthStar Entities (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

85.00%

'

49.00%

Multiplier factor for cash distribution to the NorthStar Entities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.5

'

'

'

'

Percentage of cash distribution after multiplier to entity and related party (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

'

'

Carrying value of investment

'

'

280,000,000

280,000,000

'

'

221,100,000

'

'

'

'

'

70,800,000

'

'

'

6,100,000

'

'

'

'

'

Income (loss) from private equity investments

'

'

'

13,100,000

'

'

13,600,000

'

7,700,000

'

'

'

1,400,000

'

'

'

'

'

'

'

'

'

Distributions from unconsolidated ventures

256,000

474,000

'

23,700,000

'

'

19,000,000

'

41,300,000

'

'

'

1,400,000

'

'

'

'

'

'

'

'

'

Private Equity Investment Estimated Future Capital Commitments

'

'

15,000,000

15,000,000

'

'

14,000,000

'

'

'

'

'

4,900,000

'

'

'

'

'

'

'

'

'

Payments to acquire private equity investments

1,836,000

259,143,000

'

0

'

'

100,000

'

19,900,000

'

'

'

100,000

'

'

'

'

'

'

'

'

'

Private Equity Investment Estimated Future Capital Commitments Expected to be Funded

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

'

'

'

'

'

'

'

'

Net investment income of unconsolidated joint venture

'

'

'

'

'

'

'

2,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized gains of unconsolidated joint venture

'

'

'

'

'

'

'

9,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized losses of unconsolidated joint venture

'

'

'

'

'

'

'

3,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate reported net asset value

'

'

'

'

910,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

504,800,000

'

'

'

'

'

'

39,800,000

'

'

'

'

'

'

'

'

'

'

Payment of initial amount of reported net asset value (percent)

'

'

'

'

55.00%

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

Fair Value Method Investment Deferred Amount of Reported Net Asset Value

'

'

411,400,000

411,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred amount of reported net asset value

'

'

'

286,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment of deferred amount of reported net asset value (percent)

'

'

'

'

45.00%

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

Fair Value Method Investment Payment of Deferred Amount of Reported Net Asset Value

1,700,000

'

'

2,400,000

'

'

'

'

'

'

'

39,800,000

'

'

'

'

'

'

'

'

'

'

Fair Value Method Investment Share in Initial Amount of Reported Net Asset Value

'

'

'

353,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of distribution to Seller (percent)

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of years after closing of fund interest distributions start

'

'

'

'4 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Distributions percent following deferred payment amount

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate private equity funds (funds)

'

'

'

'

'

'

'

'

'

'

8

'

'

'

'

'

'

'

'

'

'

'

Number of third parties deferred purchase price due (third parties)

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Private equity method investments

'

'

'

'

'

'

'

'

'

'

'

$80,300,000

'

'

'

'

'

'

'

'

'

'

Investments_in_and_Advances_to1

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

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Apr. 30, 2013

Jul. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

31-May-12

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Aug. 31, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Milford Plaza hotel

Milford Plaza hotel

Multifamily

Multifamily

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

Other

Other

Other

Other

NorthStar Healthcare

NorthStar Healthcare

Northstar Income II

Northstar Income II

Other joint venture one

Other joint venture one

NorthStar Income

NorthStar Income I

NorthStar Income I

Joint venture that owns two office buildings in Chicago

Joint venture that owns two office buildings in Chicago

Joint venture that owns two office buildings in Chicago

RXR Equity Investment

PE Investment I

PE Investment II

PE Investment III

property

Meadowlands One, LLC

property

Non-recourse mortgage note bearing 5.51% interest

Non-recourse mortgage note bearing 5.46% interest

CSE CDO

building

note

Investment in and advances to unconsolidated ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (percent)

'

'

'

35.00%

90.00%

'

22.00%

'

49.00%

'

49.00%

50.00%

'

'

'

'

0.60%

'

'

'

9.80%

1.20%

2.30%

3.20%

8.70%

'

33.30%

'

'

'

9.99%

'

'

30.00%

'

'

'

Carrying value of investment

'

'

'

'

$10,400,000

$10,100,000

'

'

$14,200,000

'

$14,100,000

$5,400,000

'

$5,500,000

'

'

'

$6,500,000

'

$5,700,000

'

$2,000,000

$2,100,000

$2,100,000

$2,100,000

'

'

'

$6,100,000

'

'

$8,500,000

$8,500,000

$85,700,000

$221,100,000

$280,000,000

$70,800,000

Equity in earnings (losses) of unconsolidated ventures

-31,792,000

-8,313,000

1,200,000

'

'

200,000

'

300,000

-100,000

100,000

'

100,000

-100,000

'

'

'

'

-1,200,000

-400,000

'

'

100,000

'

'

'

-600,000

'

'

-100,000

-100,000

'

'

'

-1,500,000

'

'

'

Number of units in real estate property acquired (property)

'

'

'

'

498

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount contributed in the joint venture

493,000

5,701,000

'

'

41,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,500,000

'

'

'

'

'

'

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%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments

'

'

'

'

'

'

'

'

25,100,000

'

25,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost of portfolio of the real estate properties acquired

'

'

'

'

'

'

'

'

'

'

'

$54,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest (as a percent)

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership breakdown of total ownership (percent)

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

Number of office buildings owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	security		security
Real estate securities, available for sale	'	'	'
Number (securities)	267	'	348
Amortized Cost	$1,153,828,000	'	$1,367,790,000
Cumulative Unrealized Gains	101,518,000	'	79,768,000
Cumulative Unrealized Losses	-276,965,000	'	-395,238,000
Fair Value	978,381,000	'	1,052,320,000
Allocation Investment Type (as a percent)	100.00%	'	100.00%
Weighted Average Coupon (as a percent)	2.62%	'	2.52%
Weighted Average Yield (as a percent)	11.92%	'	11.25%
Weighted average expected maturity	'3 years 6 months 0 days	'	'
Proceeds from the sale of CRE securities	22,166,000	20,114,000	'
Net realized gain (loss) of CRE securities investments	4,600,000	4,400,000	'
Number of CRE securities for which the fair value option was not elected (security)	35	'	'
Carrying value of items for which the fair value option was not elected	240,200,000	'	'
Accumulated net unrealized gains included in OCI	6,500,000	'	'
Number of securities under unrealized loss position (security)	13	'	'
Aggregate carrying value of securities in an unrealized loss position for a period of less than 12 months	52,200,000	'	'
Unrealized loss on securities with an unrealized loss position for a period of less than 12 months	9,100,000	'	'
OTTI recognized	0	'	'
Minimum	'	'	'
Real estate securities, available for sale	'	'	'
Contractual maturities of the CRE securities portfolio	'5 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	'	'
Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	53	'	53
Amortized Cost	430,552,000	'	424,303,000
Cumulative Unrealized Gains	31,333,000	'	8,335,000
Cumulative Unrealized Losses	-41,009,000	'	-22,402,000
Allocation Investment Type (as a percent)	42.70%	'	35.30%
Weighted Average Coupon (as a percent)	1.90%	'	2.03%
Weighted Average Yield (as a percent)	18.25%	'	17.34%
Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	214	'	295
Amortized Cost	723,276,000	'	943,487,000
Cumulative Unrealized Gains	70,185,000	'	71,433,000
Cumulative Unrealized Losses	-235,956,000	'	-372,836,000
Allocation Investment Type (as a percent)	57.30%	'	64.70%
Weighted Average Coupon (as a percent)	3.05%	'	2.73%
Weighted Average Yield (as a percent)	8.15%	'	8.51%
N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	33	'	31
Amortized Cost	223,851,000	'	207,547,000
Cumulative Unrealized Gains	15,468,000	'	1,878,000
Cumulative Unrealized Losses	-9,078,000	'	-4,138,000
Allocation Investment Type (as a percent)	28.40%	'	23.00%
Weighted Average Coupon (as a percent)	1.72%	'	1.82%
Weighted Average Yield (as a percent)	20.77%	'	20.00%
Principal Amount Eliminated In Consolidation	102,400,000	'	126,600,000
N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	5	'	5
Amortized Cost	154,540,000	'	158,274,000
Cumulative Unrealized Gains	3,334,000	'	0
Cumulative Unrealized Losses	-14,966,000	'	0
Fair Value	142,908,000	'	'
Allocation Investment Type (as a percent)	8.60%	'	7.60%
Weighted Average Yield (as a percent)	18.60%	'	18.42%
CMBS | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	15	'	17
Amortized Cost	52,161,000	'	58,482,000
Cumulative Unrealized Gains	12,531,000	'	6,457,000
Cumulative Unrealized Losses	-16,965,000	'	-18,264,000
Allocation Investment Type (as a percent)	5.70%	'	4.70%
Weighted Average Coupon (as a percent)	2.81%	'	3.06%
Weighted Average Yield (as a percent)	6.41%	'	4.98%
CMBS | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	189	'	264
Amortized Cost	594,647,000	'	799,126,000
Cumulative Unrealized Gains	64,714,000	'	67,770,000
Cumulative Unrealized Losses	-173,171,000	'	-294,595,000
Allocation Investment Type (as a percent)	46.50%	'	54.50%
Weighted Average Coupon (as a percent)	3.64%	'	3.15%
Weighted Average Yield (as a percent)	9.41%	'	9.65%
Third-party CDO notes	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	14	'	'
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	'	'	20
Amortized Cost	83,574,000	'	99,603,000
Cumulative Unrealized Gains	66,000	'	0
Cumulative Unrealized Losses	-59,645,000	'	-74,672,000
Allocation Investment Type (as a percent)	5.10%	'	5.20%
Weighted Average Coupon (as a percent)	0.23%	'	0.29%
Weighted Average Yield (as a percent)	1.18%	'	1.17%
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	1	'	1
Amortized Cost	8,476,000	'	8,502,000
Cumulative Unrealized Gains	1,035,000	'	1,019,000
Cumulative Unrealized Losses	0	'	0
Allocation Investment Type (as a percent)	0.40%	'	0.40%
Weighted Average Coupon (as a percent)	7.50%	'	7.50%
Weighted Average Yield (as a percent)	5.88%	'	6.00%
Trust preferred securities | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	2	'	2
Amortized Cost	7,225,000	'	7,225,000
Cumulative Unrealized Gains	0	'	0
Cumulative Unrealized Losses	-1,362,000	'	-1,434,000
Allocation Investment Type (as a percent)	0.40%	'	0.40%
Weighted Average Coupon (as a percent)	2.25%	'	2.26%
Weighted Average Yield (as a percent)	2.32%	'	2.32%
Agency debentures | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Number (securities)	8	'	8
Amortized Cost	29,354,000	'	29,031,000
Cumulative Unrealized Gains	4,370,000	'	2,644,000
Cumulative Unrealized Losses	-1,778,000	'	-2,135,000
Allocation Investment Type (as a percent)	4.90%	'	4.20%
Weighted Average Yield (as a percent)	4.56%	'	4.64%
Fair value option	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	978,381,000	'	1,052,320,000
Fair value option | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	420,876,000	'	410,236,000
Fair value option | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	557,505,000	'	642,084,000
Fair value option | N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	'	'	205,287,000
Fair value option | N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	'	'	158,274,000
Fair value option | CMBS | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	47,727,000	'	46,675,000
Noncurrent equity securities	'	'	30,600,000
Fair value option | CMBS | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	486,190,000	'	572,301,000
Fair value option | Third-party CDO notes | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	23,995,000	'	24,931,000
Fair value option | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	9,511,000	'	9,521,000
Fair value option | Trust preferred securities | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	5,863,000	'	5,791,000
Principal / Notional Amount	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	1,800,838,000	'	2,090,726,000
Fair Value	1,800,838,000	'	2,090,726,000
Principal / Notional Amount | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	769,835,000	'	738,310,000
Principal / Notional Amount | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	1,031,003,000	'	1,352,416,000
Principal / Notional Amount | N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	512,040,000	'	481,386,000
Principal / Notional Amount | N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	154,540,000	'	158,274,000
Principal / Notional Amount | CMBS | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	103,255,000	'	98,650,000
Principal / Notional Amount | CMBS | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	837,022,000	'	1,140,368,000
Principal / Notional Amount | Third-party CDO notes | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	91,584,000	'	109,651,000
Principal / Notional Amount | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	8,000,000	'	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	'	7,225,000
Principal / Notional Amount | Agency debentures | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Principal Amount	87,172,000	'	87,172,000
Trust preferred securities | Fair value option | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	5,863,000	'	5,791,000
Trust preferred securities | Fair value option | Agency debentures | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Fair Value	31,946,000	'	29,540,000
CMBS | Fair value option | Variable Interest Entity, Primary Beneficiary	'	'	'
Real estate securities, available for sale	'	'	'
Noncurrent equity securities	486,190,000	'	572,301,000
CMBS | Fair value option | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'	'
Real estate securities, available for sale	'	'	'
Noncurrent equity securities	$37,736,000	'	$30,642,000

Borrowings_Details

Borrowings (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jul. 31, 2012

Mar. 31, 2014

Jul. 31, 2012

Mar. 31, 2014

Jul. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Jan. 31, 2014

Share data in Millions, 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

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

Credit facility

Credit facility

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 Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

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

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

First mortgage loans

First mortgage loans

Realized Gain (Loss) on Investments and Other

Realized Gain (Loss) on Investments and Other

Manufactured housing communities

Manufactured housing communities

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Net lease

Net lease

Multifamily

Multifamily

Manufacturing Housing Portfolio 1

Manufacturing Housing Portfolio 1

Manufacturing Housing Portfolio 2

Manufacturing Housing Portfolio 2

Manufacturing Housing Portfolio 3

Manufacturing Housing Portfolio 3

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 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

LIBOR Plus 4.50% Non-recourse Note Payable, Due September 21

LIBOR Plus 4.50% Non-recourse Note Payable, Due September 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 Properties 3.996 Due April 2023

MF Properties 3.996 Due April 2023

Multifamily Investment Property 1 Senior Loans

Multifamily Investment Property 1 Senior Loans

MF Properties 2 Senior Loans Maturing May 2023

MF Properties 2 Senior Mortgage, July 2023

Multifamily Investment Properties 2 Senior Loans Maturing July 2023 [Member]

Multifamily Investment Properties 2 Senior Loans Maturing July 2023 [Member]

N-Star I

N-Star I

N-Star III

N-Star III

N-Star V

N-Star IX

N-Star IX

Securitization 2012-1

Securitization 2012-1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 1

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

Loan Facility 2

7.25% Notes

7.25% 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

Minimum

Maximum

Seven Point Five Zero Percent Senior Note

7.25% Notes

8.875% Notes

5.375% Notes

Exchangeable Debt

Exchangeable Debt

Wakefield Portfolio

Wakefield Portfolio

Lancaster, OH

Lancaster, OH

Minnesota Portfolio

Minnesota Portfolio

Manufactured housing communities

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

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

Subsidiary two

Minimum

Minimum

Maximum

Maximum

extension

Subsidiary

Minimum

Maximum

7.50% Notes

8.875% Notes

note

note

note

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

Minnesota Portfolio

Healthcare Preferred

Healthcare Preferred

Indiana Portfolio [Member]

Indiana Portfolio [Member]

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

Subsidiary two

Subsidiary two

extension

Debt Instrument [Line Items]

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Contractual interest rate (as a percent)

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4.39%

'

4.02%

'

4.92%

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6.00%

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'

6.99%

'

7.09%

'

5.89%

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'

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'

7.34%

'

6.41%

'

5.58%

'

6.00%

'

5.37%

'

5.85%

'

5.68%

'

6.22%

'

6.17%

'

6.06%

'

5.95%

'

5.63%

'

6.21%

'

5.16%

'

6.48%

'

4.00%

'

4.03%

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'

4.28%

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5.16%

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3.36%

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'

7.25%

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'

7.50%

8.88%

8.88%

'

5.38%

5.38%

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'

'

'

'

8.15%

'

7.74%

'

7.81%

'

7.95%

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'

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'

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'

'

7.50%

3.00%

'

7.25%

8.88%

5.38%

'

'

'

'

Variable rate basis

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'

'

'

'

'

'three-month LIBOR

'three-month LIBOR

'one-month LIBOR

'one-month LIBOR

'LIBOR

'LIBOR

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'LIBOR

'LIBOR

'LIBOR

'LIBOR

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'

'

'three-month LIBOR

'three-month LIBOR

'one-month LIBOR

'one-month LIBOR

'

'one-month LIBOR

'one-month LIBOR

'

'

'LIBOR

'LIBOR

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'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

'

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'

'

'

'

'

'

'

'

'

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

'

'

5.95%

5.95%

5.00%

5.00%

3.00%

3.00%

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'

7.75%

7.75%

4.50%

4.50%

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'

'

4.26%

4.26%

1.66%

1.66%

'

0.40%

0.40%

'

'

1.62%

1.62%

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'

'

'

'

3.95%

'

5.95%

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'

'

'

2.50%

5.00%

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'

2.80%

3.25%

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'

'

'

2.70%

2.70%

2.90%

2.90%

2.50%

2.50%

2.70%

2.70%

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'

'

'

'

'

'

'

'

'

Principal amount

$3,980,890,000

$4,059,860,000

$2,110,623,000

$2,113,334,000

$1,124,899,000

$1,124,899,000

$477,171,000

$478,494,000

'

'

'

'

'

'

$263,998,000

$265,386,000

$244,555,000

$244,555,000

$236,900,000

$236,900,000

$639,999,000

$639,999,000

$248,000,000

$248,000,000

$55,507,000

$55,768,000

$20,426,000

$20,496,000

$4,384,000

$4,399,000

$152,066,000

$152,772,000

$7,511,000

$7,545,000

$3,196,000

$3,209,000

$37,951,000

$38,175,000

$75,000,000

$75,000,000

$121,130,000

$121,130,000

$3,758,000

$3,819,000

$2,992,000

$3,019,000

$12,684,000

$12,765,000

$5,000,000

$5,000,000

$43,443,000

$43,682,000

$6,203,000

$6,237,000

$16,019,000

$16,095,000

$31,101,000

$31,232,000

$31,576,000

$31,729,000

$26,484,000

$26,600,000

$19,905,000

$20,055,000

$27,700,000

$27,700,000

$1,365,000

$1,464,000

$13,562,000

$13,689,000

$22,206,000

$22,300,000

$39,600,000

$39,600,000

$158,417,000

$158,417,000

'

'

$46,538,000

$46,538,000

$739,926,000

$970,219,000

$37,723,000

$37,754,000

$99,814,000

$100,022,000

$202,899,000

$602,389,000

$629,544,000

$82,337,000

$82,337,000

$82,337,000

$82,337,000

$62,030,000

$70,038,000

$14,850,000

$14,850,000

'

'

'

'

'

$47,180,000

$55,188,000

'

'

'

$224,739,000

$543,815,000

$12,955,000

$12,955,000

'

$172,500,000

$9,600,000

$3,810,000

$13,360,000

$137,000,000

$207,974,000

$345,000,000

$280,117,000

$280,117,000

'

'

$41,240,000

$41,240,000

$25,780,000

$25,780,000

$41,238,000

$41,238,000

$50,100,000

$50,100,000

$30,100,000

$30,100,000

$25,100,000

$25,100,000

$31,459,000

$31,459,000

$35,100,000

$35,100,000

$481,118,000

'

'

$172,500,000

$481,118,000

$0

'

'

'

'

'

'

'

Carrying Value

3,566,591,000

3,342,071,000

2,110,623,000

2,113,334,000

1,124,899,000

1,124,899,000

477,171,000

478,494,000

'

'

'

'

'

'

263,998,000

265,386,000

244,555,000

244,555,000

236,900,000

236,900,000

639,999,000

639,999,000

248,000,000

248,000,000

55,507,000

55,768,000

20,426,000

20,496,000

4,384,000

4,399,000

152,066,000

152,772,000

7,511,000

7,545,000

3,196,000

3,209,000

37,951,000

38,175,000

75,000,000

75,000,000

121,130,000

121,130,000

3,758,000

3,819,000

2,992,000

3,019,000

12,684,000

12,765,000

5,000,000

5,000,000

43,443,000

43,682,000

6,203,000

6,237,000

16,019,000

16,095,000

31,101,000

31,232,000

31,576,000

31,729,000

26,484,000

26,600,000

19,905,000

20,055,000

27,700,000

27,700,000

1,365,000

1,464,000

13,562,000

13,689,000

22,206,000

22,300,000

39,600,000

39,600,000

158,417,000

158,417,000

'

'

46,538,000

46,538,000

419,253,000

384,183,000

35,107,000

34,886,000

49,963,000

46,090,000

80,897,000

334,183,000

222,310,000

82,367,000

82,340,000

82,367,000

82,340,000

62,030,000

70,038,000

14,850,000

14,850,000

'

'

'

'

'

47,180,000

55,188,000

'

'

'

198,000,000

490,973,000

12,955,000

12,955,000

'

165,366,000

'

3,734,000

13,068,000

'

181,311,000

299,584,000

'

201,203,000

'

'

33,198,000

31,342,000

20,882,000

19,722,000

33,403,000

31,547,000

40,581,000

38,327,000

21,070,000

19,866,000

17,947,000

16,943,000

21,548,000

20,290,000

24,571,000

23,166,000

'

'

'

'

481,118,000

0

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'

'

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'

'

Number of non-recourse mortgage notes (notes)

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'

'

'

2

'

8

'

3

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7

'

5

2

2

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'

'

'

'

'

Weighted average financing cost (as a percent)

'

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'

'

'

'

'

'

'

'

'

'

'

'

4.39%

'

4.02%

'

4.92%

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'

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'

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'

4.03%

'

'

'

4.28%

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of optional extensions to initial term (extensions)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

2

'

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'

3

'

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'

3

'

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'

'

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'

'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Optional extension period of initial maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'1 year

'

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'

'

'

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'

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'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

Scheduled principal amount based on stated maturity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

April 1 to December 31, 2014

505,599,000

'

11,526,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

12,955,000

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

481,118,000

'

'

'

'

'

'

'

'

'

'

'

'

Years ending December 31:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

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'

'

'

'

'

'

'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

2015

130,255,000

'

130,255,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

2016

126,956,000

'

126,956,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

2017

278,048,000

'

278,048,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

0

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

2018

119,220,000

'

57,190,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

0

'

'

'

62,030,000

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

2,820,812,000

'

1,506,648,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

739,926,000

'

'

'

'

'

'

'

'

82,337,000

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

211,784,000

'

'

'

'

'

'

'

'

'

'

'

280,117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

Total

3,980,890,000

4,059,860,000

2,110,623,000

2,113,334,000

1,124,899,000

1,124,899,000

477,171,000

478,494,000

'

'

'

'

'

'

263,998,000

265,386,000

244,555,000

244,555,000

236,900,000

236,900,000

639,999,000

639,999,000

248,000,000

248,000,000

55,507,000

55,768,000

20,426,000

20,496,000

4,384,000

4,399,000

152,066,000

152,772,000

7,511,000

7,545,000

3,196,000

3,209,000

37,951,000

38,175,000

75,000,000

75,000,000

121,130,000

121,130,000

3,758,000

3,819,000

2,992,000

3,019,000

12,684,000

12,765,000

5,000,000

5,000,000

43,443,000

43,682,000

6,203,000

6,237,000

16,019,000

16,095,000

31,101,000

31,232,000

31,576,000

31,729,000

26,484,000

26,600,000

19,905,000

20,055,000

27,700,000

27,700,000

1,365,000

1,464,000

13,562,000

13,689,000

22,206,000

22,300,000

39,600,000

39,600,000

158,417,000

158,417,000

'

'

46,538,000

46,538,000

739,926,000

970,219,000

37,723,000

37,754,000

99,814,000

100,022,000

202,899,000

602,389,000

629,544,000

82,337,000

82,337,000

82,337,000

82,337,000

62,030,000

70,038,000

14,850,000

14,850,000

'

'

'

'

'

47,180,000

55,188,000

'

'

'

224,739,000

543,815,000

12,955,000

12,955,000

'

172,500,000

9,600,000

3,810,000

13,360,000

137,000,000

207,974,000

345,000,000

280,117,000

280,117,000

'

'

41,240,000

41,240,000

25,780,000

25,780,000

41,238,000

41,238,000

50,100,000

50,100,000

30,100,000

30,100,000

25,100,000

25,100,000

31,459,000

31,459,000

35,100,000

35,100,000

481,118,000

'

'

172,500,000

481,118,000

0

'

'

'

'

'

'

'

Days notice required to redeem debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 days

'60 days

'

'

'

'

'

'

'

'

'

'

Stock options exercised

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.6

'

'

14.1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gains (losses) on extinguishment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,400,000

15,400,000

Credit facility:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

40,000,000

'

'

'

'

'

'

200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,750,000

'

7,500,000

'

'

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate debt investments, net

1,202,908,000

1,085,280,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101,600,000

441,750,000

'

'

Line of Credit Facility, Amount Outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

62,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available borrowing under its loan facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$178,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related_Party_and_Sponsored_Co1

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

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Mar. 31, 2014

Feb. 28, 2013

Mar. 31, 2014

Jan. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2013

Apr. 30, 2014

loan

loan

First mortgage loans

Mezzanine loans

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 RXR New York Metro [Member]

Healthcare Strategic Partnership

Healthcare Strategic Partnership

NorthStar Income

Consolidated Entities

Consolidated Entities

NorthStar Realty Securities

NorthStar Realty Securities

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Subsequent events

loan

loan

Maximum

First mortgage loans

Maximum

Minimum

loan

investment

Mortgage Loans on Real Estate Due in October 2016

Real Estate Debt Investments, Net

Mezzanine loans

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income II, Inc.

extension

First mortgage loans

Related party and sponsored company arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Advisory fee income

$9,485,000

$4,508,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8,700,000

$4,500,000

'

'

'

'

'

'

'

'

'

'

Amount of acquisition fees deferred since inception

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount of disposition fees deferred since inception

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000

'

'

'

'

'

'

'

'

'

'

'

'

Asset management services fee income

9,485,000

4,508,000

'

'

'

1,600,000

3,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset Management Fees Related to Deconsolidation

'

'

'

'

'

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment Income, Interest

'

'

'

'

'

20,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Selling commissions (as a percent)

'

'

'

'

'

'

'

'

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dealer manager fee (as a percent)

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commission expense

13,560,000

15,369,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,700,000

2,100,000

'

'

'

'

'

'

'

'

Aggregate unreimbursed costs

29,169,000

'

25,262,000

'

'

'

'

24,200,000

'

21,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from revenue reimbursement

'

'

'

'

'

'

'

2,900,000

3,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity Method Investments Number of Shares Purchased To Satisfy the Minimum Offering Amount

'

'

'

'

'

'

'

'

'

'

'

'

222,223

'

222,223

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contributions made

'

'

'

'

'

'

'

'

'

'

'

'

'

2,300,000

'

2,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Sale of Loans Held-for-sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

Public offering registration statement maximum funds seeking to raise

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive fee (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25.00%

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of CRE debt investments (investments)

49

'

45

15

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

Number of Loans Deconsolidated (loans)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

Debt instrument Loans Deconsolidated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39,600,000

'

'

'

'

'

'

'

Real estate debt investments, net

1,158,058,000

'

1,031,078,000

407,202,000

107,116,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39,000,000

17,300,000

8,100,000

'

'

Number of one year extension options (extensions)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

Aggregate interest income earned

78,679,000

70,335,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

500,000

'

'

'

'

'

Healthcare Strategic Partnership Asset Management Fee, Percent Fee

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$200,000

'

'

'

'

'

'

Renewal term for lease of office space in Colorado

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

Healthcare Balance Sheet Promote and Healthcare NTR Promote Asset Management Fee, Percent Fee

66.66%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Healthcare Fund Promote, Asset Management Fee, Percent Fee

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

EquityBased_Compensation_Detai

Equity-Based Compensation (Details) (USD $)

3 Months Ended

1 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

1 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Feb. 28, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Feb. 28, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2011

Dec. 31, 2011

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Feb. 28, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 28, 2014

Dec. 31, 2012

Dec. 31, 2013

Feb. 28, 2014

Dec. 31, 2012

Dec. 31, 2013

Feb. 28, 2014

Jan. 31, 2014

Mar. 31, 2014

Incentive Compensation Plan

LTIP Units

LTIP Units

LTIP Units

LTIP Units

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

Vest on December 31, 2015

Vest quarterly over three years beginning April 2014

Vest quarterly over three years beginning April 2014

Vest quarterly over three years beginning April 2014

Share-based Compensation Award, Tranche Three [Member]

Share-based Compensation Award, Tranche Three [Member]

Share-based Compensation Award, Tranche Three [Member]

Flaherty

Flaherty

component

Stock Incentive Plan

Stock Incentive Plan

2004 Long-Term Incentive Plan

Executive officers

Executive officers

Non-executive employees

Non-executive employees

Incentive Compensation Plan

2011 Plan

2011 Plan

2013 Plan

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

Minimum

Maximum

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

LTIP Units

RSUs

RSUs

2010 Plan

2012 Plan

2011 Plan

2012 Plan

2010 Plan

2010 Plan

2011 Plan

2012 Plan

2012 Plan

2012 Plan

2013 Plan

2013 Plan

Incentive Compensation Plan

Incentive Compensation Plan

Executive officers

Executive officers

Executive officers

Executive officers

Non-executive employees

Non-executive employees

Non-executive employees

2013 Plan

2013 Plan

2013 Plan

2011 Plan

2012 Plan

2013 Plan

2011 Plan

2012 Plan

2013 Plan

installment

installment

Equity-Based Compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

14,472,917

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate number of units issued (shares)

'

'

'

'

'

'

10,159,855

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units subject to vesting (shares)

'

'

'

'

'

'

3,540,465

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP Grants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance (in units)

'

'

'

'

9,217,000

6,228,000

'

'

698,142

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in units)

'

'

'

'

2,086,000

4,332,000

'

'

'

'

1,409,682

'

581,607

'

'

'

'

'

'

1,525,797

'

'

1,409,682

'

'

'

'

523,157

1,525,797

'

1,000,744

'

'

556,767

'

'

Converted to common stock (in units)

'

'

'

'

-1,111,000

-1,341,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in units)

'

'

'

'

-2,000

-2,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance/Weighted Average (in units)

'

'

'

'

10,190,000

9,217,000

'

'

698,142

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Grant Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance (in dollars per share)

'

'

'

'

$7.15

$6.66

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

'

'

'

'

$15.51

$8.10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Converted to common stock (in dollars per share)

'

'

'

'

$8.81

$7.90

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in dollars per share)

'

'

'

'

$9.11

$5.38

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance/Weighted Average (in dollars per share)

'

'

'

'

$8.68

$7.15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units redeemed for common stock (shares)

'

'

'

'

'

'

'

'

667,509

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Recognized equity-based compensation expenses

$9,605,000

$6,018,000

'

'

'

'

$7,200,000

$5,300,000

'

'

'

'

'

'

$400,000

$400,000

$400,000

'

'

'

$700,000

$400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$900,000

Related compensation expense to be recognized over the remaining vesting period

'

'

'

'

'

'

$38,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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 (share)

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares Issued (shares)

'

'

'

2,085,667

'

'

'

'

'

2,209,999

'

'

'

'

'

'

'

'

2,209,999

'

'

'

'

1,000,744

'

'

'

'

'

'

'

'

'

'

1,000,000

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'4 years

'

'

'4 years

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

Percentage of grants entitled for vesting (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

4

'

'

'

'

'

'

Units granted, net of forfeitures (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

606,258

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'3 years

'

'

Time period to achieve target stock prices

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

In Thousands, except Share data, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jan. 02, 2012

Feb. 26, 2014

Mar. 31, 2014

Dec. 31, 2013

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Mar. 31, 2014

Dec. 31, 2013

Jan. 31, 2014

Dec. 31, 2013

Common Stock

Common Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Additional Paid-in Capital

Additional Paid-in Capital

RXR Equity Investment [Member]

RXR Equity Investment [Member]

Series A preferred stock

Series B preferred stock

Series C Preferred Stock

Series D Preferred Stock

Common Stock

Additional Paid-in Capital

Common Stock

Stockholders' equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock issued during period shares in connection with transactions (shares)

'

'

'

'

'

'

132,250,000

'

'

'

'

'

'

1,360,000

'

Common stock related to transactions

$0

$280,364

'

'

'

'

'

'

'

'

'

'

'

'

$17,700

DRP

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

14,279,846

'

'

'

'

'

'

'

'

'

'

'

Common shares issued pursuant to the DRP (shares)

4,720

'

'

'

'

5,000

27,000

'

'

'

'

'

'

'

'

Gross sales price from shares issued pursuant to the DRP

77

'

249

'

'

'

0

'

'

'

'

77

249

'

'

Dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

$0.25

$0.19

'

'

$0.25

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

$0.55

$0.52

$0.55

$0.53

'

'

'

'

Numerator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

-134,961

36,622

'

'

'

'

'

'

'

'

'

'

'

'

'

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

-3,596

1,733

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income (loss) attributable to common stockholders and LTIP Units(1)

($138,557)

$38,355

'

'

'

'

'

'

'

'

'

'

'

'

'

Denominator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average shares of common stock (shares)

321,029,179

176,675,176

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average LTIP Units (in shares)

8,569,458

8,361,205

'

'

'

'

'

'

'

'

'

'

'

'

'

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

329,598,000

185,036,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Dilutive securities

0

3,178,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average diluted shares

329,598,637

188,214,116

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic (in dollars per share)

($0.42)

$0.21

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted (in dollars per share)

($0.42)

$0.20

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (USD $)	3 Months Ended					3 Months Ended	1 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2013	Feb. 28, 2014
			Operating Partnership	Operating Partnership	Operating Partnership	Other non-controlling interests	LTIP Units
Non-controlling interests	'	'	'	'	'	'	'
Aggregate limited partnership units (in shares)	'	'	8,104,822	'	9,217,518	'	'
Non-controlling interests, ownership percentage	'	'	2.40%	'	2.90%	'	'
Net income (loss) allocated to the non-controlling interest	$3,596,000	($1,733,000)	($3,600,000)	$1,700,000	'	'	'
Shares Issued (shares)	'	'	'	'	'	'	2,085,667
Net income (loss) allocated to other non-controlling interests	'	'	'	'	'	100,000	'
Income (loss) from continuing operations	-134,587,000	36,469,000	'	'	'	'	'
Income (loss) from discontinued operations	-374,000	153,000	'	'	'	'	'
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($134,961,000)	$36,622,000	'	'	'	'	'

Fair_Value_Details

Fair Value (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Investments in private equity funds	$571,903	$586,018
Real estate securities, available for sale (refer to Note 8)	978,381	1,052,320
Liabilities:	'	'
Derivative liabilities	30,717	52,204
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	142,908	'
Recurring basis | Level 2	'	'
Assets:	'	'
Derivative assets	1,925	3,469
Total assets	469,135	570,949
Liabilities:	'	'
Derivative liabilities	30,717	52,204
Total liabilities	30,717	52,204
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	14,340	20,694
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	'	567,480
Total assets	467,210	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	411,413	507,725
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	0	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	31,946	29,540
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	9,511	9,521
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	0	'
Recurring basis | Level 3	'	'
Assets:	'	'
Investments in private equity funds	571,903	586,018
Equity Interest and Preferred Equity Interests	194,657	192,419
Total assets	1,277,731	1,263,277
Debt Instrument, Fair Value Disclosure	419,253	'
Liabilities:	'	'
Junior subordinated notes	213,200	201,203
Total liabilities	632,453	585,386
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	230,241	205,287
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	142,908	158,274
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	33,387	25,981
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	5,863	484,840
Total assets	511,171	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	74,777	64,576
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	23,995	24,931
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	0	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	0	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	'	5,791
Recurring basis | Estimate of Fair Value Measurement [Member]	'	'
Assets:	'	'
Investments in private equity funds	571,903	586,018
Equity Interest and Preferred Equity Interests	194,657	192,419
Derivative assets	1,925	3,469
Total assets	1,746,866	1,834,226
Debt Instrument, Fair Value Disclosure	419,253	'
Liabilities:	'	'
Junior subordinated notes	213,200	201,203
Derivative liabilities	30,717	52,204
Total liabilities	663,170	637,590
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	230,241	205,287
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	142,908	158,274
Recurring basis | Estimate of Fair Value Measurement [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	47,727	46,675
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	5,863	1,052,320
Total assets	978,381	'
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	486,190	572,301
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	23,995	24,931
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	31,946	29,540
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	9,511	9,521
Recurring basis | Estimate of Fair Value Measurement [Member] | Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale (refer to Note 8)	'	$5,791

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
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	$0	$0
CDO Bonds Payable	'	'
Gains:	'	'
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Realized Gains From Deconsolidation Of N Star CDOs	-78,105,000	-1,656,857,000
Losses:	'	'
Unobservable Inputs Reconciliation Recurring Basis Realized 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	384,183,000	1,999,470,000
Purchases / borrowings / amortization	0	43,983,000
Paydowns	-30,185,000	-647,947,000
Repurchases	0	-44,221,000
Losses:	'	'
Unrealized losses included in earnings	143,360,000	106,622,000
Realized losses included in earnings	0	26,697,000
Ending balance	419,253,000	384,183,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-143,360,000	93,025,000
Junior Subordinated Notes	'	'
Gains:	'	'
Unrealized gains included in earnings	0	'
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	201,203,000	197,173,000
Losses:	'	'
Unrealized losses included in earnings	11,997,000	4,030,000
Ending balance	213,200,000	201,203,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-11,997,000	-4,030,000
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	'	'
Beginning balance	586,018,000	'
Purchases / borrowings / amortization / contributions	1,836,000	747,564,000
Paydowns / distributions	-44,099,000	-244,138,000
Gains:	'	'
Equity in earnings of unconsolidated ventures	28,148,000	82,592,000
Losses:	'	'
Ending balance	571,903,000	586,018,000
Equity and Preferred Equity Interest	'	'
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	192,419,000	'
Purchases / borrowings / amortization / contributions	759,000	192,209,000
Gains:	'	'
Equity in earnings of unconsolidated ventures	1,479,000	210,000
Losses:	'	'
Ending balance	194,657,000	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	484,840,000	338,213,000
Transfers into Level 3	13,909,000	7,788,000
Transfers out of Level 3	0	-108,143,000
Purchases / borrowings / amortization / contributions	20,748,000	23,594,000
Sales	-7,761,000	-40,328,000
Paydowns / distributions	-6,820,000	-54,971,000
Gains:	'	'
Unrealized gains included in earnings	20,284,000	68,794,000
Realized gains included in earnings	4,252,000	15,179,000
Unrealized gain on real estate securities, available for sale included in OCI	18,397,000	3,098,000
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Realized Gains From Deconsolidation Of N Star CDOs	830,000	350,886,000
Losses:	'	'
Unrealized losses included in earnings	-16,105,000	-19,523,000
Realized losses included in earnings	-2,138,000	-5,601,000
Unrealized losses on real estate securities, available for sale included in OCI	-9,749,000	-4,138,000
Unobservable Inputs Reconciliation Recurring Basis Realized Losses From Deconsolidation Of N Star CDOs	-9,516,000	-90,008,000
Ending balance	511,171,000	484,840,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	$4,179,000	$20,746,000

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	security
Fair Value Option	'	'	'
Transfers	$0	'	$0
Assets:	'	'	'
Assets	978,381,000	'	1,052,320,000
CDO bonds payable, at fair value	419,253,000	'	384,183,000
Liabilities:	'	'	'
Number of CRE securities for which the fair value option was not elected (security)	35	'	'
Carrying value of items for which the fair value option was not elected	240,200,000	'	'
Amount Due Upon Maturity	'	'	'
Total liabilities	1,020,043,000	'	'
Difference	'	'	'
Total liabilities	-387,590,000	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Net unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-135,215,000	30,339,000	'
Real Estate Securities	'	'	'
Liabilities:	'	'	'
Number of CRE securities for which the fair value option was not elected (security)	'	'	36
Carrying value of items for which the fair value option was not elected	'	'	221,300,000
CDO Bonds Payable	'	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Unrealized losses for bonds attributable to paydowns at par, including redemption and repurchases	15,000,000	44,600,000	'
Derivatives	'	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Unrealized gains (losses) on derivatives related to the change in fair value	3,953,000	15,761,000	'
Principal / Notional Amount	'	'	'
Assets:	'	'	'
Assets	1,800,838,000	'	2,090,726,000
CDO bonds payable, at fair value	739,926,000	'	970,219,000
Fair value option	'	'	'
Assets:	'	'	'
Assets	978,381,000	'	1,052,320,000
Total assets	1,504,709,000	'	1,609,437,000
Liabilities:	'	'	'
Total liabilities	632,453,000	'	585,386,000
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-139,168,000	14,578,000	'
Fair value option | Equity and Preferred Equity Interest	'	'	'
Assets:	'	'	'
Assets	194,657,000	'	192,419,000
Fair value option | Private Equity Funds	'	'	'
Assets:	'	'	'
Assets	571,903,000	'	586,018,000
Fair value option | Real Estate Securities	'	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	16,189,000	96,483,000	'
Fair value option | CDO Bonds Payable	'	'	'
Fair Value Option	'	'	'
Debt Instrument, Fair Value Disclosure	419,253,000	'	'
Assets:	'	'	'
CDO bonds payable, at fair value	419,253,000	'	384,183,000
Amount Due Upon Maturity	'	'	'
Total liabilities	739,926,000	'	'
Difference	'	'	'
Total liabilities	-320,673,000	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-143,360,000	-72,284,000	'
Fair value option | Junior Subordinated Notes	'	'	'
Liabilities:	'	'	'
Junior subordinated notes	213,200,000	'	201,203,000
Amount Due Upon Maturity	'	'	'
Total liabilities	280,117,000	'	'
Difference	'	'	'
Total liabilities	-66,917,000	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	-11,997,000	-9,621,000	'
Equity and Preferred Equity Interest	'	'	'
Fair Value Option	'	'	'
Asset Value	194,657,000	'	192,419,000
Private Equity Funds	'	'	'
Fair Value Option	'	'	'
Asset Value	571,903,000	'	586,018,000
Minimum | Equity and Preferred Equity Interest	'	'	'
Fair Value Option	'	'	'
Discount rate (percent)	7.50%	'	'
Minimum | N-Star CDO equity	'	'	'
Fair Value Option	'	'	'
Discount rate (percent)	18.00%	'	'
Minimum | Private Equity Funds	'	'	'
Fair Value Option	'	'	'
Discount rate (percent)	18.00%	'	'
Maximum | Equity and Preferred Equity Interest	'	'	'
Fair Value Option	'	'	'
Discount rate (percent)	12.00%	'	'
Maximum | N-Star CDO equity	'	'	'
Fair Value Option	'	'	'
Discount rate (percent)	20.00%	'	'
Maximum | Private Equity Funds	'	'	'
Fair Value Option	'	'	'
Discount rate (percent)	24.00%	'	'
Variable Interest Entity, Not Primary Beneficiary | Fair value option	'	'	'
Assets:	'	'	'
Assets	420,876,000	'	410,236,000
Variable Interest Entity, Not Primary Beneficiary | Fair value option | N-Star CDO equity	'	'	'
Assets:	'	'	'
Assets	142,908,000	'	158,274,000
Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair value option | CMBS	'	'	'
Assets:	'	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	37,736,000	'	30,642,000
Variable Interest Entity, Primary Beneficiary | Fair value option	'	'	'
Assets:	'	'	'
Assets	557,505,000	'	642,084,000
Available for Sale Securities Excluding Private Equity Funds	738,149,000	'	831,000,000
Variable Interest Entity, Primary Beneficiary | Fair value option | CMBS	'	'	'
Assets:	'	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	486,190,000	'	572,301,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Third-party CDO notes	'	'	'
Assets:	'	'	'
Third-party CDO notes	23,995,000	'	24,931,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Unsecured REIT debt	'	'	'
Assets:	'	'	'
Assets	9,511,000	'	9,521,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Trust preferred securities	'	'	'
Assets:	'	'	'
Assets	5,863,000	'	5,791,000
Variable Interest Entity, Primary Beneficiary | Fair value option | Agency debentures	'	'	'
Assets:	'	'	'
Assets	31,946,000	'	29,540,000
Estimate of Fair Value Measurement [Member] | Recurring basis	'	'	'
Fair Value Option	'	'	'
Debt Instrument, Fair Value Disclosure	419,253,000	'	'
Assets:	'	'	'
Total assets	1,746,866,000	'	1,834,226,000
CDO bonds payable, at fair value	'	'	384,183,000
Liabilities:	'	'	'
Junior subordinated notes	213,200,000	'	201,203,000
Total liabilities	663,170,000	'	637,590,000
Estimate of Fair Value Measurement [Member] | Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'	'
Assets:	'	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	47,727,000	'	46,675,000
Estimate of Fair Value Measurement [Member] | Recurring basis | Variable Interest Entity, Primary Beneficiary	'	'	'
Assets:	'	'	'
Assets	5,863,000	'	1,052,320,000
Total assets	978,381,000	'	'
Level 3 | Recurring basis	'	'	'
Fair Value Option	'	'	'
Debt Instrument, Fair Value Disclosure	419,253,000	'	'
Assets:	'	'	'
Total assets	1,277,731,000	'	1,263,277,000
CDO bonds payable, at fair value	'	'	384,183,000
Liabilities:	'	'	'
Junior subordinated notes	213,200,000	'	201,203,000
Total liabilities	632,453,000	'	585,386,000
Level 3 | Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'	'
Assets:	'	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	33,387,000	'	25,981,000
Level 3 | Recurring basis | Variable Interest Entity, Primary Beneficiary	'	'	'
Assets:	'	'	'
Assets	5,863,000	'	484,840,000
Total assets	511,171,000	'	'
Level 2 | Recurring basis	'	'	'
Assets:	'	'	'
Total assets	469,135,000	'	570,949,000
Liabilities:	'	'	'
Total liabilities	30,717,000	'	52,204,000
Level 2 | Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'	'
Assets:	'	'	'
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure	14,340,000	'	20,694,000
Level 2 | Recurring basis | Variable Interest Entity, Primary Beneficiary	'	'	'
Assets:	'	'	'
Assets	'	'	567,480,000
Total assets	467,210,000	'	'
N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Assets:	'	'	'
Assets	142,908,000	'	'
N-Star CDO equity | Variable Interest Entity, Not Primary Beneficiary | Fair value option	'	'	'
Assets:	'	'	'
Assets	'	'	158,274,000
N-Star CDO equity | Estimate of Fair Value Measurement [Member] | Recurring basis | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Assets:	'	'	'
Assets	142,908,000	'	158,274,000
N-Star CDO equity | Level 3 | Recurring basis | Variable Interest Entity, Not Primary Beneficiary	'	'	'
Assets:	'	'	'
Assets	$142,908,000	'	$158,274,000

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial assets:	'	'
Real estate debt investments, net	$1,158,058	$1,031,078
Real estate securities, available for sale (refer to Note 8)	978,381	1,052,320
Financial liabilities:	'	'
Mortgage and other notes payable	2,110,623	2,113,334
CDO bonds payable	419,253	384,183
Securitization bonds payable	82,367	82,340
Credit facilities	62,030	70,038
Senior notes	481,118	0
Exchangeable senior notes	198,000	490,973
Junior subordinated notes	213,200	201,203
Derivative liabilities	30,717	52,204
Timing swaps	'	'
Financial liabilities:	'	'
Notional Amount	28,000	28,000
Principal / Notional Amount	'	'
Financial assets:	'	'
Real estate debt investments, net	1,202,908	1,085,280
Real estate securities, available for sale (refer to Note 8)	1,800,838	2,090,726
Derivative assets	478,688	478,688
Financial liabilities:	'	'
Mortgage and other notes payable	2,110,623	2,133,334
CDO bonds payable	739,926	970,219
Securitization bonds payable	82,337	82,337
Credit facilities	62,030	70,038
Senior notes	481,118	0
Exchangeable senior notes	224,739	543,815
Junior subordinated notes	280,117	280,117
Derivative liabilities	349,009	674,418
Carrying Value	'	'
Financial assets:	'	'
Real estate debt investments, net	1,158,058	1,031,078
Real estate securities, available for sale (refer to Note 8)	978,381	1,052,320
Derivative assets	1,925	3,469
Financial liabilities:	'	'
Mortgage and other notes payable	2,110,623	2,113,334
CDO bonds payable	419,253	384,183
Securitization bonds payable	82,367	82,340
Credit facilities	62,030	70,038
Senior notes	481,118	0
Exchangeable senior notes	198,000	490,973
Junior subordinated notes	213,200	201,203
Derivative liabilities	30,717	52,204
Fair Value	'	'
Financial assets:	'	'
Real estate debt investments, net	1,151,377	1,026,709
Real estate securities, available for sale (refer to Note 8)	978,381	1,052,320
Derivative assets	1,925	3,469
Financial liabilities:	'	'
Mortgage and other notes payable	2,108,895	2,107,110
CDO bonds payable	419,253	384,183
Securitization bonds payable	82,500	82,517
Credit facilities	62,030	70,038
Senior notes	481,118	0
Exchangeable senior notes	369,118	909,601
Junior subordinated notes	213,200	201,203
Derivative liabilities	$30,717	$52,204

Risk_Management_and_Derivative2

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

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

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

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

instrument

instrument

instrument

instrument

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

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)

'

'

20

22

0

0

'

'

17

19

'

'

3

3

'

'

'

'

'

'

Notional Amount

'

'

$827,697,000

$1,153,106,000

'

'

'

'

$349,009,000

$674,418,000

'

'

$478,688,000

$478,688,000

$28,000,000

$28,000,000

'

'

'

'

Fair Value Net Asset (Liability)

'

'

-28,792,000

-48,735,000

'

'

'

'

-30,717,000

-52,204,000

'

'

1,925,000

3,469,000

'

'

'

'

'

'

Lower Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

'

4.55%

4.27%

'

'

1.64%

1.64%

'

'

'

'

'

'

Higher Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

'

5.25%

5.25%

'

'

5.00%

5.00%

'

'

'

'

'

'

Derivative assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate caps/floors

'

'

'

'

'

'

'

'

'

'

1,925,000

3,469,000

'

'

'

'

'

'

'

'

Derivative liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swaps

'

'

'

'

'

'

30,717,000

52,204,000

'

'

'

'

'

'

'

'

'

'

'

'

Non-hedge derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,953,000

15,761,000

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-6,736,000

-16,754,000

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-229,000

-1,762,000

Cash margin held by counterparties as collateral

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Risk_Management_and_Derivative3

Risk Management and Derivative Activities (Details 2)	3 Months Ended
	Mar. 31, 2014
	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)	5.00%
Rental and escalation income | Customer concentration | Operator two	'
Credit risk concentrations	'
Concentration risk percentage (percent)	10.00%
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%

Segment_Reporting_Details

Segment Reporting (Details) (USD $)

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jul. 02, 2013

Mar. 31, 2014

Mar. 31, 2013

Jul. 02, 2013

Jul. 02, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

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.

Real Estate

Real Estate

Real Estate

CRE Debt

CRE Debt

CRE Debt

Asset Management

Asset Management

Asset Management

CRE Securities

CRE Securities

CRE Securities

Legacy Investments CRE Debt

Legacy Investments CRE Securities

Legacy Investments CRE Securities

Legacy Investments CRE Securities

Corporate

Corporate

Corporate

Net Lease Properties Segment [Member]

Net Lease Properties 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]

Non Legacy Investments CRE Securities Segment [Member]

Non Legacy Investments CRE Securities Segment [Member]

Eliminations

Eliminations

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Eliminations

Eliminations

Segment reporting

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from the issuance of stock

'

'

$1,305,619,000

$1,100,000,000

'

'

$1,100,000,000

$1,650,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net interest income on debt and securities

75,396,000

58,938,000

'

'

'

'

'

'

736,000

188,000

'

30,775,000

6,205,000

'

'

'

'

23,766,000

7,032,000

'

13,517,000

15,662,000

17,430,000

'

4,457,000

14,566,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Rental and escalation income

68,425,000

37,936,000

'

'

'

'

'

'

68,141,000

28,013,000

'

0

'

'

0

'

'

0

'

'

9,761,000

284,000

162,000

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

Asset management and other fees, related parties

9,485,000

4,508,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-739,000

-3,100,000

Income (loss) from operations

29,983,000

23,556,000

'

'

'

'

'

'

-12,650,000

999,000

'

28,630,000

6,144,000

'

7,278,000

5,958,000

'

23,762,000

6,993,000

'

5,653,000

14,609,000

16,135,000

'

-31,646,000

-18,326,000

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

Equity in earnings (losses) of unconsolidated ventures

31,792,000

8,313,000

'

'

100,000

100,000

'

'

28,024,000

7,717,000

'

3,768,000

944,000

'

'

'

'

'

'

'

-348,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from continuing operations

-122,722,000

49,536,000

'

'

'

'

'

'

12,237,000

12,687,000

'

32,009,000

5,359,000

'

7,278,000

5,958,000

'

23,996,000

6,774,000

'

-6,306,000

-114,976,000

53,047,000

'

-83,266,000

-27,983,000

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

Net income (loss)

-123,106,000

49,696,000

-87,910,000

'

'

'

'

'

11,853,000

12,847,000

'

32,009,000

5,359,000

'

7,278,000

5,958,000

'

23,996,000

6,774,000

'

-6,306,000

-114,976,000

53,047,000

'

-83,266,000

-27,983,000

'

'

'

'

'

'

'

'

'

0

0

'

'

'

'

Asset management services fee income

9,485,000

4,508,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

'

0

0

'

'

'

0

0

10,224,000

7,612,000

0

0

-739,000

-3,104,000

1,600,000

3,100,000

'

'

Depreciation and amortization

'

'

'

'

'

'

'

'

26,200,000

9,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

$6,212,818,000

[1]

'

$6,360,050,000

[1]

'

'

'

'

'

$3,272,648,000

'

$3,343,402,000

$1,346,492,000

'

$1,211,079,000

$43,122,000

'

$37,421,000

$422,071,000

'

$418,837,000

'

$621,399,000

'

$722,163,000

$507,086,000

'

$627,148,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Assets of consolidated VIEs included in the total assets above: •Restricted cash: March 31, 2014 $9,092 ; December 31, 2013: $24,411 •Operating real estate, net: March 31, 2014: $4,920 ; December 31, 2013: $4,945 •Real estate debt investments, net: March 31, 2014: $43,542 ; December 31, 2013: $44,298 •Real estate securities, available for sale: March 31, 2014: $559,447 ; December 31, 2013: $644,015 •Receivables, net of allowance: March 31, 2014: $3,436 ; December 31, 2013: $4,476•Other assets: March 31, 2014: $1,560 ; December 31, 2013: $269 •Total assets of consolidated VIEs: March 31, 2014: $621,997 ; December 31, 2013: $722,414

Supplemental_Disclosures_of_No2

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Supplemental Cash Flow Elements [Abstract]	'	'
Senior Notes issued (refer to Note 9)	$481,118	$0
Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382	0
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments	139,418	0
Reclassification of operating real estate to assets of properties held for sale	21,661	0
Escrow deposit payable related to CRE debt investments	13,467	1,970
Conversion of LTIP Units	9,788	978
Increase in Deferred Financing Costs	3,919	0
Non-cash related to PE Investments	726	13,378
Dividends payable related to RSUs	381	0
Real estate acquisition	0	31,995
Reduction of CRE debt investments	0	31,995
Increase in restricted cash	$0	$2,580

Subsequent_Events_Details

Subsequent Events (Details)

3 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

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

Mar. 31, 2014

Mar. 31, 2013

Feb. 26, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

9-May-14

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

8-May-14

9-May-14

Mar. 31, 2014

Jan. 31, 2014

Apr. 30, 2014

9-May-14

9-May-14

9-May-14

Mar. 31, 2014

9-May-14

USD ($)

USD ($)

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Subsequent events

Subsequent events

Subsequent events

Subsequent events

Subsequent events

Subsequent events

Subsequent events

Subsequent events

Subsidiaries

Subsidiaries

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

Scenario, Forecast

Scenario, Forecast

NorthStar Healthcare

NorthStar Healthcare

USD ($)

Series A preferred stock

Series B preferred stock

Series C preferred Stock

Series D Preferred Stock

USD ($)

Common Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Subsequent events

Subsequent events

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

USD ($)

EUR (€)

USD ($)

Subsequent events

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Series A preferred stock

Series B preferred stock

Series C preferred Stock

Series D Preferred Stock

USD ($)

USD ($)

Subsequent events

Subsequent events

key

USD ($)

USD ($)

USD ($)

USD ($)

bed

bed

USD ($)

hotel

State

sqft

property

Subsequent Events

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of Stock, Expected Conversion Ratio to NSAM Common Stock

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1 for 2 reverse stock split

'

'

'

'

'

'

'

'

0.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

$0.25

$0.19

$0.25

'

'

'

'

'

'

'

$0.25

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

$0.55

$0.52

$0.55

$0.53

'

'

'

'

$0.55

$0.52

$0.55

$0.53

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$53,600,000

'

'

'

'

'

Debt Conversion, Converted Instrument, Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.38%

5.38%

'

5.38%

'

'

'

'

Debt Conversion, Converted Instrument, Shares Issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.5

'

'

'

'

'

Payments to acquire real estate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,100,000,000

1,100,000,000

'

'

'

'

1,000,000,000

'

'

'

Number of beds in real estate properties acquired (beds)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,500

8,500

'

'

'

'

'

'

'

'

Consideration transferred

'

'

'

'

'

'

'

358,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transaction costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

Business Acquisition, Pro Forma Information [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro forma total revenues

210,902,000

166,482,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro forma net income (loss) attributable to common stockholders

-131,592,000

39,540,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro forma EPS - basic (in dollars per share)

($0.41)

$0.22

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pro forma - diluted (in dollars per share)

($0.41)

$0.21

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Hotels Acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

47

47

'

'

Number of Hotel Keys Acquired in Top Metropolitan Markets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000

6,000

'

'

Amount contributed in the joint venture

493,000

5,701,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

213,000,000

'

'

'

Real Estate Consolidated Joint Venture Ownership Interest

'

'

'

'

'

'

'

86.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

90.00%

90.00%

'

92.00%

Agreed Equity Investment To Acquire Industrial Portfolio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

167,000,000

'

'

'

Value of Portfolio Agreed To be Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

406,000,000

'

'

'

Area of Portfolio Agreed To be Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,300,000

6,300,000

'

'

Occupancy of Portfolio Agreed to be Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

100.00%

'

'

Weighted Average Lease Term of Portfolio Agreed to be Purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 years

'12 years

'

'

Number of Properties of Portfolio Agreed to be Acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39

39

'

'

Number of States in Which Portfolio Operates in of Portfolio Agreed to be Acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17

17

'

'

Expected Ownership Percent of Portfolio Agreed to be Acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

50.00%

'

'

Payments to Acquire Equity Method Investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

€ 50,000,000

$2,300,000

'