Northstar Realty Finance (NRF) 10-Q 11 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document and Entity Information	'	'
Entity Registrant Name	'NORTHSTAR REALTY FINANCE CORP.	'
Entity Central Index Key	'0001273801	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-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	'	197,862,409
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'		'
Cash and cash equivalents	$452,149		$635,990
Restricted cash	265,160		166,487
Operating real estate, net	4,276,135		2,370,183
Real estate debt investments, net (refer to Note 5)	1,236,221		1,031,078
Investments in private equity funds, at fair value (refer to Note 6)	550,141		586,018
Investments in unconsolidated ventures (refer to Note 7)	208,434		142,340
Real estate securities, available for sale (refer to Note 8)	956,628		1,052,320
Receivables, net of allowance of $761 as of June 30, 2014	45,918		59,895
Receivables, related parties	1,997		25,262
Unbilled rent receivable	16,303		15,006
Derivative assets, at fair value	2,068		3,469
Deferred costs and intangible assets, net	154,180		96,886
Assets of properties held for sale	51,809		30,063
Other assets	151,703		145,053
Total assets	8,368,846	[1]	6,360,050	[1]
Liabilities	'		'
Mortgage and other notes payable	3,606,585		2,113,334
CDO bonds payable, at fair value	399,772		384,183
Securitization bonds payable	82,372		82,340
Credit facilities	101,168		70,038
Senior notes	481,118		0
Exchangeable senior notes	151,750		490,973
Junior subordinated notes, at fair value	221,445		201,203
Accounts payable and accrued expenses	113,404		74,547
Escrow deposits payable	109,049		90,929
Derivative liabilities, at fair value	23,807		52,204
Liabilities of properties held for sale	28,962		28,962
Other liabilities	92,188		73,874
Total liabilities	5,411,620	[2]	3,662,587	[2]
Commitments and contingencies	'		'
NorthStar Realty Finance Corp. Stockholders’ Equity	'		'
Preferred stock, $986,640 and $736,640 aggregate liquidation preference as of June 30, 2014 and December 31, 2013, respectively	939,166		697,352
Common stock, $0.01 par value, 500,000,000 shares authorized, 188,596,952 and 154,403,414 shares issued and outstanding as of June 30, 2014 and December 31, 2013, respectively	1,886	[3]	1,544	[3]
Additional paid-in capital	2,939,195		2,649,450
Retained earnings (accumulated deficit)	-1,067,970		-685,936
Accumulated other comprehensive income (loss)	40,985		-4,334
Total NorthStar Realty Finance Corp. stockholders’ equity	2,853,262		2,658,076
Non-controlling interests	103,964		39,387
Total equity	2,957,226		2,697,463
Total liabilities and equity	8,368,846		6,360,050
Variable Interest Entity, Primary Beneficiary	'		'
Assets	'		'
Restricted cash	11,795		24,411
Operating real estate, net	4,895		4,945
Real estate debt investments, net (refer to Note 5)	25,942		44,298
Real estate securities, available for sale (refer to Note 8)	481,267		644,015
Receivables, net of allowance of $761 as of June 30, 2014	2,563		4,476
Other assets	566		269
Total assets	527,028		722,414
Liabilities	'		'
CDO bonds payable, at fair value	399,772		384,183
Accounts payable and accrued expenses	1,655		2,686
Derivative liabilities, at fair value	23,553		52,204
Other liabilities	2,411		2,993
Total liabilities	$427,391		$442,066
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: June 30, 2014 $11,795 ; December 31, 2013: $24,411 •Operating real estate, net: June 30, 2014: $4,895 ; December 31, 2013: $4,945 •Real estate debt investments, net: June 30, 2014: $25,942 ; December 31, 2013: $44,298 •Real estate securities, available for sale: June 30, 2014: $481,267 ; December 31, 2013: $644,015 •Receivables, net of allowance: June 30, 2014: $2,563 ; December 31, 2013: $4,476•Other assets: June 30, 2014: $566 ; December 31, 2013: $269 •Total assets of consolidated VIEs: June 30, 2014: $527,028 ; December 31, 2013: $722,414
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: June 30, 2014 $399,772 ; December 31, 2013: $384,183 •Accounts payable and accrued expenses: June 30, 2014 $1,655 ; December 31, 2013: $2,686 •Derivative liabilities, at fair value: June 30, 2014 $23,553 ; December 31, 2013: $52,204 •Other liabilities: June 30, 2014 $2,411 ; December 31, 2013: $2,993 •Total liabilities of consolidated VIEs: June 30, 2014 $427,391 ; December 31, 2013: $442,066
[3]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Receivables, allowance	$761	'
Preferred stock, aggregate liquidation preference (in dollars per share)	$986,640	$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	188,596,952	154,403,414
Common stock, shares outstanding	188,596,952	154,403,414

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Net interest income	'		'		'		'
Interest income	$75,867,000		$73,148,000		$154,546,000		$143,483,000
Interest expense on debt and securities	3,106,000		11,588,000		6,389,000		22,985,000
Net interest income on debt and securities	72,761,000		61,560,000		148,157,000		120,498,000
Other revenues	'		'		'		'
Rental and escalation income	78,776,000		64,253,000		147,201,000		102,189,000
Resident fee and hotel income	37,586,000		0		37,586,000		0
Other revenue	2,995,000		961,000		5,479,000		1,306,000
Total other revenues	119,357,000		65,214,000		190,266,000		103,495,000
Expenses	'		'		'		'
Other interest expense	44,880,000		34,344,000		83,913,000		60,124,000
Real estate properties—operating expenses	51,671,000		18,069,000		73,629,000		26,734,000
Other expenses	154,000		1,423,000		930,000		2,659,000
Transaction costs	31,650,000		6,750,000		39,760,000		10,503,000
Provision for loan losses, net	833,000		0		2,719,000		2,336,000
General and administrative expenses	'		'		'		'
Salaries and related expense	17,392,000		6,075,000		20,720,000		12,894,000
Equity-based compensation expense	7,879,000		1,970,000		11,784,000		6,688,000
Other general and administrative expenses	3,580,000		4,341,000		8,102,000		7,863,000
Total general and administrative expenses	28,851,000		12,386,000		40,606,000		27,445,000
Depreciation and amortization	33,672,000		21,526,000		60,721,000		36,231,000
Total expenses	191,711,000		94,498,000		302,278,000		166,032,000
Income (loss) from operations	407,000		32,276,000		36,145,000		57,961,000
Equity in earnings (losses) of unconsolidated ventures	31,380,000		15,119,000		63,172,000		23,432,000
Unrealized gain (loss) on investments and other	-56,605,000		-57,834,000		-198,945,000		-45,978,000
Realized gain (loss) on investments and other	-320,000		12,133,000		-45,832,000		17,944,000
Gain (loss) from deconsolidation of N-Star CDOs	-34,778,000		0		-31,423,000		0
Income (loss) from continuing operations	-59,916,000		1,694,000		-176,883,000		53,359,000
Income (loss) from discontinued operations	-572,000	[1]	-2,240,000	[1]	-6,711,000	[1]	-4,209,000	[1]
Net income (loss)	-60,488,000		-546,000		-183,594,000		49,150,000
Net (income) loss attributable to non-controlling interests	2,512,000		913,000		6,248,000		-820,000
Preferred stock dividends	-15,590,000		-12,993,000		-31,181,000		-24,334,000
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-73,566,000		-12,626,000		-208,527,000		23,996,000
Earnings (loss) per share:	'		'		'		'
Income (loss) per share from continuing operations (in dollars per share)	($0.42)	[2]	($0.10)	[2]	($1.21)	[2]	$0.30	[2]
Income (loss) per share from discontinued operations (in dollars per share)	$0	[2]	($0.03)	[2]	($0.04)	[2]	($0.04)	[2]
Basic (in dollars per share)	($0.42)	[2]	($0.13)	[2]	($1.25)	[2]	$0.26	[2]
Diluted (in dollars per share)	($0.42)	[2]	($0.13)	[2]	($1.25)	[2]	$0.26	[2]
Weighted average number of shares:	'		'		'		'
Basic (in shares)	174,180,959	[2]	99,424,114	[2]	167,385,527	[2]	93,911,477	[2]
Diluted (in shares)	178,190,300	[2]	104,318,411	[2]	171,531,801	[2]	100,108,570	[2]
Dividends per share of common stock	$0.50	[2]	$0.40	[2]	$1	[2]	$0.78	[2]
Equity-based compensation expense, discontinued operations	$8,000,000		$2,200,000		$13,700,000		$3,500,000
[1]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.
[2]	he three months ended June 30, 2014 and 2013 include $8.0 million and $2.2 million, respectively, of equity-based compensation included in discontinued operations. The six months ended June 30, 2014 and 2013 include $13.7 million and $3.5 million, respectively, of equity-based compensation included in discontinued operations.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest [Abstract]	'	'	'	'
Net income (loss)	($60,488)	($546)	($183,594)	$49,150
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on real estate securities, available for sale	37,451	2,079	46,902	3,769
Reclassification of unrealized (gain) loss on real estate securities, available for sale to realized gain (loss) on investments and other	0	0	-967	0
Reclassification of swap (gain) loss into interest expense on debt and securities	229	1,722	458	3,484
Total other comprehensive income (loss)	37,680	3,801	46,393	7,253
Comprehensive income (loss)	-22,808	3,255	-137,201	56,403
Comprehensive (income) loss attributable to non-controlling interests	1,664	735	4,552	-1,154
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp.	($21,144)	$3,990	($132,649)	$55,249

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	$818	[1]	$1,195,949	[1]	($376,685)	($22,179)	$1,301,921	$28,943
Balance (in shares) at Dec. 31, 2012		'	21,466,000	81,804,000	[1]	'		'	'	'	'
Increase (Decrease) in Stockholders' Equity		'	'	'		'		'	'	'	'
Net proceeds from offering of common stock (in shares)	[1]	'	'	66,125,000		'		'	'	'	'
Net proceeds from offering of common stock		1,305,619	'	661	[1]	1,304,958	[1]	'	'	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		17,712	'	'		17,712	[1]	'	'	17,712	'
Non-controlling interests—contributions		19,774	'	'		'		'	'	'	19,774
Non-controlling interests—distributions		-1,403	'	'		'		'	'	'	-1,403
Dividend reinvestment plan (in shares)	[1]	'	'	14,000		'		'	'	'	'
Dividend reinvestment plan		249	'	0	[1]	249	[1]	'	'	249	'
Amortization of equity-based compensation		16,961	'	'		'		'	'	'	16,961
Equity component of exchangeable senior notes		45,740	'	'		45,740	[1]	'	'	45,740	'
Conversion of exchangeable senior notes (in shares)	[1]	'	'	5,791,000		'		'	'	'	'
Conversion of exchangeable senior notes		74,777	'	58	[1]	74,719	[1]	'	'	74,777	'
Other comprehensive income (loss)		18,648	'	'		'		'	17,845	17,845	803
Conversion of LTIP Units (in shares)	[1]	'	'	670,000		'		'	'	'	'
Conversion of Old LTIP Units		0	'	7	[1]	10,123	[1]	'	'	10,130	-10,130
Dividends on common stock, Old LTIP Units, Deferred 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	1,544	[1]	2,649,450	[1]	-685,936	-4,334	2,658,076	39,387
Balance (in shares) at Dec. 31, 2013		'	29,466,000	154,404,000	[1]	'		'	'	'	'
Increase (Decrease) in Stockholders' Equity		'	'	'		'		'	'	'	'
Net proceeds from offering of common stock (in shares)	[1]	'	'	17,250,000		'		'	'	'	'
Net proceeds from offering of common stock		519,198	'	173	[1]	519,025	[1]	'	'	519,198	'
Net proceeds from offering of preferred stock (in shares)		'	10,000,000	'		'		'	'	'	'
Net proceeds from offering of preferred stock		241,814	241,814	'		'		'	'	241,814	'
Common stock related to transactions (in shares)	[1]	'	'	886,000		'		'	'	'	'
Common stock related to transactions		6,803	'	9	[1]	6,794	[1]	'	'	6,803	'
Issuance of common stock in connection with warrants (in shares)	[1]	'	'	799,000		'		'	'	'	'
Issuance of common stock in connection with exercise of warrants		16	'	8	[1]	8	[1]	'	'	16	'
Non-controlling interests—contributions		80,084	'	'		'		'	'	'	80,084
Non-controlling interests—distributions		-2,166	'	'		'		'	'	'	-2,166
Dividend reinvestment plan (in shares)		4,819	'	5,000	[1]	'		'	'	'	'
Dividend reinvestment plan		155	'	'		155	[1]	'	'	155	'
Amortization of equity-based compensation		25,028	'	'		8,706	[1]	'	'	8,706	16,322
Exchangeable senior notes exchanged for Senior Notes		-296,382	'	'		-296,382	[1]	'	'	-296,382	'
Conversion of exchangeable senior notes (in shares)	[1]	'	'	10,646,000		'		'	'	'	'
Conversion of exchangeable senior notes	[1]	'	'	106		'		'	'	'	'
Conversion of exchangeable senior notes		191,417	'	'		191,311	[1]	'	'	191,417	'
Other comprehensive income (loss)		46,393	'	'		'		'	45,319	45,319	1,074
Conversion of LTIP Units (in shares)	[1]	'	'	4,607,000		'		'	'	'	'
Conversion of Old LTIP Units		0	'	46	[1]	18,565	[1]	'	'	18,611	-18,611
Spin-off of NSAM		-158,437	'	'		-158,437	[1]	'	'	-158,437	0
Dividends on common stock, Old LTIP Units, Deferred LTIP Units and RSUs		-179,385	'	'		'		-173,507	'	-173,507	-5,878
Dividends on preferred stock		-31,181	'	'		'		-31,181	'	-31,181	'
Net income (loss)		-183,594	'	'		'		-177,346	'	-177,346	-6,248
Balance at Jun. 30, 2014		$2,957,226	$939,166	$1,886	[1]	$2,939,195	[1]	($1,067,970)	$40,985	$2,853,262	$103,964
Balance (in shares) at Jun. 30, 2014		'	39,466,000	188,597,000	[1]	'		'	'	'	'
[1]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income (loss)	($183,594,000)	$49,150,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Equity in (earnings) losses of PE Investments	-57,296,000	-22,041,000
Equity in (earnings) losses of unconsolidated ventures	-5,876,000	-1,391,000
Depreciation and amortization	60,721,000	36,923,000
Amortization of premium/accretion of discount on investments	-35,526,000	-23,811,000
Interest accretion on investments	-9,338,000	-713,000
Amortization of deferred financing costs	5,589,000	2,966,000
Amortization of equity-based compensation	25,028,000	10,195,000
Unrealized (gain) loss on investments and other	188,251,000	13,304,000
Realized (gain) loss on investments and other	45,832,000	-17,944,000
(Gain) loss on deconsolidation of N-Star CDOs	31,423,000	0
Impairment of operating real estate	287,000	0
Distributions from PE Investments (refer to Note 6)	57,296,000	22,041,000
Distributions from unconsolidated ventures	1,020,000	1,645,000
Distributions from equity investments	7,589,000	0
Amortization of capitalized above/below market leases	-413,000	-823,000
Straight-line rental income, net	-1,320,000	-1,198,000
Provision for loan losses, net	2,719,000	2,336,000
Allowance for uncollectible accounts	761,000	665,000
Other	0	93,000
Discount received	176,000	6,278,000
Changes in assets and liabilities:	'	'
Restricted cash	-10,340,000	-3,256,000
Receivables	-9,602,000	-901,000
Other assets	-10,063,000	-2,981,000
Receivables, related parties	6,613,000	-1,714,000
Accounts payable and accrued expenses	35,196,000	26,032,000
Other liabilities	-581,000	4,645,000
Net cash provided by (used in) operating activities	144,552,000	99,500,000
Cash flows from investing activities:	'	'
Acquisition of operating real estate, net	-1,313,058,000	-1,267,910,000
Improvements of operating real estate	-6,960,000	-5,933,000
Deferred costs and intangible assets	-1,835,000	-464,000
Origination of real estate debt investments, net	-249,528,000	-218,154,000
Acquisition of real estate debt investments	0	-1,398,000
Proceeds from sale of real estate debt investments (refer to Note 11)	13,952,000	0
Repayment on real estate debt investments	40,262,000	99,460,000
Investment in PE Investments (refer to Note 6)	-13,155,000	-297,376,000
Distributions from PE Investments (refer to Note 6)	81,855,000	36,415,000
Investment in unconsolidated ventures	-67,076,000	-9,735,000
Distributions from unconsolidated ventures	7,250,000	166,000
Acquisition of real estate securities, available for sale	-21,801,000	0
Proceeds from the sale of real estate securities, available for sale	25,929,000	170,397,000
Repayment on real estate securities, available for sale	15,922,000	125,465,000
Change in restricted cash	-91,194,000	-24,959,000
Other assets	-32,007,000	6,484,000
Net cash provided by (used in) investing activities	-1,611,444,000	-1,387,542,000
Cash flows from financing activities:	'	'
Borrowings from mortgage notes	855,097,000	992,836,000
Repayment of mortgage notes	-5,767,000	-4,968,000
Repayment of CDO bonds	-43,704,000	-443,437,000
Repurchases of CDO bonds	0	-6,543,000
Repayment of securitization bonds payable	0	-182,000
Borrowings from credit facilities	47,540,000	92,560,000
Repayment of credit facilities	-16,410,000	-14,529,000
Repurchases and repayment of exchangeable senior notes	0	300,000,000
Proceeds from exchangeable senior notes	0	-36,710,000
Payment of deferred financing costs	-17,978,000	-25,097,000
Purchase of derivative instruments	-510,000	-9,585,000
Change in restricted cash	9,346,000	145,265,000
Net proceeds from common stock offering	519,198,000	280,184,000
Net proceeds from preferred stock offering	241,814,000	193,334,000
Proceeds from dividend reinvestment plan	155,000	120,000
Spin-off of NSAM (refer to Note 10)	-118,728,000	0
Dividends (common and preferred)	-204,688,000	-97,848,000
Contributions from non-controlling interests	24,968,000	12,562,000
Distributions to non-controlling interests	-7,282,000	-4,168,000
Net cash provided by (used in) financing activities	1,283,051,000	1,373,725,000
Net increase (decrease) in cash and cash equivalents	-183,841,000	85,683,000
Cash and cash equivalents—beginning of period	635,990,000	444,927,000
Cash and cash equivalents—end of period	452,149,000	530,610,000
Term Asset-Backed Securities Loan Facility | Secured term loans	'	'
Cash flows from financing activities:	'	'
Repayment of CDO bonds	$0	($69,000)

Business_and_Organization

Business and Organization	6 Months Ended
	Jun. 30, 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 investment company (the “Company”). The Company invests in multiple asset classes across commercial real estate (“CRE”) that it expects will generate attractive risk-adjusted returns and may take the form of acquiring real estate, originating or acquiring senior or subordinate loans, as well as pursuing opportunistic CRE investments, both in the United States and internationally. Effective June 30, 2014, the Company is externally managed and advised by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM) (“NSAM”). The Company is a Maryland corporation and completed its initial public offering in October 2004. The Company conducts its operations so as to continue to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.
	Spin-off of Asset Management Business
	On June 30, 2014, the Company completed the previously announced spin-off of its asset management business into a separate publicly-traded company, NSAM, in the form of a tax-free distribution (the “Distribution”). In connection with the Distribution, each of the Company’s common stockholders received shares of NSAM’s common stock on a one-for-one basis, after giving effect to a one-for-two reverse stock split of the Company’s common stock (the “Reverse Split”). Upon completion of the spin-off, the asset management business of the Company is owned and operated by NSAM and the Company is externally managed by an affiliate of NSAM through a management contract with an initial term of 20 years. Subsequent to the spin-off, the Company will continue to operate its commercial real estate debt origination business. Most of the employees of the Company at the time of the spin-off became employees of NSAM and executive officers, employees engaged in the Company’s existing loan origination business and certain other employees became co-employees of both the Company and NSAM. Affiliates of NSAM also manage the Company’s previously 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”) (herein collectively referred to as the “NSAM Sponsored Companies”). In addition, NSAM owns NorthStar Realty Securities, LLC (“NorthStar Securities”), the Company’s previously owned captive broker-dealer platform, and performs other asset management-related services. Refer to Note 10. “Spin-off of Asset Management Business” for further disclosure.
	Prior to the Distribution, the Company completed an internal corporate reorganization (the “Reorganization”) whereby the Company collapsed its three tier holding company structure into a single tier. The Company previously conducted substantially all of its operations and made its investments through NorthStar Realty Finance Limited Partnership (the “Operating Partnership”). Limited partnership units structured as profits interests previously issued by the Operating Partnership (“Old LTIP Units”) as equity-based compensation were recorded as non-controlling interests on the consolidated balance sheets and were exchanged for shares of the Company’s common stock in the Reorganization. Refer to Note 12. “Equity-Based Compensation” and Note 14. “Non-controlling Interests” for further disclosure. The accompanying notes to these consolidated financial statements are presented after giving effect to the Reorganization, the Reverse Split and the spin-off.
	All references herein to the Company refer to NorthStar Realty Finance Corp. and its consolidated subsidiaries after giving effect to the Reorganization, the Reverse Split and the spin-off, unless the context otherwise requires.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and its 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 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”), certain components of the Company’s investment in RXR Realty LLC (“RXR Realty”) and its investment in the Aerium Group (“Aerium”). PE Investments are recorded as investments in private equity funds, at fair value. Investments in RXR Realty and Aerium are recorded as investments in unconsolidated ventures 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. A non-controlling interest is 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. An allocation to a non-controlling interest 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, such as goodwill. 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
		June 30,			December 31,
		2014			2013
		(Unaudited)
	Other assets:
	Manufactured homes	$	70,130		$	69,217
	Notes receivable	40,263			38,418
	Investment-related reserves and deposits	18,089			11,127
	Furniture, fixtures and equipment, net	—		(1)	6,977
	Prepaid expenses	10,826			5,361
	Other	12,395			13,953
	Total	$	151,703		$	145,053
		June 30,			December 31,
		2014			2013
		(Unaudited)
	Other liabilities:
	PE Investment III deferred purchase price (refer to Note 6)	$	39,760		$	39,760
	Below-market leases	28,604			8,700
	Unearned revenue	4,299			2,029
	Tenant security deposits	16,508			9,294
	Other	3,017			14,091
	Total	$	92,188		$	73,874
	__________________________________________________
	(1)Distributed to NSAM in connection with the spin-off.
	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.
The Company generates operating income from healthcare and hotel properties permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). Revenue related to healthcare properties includes resident room and care charges and other resident charges. Revenue related to operating hotel properties primarily consists of room and food and beverage sales. Revenue is recognized when such services are provided, generally defined as the date upon which a guest occupies a room or uses the hotel services and is recorded in resident fee and hotel income in the consolidated statements of operations.
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.
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/resident/guest 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 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 June 30, 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 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, the Company recognizes compensation expense, net of estimated forfeitures, based on an 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 on 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.
Foreign Currency Remeasurement
Assets and liabilities denominated in non-U.S. dollar currencies are remeasured at a rate of exchange prevailing on the reporting date and revenues and expenses are remeasured at the average rate of exchange for the period. The Company’s functional currency of its non-U.S. denominated assets and liabilities is the U.S. dollar. Therefore, any gains or losses from the remeasurement of foreign currency to U.S. dollars are recognized in earnings.
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, including restricted stock. Diluted EPS reflects the potential dilution that could occur if outstanding restricted stock units (“RSUs”) or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock, including Deferred LTIP Units (refer to Note 12), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and Deferred 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.
In May 2014, the FASB issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers.  When it becomes effective on January 1, 2017, the accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP.  The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial statements and related disclosures.

Variable_Interest_Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	Variable Interest Entities
	As of June 30, 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 June 30, 2014, the Company serves as collateral manager and/or special servicer for N-Star CDOs I 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 six months ended June 30, 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/collateral manager delegate 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/collateral manager delegate 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.
	In May 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 III 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 III, and as a result, in the second 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 June 30, 2014, the deconsolidation of N-Star CDO III resulted in a non-cash realized loss on deconsolidation of $34.8 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate of $98.4 million of assets, $60.6 million of liabilities, net of $8.0 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $5.0 million of unrealized loss to gain from deconsolidation. For the six months ended June 30, 2014, the deconsolidation of N-Star CDOs III and V resulted in an aggregate non-cash realized loss on deconsolidation of $31.4 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate $192.5 million of assets, $149.0 million of liabilities, net of $8.8 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $3.3 million of unrealized gain to 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 June 30, 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 $59.8 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 $38.1 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, an affiliate of NSAM was appointed as special servicer. The special servicing business for certain securitizations was transferred to NSAM. 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 NSAM 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 June 30, 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 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 June 30, 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	$	—		$	59,760	$	—	$	59,760	$	59,760
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		284,960		284,960		284,960
	N-Star CDO equity	—			—		140,133		140,133		140,133
	CMBS	—			—		38,111		38,111		38,111
	Subtotal real estate securities, available for sale	—			—		463,204		463,204		463,204
	Total assets	3,742			59,760		463,204		526,706		526,706
	Junior subordinated notes, at fair value	221,445			—		—		221,445		NA
	Total liabilities	221,445			—		—		221,445		NA
	Net	$	(217,703	)	$	59,760	$	463,204	$	305,261	$	526,706
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of June 30, 2014 would not exceed the carrying value of its investment.
	The Company is not contractually required to provide financial support to any of its unconsolidated VIEs during the six months ended June 30, 2014 and 2013 however, the Company, in its capacity as collateral manager/collateral manager delegate and/or special servicer of the deconsolidated CDOs, may in its sole discretion provide support such as protective and other advances it deems appropriate. As of June 30, 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	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Operating Real Estate	'
	Operating Real Estate
	Real Estate Acquisitions
	In May 2014, the Company, through a subsidiary, acquired a $1.1 billion healthcare real estate portfolio comprised of over 8,500 beds across 38 senior housing facilities and 42 skilled nursing facilities, located primarily in Florida, Illinois, Oregon and Texas (“Formation Portfolio”), including all costs, escrows and reserves. The Company acquired the Formation Portfolio through a general partnership with a subsidiary of NorthStar Healthcare and a joint venture with an affiliate of Formation Capital, LLC (“Formation”). The Company contributed $357.6 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 Formation Portfolio was financed with seven separate senior mortgage notes assumed and modified in connection with the acquisition, with a weighted average interest rate of LIBOR plus 3.91% and maturities ranging from 2017 to 2019. The Company recorded $7.5 million of transaction costs for the six months ended June 30, 2014 in connection with this transaction.
	In June 2014, the Company, through a subsidiary, acquired a $1.1 billion hotel portfolio consisting of 47 upscale extended stay hotels and premium branded select service hotels with approximately 6,100 rooms (“Innkeepers Portfolio”), including all costs, escrows and reserves. The Innkeepers Portfolio is a geographically diverse, bi-coastal portfolio located primarily in major metropolitan markets, with the largest concentration of net operating income from hotels in California. 83% of the Innkeepers Portfolio is affiliated with Marriott International Inc. or Hilton Worldwide Holdings Inc. The Company acquired the Innkeepers Portfolio through a joint venture with Chatham Lodging Trust (NYSE: CLDT) by contributing $193.1 million for an approximate 90% ownership interest. The Innkeepers Portfolio was financed with a senior mortgage note with a variable interest rate of one month LIBOR plus 2.23% and two separate mezzanine notes with a variable interest rate of one month LIBOR plus 6.98%, all maturing in 2016 with three one-year extension options at the Company’s option, subject to satisfaction of certain conditions. The Company recorded $19.7 million of transaction costs for the six months ended June 30, 2014 in connection with this transaction.
	In December 2013 and May 2014, the Company, through a joint venture with a private investor, acquired a portfolio of manufactured housing communities comprised of 16 communities containing approximately 5,900 pad rental sites located throughout three states (“Manufactured Housing Portfolio”) for an aggregate purchase price of $402.4 million, including all costs, escrows and reserves. The Manufactured Housing Portfolio was financed with six separate new and assumed, ten-year, non-recourse mortgages in the aggregate amount of $264.5 million at a weighted average fixed interest rate of 5.01% and maturities ranging from 2021 to 2024.  The Company structured the acquisition as a joint venture with the same third-party operating partner that is currently managing the Company’s other manufactured housing portfolios. The Company contributed $126.5 million of equity for an approximate 93% interest in the Manufactured Housing Portfolio.
	The following table presents the initial allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the Formation Portfolio, Innkeepers Portfolio and Manufactured Housing Portfolio that continue to be subject to refinement upon receipt of all information (dollars in thousands):
			Formation Portfolio				Innkeepers Portfolio			Manufactured Housing Portfolio
	Assets:
	Land and improvements		$	138,017			$	165,990		$	324,511
	Buildings		826,302				683,958			8,456
	Other assets acquired		96,361				205,252			69,394
	Total assets acquired		$	1,060,680			$	1,055,200		$	402,361
	Liabilities:
	Mortgage notes payable		$	638,201			$	840,000		$	267,020
	Other liabilities assumed		8,550				—			—
	Total liabilities		646,751				840,000			267,020
	Total NorthStar Realty Finance Corp. stockholders’ equity		357,587				193,082			126,513
	Non-controlling interests		56,342				22,118			8,828
	Total equity		413,929				215,200			135,341
	Total liabilities and equity		$	1,060,680			$	1,055,200		$	402,361
	Discontinued Operations
	Discontinued operations relates to five healthcare properties held for sale or sold as of June 30, 2014. The following table presents income (loss) from discontinued operations related to such properties for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014				2013
	Revenue
	Rental and escalation income	$	—			$	960		$	—			$	1,920
	Other revenue	85				—			85				92
	Total revenue	85				960			85				2,012
	Expenses
	Other interest expense	—				471			—				941
	Real estate properties—operating expenses	26				11			376				11
	Other expenses	25				47			59				100
	Impairment of operating real estate	287			(1)	—			287			(1)	—
	Depreciation and amortization	—				323			—				692
	Total expenses	338				852			722				1,744
	Income (loss) from operating real estate discontinued operations	$	(253	)		$	108		$	(637	)		$	268
	__________________
	-1	Includes an immaterial loss from the sale of two healthcare properties classified as held for sale.

Real_Estate_Debt_Investments

Real Estate Debt Investments	6 Months Ended
	Jun. 30, 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 June 30, 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	18				$	538,762			$	505,690			42.4	%		13.21	%		7.49	%		11.26	%	82	%
	Mezzanine loans	8				155,840				155,958				12.2	%		13.44	%		13.46	%		13.81	%	80	%
	Subordinate interests(1)	9				302,728				310,549				23.9	%		12.6	%		12.33	%		12.92	%	27.1	%
	Term loans(2)	4				230,343				238,082				18.2	%		12.45	%		—			12.94	%	—
	Subtotal/Weighted average(3)	39				1,227,673				1,210,279				96.7	%		12.68	%		9.13	%		12.31	%	52.2	%
	CRE debt in N-Star CDOs
	First mortgage loans	2				26,957				11,607				2.1	%		—			1.27	%		3.01	%	100	%
	Mezzanine loans	1				11,000				10,982				0.9	%		8	%		—			8.33	%	—
	Term loans	6				3,353				3,353				0.3	%		6.74	%		—			6.74	%	—
	Subtotal/Weighted average	9				41,310				25,942				3.3	%		7.71	%		1.27	%		5.75	%	65.3	%
	Total	48				$	1,268,983			$	1,236,221			100	%		12.56	%		8.8	%		12.16	%	52.6	%
	____________________________________________________________
	-1	Includes a $100.0 million preferred equity investment for which the Company elected the fair value option. As of June 30, 2014, carrying value represents fair value with respect to this investment.
	-2	Term loans include one revolver of $25.0 million, of which $19.2 million is outstanding as of June 30, 2014.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $135.3 million for Securitization 2012-1 and $163.5 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 $16.0 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 $5.9 million as of June 30, 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 $27.1 million that were originated prior to 2008.
	-7	$519.5 million principal amount has a weighted average LIBOR floor of 0.94%. Includes one first mortgage loan with a principal amount of $6.8 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of June 30, 2014, and for CRE debt with a LIBOR floor, using such floor.
	Year to date through June 30, 2014, the Company originated six loans with an aggregate principal amount of $230.6 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	2				34,418				21,431				3.2	%		—			2.22	%		3.68	%	100	%
	Mezzanine loans	1				11,000				10,965				1	%		8	%		—	%		8.33	%	—
	Subordinate interests	1				7,773				7,773				0.8	%		—			6.75	%		6.92	%	100	%
	Term loans	7				4,129				4,129				0.4	%		6.95	%		—			6.95	%	—
	Subtotal/Weighted average	11				57,320				44,298				5.4	%		7.71	%		3.05	%		5.7	%	73.6	%
	Total	44				$	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 was 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 June 30, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	July 1 to December 31, 2014	$	243,359			$	190,150
	Years Ending December 31:
2015	275,292				86,173
2016	262,691				190,089
2017	62,728				230,909
2018	2,925				149,674
Thereafter	421,988				421,988
Total	$	1,268,983			$	1,268,983
____________________________________________________________
-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 June 30, 2014, the weighted average maturity, including extensions, of CRE debt investments was 4.1 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 primarily 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 June 30, 2014, the Company had $20.8 million of net unamortized discount and $7.6 million of net unamortized origination fees and costs.
The Company did not have any non-performing loans (“NPLs”) as of June 30, 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 and six months ended June 30, 2014 and 2013 (dollars in thousands):
	Three Months Ended										Six Months Ended
	June 30,										June 30,
	2014					2013					2014					2013
Beginning balance	$	4,766				$	153,412				$	2,880				$	156,699
Provision for loan losses, net	833					—					2,719					2,336			(1)
Transfers to REO	—					—					—					(5,623		)
Write-offs / payoffs	—					(20,210		)	(2)		—					(20,210		)	(2)
Ending balance	$	5,599				$	133,202				$	5,599				$	133,202
____________________________________________________________
(1) Includes $4.0 million of reversals of previously recorded provisions for loan losses.
(2) Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan.
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 an 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:	June 30,				December 31,
	2014				2013
Loans with no loan loss reserve:
First mortgage loans	$	516,597			$	426,850
Mezzanine loans	166,940				116,195
Subordinate interests	310,549				260,886
Term loans	241,435				223,478
Subtotal	1,235,521				1,027,409
Other loans with a loan loss reserve/non-accrual status:
First mortgage loans(1)	700				1,783
Mezzanine loans	—				1,886
Subtotal	700				3,669
Non-performing loans:	—				—
Total	$	1,236,221			$	1,031,078
____________________________________________________________
-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.9 million and $6.4 million as of June 30, 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
	30-Jun-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				$	2,533			$	700			$	1,833			1				$	2,533		$	1,783	$	1,000
Mezzanine loans	1				3,766				—				3,766				1				3,766			1,886		1,880
Total	2				$	6,299			$	700			$	5,599			2				$	6,299		$	3,669	$	2,880
____________________________________________________________
-1	Principal amount differs from carrying value primarily 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 $5.9 million and $6.4 million as of June 30, 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 June 30, 2014 and 2013 (dollars in thousands):
	June 30, 2014										June 30, 2013
	Number		Average Carrying Value				Three Months Ended Income				Number		Average				Three Months Ended Income
													Carrying
													Value
Class of Debt:
First mortgage loans	1		$	1,241			$	—			5		$	78,884			$	343
Mezzanine loans	1		—				1				7		117,792				143
Subordinate interests	—		—				—				2		—				1
Term loans	—		—				—				1		21,758				904
Total/weighted average	2		$	1,241			$	1			15		$	218,434			$	1,391
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 six months ended June 30, 2014 and 2013 (dollars in thousands):
	June 30, 2014										June 30, 2013
	Number		Average Carrying Value				Six Months Ended Income				Number		Average				Six Months Ended Income
													Carrying
													Value
Class of Debt:
First mortgage loans	1		$	1,422			$	—			5		$	81,219			$	684
Mezzanine loans	1		629				3				7		130,921				280
Subordinate interests	—		—				—				2		—				2
Term loans	—		—				—				1		21,758				1,798
Total/weighted average	2		$	2,051			$	3			15		$	233,898			$	2,764
As of June 30, 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 for the three months ended June 30, 2014 and 2013 or for the six months ended June 30, 2014. The following table presents CRE debt investments that were modified and considered a TDR for the six months ended June 30, 2013 (dollars in thousands):
	30-Jun-13
Class of Debt:	Number					Carrying				Original			Modified
						Value				WA Interest			WA Interest
										Rate			Rate
Mezzanine loan	1					$	50,905			10.85	%		0	%	(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 (Private Equity Funds)	6 Months Ended
	Jun. 30, 2014
Private Equity Funds	'
Investments in and Advances to Affiliates [Line Items]	'
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” and “PE Investment IV”), 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 Investments III and IV are 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 were four significant unconsolidated joint ventures with respect to PE Investment I and PE Investment II as of June 30, 2014. Summarized financial data for such unconsolidated joint ventures for the three months ended March 31, 2014, which is the most recent financial information available from the underlying funds, included net investment income of $8.3 million, realized losses of $22.3 million and unrealized gains of $32.5 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.
	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 June 30, 2014 and December 31, 2013, the carrying value of the investment in PE Investment I was $207.4 million and $226.3 million, respectively. For the three months ended June 30, 2014 and 2013, the Company recognized $14.1 million and $14.4 million of equity in earnings, respectively. For the six months ended June 30, 2014 and 2013, the Company recognized $27.7 million and $22.0 million of equity in earnings, respectively. For the six months ended June 30, 2014 and 2013, the Company received $46.7 million and $56.5 million of net distributions, respectively, and made $0.1 million and $17.9 million of contributions, respectively, related to PE Investment I. The six months ended June 30, 2013 represents activity from February 15, 2013 through June 30, 2013. As of June 30, 2014, the Company’s future capital commitments to the fund interests in PE Investment I are estimated to be approximately $14 million.
	The Company guaranteed all of its funding obligations that may be due and owed under PE Investment I agreements directly to PE Investment I entities. The Company and NorthStar Income each agreed to indemnify the other proportionately for any losses that may arise in connection with the funding and other obligations as set forth in the governing documents in the case of a joint default by the Company and NorthStar Income. The Company and NorthStar Income further agreed to indemnify each other for all of the losses that may arise as a result of a default that 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 last day of the fiscal quarter after the four year anniversary following the closing date of each fund interest. The Company funded $353.4 million, all of its proportionate share of the Initial Amount, at the initial closing on July 3, 2013. For the six months ended June 30, 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 June 30, 2014, the Company’s share of the Deferred Amount was $286.3 million. 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 last day of the fiscal 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 June 30, 2014 and December 31, 2013, the carrying value of the investment in PE Investment II was $270.7 million and $288.9 million, respectively. For the three and six months ended June 30, 2014, the Company recognized $13.3 million and $26.4 million of equity in earnings. For the six months ended June 30, 2014, the Company received $49.5 million of net distributions and made $4.9 million of contributions, related to PE Investment II. As of June 30, 2014, the Company’s future capital commitments to the fund interests in PE Investment II are estimated to be approximately $10 million.
	Other PE Investments
	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 June 30, 2014, the Company’s future capital commitments to the fund interests in PE Investment III are $4.8 million, of which $1 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 June 30, 2014 and December 31, 2013, the carrying value of the investment in PE Investment III was $63.9 million and $70.8 million, respectively. For the three and six months ended June 30, 2014, the Company recognized $1.6 million and $3.0 million of equity in earnings. For the six months ended June 30, 2014, the Company received $19.1 million of net distributions and made $0.5 million of contributions, related to PE Investment III.
	PE Investment IV
	On May 30, 2014, the Company purchased an interest in a real estate private equity fund for $8.0 million (“PE Investment IV”), which represented a purchase price equal to 90.5% of the NAV as of December 31, 2013. The Company owns an additional interest in the same real estate private equity fund through PE Investment I.
	As of June 30, 2014, the carrying value of PE Investment IV was $8.1 million. For the three and six months ended June 30, 2014, the Company recognized $0.1 million of equity in earnings. For the three and six months ended June 30, 2014, the Company received no distributions and made no contributions, related to PE Investment IV.

Investments_in_Unconsolidated_

Investments in Unconsolidated Ventures (Unconsolidated Ventures)	6 Months Ended
	Jun. 30, 2014
Unconsolidated Ventures	'
Schedule of Investments [Line Items]	'
Investments in Unconsolidated Ventures	'
	Investments in Unconsolidated Ventures
	The following is a description of investments in unconsolidated ventures. All of the below are accounted for under the equity method, except for certain components of the investment in RXR Realty and the investment in Aerium 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. The carrying value of the RXR Equity Interest was $87.0 million and $84.1 million as of June 30, 2014 and December 31, 2013, respectively. For the three and six months ended June 30, 2014, the Company recognized equity in earnings of $1.5 million and $3.0 million, respectively. The Company’s equity interest in RXR Realty is structured so that NSAM is entitled to certain fees in connection with RXR Realty’s investment management business.  Refer to Note 11. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure.
	Aerium Interest
	In June 2014, the Company acquired a 15% interest in Aerium, a pan-European real estate investment manager specializing in commercial real estate properties and is headquartered in Luxembourg with additional offices in London, Paris, Istanbul, Geneva, Düsseldorf and Bahrain. As of June 30, 2014, Aerium managed approximately €6.1 billion of real estate assets across 12 countries and employed over 180 professionals, some of whom provide services to NSAM following the spin-off. The investment in Aerium was acquired for €50 million ($68.8 million), subject to adjustment and excluding $3.6 million of transaction costs, funded with €45 million ($62.2 million) of cash and €5 million from the issuance of the Company’s common stock (refer to Note 13). The Company elected the fair value option to account for the Aerium investment and 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. The carrying value of the investment in Aerium was $68.8 million as of June 30, 2014. For the three months ended June 30, 2014, no equity in earnings was recorded associated with this investment. The Company’s equity interest in Aerium is structured so that NSAM is entitled to certain fees in connection with Aerium’s asset management business.  Refer to Note 11. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure.
	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. The carrying value of the Company’s investment was $10.0 million as of June 30, 2014 and December 31, 2013. For the three and six months ended June 30, 2014, the Company recognized equity in losses of $0.1 million and $0.3 million, respectively.
	LandCap Partners
	In October 2007, the Company entered into a joint venture with Whitehall Street Global Real Estate Limited Partnership 2007 (“Whitehall”) to form LandCap Partners and LandCap LoanCo. (collectively referred to as “LandCap”). The joint venture is managed by a third-party management group which has extensive experience in the single family housing sector. The Company and Whitehall agreed to provide no additional new investment capital in the LandCap joint venture. The carrying value of the 49% interest in LandCap was $14.5 million and $14.1 million as of June 30, 2014 and December 31, 2013, respectively. As of June 30, 2014 and December 31, 2013, LandCap had investments totaling $23.5 million and $25.9 million, respectively. For the three months ended June 30, 2014 and 2013, the Company recognized equity in earnings of $0.4 million and $0.3 million, respectively. For the six months ended June 30, 2014 and 2013, the Company recognized equity in earnings of $0.5 million and $0.2 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. The carrying value of the investment in CS/Federal was $5.5 million as of June 30, 2014 and December 31, 2013. For the three months ended June 30, 2014 and 2013, the Company recognized an immaterial amount of equity in earnings and $0.1 million, respectively. For the six months ended June 30, 2014 and 2013, the Company recognized an immaterial amount of equity in losses and $0.2 million of equity in earnings, respectively.
	NSAM Sponsored Companies
	The Company committed to purchase up to $10.0 million in shares of each of NSAM’s Sponsored Companies’ common stock during the two year period from when each offering was declared effective, in the event that NSAM Sponsored Companies’ distributions to its stockholders, on a quarterly basis, exceeds its modified funds from operations (as defined in accordance with the current practice guidelines issued by the Investment Program Association). In addition, the Company will commit up to $10.0 million to invest as distribution support consistent with past practice in each future public non-traded NSAM Sponsored Company, up to a total of five new companies per year. With respect to this commitment, the Company purchased the following shares in the NSAM Sponsored Companies:
	•	NorthStar Income - The Company purchased an aggregate 645,847 shares of NorthStar Income’s common stock for $5.8 million from inception of NorthStar Income, a CRE debt focused non-traded REIT, through the expiration of this commitment on July 19, 2013. The carrying value of the investment in NorthStar Income was $6.1 million, representing an interest of 0.6% as of June 30, 2014 and December 31, 2013. For the three months ended June 30, 2014 and 2013, the Company recognized $0.1 million of equity in earnings for both periods. For the six months ended June 30, 2014 and 2013, the Company recognized $0.2 million and $0.1 million of equity in earnings, respectively.
	•	NorthStar Healthcare - The Company purchased an aggregate 265,330 shares of NorthStar Healthcare’s common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.4 million. The commitment to NorthStar Healthcare ends in August 2015, unless extended at the Company’s discretion. The carrying value of the investment in NorthStar Healthcare was $1.9 million and $2.1 million as of June 30, 2014 and December 31, 2013, respectively, representing an interest of 0.8% and 2.3%, respectively. For the three and six months ended June 30, 2014, the Company recognized equity in losses of $0.1 million and $0.2 million, respectively.
	•	NorthStar Income II - The Company purchased an aggregate 269,937 shares of NorthStar Income II’s common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.4 million. The commitment to NorthStar Income II ends in May 2015, unless extended at the Company’s discretion. As of June 30, 2014 and December 31, 2013, the carrying value of the investment in NorthStar Income II was $2.3 million and $2.2 million, respectively, representing an interest of 1.9% and 8.7%, respectively. For the three and six months ended June 30, 2014, the Company recognized an immaterial amount of equity in earnings for both periods.
	On June 26, 2014, NorthStar/RXR New York Metro Income, Inc. (“NorthStar/RXR New York Metro”) confidentially submitted Amendment 1 to its 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. The distribution support agreement related to NorthStar/RXR New York Metro is expected to be an obligation of both the Company and RXR Realty, where each is expected to agree to purchase up to an aggregate of $10.0 million in Class A common stock during the two-year period following commencement of the offering, with the Company and RXR Realty agreeing to purchase 75% and 25% of any shares purchased, respectively.
	Other
	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 and six months ended June 30, 2013, the Company recognized equity in losses of $0.4 million and $0.7 million, respectively.
	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. In April 2014, the loan was repaid at par. As of December 31, 2013, the carrying value of the Company’s investment was $5.7 million. For the three months ended June 30, 2014 and 2013, the Company recognized $0.3 million and $0.4 million of equity in earnings, respectively. For the six months ended June 30, 2014 and 2013, the Company recognized $1.5 million and $0.8 million of equity in earnings, respectively.
	In August 2012, the Company acquired a 33.3% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by an office building in New York. In July 2013, the loan was paid off at par. For the three and six months ended June 30, 2013, the Company recognized $0.6 million and $1.2 million of equity in earnings, respectively.
	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 Row NYC (formerly the Milford) hotel and retail component , of which the Company owns 65% and NorthStar Income owns 35%. There was no carrying value as of June 30, 2014 and December 31, 2013. For the three and six months ended June 30, 2013, the Company recognized $0.3 million of equity in losses. In March 2014, the retail component of the hotel was sold and for the three and six months ended June 30, 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 June 30, 2014 and December 31, 2013, the carrying value of the investment was $8.5 million for each period. For the three and six months ended June 30, 2013, the Company recognized $0.1 million of equity in earnings. For the three and six months ended June 30, 2014, the Company did not recognize any equity in earnings.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	6 Months Ended
	Jun. 30, 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 June 30, 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)	36	$	526,403	$	241,132	$	51,481	$	(7,653	)	$	284,960	32	%	1.69	%	20.54	%
	N-Star CDO equity(5)	5	152,284		152,284		8,398		(20,549		)	140,133		9.2	%	NA		18.31	%
	CMBS and other securities(6)	14	109,411		65,114		11,349		(24,234		)	52,229		6.6	%	2.72	%	5.27	%
	Subtotal(2)	55	788,098		458,530		71,228		(52,436		)	477,322		47.8	%	1.87	%	17.63	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	153	672,853		475,341		53,750		(124,447		)	404,644		40.9	%	3.77	%	9.97	%
	Third-party CDO notes	11	83,139		75,296		66		(50,656		)	24,706		5.1	%	0.24	%	1.17	%
	Agency debentures	8	87,172		29,689		5,876		(1,171		)	34,394		5.3	%	NA		4.56	%
	Unsecured REIT debt	1	8,000		8,450		1,104		—			9,554		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,217		)	6,008		0.4	%	2.25	%	2.25	%
	Subtotal	175	858,389		596,001		60,796		(177,491		)	479,306		52.2	%	3.07	%	8.44	%
	Total	230	$	1,646,487	$	1,054,531	$	132,024	$	(229,927	)	$	956,628	100	%	2.56	%	12.44	%
	____________________________________________________________
	-1	Excludes $88.0 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 June 30, 2014.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $42.3 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	As of June 30, 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 June 30, 2014, contractual maturities of CRE securities investments ranged from two months to 38 years, with a weighted average expected maturity of 3.9 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 15).
	-6	The fair value option was elected for $30.6 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	For the three and six months ended June 30, 2014, proceeds from the sale of CRE securities was $3.7 million and $25.9 million, respectively, resulting in a net realized gain of $7.3 million and $11.8 million, respectively. For the three and six months ended June 30, 2013, proceeds from the sale of CRE securities was $150.3 million and $170.4 million, respectively, resulting in a net realized gain of $24.0 million and $28.4 million, respectively.
	CRE securities investments, not held in N-Star CDOs, include 38 securities for which the fair value option was not elected. As of June 30, 2014, the aggregate carrying value of these securities was $294.9 million, representing $43.9 million of accumulated net unrealized gains included in OCI. The Company held 13 securities with an aggregate carrying value of $38.0 million with an unrealized loss of $7.7 million as of June 30, 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	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The following table presents borrowings as of June 30, 2014 and December 31, 2013 (dollars in thousands):
							June 30, 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) (21)	Non-recourse		Dec-21/Jan-24	5.01%		264,542				266,993				248,000				248,000
	Subtotal Manufactured housing communities						1,141,441				1,143,892				1,124,899				1,124,899
	Healthcare
	Wakefield Portfolio	Non-recourse		15-Mar	LIBOR + 5.95%		55,253				55,253				55,768				55,768
	Ohio Portfolio	Non-recourse		16-Mar	6.00%		20,360				20,360				20,496				20,496
	Lancaster, OH	Non-recourse		16-Mar	LIBOR + 5.00%		4,369				4,369				4,399				4,399
	Wilkinson Portfolio	Non-recourse		17-Jan	6.99%		151,378				151,378				152,772				152,772
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan	7.09%		7,477				7,477				7,545				7,545
	East Arlington, TX	Non-recourse		17-May	5.89%		3,183				3,183				3,209				3,209
	Minnesota Portfolio	Non-recourse		May-18(8)	LIBOR + 3.00%		37,724				37,724				38,175				38,175
	Healthcare Preferred	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000				75,000				75,000
	Indiana Portfolio	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130				121,130				121,130
	Formation Portfolio(9) (21)	Non-recourse		Dec-17/Jul-18/May-19	LIBOR + 3.91%		647,865				639,596				—				—
	Subtotal Healthcare						1,123,739				1,115,470				478,494				478,494
	Hotel
	Innkeepers Portfolio - Senior Mortgage(10)	Non-recourse		19-Jun	LIBOR + 2.23%		635,000				635,000				—				—
	Innkeepers Portfolio - Mezzanine(10)	Non-recourse		19-Jun	LIBOR + 6.98%		205,000				205,000				—				—
	Subtotal Hotel						840,000				840,000				—				—
	Net lease
	Fort Wayne, IN	Non-recourse		15-Jan	6.41%		2,964				2,964				3,019				3,019
	Reading, PA	Non-recourse		15-Jan	5.58%		12,603				12,603				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%		43,213				43,213				43,682				43,682
	Keene, NH	Non-recourse		16-Feb	5.85%		6,172				6,172				6,237				6,237
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		15,949				15,949				16,095				16,095
	Aurora, CO	Non-recourse		16-Jul	6.22%		30,977				30,977				31,232				31,232
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,431				31,431				31,729				31,729
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,376				26,376				26,600				26,600
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,760				19,760				20,055				20,055
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700				27,700				27,700
	Fort Mill, SC - Mezzanine	Non-recourse		17-Apr	6.21%		1,272				1,272				1,464				1,464
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,437				13,437				13,689				13,689
	Columbus, OH	Non-recourse		17-Dec	6.48%		22,118				22,118				22,300				22,300
	South Portland, ME	Non-recourse		23-Jul	LIBOR + 2.15%		3,696				3,696				3,819				3,819
	Subtotal Net lease						262,668				262,668				265,386				265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600				39,600				39,600				39,600
	Southeast Portfolio(11)	Non-recourse		May-23/July-23	4.03%		158,417				158,417				158,417				158,417
	Scottsdale, AZ(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						3,612,403				3,606,585				2,113,334				2,113,334
							June 30, 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)
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 4.26%		$	37,558			$	35,854			$	37,754			$	34,886
	N-Star III(13)	—		—	—		—				—				100,022				46,090
	N-Star V(13)	—		—	—		—				—				202,899				80,897
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.40%		590,537				363,918				629,544				222,310
	Subtotal CDO bonds payable—VIE						628,095				399,772				970,219				384,183
	Securitization bonds payable:
	Securitization 2012-1	Non-recourse		29-Aug	LIBOR+1.62% (14)		82,337				82,372				82,337				82,340
	Subtotal Securitization financing transaction						82,337				82,372				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)		86,318				86,318				55,188				55,188
Subtotal Credit facilities						101,168				101,168				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				3,737				13,360				13,068
5.375% Notes	Recourse		Jun-33(24)	5.38%		154,384				135,058				345,000				299,584
Subtotal Exchangeable senior notes						171,149				151,750				543,815				490,973
Junior subordinated notes:(25)
Trust I	Recourse		Mar-35	8.15%		41,240				34,229				41,240				31,342
Trust II	Recourse		Jun-35	7.74%		25,780				21,526				25,780				19,722
Trust III	Recourse		Jan-36	7.81%		41,238				34,434				41,238				31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				41,834				50,100				38,327
Trust V	Recourse		Sep-36	LIBOR + 2.70%		30,100				21,973				30,100				19,866
Trust VI	Recourse		Dec-36	LIBOR + 2.90%		25,100				18,825				25,100				16,943
Trust VII	Recourse		Apr-37	LIBOR + 2.50%		31,459				22,649				31,459				20,290
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%		35,100				25,975				35,100				23,166
Subtotal Junior subordinated notes						280,117				221,445				280,117				201,203
Grand Total						$	5,356,387			$	5,044,210			$	4,059,860			$	3,342,071
____________________________________________________________
-1	Refer to Note 16 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 15) 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 six separate senior mortgage notes, three with a total principal amount of $16.5 million maturing in December 2021 and three with a total principal amount of $248.0 million maturing in January 2024, all with a weighted average interest rate of 5.013%.
-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 seven separate senior mortgage notes, three with a total principal amount of $222.9 million maturing in May 2019, two with a total principal amount of $134.7 million maturing in December 2017 and two with a total principal balance of $290.3 million maturing in July 2018, all with a weighted average interest rate of LIBOR plus 3.91%.
-10	Represents one senior mortgage note with an interest rate of LIBOR plus 2.23% and two separate mezzanine notes with a weighted average interest rate of LIBOR plus 6.98%, all maturing in 2016, with three one-year extension options.
-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 and May 2014, the Company deconsolidated N-Star CDOs V and III, respectively, 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 June 30, 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 due to the unamortized premium or discount associated with assumed mortgage notes or the equity component of the exchangeable senior notes.
-22	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2017.
-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 June 30, 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
July 1 to December 31, 2014	$	489,940		$	8,822			$	—			$	—			$	—			$	481,118	$	—	$	—
Years ending December 31:
2015	137,985			137,985				—				—				—				—		—		—
2016	135,134			135,134				—				—				—				—		—		—
2017	299,896			286,941				—				—				—				—		12,955		—
2018	441,752			340,584				—				—				101,168				—		—		—
Thereafter	3,851,680			2,702,937				628,095				82,337				—				—		158,194		280,117
Total	$	5,356,387		$	3,612,403			$	628,095			$	82,337			$	101,168			$	481,118	$	171,149	$	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, 2017, 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 0.8 million shares of common stock, adjusted to reflect the Reverse Split, and $137.0 million principal amount of the 5.375% Notes were exchanged for 7.0 million shares of common stock, adjusted to reflect the Reverse Split. In April 2014, $53.6 million principal amount of the 5.375% Notes were exchanged for 2.8 million shares of common stock, adjusted to reflect the Reverse Split. In connection with these conversions, the Company recorded a loss of $6.8 million and $44.7 million in realized gain (loss) on investments and other in the consolidated statements of operations for the three and six months ended June 30, 2014, respectively.
In July 2014, $78.3 million principal amount of the 5.375% Notes were exchanged for 8.7 million shares of common stock and $2.8 million principal amount of the 8.875% Notes were exchanged for 0.5 million shares of common stock.
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 Company 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 the Company pledged its interests in its 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 Company 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 entered into a guaranty agreement under which the Company guaranteed 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 June 30, 2014, the Company had $163.5 million carrying value of loans financed with $101.2 million on the loan facilities, with $138.8 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 June 30, 2014, the Company was in compliance with all of its financial covenants.

Spinoff_of_Asset_Management_Bu

Spin-off of Asset Management Business Spin-off of Asset Management Business	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Spin-off of Asset Management Business	'
	Spin-off of Asset Management Business
	In connection with the spin-off of the Company’s asset management business, certain assets were transferred and liabilities were assumed by NSAM. The following table presents the NSAM balance sheet as of June 30, 2014, the date of the Distribution (dollars in thousands):
	Assets
	Cash	$	118,728		(1)
	Restricted cash	3,132
	Investments in unconsolidated ventures	4,000			(2)
	Receivables, related parties	16,907			(3)
	Deferred costs and intangible assets	27,220			(4)
	Other assets	9,548			(5)
	Total assets	179,535
	Liabilities
	Accounts payable and accrued expenses	$	21,098		(4)
	Total liabilities	21,098
	Equity	158,437
	Total liabilities and equity	$	179,535
	__________________
	-1	Represents the initial capitalization amount of NSAM upon completion of the spin-off, including an amount related to transaction costs to be paid by NSAM. Such transaction costs were expensed by NSAM upon completion of the spin-off and included legal, accounting, tax and other professional services and relocation and start-up costs.
	-2	Represents NSAM’s acquisition of a 50% interest in a crowd funding company in June 2014.
	-3	The Company was historically entitled to certain expense allocations for costs paid on behalf of the NSAM Sponsored Companies. As of June 30, 2014, the Company had aggregate unreimbursed operating costs of $16.9 million from the NSAM Sponsored Companies recorded as receivables, related parties on the consolidated balance sheets. For the six months ended June 30, 2014, the Company received $8.5 million of reimbursement from the NSAM Sponsored Companies.
	-4	Includes $25.6 million of transaction costs related to the NSAM spin-off, of which $11.5 million was paid by the Company on behalf of NSAM as of June 30, 2014.
	-5	Includes fixed assets, tenant improvements and deposits related to leased offices that was transferred to NSAM of $7.5 million and other assets of $2.2 million.
	The following table presents the consolidated statements of operations for NSAM included in discontinued operations in the Company’s consolidated statements of operations and excludes the effect of any fees that NSAM will earn in connection with the management agreement (dollars in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014			2013
	Total revenues	$	32,675			$	38,591		$	56,013		$	60,146
	Total expenses	32,994				40,939			62,087			64,623
	NSAM income (loss) in discontinued operations	$	(319	)		$	(2,348	)	$	(6,074	)	$	(4,477	)
	Total revenues include asset management and other fee income from NSAM Sponsored Companies. In connection with the Distribution, the advisory agreements between the Company and each of the NSAM Sponsored Companies were terminated and affiliates of NSAM entered into new advisory agreements with each of the NSAM Sponsored Companies on substantially the same terms as those in effect at the time of the spin-off.
	Total revenues also include selling commissions and dealer manager fees earned by selling equity in the NSAM Sponsored Companies through NorthStar Securities. As part of the Distribution to NSAM, NorthStar Securities became a subsidiary of NSAM. Pursuant to dealer manager agreements between NorthStar Securities and the NSAM Sponsored Companies, the Company received selling commissions of up to 7% of gross offering proceeds raised. The Company reallowed all selling commissions earned to participating broker-dealers. In addition, the Company also received a dealer manager fee of up to 3% of gross offering proceeds raised, a portion of which is typically reallowed to participating broker-dealers. Total expenses include commission expense representing fees to participating broker-dealers with whom NorthStar Securities has selling agreements and commissions to employees of NorthStar Securities.
	In addition, total expenses primarily included an allocation of indirect expenses of the Company to NSAM related to managing the NSAM Sponsored Companies and owning NorthStar Securities, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other costs) based on an estimate had the asset management business been an independent entity.

Related_Party_Arrangements_Rel

Related Party Arrangements Related Party Arrangements (Notes)	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Arrangements	'
	Related Party Arrangements
	NorthStar Asset Management Group
	Management Agreement
	Upon completion of the Distribution, the Company entered into a management agreement with an affiliate of NSAM for an initial term of 20 years, which will be automatically renewed for additional 20-year terms each anniversary thereafter unless earlier terminated. As asset manager, NSAM is responsible for the Company’s day-to-day operations, subject to the supervision of the Company’s board of directors. Through its global network of subsidiaries and branch offices, NSAM will perform services and activities relating to, among other things, investments and financing, portfolio management and other administrative services, such as accounting and investor relations, to the Company and its subsidiaries other that the Company’s CRE loan origination business.
	Effective June 30, 2014, the Company will pay an annualized base management fee to NSAM of $148 million and the fee will increase subsequent to June 30, 2014 by 1.5% per annum of the sum of:
	•	cumulative net proceeds of all future common equity and preferred equity issued by the Company;
	•	equity issued by the Company in exchange or conversion of exchangeable senior notes based on the stock price at the date of issuance;
	•	any other issuances by the Company of common equity, preferred equity or other forms of equity, including but not limited to units in an operating partnership (excluding equity-based compensation, but including issuances related to an acquisition, investment, joint venture or partnership); and
	•	cumulative cash available for distribution (“CAD”) of the Company in excess of cumulative distributions paid on common stock, LTIP units or other equity awards beginning the first full calendar quarter after completion of the spin-off.
	Additionally, the Company’s equity interest in RXR Realty and Aerium is structured so that NSAM is entitled to the portion of distributable cash flow from each investment in excess of the $10 million minimum annual base amount.
	NSAM is entitled to an incentive fee, calculated and payable quarterly in arrears in cash, equal to:
	•	the product of: (a) 15% and (b) the Company’s CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is in excess of $0.39 per share but less than $0.45 per share; plus
	•	the product of: (a) 25% and (b) the Company’s CAD before such incentive fee, divided by the weighted average shares outstanding for the calendar quarter, when such amount is equal to or in excess of $0.45 per share;
	•	multiplied by the Company’s weighted average shares outstanding for the calendar quarter.
	In addition, NSAM may also earn an incentive fee from the Company’s healthcare investments in connection with NSAM’s Healthcare Strategic Partnership (refer to below).
	Weighted average shares represents the number of shares of the Company’s common stock, LTIP units or other equity-based awards (with some exclusions), outstanding on a daily weighted average basis. With respect to the base management fee, all issuances shall be allocated on a daily weighted average basis during the fiscal quarter of issuances.
	Furthermore, if the Company were to spin-off any asset or business in the future, such entity would be managed by NSAM on terms substantially similar to those set forth in the management agreement between the Company and NSAM. The management agreement further provides that the aggregate base management fee in place immediately after the spin-off will not be less than the aggregate base management fee in place at the Company immediately prior to the spin-off.
	Payment of Costs and Expenses and Expense Allocation
	The Company is responsible for all of its direct costs and expenses and will reimburse NSAM for costs and expenses incurred by NSAM on its behalf. In addition to the Company’s costs and expenses, following the Distribution, the Company shall reimburse NSAM for additional costs and expenses incurred by NSAM for an amount not to exceed the following: (i) 20% of the combined total of: (a) the Company’s general and administrative expenses as reported in its consolidated financial statements excluding: (1) equity-based compensation expense, (2) non-recurring items, (3) fees payable to NSAM under the terms of the management agreement and (4) any allocation of expenses from the Company (“NorthStar Realty G&A”); and (b) NSAM’s general and administrative expenses as reported in its consolidated financial statements, excluding equity-based compensation expense and adding back any costs or expenses allocated to any managed company of NSAM, less (ii) the NorthStar Realty G&A.
	Investment Opportunities
	Under the management agreement, the Company agreed to make available to NSAM for the benefit of NSAM and its managed companies, including the Company, all investment opportunities sourced by the Company. NSAM agreed to fairly allocate such opportunities among NSAM’s managed companies, including the Company and NSAM in accordance with an investment allocation policy. Pursuant to the management agreement, the Company will be entitled to fair and reasonable compensation for its services in connection with any loan origination opportunities sourced by it, which may include first mortgage loans, subordinate mortgage interests, mezzanine loans and preferred equity interests, in each case relating to commercial real estate.
	NSAM will provide services with regard to such areas as payroll, human resources and employee benefits, financial systems management, treasury and cash management, accounts payable services, telecommunications services, information technology services, property management services, legal and accounting services and various other corporate services to the Company as it relates to its loan origination business for CRE debt.
	Credit Agreement
	In connection with the Distribution, the Company entered into a revolving credit agreement with NSAM pursuant to which the Company will make available to NSAM, on an “as available basis,” up to $250 million of financing for a five year term at LIBOR plus 3.50%. The revolving credit facility is unsecured. NSAM expects to use the proceeds for general corporate purposes, including potential future acquisitions.  In addition, NSAM may also use the proceeds to acquire assets on behalf of its managed companies, that it intends to allocate to such managed company but for which such managed company may not then have immediately available funds. The terms of the revolving credit facility contain various representations, warranties, covenants and conditions, including the condition that the Company’s obligation to advance proceeds to NSAM will be dependent upon the Company and its affiliates having at least $100 million of either unrestricted cash and cash equivalents or amounts available under committed lines of credit, after taking into account the amount NSAM seeks to draw under the facility.
	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 oversees and seeks 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 12). 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.
	N-Star CDOs
	The Company earns certain collateral management fees from the N-Star CDOs primarily for administrative services. Such fees are recorded in other revenue in the consolidated statements of operations. For the three months ended June 30, 2014 and 2013, the Company earned $1.6 million and $3.1 million in fee income, respectively, of which $0.7 million and $3.1 million, respectively, were eliminated in consolidation. For the six months ended June 30, 2014 and 2013, the Company earned $3.1 million and $6.2 million in fee income, respectively, of which $1.4 million and $6.2 million, respectively, were eliminated in consolidation. Prior to the third quarter 2013, all amounts were eliminated in consolidation as all of the N-Star CDOs were consolidated by the Company.
	Additionally, the Company earns interest income from the N-Star CDO bonds and N-Star CDO equity in deconsolidated N-Star CDOs. For the three and six months ended June 30, 2014, the Company earned $15.7 million and $31.0 million of interest income from such investments in deconsolidated N-Star CDOs.
	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 Commercial
	The Company is in the process of making a $30.0 million investment in the form of senior debt, preferred equity and common equity (collectively referred to as the “Legacy Investment”) into Legacy Partners Commercial, LLC (“Legacy Commercial”) and certain new entities affiliated with Legacy Commercial (collectively referred to as the “Legacy Commercial Entities”). C. Preston Butcher, currently one of the Company’s directors, holds certain preferred and other significant interests in Legacy Commercial and is the chairman of the board of directors and chief executive officer of Legacy Commercial. $14.8 million of the proceeds from the Legacy Investment will be used by the Legacy Commercial Entities for future investments, subject to certain approval rights held by the Company and $15.2 million of the proceeds of the Legacy Investment will be used by the Legacy Commercial Entities to redeem the majority of the interests held by Mr. Butcher and a family limited partnership controlled by Mr. Butcher in the Legacy Commercial Entities. The Legacy Investment will be made on a pari passu basis with the investment held by the two remaining partners in Legacy Commercial, Mr. Butcher and certain employees of Legacy Commercial. Upon consummation of the transaction, the Company will own 75% of the senior debt and preferred equity and 40% of the common equity issued by the applicable Legacy Commercial Entities. Mr. Butcher and a family limited partnership controlled by Mr. Butcher will receive total consideration of $30.0 million, of which $14.8 million will be in the form of a cash distribution from the Legacy Commercial Entities and $15.2 million will be funded from the Legacy Investment upon closing. Upon consummation of the foregoing transactions, Mr. Butcher will retain a 15.3% indirect interest in the senior debt and 15.3% indirect interest in the preferred equity issued by the applicable Legacy Commercial Entities. In addition, a family limited partnership controlled by Mr. Butcher will indirectly own 10% of the common equity issued by the applicable Legacy Commercial Entities. The transaction also contemplates up to an additional $10 million in future preferred investments from the Company for additional real estate investments, subject to the Company’s approval. In connection with the closing of the transaction, Mr. Butcher will step down as chairman and chief executive officer of Legacy Commercial and will retain no ongoing voting or decision making rights.  Subject to certain approval rights held by the Company, Mr. Butcher will be hired as an employee of a Legacy Commercial Entity and Legacy Commercial will be controlled by the two remaining principals going forward. Mr. Butcher will retain his ownership interests in Legacy Partners Residential, Inc. and certain other related entities and companies that are not owned by Legacy Commercial or any Legacy Commercial Entity in which the Company is making investments.
	In addition, the Company has an interest in four 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. Legacy Commercial 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 and six months ended June 30, 2013, the Company recorded an aggregate $0.5 million and $1.1 million, respectively, of interest income in the consolidated statements of operations related to these loans.
	The third loan with a principal amount of $38.8 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 and six months ended June 30, 2014, the Company recorded an aggregate $1.1 million and $1.9 million, respectively, 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 former advisor to NorthStar Income, received a customary 1.0% origination fee and further earned an annual asset management fee of 1.25% through June 30, 2014, the time of the spin-off. In addition, prior to the spin-off, the Company leased 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. NSAM assumed the lease in connection with the spin-off.
	NorthStar Income II
	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.
	West Point Partners
	In June 2014, the Company paid $0.8 million to West Point Partners in connection with its services facilitating the acquisition of the Innkeepers Portfolio for an aggregate purchase price of approximately $1.1 billion, including all costs, reserves and escrows. West Point Partners is a real estate investment and advisory firm based in New York. Sridhar Sambamurthy, who was a member of the board of directors of the Company at the time of such payment, is Managing Principal and Co-Founder of West Point Partners and owns a 50% interest in that company and consequently ceased to be independent at that time. Mr. Sambamurthy is no longer a member of the Company’s board of directors.

EquityBased_Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Equity-Based Compensation	'
	Equity-Based Compensation
	Impact of the Reorganization and Spin-off
	The Company has issued equity-based awards to directors, officers, employees, consultants and advisors pursuant to the NorthStar Realty Finance Corp. 2004 Omnibus Stock Incentive Plan (the “Stock Plan”) and the NorthStar Realty Executive Incentive Bonus Plan, as amended (the “Plan” and collectively the “NorthStar Realty Equity Plans”). All of the vested and unvested equity-based awards granted by the Company prior to the spin-off remain outstanding following the Reorganization and the spin-off. Appropriate adjustments were made to all awards to reflect the Reorganization, the Reverse Split and the spin-off. Pursuant to the Reorganization, Old LTIP Units were converted into an equal number of shares of common stock of NRFC Sub-REIT Corp. (refer to Note 14) and holders of such shares received an equal number of shares of NSAM’s common stock in connection with the spin-off, all of which generally remain subject to the same vesting and other terms that applied prior to the spin-off. Old LTIP Units that remain subject to vesting are herein referred to as restricted stock. Deferred LTIP Units are equity awards representing the right to receive either LTIP units in the Company’s successor operating partnership or, if such LTIP units are not available upon settlement of the award, shares of common stock of the Company. Other equity and equity-based awards relating to the Company’s common stock, such as RSUs and Deferred LTIP Units, were adjusted to also relate to an equal number of shares of NSAM’s common stock, but otherwise generally remain subject to the same vesting and other terms that applied prior to the spin-off. Vesting conditions for outstanding awards have been adjusted to reflect the impact of NSAM in terms of employment for service based on awards and total stockholder return in terms of performance-based awards with respect to periods after the spin-off.
	Following the spin-off, the Company and the compensation committee of its board of directors (the “Committee”) will continue to administer all awards issued under the NorthStar Realty Equity Plans but NSAM will be obligated to issue shares of NSAM’s common stock or other equity awards of its subsidiaries or make cash payments in lieu thereof or with respect to dividend or distribution equivalent obligations to the extent required by these awards under the NorthStar Realty Equity Plans. These awards will continue to be governed by the NorthStar Realty Equity Plans, as applicable, and shares of NSAM’s common stock issued pursuant to these awards will not be issued pursuant to, or reduce availability under the NorthStar Realty Equity Plans.
	All of the adjustments made in connection with the Reorganization, Reverse Split and the spin-off were deemed to be equitable adjustments pursuant to anti-dilution provisions in accordance with the terms of the NorthStar Realty Equity Plans. As a result, there was no incremental value attributed to these adjustments and these adjustments do not impact the amount recorded for equity-based compensation expense for the three and six months ended June 30, 2014 and 2013.
	The following summarizes the equity-based compensation plans and related aggregate expenses for the Company.
	All share amounts disclosed below have been retrospectively adjusted to reflect the Reverse Split.
	Omnibus Stock Incentive Plan
	In September 2004, the board of directors of the Company adopted the Stock 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 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. The eligible participants in the Stock Plan include directors, officers, employees, consultants and advisors of the Company.
	As of June 30, 2014, 3,883,238 shares of common stock remain available for issuance pursuant to the Stock Plan, which includes shares reserved for issuance upon settlement of outstanding Deferred LTIP Units and RSUs and 781,187 shares of restricted stock, after giving effect to the Reverse Split. As noted above, in connection with the spin-off, each outstanding Old LTIP Unit received an equal number of shares of NSAM’s common stock and each Deferred LTIP Unit award was adjusted to also relate to an equal number of Deferred LTIP Units in NSAM. Holders of shares of restricted stock or Deferred LTIP Units are entitled to receive dividends or dividend equivalents with respect to both the Company and NSAM on shares of restricted stock and vested and unvested Deferred LTIP Units for as long as such shares and Deferred LTIP Units remain outstanding.
	The following table presents the status as of June 30, 2014 and December 31, 2013 of all grants of Old LTIP Units and Deferred LTIP Units. The balance as of June 30, 2014 represents unvested Old LTIP Units (representing shares of restricted stock) and Deferred LTIP Units that are outstanding, whether vested or not (grants in thousands):
		June 30, 2014				December 31, 2013
		Grants		Weighted		Grants		Weighted
				Average				Average
				Grant Price				Grant Price
	Beginning balance(1)(2)	4,609		$	14.31	3,114		$	13.32
	Granted(3)	1,137		31.13		2,166		16.2
	Converted to common stock	(647	)	17.31		(670	)	15.8
	Forfeited	(4	)	21.64		(1	)	10.76
	Vested Old LTIP Units converted to common stock in the Reorganization(4)	(3,178	)	14.52		—		—
	Ending Balance/Weighted Average(5)	1,917		$	22.91	4,609		$	14.31
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2014 and 2013 for the periods ended June 30, 2014 and December 31, 2013, respectively.
	-2	Includes 349,071 Old LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan of which 333,755 Old LTIP Units have been converted. The remaining 15,316 Old LTIP Units were converted to common stock in the spin-off.
	-3	Awards were grants in the form of Old LTIP Units for the year ended December 31, 2013 and Deferred LTIP Units for the six months ended June 30, 2014.
	-4	Represents vested Old LTIP Units that were converted to the Company’s common stock in connection with the Reorganization.
	-5	Includes 781,187 shares of restricted stock, 152,622 vested Deferred LTIP Units and 982,977 unvested Deferred LTIP Units as of June 30, 2014.
	Incentive Compensation Plan
	In July 2009, the Committee approved the material terms of the Plan for the Company’s executive officers and other employees. Pursuant to the Plan, an incentive pool was established each calendar year through 2013. The size of the incentive pool was 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 or was subject to achievement of additional performance and/or time-based goals summarized below.
	The portion of the incentive pool for the executive officers was 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 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 Bonus”); and (c) a long-term incentive in the form of RSUs, LTIP units and/or Deferred LTIP Units. RSUs are subject to the Company achieving cumulative performance hurdles and/or total stockholder return hurdles 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 in the Company’s successor operating partnership to the extent available under the NorthStar Realty Equity Plans and, pursuant to adjustments made in connection with the spin-off, an equal number of shares of NSAM’s common stock or, if all or a portion of such shares or LTIP units are not available, in cash (the “Long Term Amount Payout”). These performance based RSUs were adjusted to refer to combined total stockholder return of the Company and NSAM with respect to periods after the spin off. Old LTIP Units (converted into common stock of the Company in the Reorganization) or Deferred LTIP Units granted as a portion of the long-term incentive are subject to vesting based on continued employment during the performance period, but are not subject to performance-based vesting hurdles. Deferred LTIPS that vest cannot be converted until March 31, 2015.
	In connection with the 2010 incentive pool under the Plan, the Company issued 1,104,999 RSUs to executive officers, after giving effect to the Reverse Split, 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 2012 the performance hurdle was reached entitling the recipients to 100% of the RSUs granted. In achievement of the performance hurdles, the Company issued 1,104,999 Old LTIP Units to executive officers in February 2013.
	In connection with the incentive pool under the 2011 Plan, the Company issued 762,898 RSUs to executive officers, after giving effect to the Reverse Split, which vest subject to continued employment and achieving total stockholder return hurdles 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. 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 762,898 Old LTIP Units to executive officers, after giving effect to the Reverse Split, which were subject to vesting in four annual installments ending on January 29, 2015, subject to the executive officer’s continued employment through the applicable vesting date, and may not be sold prior to December 31, 2014. The Company also granted 302,692 Old LTIP Units (net of forfeitures), after giving effect to the Reverse Split, to certain non-executive employees, which vest quarterly over three years beginning April 2012, subject to continued employment through the applicable vesting date.
	In connection with the incentive pool under the 2012 Plan, the Company issued 704,839 RSUs to executive officers, after giving effect to the Reverse Split, subject to continued employment and achieving total stockholder return hurdles 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. 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 704,839 Old LTIP Units to executive officers, after giving effect to the Reverse Split, which were subject to vesting in four annual installments beginning on January 29, 2013, subject to the executive officer’s continued employment through the applicable vesting date, and which may not be sold prior to December 31, 2015. The Company also granted 289,975 Old LTIP Units (net of forfeitures) to certain non-executive employees, after giving effect to the Reverse Split, which vest quarterly over three years beginning April 2013, subject to continued employment through the applicable vesting date.
	In connection with the incentive pool under the 2013 Plan, the Company issued 500,371 RSUs to executive officers, after giving effect to the Reverse Split, subject to continued employment and achieving total stockholder return hurdles 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. 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 500,371 Deferred LTIP Units to executive officers, after giving effect to the Reverse Split, which vest in four annual installments beginning on January 29, 2014, subject to the executive officer’s continued employment through the applicable vesting date, and may not be sold prior to December 31, 2016, and 261,577 Deferred LTIP Units, after giving effect to the Reverse Split, which are subject to vesting based on continued employment through December 31, 2015. The Company also granted 276,980 of Deferred LTIP Units (net of forfeitures) to certain non-executive employees, after giving effect to the Reverse Split, which vest quarterly over three years beginning April 2014, subject to continued employment through the applicable vesting date.
	Healthcare Strategic Joint Venture
	In connection with entering into the Healthcare Strategic Partnership, the Company granted Mr. Flaherty 500,000 RSUs, after giving effect to the Reverse Split, which vest on January 22, 2019, unless certain conditions are met. In connection with the spin-off, the RSUs granted to Mr. Flaherty were adjusted to also relate to an equal number of shares of NSAM’s common stock. The RSUs are entitled to dividend equivalents prior to vesting and may be settled either in shares of common stock of the Company and NSAM or in cash at the option of the Company. Mr. Flaherty is also entitled to incremental grants of NSAM’s common stock subject to certain conditions being met pursuant to a separate contractual arrangement entered into in connection with the Healthcare Strategic Partnership.
	Summary
	For the three months ended June 30, 2014 and 2013, the Company recognized total equity-based compensation expense of $7.9 million and $2.0 million, respectively, related to the NorthStar Realty Equity Plans and the NSAM Stock Plan, after giving effect to the allocation of equity-based compensation expense to NSAM which is recorded in discontinued operations in the consolidated statements of operations. For the six months ended June 30, 2014 and 2013, the Company recognized total equity-based compensation expense of $11.8 million and $6.7 million, respectively, related to the NorthStar Realty Equity Plans and the NSAM Stock Plan, after giving effect to the allocation of equity-based compensation expense to NSAM which is recorded in discontinued operations in the consolidated statements of operations. For the three months ended June 30, 2014 and 2013, the Company recognized in discontinued operations equity-based compensation expense of $8.0 million and $2.2 million, respectively. For the six months ended June 30, 2014 and 2013, the Company recognized in discontinued operations equity-based compensation expense of $13.7 million and $3.5 million, respectively. As of June 30, 2014, equity-based compensation expense to be recognized by the Company over the remaining vesting period through January 2019 is $33.5 million, provided there are no forfeitures and excluding any mark to market adjustments.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	Reverse Split
	On June 30, 2014, the Company effected a Reverse Split of its common stock with any fractional shares settled in cash. As a result of the Reverse Split, the common stock was reduced by dividing the par value prior to the Reverse Split by two (including retrospective adjustment of prior periods) with a corresponding increase to additional paid-in capital. The par value per share of common stock remained unchanged.
	All share and per share amounts disclosed in the Company’s consolidated financial statements and the accompanying notes have been retrospectively adjusted to reflect the Reverse Split, including common stock outstanding, earnings per share and shares or units outstanding related to equity-based compensation (refer to Note 12).
	Common Stock
	In January 2014, as part of the consideration for the investment in RXR Realty, the Company issued 677,570 shares of its common stock, after giving effect to the Reverse Split, 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 is amortized to interest income over the life of the debt, using the effective interest method, in the consolidated statements of operations.
	In May 2014, the Company issued 17.25 million shares of its common stock at a public offering price of $30.90 per share, after giving effect to the Reverse Split, which includes the full over-allotment option exercised by the underwriters of the offering. The net proceeds to the Company were $519.2 million.
	In June 2014, as part of the consideration for the investment in Aerium, the Company issued 208,819 shares of its common stock in a private offering to an Aerium affiliate at an agreed upon price of $32.52 per share, after giving effect to the Reverse Split, representing $6.8 million or €5 million.
	In June 2014, the Company settled all outstanding warrants in a cashless exercise issuing 799,500 shares of its common stock, after giving effect to the Reverse Split.
	Preferred Stock
	In May 2014, the Company issued 10.0 million shares of its new 8.75% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), including the over-allotment option, for net proceeds of $241.8 million.
	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 7,139,923 shares of its common stock, after giving effect to the Reverse Split. 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 six months ended June 30, 2014, the Company issued 4,819 shares of its common stock pursuant to the DRP, after giving effect to the Reverse Split, for gross sales proceeds of $0.2 million.
	Dividends
	The following table presents dividends declared (on a per share basis) for the six months ended June 30, 2014:
	Common Stock					Preferred Stock
								Dividend Per Share
	Declaration		Dividend Per Share(1)			Declaration		Series A				Series B			Series C		Series D
	Date					Date
	February 26		$	0.5		29-Jan		$	0.54688			$	0.51563		$	0.55469	$	0.53125
	7-May		$	0.5		30-Apr		$	0.54688			$	0.51563		$	0.55469	$	0.53125
	______________________
	-1	Adjusted for the Reverse Split effected on June 30, 2014.
	Earnings Per Share
	The following table presents EPS for the three and six months ended June 30, 2014 and 2013 (dollars and shares in thousands, except per share data):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014			2013				2014				2013
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(73,566	)	$	(12,626	)		$	(208,527	)		$	23,996
	Net income (loss) attributable to Old LTIP Units non-controlling interest	(1,700		)	(621		)		(5,296		)		1,112
	Net income (loss) attributable to common stockholders and Old LTIP Units(1)	$	(75,266	)	$	(13,247	)		$	(213,823	)		$	25,108
	Denominator:(2)
	Weighted average shares of common stock	174,181			99,424				167,386				93,911
	Weighted average Old LTIP Units(1)	4,009			4,894				4,146				4,546
	Weighted average shares of common stock and Old LTIP Units	178,190			104,318				171,532				98,457
	Dilutive securities(3)	—			—				—				1,651
	Weighted average diluted shares	178,190			104,318				171,532				100,108
	Earnings (loss) per share:(2)
	Basic	$	(0.42	)	$	(0.13	)		$	(1.25	)		$	0.26
	Diluted	$	(0.42	)	$	(0.13	)		$	(1.25	)		$	0.26
	____________________________________________________________
	-1	The EPS calculation takes into account Old LTIP Units, which received 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. Such Old LTIP Units were converted to common stock, the unvested portion of which remain restricted, in connection with the Reorganization (refer to Note 12).
	-2	Adjusted for the Reverse Split effected on June 30, 2014.
	-3	Excludes the effect of exchangeable senior notes, Deferred LTIP Units and RSUs outstanding that were not dilutive as of June 30, 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	6 Months Ended
	Jun. 30, 2014
Noncontrolling Interest [Abstract]	'
Non-controlling Interests	'
	Non-controlling Interests
	Reorganization
	Prior to the Distribution, the Company’s predecessor, NorthStar Realty Finance Corp. (“NRF Predecessor”), conducted substantially all of its operations and made its investments through the Operating Partnership and the Company (formerly known as “NRFC Sub-REIT Corp.”), NRF Predecessor’s then-majority-owned subsidiary. In connection with the Reorganization, the Operating Partnership merged with and into NRF Predecessor with NRF Predecessor as the surviving entity (“OP Merger”). Second, NRF Predecessor merged with and into the Company (known at the time as NRFC Sub-REIT Corp.) with the Company as the surviving entity (“Sub-REIT Merger”) and then NRFC Sub-REIT Corp. renamed itself as “NorthStar Realty Finance Corp.” In the OP Merger, Old LTIP Units were converted into an equal number of shares of common stock of NRFC Sub-REIT Corp. In the Sub-REIT Merger, each share of common stock and each series of the preferred stock of NRF Predecessor were exchanged for one share of common stock and the corresponding series of preferred stock with substantially similar terms, respectively, of the Company. Immediately after the Reorganization, the Company had the same number of shares of common stock and preferred stock outstanding as NRF Predecessor, except for the Old LTIP Units. On June 30, 2014 prior to the OP Merger, the Old LTIP Units represented 2.2% of the Operating Partnership with the remaining 97.8% held by NRF Predecessor. As a result of the OP Merger, the Old LTIP Units were converted to common stock of the Company.
	Prior to the spin-off, net income (loss) attributable to the non-controlling interest was based on the weighted average Old LTIP Unit holders’ ownership percentage of the Operating Partnership for the respective period. The issuance of additional common stock or Old LTIP Units changed the percentage ownership of both the Old LTIP Unit holders and the Company. Since a unit was generally redeemable for cash or common stock at the option of the Company, it was deemed to be equivalent to common stock. Therefore, such transactions were treated as capital transactions and resulted in an allocation between stockholders’ equity and non-controlling interests on the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. As of June 30, 2014, there were no Old LTIP Units outstanding as all were converted to common stock in connection with the Reorganization and the unvested portion remains restricted (refer to Note 12). As of December 31, 2013, Old LTIP Units of 4,608,759 were outstanding, after giving effect to the Reverse Split, representing a 2.9% ownership and non-controlling interest in the Operating Partnership. Net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended June 30, 2014 and 2013 was a loss of $1.7 million and $0.6 million, respectively. Net income (loss) attributable to the Operating Partnership non-controlling interest for the six months ended June 30, 2014 and 2013 was a loss of $5.3 million and income of $1.1 million, respectively. Such amounts exclude 1,135,599 Deferred LTIP Units, after giving effect to the Reverse Split, issued in connection with the Stock Plan.
	In the Reorganization, all obligations of the Operating Partnership and NRF Predecessor were assumed by the Company. Immediately following the Reorganization, the Company had, on a consolidated basis, the same assets, business and operations as NRF Predecessor had on a consolidated basis, immediately prior to the Reorganization. The Company accounted for the Reorganization as a reverse merger between entities under common control. The Company did not record any gain or loss related to the Reorganization.
	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 June 30, 2014 and 2013 was a loss of $0.8 million and $0.3 million, respectively. Net income (loss) attributable to the other non-controlling interests for the six months ended June 30, 2014 and 2013 was a loss of $1.0 million and $0.3 million, respectively.
	The following table presents net income (loss) attributable to the Company’s common stockholders for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Income (loss) from continuing operations	$	(73,007	)	$	(10,491	)	$	(207,594	)	$	25,978
	Income (loss) from discontinued operations	(559		)	(2,135		)	(933		)	(1,982		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(73,566	)	$	(12,626	)	$	(208,527	)	$	23,996

Fair_Value

Fair Value	6 Months Ended
	Jun. 30, 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.
	Investments in Unconsolidated Ventures
	The Company accounts for certain investments in unconsolidated ventures at fair value 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 and Aerium 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 June 30, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):
		June 30, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	550,141		$	550,141
	Investments in unconsolidated ventures(1)	—			—			265,719			265,719
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			284,960			284,960
	N-Star CDO equity	—			—			140,133			140,133
	CMBS and other securities	—			18,763			33,466			52,229
	CRE securities in N-Star CDOs
	CMBS	—			349,288			55,356			404,644
	Third-party CDO notes	—			—			24,706			24,706
	Agency debentures	—			34,394			—			34,394
	Unsecured REIT debt	—			9,554			—			9,554
	Trust preferred securities	—			—			6,008			6,008
	Subtotal CRE securities in N-Star CDOs	—			393,236			86,070			479,306
	Subtotal real estate securities, available for sale	—			411,999			544,629			956,628
	Derivative assets	—			2,068			—			2,068
	Total assets	$	—		$	414,067		$	1,360,489		$	1,774,556
	Liabilities:
	CDO bonds payable	$	—		$	—		$	399,772		$	399,772
	Junior subordinated notes	—			—			221,445			221,445
	Derivative liabilities	—			23,807			—			23,807
	Total liabilities	$	—		$	23,807		$	621,217		$	645,024
	_____________________________________________________________________
	-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
		December 31, 2013
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	586,018		$	586,018
Investments in unconsolidated ventures(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 CRE securities in N-Star CDOs	—			546,786			95,298			642,084
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 preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, 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 June 30, 2014 and December 31, 2013, for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):
	June 30, 2014															31-Dec-13
	Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior			Investments in Private Equity Funds			Investments in Unconsolidated Ventures(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)	—			—			16,368			—			—			—			—		7,788			—			—
Transfers out of Level 3(3)	—			—			—			—			—			—			—		(108,143		)	—			—
Purchases / borrowings / amortization / contributions	13,155			70,467			31,760			—			—			747,564			192,209		23,594			43,983			—
Sales	—			—			(18,552		)	—			—			—			—		(40,328		)	—			—
Paydowns / distributions	(106,328		)	(193		)	(18,148		)	(43,704		)	—			(244,138		)	—		(54,971		)	(647,947		)	—
Repurchases	—			—			—			—			—			—			—		—			(44,221		)	—
Gains:
Equity in earnings of unconsolidated ventures	57,296			3,026			—			—			—			82,592			210		—			—			—
Unrealized gains included in earnings	—			—			52,605			—			—			—			—		68,794			—			—
Realized gains included in earnings	—			—			12,389			—			—			—			—		15,179			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			54,487			—			—			—			—		3,098			—			—
Deconsolidation of N-Star CDOs(4)	—			—			8,805			(122,486		)	—			—			—		350,886			(1,656,857		)	—
Losses:
Unrealized losses included in earnings	—			—			(48,015		)	181,779			20,242			—			—		(19,523		)	106,622			4,030
Realized losses included in earnings	—			—			(2,440		)	—			—			—			—		(5,601		)	26,697			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(8,401		)	—			—			—			—		(4,138		)	—			—
Deconsolidation of N-Star CDOs(4)	—			—			(21,069		)	—			—			—			—		(90,008		)	556,436			—
Ending balance	$	550,141		$	265,719		$	544,629		$	399,772		$	221,445		$	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.	$	—		$	—		$	4,651		$	(181,779	)	$	(20,242	)	$	—		$	—	$	20,746		$	93,025		$	(4,030	)
____________________________________________________________
-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
-2	Represents the balance as of January 1, 2014 and 2013 for the periods ended June 30, 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 June 30, 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 six months ended June 30, 2014, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows (dollars in thousands):
	Fair Value			Valuation Technique		Key Unobservable Inputs(2)	Range
PE Investments	$	550,141		Discounted Cash Flow Model		Discount Rate	19% - 26%
Investments in unconsolidated ventures(1)	$	265,719		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7.5% - 12%
N-Star CDO equity	$	140,133		Discounted Cash Flow Model		Discount Rate	18% - 20%
_________________________________________
-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, 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, the Aerium 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 such investments 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
	June 30, 2014			December 31,
				2013
Assets:
Investments in private equity funds	$	550,141		$	586,018
Investments in unconsolidated ventures(1)	265,719			192,419
Real estate securities, available for sale:(2)
N-Star CDO equity	140,133			158,274
CMBS and other securities	42,275			30,642
CRE securities in N-Star CDOs
CMBS	404,644			572,301
Third-party CDO notes	24,706			24,931
Agency debentures	34,394			29,540
Unsecured REIT debt	9,554			9,521
Trust preferred securities	6,008			5,791
Subtotal CRE securities in N-Star CDOs	479,306			642,084
Subtotal real estate securities, available for sale	661,714			831,000
Total assets	$	1,477,574		$	1,609,437
Liabilities:
CDO bonds payable	$	399,772		$	384,183
Junior subordinated notes	221,445			201,203
Total liabilities	$	621,217		$	585,386
___________________________________________________________
-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
-2	June 30, 2014 excludes 38 CRE securities including $285.0 million of N-Star CDO bonds and $10.0 million of CRE securities, for which the fair value option was not elected. December 31, 2013 excludes 36 CRE securities including $205.3 million of N-Star CDO bonds and $16.0 million of CRE securities, 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 June 30, 2014 (dollars in thousands):
	Fair Value			Amount			Difference
				Due Upon
				Maturity
CDO bonds payable	$	399,772		$	628,095		$	(228,323	)
Junior subordinated notes	221,445			280,117			(58,672		)
Total	$	621,217		$	908,212		$	(286,995	)
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 and six months ended June 30, 2014 and 2013 (dollars in thousands):
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Assets:
Real estate securities, available for sale	$	(5,851	)	$	25,785		$	10,342		$	122,268
Other(1)	(411		)	829			(800		)	(900		)
Liabilities:
CDO bonds payable	(38,418		)	(77,144		)	(181,779		)	(149,429		)
Junior subordinated notes	(8,245		)	(13,824		)	(20,242		)	(23,444		)
Subtotal(2)	(52,925		)	(64,354		)	(192,479		)	(51,505		)
Derivatives	275			22,440			4,228			38,201
Total	$	(52,650	)	$	(41,914	)	$	(188,251	)	$	(13,304	)
____________________________________________________________
(1) Represents foreign currency remeasurement on an investment denominated in Euros.
(2) 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 16).
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 and six months ended June 30, 2014, unrealized losses for CDO bonds payable was primarily attributable to the deconsolidation of N-Stars CDOs III and V. 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
	June 30, 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	$	1,268,983		$	1,236,221		$	1,230,653		$	1,085,280		$	1,031,078		$	1,026,709
Real estate securities, available for sale(2)	1,646,487			956,628			956,628			2,090,726			1,052,320			1,052,320
Derivative assets(2)(3)	1,947,389			2,068			2,068			478,688			3,469			3,469
Financial liabilities:(1)
Mortgage and other notes payable	$	3,612,403		$	3,606,585		$	3,609,608		$	2,133,334		$	2,113,334		$	2,107,110
CDO bonds payable(2)	628,095			399,772			399,772			970,219			384,183			384,183
Securitization bonds payable	82,337			82,372			82,548			82,337			82,340			82,517
Credit facilities	101,168			101,168			101,168			70,038			70,038			70,038
Senior notes	481,118			481,118			480,108			—			—			—
Exchangeable senior notes	171,149			151,750			306,365			543,815			490,973			909,601
Junior subordinated notes(2)	280,117			221,445			221,445			280,117			201,203			201,203
Derivative liabilities(2)(3)	321,796			23,807			23,807			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 June 30, 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
For the 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.
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	6 Months Ended
	Jun. 30, 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 and cap 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 June 30, 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 June 30, 2014:
	Interest rate swaps	12			$	321,796			$	(23,807	)	(2)	0.62% - 5.25%	July 2014 - July 2018
	Interest rate caps/floors	13			1,947,389				2,068				1.64% - 5.00%	July 2014 - December 2017
	Total	25			$	2,269,185			$	(21,739	)
	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 June 30, 2014 and December 31, 2013.
	-2	Most 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 decrease from deconsolidation of N-Star CDOs III and V (refer to Note 3) and contractual notional amortization, offset by a new interest rate swap assumed in connection with the Formation Portfolio. The change in number and notional amount of interest rate caps/floors from December 31, 2013 primarily relates to the assumption of caps in connection with the Formation Portfolio and entering into a new cap in connection with the Innkeepers Portfolio. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of June 30, 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
		Balance Sheet	June 30,				December 31,
		Location	2014				2013
	Interest rate caps/floors	Derivative assets	$	2,068			$	3,469
	Interest rate swaps	Derivative liabilities	$	23,807			$	52,204
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
			Three Months Ended								Six Months Ended
			June 30,								June 30,
		Statements of Operations Location	2014				2013				2014			2013
	Amount of gain (loss) recognized in earnings:
	Adjustments to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	275			$	22,440			$	4,228		$	38,201
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(3,955	)		$	(15,920	)		$	(10,694	)	$	(32,674	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(229	)		$	(1,722	)		$	(458	)	$	(3,484	)
	The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of June 30, 2014 and December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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:
	•	Real Estate - The real estate business concentrates on various types of investments in commercial real estate located throughout the United States that includes healthcare, manufactured housing communities, hotel, net lease and multifamily properties. In addition, it includes PE Investments diversified by property type and geography.
	•	Healthcare - 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. In addition, the Company owns healthcare properties that operate under a RIDEA structure generating resident income from short-term residential agreements and incur customary related operating expenses.
	•	Manufactured Housing - The manufactured housing communities portfolio focuses on owning pad rental sites located throughout the United States.
	•	Hotel - The hotel portfolio is a geographically diverse portfolio primarily comprised of extended stay hotels and premium branded select service hotels located primarily in major metropolitan markets with the majority affiliated with top hotel brands.
	•	Net Lease - The net lease properties are primarily office, industrial and retail properties typically under net leases to corporate tenants.
	•	Multifamily - The multifamily portfolio primarily focuses on owning properties located in suburban markets that are best suited to capture the formation of new households.
	•	PE Investments - The real estate business also includes investments (directly or indirectly in joint ventures) owning limited partnership interests in real estate private equity funds, managed by institutional quality sponsors and diversified by property type and geography.
	•	Commercial Real Estate Debt - The CRE debt business 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.
	•	Commercial Real Estate Securities - The CRE securities business 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 June 30, 2014, N-Star securities CDOs I and IX continue to be consolidated. As of June 30, 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 continues to receive collateral management fees related to administrative responsibilities for deconsolidated N-Star CDO financing transactions, which are recorded in other revenue and included in the N-Star CDOs segment.
	The Company primarily generates revenue from net interest income on the CRE debt and securities portfolios and rental income from its real estate properties. Prior to the spin-off of its asset management business, the Company generated 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 asset management segment represents the consolidated results of operations and balance sheet of NSAM which was transferred to NSAM in connection with the spin-off. Amounts related to the asset management business are reported in discontinued operations and include an allocation of indirect expenses related to managing the NSAM Sponsored Companies and owning NorthStar Securities, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other costs) based on an estimate had the asset management business been an independent entity.
	The following tables present segment reporting for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
	Statement of Operations:									N-Star CDOs(1)
	Three months ended June 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate(2)				Asset Management(3)				Consolidated
						Debt		Securities		Securities											Total
	Net interest income on debt and securities	$	1,630			$	38,658	$	15,487	$	14,663		$	2,323		(4)	$	—			$	72,761
	Rental and escalation income	78,387				—		—		389			—				—				78,776
	Resident fee and hotel income	37,586				—		—		—			—				—				37,586
	Income (loss) from operations	(30,455		)	(5)	36,956		19,385		15,478			(40,957		)		—				407
	Equity in earnings (losses) of unconsolidated ventures	29,455				1,925		—		—			—				—				31,380
	Income (loss) from continuing operations	(2,958		)		38,560		13,779		(61,495		)	(47,802		)		—				(59,916		)
	Income (loss) from discontinued operations	(253		)		—		—		—			—				(319		)		(572		)
	Net income (loss)	(3,211		)		38,560		13,779		(61,495		)	(47,802		)		(319		)		(60,488		)
	Statement of Operations:									N-Star CDOs(1)
	Three months ended June 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate(2)				Asset Management(3)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Net interest income on debt and securities	$	11			$	9,969	$	5,105	$	19,154		$	16,581			$	10,740		(4)	$	—		$	61,560
	Rental and escalation income	53,737				—		—		10,232			284				—				—			64,253
	Income (loss) from operations	(1,789		)		9,920		8,068		13,973			25,674				(23,570		)		—			32,276
	Equity in earnings (losses) of unconsolidated ventures	14,425				645		—		49			—				—				—			15,119
	Income (loss) from continuing operations	20,895			(5)	11,394		10,922		(19,326		)	15,202				(37,393		)		—			1,694
	Income (loss) from discontinued operations	108				—		—		—			—				—				(2,348		)	(2,240		)
	Net income (loss)	21,003				11,394		10,922		(19,326		)	15,202				(37,393		)		(2,348		)	(546		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.6 million and $3.1 million of collateral management fees were earned from CDO financing transactions for the three months ended June 30, 2014 and 2013, respectively, of which $0.7 million and $3.1 million, respectively, were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-3	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-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 $32.8 million and $16.1 million for the three months ended June 30, 2014 and 2013, respectively.
	Statement of Operations:									N-Star CDOs(1)
	Six months ended June 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate(2)				Asset Management(3)				Consolidated
						Debt		Securities		Securities											Total
	Net interest income on debt and securities	$	2,366			$	67,560	$	42,642	$	28,809		$	6,780		(4)	$	—			$	148,157
	Rental and escalation income	146,529				—		—		672			—				—				147,201
	Resident fee and hotel income	37,586				—		—		—			—				—				37,586
	Income (loss) from operations	(43,112		)	(5)	65,310		44,094		35,263			(65,410		)		—				36,145
	Equity in earnings (losses) of unconsolidated ventures	57,479				5,693		—		—			—				—				63,172
	Income (loss) from continuing operations	9,275				70,293		26,374		(170,945		)	(111,880		)		—				(176,883		)
	Income (loss) from discontinued operations	(637		)		—		—		—			—				(6,074		)		(6,711		)
	Net income (loss)	8,638				70,293		26,374		(170,945		)	(111,880		)		(6,074		)		(183,594		)
	Statement of Operations:									N-Star CDOs(1)
	Six months ended June 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate(2)				Asset Management(3)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Net interest income on debt and securities	$	21			$	17,504	$	12,179	$	36,797		$	35,429			$	18,568		(4)	$	—		$	120,498
	Rental and escalation income	81,750				—		—		19,965			474				—				—			102,189
	Income (loss) from operations	(929		)	(5)	17,394		18,378		23,895			50,268				(51,045		)		—			57,961
	Equity in earnings (losses) of unconsolidated ventures	22,186				1,589		—		(343		)	—				—				—			23,432
	Income (loss) from continuing operations	33,488				18,083		21,013		(21,408		)	76,708				(74,525		)		—			53,359
	Income (loss) from discontinued operations	268				—		—		—			—				—				(4,477		)	(4,209		)
	Net income (loss)	33,756				18,083		21,013		(21,408		)	76,708				(74,525		)		(4,477		)	49,150
_______________________________________________
-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $3.1 million and $6.2 million of collateral management fees were earned from CDO financing transactions for the six months ended June 30, 2014 and 2013, respectively, of which $1.4 million and $6.2 million, respectively, were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
-2	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
-3	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
-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 $59.0 million and $25.1 million for the six months ended June 30, 2014 and 2013, respectively.
The following table presents total assets by segment as of June 30, 2014 and December 31, 2013 (dollars in thousands):
									N-Star CDOs(1)
Total Assets	Real Estate				CRE		CRE		CRE			Asset				Corporate				Consolidated
					Debt		Securities		Securities			Management(2)								Total
30-Jun-14	$	5,535,216			$	1,434,356	$	487,776	$	526,400		$	—			$	385,098			$	8,368,846
31-Dec-13	$	3,343,402			$	1,211,079	$	418,837	$	727,875		$	31,709			$	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.
-2	Represents the consolidated balance sheet of NSAM (refer to Note 10). NSAM was spun off from the Company as of June 30, 2014.

Supplemental_Disclosures_of_No

Supplemental Disclosures of Non-cash Investing and Financing Activities	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2014 and 2013 (dollars in thousands):
		Six Months Ended June 30,
		2014		2013
	Assumption of mortgage note payable upon purchase	$	649,740	$	—
	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	191,417		—
	Reclassification of operating real estate to deferred costs and intangible assets	81,639		18,375
	Contribution from non-controlling interests	55,116		—
	Net assets distributed in spin-off of asset management business (refer to Note 10)	39,709		—
	Reclassification of operating real estate to assets of properties held for sale	21,820		—
	Conversion of Old LTIP Units (refer to Note 12)	18,611		9,442
	Escrow deposit payable related to CRE debt investments	18,095		19,117
	Reclassification of operating real estate to other assets	12,383		60,603
	Issuance of common stock related to transactions (Refer to Note 13)	6,803		—
	Non-cash related to PE Investments	2,482		39,530
	Dividends payable related to RSUs	762		—
	Real estate acquisition(1)	—		50,701
	Reduction of CRE debt investments(1)	—		50,701
	Equity component of 5.375% Notes	—		39,768
	Increase in restricted cash(1)	—		2,887
	____________________________________________________________
	(1) Non-cash activity occurred in connection with taking title to collateral.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Dividends
	On August 6, 2014, the Company declared a dividend of $0.50 per share of common stock. The common stock dividend will be paid on August 22, 2014 to stockholders of record as of the close of business on August 18, 2014. On July 31, 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, $0.53125 per share of Series D Preferred Stock and $0.5469 per share of Series E Preferred Stock. Dividends will be paid on all series of preferred stock on August 15, 2014 to stockholders of record as of the close of business on August 11, 2014.
	Exchangeable Senior Notes
	In July 2014, $78.3 million principal amount of the 5.375% Notes were exchanged for 8.7 million shares of common stock and $2.8 million principal amount of the 8.875% Notes were exchanged for 0.5 million shares of common stock.
	Credit Facility
	In August 2014, the Company and certain of its subsidiaries entered into a revolving corporate credit facility with certain commercial bank lenders, with a total commitment amount of $500 million for a three-year term. The facility is secured by collateral relating to a borrowing base and also includes guarantees by certain subsidiaries of the Company. Borrowings under the facility accrue interest at LIBOR plus 3.50%.
	PE Investment VI
	In July 2014, the Company, through a subsidiary, executed a purchase and sale agreement to acquire a portfolio of limited partnership interests in real estate private equity funds (“PE Investment VI”) for $88.2 million, which represents 92% of the estimated NAV as of June 30, 2014, prior to adjusting for distributions and contributions from such date. On July 30, 2014, the Company paid $60.0 million to the seller as a deposit and $25.8 million to an escrow account to close on the fund interests. The final purchase price is based on the NAV as of June 30, 2014. As such, once the actual June 30, 2014 NAVs have been received, the Company will perform a true-up calculation with the seller. The Company anticipates on closing the fund interests in the third quarter of 2014 once the Company receives general partner consent from the underlying funds.
	Industrial Portfolio
	In May 2014, the Company entered into an agreement to invest in an approximate $406 million, 6.3 million square foot industrial portfolio that is 100% net lease with a remaining weighted average lease term of over 12 years (“Industrial Portfolio”). The Industrial 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 has an approximate 50% ownership interest. The Company intends to close on this investment in the third quarter 2014.
	Hotel Portfolio
	In August 2014, the Company purchased a 20-hotel portfolio of select service hotels totaling approximately 1,900 rooms located in Texas, California, Louisiana and Oklahoma (“Hotel Portfolio”). The Company acquired the Hotel Portfolio through a joint venture with a third party for $273 million and contributed $52.5 million for a 97.5% ownership interest.
	Griffin-American Healthcare REIT II, Inc.
	On August 5, 2014, the Company and Griffin-American Healthcare REIT II, Inc. (“Griffin-American”) announced that the board of directors of both companies unanimously approved a definitive merger agreement under which the Company will acquire all of the outstanding shares of Griffin-American in a stock and cash transaction valued at $4 billion, including approximately $600 million of financing. Griffin-American is a non-traded REIT focused on medical office buildings, senior housing and other healthcare-related facilities and is co-sponsored by American Healthcare Investors and Griffin Capital Corporation.
	Griffin-American’s diversified portfolio is comprised of 295 healthcare-related real estate properties which are predominantly medical office buildings (43%) and senior housing facilities (30%) in the United States and the United Kingdom. Subject to the terms and conditions of the merger agreement, Griffin-American stockholders will receive $11.50 per Griffin-American share comprising: (i) $7.75 per share in cash; and (ii) $3.75 per share in the Company’s common stock. The common stock portion will be subject to a collar such that Griffin-American stockholders will receive 0.1859 shares of common stock if the Company’s stock price is above $20.17 per share at closing and 0.2344 shares of common stock if the Company’s stock price is below $16.00 at closing. If the Company’s stock price at closing is between $16.00 and $20.17 per share, Griffin-American stockholders will receive a number of the Company’s shares between 0.1859 and 0.2344, equal to $3.75 in value. Transaction costs, including the Griffin-American promote, are expected to be approximately $200 million. The merger with Griffin-American is expected to close in the fourth quarter of 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and its 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 Unconsolidated Ventures	'
	Investments in 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”), certain components of the Company’s investment in RXR Realty LLC (“RXR Realty”) and its investment in the Aerium Group (“Aerium”). PE Investments are recorded as investments in private equity funds, at fair value. Investments in RXR Realty and Aerium are recorded as investments in unconsolidated ventures 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. A non-controlling interest is 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. An allocation to a non-controlling interest 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, such as goodwill. 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	'
	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	'
	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.
	The Company generates operating income from healthcare and hotel properties permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”). Revenue related to healthcare properties includes resident room and care charges and other resident charges. Revenue related to operating hotel properties primarily consists of room and food and beverage sales. Revenue is recognized when such services are provided, generally defined as the date upon which a guest occupies a room or uses the hotel services and is recorded in resident fee and hotel income in the consolidated statements of operations.
	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.
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/resident/guest 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 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 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, the Company recognizes compensation expense, net of estimated forfeitures, based on an 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 on 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.
Foreign Currency Remeasurement	'
	Foreign Currency Remeasurement
	Assets and liabilities denominated in non-U.S. dollar currencies are remeasured at a rate of exchange prevailing on the reporting date and revenues and expenses are remeasured at the average rate of exchange for the period. The Company’s functional currency of its non-U.S. denominated assets and liabilities is the U.S. dollar. Therefore, any gains or losses from the remeasurement of foreign currency to U.S. dollars are recognized in earnings.
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, including restricted stock. Diluted EPS reflects the potential dilution that could occur if outstanding restricted stock units (“RSUs”) or other contracts to issue common stock, assuming performance hurdles have been met, were converted to common stock, including Deferred LTIP Units (refer to Note 12), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and Deferred 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.
	In May 2014, the FASB issued an accounting update requiring a company to recognize as revenue the amount of consideration it expects to be entitled to in connection with the transfer of promised goods or services to customers.  When it becomes effective on January 1, 2017, the accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP.  The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial statements and related disclosures.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Schedule of other assets and other liabilities	'
	The following table presents a summary of other assets and other liabilities as of June 30, 2014 and December 31, 2013 (dollars in thousands):
		June 30,			December 31,
		2014			2013
		(Unaudited)
	Other assets:
	Manufactured homes	$	70,130		$	69,217
	Notes receivable	40,263			38,418
	Investment-related reserves and deposits	18,089			11,127
	Furniture, fixtures and equipment, net	—		(1)	6,977
	Prepaid expenses	10,826			5,361
	Other	12,395			13,953
	Total	$	151,703		$	145,053
		June 30,			December 31,
		2014			2013
		(Unaudited)
	Other liabilities:
	PE Investment III deferred purchase price (refer to Note 6)	$	39,760		$	39,760
	Below-market leases	28,604			8,700
	Unearned revenue	4,299			2,029
	Tenant security deposits	16,508			9,294
	Other	3,017			14,091
	Total	$	92,188		$	73,874
	__________________________________________________
	(1)Distributed to NSAM in connection with the spin-off.

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables) (Unconsolidated VIEs)	6 Months Ended
	Jun. 30, 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 June 30, 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	$	—		$	59,760	$	—	$	59,760	$	59,760
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		284,960		284,960		284,960
	N-Star CDO equity	—			—		140,133		140,133		140,133
	CMBS	—			—		38,111		38,111		38,111
	Subtotal real estate securities, available for sale	—			—		463,204		463,204		463,204
	Total assets	3,742			59,760		463,204		526,706		526,706
	Junior subordinated notes, at fair value	221,445			—		—		221,445		NA
	Total liabilities	221,445			—		—		221,445		NA
	Net	$	(217,703	)	$	59,760	$	463,204	$	305,261	$	526,706
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of June 30, 2014 would not exceed the carrying value of its investment.

Operating_Real_Estate_Tables

Operating Real Estate (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate [Abstract]	'
Schedule of assets acquired and liabilities assumed, real estate portfolios	'
	The following table presents the initial allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the Formation Portfolio, Innkeepers Portfolio and Manufactured Housing Portfolio that continue to be subject to refinement upon receipt of all information (dollars in thousands):
			Formation Portfolio				Innkeepers Portfolio			Manufactured Housing Portfolio
	Assets:
	Land and improvements		$	138,017			$	165,990		$	324,511
	Buildings		826,302				683,958			8,456
	Other assets acquired		96,361				205,252			69,394
	Total assets acquired		$	1,060,680			$	1,055,200		$	402,361
	Liabilities:
	Mortgage notes payable		$	638,201			$	840,000		$	267,020
	Other liabilities assumed		8,550				—			—
	Total liabilities		646,751				840,000			267,020
	Total NorthStar Realty Finance Corp. stockholders’ equity		357,587				193,082			126,513
	Non-controlling interests		56,342				22,118			8,828
	Total equity		413,929				215,200			135,341
	Total liabilities and equity		$	1,060,680			$	1,055,200		$	402,361
Summary of income (loss) from discontinued operations	'
	The following table presents income (loss) from discontinued operations related to such properties for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014				2013
	Revenue
	Rental and escalation income	$	—			$	960		$	—			$	1,920
	Other revenue	85				—			85				92
	Total revenue	85				960			85				2,012
	Expenses
	Other interest expense	—				471			—				941
	Real estate properties—operating expenses	26				11			376				11
	Other expenses	25				47			59				100
	Impairment of operating real estate	287			(1)	—			287			(1)	—
	Depreciation and amortization	—				323			—				692
	Total expenses	338				852			722				1,744
	Income (loss) from operating real estate discontinued operations	$	(253	)		$	108		$	(637	)		$	268
	__________________
	-1	Includes an immaterial loss from the sale of two healthcare properties classified as held for sale.
	The following table presents the NSAM balance sheet as of June 30, 2014, the date of the Distribution (dollars in thousands):
	Assets
	Cash	$	118,728		(1)
	Restricted cash	3,132
	Investments in unconsolidated ventures	4,000			(2)
	Receivables, related parties	16,907			(3)
	Deferred costs and intangible assets	27,220			(4)
	Other assets	9,548			(5)
	Total assets	179,535
	Liabilities
	Accounts payable and accrued expenses	$	21,098		(4)
	Total liabilities	21,098
	Equity	158,437
	Total liabilities and equity	$	179,535
	__________________
	-1	Represents the initial capitalization amount of NSAM upon completion of the spin-off, including an amount related to transaction costs to be paid by NSAM. Such transaction costs were expensed by NSAM upon completion of the spin-off and included legal, accounting, tax and other professional services and relocation and start-up costs.
	-2	Represents NSAM’s acquisition of a 50% interest in a crowd funding company in June 2014.
	-3	The Company was historically entitled to certain expense allocations for costs paid on behalf of the NSAM Sponsored Companies. As of June 30, 2014, the Company had aggregate unreimbursed operating costs of $16.9 million from the NSAM Sponsored Companies recorded as receivables, related parties on the consolidated balance sheets. For the six months ended June 30, 2014, the Company received $8.5 million of reimbursement from the NSAM Sponsored Companies.
	-4	Includes $25.6 million of transaction costs related to the NSAM spin-off, of which $11.5 million was paid by the Company on behalf of NSAM as of June 30, 2014.
	-5	Includes fixed assets, tenant improvements and deposits related to leased offices that was transferred to NSAM of $7.5 million and other assets of $2.2 million.
	The following table presents the consolidated statements of operations for NSAM included in discontinued operations in the Company’s consolidated statements of operations and excludes the effect of any fees that NSAM will earn in connection with the management agreement (dollars in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014				2013
	Total revenues	$	32,675			$	38,591		$	56,013			$	60,146
	Total expenses	32,994				40,939			62,087				64,623
	NSAM income (loss) in discontinued operations	$	(319	)		$	(2,348	)	$	(6,074	)		$	(4,477	)

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	6 Months Ended
	Jun. 30, 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	2				34,418				21,431				3.2	%		—			2.22	%		3.68	%	100	%
	Mezzanine loans	1				11,000				10,965				1	%		8	%		—	%		8.33	%	—
	Subordinate interests	1				7,773				7,773				0.8	%		—			6.75	%		6.92	%	100	%
	Term loans	7				4,129				4,129				0.4	%		6.95	%		—			6.95	%	—
	Subtotal/Weighted average	11				57,320				44,298				5.4	%		7.71	%		3.05	%		5.7	%	73.6	%
	Total	44				$	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 was 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 June 30, 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	18				$	538,762			$	505,690			42.4	%		13.21	%		7.49	%		11.26	%	82	%
	Mezzanine loans	8				155,840				155,958				12.2	%		13.44	%		13.46	%		13.81	%	80	%
	Subordinate interests(1)	9				302,728				310,549				23.9	%		12.6	%		12.33	%		12.92	%	27.1	%
	Term loans(2)	4				230,343				238,082				18.2	%		12.45	%		—			12.94	%	—
	Subtotal/Weighted average(3)	39				1,227,673				1,210,279				96.7	%		12.68	%		9.13	%		12.31	%	52.2	%
	CRE debt in N-Star CDOs
	First mortgage loans	2				26,957				11,607				2.1	%		—			1.27	%		3.01	%	100	%
	Mezzanine loans	1				11,000				10,982				0.9	%		8	%		—			8.33	%	—
	Term loans	6				3,353				3,353				0.3	%		6.74	%		—			6.74	%	—
	Subtotal/Weighted average	9				41,310				25,942				3.3	%		7.71	%		1.27	%		5.75	%	65.3	%
	Total	48				$	1,268,983			$	1,236,221			100	%		12.56	%		8.8	%		12.16	%	52.6	%
	____________________________________________________________
	-1	Includes a $100.0 million preferred equity investment for which the Company elected the fair value option. As of June 30, 2014, carrying value represents fair value with respect to this investment.
	-2	Term loans include one revolver of $25.0 million, of which $19.2 million is outstanding as of June 30, 2014.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $135.3 million for Securitization 2012-1 and $163.5 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 $16.0 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 $5.9 million as of June 30, 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 $27.1 million that were originated prior to 2008.
	-7	$519.5 million principal amount has a weighted average LIBOR floor of 0.94%. Includes one first mortgage loan with a principal amount of $6.8 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of June 30, 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 June 30, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	July 1 to December 31, 2014	$	243,359			$	190,150
	Years Ending December 31:
	2015	275,292				86,173
	2016	262,691				190,089
	2017	62,728				230,909
	2018	2,925				149,674
	Thereafter	421,988				421,988
	Total	$	1,268,983			$	1,268,983
	____________________________________________________________
	-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 and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended										Six Months Ended
		June 30,										June 30,
		2014					2013					2014					2013
	Beginning balance	$	4,766				$	153,412				$	2,880				$	156,699
	Provision for loan losses, net	833					—					2,719					2,336			(1)
	Transfers to REO	—					—					—					(5,623		)
	Write-offs / payoffs	—					(20,210		)	(2)		—					(20,210		)	(2)
	Ending balance	$	5,599				$	133,202				$	5,599				$	133,202
	____________________________________________________________
	(1) Includes $4.0 million of reversals of previously recorded provisions for loan losses.
	(2) Represents a write-off of a previously recorded loan loss reserve upon payoff of a loan.
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:	June 30,				December 31,
		2014				2013
	Loans with no loan loss reserve:
	First mortgage loans	$	516,597			$	426,850
	Mezzanine loans	166,940				116,195
	Subordinate interests	310,549				260,886
	Term loans	241,435				223,478
	Subtotal	1,235,521				1,027,409
	Other loans with a loan loss reserve/non-accrual status:
	First mortgage loans(1)	700				1,783
	Mezzanine loans	—				1,886
	Subtotal	700				3,669
	Non-performing loans:	—				—
	Total	$	1,236,221			$	1,031,078
	____________________________________________________________
	-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.9 million and $6.4 million as of June 30, 2014 and December 31, 2013, respectively.
Schedule of impaired loans	'
	The following table presents impaired loans as of June 30, 2014 and December 31, 2013 (dollars in thousands):
		30-Jun-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				$	2,533			$	700			$	1,833			1				$	2,533		$	1,783	$	1,000
	Mezzanine loans	1				3,766				—				3,766				1				3,766			1,886		1,880
	Total	2				$	6,299			$	700			$	5,599			2				$	6,299		$	3,669	$	2,880
	____________________________________________________________
	-1	Principal amount differs from carrying value primarily 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 $5.9 million and $6.4 million as of June 30, 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 June 30, 2014 and 2013 (dollars in thousands):
		June 30, 2014										June 30, 2013
		Number		Average Carrying Value				Three Months Ended Income				Number		Average				Three Months Ended Income
														Carrying
														Value
	Class of Debt:
	First mortgage loans	1		$	1,241			$	—			5		$	78,884			$	343
	Mezzanine loans	1		—				1				7		117,792				143
	Subordinate interests	—		—				—				2		—				1
	Term loans	—		—				—				1		21,758				904
	Total/weighted average	2		$	1,241			$	1			15		$	218,434			$	1,391
	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 six months ended June 30, 2014 and 2013 (dollars in thousands):
		June 30, 2014										June 30, 2013
		Number		Average Carrying Value				Six Months Ended Income				Number		Average				Six Months Ended Income
														Carrying
														Value
	Class of Debt:
	First mortgage loans	1		$	1,422			$	—			5		$	81,219			$	684
	Mezzanine loans	1		629				3				7		130,921				280
	Subordinate interests	—		—				—				2		—				2
	Term loans	—		—				—				1		21,758				1,798
	Total/weighted average	2		$	2,051			$	3			15		$	233,898			$	2,764
	As of June 30, 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 six months ended June 30, 2013 (dollars in thousands):
		30-Jun-13
	Class of Debt:	Number					Carrying				Original			Modified
							Value				WA Interest			WA Interest
											Rate			Rate
	Mezzanine loan	1					$	50,905			10.85	%		0	%	(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)	6 Months Ended
	Jun. 30, 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 15).
	-6	The fair value option was elected for $30.6 million carrying value of these securities (refer to Note 15).
	-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 June 30, 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)	36	$	526,403	$	241,132	$	51,481	$	(7,653	)	$	284,960	32	%	1.69	%	20.54	%
	N-Star CDO equity(5)	5	152,284		152,284		8,398		(20,549		)	140,133		9.2	%	NA		18.31	%
	CMBS and other securities(6)	14	109,411		65,114		11,349		(24,234		)	52,229		6.6	%	2.72	%	5.27	%
	Subtotal(2)	55	788,098		458,530		71,228		(52,436		)	477,322		47.8	%	1.87	%	17.63	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	153	672,853		475,341		53,750		(124,447		)	404,644		40.9	%	3.77	%	9.97	%
	Third-party CDO notes	11	83,139		75,296		66		(50,656		)	24,706		5.1	%	0.24	%	1.17	%
	Agency debentures	8	87,172		29,689		5,876		(1,171		)	34,394		5.3	%	NA		4.56	%
	Unsecured REIT debt	1	8,000		8,450		1,104		—			9,554		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,217		)	6,008		0.4	%	2.25	%	2.25	%
	Subtotal	175	858,389		596,001		60,796		(177,491		)	479,306		52.2	%	3.07	%	8.44	%
	Total	230	$	1,646,487	$	1,054,531	$	132,024	$	(229,927	)	$	956,628	100	%	2.56	%	12.44	%
	____________________________________________________________
	-1	Excludes $88.0 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 June 30, 2014.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $42.3 million carrying value of these securities (refer to Note 15).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.

Borrowings_Tables

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	The following table presents borrowings as of June 30, 2014 and December 31, 2013 (dollars in thousands):
							June 30, 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) (21)	Non-recourse		Dec-21/Jan-24	5.01%		264,542				266,993				248,000				248,000
	Subtotal Manufactured housing communities						1,141,441				1,143,892				1,124,899				1,124,899
	Healthcare
	Wakefield Portfolio	Non-recourse		15-Mar	LIBOR + 5.95%		55,253				55,253				55,768				55,768
	Ohio Portfolio	Non-recourse		16-Mar	6.00%		20,360				20,360				20,496				20,496
	Lancaster, OH	Non-recourse		16-Mar	LIBOR + 5.00%		4,369				4,369				4,399				4,399
	Wilkinson Portfolio	Non-recourse		17-Jan	6.99%		151,378				151,378				152,772				152,772
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan	7.09%		7,477				7,477				7,545				7,545
	East Arlington, TX	Non-recourse		17-May	5.89%		3,183				3,183				3,209				3,209
	Minnesota Portfolio	Non-recourse		May-18(8)	LIBOR + 3.00%		37,724				37,724				38,175				38,175
	Healthcare Preferred	Non-recourse		21-Jul	LIBOR + 7.75%		75,000				75,000				75,000				75,000
	Indiana Portfolio	Non-recourse		21-Sep	LIBOR + 4.50%		121,130				121,130				121,130				121,130
	Formation Portfolio(9) (21)	Non-recourse		Dec-17/Jul-18/May-19	LIBOR + 3.91%		647,865				639,596				—				—
	Subtotal Healthcare						1,123,739				1,115,470				478,494				478,494
	Hotel
	Innkeepers Portfolio - Senior Mortgage(10)	Non-recourse		19-Jun	LIBOR + 2.23%		635,000				635,000				—				—
	Innkeepers Portfolio - Mezzanine(10)	Non-recourse		19-Jun	LIBOR + 6.98%		205,000				205,000				—				—
	Subtotal Hotel						840,000				840,000				—				—
	Net lease
	Fort Wayne, IN	Non-recourse		15-Jan	6.41%		2,964				2,964				3,019				3,019
	Reading, PA	Non-recourse		15-Jan	5.58%		12,603				12,603				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%		43,213				43,213				43,682				43,682
	Keene, NH	Non-recourse		16-Feb	5.85%		6,172				6,172				6,237				6,237
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		15,949				15,949				16,095				16,095
	Aurora, CO	Non-recourse		16-Jul	6.22%		30,977				30,977				31,232				31,232
	DSG Portfolio	Non-recourse		16-Oct	6.17%		31,431				31,431				31,729				31,729
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,376				26,376				26,600				26,600
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,760				19,760				20,055				20,055
	Fort Mill, SC	Non-recourse		17-Apr	5.63%		27,700				27,700				27,700				27,700
	Fort Mill, SC - Mezzanine	Non-recourse		17-Apr	6.21%		1,272				1,272				1,464				1,464
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,437				13,437				13,689				13,689
	Columbus, OH	Non-recourse		17-Dec	6.48%		22,118				22,118				22,300				22,300
	South Portland, ME	Non-recourse		23-Jul	LIBOR + 2.15%		3,696				3,696				3,819				3,819
	Subtotal Net lease						262,668				262,668				265,386				265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600				39,600				39,600				39,600
	Southeast Portfolio(11)	Non-recourse		May-23/July-23	4.03%		158,417				158,417				158,417				158,417
	Scottsdale, AZ(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						3,612,403				3,606,585				2,113,334				2,113,334
							June 30, 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)
	CDO bonds payable:
	N-Star I	Non-recourse		Aug-38	LIBOR + 4.26%		$	37,558			$	35,854			$	37,754			$	34,886
	N-Star III(13)	—		—	—		—				—				100,022				46,090
	N-Star V(13)	—		—	—		—				—				202,899				80,897
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.40%		590,537				363,918				629,544				222,310
	Subtotal CDO bonds payable—VIE						628,095				399,772				970,219				384,183
	Securitization bonds payable:
	Securitization 2012-1	Non-recourse		29-Aug	LIBOR+1.62% (14)		82,337				82,372				82,337				82,340
	Subtotal Securitization financing transaction						82,337				82,372				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)		86,318				86,318				55,188				55,188
Subtotal Credit facilities						101,168				101,168				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				3,737				13,360				13,068
5.375% Notes	Recourse		Jun-33(24)	5.38%		154,384				135,058				345,000				299,584
Subtotal Exchangeable senior notes						171,149				151,750				543,815				490,973
Junior subordinated notes:(25)
Trust I	Recourse		Mar-35	8.15%		41,240				34,229				41,240				31,342
Trust II	Recourse		Jun-35	7.74%		25,780				21,526				25,780				19,722
Trust III	Recourse		Jan-36	7.81%		41,238				34,434				41,238				31,547
Trust IV	Recourse		Jun-36	7.95%		50,100				41,834				50,100				38,327
Trust V	Recourse		Sep-36	LIBOR + 2.70%		30,100				21,973				30,100				19,866
Trust VI	Recourse		Dec-36	LIBOR + 2.90%		25,100				18,825				25,100				16,943
Trust VII	Recourse		Apr-37	LIBOR + 2.50%		31,459				22,649				31,459				20,290
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%		35,100				25,975				35,100				23,166
Subtotal Junior subordinated notes						280,117				221,445				280,117				201,203
Grand Total						$	5,356,387			$	5,044,210			$	4,059,860			$	3,342,071
____________________________________________________________
-1	Refer to Note 16 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 15) 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 six separate senior mortgage notes, three with a total principal amount of $16.5 million maturing in December 2021 and three with a total principal amount of $248.0 million maturing in January 2024, all with a weighted average interest rate of 5.013%.
-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 seven separate senior mortgage notes, three with a total principal amount of $222.9 million maturing in May 2019, two with a total principal amount of $134.7 million maturing in December 2017 and two with a total principal balance of $290.3 million maturing in July 2018, all with a weighted average interest rate of LIBOR plus 3.91%.
-10	Represents one senior mortgage note with an interest rate of LIBOR plus 2.23% and two separate mezzanine notes with a weighted average interest rate of LIBOR plus 6.98%, all maturing in 2016, with three one-year extension options.
-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 and May 2014, the Company deconsolidated N-Star CDOs V and III, respectively, 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 June 30, 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 due to the unamortized premium or discount associated with assumed mortgage notes or the equity component of the exchangeable senior notes.
-22	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2017.
-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%.
Schedule of principal amount on the borrowings, based on maturity	'
	The following table presents scheduled principal on borrowings, based on final maturity as of June 30, 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
	July 1 to December 31, 2014	$	489,940		$	8,822			$	—			$	—			$	—			$	481,118	$	—	$	—
	Years ending December 31:
	2015	137,985			137,985				—				—				—				—		—		—
	2016	135,134			135,134				—				—				—				—		—		—
	2017	299,896			286,941				—				—				—				—		12,955		—
	2018	441,752			340,584				—				—				101,168				—		—		—
	Thereafter	3,851,680			2,702,937				628,095				82,337				—				—		158,194		280,117
	Total	$	5,356,387		$	3,612,403			$	628,095			$	82,337			$	101,168			$	481,118	$	171,149	$	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, 2017, June 15, 2019 and June 15, 2023, respectively.

Spinoff_of_Asset_Management_Bu1

Spin-off of Asset Management Business Spin-off of Asset Management Business (Tables)	6 Months Ended
	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of discontinued operations, income statement, balance sheet and additional disclosures	'
	The following table presents income (loss) from discontinued operations related to such properties for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014				2013
	Revenue
	Rental and escalation income	$	—			$	960		$	—			$	1,920
	Other revenue	85				—			85				92
	Total revenue	85				960			85				2,012
	Expenses
	Other interest expense	—				471			—				941
	Real estate properties—operating expenses	26				11			376				11
	Other expenses	25				47			59				100
	Impairment of operating real estate	287			(1)	—			287			(1)	—
	Depreciation and amortization	—				323			—				692
	Total expenses	338				852			722				1,744
	Income (loss) from operating real estate discontinued operations	$	(253	)		$	108		$	(637	)		$	268
	__________________
	-1	Includes an immaterial loss from the sale of two healthcare properties classified as held for sale.
	The following table presents the NSAM balance sheet as of June 30, 2014, the date of the Distribution (dollars in thousands):
	Assets
	Cash	$	118,728		(1)
	Restricted cash	3,132
	Investments in unconsolidated ventures	4,000			(2)
	Receivables, related parties	16,907			(3)
	Deferred costs and intangible assets	27,220			(4)
	Other assets	9,548			(5)
	Total assets	179,535
	Liabilities
	Accounts payable and accrued expenses	$	21,098		(4)
	Total liabilities	21,098
	Equity	158,437
	Total liabilities and equity	$	179,535
	__________________
	-1	Represents the initial capitalization amount of NSAM upon completion of the spin-off, including an amount related to transaction costs to be paid by NSAM. Such transaction costs were expensed by NSAM upon completion of the spin-off and included legal, accounting, tax and other professional services and relocation and start-up costs.
	-2	Represents NSAM’s acquisition of a 50% interest in a crowd funding company in June 2014.
	-3	The Company was historically entitled to certain expense allocations for costs paid on behalf of the NSAM Sponsored Companies. As of June 30, 2014, the Company had aggregate unreimbursed operating costs of $16.9 million from the NSAM Sponsored Companies recorded as receivables, related parties on the consolidated balance sheets. For the six months ended June 30, 2014, the Company received $8.5 million of reimbursement from the NSAM Sponsored Companies.
	-4	Includes $25.6 million of transaction costs related to the NSAM spin-off, of which $11.5 million was paid by the Company on behalf of NSAM as of June 30, 2014.
	-5	Includes fixed assets, tenant improvements and deposits related to leased offices that was transferred to NSAM of $7.5 million and other assets of $2.2 million.
	The following table presents the consolidated statements of operations for NSAM included in discontinued operations in the Company’s consolidated statements of operations and excludes the effect of any fees that NSAM will earn in connection with the management agreement (dollars in thousands):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014				2013			2014				2013
	Total revenues	$	32,675			$	38,591		$	56,013			$	60,146
	Total expenses	32,994				40,939			62,087				64,623
	NSAM income (loss) in discontinued operations	$	(319	)		$	(2,348	)	$	(6,074	)		$	(4,477	)

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of LTIP Unit grants	'
	The following table presents the status as of June 30, 2014 and December 31, 2013 of all grants of Old LTIP Units and Deferred LTIP Units. The balance as of June 30, 2014 represents unvested Old LTIP Units (representing shares of restricted stock) and Deferred LTIP Units that are outstanding, whether vested or not (grants in thousands):
		June 30, 2014				December 31, 2013
		Grants		Weighted		Grants		Weighted
				Average				Average
				Grant Price				Grant Price
	Beginning balance(1)(2)	4,609		$	14.31	3,114		$	13.32
	Granted(3)	1,137		31.13		2,166		16.2
	Converted to common stock	(647	)	17.31		(670	)	15.8
	Forfeited	(4	)	21.64		(1	)	10.76
	Vested Old LTIP Units converted to common stock in the Reorganization(4)	(3,178	)	14.52		—		—
	Ending Balance/Weighted Average(5)	1,917		$	22.91	4,609		$	14.31
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2014 and 2013 for the periods ended June 30, 2014 and December 31, 2013, respectively.
	-2	Includes 349,071 Old LTIP Units issued in connection with the NorthStar Realty Finance Corp. 2004 Long-Term Incentive Bonus Plan of which 333,755 Old LTIP Units have been converted. The remaining 15,316 Old LTIP Units were converted to common stock in the spin-off.
	-3	Awards were grants in the form of Old LTIP Units for the year ended December 31, 2013 and Deferred LTIP Units for the six months ended June 30, 2014.
	-4	Represents vested Old LTIP Units that were converted to the Company’s common stock in connection with the Reorganization.
	-5	Includes 781,187 shares of restricted stock, 152,622 vested Deferred LTIP Units and 982,977 unvested Deferred LTIP Units as of June 30, 2014.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2014:
	Common Stock					Preferred Stock
								Dividend Per Share
	Declaration		Dividend Per Share(1)			Declaration		Series A				Series B			Series C		Series D
	Date					Date
	February 26		$	0.5		29-Jan		$	0.54688			$	0.51563		$	0.55469	$	0.53125
	7-May		$	0.5		30-Apr		$	0.54688			$	0.51563		$	0.55469	$	0.53125
	______________________
	-1	Adjusted for the Reverse Split effected on June 30, 2014.
Schedule of calculation of earnings per share	'
	The following table presents EPS for the three and six months ended June 30, 2014 and 2013 (dollars and shares in thousands, except per share data):
		Three Months Ended June 30,							Six Months Ended June 30,
		2014			2013				2014				2013
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(73,566	)	$	(12,626	)		$	(208,527	)		$	23,996
	Net income (loss) attributable to Old LTIP Units non-controlling interest	(1,700		)	(621		)		(5,296		)		1,112
	Net income (loss) attributable to common stockholders and Old LTIP Units(1)	$	(75,266	)	$	(13,247	)		$	(213,823	)		$	25,108
	Denominator:(2)
	Weighted average shares of common stock	174,181			99,424				167,386				93,911
	Weighted average Old LTIP Units(1)	4,009			4,894				4,146				4,546
	Weighted average shares of common stock and Old LTIP Units	178,190			104,318				171,532				98,457
	Dilutive securities(3)	—			—				—				1,651
	Weighted average diluted shares	178,190			104,318				171,532				100,108
	Earnings (loss) per share:(2)
	Basic	$	(0.42	)	$	(0.13	)		$	(1.25	)		$	0.26
	Diluted	$	(0.42	)	$	(0.13	)		$	(1.25	)		$	0.26
	____________________________________________________________
	-1	The EPS calculation takes into account Old LTIP Units, which received 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. Such Old LTIP Units were converted to common stock, the unvested portion of which remain restricted, in connection with the Reorganization (refer to Note 12).
	-2	Adjusted for the Reverse Split effected on June 30, 2014.
	-3	Excludes the effect of exchangeable senior notes, Deferred LTIP Units and RSUs outstanding that were not dilutive as of June 30, 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Income (loss) from continuing operations	$	(73,007	)	$	(10,491	)	$	(207,594	)	$	25,978
	Income (loss) from discontinued operations	(559		)	(2,135		)	(933		)	(1,982		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(73,566	)	$	(12,626	)	$	(208,527	)	$	23,996

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):
		June 30, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	550,141		$	550,141
	Investments in unconsolidated ventures(1)	—			—			265,719			265,719
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			284,960			284,960
	N-Star CDO equity	—			—			140,133			140,133
	CMBS and other securities	—			18,763			33,466			52,229
	CRE securities in N-Star CDOs
	CMBS	—			349,288			55,356			404,644
	Third-party CDO notes	—			—			24,706			24,706
	Agency debentures	—			34,394			—			34,394
	Unsecured REIT debt	—			9,554			—			9,554
	Trust preferred securities	—			—			6,008			6,008
	Subtotal CRE securities in N-Star CDOs	—			393,236			86,070			479,306
	Subtotal real estate securities, available for sale	—			411,999			544,629			956,628
	Derivative assets	—			2,068			—			2,068
	Total assets	$	—		$	414,067		$	1,360,489		$	1,774,556
	Liabilities:
	CDO bonds payable	$	—		$	—		$	399,772		$	399,772
	Junior subordinated notes	—			—			221,445			221,445
	Derivative liabilities	—			23,807			—			23,807
	Total liabilities	$	—		$	23,807		$	621,217		$	645,024
	_____________________________________________________________________
	-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
		December 31, 2013
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	586,018		$	586,018
	Investments in unconsolidated ventures(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 CRE securities in N-Star CDOs	—			546,786			95,298			642,084
	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 preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, 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 June 30, 2014 and December 31, 2013, for which the Company has used Level 3 inputs to determine fair value (dollars in thousands):
		June 30, 2014															31-Dec-13
		Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior			Investments in Private Equity Funds			Investments in Unconsolidated Ventures(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)	—			—			16,368			—			—			—			—		7,788			—			—
	Transfers out of Level 3(3)	—			—			—			—			—			—			—		(108,143		)	—			—
	Purchases / borrowings / amortization / contributions	13,155			70,467			31,760			—			—			747,564			192,209		23,594			43,983			—
	Sales	—			—			(18,552		)	—			—			—			—		(40,328		)	—			—
	Paydowns / distributions	(106,328		)	(193		)	(18,148		)	(43,704		)	—			(244,138		)	—		(54,971		)	(647,947		)	—
	Repurchases	—			—			—			—			—			—			—		—			(44,221		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	57,296			3,026			—			—			—			82,592			210		—			—			—
	Unrealized gains included in earnings	—			—			52,605			—			—			—			—		68,794			—			—
	Realized gains included in earnings	—			—			12,389			—			—			—			—		15,179			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			54,487			—			—			—			—		3,098			—			—
	Deconsolidation of N-Star CDOs(4)	—			—			8,805			(122,486		)	—			—			—		350,886			(1,656,857		)	—
	Losses:
	Unrealized losses included in earnings	—			—			(48,015		)	181,779			20,242			—			—		(19,523		)	106,622			4,030
	Realized losses included in earnings	—			—			(2,440		)	—			—			—			—		(5,601		)	26,697			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(8,401		)	—			—			—			—		(4,138		)	—			—
	Deconsolidation of N-Star CDOs(4)	—			—			(21,069		)	—			—			—			—		(90,008		)	556,436			—
	Ending balance	$	550,141		$	265,719		$	544,629		$	399,772		$	221,445		$	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.	$	—		$	—		$	4,651		$	(181,779	)	$	(20,242	)	$	—		$	—	$	20,746		$	93,025		$	(4,030	)
	____________________________________________________________
	-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
	-2	Represents the balance as of January 1, 2014 and 2013 for the periods ended June 30, 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 six months ended June 30, 2014, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows (dollars in thousands):
		Fair Value			Valuation Technique		Key Unobservable Inputs(2)	Range
	PE Investments	$	550,141		Discounted Cash Flow Model		Discount Rate	19% - 26%
	Investments in unconsolidated ventures(1)	$	265,719		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7.5% - 12%
	N-Star CDO equity	$	140,133		Discounted Cash Flow Model		Discount Rate	18% - 20%
	_________________________________________
	-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
	-2	Includes timing and amount of expected future cash flows.
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 June 30, 2014 and December 31, 2013 (dollars in thousands):
		June 30, 2014			December 31,
					2013
	Assets:
	Investments in private equity funds	$	550,141		$	586,018
	Investments in unconsolidated ventures(1)	265,719			192,419
	Real estate securities, available for sale:(2)
	N-Star CDO equity	140,133			158,274
	CMBS and other securities	42,275			30,642
	CRE securities in N-Star CDOs
	CMBS	404,644			572,301
	Third-party CDO notes	24,706			24,931
	Agency debentures	34,394			29,540
	Unsecured REIT debt	9,554			9,521
	Trust preferred securities	6,008			5,791
	Subtotal CRE securities in N-Star CDOs	479,306			642,084
	Subtotal real estate securities, available for sale	661,714			831,000
	Total assets	$	1,477,574		$	1,609,437
	Liabilities:
	CDO bonds payable	$	399,772		$	384,183
	Junior subordinated notes	221,445			201,203
	Total liabilities	$	621,217		$	585,386
	___________________________________________________________
	-1	Includes the RXR Realty preferred equity investment, which is included in real estate debt investments, net on the consolidated balance sheets, for which the fair value option was elected.
	-2	June 30, 2014 excludes 38 CRE securities including $285.0 million of N-Star CDO bonds and $10.0 million of CRE securities, for which the fair value option was not elected. December 31, 2013 excludes 36 CRE securities including $205.3 million of N-Star CDO bonds and $16.0 million of CRE securities, 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 June 30, 2014 (dollars in thousands):
		Fair Value			Amount			Difference
					Due Upon
					Maturity
	CDO bonds payable	$	399,772		$	628,095		$	(228,323	)
	Junior subordinated notes	221,445			280,117			(58,672		)
	Total	$	621,217		$	908,212		$	(286,995	)
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 and six months ended June 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended June 30,						Six Months Ended June 30,
		2014			2013			2014			2013
	Assets:
	Real estate securities, available for sale	$	(5,851	)	$	25,785		$	10,342		$	122,268
	Other(1)	(411		)	829			(800		)	(900		)
	Liabilities:
	CDO bonds payable	(38,418		)	(77,144		)	(181,779		)	(149,429		)
	Junior subordinated notes	(8,245		)	(13,824		)	(20,242		)	(23,444		)
	Subtotal(2)	(52,925		)	(64,354		)	(192,479		)	(51,505		)
	Derivatives	275			22,440			4,228			38,201
	Total	$	(52,650	)	$	(41,914	)	$	(188,251	)	$	(13,304	)
	____________________________________________________________
	(1) Represents foreign currency remeasurement on an investment denominated in Euros.
	(2) 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
		June 30, 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	$	1,268,983		$	1,236,221		$	1,230,653		$	1,085,280		$	1,031,078		$	1,026,709
	Real estate securities, available for sale(2)	1,646,487			956,628			956,628			2,090,726			1,052,320			1,052,320
	Derivative assets(2)(3)	1,947,389			2,068			2,068			478,688			3,469			3,469
	Financial liabilities:(1)
	Mortgage and other notes payable	$	3,612,403		$	3,606,585		$	3,609,608		$	2,133,334		$	2,113,334		$	2,107,110
	CDO bonds payable(2)	628,095			399,772			399,772			970,219			384,183			384,183
	Securitization bonds payable	82,337			82,372			82,548			82,337			82,340			82,517
	Credit facilities	101,168			101,168			101,168			70,038			70,038			70,038
	Senior notes	481,118			481,118			480,108			—			—			—
	Exchangeable senior notes	171,149			151,750			306,365			543,815			490,973			909,601
	Junior subordinated notes(2)	280,117			221,445			221,445			280,117			201,203			201,203
	Derivative liabilities(2)(3)	321,796			23,807			23,807			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 June 30, 2014 and December 31, 2013.

Risk_Management_and_Derivative1

Risk Management and Derivative Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2014:
	Interest rate swaps	12			$	321,796			$	(23,807	)	(2)	0.62% - 5.25%	July 2014 - July 2018
	Interest rate caps/floors	13			1,947,389				2,068				1.64% - 5.00%	July 2014 - December 2017
	Total	25			$	2,269,185			$	(21,739	)
	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 June 30, 2014 and December 31, 2013.
	-2	Most 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 June 30, 2014 and December 31, 2013 (dollars in thousands):
		Balance Sheet	June 30,				December 31,
		Location	2014				2013
	Interest rate caps/floors	Derivative assets	$	2,068			$	3,469
	Interest rate swaps	Derivative liabilities	$	23,807			$	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 and six months ended June 30, 2014 and 2013 (dollars in thousands):
			Three Months Ended								Six Months Ended
			June 30,								June 30,
		Statements of Operations Location	2014				2013				2014			2013
	Amount of gain (loss) recognized in earnings:
	Adjustments to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	275			$	22,440			$	4,228		$	38,201
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(3,955	)		$	(15,920	)		$	(10,694	)	$	(32,674	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(229	)		$	(1,722	)		$	(458	)	$	(3,484	)

Segment_Reporting_Tables

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Schedule of segment reporting	'
	The following tables present segment reporting for the three and six months ended June 30, 2014 and 2013 (dollars in thousands):
	Statement of Operations:									N-Star CDOs(1)
	Three months ended June 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate(2)				Asset Management(3)				Consolidated
						Debt		Securities		Securities											Total
	Net interest income on debt and securities	$	1,630			$	38,658	$	15,487	$	14,663		$	2,323		(4)	$	—			$	72,761
	Rental and escalation income	78,387				—		—		389			—				—				78,776
	Resident fee and hotel income	37,586				—		—		—			—				—				37,586
	Income (loss) from operations	(30,455		)	(5)	36,956		19,385		15,478			(40,957		)		—				407
	Equity in earnings (losses) of unconsolidated ventures	29,455				1,925		—		—			—				—				31,380
	Income (loss) from continuing operations	(2,958		)		38,560		13,779		(61,495		)	(47,802		)		—				(59,916		)
	Income (loss) from discontinued operations	(253		)		—		—		—			—				(319		)		(572		)
	Net income (loss)	(3,211		)		38,560		13,779		(61,495		)	(47,802		)		(319		)		(60,488		)
	Statement of Operations:									N-Star CDOs(1)
	Three months ended June 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate(2)				Asset Management(3)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Net interest income on debt and securities	$	11			$	9,969	$	5,105	$	19,154		$	16,581			$	10,740		(4)	$	—		$	61,560
	Rental and escalation income	53,737				—		—		10,232			284				—				—			64,253
	Income (loss) from operations	(1,789		)		9,920		8,068		13,973			25,674				(23,570		)		—			32,276
	Equity in earnings (losses) of unconsolidated ventures	14,425				645		—		49			—				—				—			15,119
	Income (loss) from continuing operations	20,895			(5)	11,394		10,922		(19,326		)	15,202				(37,393		)		—			1,694
	Income (loss) from discontinued operations	108				—		—		—			—				—				(2,348		)	(2,240		)
	Net income (loss)	21,003				11,394		10,922		(19,326		)	15,202				(37,393		)		(2,348		)	(546		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.6 million and $3.1 million of collateral management fees were earned from CDO financing transactions for the three months ended June 30, 2014 and 2013, respectively, of which $0.7 million and $3.1 million, respectively, were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-3	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-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 $32.8 million and $16.1 million for the three months ended June 30, 2014 and 2013, respectively.
	Statement of Operations:									N-Star CDOs(1)
	Six months ended June 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate(2)				Asset Management(3)				Consolidated
						Debt		Securities		Securities											Total
	Net interest income on debt and securities	$	2,366			$	67,560	$	42,642	$	28,809		$	6,780		(4)	$	—			$	148,157
	Rental and escalation income	146,529				—		—		672			—				—				147,201
	Resident fee and hotel income	37,586				—		—		—			—				—				37,586
	Income (loss) from operations	(43,112		)	(5)	65,310		44,094		35,263			(65,410		)		—				36,145
	Equity in earnings (losses) of unconsolidated ventures	57,479				5,693		—		—			—				—				63,172
	Income (loss) from continuing operations	9,275				70,293		26,374		(170,945		)	(111,880		)		—				(176,883		)
	Income (loss) from discontinued operations	(637		)		—		—		—			—				(6,074		)		(6,711		)
	Net income (loss)	8,638				70,293		26,374		(170,945		)	(111,880		)		(6,074		)		(183,594		)
	Statement of Operations:									N-Star CDOs(1)
	Six months ended June 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate(2)				Asset Management(3)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Net interest income on debt and securities	$	21			$	17,504	$	12,179	$	36,797		$	35,429			$	18,568		(4)	$	—		$	120,498
	Rental and escalation income	81,750				—		—		19,965			474				—				—			102,189
	Income (loss) from operations	(929		)	(5)	17,394		18,378		23,895			50,268				(51,045		)		—			57,961
	Equity in earnings (losses) of unconsolidated ventures	22,186				1,589		—		(343		)	—				—				—			23,432
	Income (loss) from continuing operations	33,488				18,083		21,013		(21,408		)	76,708				(74,525		)		—			53,359
	Income (loss) from discontinued operations	268				—		—		—			—				—				(4,477		)	(4,209		)
	Net income (loss)	33,756				18,083		21,013		(21,408		)	76,708				(74,525		)		(4,477		)	49,150
	_______________________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $3.1 million and $6.2 million of collateral management fees were earned from CDO financing transactions for the six months ended June 30, 2014 and 2013, respectively, of which $1.4 million and $6.2 million, respectively, were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment.
	-2	Includes corporate level interest income, interest expense and unallocated general and administrative expenses.
	-3	Represents the consolidated statements of operations of NSAM reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 10).
	-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 $59.0 million and $25.1 million for the six months ended June 30, 2014 and 2013, respectively.
Summary of total assets by segment	'
	The following table presents total assets by segment as of June 30, 2014 and December 31, 2013 (dollars in thousands):
										N-Star CDOs(1)
	Total Assets	Real Estate				CRE		CRE		CRE			Asset				Corporate				Consolidated
						Debt		Securities		Securities			Management(2)								Total
	30-Jun-14	$	5,535,216			$	1,434,356	$	487,776	$	526,400		$	—			$	385,098			$	8,368,846
	31-Dec-13	$	3,343,402			$	1,211,079	$	418,837	$	727,875		$	31,709			$	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.
	-2	Represents the consolidated balance sheet of NSAM (refer to Note 10). NSAM was spun off from the Company as of June 30, 2014.

Supplemental_Disclosures_of_No1

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2014 and 2013 (dollars in thousands):
		Six Months Ended June 30,
		2014		2013
	Assumption of mortgage note payable upon purchase	$	649,740	$	—
	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	191,417		—
	Reclassification of operating real estate to deferred costs and intangible assets	81,639		18,375
	Contribution from non-controlling interests	55,116		—
	Net assets distributed in spin-off of asset management business (refer to Note 10)	39,709		—
	Reclassification of operating real estate to assets of properties held for sale	21,820		—
	Conversion of Old LTIP Units (refer to Note 12)	18,611		9,442
	Escrow deposit payable related to CRE debt investments	18,095		19,117
	Reclassification of operating real estate to other assets	12,383		60,603
	Issuance of common stock related to transactions (Refer to Note 13)	6,803		—
	Non-cash related to PE Investments	2,482		39,530
	Dividends payable related to RSUs	762		—
	Real estate acquisition(1)	—		50,701
	Reduction of CRE debt investments(1)	—		50,701
	Equity component of 5.375% Notes	—		39,768
	Increase in restricted cash(1)	—		2,887
	____________________________________________________________
	(1) Non-cash activity occurred in connection with taking title to collateral.

Business_and_Organization_Narr

Business and Organization- Narrative (Details)	0 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Stock split, conversion ratio (one-for-two reverse split)	0.5
Length of management contract term	'20 years

Summary_of_Significant_Account3

Summary of Significant Accounting Policies-Other assets and liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other assets:	'	'
Manufactured homes	$70,130	$69,217
Notes receivable	40,263	38,418
Investment-related reserves and deposits	18,089	11,127
Furniture, fixtures and equipment, net	0	6,977
Prepaid expenses	10,826	5,361
Other	12,395	13,953
Total	151,703	145,053
Other liabilities:	'	'
PE Investment III deferred purchase price (refer to Note 6)	39,760	39,760
Below-market leases	28,604	8,700
Unearned revenue	4,299	2,029
Tenant security deposits	16,508	9,294
Other	3,017	14,091
Total	$92,188	$73,874

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Number of Days Past Due for Suspension of Income Recognition	'90 days

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 28, 2013

Northstar Realty Finance Trusts I-VIII

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

Unconsolidated VIEs

B-piece

cdo

Real Estate Debt Investments

Real Estate Securities, Available for Sale

Junior Subordinated Notes

N-Star CDO Bonds

N-Star CDO Bonds

N-Star CDO equity

N-Star CDO equity

CMBS

CMBS

CRE Securities

CRE Securities

Real Estate Securities, Available for Sale

NorthStar Income

CRE

Real Estate Securities, Available for Sale

Real Estate Securities, Available for Sale

Real Estate Securities, Available for Sale

Real Estate Securities, Available for Sale

Securitization

CRE

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

($34,778,000)

$0

($31,423,000)

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in assets from deconsolidation of VIE

98,400,000

'

192,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Decrease in liabilities from deconsolidation of VIE

60,600,000

'

149,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of collateral debt obligations no longer eliminated in consolidation

8,000,000

'

8,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification of unrealized loss to gain from deconsolidation

5,000,000

'

-3,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unconsolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

2

'

Long-term Investments

'

'

'

'

'

'

'

'

59,800,000

'

'

'

'

'

'

'

'

'

'

'

'

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 unconsolidated ventures

208,434,000

'

208,434,000

'

142,340,000

3,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value and maximum exposure of unconsolidated VIEs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets

'

'

'

'

'

'

'

526,706,000

59,760,000

463,204,000

3,742,000

284,960,000

284,960,000

140,133,000

140,133,000

38,111,000

38,111,000

463,204,000

463,204,000

'

'

Maximum Exposure to Loss

'

'

'

'

'

'

'

526,706,000

59,760,000

'

3,742,000

284,960,000

'

140,133,000

'

38,111,000

'

463,204,000

'

'

'

Total liabilities

'

'

'

'

'

'

'

221,445,000

'

'

221,445,000

'

'

'

'

'

'

'

'

'

'

Net

'

'

'

'

'

'

'

$305,261,000

$59,760,000

$463,204,000

($217,703,000)

'

'

'

'

'

'

'

'

'

'

Operating_Real_Estate_Narrativ

Operating Real Estate - Narrative (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	31-May-14	31-May-14	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	31-May-14	31-May-14
			LIBOR	Formation Portfolio	Formation Portfolio	Innkeepers Portfolio	Innkeepers Portfolio	Innkeepers Portfolio	Innkeepers Portfolio	Manufacturing Housing Portfolio	Manufacturing Housing Portfolio
				facility	LIBOR	room	Hotel Affiliation	LIBOR	LIBOR	community	Non-recourse mortgage
				bed	mortgage_note	hotel	Number of Investments in Portfolio	Senior mortgage notes	Mezzanine notes	pad_rental_site	mortgage_note
									mezzanine_note	state
									extension
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Payment for interest in joint venture	'	'	'	$1,100,000,000	'	$1,100,000,000	'	'	'	$402,400,000	'
Number of beds in real estate properties acquired (beds)	'	'	'	8,500	'	'	'	'	'	'	'
Number of senior housing facilities acquired (facilities)	'	'	'	38	'	'	'	'	'	'	'
Number of skilled nursing facilities acquired (facilities)	'	'	'	42	'	'	'	'	'	'	'
Payments to acquire portfolio	'	'	'	357,600,000	'	193,100,000	'	'	'	126,500,000	'
Percentage interest in joint venture	'	'	'	86.00%	'	90.00%	'	'	'	93.00%	'
Parent's direct ownership interest in joint venture, percent	'	'	'	92.00%	'	'	'	'	'	'	'
Number of senior mortgage notes assumed	'	'	'	'	7	'	'	'	2	'	6
Interest rate added to variable rate (as a percent)	'	'	'	'	3.91%	'	'	2.23%	6.98%	'	'
Real estate acquisition, transaction costs	'	'	'	7,500,000	'	19,700,000	'	'	'	'	'
Number of hotels acquired	'	'	'	'	'	47	'	'	'	'	'
Number of hotel rooms	'	'	'	'	'	6,100	'	'	'	'	'
Concentration risk percentage	'	'	'	'	'	'	83.00%	'	'	'	'
Debt instrument, term for basis spread on variable rate	'	'	'1 month	'	'	'	'	'1 month	'1 month	'	'
Number of one year extension options (extensions)	'	'	'	'	'	'	'	'	3	'	'
Optional extension period of initial maturity date	'	'	'	'	'	'	'	'	'1 year	'	'
Number of manufactured housing communities acquired	'	'	'	'	'	'	'	'	'	16	'
Number of pad rental sites	'	'	'	'	'	'	'	'	'	5,900	'
Number of states in which manufactured housing communities are located	'	'	'	'	'	'	'	'	'	3	'
Term of non-recourse mortgage loan	'	'	'	'	'	'	'	'	'	'	'10 years
Debt instrument, face amount	$5,356,387,000	$4,059,860,000	'	'	'	'	'	'	'	'	$264,500,000
Debt instrument, weighted average interest rate	'	'	'	'	'	'	'	'	'	'	5.01%

Operating_Real_Estate_Assets_A

Operating Real Estate - Assets Acquired and Liabilities Assumed (Details) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Formation Portfolio	'
Assets:	'
Land and improvements	$138,017
Buildings	826,302
Other assets acquired	96,361
Total assets acquired	1,060,680
Liabilities:	'
Mortgage notes payable	638,201
Other liabilities assumed	8,550
Total liabilities	646,751
Total NorthStar Realty Finance Corp. stockholders’ equity	357,587
Non-controlling interests	56,342
Total equity	413,929
Total liabilities and equity	1,060,680
Innkeepers Portfolio	'
Assets:	'
Land and improvements	165,990
Buildings	683,958
Other assets acquired	205,252
Total assets acquired	1,055,200
Liabilities:	'
Mortgage notes payable	840,000
Other liabilities assumed	0
Total liabilities	840,000
Total NorthStar Realty Finance Corp. stockholders’ equity	193,082
Non-controlling interests	22,118
Total equity	215,200
Total liabilities and equity	1,055,200
Manufacturing Housing Portfolio	'
Assets:	'
Land and improvements	324,511
Buildings	8,456
Other assets acquired	69,394
Total assets acquired	402,361
Liabilities:	'
Mortgage notes payable	267,020
Other liabilities assumed	0
Total liabilities	267,020
Total NorthStar Realty Finance Corp. stockholders’ equity	126,513
Non-controlling interests	8,828
Total equity	135,341
Total liabilities and equity	$402,361

Operating_Real_Estate_Disconti

Operating Real Estate - Discontinued Operations (Details) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013		Jun. 30, 2014		Jun. 30, 2013
Expenses	'		'		'		'
Impairment of operating real estate	'		'		$287		$0
Income (loss) from discontinued operations	-572	[1]	-2,240	[1]	-6,711	[1]	-4,209	[1]
Healthcare properties	'		'		'		'
Business Acquisition [Line Items]	'		'		'		'
Number of healthcare properties held for sale (properties)	5		'		5		'
Number of healthcare properties sold (properties)	2		'		'		'
Revenue	'		'		'		'
Rental and escalation income	0		960		0		1,920
Other revenue	85		0		85		92
Total revenues	85		960		85		2,012
Expenses	'		'		'		'
Other interest expense	0		471		0		941
Real estate properties—operating expenses	26		11		376		11
Other expenses	25		47		59		100
Impairment of operating real estate	287		0		287		0
Depreciation and amortization	0		323		0		692
Total expenses	338		852		722		1,744
Income (loss) from discontinued operations	($253)		$108		($637)		$268
[1]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
	loan	loan
CRE debt investments	'	'
Number (investments)	48	44
Principal Amount	'	$1,085,280,000
Carrying Value	1,236,221,000	1,031,078,000
Allocation by Investment Type (as a percent)	100.00%	100.00%
Floating Rate as % of Principal Amount	52.60%	54.90%
Carrying Value	700,000	3,669,000
Cash requirement on future fundings	16,000,000	'
Carrying value of loans where interest income is recognized based on current rate	3,200,000	5,100,000
Number of loans originated (loans)	6	'
Principal amount of loans originated and acquired, including interests owned through joint ventures	230,600,000	'
Securitization Bonds Payable	'	'
CRE debt investments	'	'
Carrying value served as collateral	135,300,000	133,400,000
Credit Facility	'	'
CRE debt investments	'	'
Carrying value served as collateral	163,500,000	109,100,000
Loans	'	'
CRE debt investments	'	'
Number of loans excluded from weighted average calculations (loans)	3	3
Face amount of mortgages excluded from weighted average calculations	27,100,000	37,000,000
Principal / Notional Amount	'	'
CRE debt investments	'	'
Principal Amount	1,268,983,000	'
Carrying Value	1,268,983,000	1,085,280,000
LIBOR	'	'
CRE debt investments	'	'
Principal amount of the Company's CRE debt investments having weighted average LIBOR floor	'	426,100,000
Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	12.56%	12.21%
Yield (as a percent)	12.16%	11.31%
Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Debt instrument, term for basis spread on variable rate	'1 month	'1 month
Spread over floating interest rate (as a percent)	8.80%	7.68%
LIBOR floor (as a percent)	'	0.99%
First mortgage loans	'	'
CRE debt investments	'	'
Number (investments)	'	15
Principal Amount	163,500,000	441,750,000
Carrying Value	'	407,202,000
Allocation by Investment Type (as a percent)	'	40.70%
Floating Rate as % of Principal Amount	'	90.20%
Carrying Value	700,000	1,783,000
First mortgage loans | Non-Performing Loans	'	'
CRE debt investments	'	'
Carrying Value	0	0
First mortgage loan acquired with deteriorated credit quality	1	1
Carrying Value	5,900,000	6,400,000
First mortgage loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	'	10.98%
Yield (as a percent)	'	9.90%
First mortgage loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	'	6.59%
First mortgage loans | Weighted Average | Prime	'	'
CRE debt investments	'	'
Principal Amount	6,800,000	7,400,000
Number of loans originated (loans)	1	1
Mezzanine loans	'	'
CRE debt investments	'	'
Number (investments)	'	6
Principal Amount	'	109,215,000
Carrying Value	'	107,116,000
Allocation by Investment Type (as a percent)	'	10.10%
Floating Rate as % of Principal Amount	'	74.20%
Carrying Value	0	1,886,000
Mezzanine loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	'	13.96%
Yield (as a percent)	'	12.97%
Mezzanine loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	'	12.09%
Subordinate interests	'	'
CRE debt investments	'	'
Number (investments)	'	8
Principal Amount	'	246,652,000
Carrying Value	'	253,113,000
Allocation by Investment Type (as a percent)	'	22.70%
Floating Rate as % of Principal Amount	'	33.30%
Subordinate interests | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	'	12.41%
Yield (as a percent)	'	12.77%
Subordinate interests | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	'	12.33%
Term loans	'	'
CRE debt investments	'	'
Number (investments)	'	4
Principal Amount	'	230,343,000
Carrying Value	'	219,349,000
Allocation by Investment Type (as a percent)	'	21.10%
Floating Rate as % of Principal Amount	'	0.00%
Term loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	'	12.45%
Yield (as a percent)	'	12.96%
Term loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	'	0.00%
RXR Realty	'	'
CRE debt investments	'	'
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	19,200,000	3,500,000
Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
CRE debt investments	'	'
Number (investments)	39	33
Principal Amount	1,227,673,000	1,027,960,000
Carrying Value	1,210,279,000	986,780,000
Allocation by Investment Type (as a percent)	96.70%	94.60%
Floating Rate as % of Principal Amount	52.20%	53.80%
Consolidated Entity Excluding Variable Interest Entities (VIE) | LIBOR	'	'
CRE debt investments	'	'
Principal amount of the Company's CRE debt investments having weighted average LIBOR floor	519,500,000	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	12.68%	12.36%
Yield (as a percent)	12.31%	11.58%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	9.13%	8.04%
LIBOR floor (as a percent)	0.94%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans	'	'
CRE debt investments	'	'
Number (investments)	18	'
Principal Amount	538,762,000	'
Carrying Value	505,690,000	'
Allocation by Investment Type (as a percent)	42.40%	'
Floating Rate as % of Principal Amount	82.00%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	13.21%	'
Yield (as a percent)	11.26%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	7.49%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans	'	'
CRE debt investments	'	'
Number (investments)	8	'
Principal Amount	155,840,000	'
Carrying Value	155,958,000	'
Allocation by Investment Type (as a percent)	12.20%	'
Floating Rate as % of Principal Amount	80.00%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	13.44%	'
Yield (as a percent)	13.81%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	13.46%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests	'	'
CRE debt investments	'	'
Number (investments)	9	'
Principal Amount	302,728,000	'
Carrying Value	310,549,000	'
Allocation by Investment Type (as a percent)	23.90%	'
Floating Rate as % of Principal Amount	27.10%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	12.60%	'
Yield (as a percent)	12.92%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	12.33%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Term loans	'	'
CRE debt investments	'	'
Number (investments)	4	'
Principal Amount	230,343,000	'
Carrying Value	238,082,000	'
Allocation by Investment Type (as a percent)	18.20%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Term loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	12.45%	'
Yield (as a percent)	12.94%	'
Variable Interest Entity, Primary Beneficiary	'	'
CRE debt investments	'	'
Number (investments)	9	11
Principal Amount	41,310,000	57,320,000
Carrying Value	25,942,000	44,298,000
Allocation by Investment Type (as a percent)	3.30%	5.40%
Floating Rate as % of Principal Amount	65.30%	73.60%
Variable Interest Entity, Primary Beneficiary | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	7.71%	7.71%
Yield (as a percent)	5.75%	5.70%
Variable Interest Entity, Primary Beneficiary | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	1.27%	3.05%
Variable Interest Entity, Primary Beneficiary | First mortgage loans	'	'
CRE debt investments	'	'
Number (investments)	2	2
Principal Amount	26,957,000	34,418,000
Carrying Value	11,607,000	21,431,000
Allocation by Investment Type (as a percent)	2.10%	3.20%
Floating Rate as % of Principal Amount	100.00%	100.00%
Variable Interest Entity, Primary Beneficiary | First mortgage loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	'	0.00%
Yield (as a percent)	3.01%	3.68%
Variable Interest Entity, Primary Beneficiary | First mortgage loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	1.27%	2.22%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans	'	'
CRE debt investments	'	'
Number (investments)	1	1
Principal Amount	11,000,000	11,000,000
Carrying Value	10,982,000	10,965,000
Allocation by Investment Type (as a percent)	0.90%	1.00%
Floating Rate as % of Principal Amount	'	0.00%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	8.00%	8.00%
Yield (as a percent)	8.33%	8.33%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	'	0.00%
Variable Interest Entity, Primary Beneficiary | Term loans	'	'
CRE debt investments	'	'
Number (investments)	6	7
Principal Amount	3,353,000	4,129,000
Carrying Value	3,353,000	4,129,000
Allocation by Investment Type (as a percent)	0.30%	0.40%
Variable Interest Entity, Primary Beneficiary | Term loans | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	6.74%	6.95%
Yield (as a percent)	6.74%	6.95%
Subordinate Mortgage Interests	'	'
CRE debt investments	'	'
Number (investments)	'	1
Principal Amount	'	7,773,000
Carrying Value	'	7,773,000
Allocation by Investment Type (as a percent)	'	0.80%
Floating Rate as % of Principal Amount	'	100.00%
Subordinate Mortgage Interests | Weighted Average	'	'
CRE debt investments	'	'
Fixed Rate (as a percent)	'	0.00%
Yield (as a percent)	'	6.92%
Subordinate Mortgage Interests | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Spread over floating interest rate (as a percent)	'	6.75%
Preferred Equity Security | Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests	'	'
CRE debt investments	'	'
Principal Amount	$100,000,000	$100,000,000

Real_Estate_Debt_Investments_D1

Real Estate Debt Investments (Details 2) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
CRE debt investments	'	'
Total	'	$1,085,280,000
Weighted average maturity including extensions of CRE debt investments	'4 years 1 month 0 days	'
Unamortized discounts and origination fees	'	'
Unamortized discounts	20,800,000	'
Unamortized origination fees and costs	7,600,000	'
Initial Maturity	'	'
CRE debt investments	'	'
July 1 to December 31, 2014	243,359,000	'
2015	275,292,000	'
2016	262,691,000	'
2017	62,728,000	'
2018	2,925,000	'
Thereafter	421,988,000	'
Total	1,268,983,000	'
Maturity Including Extensions	'	'
CRE debt investments	'	'
July 1 to December 31, 2014	190,150,000	'
2015	86,173,000	'
2016	190,089,000	'
2017	230,909,000	'
2018	149,674,000	'
Thereafter	421,988,000	'
Total	$1,268,983,000	'

Real_Estate_Debt_Investments_D2

Real Estate Debt Investments (Details 3) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
					First mortgage loans	First mortgage loans	Mezzanine loans	Mezzanine loans
Loan Loss Reserve	'	'	'	'	'	'	'	'
Beginning balance	$4,766,000	$153,412,000	$2,880,000	$156,699,000	$1,833,000	$1,000,000	$3,766,000	$1,880,000
Provision for loan losses, net	833,000	'	2,719,000	2,336,000	'	'	'	'
Transfers to REO	'	'	'	-5,623,000	'	'	'	'
Ending balance	5,599,000	133,202,000	5,599,000	133,202,000	1,833,000	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	'	'	'	'	'
Allowance for Loan and Lease Losses, Write-offs	'	($20,210,000)	'	($20,210,000)	'	'	'	'

Real_Estate_Debt_Investments_D3

Real Estate Debt Investments (Details 4) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Credit quality indicator	'	'
Real estate debt investments, net	$1,236,221	$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	1,235,521	1,027,409
Loans with no loan loss reserve: | First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	516,597	426,850
Loans with no loan loss reserve: | Mezzanine loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	166,940	116,195
Loans with no loan loss reserve: | Subordinate interests	'	'
Credit quality indicator	'	'
Real estate debt investments, net	310,549	260,886
Loans with no loan loss reserve: | Term loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	241,435	223,478
Other loans with a loan loss reserve/non-accrual status:	'	'
Credit quality indicator	'	'
Real estate debt investments, net	700	3,669
Other loans with a loan loss reserve/non-accrual status: | First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	700	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	$0

Real_Estate_Debt_Investments_D4

Real Estate Debt Investments (Details 5) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2012
	loan	loan	loan	loan	loan
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	'	'	'	'	'	'	'	'
Number (loans)	'	'	2	'	'	'	'	'
Principal Amount	$6,299	'	$6,299	'	$6,299	'	'	'
Carrying Value	700	'	700	'	3,669	'	'	'
Loan Loss Reserve	5,599	133,202	5,599	133,202	2,880	4,766	153,412	156,699
Number (loans)	2	15	2	15	2	'	'	'
Average Carrying Value	1,241	218,434	2,051	233,898	'	'	'	'
Six Months Ended Income	1	1,391	3	2,764	'	'	'	'
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	2,533	'	2,533	'	2,533	'	'	'
Carrying Value	700	'	700	'	1,783	'	'	'
Loan Loss Reserve	1,833	'	1,833	'	1,000	'	'	'
Number (loans)	1	5	1	5	1	'	'	'
Average Carrying Value	1,241	78,884	1,422	81,219	'	'	'	'
Six Months Ended Income	0	343	0	684	'	'	'	'
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	5,900	'	5,900	'	6,400	'	'	'
First mortgage loan acquired with deteriorated credit quality	1	'	1	'	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	'	3,766	'	'	'
Carrying Value	0	'	0	'	1,886	'	'	'
Loan Loss Reserve	3,766	'	3,766	'	1,880	'	'	'
Number (loans)	1	7	1	7	1	'	'	'
Average Carrying Value	0	117,792	629	130,921	'	'	'	'
Six Months Ended Income	1	143	3	280	'	'	'	'
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	0	2	'	'	'	'
Average Carrying Value	0	0	0	0	'	'	'	'
Six Months Ended Income	0	1	0	2	'	'	'	'
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	0	1	'	'	'	'
Average Carrying Value	0	21,758	0	21,758	'	'	'	'
Six Months Ended Income	$0	$904	$0	$1,798	'	'	'	'

Real_Estate_Debt_Investments_D5

Real Estate Debt Investments (Details 6) (Mezzanine loans, USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 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)	0.00%

Investments_in_Private_Equity_1

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

3 Months Ended

6 Months Ended

3 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Feb. 28, 2013

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Sep. 30, 2012

Dec. 31, 2013

Jun. 30, 2013

Sep. 30, 2012

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

30-May-14

Jun. 30, 2014

Jun. 30, 2014

Feb. 28, 2013

Sep. 30, 2012

Sep. 30, 2012

Jun. 30, 2014

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

third_party

PE Investment I and PE Investment II

PE Investment I and PE Investment II

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment I

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment III

PE Investment III

PE Investment III

PE Investment III

PE Investment IV

PE Investment IV

PE Investment IV

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

joint_venture

fund

fund

NorthStar Realty Finance Corp.

fund

PE Investment I

PE Investment II

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]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of significant unconsolidated joint ventures

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net investment income

'

'

'

'

$8,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized investment losses

320,000

-12,133,000

45,832,000

-17,944,000

22,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized investment gains

-56,605,000

-57,834,000

-198,945,000

-45,978,000

32,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

'

'

'

'

'

70.50%

'

'

'

70.00%

'

'

'

'

'

'

'

'

'

'

29.50%

15.00%

15.00%

'

'

'

'

'

'

Number of real estate private equity funds contributed (funds)

'

'

'

'

'

'

'

'

'

'

'

49

'

'

'

'

'

24

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

85.00%

'

'

51.00%

'

Cash distribution to the 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

'

'

'

'

'

'

207,400,000

'

207,400,000

'

226,300,000

'

'

270,700,000

270,700,000

'

288,900,000

'

'

70,800,000

'

63,900,000

63,900,000

'

8,100,000

8,100,000

'

'

'

6,100,000

'

'

'

'

'

Income (loss) from private equity investments

'

'

'

'

'

'

14,100,000

14,400,000

27,700,000

22,000,000

'

'

'

13,300,000

26,400,000

'

'

'

'

'

'

1,600,000

3,000,000

'

100,000

100,000

'

'

'

'

'

'

'

'

'

Distributions from unconsolidated ventures

'

'

7,250,000

166,000

'

'

'

'

46,700,000

56,500,000

'

'

'

'

49,500,000

'

'

'

'

'

'

'

19,100,000

'

0

0

'

'

'

'

'

'

'

'

'

Private equity investment estimated future capital commitments

'

'

'

'

'

'

14,000,000

'

14,000,000

'

'

'

'

10,000,000

10,000,000

'

'

'

'

'

'

4,800,000

4,800,000

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire private equity investments

'

'

13,155,000

297,376,000

'

'

'

'

100,000

17,900,000

'

'

'

'

0

'

'

'

'

'

'

'

500,000

'

0

0

'

'

'

'

'

'

'

'

'

Private equity investment estimated future capital commitments expected to be funded

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate reported net asset value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

910,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

504,800,000

'

'

353,400,000

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value method investment, payment of reported net asset value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8,000,000

'

'

'

'

'

'

'

'

'

'

'

Fair value method investment, payment of reported net asset value, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

90.50%

'

'

'

'

'

'

'

'

'

'

'

Investments_in_Unconsolidated_1

Investments in Unconsolidated Ventures (Details)

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

10 Months Ended

10 Months Ended

13 Months Ended

13 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

24 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Apr. 30, 2013

Jun. 26, 2014

Jun. 26, 2014

Jun. 26, 2014

Jun. 26, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jul. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

31-May-12

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Aug. 31, 2012

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jul. 19, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Milford Plaza hotel

Milford Plaza hotel

RXR Realty

NorthStar RXR New York Metro

NorthStar RXR New York Metro

NorthStar Realty Finance Corporation

Aerium

Aerium

Aerium

Multifamily

Multifamily

Multifamily

Multifamily

Meadowlands Two LLC

Meadowlands Two LLC

Meadowlands Two LLC

Meadowlands Two LLC

LandCap

LandCap

LandCap

LandCap

LandCap

CS/Federal

CS/Federal

CS/Federal

CS/Federal

NorthStar Real Estate Income Trust Inc

Other

Other

Other

Other

Other

Other

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

Northstar Income II

Northstar Income II

Northstar Income II

Other joint venture one

Other joint venture one

Other joint venture one

NSAM Sponsored Companies

NSAM Sponsored Companies

NSAM Sponsored Companies

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income I

NorthStar Income I

NorthStar Income I

NorthStar Income I

NorthStar Income I

Joint venture that owns two office buildings in Chicago

Joint venture that owns two office buildings in Chicago

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

RXR Equity Investment

RXR Equity Investment

PE Investment I

PE Investment I

PE Investment II

PE Investment II

PE Investment III

PE Investment III

USD ($)

USD ($)

Commitment to Purchase Shares [Member]

USD ($)

EUR (€)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

Meadowlands One, LLC

Meadowlands One, LLC

Meadowlands One, LLC

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Non-recourse mortgage note bearing 5.51% interest

Non-recourse mortgage note bearing 5.46% interest

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

CSE CDO

USD ($)

USD ($)

USD ($)

USD ($)

Minimum offering amount

USD ($)

USD ($)

Minimum offering amount

USD ($)

USD ($)

sponsored_company

Commitment to Purchase Shares [Member]

Commitment to Invest as Distribution Support [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

professional

country

property

USD ($)

USD ($)

note

USD ($)

USD ($)

building

building

building

property

Investment in and advances to unconsolidated ventures

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (percent)

'

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

90.00%

'

'

'

22.00%

'

'

'

49.00%

'

49.00%

'

49.00%

50.00%

50.00%

'

'

0.60%

'

'

'

'

'

9.80%

0.80%

0.80%

0.80%

2.30%

'

1.90%

8.70%

'

'

'

33.30%

'

'

'

'

'

'

'

'

'

'

'

9.99%

9.99%

9.99%

'

'

30.00%

30.00%

'

'

'

'

'

'

'

Public offering registration statement maximum funds seeking to raise

'

'

'

'

'

'

'

'

$2,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of investment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,400,000

10,000,000

10,000,000

10,000,000

'

'

'

'

14,500,000

'

14,500,000

'

14,100,000

5,500,000

5,500,000

'

'

'

'

'

'

'

5,700,000

'

1,900,000

1,900,000

1,900,000

2,100,000

'

2,300,000

2,200,000

'

'

'

'

'

'

'

'

'

'

6,100,000

'

6,100,000

'

'

'

'

'

8,500,000

8,500,000

87,000,000

87,000,000

84,100,000

207,400,000

226,300,000

270,700,000

288,900,000

63,900,000

70,800,000

Equity in earnings (losses) of unconsolidated ventures

31,380,000

15,119,000

63,172,000

23,432,000

'

1,200,000

'

'

'

'

'

'

'

'

'

-100,000

-300,000

'

'

-400,000

-700,000

'

400,000

300,000

500,000

200,000

'

100,000

200,000

'

'

'

300,000

400,000

1,500,000

800,000

'

'

-100,000

-200,000

'

'

'

'

'

'

600,000

1,200,000

'

'

'

'

-300,000

-300,000

'

100,000

100,000

200,000

100,000

'

'

100,000

100,000

'

'

1,500,000

3,000,000

'

'

'

'

'

'

'

Number of shares purchased (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

265,330

'

222,223

269,937

'

222,223

'

'

'

'

'

'

'

'

'

'

'

'

'

645,847

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire equity method investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,400,000

'

'

2,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase commitment

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase commitment, period

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum number of new sponsored companies, per year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term purchase commitment, shares (as a percent)

'

'

'

'

'

'

'

25.00%

'

'

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-controlling interests, ownership percentage

'

'

'

'

'

'

'

'

'

'

'

15.00%

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate assets under management

'

'

'

'

'

'

'

'

'

'

'

'

'

6,100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of countries real estate assets are held

'

'

'

'

'

'

'

'

'

'

'

'

'

12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of professionals

'

'

'

'

'

'

'

'

'

'

'

180

180

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of noncontrolling interest in real estate investment

'

'

'

'

'

'

'

'

'

'

'

68,800,000

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Acquisition of interest in real estate investment, transaction costs

'

'

'

'

'

'

'

'

'

'

'

3,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash payments to acquire noncontrolling interest in real estate investment

'

'

'

'

'

'

'

'

'

'

'

62,200,000

45,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from offering of common stock

'

'

519,198,000

'

1,305,619,000

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost method investments

'

'

'

'

'

'

'

'

'

'

'

68,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in real estate property acquired (property)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

498

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount contributed in the joint venture

'

'

67,076,000

9,735,000

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

23,500,000

'

23,500,000

'

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

2

2

'

'

'

'

'

'

'

'

'

'

'

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

security

security

Minimum

Maximum

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

N-Star CDO Bonds

N-Star CDO Bonds

N-Star CDO equity

N-Star CDO equity

CMBS

CMBS

CMBS

CMBS

Third-party CDO notes

Third-party CDO notes

Third-party CDO notes

Agency debentures

Agency debentures

Unsecured REIT debt

Unsecured REIT debt

Trust preferred securities

Trust preferred securities

CRE Securities

CRE Securities

CRE Securities

CRE Securities

CRE Securities

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

CMBS

CMBS

CMBS

CMBS

Trust preferred securities

Trust preferred securities

Trust preferred securities

security

security

security

security

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

security

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

security

security

Maximum

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

N-Star CDO Bonds

N-Star CDO Bonds

N-Star CDO equity

N-Star CDO equity

CMBS

CMBS

CMBS

CMBS

Third-party CDO notes

Third-party CDO notes

Agency debentures

Agency debentures

Unsecured REIT debt

Unsecured REIT debt

Trust preferred securities

Trust preferred securities

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Agency debentures

security

security

security

security

security

security

security

security

security

security

security

security

security

security

security

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity, Not 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

Real estate securities, available for sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (securities)

230

'

348

'

'

55

53

175

295

36

31

5

5

14

17

153

264

11

'

20

8

8

1

1

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,646,487,000

$2,090,726,000

$788,098,000

$738,310,000

$858,389,000

$1,352,416,000

$526,403,000

$481,386,000

$152,284,000

$158,274,000

$109,411,000

$98,650,000

$672,853,000

$1,140,368,000

$83,139,000

$109,651,000

$87,172,000

$87,172,000

$8,000,000

$8,000,000

$7,225,000

$7,225,000

'

'

'

'

'

'

'

Amortized Cost

1,054,531,000

'

1,367,790,000

'

'

458,530,000

424,303,000

596,001,000

943,487,000

241,132,000

207,547,000

152,284,000

158,274,000

65,114,000

58,482,000

475,341,000

799,126,000

'

75,296,000

99,603,000

29,689,000

29,031,000

8,450,000

8,502,000

7,225,000

7,225,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative Unrealized Gains

132,024,000

'

79,768,000

'

'

71,228,000

8,335,000

60,796,000

71,433,000

51,481,000

1,878,000

8,398,000

0

11,349,000

6,457,000

53,750,000

67,770,000

'

66,000

0

5,876,000

2,644,000

1,104,000

1,019,000

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative Unrealized Losses

-229,927,000

'

-395,238,000

'

'

-52,436,000

-22,402,000

-177,491,000

-372,836,000

-7,653,000

-4,138,000

-20,549,000

0

-24,234,000

-18,264,000

-124,447,000

-294,595,000

'

-50,656,000

-74,672,000

-1,171,000

-2,135,000

0

0

-1,217,000

-1,434,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value

956,628,000

'

1,052,320,000

'

'

477,322,000

410,236,000

479,306,000

642,084,000

284,960,000

205,287,000

140,133,000

158,274,000

52,229,000

46,675,000

404,644,000

572,301,000

'

24,706,000

24,931,000

34,394,000

'

9,554,000

9,521,000

6,008,000

5,791,000

'

'

'

'

'

1,646,487,000

2,090,726,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,008,000

5,791,000

29,540,000

Allocation Investment Type (as a percent)

100.00%

'

100.00%

'

'

47.80%

35.30%

52.20%

64.70%

32.00%

23.00%

9.20%

7.60%

6.60%

4.70%

40.90%

54.50%

'

5.10%

5.20%

5.30%

4.20%

0.50%

0.40%

0.40%

0.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Coupon (as a percent)

2.56%

'

2.52%

'

'

1.87%

2.03%

3.07%

2.73%

1.69%

1.82%

'

'

2.72%

3.06%

3.77%

3.15%

'

0.24%

0.29%

'

'

7.50%

7.50%

2.25%

2.26%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Yield (as a percent)

12.44%

'

11.25%

'

'

17.63%

17.34%

8.44%

8.51%

20.54%

20.00%

18.31%

18.42%

5.27%

4.98%

9.97%

9.65%

'

1.17%

1.17%

4.56%

4.64%

5.88%

6.00%

2.25%

2.32%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount Eliminated In Consolidation

'

'

'

'

'

'

'

'

'

88,000,000

126,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncurrent equity securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

404,644,000

572,301,000

42,275,000

30,642,000

'

'

'

Contractual maturities of the CRE securities portfolio

'

'

'

'2 months

'38 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average expected maturity

'3 years 10 months 24 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from the sale of CRE securities

25,929,000

170,397,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,700,000

150,300,000

25,900,000

170,397,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net realized gain (loss) of CRE securities investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,300,000

24,000,000

11,800,000

28,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of CRE securities for which the fair value option was not elected (security)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

38

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying value of items for which the fair value option was not elected

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

294,900,000

'

294,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated net unrealized gains included in OCI

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of securities under unrealized loss position (security)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13

'

13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate carrying value of securities in an unrealized loss position for a period of less than 12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

38,000,000

'

38,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized loss on securities with an unrealized loss position for a period of less than 12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,700,000

'

7,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of unrealized loss of securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

OTTI recognized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowings_Details

Borrowings (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jul. 31, 2012

Jul. 31, 2012

Jul. 31, 2012

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Mar. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Mar. 31, 2014

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Jul. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Share data in Millions, unless otherwise specified

LIBOR

First mortgage loans

First mortgage loans

Principal / Notional Amount

Principal / Notional Amount

Estimate of Fair Value Measurement

Carrying Value

Carrying Value

N-Star CDO I and Wakefield Portfolio

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Mortgage notes payable

Senior Mortgage

Senior Mortgage

Senior Mortgage

Mezzanine

Mezzanine

Mezzanine

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

Securitization bonds payable

Securitization bonds payable

Securitization bonds payable

Securitization bonds payable

Securitization bonds payable

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

Credit facility

Credit facility

Credit facility

Credit facility

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

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

Junior Subordinated Notes

Junior Subordinated Notes

Variable Interest Entity, Not Primary Beneficiary

LIBOR

Principal / Notional Amount

Carrying Value

Manufactured housing communities

Manufactured housing communities

Healthcare

Healthcare

Hotel

Hotel

Net lease

Net lease

Multifamily

Multifamily

Wakefield Portfolio

Wakefield Portfolio

Lancaster, OH

Lancaster, OH

Minnesota Portfolio

Minnesota Portfolio

Manufacturing Housing Portfolio 1

Manufacturing Housing Portfolio 1

Manufacturing Housing Portfolio 2

Manufacturing Housing Portfolio 2

Manufacturing Housing Portfolio 3

Manufacturing Housing Portfolio 3

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

LIBOR Plus 3.91%, Non-recourse, Due December 2017 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due December 2017 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due December 2017 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due December 2017 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due December 2017 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due December 2017 Through May 2019

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

LIBOR Plus 2.15%, Non-recourse, Due July 2023 [Member]

LIBOR Plus 2.15%, Non-recourse, Due July 2023 [Member]

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

Multifamily Investment Properties 2 Senior Loans Maturing July 2023

LIBOR Plus 2.23%, Non-recourse, Due June 2019

LIBOR Plus 2.23%, Non-recourse, Due June 2019

LIBOR Plus 2.23%, Non-recourse, Due June 2019

LIBOR Plus 6.98%, Recourse, Due June 2019

LIBOR Plus 6.98%, Recourse, Due June 2019

LIBOR Plus 6.98%, Recourse, Due June 2019

Principal / Notional Amount

Carrying Value

N-Star I

N-Star I

N-Star III

N-Star III

N-Star V

N-Star IX

N-Star IX

Principal / Notional Amount

Carrying Value

Securitization 2012-1

Securitization 2012-1

Principal / Notional Amount

Estimate of Fair Value Measurement

Loan Facility 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

Loan Facility 2

Minimum

Maximum

Seven Point Five Zero Percent Senior Note

Principal / Notional Amount

Carrying Value

7.25% Notes

8.875% Notes

5.375% Notes

Principal / Notional Amount

Carrying Value

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

8.875% Notes

8.875% Notes

8.875% Notes

8.875% Notes

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

Principal / Notional Amount

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

NorthStar Realty Trust I, II, III, IV

NorthStar Realty Trust I, II, III, IV

NorthStar Realty Trust I, II, III, IV

Junior Subordinated Notes

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

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

Indiana Portfolio

Formation Portfolio

Formation Portfolio

Formation Portfolio

Formation Portfolio

Formation Portfolio

Formation Portfolio

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

South Portland, ME

South Portland, ME

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Innkeepers Portfolio

Innkeepers Portfolio

Innkeepers Portfolio

Innkeepers Portfolio

Innkeepers Portfolio

Innkeepers Portfolio

extension

Subsidiary two

Minimum

Maximum

LIBOR

LIBOR

LIBOR

extension

Subsidiary

Subsidiary

Minimum

Maximum

Realized Gain (Loss) on Investments and Other

Subsequent event

Realized Gain (Loss) on Investments and Other

Realized Gain (Loss) on Investments and Other

Subsequent event

LIBOR

LIBOR

LIBOR

Estimate of Fair Value Measurement

note

note

note

Dec-21

Jan-24

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

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

note

note

note

note

Hotel

Hotel

Hotel

Hotel

Hotel

Hotel

Subsidiary two

Subsidiary two

Minimum

Maximum

Minimum

Maximum

note

note

extension

note

May-19

Dec-17

Jul-18

LIBOR

note

LIBOR

mezzanine_note

LIBOR

note

note

note

Debt Instrument [Line Items]

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'

Contractual interest rate (as a percent)

'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

'

4.39%

'

4.02%

'

5.01%

'

'

'

'

'

6.00%

'

'

'

6.99%

'

7.09%

'

5.89%

'

'

'

'

'

'

'

'

'

'

'

'

'

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%

'

'

'

4.28%

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5.16%

'

'

'

'

'

'

'

3.36%

'

'

'

'

'

'

'

'

7.50%

3.00%

'

'

'

7.25%

8.88%

5.38%

'

'

'

'

7.25%

'

'

7.50%

'

8.88%

8.88%

'

8.88%

'

'

5.38%

'

5.38%

'

5.38%

5.38%

'

'

'

8.15%

'

7.74%

'

7.81%

'

7.95%

'

'

'

'

'

'

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'

'

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'

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Variable rate basis

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'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

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'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

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'LIBOR

'LIBOR

'

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'LIBOR

'LIBOR

'

'LIBOR

'LIBOR

'

'

'

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'

'LIBOR

'LIBOR

'

'

'

'LIBOR

'LIBOR

'

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'LIBOR

'LIBOR

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'

'

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

'

'

'

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

5.95%

5.95%

5.00%

5.00%

3.00%

3.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.75%

7.75%

4.50%

4.50%

3.91%

3.91%

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

2.15%

2.15%

'

'

'

'

'

'

'

'

2.23%

2.23%

2.23%

6.98%

6.98%

'

'

'

'

'

4.26%

4.26%

'

'

'

0.40%

0.40%

'

'

'

'

1.62%

1.62%

'

'

'

'

'

'

'

'

'

'

3.95%

5.95%

'

'

'

'

2.50%

5.00%

'

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'

'

2.70%

2.70%

2.90%

2.90%

2.50%

2.50%

2.70%

2.70%

'

2.80%

3.25%

'

Principal amount

$5,356,387,000

$4,059,860,000

'

'

'

$908,212,000

'

'

'

'

'

$3,612,403,000

$2,113,334,000

$3,612,403,000

'

$1,141,441,000

$1,124,899,000

$1,123,739,000

$478,494,000

$840,000,000

$0

$262,668,000

$265,386,000

$244,555,000

$244,555,000

'

'

'

'

'

'

$236,900,000

$236,900,000

$639,999,000

$639,999,000

$264,542,000

$248,000,000

$16,500,000

$248,000,000

$55,253,000

$55,768,000

$20,360,000

$20,496,000

$4,369,000

$4,399,000

$151,378,000

$152,772,000

$7,477,000

$7,545,000

$3,183,000

$3,209,000

$37,724,000

$38,175,000

$75,000,000

$75,000,000

$121,130,000

$121,130,000

$647,865,000

$0

$222,900,000

$134,700,000

$290,300,000

'

$2,964,000

$3,019,000

$12,603,000

$12,765,000

$5,000,000

$5,000,000

$43,213,000

$43,682,000

$6,172,000

$6,237,000

$15,949,000

$16,095,000

$30,977,000

$31,232,000

$31,431,000

$31,729,000

$26,376,000

$26,600,000

$19,760,000

$20,055,000

$27,700,000

$27,700,000

$1,272,000

$1,464,000

$13,437,000

$13,689,000

$22,118,000

$22,300,000

$3,696,000

$3,819,000

$39,600,000

$39,600,000

$158,417,000

$158,417,000

'

'

$46,538,000

$46,538,000

$635,000,000

$0

'

$205,000,000

$0

'

$628,095,000

$970,219,000

$628,095,000

'

$37,558,000

$37,754,000

$0

$100,022,000

$202,899,000

$590,537,000

$629,544,000

$82,337,000

$82,337,000

$82,337,000

'

$82,337,000

$82,337,000

$101,168,000

$70,038,000

'

'

$14,850,000

$14,850,000

'

'

'

'

'

'

$86,318,000

$55,188,000

'

'

'

'

$481,118,000

'

'

$172,500,000

$481,118,000

$0

$481,118,000

'

'

'

'

$171,149,000

$543,815,000

$171,149,000

'

$12,955,000

$12,955,000

'

$172,500,000

'

$9,600,000

$3,810,000

$13,360,000

$2,800,000

'

'

$53,600,000

$137,000,000

$154,384,000

$345,000,000

'

$78,300,000

$280,117,000

$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

'

'

'

'

Carrying Value

5,044,210,000

3,342,071,000

'

'

'

'

'

'

'

'

'

'

2,113,334,000

'

3,606,585,000

1,143,892,000

1,124,899,000

1,115,470,000

478,494,000

840,000,000

0

262,668,000

265,386,000

244,555,000

244,555,000

'

'

'

'

'

'

236,900,000

236,900,000

639,999,000

639,999,000

266,993,000

248,000,000

'

'

55,253,000

55,768,000

20,360,000

20,496,000

4,369,000

4,399,000

151,378,000

152,772,000

7,477,000

7,545,000

3,183,000

3,209,000

37,724,000

38,175,000

75,000,000

75,000,000

121,130,000

121,130,000

639,596,000

0

'

'

'

'

2,964,000

3,019,000

12,603,000

12,765,000

5,000,000

5,000,000

43,213,000

43,682,000

6,172,000

6,237,000

15,949,000

16,095,000

30,977,000

31,232,000

31,431,000

31,729,000

26,376,000

26,600,000

19,760,000

20,055,000

27,700,000

27,700,000

1,272,000

1,464,000

13,437,000

13,689,000

22,118,000

22,300,000

3,696,000

3,819,000

39,600,000

39,600,000

158,417,000

158,417,000

'

'

46,538,000

46,538,000

635,000,000

0

'

205,000,000

0

'

'

384,183,000

'

399,772,000

35,854,000

34,886,000

0

46,090,000

80,897,000

363,918,000

222,310,000

'

82,340,000

'

82,372,000

82,372,000

82,340,000

'

70,038,000

'

'

14,850,000

14,850,000

'

'

'

'

'

'

86,318,000

55,188,000

'

'

'

'

'

'

'

'

'

0

'

481,118,000

'

'

'

'

490,973,000

'

151,750,000

12,955,000

12,955,000

'

165,366,000

'

'

3,737,000

13,068,000

2,800,000

'

'

'

'

135,058,000

299,584,000

'

78,300,000

'

201,203,000

'

34,229,000

31,342,000

21,526,000

19,722,000

34,434,000

31,547,000

41,834,000

38,327,000

21,973,000

19,866,000

18,825,000

16,943,000

22,649,000

20,290,000

25,975,000

23,166,000

'

'

'

221,445,000

Debt instrument, term for basis spread on variable rate

'

'

'1 month

'

'

'

'

'

'

'

'3 months

'

'

'

'

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'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

'1 month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 months

'

'

'

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

8

'

6

'

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

3

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

5

2

2

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average financing cost (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.39%

'

4.02%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.03%

'

'

'

4.28%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, weighted average interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.01%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.91%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.98%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of optional extensions to initial term (extensions)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Optional extension period of initial maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of mezzanine notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Scheduled principal amount based on stated maturity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

July 1 to December 31, 2014

489,940,000

'

'

'

'

'

'

'

'

'

'

8,822,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

481,118,000

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Years ending December 31:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

137,985,000

'

'

'

'

'

'

'

'

'

'

137,985,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

135,134,000

'

'

'

'

'

'

'

'

'

'

135,134,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

299,896,000

'

'

'

'

'

'

'

'

'

'

286,941,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

12,955,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

441,752,000

'

'

'

'

'

'

'

'

'

'

340,584,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

101,168,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

3,851,680,000

'

'

'

'

'

'

'

'

'

'

2,702,937,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

628,095,000

'

'

'

'

'

'

'

'

'

'

82,337,000

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

158,194,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

280,117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

5,356,387,000

4,059,860,000

'

'

'

908,212,000

'

'

'

'

'

3,612,403,000

2,113,334,000

3,612,403,000

'

1,141,441,000

1,124,899,000

1,123,739,000

478,494,000

840,000,000

0

262,668,000

265,386,000

244,555,000

244,555,000

'

'

'

'

'

'

236,900,000

236,900,000

639,999,000

639,999,000

264,542,000

248,000,000

16,500,000

248,000,000

55,253,000

55,768,000

20,360,000

20,496,000

4,369,000

4,399,000

151,378,000

152,772,000

7,477,000

7,545,000

3,183,000

3,209,000

37,724,000

38,175,000

75,000,000

75,000,000

121,130,000

121,130,000

647,865,000

0

222,900,000

134,700,000

290,300,000

'

2,964,000

3,019,000

12,603,000

12,765,000

5,000,000

5,000,000

43,213,000

43,682,000

6,172,000

6,237,000

15,949,000

16,095,000

30,977,000

31,232,000

31,431,000

31,729,000

26,376,000

26,600,000

19,760,000

20,055,000

27,700,000

27,700,000

1,272,000

1,464,000

13,437,000

13,689,000

22,118,000

22,300,000

3,696,000

3,819,000

39,600,000

39,600,000

158,417,000

158,417,000

'

'

46,538,000

46,538,000

635,000,000

0

'

205,000,000

0

'

628,095,000

970,219,000

628,095,000

'

37,558,000

37,754,000

0

100,022,000

202,899,000

590,537,000

629,544,000

82,337,000

82,337,000

82,337,000

'

82,337,000

82,337,000

101,168,000

70,038,000

'

'

14,850,000

14,850,000

'

'

'

'

'

'

86,318,000

55,188,000

'

'

'

'

481,118,000

'

'

172,500,000

481,118,000

0

481,118,000

'

'

'

'

171,149,000

543,815,000

171,149,000

'

12,955,000

12,955,000

'

172,500,000

'

9,600,000

3,810,000

13,360,000

2,800,000

'

'

53,600,000

137,000,000

154,384,000

345,000,000

'

78,300,000

280,117,000

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

'

'

'

'

Days notice required to redeem debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 days

'60 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gains (losses) on extinguishment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-22,400,000

'

'

'

'

-6,800,000

-44,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock options exercised (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.8

'

'

0.5

'

'

2.8

7

'

'

'

8.7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

1,085,280,000

'

163,500,000

441,750,000

1,268,983,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

101,168,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available borrowing under its loan facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

138,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facilities

$101,168,000

$70,038,000

'

'

'

$101,168,000

$70,038,000

$70,038,000

$101,168,000

$70,038,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$101,168,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Spinoff_of_Asset_Management_Bu2

Spin-off of Asset Management Business Spin-off of Asset Management Business - Balance Sheet (Details) (USD $)	Jun. 30, 2014		Dec. 31, 2013		Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
							NSAM	NSAM	NSAM	NSAM	NorthStar Realty Equity Plans and NSAM Stock Plan
								Fixed assets, tenant improvements and deposits	Other assets	Crowd funding company
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'		'		'	'	'	'	'	'	'
Parent's ownership interest, percent	'		'		'	'	'	'	'	50.00%	'
Proceeds from expense reimbursements, related parties	'		'		'	'	$8,500,000	'	'	'	'
Transaction costs, NSAM spin-off	'		'		'	'	25,600,000	'	'	'	'
Payment of transaction costs, NSAM spin-off	'		'		'	'	11,500,000	'	'	'	'
Assets	'		'		'	'	'	'	'	'	'
Cash	452,149,000		635,990,000		530,610,000	444,927,000	118,728,000	'	'	'	'
Restricted cash	'		'		'	'	3,132,000	'	'	'	'
Investments in unconsolidated ventures	208,434,000		142,340,000		'	'	4,000,000	'	'	'	'
Receivables, related parties	1,997,000		25,262,000		'	'	16,907,000	'	'	'	16,900,000
Deferred costs and intangible assets	154,180,000		96,886,000		'	'	27,220,000	'	'	'	'
Other assets	151,703,000		145,053,000		'	'	9,548,000	7,500,000	2,200,000	'	'
Total assets	8,368,846,000	[1]	6,360,050,000	[1]	'	'	179,535,000	'	'	'	'
Liabilities	'		'		'	'	'	'	'	'	'
Accounts payable and accrued expenses	113,404,000		74,547,000		'	'	21,098,000	'	'	'	'
Total liabilities	5,411,620,000	[2]	3,662,587,000	[2]	'	'	21,098,000	'	'	'	'
Equity	2,957,226,000		2,697,463,000		'	1,330,864,000	158,437,000	'	'	'	'
Total liabilities and equity	$8,368,846,000		$6,360,050,000		'	'	$179,535,000	'	'	'	'
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: June 30, 2014 $11,795 ; December 31, 2013: $24,411 •Operating real estate, net: June 30, 2014: $4,895 ; December 31, 2013: $4,945 •Real estate debt investments, net: June 30, 2014: $25,942 ; December 31, 2013: $44,298 •Real estate securities, available for sale: June 30, 2014: $481,267 ; December 31, 2013: $644,015 •Receivables, net of allowance: June 30, 2014: $2,563 ; December 31, 2013: $4,476•Other assets: June 30, 2014: $566 ; December 31, 2013: $269 •Total assets of consolidated VIEs: June 30, 2014: $527,028 ; December 31, 2013: $722,414
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: June 30, 2014 $399,772 ; December 31, 2013: $384,183 •Accounts payable and accrued expenses: June 30, 2014 $1,655 ; December 31, 2013: $2,686 •Derivative liabilities, at fair value: June 30, 2014 $23,553 ; December 31, 2013: $52,204 •Other liabilities: June 30, 2014 $2,411 ; December 31, 2013: $2,993 •Total liabilities of consolidated VIEs: June 30, 2014 $427,391 ; December 31, 2013: $442,066

Spinoff_of_Asset_Management_Bu3

Spin-off of Asset Management Business Spin-off of Asset Management Business - Discontinued Operations (Details) (NSAM, USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
NSAM	'	'	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'	'
Selling commissions (as a percent)	'	'	7.00%	'
Dealer manager fee (as a percent)	'	'	3.00%	'
Total revenues	$32,675	$38,591	$56,013	$60,146
Total expenses	32,994	40,939	62,087	64,623
NSAM income (loss) in discontinued operations	($319)	($2,348)	($6,074)	($4,477)

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

17 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

0 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Sep. 30, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 28, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Jan. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

loan

loan

Innkeepers Portfolio

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

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

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

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

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

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

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

N-Star CDOs

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

Legacy Fund

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NorthStar Real Estate Income Trust Inc

NorthStar Real Estate Income Trust Inc

Healthcare Strategic Partnership

Healthcare Strategic Partnership

Northstar Income II

Northstar Income II

West Point Partners

West Point Partners

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Future Investment [Member]

Retire Investor Ownership [Member]

Cash Distribution, Prior to Closing [Member]

Cash Distribution, Upon Closing [Member]

loan

loan

Eliminations

Eliminations

Eliminations

Eliminations

investment

loan

Mortgage Loans on Real Estate Due in October 2016

Real Estate Debt Investments, Net

Mezzanine loans

Mortgage and mezzanine loans

Mortgage and mezzanine loans

N-Star CDOs

RXR Realty and Aerium

Revolving credit facility

Revolving credit facility

Tier 1

Tier 1

Tier 1

Tier 2

Tier 2

Legacy Fund

Legacy Fund

Minimum

Maximum

partner

Senior Debt and Preferred Equity

Senior debt securities

Preferred equity securities

Common equity securities

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

extension

investment

LIBOR

Minimum

Maximum

Minimum

Related party and sponsored company arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management agreement, initial term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'20 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management agreement, renewal term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'20 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual base management fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$148,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional asset management fee, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management fee, distribution of cash flows in excess of minimum base

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management agreement, incentive fee, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

'

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management agreement, incentive fee, per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.39

$0.45

'

$0.45

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum expense reimbursement rate, related party, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, financial covenant, required unrestricted cash or cash equivalents balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Management fees, incentive revenue, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

25.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Asset management services fee income

'

'

'

'

'

'

'

'

1,600,000

3,100,000

3,100,000

6,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment advisory fees

'

'

'

'

'

'

'

'

'

'

'

'

-700,000

-3,100,000

-1,400,000

-6,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment Income, Interest

'

'

'

'

'

'

'

'

15,700,000

'

31,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior debt, preferred equity and common equity investment in Legacy Partners Commercial

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

14,800,000

15,200,000

'

'

Number of remaining partners in Legacy Partners Commercial

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

Interest in related party (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

'

'

40.00%

'

'

'

'

Partner distribution

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

'

'

14,800,000

15,200,000

Investment in Related Party, Third-Party Interest, Percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.30%

15.30%

10.00%

'

'

'

'

Partner's Capital Account, Distribution, Contingent Distribution

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

Number of CRE debt investments (investments)

'

'

48

'

44

'

15

6

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans deconsolidated (loans)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument loans deconsolidated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate interest income earned

75,867,000

73,148,000

154,546,000

143,483,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

1,100,000

'

'

'

1,100,000

1,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate debt investments, net

1,236,221,000

'

1,236,221,000

'

1,031,078,000

'

407,202,000

107,116,000

'

'

'

'

'

'

'

'

'

'

'

'

38,800,000

17,300,000

8,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of one year extension options (extensions)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loans on real estate duration of extension options

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mortgage loan on real estate, sold to related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

9,000,000

'

'

'

'

'

'

'

'

'

'

'

Service fee paid to related party

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

800,000

'

'

'

'

'

'

'

'

'

'

Payments to acquire real estate

'

'

'

'

'

$1,100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Director's ownership interest in related party, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

EquityBased_Compensation_Detai

Equity-Based Compensation (Details) (USD $)

3 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

12 Months Ended

6 Months Ended

3 Months Ended

12 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Feb. 28, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2011

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2013

Jun. 30, 2014

Omnibus Stock Incentive Plan

Omnibus Stock Incentive Plan

Omnibus Stock Incentive Plan

Incentive Compensation Plan

Incentive Compensation Plan

NorthStar Realty Equity Plans and NSAM Stock Plan

NorthStar Realty Equity Plans and NSAM Stock Plan

NorthStar Realty Equity Plans and NSAM Stock Plan

NorthStar Realty Equity Plans and NSAM Stock Plan

Deferred LTIP Units and RSUs

Restricted stock

Vested Deferred LTIP Units

Unvested Deferred LTIP Units

LTIP Units

LTIP Units

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

NSAM

component

NSAM

Omnibus Stock Incentive Plan

Omnibus Stock Incentive Plan

Omnibus Stock Incentive Plan

Omnibus Stock Incentive Plan

2004 Long-Term Incentive Plan

2010 Plan

2011 Plan

2011 Plan

2011 Plan

2012 Plan

2012 Plan

2012 Plan

2013 Plan

2013 Plan

2013 Plan

2013 Plan

Incentive Compensation Plan

Incentive Compensation Plan

Incentive Compensation Plan

Incentive Compensation Plan

2010 Plan

2010 Plan

2011 Plan

2012 Plan

2013 Plan

Executive officers

Executive officers

Non-executive employees

Tranche three

Executive officers

Non-executive employees

Tranche three

Executive officers

Non-executive employees

Vest through December 31, 2015

Tranche three

Executive officers

Minimum

Maximum

Executive officers

Executive officers

Executive officers

Executive officers

Executive officers

installment

Non-executive employees

installment

Non-executive employees

installment

Executive officers

Non-executive employees

Healthcare Strategic Joint Venture

Equity-Based Compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares available for issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

3,883,238

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares granted and unvested

'

'

'

'

'

'

'

'

'

'

'

'

'

'

781,187

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP Grants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance (in units)

'

'

'

'

4,609,000

3,114,000

'

'

'

'

'

'

'

'

781,187

152,622

982,977

349,071

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in units)

'

'

'

'

1,137,000

2,166,000

'

'

'

'

'

'

'

'

'

'

'

'

'

762,898

'

'

704,839

'

'

500,371

'

261,577

'

'

'

'

'

'

'

762,898

704,839

500,371

Converted to common stock (in units)

'

'

'

'

-647,000

-670,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in units)

'

'

'

'

-4,000

-1,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested Old LTIP Units converted to common stock in Reorganization

'

'

'

'

-3,178,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance/Weighted Average (in units)

'

'

'

'

1,917,000

4,609,000

'

'

'

'

'

'

'

'

781,187

152,622

982,977

349,071

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Grant Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance (in dollars per share)

'

'

'

'

$14.31

$13.32

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

'

'

'

'

$31.13

$16.20

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Converted to common stock (in dollars per share)

'

'

'

'

$17.31

$15.80

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in dollars per share)

'

'

'

'

$21.64

$10.76

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vested Old LTIP Units converted to common stock in Reorganization (in dollars per share)

'

'

'

'

$14.52

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance/Weighted Average (in dollars per share)

'

'

'

'

$22.91

$14.31

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units redeemed for common stock (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

333,755

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units converted to common stock in spin-off

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,316

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,104,999

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

1,104,999

'

'

'

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

'

'

4

'

'

'

'

'

'

'

'

'

'

'

'

Units granted, net of forfeitures (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

302,692

'

'

289,975

'

'

'

276,980

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'3 years

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

Size of long-term bonus pool as compared to annual cash bonus, percent

'

'

'

'

'

'

'

'

150.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Recognized equity-based compensation expenses

$7,879,000

$1,970,000

$11,784,000

$6,688,000

'

'

$3,700,000

'

'

$7,879,000

$1,970,000

$11,784,000

$6,688,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Recognized equity-based compensation expense, discontinued operations

8,000,000

2,200,000

13,700,000

3,500,000

'

'

'

'

'

8,000,000

2,200,000

13,700,000

3,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Related compensation expense to be recognized over the remaining vesting period

'

'

'

'

'

'

'

'

'

$33,500,000

'

$33,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Details

Stockholders' Equity (Details)

0 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jan. 02, 2012

7-May-14

Feb. 26, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

31-May-14

Jan. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

31-May-14

Apr. 30, 2014

Jan. 29, 2014

Apr. 30, 2014

Jan. 29, 2014

Apr. 30, 2014

Jan. 29, 2014

Apr. 30, 2014

Jan. 29, 2014

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Common Stock

Common Stock

Common Stock

Common Stock

Additional Paid-in Capital

Additional Paid-in Capital

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Series E Preferred Stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series C Preferred Stock

Series C Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

RXR Equity Investment

Aerium

Aerium

Additional Paid-in Capital

USD ($)

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

USD ($)

EUR (€)

RXR Equity Investment

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Stockholders' equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock split, conversion ratio (one-for-two reverse split)

0.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

New stock issued during period (shares)

'

'

'

'

'

'

'

'

'

17,250,000

[1]

66,125,000

[1]

'

'

'

17,250,000

677,570

208,819

208,819

'

10,000,000

'

'

'

'

'

'

'

'

Sale of stock (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$30.90

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

'

'

'

$519,198

$280,184

'

'

'

'

'

'

'

'

'

$519,200

'

$6,800

€ 5,000

$17,712

$241,800

'

'

'

'

'

'

'

'

Shares issued (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$32.52

'

'

'

'

'

'

'

'

'

'

'

Stock issued for exercise of warrants

'

'

'

'

'

'

'

'

'

10,646,000

[1]

5,791,000

[1]

'

'

799,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, dividend rate (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.75%

'

'

'

'

'

'

'

'

DRP

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

7,139,923

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares issued pursuant to the DRP (shares)

'

'

'

4,819

'

'

'

'

'

5,000

[1]

14,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross sales price from shares issued pursuant to the DRP

'

'

'

155

'

249

'

'

'

'

0

[1]

155

[1]

249

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

$0.50

[2]

$0.40

[2]

$1

[2]

$0.78

[2]

'

'

$0.50

$0.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0.55

$0.52

$0.52

$0.55

$0.55

$0.53

$0.53

Numerator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

-73,566

-12,626

-208,527

23,996

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

-1,700

-621

-5,296

1,112

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

($75,266)

($13,247)

($213,823)

$25,108

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Denominator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average shares of common stock (shares)

'

174,180,959

[2]

99,424,114

[2]

167,385,527

[2]

93,911,477

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average LTIP Units (in shares)

'

4,009,000

4,894,000

4,146,000

4,546,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

178,190,000

104,318,000

171,532,000

98,457,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dilutive securities (in shares)

'

0

0

0

1,651,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average diluted shares

'

178,190,300

[2]

104,318,411

[2]

171,531,801

[2]

100,108,570

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic (in dollars per share)

'

($0.42)

[2]

($0.13)

[2]

($1.25)

[2]

$0.26

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted (in dollars per share)

'

($0.42)

[2]

($0.13)

[2]

($1.25)

[2]

$0.26

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

[2]

he three months ended June 30, 2014 and 2013 include $8.0 million and $2.2 million, respectively, of equity-based compensation included in discontinued operations. The six months ended June 30, 2014 and 2013 include $13.7 million and $3.5 million, respectively, of equity-based compensation included in discontinued operations.

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Non-controlling interests	'	'	'	'	'
Net income (loss) allocated to the non-controlling interest	$1,700,000	$621,000	$5,296,000	($1,112,000)	'
Net Income (Loss) Available to Common Stockholders [Abstract]	'	'	'	'	'
Income (loss) from continuing operations	-73,007,000	-10,491,000	-207,594,000	25,978,000	'
Income (loss) from discontinued operations	-559,000	-2,135,000	-933,000	-1,982,000	'
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-73,566,000	-12,626,000	-208,527,000	23,996,000	'
NorthStar Realty Finance Corp.	'	'	'	'	'
Non-controlling interests	'	'	'	'	'
Stockholders' Equity, Reorganization, Stock Conversion Ratio	'	'	1	'	'
Operating Partnership	'	'	'	'	'
Non-controlling interests	'	'	'	'	'
Parent's ownership interest, percent	97.80%	'	97.80%	'	'
Aggregate limited partnership units (in shares)	'	'	'	'	4,608,759
Non-controlling interests, ownership percentage	2.20%	'	2.20%	'	2.90%
Net income (loss) allocated to the non-controlling interest	-1,700,000	-600,000	-5,300,000	1,100,000	'
Operating Partnership | LTIP Units	'	'	'	'	'
Non-controlling interests	'	'	'	'	'
Shares Issued (shares)	'	'	1,135,599	'	'
Other non-controlling interests	'	'	'	'	'
Non-controlling interests	'	'	'	'	'
Net income (loss) allocated to other non-controlling interests	($800,000)	($300,000)	($1,000,000)	($300,000)	'

Fair_Value_Details

Fair Value (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Investments in private equity funds	$550,141	$586,018
Real estate securities, available for sale	956,628	1,052,320
Total assets	1,477,574	1,609,437
Fair Value	'	'
Derivative liabilities	23,807	52,204
Total liabilities	621,217	585,386
Variable Interest Entity, Not Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	477,322	410,236
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale	284,960	205,287
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	140,133	158,274
Variable Interest Entity, Not Primary Beneficiary | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	52,229	46,675
CMBS and other securities	'	30,600
Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	479,306	642,084
Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	404,644	572,301
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale	24,706	24,931
Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	34,394	'
Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	6,008	5,791
Recurring basis | Level 2	'	'
Assets:	'	'
Derivative assets	2,068	3,469
Total assets	414,067	570,949
Fair Value	'	'
Derivative liabilities	23,807	52,204
Total liabilities	23,807	52,204
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
CMBS and other securities	18,763	20,694
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	'	546,786
Total assets	393,236	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
CMBS and other securities	349,288	507,725
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale	0	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	34,394	29,540
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	9,554	9,521
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	0	'
Recurring basis | Level 2 | All Variable Interest Entities	'	'
Assets:	'	'
Total assets	411,999	567,480
Recurring basis | Level 3	'	'
Assets:	'	'
Investments in private equity funds	550,141	586,018
Investments in unconsolidated ventures	'	192,419
Total assets	1,360,489	1,263,277
Fair Value	'	'
CDO bonds payable	399,772	384,183
Junior subordinated notes	221,445	201,203
Total liabilities	621,217	585,386
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale	284,960	205,287
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	140,133	158,274
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
CMBS and other securities	33,466	25,981
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	6,008	95,298
Total assets	86,070	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
CMBS and other securities	55,356	64,576
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale	24,706	24,931
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	0	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	0	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	'	5,791
Recurring basis | Level 3 | All Variable Interest Entities	'	'
Assets:	'	'
Total assets	544,629	484,840
Recurring basis | Estimate of Fair Value Measurement	'	'
Assets:	'	'
Investments in private equity funds	550,141	586,018
Investments in unconsolidated ventures	265,719	192,419
Derivative assets	2,068	3,469
Total assets	1,774,556	1,834,226
Fair Value	'	'
CDO bonds payable	399,772	384,183
Junior subordinated notes	221,445	201,203
Derivative liabilities	23,807	52,204
Total liabilities	645,024	637,590
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale	284,960	205,287
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	140,133	158,274
Recurring basis | Estimate of Fair Value Measurement | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
CMBS and other securities	52,229	46,675
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	6,008	642,084
Total assets	479,306	'
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
CMBS and other securities	404,644	572,301
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale	24,706	24,931
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	34,394	29,540
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	9,554	9,521
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	'	5,791
Recurring basis | Estimate of Fair Value Measurement | All Variable Interest Entities	'	'
Assets:	'	'
Total assets	$956,628	$1,052,320

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 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	-122,486,000	-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	-43,704,000	-647,947,000
Repurchases	0	-44,221,000
Losses:	'	'
Unrealized losses included in earnings	181,779,000	106,622,000
Realized losses included in earnings	0	26,697,000
Ending balance	'	384,183,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-181,779,000	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	20,242,000	4,030,000
Ending balance	'	201,203,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-20,242,000	-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	13,155,000	747,564,000
Paydowns / distributions	-106,328,000	-244,138,000
Gains:	'	'
Equity in earnings of unconsolidated ventures	57,296,000	82,592,000
Losses:	'	'
Ending balance	'	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	70,467,000	192,209,000
Paydowns / distributions	-193,000	'
Gains:	'	'
Equity in earnings of unconsolidated ventures	3,026,000	210,000
Losses:	'	'
Ending balance	'	192,419,000
Real Estate Securities	'	'
Additional information about the company's CRE securities measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Beginning balance	484,840,000	338,213,000
Transfers into Level 3	16,368,000	7,788,000
Transfers out of Level 3	0	-108,143,000
Purchases / borrowings / amortization / contributions	31,760,000	23,594,000
Sales	-18,552,000	-40,328,000
Paydowns / distributions	-18,148,000	-54,971,000
Gains:	'	'
Unrealized gains included in earnings	52,605,000	68,794,000
Realized gains included in earnings	12,389,000	15,179,000
Unrealized gain on real estate securities, available for sale included in OCI	54,487,000	3,098,000
Fair Value Measurement with Unobservable Inputs Reconciliation Recurring Basis Realized Gains From Deconsolidation Of N Star CDOs	8,805,000	350,886,000
Losses:	'	'
Unrealized losses included in earnings	-48,015,000	-19,523,000
Realized losses included in earnings	-2,440,000	-5,601,000
Unrealized losses on real estate securities, available for sale included in OCI	-8,401,000	-4,138,000
Unobservable Inputs Reconciliation Recurring Basis Realized Losses From Deconsolidation Of N Star CDOs	-21,069,000	-90,008,000
Ending balance	544,629,000	484,840,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	4,651,000	20,746,000
Junior Subordinated Notes | Junior Subordinated Notes	'	'
Losses:	'	'
Ending balance	221,445,000	'
CDO Bonds Payable | Estimate of Fair Value Measurement | CDO Bonds Payable	'	'
Losses:	'	'
Ending balance	399,772,000	'
Private Equity Funds | Investments in Private Equity Funds	'	'
Losses:	'	'
Ending balance	550,141,000	'
Level 3 | Recurring basis | Equity and Preferred Equity Interest | Equity and Preferred Equity Interest	'	'
Losses:	'	'
Ending balance	$265,719,000	'

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Transfers	'	'	$0	'	$0
Assets:	'	'	'	'	'
Assets	956,628,000	'	956,628,000	'	1,052,320,000
Subtotal real estate securities, available for sale	661,714,000	'	661,714,000	'	831,000,000
Total assets	1,477,574,000	'	1,477,574,000	'	1,609,437,000
CDO bonds payable, at fair value	399,772,000	'	399,772,000	'	384,183,000
Total liabilities	621,217,000	'	621,217,000	'	585,386,000
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	5,356,387,000	'	5,356,387,000	'	4,059,860,000
Difference	'	'	'	'	'
Total liabilities, Difference	-286,995,000	'	-286,995,000	'	'
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	-52,925,000	-64,354,000	-192,479,000	-51,505,000	'
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	-52,650,000	-41,914,000	-188,251,000	-13,304,000	'
CRE Securities	'	'	'	'	'
Assets:	'	'	'	'	'
Number of CRE securities for which the fair value option was not elected (security)	'	'	38	'	'
Carrying value of items for which the fair value option was not elected	294,900,000	'	294,900,000	'	'
Private Equity Funds	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	550,141,000	'	550,141,000	'	586,018,000
Equity and Preferred Equity Interest	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	265,719,000	'	265,719,000	'	192,419,000
Real Estate Securities	'	'	'	'	'
Assets:	'	'	'	'	'
Number of CRE securities for which the fair value option was not elected (security)	'	'	'	'	36
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	-5,851,000	25,785,000	10,342,000	122,268,000	'
CDO Bonds Payable	'	'	'	'	'
Assets:	'	'	'	'	'
CDO bonds payable, at fair value	399,772,000	'	399,772,000	'	384,183,000
Difference	'	'	'	'	'
Total liabilities, Difference	-228,323,000	'	-228,323,000	'	'
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	-38,418,000	-77,144,000	-181,779,000	-149,429,000	'
Junior Subordinated Notes	'	'	'	'	'
Assets:	'	'	'	'	'
Junior subordinated notes	221,445,000	'	221,445,000	'	201,203,000
Difference	'	'	'	'	'
Total liabilities, Difference	-58,672,000	'	-58,672,000	'	'
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	-8,245,000	-13,824,000	-20,242,000	-23,444,000	'
Other	'	'	'	'	'
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	-411,000	829,000	-800,000	-900,000	'
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	275,000	22,440,000	4,228,000	38,201,000	'
Fair Value	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	956,628,000	'	956,628,000	'	1,052,320,000
CDO bonds payable, at fair value	399,772,000	'	399,772,000	'	384,183,000
Fair Value	'	'	'	'	'
Total liabilities, fair value	621,217,000	'	621,217,000	'	'
Amount Due Upon Maturity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	1,646,487,000	'	1,646,487,000	'	2,090,726,000
CDO bonds payable, at fair value	628,095,000	'	628,095,000	'	970,219,000
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	908,212,000	'	908,212,000	'	'
Private Equity Funds | Minimum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	19.00%	'	'
Private Equity Funds | Maximum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	26.00%	'	'
Equity and Preferred Equity Interest | Minimum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	7.50%	'	'
Equity and Preferred Equity Interest | Maximum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	12.00%	'	'
N-Star CDO equity | Minimum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	18.00%	'	'
N-Star CDO equity | Maximum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	20.00%	'	'
Variable Interest Entity, Not Primary Beneficiary	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	477,322,000	'	477,322,000	'	410,236,000
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	140,133,000	'	140,133,000	'	158,274,000
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS	'	'	'	'	'
Assets:	'	'	'	'	'
CMBS and other securities	42,275,000	'	42,275,000	'	30,642,000
Variable Interest Entity, Primary Beneficiary	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	479,306,000	'	479,306,000	'	642,084,000
Subtotal real estate securities, available for sale	479,306,000	'	479,306,000	'	642,084,000
Variable Interest Entity, Primary Beneficiary | CMBS	'	'	'	'	'
Assets:	'	'	'	'	'
CMBS and other securities	404,644,000	'	404,644,000	'	572,301,000
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'	'	'	'
Assets:	'	'	'	'	'
Third-party CDO notes	24,706,000	'	24,706,000	'	24,931,000
Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	34,394,000	'	34,394,000	'	29,540,000
Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	9,554,000	'	9,554,000	'	9,521,000
Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	6,008,000	'	6,008,000	'	5,791,000
Junior Subordinated Notes	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	280,117,000	'	280,117,000	'	280,117,000
Junior Subordinated Notes | Amount Due Upon Maturity | Junior Subordinated Notes	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	280,117,000	'	280,117,000	'	'
Junior Subordinated Notes | Variable Interest Entity, Not Primary Beneficiary | Fair Value | Junior Subordinated Notes	'	'	'	'	'
Fair Value	'	'	'	'	'
Total liabilities, fair value	221,445,000	'	221,445,000	'	'
CDO Bonds Payable	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	628,095,000	'	628,095,000	'	970,219,000
CDO Bonds Payable | Fair Value | CDO Bonds Payable	'	'	'	'	'
Fair Value	'	'	'	'	'
Total liabilities, fair value	399,772,000	'	399,772,000	'	'
CDO Bonds Payable | Amount Due Upon Maturity | CDO Bonds Payable	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	628,095,000	'	628,095,000	'	'
CRE Securities	'	'	'	'	'
Assets:	'	'	'	'	'
Carrying value of items for which the fair value option was not elected	10,000,000	'	10,000,000	'	16,000,000
N-Star CDO Bonds	'	'	'	'	'
Assets:	'	'	'	'	'
Carrying value of items for which the fair value option was not elected	$285,000,000	'	$285,000,000	'	$205,300,000

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial assets:	'	'	'
Real estate debt investments, net	$1,236,221	'	$1,031,078
Real estate securities, available for sale	956,628	'	1,052,320
Financial liabilities:	'	'	'
Mortgage and other notes payable	3,606,585	'	2,113,334
CDO bonds payable	399,772	'	384,183
Securitization bonds payable	82,372	'	82,340
Credit facilities	101,168	'	70,038
Senior notes	481,118	'	0
Exchangeable senior notes	151,750	'	490,973
Junior subordinated notes	221,445	'	201,203
Derivative liabilities	23,807	'	52,204
Timing swaps	'	'	'
Financial liabilities:	'	'	'
Notional Amount	28,000	'	28,000
Principal / Notional Amount	'	'	'
Financial assets:	'	'	'
Real estate debt investments, net	1,268,983	'	1,085,280
Real estate securities, available for sale	1,646,487	'	2,090,726
Derivative assets	1,947,389	'	478,688
Financial liabilities:	'	'	'
Mortgage and other notes payable	3,612,403	'	2,133,334
CDO bonds payable	628,095	'	970,219
Securitization bonds payable	82,337	'	82,337
Credit facilities	101,168	'	70,038
Senior notes	481,118	'	0
Exchangeable senior notes	171,149	'	543,815
Junior subordinated notes	280,117	'	280,117
Notional Amount	321,796	'	'
Derivative liabilities	'	'	674,418
Carrying Value	'	'	'
Financial assets:	'	'	'
Real estate debt investments, net	1,236,221	'	1,031,078
Real estate securities, available for sale	956,628	'	1,052,320
Derivative assets	2,068	'	3,469
Financial liabilities:	'	'	'
Mortgage and other notes payable	3,606,585	'	2,113,334
CDO bonds payable	399,772	'	384,183
Securitization bonds payable	82,372	'	82,340
Credit facilities	101,168	'	70,038
Senior notes	481,118	'	0
Exchangeable senior notes	151,750	'	490,973
Junior subordinated notes	221,445	'	201,203
Derivative liabilities	'	23,807	52,204
Fair Value	'	'	'
Financial assets:	'	'	'
Real estate debt investments, net	1,230,653	'	1,026,709
Real estate securities, available for sale	956,628	'	1,052,320
Derivative assets	2,068	'	3,469
Financial liabilities:	'	'	'
Mortgage and other notes payable	3,609,608	'	2,107,110
CDO bonds payable	399,772	'	384,183
Securitization bonds payable	82,548	'	82,517
Credit facilities	'	'	70,038
Senior notes	480,108	'	0
Exchangeable senior notes	306,365	'	909,601
Junior subordinated notes	221,445	'	201,203
Derivative liabilities	$23,807	$23,807	$52,204

Risk_Management_and_Derivative2

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

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

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 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

Unrealized Gain (Loss) on Investment and Other

Unrealized Gain (Loss) on Investment and Other

Interest Expense on Debt and Securities

Interest Expense on Debt and Securities

Interest Expense on Debt and Securities

Interest Expense on Debt and Securities

Estimate of Fair Value Measurement

Principal / Notional Amount

Principal / Notional Amount

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

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate caps/floors

Interest rate caps/floors

instrument

instrument

instrument

instrument

Not designated as hedges

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (instruments)

'

'

25

22

0

0

'

12

19

'

13

3

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional Amount

'

'

$2,269,185,000

$1,153,106,000

'

'

'

'

$674,418,000

'

'

$478,688,000

$28,000,000

$28,000,000

'

'

'

'

'

'

'

'

'

$321,796,000

$1,947,389,000

Fair Value Net Asset (Liability)

'

'

-21,739,000

-48,735,000

'

'

'

-23,807,000

-52,204,000

'

2,068,000

3,469,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Lower Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

0.62%

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

'

'

'

'

'

'

'

'

'

3,469,000

'

'

'

'

'

'

'

'

'

'

'

'

2,068,000

'

'

Derivative liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swaps

'

'

'

'

'

'

52,204,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-hedge derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

275,000

22,440,000

4,228,000

38,201,000

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-3,955,000

-15,920,000

-10,694,000

-32,674,000

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-229,000

-1,722,000

-458,000

-3,484,000

'

'

'

Cash margin held by counterparties as collateral

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2014		Jun. 30, 2013	Dec. 31, 2013
Segment reporting	'		'	'		'	'
Net proceeds from the issuance of stock	'		'	$519,198,000		'	$1,305,619,000
Net interest income on debt and securities	72,761,000		61,560,000	148,157,000		120,498,000	'
Rental and escalation income	78,776,000		64,253,000	147,201,000		102,189,000	'
Resident fee and hotel income	37,586,000		0	37,586,000		0	'
Income (loss) from operations	407,000		32,276,000	36,145,000		57,961,000	'
Equity in earnings (losses) of unconsolidated ventures	31,380,000		15,119,000	63,172,000		23,432,000	'
Income (loss) from continuing operations	-59,916,000		1,694,000	-176,883,000		53,359,000	'
Income (loss) from discontinued operations	-572,000		-2,240,000	-6,711,000		-4,209,000	'
Net income (loss)	-60,488,000		-546,000	-183,594,000		49,150,000	-87,910,000
Total Assets	8,368,846,000	[1]	'	8,368,846,000	[1]	'	6,360,050,000	[1]
Variable Interest Entity, Primary Beneficiary	'		'	'		'	'
Segment reporting	'		'	'		'	'
Asset management services fee income	1,600,000		3,100,000	3,100,000		6,200,000	'
Variable Interest Entity, Primary Beneficiary | Eliminations	'		'	'		'	'
Segment reporting	'		'	'		'	'
Asset management and other fees, related parties	-700,000		-3,100,000	-1,400,000		-6,200,000	'
Real Estate	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	1,630,000		11,000	2,366,000		21,000	'
Rental and escalation income	78,387,000		53,737,000	146,529,000		81,750,000	'
Resident fee and hotel income	37,586,000		'	37,586,000		'	'
Income (loss) from operations	-30,455,000		-1,789,000	-43,112,000		-929,000	'
Equity in earnings (losses) of unconsolidated ventures	29,455,000		14,425,000	57,479,000		22,186,000	'
Income (loss) from continuing operations	-2,958,000		20,895,000	9,275,000		33,488,000	'
Income (loss) from discontinued operations	-253,000		108,000	-637,000		268,000	'
Net income (loss)	-3,211,000		21,003,000	8,638,000		33,756,000	'
Depreciation and amortization	32,800,000		16,100,000	59,000,000		25,100,000	'
Total Assets	5,535,216,000		'	5,535,216,000		'	3,343,402,000
CRE Debt	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	38,658,000		9,969,000	67,560,000		17,504,000	'
Rental and escalation income	0		0	0		0	'
Resident fee and hotel income	0		'	0		'	'
Income (loss) from operations	36,956,000		9,920,000	65,310,000		17,394,000	'
Equity in earnings (losses) of unconsolidated ventures	1,925,000		645,000	5,693,000		1,589,000	'
Income (loss) from continuing operations	38,560,000		11,394,000	70,293,000		18,083,000	'
Income (loss) from discontinued operations	0		0	0		0	'
Net income (loss)	38,560,000		11,394,000	70,293,000		18,083,000	'
Total Assets	1,434,356,000		'	1,434,356,000		'	1,211,079,000
CRE Securities	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	15,487,000		5,105,000	42,642,000		12,179,000	'
Rental and escalation income	0		'	0		0	'
Resident fee and hotel income	0		'	0		'	'
Income (loss) from operations	19,385,000		8,068,000	44,094,000		18,378,000	'
Equity in earnings (losses) of unconsolidated ventures	'		'	0		0	'
Income (loss) from continuing operations	13,779,000		10,922,000	26,374,000		21,013,000	'
Income (loss) from discontinued operations	0		0	0		0	'
Net income (loss)	13,779,000		10,922,000	26,374,000		21,013,000	'
Total Assets	487,776,000		'	487,776,000		'	418,837,000
N-Star CDOs, CRE Debt	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	'		19,154,000	'		36,797,000	'
Rental and escalation income	'		10,232,000	'		19,965,000	'
Income (loss) from operations	'		13,973,000	'		23,895,000	'
Equity in earnings (losses) of unconsolidated ventures	'		49,000	'		-343,000	'
Income (loss) from continuing operations	'		-19,326,000	'		-21,408,000	'
Income (loss) from discontinued operations	'		0	'		0	'
Net income (loss)	'		-19,326,000	'		-21,408,000	'
N-Star CDOs, CRE Securities	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	14,663,000		16,581,000	28,809,000		35,429,000	'
Rental and escalation income	389,000		284,000	672,000		474,000	'
Resident fee and hotel income	0		'	0		'	'
Income (loss) from operations	15,478,000		25,674,000	35,263,000		50,268,000	'
Equity in earnings (losses) of unconsolidated ventures	'		'	0		0	'
Income (loss) from continuing operations	-61,495,000		15,202,000	-170,945,000		76,708,000	'
Income (loss) from discontinued operations	0		0	0		0	'
Net income (loss)	-61,495,000		15,202,000	-170,945,000		76,708,000	'
Total Assets	526,400,000		'	526,400,000		'	727,875,000
Corporate	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	2,323,000		10,740,000	6,780,000		18,568,000	'
Rental and escalation income	0		'	0		0	'
Resident fee and hotel income	0		'	0		'	'
Income (loss) from operations	-40,957,000		-23,570,000	-65,410,000		-51,045,000	'
Equity in earnings (losses) of unconsolidated ventures	'		'	0		0	'
Income (loss) from continuing operations	-47,802,000		-37,393,000	-111,880,000		-74,525,000	'
Income (loss) from discontinued operations	0		0	0		0	'
Net income (loss)	-47,802,000		-37,393,000	-111,880,000		-74,525,000	'
Total Assets	385,098,000		'	385,098,000		'	627,148,000
Assets, Total [Member]	'		'	'		'	'
Segment reporting	'		'	'		'	'
Total Assets	8,368,846,000		'	8,368,846,000		'	6,360,050,000
Asset Management	'		'	'		'	'
Segment reporting	'		'	'		'	'
Net interest income on debt and securities	'		'	0		0	'
Rental and escalation income	0		'	0		0	'
Resident fee and hotel income	0		'	0		'	'
Income (loss) from operations	0		0	0		0	'
Equity in earnings (losses) of unconsolidated ventures	'		'	0		0	'
Income (loss) from continuing operations	0		0	0		0	'
Income (loss) from discontinued operations	-319,000		-2,348,000	-6,074,000		-4,477,000	'
Net income (loss)	-319,000		-2,348,000	-6,074,000		-4,477,000	'
Total Assets	$0		'	$0		'	$31,709,000
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: June 30, 2014 $11,795 ; December 31, 2013: $24,411 •Operating real estate, net: June 30, 2014: $4,895 ; December 31, 2013: $4,945 •Real estate debt investments, net: June 30, 2014: $25,942 ; December 31, 2013: $44,298 •Real estate securities, available for sale: June 30, 2014: $481,267 ; December 31, 2013: $644,015 •Receivables, net of allowance: June 30, 2014: $2,563 ; December 31, 2013: $4,476•Other assets: June 30, 2014: $566 ; December 31, 2013: $269 •Total assets of consolidated VIEs: June 30, 2014: $527,028 ; December 31, 2013: $722,414

Supplemental_Disclosures_of_No2

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Apr. 30, 2014	Jun. 30, 2013
			Exchangeable Debt	Exchangeable Debt	Exchangeable Debt
			5.375% Notes	5.375% Notes	5.375% Notes
Debt Instrument [Line Items]	'	'	'	'	'
Assumption of mortgage note payable upon purchase	$649,740	$0	'	'	'
Senior Notes issued	481,118	0	'	'	'
Exchangeable senior notes exchanged for Senior Notes	296,382	0	'	'	'
Conversion of exchangeable senior notes	191,417	0	'	'	'
Reclassification of operating real estate to deferred costs and intangible assets	81,639	18,375	'	'	'
Contribution from non-controlling interests	55,116	0	'	'	'
Net assets distributed in spin-off of asset management business	39,709	0	'	'	'
Reclassification of operating real estate to assets of properties held for sale	21,820	0	'	'	'
Conversion of Old LTIP Units	18,611	9,442	'	'	'
Escrow deposit payable related to CRE debt investments	18,095	19,117	'	'	'
Reclassification of operating real estate to other assets	12,383	60,603	'	'	'
Issuance of common stock related to transactions	6,803	0	'	'	'
Non-cash related to PE Investments	2,482	39,530	'	'	'
Dividends payable related to RSUs	762	0	'	'	'
Real estate acquisition	0	50,701	'	'	'
Reduction of CRE debt investments	0	50,701	'	'	'
Equity component of 5.375% Notes	0	39,768	'	'	'
Increase in restricted cash	$0	$2,887	'	'	'
Contractual interest rate (as a percent)	'	'	5.38%	5.38%	5.38%

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

3 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

1 Months Ended

0 Months Ended

6 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Apr. 30, 2014

Dec. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jan. 31, 2014

Dec. 31, 2013

7-May-14

Feb. 26, 2014

Jun. 30, 2014

Dec. 31, 2013

Apr. 30, 2014

Jan. 29, 2014

Apr. 30, 2014

Jan. 29, 2014

Apr. 30, 2014

Jan. 29, 2014

Apr. 30, 2014

Jan. 29, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Jul. 30, 2014

Jul. 30, 2014

Jul. 30, 2014

Aug. 05, 2014

Aug. 05, 2014

Jul. 31, 2014

Aug. 08, 2014

Aug. 05, 2014

Aug. 05, 2014

Jul. 31, 2014

Jul. 31, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

Aug. 06, 2014

PE Investment VI

LIBOR

Common Stock

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Common Stock

Common Stock

Common Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

5.375% Notes

5.375% Notes

5.375% Notes

5.375% Notes

8.875% Notes

8.875% Notes

8.875% Notes

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series C Preferred Stock

Series C Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Griffin-American

Griffin-American

Griffin-American

Consideration paid in cash

Consideration paid in common stock

PE Investment VI

PE Investment VI

PE Investment VI

Revolving credit facility

Revolving credit facility

Industrial Portfolio

Hotel Portfolio

Medical Office Buildings

Senior Housing Facilities

Exchangeable Debt

Exchangeable Debt

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

property

Minimum

Maximum

Griffin-American

Griffin-American

Deposit

Funds in escrow

LIBOR

sqft

hotel

Griffin-American

Griffin-American

5.375% Notes

8.875% Notes

Series A preferred stock

Series B preferred stock

Series C Preferred Stock

Series D Preferred Stock

Series E Preferred Stock

state

room

property

Subsequent Events

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of exchangeable senior notes (in shares)

'

'

'

'

'

'

'

799,500

'

'

'

'

'

'

'

'

'

'

10,646,000

[1]

5,791,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,700,000

500,000

'

'

'

'

'

'

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

$0.50

[2]

$0.40

[2]

$1

[2]

$0.78

[2]

'

'

'

'

'

'

'

'

'

'

'

'

$0.50

$0.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.50

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0.55

$0.52

$0.52

$0.55

$0.55

$0.53

$0.53

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0.52

$0.55

$0.53

$0.55

Real estate investment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$406,000,000

'

'

'

'

'

'

'

'

'

'

'

Area of real estate property (in square feet)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,300,000

'

'

'

'

'

'

'

'

'

'

'

Real estate property, net lease (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

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'

'

100.00%

'

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'

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'

'

'

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'

'

Weighted average lease term of real estate property

'

'

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'

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'

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'

'

'

'

'

'

'12 years

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

39

'

'

'

'

'

'

'

'

'

'

'

Number of states where real estate properties are located

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

17

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

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'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

Number of hotels acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

'

'

'

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'

'

'

'

'

'

'

'

'

'

20

'

'

'

'

'

'

'

'

'

'

Number of hotel rooms

'

'

'

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'

'

'

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'

'

'

'

'

'

'

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'

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'

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'

'

'

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'

'

'

'

'

'

'

1,900

'

'

'

'

'

'

'

'

'

'

Payment for interest in joint venture

'

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'

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'

'

'

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'

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'

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'

'

273,000,000

'

'

'

'

'

'

'

'

'

'

Amount contributed toward purchase of interest in joint venture

'

'

67,076,000

9,735,000

'

'

'

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'

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'

52,500,000

'

'

'

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'

'

Parent's direct ownership interest in joint venture, percent

'

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'

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'

'

97.50%

'

'

'

'

'

'

'

'

'

'

Debt instrument, term for basis spread on variable rate

'

'

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'

'

'

'1 month

'

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'

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Interest rate added to variable rate (as a percent)

'

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'

'

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'

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'

'

'

'

'

'

'

'

3.50%

'

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'

'

'

'

'

'

'

'

'

Credit facility, maximum borrowing capacity

'

'

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'

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'

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'

'

'

'

'

'

'

500,000,000

'

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'

'

'

'

'

'

'

'

'

'

'

Credit facility, term

'

'

'

'

'

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'

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'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of exchangeable debt converted to stock

5,044,210,000

'

5,044,210,000

'

3,342,071,000

'

'

'

490,973,000

135,058,000

'

299,584,000

'

3,737,000

'

13,068,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

78,300,000

2,800,000

'

'

'

'

'

'

Contractual interest rate (as a percent)

'

'

'

'

'

'

'

'

'

5.38%

5.38%

'

5.38%

8.88%

8.88%

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

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'

'

'

'

'

'

'

'

5.38%

8.88%

'

'

'

'

'

'

Fair value method investment, payment of reported net asset value

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

88,200,000

60,000,000

25,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value method investment, payment of reported net asset value, percent

'

'

'

'

'

92.00%

'

'

'

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'

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'

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'

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'

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'

'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

Business combination, purchase price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, debt assumed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of healthcare-related real estate properties acquired

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

295

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total healthcare-related real estate properties acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43.00%

30.00%

'

'

'

'

'

'

'

'

Business combination, price paid (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$11.50

'

'

$7.75

$3.75

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, shares issuable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.1859

0.2344

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Parent's share price (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$20.17

$16

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, transaction costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

[2]

he three months ended June 30, 2014 and 2013 include $8.0 million and $2.2 million, respectively, of equity-based compensation included in discontinued operations. The six months ended June 30, 2014 and 2013 include $13.7 million and $3.5 million, respectively, of equity-based compensation included in discontinued operations.