Northstar Realty Finance (NRF) 10-Q 10 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 06, 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-Sep-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	'	223,110,746
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'		'
Cash and cash equivalents	$190,891		$635,990
Restricted cash	312,234		166,487
Operating real estate, net	5,588,906		2,370,183
Real estate debt investments, net	1,144,356		1,031,078
Real estate debt investments, held for sale	15,223		0
Investments in private equity funds, at fair value	851,073		586,018
Investments in unconsolidated ventures	213,139		142,340
Real estate securities, available for sale	911,060		1,052,320
Receivables, net of allowance of $2,567 as of September 30, 2014	51,371		59,895
Receivables, related parties	1,524		25,262
Unbilled rent receivable, net of allowance of $7,523 as of September 30, 2014	11,077		15,006
Derivative assets, at fair value	2,540		3,469
Deferred costs and intangible assets, net	326,936		96,886
Assets of properties held for sale	51,648		30,063
Other assets	198,795		145,053
Total assets	9,870,773	[1]	6,360,050	[1]
Liabilities	'		'
Mortgage and other notes payable	4,453,206		2,113,334
CDO bonds payable, at fair value	391,939		384,183
Securitization bonds payable	61,531		82,340
Credit facilities	822,588		70,038
Exchangeable senior notes	50,715		490,973
Junior subordinated notes, at fair value	219,253		201,203
Accounts payable and accrued expenses	138,740		74,547
Due to related party	40,518		0
Escrow deposits payable	92,844		90,929
Derivative liabilities, at fair value	20,398		52,204
Liabilities of properties held for sale	28,962		28,962
Other liabilities	308,660		73,874
Total liabilities	6,629,354	[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 September 30, 2014 and December 31, 2013, respectively	939,118		697,352
Common stock, $0.01 par value, 500,000,000 shares authorized, 216,704,983 and 154,403,414 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively	2,167	[3]	1,544	[3]
Additional paid-in capital	3,334,811		2,649,450
Retained earnings (accumulated deficit)	-1,216,223		-685,936
Accumulated other comprehensive income (loss)	60,025		-4,334
Total NorthStar Realty Finance Corp. stockholders’ equity	3,119,898		2,658,076
Non-controlling interests	121,521		39,387
Total equity	3,241,419		2,697,463
Total liabilities and equity	9,870,773		6,360,050
Variable Interest Entity, Primary Beneficiary	'		'
Assets	'		'
Restricted cash	23,512		24,411
Operating real estate, net	4,869		4,945
Real estate debt investments, net	25,635		44,298
Real estate securities, available for sale	459,061		644,015
Receivables, net of allowance of $2,567 as of September 30, 2014	2,635		4,476
Other assets	566		269
Total assets	516,278		722,414
Liabilities	'		'
CDO bonds payable, at fair value	391,939		384,183
Accounts payable and accrued expenses	1,630		2,686
Derivative liabilities, at fair value	20,217		52,204
Other liabilities	2,100		2,993
Total liabilities	$415,886		$442,066
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: September 30, 2014 $23,512 ; December 31, 2013: $24,411 •Operating real estate, net: September 30, 2014: $4,869 ; December 31, 2013: $4,945 •Real estate debt investments, net: September 30, 2014: $25,635 ; December 31, 2013: $44,298 •Real estate securities, available for sale: September 30, 2014: $459,061 ; December 31, 2013: $644,015 •Receivables, net of allowance: September 30, 2014: $2,635 ; December 31, 2013: $4,476•Other assets: September 30, 2014: $566 ; December 31, 2013: $269 •Total assets of consolidated VIEs: September 30, 2014: $516,278 ; December 31, 2013: $722,414
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: September 30, 2014 $391,939 ; December 31, 2013: $384,183 •Accounts payable and accrued expenses: September 30, 2014 $1,630 ; December 31, 2013: $2,686 •Derivative liabilities, at fair value: September 30, 2014 $20,217 ; December 31, 2013: $52,204 •Other liabilities: September 30, 2014 $2,100 ; December 31, 2013: $2,993 •Total liabilities of consolidated VIEs: September 30, 2014 $415,886 ; 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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Receivables, allowance	$2,567	'
Unbilled rent receivable, allowance	$7,523	'
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	216,704,983	154,403,414
Common stock, shares outstanding	216,704,983	154,403,414

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Property and other revenues	'		'		'		'
Rental and escalation income	$86,915,000	[1]	$71,949,000	[1]	$234,116,000	[1]	$174,138,000	[1]
Hotel related income	79,194,000	[1]	0	[1]	101,720,000	[1]	0	[1]
Resident fee income	25,027,000	[1]	0	[1]	40,087,000	[1]	0	[1]
Other revenue	3,189,000	[1]	1,346,000	[1]	8,668,000	[1]	2,652,000	[1]
Total property and other revenues	194,325,000	[1]	73,295,000	[1]	384,591,000	[1]	176,790,000	[1]
Net interest income	'		'		'		'
Interest income	80,915,000	[1]	75,141,000	[1]	235,461,000	[1]	218,624,000	[1]
Interest expense on debt and securities	2,979,000	[1]	10,132,000	[1]	9,368,000	[1]	33,117,000	[1]
Net interest income on debt and securities	77,936,000	[1]	65,009,000	[1]	226,093,000	[1]	185,507,000	[1]
Expenses	'		'		'		'
Management fee, related party	39,363,000	[1]	0	[1]	39,363,000	[1]	0	[1]
Other interest expense	59,923,000	[1]	41,270,000	[1]	143,836,000	[1]	101,394,000	[1]
Real estate properties—operating expenses	95,061,000	[1]	23,943,000	[1]	168,690,000	[1]	50,677,000	[1]
Other expenses	520,000	[1]	1,085,000	[1]	1,450,000	[1]	3,744,000	[1]
Transaction costs	44,410,000	[1]	298,000	[1]	84,170,000	[1]	10,801,000	[1]
Provision for (reversal of) loan losses, net	0	[1]	-11,122,000	[1]	2,719,000	[1]	-8,786,000	[1]
General and administrative expenses	'		'		'		'
Salaries and related expense	3,160,000	[1]	10,286,000	[1]	23,880,000	[1]	23,180,000	[1]
Equity-based compensation expense	8,478,000	[1],[2]	2,414,000		20,262,000	[1],[2]	9,102,000	[1],[2]
Other general and administrative expenses	2,821,000	[1]	3,881,000	[1]	10,923,000	[1]	11,744,000	[1]
Total general and administrative expenses	14,459,000	[1]	16,581,000	[1]	55,065,000	[1]	44,026,000	[1]
Depreciation and amortization	51,775,000	[1]	33,577,000	[1]	112,496,000	[1]	69,808,000	[1]
Total expenses	305,511,000	[1]	105,632,000	[1]	607,789,000	[1]	271,664,000	[1]
Income (loss) from operations	-33,250,000	[1]	32,672,000	[1]	2,895,000	[1]	90,633,000	[1]
Equity in earnings (losses) of unconsolidated ventures	38,234,000	[1]	31,013,000	[1]	101,406,000	[1]	54,445,000	[1]
Unrealized gain (loss) on investments and other	-15,377,000	[1]	18,791,000	[1]	-214,322,000	[1]	-27,187,000	[1]
Realized gain (loss) on investments and other	-15,938,000	[1]	28,341,000	[1]	-61,770,000	[1]	46,285,000	[1]
Gain (loss) from deconsolidation of N-Star CDOs	0	[1]	-254,206,000	[1]	-31,423,000	[1]	-254,206,000	[1]
Income (loss) from continuing operations	-26,331,000	[1]	-143,389,000	[1]	-203,214,000	[1]	-90,030,000	[1]
Income (loss) from discontinued operations	-278,000	[1],[2],[3]	1,640,000	[1],[2],[3]	-6,989,000	[1],[2],[3]	-2,569,000	[1],[2],[3]
Net income (loss)	-26,609,000	[1]	-141,749,000	[1]	-210,203,000	[1]	-92,599,000	[1]
Net (income) loss attributable to non-controlling interests	1,144,000	[1]	6,313,000	[1]	7,392,000	[1]	5,493,000	[1]
Preferred stock dividends	-21,060,000	[1]	-15,591,000	[1]	-52,241,000	[1]	-39,925,000	[1]
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-46,525,000	[1]	-151,027,000	[1]	-255,052,000	[1]	-127,031,000	[1]
Earnings (loss) per share:	'		'		'		'
Income (loss) per share from continuing operations (in dollars per share)	($0.23)	[1],[4]	($1.37)	[1],[4]	($1.39)	[1],[4]	($1.24)	[1],[4]
Income (loss) per share from discontinued operations (in dollars per share)	$0	[1],[4]	$0.01	[1],[4]	($0.04)	[1],[4]	($0.03)	[1],[4]
Basic (in dollars per share)	($0.23)	[1],[3],[4]	($1.36)	[1],[3],[4]	($1.43)	[1],[3],[4]	($1.27)	[1],[3],[4]
Diluted (in dollars per share)	($0.23)	[1],[3],[4]	($1.36)	[1],[3],[4]	($1.43)	[1],[3],[4]	($1.27)	[1],[3],[4]
Weighted average number of shares:	'		'		'		'
Basic (in shares)	200,426,890	[1],[3],[4]	111,103,046	[1],[3],[4]	178,520,386	[1],[3],[4]	99,704,973	[1],[3],[4]
Diluted (in shares)	200,426,890	[1],[4]	115,734,622	[1],[4]	181,269,381	[1],[4]	104,275,175	[1],[4]
Dividends per share of common stock (in dollars per share)	$0.40	[1],[4],[5]	$0.42	[1],[4],[5]	$1.40	[1],[4],[5]	$1.20	[1],[4],[5]
Equity-based compensation expense, discontinued operations	'		$1,000,000		$13,700,000		$4,500,000
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[2]	Primarily relates to the operations of NSAM prior to the spin-off. Refer to Note 10. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[3]	The three months ended September 30, 2013 includes $1.0 million of equity-based compensation recorded in discontinued operations. There is no equity-based compensation recorded in discontinued operations for the three months ended September 30, 2014. The nine months ended September 30, 2014 and 2013 include $13.7 million and $4.5 million, respectively, of equity-based compensation recorded in discontinued operations.
[4]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 13. “Stockholders’ Equity” for disclosure related to the reverse stock split.
[5]	The dividend per share for the third quarter 2014 represents the first dividend declared subsequent to the spin-off of NSAM.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest [Abstract]	'		'		'		'
Net income (loss)	($26,609)	[1]	($141,749)	[1]	($210,203)	[1]	($92,599)	[1]
Other comprehensive income (loss):	'		'		'		'
Unrealized gain (loss) on real estate securities, available for sale	15,887		-1,095		62,790		2,674
Reclassification of unrealized (gain) loss on real estate securities, available for sale to realized gain (loss) on investments and other	3,044		-926		2,077		-926
Reclassification of swap (gain) loss into interest expense on debt and securities	228		1,172		685		4,656
Reclassification of swap gain (loss) from deconsolidation of N-Star CDOs	0		15,246		0		15,246
Foreign currency translation adjustment	-119		0		-119		0
Total other comprehensive income (loss)	19,040		14,397		65,433		21,650
Comprehensive income (loss)	-7,569		-127,352		-144,770		-70,949
Comprehensive (income) loss attributable to non-controlling interests	1,144		5,737		5,696		4,583
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp.	($6,425)		($121,615)		($139,074)		($66,366)
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

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]

'

'

32,250,000

'

'

'

'

'

Net proceeds from offering of common stock

787,771

'

323

[1]

787,448

[1]

'

'

787,771

'

Net proceeds from offering of preferred stock (in shares)

'

10,000,000

'

'

'

'

'

'

Net proceeds from offering of preferred stock

241,766

241,766

'

'

'

'

241,766

'

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 exercise of 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

100,832

'

'

'

'

'

'

100,832

Non-controlling interests—distributions

-4,213

'

'

'

'

'

'

-4,213

Dividend reinvestment plan (in shares)

[1]

'

'

8,000

'

'

'

'

'

Dividend reinvestment plan

205

'

0

[1]

205

[1]

'

'

205

'

Amortization of equity-based compensation

33,256

'

'

16,934

[1]

'

'

16,934

16,322

Exchangeable senior notes exchanged for Senior Notes

-296,382

'

'

-296,382

[1]

'

'

-296,382

'

Conversion of exchangeable senior notes (in shares)

23,751,566

'

23,751,000

[1]

'

'

'

'

'

Conversion of exchangeable senior notes

310,463

'

237

[1]

310,226

[1]

'

'

310,463

'

Other comprehensive income (loss)

65,433

'

'

'

'

64,359

64,359

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

'

Dividends on common stock, Old LTIP Units, Deferred LTIP Units and RSUs

-281,113

'

'

'

-275,235

'

-275,235

-5,878

Dividends on preferred stock

-52,241

'

'

'

-52,241

'

-52,241

'

Net income (loss)

-210,203

[2]

'

'

'

-202,811

'

-202,811

-7,392

Balance at Sep. 30, 2014

$3,241,419

$939,118

$2,167

[1]

$3,334,811

[1]

($1,216,223)

$60,025

$3,119,898

$121,521

Balance (in shares) at Sep. 30, 2014

'

39,466,000

216,705,000

[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.

[2]

The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013
Cash flows from operating activities:	'		'
Net income (loss)	($210,203)	[1]	($92,599)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'		'
Equity in (earnings) losses of PE Investments	-90,817		-52,304
Equity in (earnings) losses of unconsolidated ventures	-10,589		-2,141
Depreciation and amortization	112,496		70,828
Amortization of premium/accretion of discount on investments	-58,402		-34,629
Interest accretion on investments	-13,110		-1,443
Amortization of deferred financing costs	11,005		4,930
Amortization of equity-based compensation	33,256		13,615
Unrealized (gain) loss on investments and other	200,527		-16,866
Realized (gain) loss on investments and other	61,770		-46,285
(Gain) loss on deconsolidation of N-Star CDOs	31,423	[1]	254,206	[1]
Impairment from discontinued operations	543		0
Distributions from PE Investments (refer to Note 6)	90,817		52,304
Distributions from unconsolidated ventures	2,201		4,358
Distributions from equity investments	11,463		0
Amortization of capitalized above/below market leases	-255		-1,204
Straight-line rental income, net	-3,627		-2,226
Provision for (reversal of) loan losses, net	2,719	[1]	-8,786	[1]
Allowance for uncollectible accounts	10,090		898
Other	0		306
Discount received	3,416		7,318
Changes in assets and liabilities:	'		'
Restricted cash	-41,488		-5,064
Receivables	-20,914		-3,270
Receivables, related parties	7,086		-6,885
Other assets	-24,507		-1,370
Accounts payable and accrued expenses	59,554		41,091
Due to related party	40,518		0
Other liabilities	15,781		3,245
Net cash provided by (used in) operating activities	220,753		178,027
Cash flows from investing activities:	'		'
Acquisition of operating real estate, net	-2,482,416		-1,267,910
Improvements of operating real estate	-18,317		-9,049
Deferred costs and intangible assets	-1,840		-877
Origination of real estate debt investments, net	-276,630		-486,484
Acquisition of real estate debt investments	0		-56,301
Proceeds from sale of real estate debt investments (refer to Note 11)	13,952		90,345
Repayment on real estate debt investments	128,690		158,064
Investment in PE Investments (refer to Note 6)	-179,750		-617,692
Distributions from PE Investments (refer to Note 6)	133,367		37,061
Investment in unconsolidated ventures	-72,747		-22,546
Distributions from unconsolidated ventures	11,737		11,491
Acquisition of real estate securities, available for sale	-22,261		0
Proceeds from the sale of real estate securities, available for sale	68,537		206,380
Repayment on real estate securities, available for sale	53,577		170,531
Change in restricted cash	-117,125		-28,735
Other assets	-127,125		7,277
Net cash provided by (used in) investing activities	-2,888,351		-1,808,445
Cash flows from financing activities:	'		'
Borrowings from mortgage notes	1,514,882		992,836
Repayment of mortgage notes	-47,391		-7,492
Proceeds from CDO bonds reissuance	0		23,725
Repayment of CDO bonds	60,042		525,757
Repurchases of CDO bonds	0		-32,719
Repayment of securitization bonds payable	-20,831		-194
Borrowings from credit facilities	772,540		92,560
Repayment of secured term loan	0		-105
Repayment of credit facilities	-19,990		-130,054
Repurchases and repayment of exchangeable senior notes	0		-36,710
Proceeds from exchangeable senior notes	0		345,000
Repayment of Senior Notes	-481,118		0
Payment of deferred financing costs	-38,820		-26,452
Purchase of derivative instruments	-741		-9,589
Change in restricted cash	2,351		135,697
Net proceeds from common stock offering	787,771		656,319
Net proceeds from preferred stock offering	241,766		193,334
Proceeds from dividend reinvestment plan	205		187
Spin-off of NSAM (refer to Note 10)	-118,728		0
Dividends (common and preferred)	-327,095		-161,377
Contributions from non-controlling interests	27,346		12,157
Distributions to non-controlling interests	-9,329		-6,472
Net cash provided by (used in) financing activities	2,222,776		1,514,894
Net increase (decrease) in cash and cash equivalents	-445,099		-115,524
Effect of foreign currency translation on cash and cash equivalents	-277		0
Cash and cash equivalents—beginning of period	635,990		444,927
Cash and cash equivalents—end of period	$190,891		$329,403
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Business_and_Organization

Business and Organization	9 Months Ended
	Sep. 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 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 continues 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 loan origination business at the time of the spin-off 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	9 Months Ended
	Sep. 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”).
	The consolidated financial statements for the three months ended September 30, 2014 represent the Company subsequent to the spin-off of its historical asset management business of managing the NSAM Sponsored Companies, owning NorthStar Securities and operating its special servicing business. In connection with the spin-off, most of the Company’s employees became employees of NSAM except for executive officers, employees engaged in the Company’s loan origination business at the time of the spin-off and certain other employees that became co-employees of both the Company and NSAM. Therefore, subsequent to June 30, 2014, NSAM generally incurs substantially all employee-related cash costs.
	Periods prior to June 30, 2014 present a carve-out of the Company’s historical financial information, including revenues and expenses allocated to NSAM, related to the Company’s historical asset management business being reported in discontinued operations. Expenses also included an allocation of indirect expenses of the Company to NSAM, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had the asset management business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of the Company’s operations.
	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. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments (directly or indirectly in joint ventures) that own limited partnership interests in real estate private equity funds (“PE Investments”) and certain investments in unconsolidated ventures (refer to Note 7). 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; (ii) the reclassification of unrealized gain (loss) on real estate securities available for sale for which the fair value option was not elected to realized gain (loss) upon sale or realized event; (iii) the reclassification of unrealized gain (loss) to interest expense on derivative instruments that are or were deemed to be effective hedges; and (iv) foreign currency translation adjustment.
	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 may elect to apply the fair value option for certain investments due to the nature of the instrument. 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 gain (loss) 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.
	Restricted Cash
	Restricted cash primarily consists of amounts related to operating real estate and CRE debt investments. The following table presents a summary of restricted cash as of September 30, 2014 and December 31, 2013 (dollars in thousands):
			September 30,			December 31,
			2014			2013
			(Unaudited)
	Capital expenditures reserves		$	164,648		$	46,115
	Operating real estate escrow reserves		50,024			7,599
	CRE debt escrow deposits		76,931			92,347
	Cash in CDOs(1)		20,631			20,426
	Total		$	312,234		$	166,487
	__________________________________________________
	-1	Represents proceeds from repayments and/or sales pending distribution.
	Other Assets and Other Liabilities
	The following table presents a summary of other assets and other liabilities as of September 30, 2014 and December 31, 2013 (dollars in thousands):
			September 30,			December 31,
			2014			2013
			(Unaudited)
	Other assets:
	Manufactured homes		$	71,820		$	69,217
	Notes receivable		47,061			38,418
	Investment-related reserves and deposits		15,065			11,127
	Furniture, fixtures and equipment, net		—		(1)	6,977
	Prepaid expenses		21,052			5,361
	Due from servicer		19,874			—
	Other		23,923			13,953
Total		$	198,795		$	145,053
		September 30,			December 31,
		2014			2013
		(Unaudited)
Other liabilities:
PE Investment IX purchase price (refer to Note 6)		$	186,454	(2)	$	—
PE Investment III deferred purchase price (refer to Note 6)		39,760			39,760
Below-market leases		33,099			8,700
Unearned revenue		7,081			2,029
Tenant security deposits		25,671			9,294
Other		16,595			14,091
Total		$	308,660		$	73,874
__________________________________________________
(1)Distributed to NSAM in connection with the spin-off.
(2)Represents the purchase price for the acquisition of PE Investment IX paid by the Company on October 2, 2014.
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 resident or guest occupies a room or uses the healthcare property or hotel services and is recorded in resident fee income for healthcare properties and hotel related income for hotel properties 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 September 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, including awards granted to co-employees, 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 time-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
Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity.
Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations.
Earnings Per Share
The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding, 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	9 Months Ended
	Sep. 30, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	Variable Interest Entities
	As of September 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 September 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 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 nine months ended September 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 fees paid to the third-party collateral manager/collateral manager delegate and concluded that such fees represented a variable interest in the deconsolidated loan CDOs and that the third party was functioning as a principal. The Company determined that the delegation of the Company’s collateral management power in the CDOs was a VIE reconsideration event and concluded that these CDOs were still VIEs as the equity investors do not have the characteristics of a controlling financial interest. The Company then reconsidered if it was the primary beneficiary of such VIEs and determined that it 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 nine months ended September 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.
	For the nine months ended September 30, 2013, the deconsolidation of N-Star CDOs IV, VI, VIII and CapLease CDO resulted in an aggregate non-cash realized loss on deconsolidation of $254.2 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate $1.8 billion of assets, $1.4 billion of liabilities, net of $223.7 million of fair value of N-Star CDO bonds and equity recorded that no longer eliminated in consolidation and the reclassification of $3.3 million of unrealized gain and $15.2 million of OCI swap loss 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 September 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 $60.0 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 $37.6 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 in connection with the spin-off. 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.
	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 September 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 on the consolidated balance sheets.
	Summary of Unconsolidated VIEs
	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of September 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	$	—		$	60,027	$	—	$	60,027	$	60,027
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		267,273		267,273		267,273
	N-Star CDO equity	—			—		134,775		134,775		134,775
	CMBS	—			—		37,631		37,631		37,631
	Subtotal real estate securities, available for sale	—			—		439,679		439,679		439,679
	Total assets	3,742			60,027		439,679		503,448		503,448
	Junior subordinated notes, at fair value	219,253			—		—		219,253		NA
	Total liabilities	219,253			—		—		219,253		NA
	Net	$	(215,511	)	$	60,027	$	439,679	$	284,195	$	503,448
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of September 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 nine months ended September 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 September 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	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Operating Real Estate	'
	Operating Real Estate
	Real Estate Acquisitions
	The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2014 (dollars in millions):
	Acquisition Date		Type		Description		Name		Purchase Price(1)				Properties		Units		Primary Location(s)	Financing			Equity		Ownership Interest			Transaction Costs
	May-14		Healthcare		Senior housing and skilled nursing facilities		Formation Portfolio		$	1,060.70			80		8,500 beds		FL, IL, OR, TX	$	646.8		$	357.6	86	%	(2)	$	6
	May-14		Manufactured Housing		Manufactured housing communities		Manufactured Housing Portfolio 3(3)		55.2				4		1,344 pad sites		AZ, CO, TX	16.5			34.5		93	%	(3)	3.1
	Jun-14		Hotel		Upscale extended stay and premium branded select service		Innkeepers Portfolio		1,057.60				47		6,100 rooms		CA, NJ, TX	840			193.1		90	%	(4)	19.7
	Aug-14		Hotel		Premium branded select service		K Partners Portfolio		265.9				20		1,900 rooms		CA, LA, OK	211.7			51.7		97.5	%		6.6
	Aug-14		Net Lease		Industrial properties(5)		Industrial Portfolio		403.6				39		6.3 million sq ft		CA, IL, FL, GA, MI	221.1			164.1		40	%	(6)	1.8
	Sep-14		Hotel		Premium branded select service		Courtyard Portfolio		682.7				40		5,800 rooms		CA, VA, TX, GA, FL	415			266.6		100	%		7.7
	Sep-14		International		Multi-tenant office complex		UK Property		106.1				1		224,000 sq ft		UK	—		(7)	97.9		100	%		4.3
	Sep-14		Office		Multi-tenant office		Legacy Property		40.4				4		366,000 sq ft		CO	—		(7)	38.5		95	%		0.4
	Total								$	3,672.20			235					$	2,351.10		$	1,204.00				$	49.6
	______________________________________
	-1	Includes all transaction costs, escrows and reserves.
	-2	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. The Company together with NorthStar Healthcare owns an aggregate approximate 92% interest in the joint venture.
	-3	Represents four of the 16 communities in Manufactured Housing Portfolio 3 acquired in May 2014. Previously, 12 communities were acquired in connection with this portfolio in December 2013. The Company structured the acquisition as a joint venture with the same third-party operating partner that currently manages the Company’s other manufactured housing portfolios.
	-4	The Company acquired the Innkeepers Portfolio through a joint venture with Chatham Lodging Trust (NYSE: CLDT).
	-5	The 39 industrial properties are comprised of 87 buildings and include four office properties.
	-6	The Company has a 40% equity interest and is entitled to 50% of the cash flow. In addition, the Company’s investment includes $151.0 million structured as preferred equity, which is eliminated in consolidation.
	-7	The property is currently unlevered, however the Company intends to obtain financing representing 75% loan-to-cost in the near term.
	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, Manufactured Housing Portfolio 3, K Partners Portfolio, Industrial Portfolio, Courtyard Portfolio, UK Property and Legacy Property that continue to be subject to refinement upon receipt of all information (dollars in thousands):
			Formation Portfolio				Manufactured Housing Portfolio 3				K Partners Portfolio				Industrial Portfolio			Courtyard Portfolio			UK Property		Legacy Property
	Assets:
	Land and improvements		$	138,017			$	324,511			$	33,516			$	85,980		$	99,880		$	18,834	$	7,672
	Buildings and improvements		826,303				8,456				167,581				243,247			507,600			75,335		30,686
	Other assets acquired		90,347				65,016				58,254				84,149			67,515			7,617		1,642
	Total assets acquired		$	1,054,667			$	397,983			$	259,351			$	413,376		$	674,995		$	101,786	$	40,000
	Liabilities:
	Mortgage notes payable		$	646,751			$	264,542			$	211,681			$	221,131		$	415,000		$	—	$	—
	Other liabilities assumed		—				2,478				1,255				11,616			1,136			8,149		1,126
	Total liabilities		646,751				267,020				212,936				232,747			416,136			8,149		1,126
	Total NorthStar Realty Finance Corp. stockholders’ equity(1)		351,574				122,135				45,091				162,259			258,859			93,637		38,129
	Non-controlling interests		56,342				8,828				1,324				18,370			—			—		745
	Total equity		407,916				130,963				46,415				180,629			258,859			93,637		38,874
	Total liabilities and equity		$	1,054,667			$	397,983			$	259,351			$	413,376		$	674,995		$	101,786	$	40,000
	______________________________________
	-1	Stockholders’ equity excludes transaction costs incurred in connection with the acquisitions.
	-2	For the nine months ended September 30, 2014, the Company recorded aggregate revenue and net loss for all of the above noted real estate acquisitions of $79.6 million and $20.6 million, respectively. Net loss is primarily related to transaction costs.
	The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the Innkeepers Portfolio (dollars in thousands):
			Innkeepers Portfolio (1)
	Assets:
	Land and improvements		$	167,106
	Buildings and improvements		685,645
	Other assets acquired		185,212
	Total assets acquired		$	1,037,963
	Liabilities:
	Mortgage notes payable		$	840,000
	Other liabilities assumed		2,405
	Total liabilities		842,405
	Total NorthStar Realty Finance Corp. stockholders’ equity		173,440
	Non-controlling interests		22,118
	Total equity		195,558
	Total liabilities and equity		$	1,037,963
	______________________________________
	-1	For the nine months ended September 30, 2014, the Company recorded revenue and net loss of $89.7 million and $11.5 million, respectively. Net loss is primarily related to transaction costs.
	The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the following acquisitions: Formation Portfolio, Innkeepers Portfolio, K Partners Portfolio, Courtyard Portfolio, Industrial Portfolio, UK Property and Legacy Property and related borrowings as if it occurred on January 1, 2013. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
		Three Months Ended September 30,								Nine Months Ended September 30,
		2014				2013				2014				2013
	Pro forma total revenues	$	336,163			$	312,989			$	965,627			$	889,151
	Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(35,142	)		$	(147,076	)		$	(244,323	)		$	(115,064	)
	Pro forma EPS—Basic	$	(0.18	)		$	(1.32	)		$	(1.37	)		$	(1.15	)
	Pro forma EPS—Diluted	$	(0.18	)		$	(1.32	)		$	(1.37	)		$	(1.15	)
Discontinued Operations
Discontinued operations relates to five healthcare properties held for sale or sold as of September 30, 2014. The following table presents income (loss) from discontinued operations related to such properties for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
	Three Months Ended September 30,								Nine Months Ended September 30,
	2014				2013				2014				2013
Revenue
Rental and escalation income	$	—			$	960			$	—			$	2,880
Other revenue	—				—				85				92
Total revenue	—				960				85				2,972
Expenses
Other interest expense	—				478				—				1,418
Real estate properties—operating expenses	8				7				385				18
Other expenses	13				125				72				225
Impairment of operating real estate	257				—				543				—
Depreciation and amortization	—				328				—				1,020
Total expenses	278				938				1,000				2,681
Income (loss) from operating real estate discontinued operations	$	(278	)		$	22			$	(915	)		$	291

Real_Estate_Debt_Investments

Real Estate Debt Investments	9 Months Ended
	Sep. 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 September 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	15				$	460,175			$	430,072		39	%		13.21	%		7.25	%		10.77	%	78.9	%
	Mezzanine loans	7				113,386				109,876			9.6	%		13.44	%		13.84	%		14.21	%	74.4	%
	Subordinate interests	8				204,428				202,723			17.3	%		13.08	%		12.33	%		13.13	%	40.2	%
	Corporate loans (1)(2)	8				360,343				376,050			30.6	%		12.37	%		—			12.97	%	—
	Subtotal/Weighted average(3)	38				1,138,332				1,118,721			96.5	%		12.69	%		9.02	%		12.25	%	46.2	%
	CRE debt in N-Star CDOs
	First mortgage loans	2				26,957				11,484			2.3	%		—	%		1.27	%		3.05	%	100	%
	Mezzanine loans	1				11,000				10,991			0.9	%		8	%		—			8.33	%	—
	Corporate loans	6				3,160				3,160			0.3	%		6.74	%		—			6.74	%	—
	Subtotal/Weighted average	9				41,117				25,635			3.5	%		7.72	%		1.27	%		5.77	%	65.6	%
	Total	47				$	1,179,449			$	1,144,356		100	%		12.58	%		8.64	%		12.1	%	46.9	%
	____________________________________________________________
	-1	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of September 30, 2014, carrying value represents fair value with respect to these investments.
	-2	Corporate loans include one revolver of $25.0 million, of which $19.4 million is outstanding as of September 30, 2014.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $95.3 million for Securitization 2012-1 and $157.8 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 $20.2 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 $5.8 million as of September 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 $13.1 million that were originated prior to 2008.
	-7	$412.4 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.83%. Includes one first mortgage loan with a principal amount of $6.7 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of September 30, 2014, and for CRE debt with a LIBOR floor, using such floor.
	Year to date through September 30, 2014, the Company originated nine loans with an aggregate principal amount of $260.6 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	7				146,652				144,853			13.5	%		13.05	%		12.33	%		13.14	%	56	%
	Corporate loans(1)(2)	5				330,343				327,609			30.3	%		12.31	%		—			12.72	%	—
	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	%
	Corporate 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	Corporate 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 September 30, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	October 1 to December 31, 2014	$	145,276			$	138,552
	Years Ending December 31:
2015	228,808				86,085
2016	287,917				162,940
2017	62,699				190,374
2018	2,761				149,510
Thereafter	451,988				451,988
Total	$	1,179,449			$	1,179,449
____________________________________________________________
-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 September 30, 2014, the weighted average maturity, including extensions, of CRE debt investments was 4.5 years.
Actual maturities may differ from contractual maturities as certain borrowers may have the right to prepay with or without prepayment penalty. The Company may also extend certain contractual maturities in connection with loan modifications.
The principal amount of CRE debt investments differs from the carrying value 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 September 30, 2014, the Company had $23.9 million of net unamortized discount and $6.1 million of net unamortized origination fees and costs.
The Company did not have any non-performing loans (“NPLs”) as of September 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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
	Three Months Ended									Nine Months Ended
	September 30,									September 30,
	2014					2013				2014				2013
Beginning balance	$	5,599				$	133,202			$	2,880			$	156,699
Provision for (reversal of) loan losses, net	—					(11,122		)		2,719				(8,786		)	(1)
Transfers to REO	—					—				—				(5,623		)
Write-offs / payoffs	—					—				—				(20,210		)	(2)
Deconsolidation of N-Star CDOs	—					(118,304		)		—				(118,304		)
Ending balance	$	5,599				$	3,776			$	5,599			$	3,776
____________________________________________________________
-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:	September 30,				December 31,
	2014				2013
Loans with no loan loss reserve:
First mortgage loans	$	440,856			$	426,850
Mezzanine loans	120,867				116,195
Subordinate interests	202,723				152,626
Corporate loans	379,210				331,738
Subtotal	1,143,656				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	$	1,144,356			$	1,031,078
____________________________________________________________
-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.8 million and $6.4 million as of September 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
	30-Sep-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 $5.8 million and $6.4 million as of September 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 September 30, 2014 and 2013 (dollars in thousands):
	September 30, 2014										September 30, 2013(1)
	Number		Average Carrying Value				Three Months Ended Income				Number	Average				Three Months Ended Income
												Carrying
												Value
Class of Debt:
First mortgage loans	1		$	700			$	—			5	$	77,077			$	346
Mezzanine loans	1		—				2				7	105,897				136
Subordinate interests	—		—				—				2	—				1
Corporate loans	—		—				—				1	27,068				914
Total/weighted average	2		$	700			$	2			15	$	210,042			$	1,397
______________________________________
-1	Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the nine months ended September 30, 2014 and 2013 (dollars in thousands):
	September 30, 2014										September 30, 2013(1)
	Number		Average Carrying Value				Nine Months Ended Income				Number	Average				Nine Months Ended Income
												Carrying
												Value
Class of Debt:
First mortgage loans	1		$	1,241			$	—			5	$	80,733			$	1,030
Mezzanine loans	1		471				4				7	124,665				414
Subordinate interests	—		—				—				2	—				3
Corporate loans	—		—				—				1	24,413				2,712
Total/weighted average	2		$	1,712			$	4			15	$	229,811			$	4,159
______________________________________
-1	Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
As of September 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 September 30, 2014 and 2013 or for the nine months ended September 30, 2014. The following table presents CRE debt investments that were modified and considered a TDR for the nine months ended September 30, 2013 (dollars in thousands):
	30-Sep-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)	9 Months Ended
	Sep. 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”), consolidated ventures (“PE Investment V” and “PE Investment VIII”) or direct investments (“PE Investment III,” “PE Investment IV,” “PE Investment VI,” “PE Investment VII and PE Investment IX”), (consolidated and direct investments, collectively “Direct PE Investments”) 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. The Company does not consolidate any of the underlying real estate private equity funds owned in Direct PE Investments as it does not own a majority voting interest in any such funds. Refer to Note 7 for the Company’s evaluation and disclosure of summarized financial information required for any individually significant PE Investments.
	Summary
	The following tables summarize the Company’s PE Investments (dollars in millions):
	PE Investment		Initial Closing Date		NAV Reference Date (1)	Number of Funds			Purchase Price			Expected Future Contributions (2)
	PE Investment I		15-Feb-13		30-Jun-12	49			$	282.1		$	9
	PE Investment II		3-Jul-13		30-Sep-12	24			353.4			7
	PE Investment III (3)		31-Dec-13		30-Jun-13	8			39.8			1
	PE Investment IV		30-May-14		31-Dec-13	1			8			—
	PE Investment V		1-Jul-14		30-Sep-13	3			12			—
	PE Investment VI (4)		30-Jul-14		30-Jun-14	20			90.2			3
	PE Investment VII (4)		15-Aug-14		31-Dec-13	18			60			2
	PE Investment VIII (5)		19-Aug-14		N/A	N/A			N/A			N/A
	PE Investment IX		2-Oct-14		31-Mar-14	11			217.7			4
	Total					134		(6)	$	1,063.20		$	26
	____________________________________________________________
	-1	Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment.
	-2	Represents the estimated amount of expected future contributions to funds as of September 30, 2014.
	-3	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.
	-4	For the three months ended September 30, 2014, the Company closed 13 of the 20 fund interests related to PE Investment VI and 10 of the 18 fund interests related to PE Investment VII. The Company closed the remaining seven fund interests for PE Investment VI in October 2014. The Company expects to close the remaining fund interests for PE Investment VII in the fourth quarter of 2014 once the Company receives general partner consent from the underlying funds.
	-5	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. For the three months ended September 30, 2014, PE Investment VIII has not made any investments.
	-6	The total number includes 12 funds held across multiple PE Investments.
			Carrying Value							Three Months Ended September 30, 2014 (1)							Nine Months Ended September 30, 2014
	PE Investment		30-Sep-14			31-Dec-13				Equity in Earnings			Cash Distributions		Cash Contributions		Equity in Earnings		Cash Distributions		Cash Contributions
	PE Investment I		$	204.3		$	226.3			$	13.9		$	18	$	0.9	$	41.6	$	64.7	$	1
	PE Investment II		244			288.9				13.9			40.7		—		40.3		90.2		4.9
	PE Investment III		59.9			70.8				1.4			5.4		—		4.4		15.4		0.2
	PE Investment IV		7.5			—				0.4			0.9		—		0.5		0.9		—
	PE Investment V		7.5			—				0.5			5		—		0.5		5		—
	PE Investment VI		88.9			—				2.3			3.9		0.3		2.3		3.9		0.3
	PE Investment VII		52.5			—				1.1			8.9		0.1		1.2		8.8		0.1
	PE Investment VIII(2)		N/A			N/A				N/A			N/A		N/A		N/A		N/A		N/A
	PE Investment IX		186.5			—				—			—		—		—		—		—
	Total		$	851.1		$	586			$	33.5		$	82.8	$	1.3	$	90.8	$	188.9	$	6.5
	____________________________________________________________
	-1	The three months ended September 30, 2014 represents activity from July 30, 2014 for PE Investment VI and August 15, 2014 for PE Investment VII.
	-2	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. For the three months ended September 30, 2014, PE Investment VIII has not made any investments.
			Three Months Ended September 30, 2013										Nine Months Ended September 30, 2013 (1)
	PE Investment		Equity in Earnings			Cash Distributions				Cash Contributions			Equity in Earnings		Cash Distributions		Cash Contributions
	PE Investment I		$	15.3		$	18.1			$	0.8		$	37.3	$	74.6	$	18.7
	PE Investment II		15			15				4.4			15		15		4.4
	Total		$	30.3		$	33.1			$	5.2		$	52.3	$	89.6	$	23.1
	____________________________________________________________
	-1	The nine months ended September 30, 2013 represents activity from February 15, 2013 for PE Investment I and July 3, 2013 for PE Investment II.
	Unconsolidated PE Investments
	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.
	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 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 nine months ended September 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 September 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.

Investments_in_Unconsolidated_

Investments in Unconsolidated Ventures (Unconsolidated Ventures)	9 Months Ended
	Sep. 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 the investments in RXR Realty LLC (“RXR Realty”), Aerium Group (“Aerium”) and Legacy Partners Commercial, LLC (“Legacy Commercial”) for which the fair value option was elected. The Company records equity in earnings (losses) for such investments for which the fair value option was elected based on the change in fair value for the Company’s share of the projected future cash flow from one period to another.
	RXR Realty
	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”). The carrying value of the RXR Equity Interest was $88.3 million and $84.1 million as of September 30, 2014 and December 31, 2013, respectively. For the three and nine months ended September 30, 2014, the Company recognized equity in earnings of $2.5 million and $5.5 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
	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 September 30, 2014, Aerium managed approximately €6.1 billion of real estate assets across 12 countries and employed over 200 professionals, some of whom provide services to NSAM following the spin-off. The investment in Aerium was acquired for €50 million ($68.8 million), 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 carrying value of the investment in Aerium was $70.6 million as of September 30, 2014. For the three months ended September 30, 2014, the Company recognized equity in earnings of $1.8 million 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.
	Legacy Commercial
	In September 2014, the Company entered into an investment with Legacy Commercial, a real estate investment manager, owner and operator with a portfolio of commercial assets focused in key markets in the western United States. The investment included a 40% interest in the common equity of certain entities affiliated with Legacy Commercial (collectively referred to as the “Legacy Commercial Entities”). The carrying value of the Company’s investment as of September 30, 2014 was $4.6 million. For the three months ended September 30, 2014, the Company did not record any equity in earnings associated with this investment. Refer to Note 11. “Related Party Arrangements - Legacy Commercial” 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 $9.9 million and $10.0 million as of September 30, 2014 and December 31, 2013, respectively. For the three and nine months ended September 30, 2014, the Company recognized equity in losses of $0.1 million and $0.3 million, respectively. For the three and nine months ended September 30, 2013, the Company recognized equity in losses of $0.6 million which was primarily related to the joint venture recording transaction costs of $0.8 million, as well as depreciation and amortization.
	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 $11.0 million and $14.1 million as of September 30, 2014 and December 31, 2013, respectively. As of September 30, 2014 and December 31, 2013, LandCap had investments totaling $22.5 million and $25.9 million, respectively. For the three and nine months ended September 30, 2014, the Company recognized equity in earnings of $0.3 million and $0.8 million, respectively. For the three and nine months ended September 30, 2013, the Company recognized equity in earnings of $0.1 million and $0.3 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 September 30, 2014 and December 31, 2013. For the three and nine months ended September 30, 2014, the Company recognized equity in earnings of $0.1 million and an immaterial amount, respectively. For the three and nine months ended September 30, 2013, the Company recognized equity in earnings of $0.1 million and $0.2 million, 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 through the end of their respective offering period, 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, pursuant to the management agreement with NSAM, the Company has committed 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. The Company has the following ownership interest in the NSAM Sponsored Companies:
	•	NorthStar Income - The Company purchased an aggregate 645,847 shares (including 507,980 shares related to the distribution support agreement) 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 $6.0 million and $6.1 million, representing an interest of 0.6%, as of September 30, 2014 and December 31, 2013, respectively. For the three and nine months ended September 30, 2014, the Company recognized $0.1 million and $0.3 million of equity in earnings, respectively. For the three and nine months ended September 30, 2013, the Company recognized equity in earnings of $0.2 million and $0.3 million, respectively.
	•	NorthStar Healthcare - The Company purchased an aggregate 325,471 shares of NorthStar Healthcare’s common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.9 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 $2.5 million and $2.1 million as of September 30, 2014 and December 31, 2013, respectively, representing an interest of 0.6% and 2.3%, respectively. For the three and nine months ended September 30, 2014, the Company recognized an immaterial amount of equity in earnings and $0.1 million of equity in losses, respectively. For the three months ended September 30, 2013, the Company recognized an immaterial amount of equity in earnings.
	•	NorthStar Income II - The Company purchased an aggregate 307,734 shares of NorthStar Income II’s common stock (including 222,223 shares for the satisfaction of the minimum offering amount) for $2.6 million. The commitment to NorthStar Income II ends in May 2015, unless extended at the Company’s discretion. The carrying value of the investment in NorthStar Income II was $2.6 million and $2.2 million as of September 30, 2014 and December 31, 2013, respectively, representing an interest of 1.4% and 8.7%, respectively. For the three and nine months ended September 30, 2014, the Company recognized an immaterial amount of equity in earnings for both periods.
	On March 31, 2014, NorthStar/RXR New York Metro Income, Inc. (“NorthStar/RXR New York Metro”) confidentially submitted 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 nine months ended September 30, 2013, the Company recognized equity in losses of $0.1 million and $0.8 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 nine months ended September 30, 2014, the Company recognized $1.5 million of equity in earnings. For the three and nine months ended September 30, 2013, the Company recognized $0.4 million and $1.1 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 nine months ended September 30, 2013, the Company recognized $1.6 million and $2.8 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 September 30, 2014 and December 31, 2013. For the three and nine months ended September 30, 2013, the Company recognized $0.8 million and $1.1 million of equity in losses, respectively. In March 2014, the retail component of the hotel was sold and for the nine months ended September 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 September 30, 2014 and December 31, 2013, the carrying value of the investment was $8.5 million for each period. For the three and nine months ended September 30, 2014 and 2013, the Company did not recognize any equity in earnings.
	Summarized Financial Information
	The Company evaluates whether disclosure of summarized financial information is required for any individually significant investment in unconsolidated ventures. As of September 30, 2014, the Company determined there were 14 significant unconsolidated joint ventures, including certain PE Investments, the Company’s investment in RXR Realty and Aerium. For these unconsolidated ventures, 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 information.
	Summarized financial information for such unconsolidated ventures for the nine months ended September 30, 2014 and 2013 are as follows (dollars in thousands):
			Nine Months Ended September 30,
			2014 (1)		2013
	Revenues		$	310,282	$	160,154
	Operating expenses		166,289		31,110
	Interest expense		31,329		15,309
	Depreciation and amortization		13,519		4,603
	Total expenses		211,137		51,022
	Income (loss) from continuing operations		$	99,145	$	109,132
	Net income (loss)		$	147,419	$	109,132
	Net income attributable to joint venture		$	125,846	$	109,132
	Equity in earnings of unconsolidated ventures		$	99,686	$	52,565
	____________________________________________________________
	(1)Includes summarized financial information for PE Investments for the six months ended June 30, 2014, which is the most recent financial information available from the underlying funds.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	9 Months Ended
	Sep. 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 September 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)	34	$	469,981	$	204,462	$	64,178	$	(1,367	)	$	267,273	30.3	%	1.81	%	21.45	%
	N-Star CDO equity(5)	5	146,754		146,754		8,398		(20,377		)	134,775		9.5	%	NA		18.27	%
	CMBS and other securities(6)	14	108,995		64,854		11,559		(25,021		)	51,392		7	%	2.71	%	5.53	%
	Subtotal(2)	53	725,730		416,070		84,135		(46,765		)	453,440		46.8	%	1.98	%	17.85	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	146	640,875		455,978		50,990		(127,888		)	379,080		41.3	%	3.77	%	10.1	%
	Third-party CDO notes	11	83,057		75,385		68		(48,333		)	27,120		5.5	%	0.24	%	1.19	%
	Agency debentures	8	87,172		30,029		6,870		(820		)	36,079		5.6	%	NA		4.56	%
	Unsecured REIT debt	1	8,000		8,423		994		—			9,417		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,301		)	5,924		0.3	%	2.25	%	2.25	%
	Subtotal	168	826,329		577,040		58,922		(178,342		)	457,620		53.2	%	3.04	%	8.48	%
	Total	221	$	1,552,059	$	993,110	$	143,057	$	(225,107	)	$	911,060	100	%	2.6	%	12.42	%
	____________________________________________________________
	-1	Excludes $85.0 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 September 30, 2014.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $41.9 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 September 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 September 30, 2014, contractual maturities of CRE securities investments ranged from seven 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 nine months ended September 30, 2014, proceeds from the sale of CRE securities was $42.6 million and $68.5 million, respectively, resulting in a net realized gain of $5.6 million and $17.4 million, respectively. For the three and nine months ended September 30, 2013, proceeds from the sale of CRE securities was $36.2 million and $206.4 million, respectively, resulting in a net realized gain of $2.5 million and $31.0 million, respectively.
	CRE securities investments, not held in N-Star CDOs, include 36 securities for which the fair value option was not elected. As of September 30, 2014, the aggregate carrying value of these securities was $276.7 million, representing $62.8 million of accumulated net unrealized gains included in OCI. The Company held seven securities with an aggregate carrying value of $10.2 million with an unrealized loss of $1.4 million as of September 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	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Borrowings	'
	Borrowings
	The following table presents borrowings as of September 30, 2014 and December 31, 2013 (dollars in thousands):
								September 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)
	Healthcare
	Minnesota Portfolio(5)	—		—		—		$	—			$	—			$	38,175			$	38,175
	Wakefield Portfolio	Non-recourse		15-Mar		LIBOR + 5.95%		55,004				55,004				55,768				55,768
	Ohio Portfolio	Non-recourse		16-Mar		6.00%		20,296				20,296				20,496				20,496
	Lancaster, OH	Non-recourse		16-Mar		LIBOR + 5.00%		4,355				4,355				4,399				4,399
	Wilkinson Portfolio	Non-recourse		17-Jan		6.99%		150,707				150,707				152,772				152,772
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan		7.09%		7,445				7,445				7,545				7,545
	East Arlington, TX	Non-recourse		17-May		5.89%		3,171				3,171				3,209				3,209
	Formation Portfolio(6) (26)	Non-recourse		Jul-18/May-19		LIBOR + 3.91%(7)		646,477				638,675				—				—
	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
	Subtotal Healthcare							1,083,585				1,075,783				478,494				478,494
	Hotel
	Innkeepers Portfolio(8)	Non-recourse		19-Jun		LIBOR + 3.39%(7)		840,000				840,000				—				—
	K Partners Portfolio(9)	Non-recourse		19-Aug		LIBOR + 3.25%(7)		211,681				211,681				—				—
	Courtyard Portfolio(10)	Non-recourse		19-Oct		LIBOR + 2.12%(7)		415,000				415,000				—				—
	Subtotal Hotel							1,466,681				1,466,681				—				—
	Manufactured housing communities
	Manufactured Housing Portfolio 1(11)	Non-recourse		23-Jan		4.387%(7)		236,900				236,900				236,900				236,900
	Manufactured Housing Portfolio 2(12)	Non-recourse		23-May		4.016%(7)		639,999				639,999				639,999				639,999
	Manufactured Housing Portfolio 3(13) (26)	Non-recourse		Dec-21/ Jan-24/ Sept-24		4.923%(7)		297,478				299,848				248,000				248,000
	Subtotal Manufactured housing communities							1,174,377				1,176,747				1,124,899				1,124,899
	Net lease
	Fort Wayne, IN	Non-recourse		15-Jan		6.41%		2,937				2,937				3,019				3,019
	Reading, PA(14)	Non-recourse		15-Jan		5.58%		12,520				12,520				12,765				12,765
	Reading, PA(14)	Non-recourse		15-Jan		6.00%		5,000				5,000				5,000				5,000
	EDS Portfolio	Non-recourse		15-Oct		5.37%		42,980				42,980				43,682				43,682
	Keene, NH	Non-recourse		16-Feb		5.85%		6,139				6,139				6,237				6,237
	Green Pond, NJ	Non-recourse		16-Apr		5.68%		15,875				15,875				16,095				16,095
	Aurora, CO	Non-recourse		16-Jul		6.22%		30,852				30,852				31,232				31,232
	DSG Portfolio	Non-recourse		16-Oct		6.17%		31,282				31,282				31,729				31,729
	Indianapolis, IN	Non-recourse		17-Feb		6.06%		26,267				26,267				26,600				26,600
	Milpitas, CA	Non-recourse		17-Mar		5.95%		19,612				19,612				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%		1,178				1,178				1,464				1,464
	Salt Lake City, UT	Non-recourse		17-Sep		5.16%		13,311				13,311				13,689				13,689
	Industrial Portfolio(15)(26)	Non-recourse		Jul-17/Dec-17		4.21%(7)		221,131				228,075				—				—
	Columbus, OH	Non-recourse		17-Dec		6.48%		22,029				22,029				22,300				22,300
	South Portland, ME	Non-recourse		23-Jul		LIBOR + 2.15%		3,683				3,683				3,819				3,819
	Subtotal Net lease							482,496				489,440				265,386				265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr		4.00%		39,600				39,600				39,600				39,600
	Southeast Portfolio(16)	Non-recourse		May-23/July-23		4.03%(7)		158,417				158,417				158,417				158,417
	Scottsdale, AZ(17)	Non-recourse		23-Jul		4.28%(7)		46,538				46,538				46,538				46,538
	Subtotal Multifamily							244,555				244,555				244,555				244,555
	Subtotal Mortgage and other notes payable							4,451,694				4,453,206				2,113,334				2,113,334
								September 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 + 5.48%(7)		$	31,389			$	29,999			$	37,754			$	34,886
	N-Star III(18)	—		—		—		—				—				100,022				46,090
	N-Star V(18)	—		—		—		—				—				202,899				80,897
	N-Star IX	Non-recourse		Aug-52		LIBOR + 0.42%(7)		580,368				361,940				629,544				222,310
	Subtotal CDO bonds payable—VIE							611,757				391,939				970,219				384,183
	Securitization bonds payable:
	Securitization 2012-1	Non-recourse		29-Aug		LIBOR+1.86%(7)		61,505				61,531				82,337				82,340
Subtotal Securitization financing transaction							61,505				61,531				82,337				82,340
Credit facilities:
Corporate Revolving Credit Facility(19)	Recourse		17-Aug		LIBOR + 3.50%(7)		450,000				450,000				—				—
Corporate Term Facility(20)	Recourse		17-Sep		4.60%		275,000				275,000				—				—
Loan Facility 1	Non-recourse		Jul-18(21)		5.16%(22)		14,850				14,850				14,850				14,850
Loan Facility 2	Partial Recourse(23)		Mar-18(24)		3.09%(25)		82,738				82,738				55,188				55,188
Subtotal Credit facilities							822,588				822,588				70,038				70,038
Exchangeable senior notes:(26)
7.25% Notes	Recourse		Jun-27(27)		7.25%		12,955				12,955				12,955				12,955
7.50% Notes(28)	—		—		—		—				—				172,500				165,366
8.875% Notes	Recourse		Jun-32(29)		8.88%		1,000				984				13,360				13,068
5.375% Notes	Recourse		Jun-33(30)		5.38%		41,785				36,776				345,000				299,584
Subtotal Exchangeable senior notes							55,740				50,715				543,815				490,973
Junior subordinated notes:(31)
Trust I	Recourse		Mar-35		8.15%		41,240				33,817				41,240				31,342
Trust II	Recourse		Jun-35		7.74%		25,780				21,269				25,780				19,722
Trust III	Recourse		Jan-36		7.81%		41,238				34,021				41,238				31,547
Trust IV	Recourse		Jun-36		7.95%		50,100				41,333				50,100				38,327
Trust V	Recourse		Sep-36		LIBOR + 2.70%(7)		30,100				21,823				30,100				19,866
Trust VI	Recourse		Dec-36		LIBOR + 2.90%(7)		25,100				18,700				25,100				16,943
Trust VII	Recourse		Apr-37		LIBOR + 2.50%(7)		31,459				22,492				31,459				20,290
Trust VIII	Recourse		Jul-37		LIBOR + 2.70%(7)		35,100				25,798				35,100				23,166
Subtotal Junior subordinated notes							280,117				219,253				280,117				201,203
Grand Total							$	6,283,401			$	5,999,232			$	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	In July 2014, the Company repaid the entire principal balance.
-6	Represents seven separate senior mortgage notes, five with a total principal amount of $357.0 million maturing in May 2019 and two with a total principal balance of $289.5 million maturing in July 2018.
-7	Contractual interest rate represents a weighted average.
-8	Represents one senior mortgage note, with a principal amount of $635.0 million, and two separate mezzanine notes, with a total principal amount of $205.0 million, all maturing in June 2016, with three one-year extension options.
-9	Represents one senior mortgage note, with a principal amount of $167.6 million, and three separate mezzanine notes, with a total principal amount of $44.1 million, all maturing in August 2016, with three one-year extension options.
-10	Represents one senior mortgage note, with a principal amount of $415.0 million, maturing in October 2016, with three one-year extension options. In October 2014, the Company obtained mezzanine financing with a principal amount of $97.0 million, with an interest rate of LIBOR plus 6.25%, also maturing in October 2016, with three one-year extension options.
-11	Represents two separate senior mortgage notes, one with a total principal amount of $120.8 million and another with a total principal amount of $116.1 million, both maturing in January 2023.
-12	Represents eight separate senior mortgage notes, all maturing in May 2023.
-13	Represents seven separate senior mortgage notes, three with a total principal amount of $16.5 million maturing in December 2021, three with a total principal amount of $248.0 million maturing in January 2024 and one with a total principal amount of $33.0 million maturing in September 2024.
-14	In October 2014, such borrowings were repaid upon sale of the property.
-15	Represents two senior mortgage notes, one with a principal amount of $102.7 million maturing in July 2017 and one with a principal amount of $118.4 million, maturing in December 2017.
-16	Represents seven separate senior mortgage notes, five with a total principal amount of $116.2 million, maturing in May 2023 and two with a total principal amount of $42.2 million, maturing in July 2023.
-17	Represents two separate senior mortgage notes, one with a principal amount of $28.7 million and another with a principal amount of $17.8 million, both maturing in July 2023.
-18	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.
-19	Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt and securities investments with a carrying value of $696.1 million as of September 30, 2014.
-20	Represents the fixed rate of 4.60% associated with the initial borrowing under the Corporate Term Facility.
-21	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.
-22	Represents the weighted average contractual interest rate as of September 30, 2014, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-23	Recourse solely with respect to certain types of loans as defined in the governing documents.
-24	The maturity is March 11, 2015, with three one-year extensions.
-25	Contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%.
-26	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.
-27	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2017.
-28	In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of Senior Notes, which were paid off in cash at maturity on September 30, 2014.
-29	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019.
-30	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028.
-31	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 September 30, 2014 (dollars in thousands):
	Total				Mortgage				CDO Bonds				Securitization				Credit				Exchangeable		Junior
					and Other Notes				Payable				Bonds Payable				Facilities				Senior Notes(1)		Subordinated
					Payable																		Notes
October 1 to December 31, 2014	$	4,488			$	4,488			$	—			$	—			$	—			$	—	$	—
Years ending December 31:
2015	137,035				137,035				—				—				—				—		—
2016	134,140				134,140				—				—				—				—		—
2017	1,244,999				507,044				—				—				725,000				12,955		—
2018	403,874				306,286				—				—				97,588				—		—
Thereafter	4,358,865				3,362,701				611,757				61,505				—				42,785		280,117
Total	$	6,283,401			$	4,451,694			$	611,757			$	61,505			$	822,588			$	55,740	$	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.
Corporate Credit Facilities
In August 2014, the Company and certain of its subsidiaries entered into a corporate revolving credit facility (“Corporate Revolving Credit Facility”) with certain commercial bank lenders, with a total commitment amount of $500.0 million for a three-year term. Corporate Revolving Credit Facility is secured by collateral relating to a borrowing base and also includes guarantees by certain subsidiaries of the Company. As of September 30, 2014, the Company had $50.0 million of available borrowing under Corporate Revolving Credit Facility. Corporate Revolving Credit Facility 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 $25.0 million based on the sum of unrestricted cash or cash equivalents and undrawn availability at all times during the term of the Corporate Revolving Credit Facility.
In September 2014, the Company entered into a corporate facility agreement (“Corporate Term Facility”) with a commercial bank lender with respect to the establishment of term borrowings to be made to the Company with an aggregate principal amount of up to $500.0 million. The Corporate Term Facility provides that the Company may enter into one or more credit agreements for term borrowings with varying amounts, borrowing dates, maturities and interest rates, from time to time until September 2015. Borrowings may be prepaid at any time subject to customary breakage costs. In September 2014, the Company entered into a credit agreement providing for an initial term borrowing under Corporate Term Facility in a principal amount of $275.0 million, maturing on September 19, 2017 and with a fixed interest rate of 4.60%. Corporate Term Facility and related agreements contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types.
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 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 September 30, 2014, the Company had $157.8 million carrying value of loans financed with $97.6 million on the loan facilities, with $142.4 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 September 30, 2014, the Company was in compliance with all of its financial covenants.
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 that came due on September 30, 2014 (the “Senior Notes”). 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. On September 30, 2014, the Company repaid the Senior Notes in cash, including interest, in the amount of $488.3 million.
The following table presents the Company’s exchangeable senior notes exchanged for common stock during the nine months ended September 30, 2014 (dollars in thousands):
Date		Exchangeable Senior Notes		Principal Amount Exchanged				Common Shares(1)			Realized Gain (Loss)
Jan-14		8.88%		$	9,550			814,626			$	(2,132	)
Jan-14		5.38%		137,026				7,059,715			(13,307		)
Apr-14		5.38%		53,590				2,771,843			(6,830		)
Jul-14		5.38%		78,255				8,742,983			(14,935		)
Jul-14		8.88%		2,810				522,474			(696		)
Aug-14		5.38%		32,994				3,686,234			(5,244		)
Sep-14		5.38%		1,350				153,691			(207		)
Total				$	315,575			23,751,566			$	(43,351	)
___________________________
(1)Adjusted for the Reverse Split effected on June 30, 2014.

Spinoff_of_Asset_Management_Bu

Spin-off of Asset Management Business	9 Months Ended
	Sep. 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, $179.5 million of assets were transferred and $21.1 million of liabilities were assumed by NSAM. Included in the assets transferred was $118.7 million of cash representing 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.
	The following table presents a carve-out of revenues and expenses associated with NSAM and included in discontinued operations in the Company’s consolidated statements of operations. Such amounts exclude the effect of any fees that NSAM began earning in connection with the management agreement with the Company upon completion of the spin-off (dollars in thousands):
		Nine Months Ended September 30,
		2014(1)			2013
	Total revenues	$	56,013		$	69,033
	Total expenses	62,087			71,893
	NSAM income (loss) in discontinued operations	$	(6,074	)	$	(2,860	)
	__________________
	-1	Represents six months of total revenues and expenses of NSAM included in discontinued operations prior to the spin-off on June 30, 2014.
	Total revenues include asset management and other fee income from NSAM Sponsored Companies earned prior to the spin-off. In connection with the spin-off, 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 generally 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 generally 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 run as an independent entity.

Related_Party_Arrangements

Related Party Arrangements	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Arrangements	'
	Related Party Arrangements
	NorthStar Asset Management Group
	Management Agreement
	Upon completion of the spin-off of the Company’s asset management business, 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 performs 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 than the Company’s CRE loan origination business. The management agreement with NSAM is for an initial term of 20 years and provides for a base management fee and incentive fee.
	For the three months ended September 30, 2014, the Company incurred $38.0 million related to the base management fee, which is recorded in due to related party on the consolidated balance sheets. The management contract with NSAM commenced on July 1, 2014, and as such, there were no management fees incurred for the six months ended June 30, 2014. The base management fee to NSAM will increase subsequent to September 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 (“LTIP units”) (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.
	For the three months ended September 30, 2014, the Company incurred $1.3 million related to the incentive management fee, which is recorded in due to related party on the consolidated balance sheets. The incentive management fee is 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 is obligated to 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. For the three months ended September 30, 2014, NSAM allocated $1.2 million to the Company, which is recorded in due to related party on the consolidated balance sheets.
	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 is entitled to fair and reasonable compensation for its services in connection with any loan origination opportunities sourced by the Company, which may include first mortgage loans, subordinate mortgage interests, mezzanine loans and preferred equity interests, in each case relating to commercial real estate.
	NSAM provides 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 use the proceeds to acquire assets on behalf of its managed companies, including the Company, 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 is 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. As of September 30, 2014, the Company has not funded any amounts to NSAM in connection with this agreement.
	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 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. For the three and nine months ended September 30, 2014, the Company did not incur any incentive fees related to Healthcare Strategic Partnership.
	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 September 30, 2014 and 2013, the Company earned $1.3 million and $3.0 million in fee income, respectively, of which $0.6 million and $3.0 million, respectively, were eliminated in consolidation. For the nine months ended September 30, 2014 and 2013, the Company earned $4.5 million and $9.2 million in fee income, respectively, of which $2.0 million and $9.2 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 nine months ended September 30, 2014, the Company earned $20.0 million and $53.9 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
	In September 2014, the Company entered into a debt and equity investment with Legacy Commercial, comprised of a 40% interest in entities affiliated with Legacy Commercial (refer to Note 7) and loans to certain Legacy Commercial entities totaling $30.0 million (collectively the “Legacy Investment”). C. Preston Butcher, a former director of the Company, held certain preferred and other significant interests in Legacy Commercial and was 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 was 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 was 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. The Company owns 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 received total consideration of $30.0 million, of which $14.8 million was in the form of a cash distribution from the Legacy Commercial Entities and $15.2 million was funded from the Legacy Investment. At closing, Mr. Butcher retained 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 indirectly owns 10% of the common equity issued by the applicable Legacy Commercial Entities. The transaction also includes up to an additional $10.0 million in future preferred loans from the Company for additional real estate investments, subject to the Company’s approval. In connection with this transaction, Mr. Butcher stepped down as chairman and chief executive officer of Legacy Commercial and retains no ongoing voting or decision making rights.  Subject to certain approval rights held by the Company, Mr. Butcher has been hired as an employee of a Legacy Commercial Entity and Legacy Commercial is now controlled by the two remaining principals. Mr. Butcher retained 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 nine months ended September 30, 2013, the Company recorded an aggregate $0.5 million and $1.6 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 nine months ended September 30, 2014, the Company recorded an aggregate $1.1 million and $3.2 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 LLC (“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 (refer to Note 4). 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	9 Months Ended
	Sep. 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”) continue to administer all awards issued under the NorthStar Realty Equity Plans but NSAM is 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 nine months ended September 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 September 30, 2014, 3,835,743 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 734,568 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 September 30, 2014 and December 31, 2013 of all grants of Old LTIP Units and Deferred LTIP Units. The balance as of September 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):
		Nine Months Ended					Year Ended
		30-Sep-14					31-Dec-13
		Grants		Weighted			Grants			Weighted
				Average						Average
				Grant Price(6)						Grant Price(6)
	Beginning balance(1)(2)	4,609		$	14.31		3,114			$	13.32
	Granted(3)	1,183		30.61			2,166			16.2
	Converted to common stock	(647	)	17.31			(670	)		15.8
	Forfeited	(4	)	20.48			(1	)		10.76
	Vested Old LTIP Units converted to common stock in the Reorganization(4)	(3,178	)	14.52			—			—
	Vesting of restricted stock post-spin	(47	)	13.39			—			—
	Ending balance/weighted average(5)	1,916		$	23.02		4,609			$	14.31
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2014 and 2013 for the periods ended September 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 nine months ended September 30, 2014.
	-4	Represents vested Old LTIP Units that were converted to the Company’s common stock in connection with the Reorganization.
	-5	Includes 734,568 shares of restricted stock, 201,792 vested Deferred LTIP Units and 978,873 unvested Deferred LTIP Units as of September 30, 2014.
	-6	Amounts have been retrospectively adjusted to reflect the Reverse Split.
	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 276,105 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 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
	The nine months ended September 30, 2014 includes: (i) the Company’s equity-based compensation for the three months ended September 30, 2014 following the spin-off of the Company’s historical asset management business on June 30, 2014; and (ii) the Company’s equity-based compensation for the six months ended June 30, 2014, including an allocation to NSAM recorded to discontinued operations. The Company’s historical equity-based compensation for the nine months ended September 30, 2013 is prepared on the same basis as the six months ended June 30, 2014.
	The following table presents equity-based compensation expense for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014				2013
	NorthStar Realty	$	8,478		$	2,414		$	20,262			$	9,102
	Allocation to NSAM (1)	—			1,006			13,745				4,513
	Total	$	8,478		$	3,420		$	34,007		(2)	$	13,615
	___________________________________________________________
	(1)Recorded in discontinued operations.
	(2)Represents $23.4 million related to the NorthStar Realty Equity Plans and $10.6 million related to the NSAM Stock Plan.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 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 in 2013 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, resulting in an increase to additional paid-in capital of $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.
	In September 2014, the Company issued 15.0 million shares of its common stock at a public offering price of $18.40 per share and received net proceeds of $268.6 million. In connection with this offering, the Company entered into a forward sale agreement with a financial institution to issue an aggregate of 30.0 million shares of its common stock, subject to certain conditions. The forward sale agreement generally provides for settlement on one or more dates specified by the Company on or prior to March 4, 2015, subject to acceleration upon the occurrence of certain events. On a settlement date, if the Company decides to physically settle all or a portion of the forward sale agreement, it will issue common stock to such financial institution at the then-applicable forward sale price multiplied by 0.995. The initial forward sale price is equal to $17.95 per share. The forward sale agreement provides that the forward sale price will be adjusted based on the federal funds rate less the stock loan rate specified in the forward sale agreement and will be decreased by amounts related to expected dividends on the Company’s common stock during the term of the forward sale agreement. Subsequent to September 30, 2014, the Company issued 5.3 million shares of common stock under this forward sale agreement for net proceeds of $93.8 million, with 24.7 million shares of common stock remaining under this forward sale agreement.
	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 nine months ended September 30, 2014, the Company issued 7,469 shares of its common stock pursuant to the DRP, after giving effect to the Reverse Split, for gross proceeds of $0.2 million.
	Dividends
	The following table presents dividends declared (on a per share basis) for the nine months ended September 30, 2014:
	Common Stock					Preferred Stock
								Dividend Per Share
	Declaration		Dividend Per Share(1)			Declaration		Series A				Series B				Series C		Series D		Series E
	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	$	—
	6-Aug		$	0.5		31-Jul		$	0.54688			$	0.51563			$	0.55469	$	0.53125	$	0.5469
	29-Oct		$	0.4	(2)	29-Oct		$	0.54688			$	0.51563			$	0.55469	$	0.53125	$	0.5469
	______________________
	-1	Adjusted for the Reverse Split effected on June 30, 2014.
	-2	Represents the first dividend declared subsequent to the spin-off of NSAM.
	Earnings Per Share
	The following table presents EPS for the three and nine months ended September 30, 2014 and 2013 (dollars and shares in thousands, except per share data):
		Three Months Ended September 30,							Nine Months Ended September 30,
		2014			2013				2014				2013
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(46,525	)	$	(151,027	)		$	(255,052	)		$	(127,031	)
	Net income (loss) attributable to Old LTIP Units non-controlling interest	—			(6,296		)		(5,296		)		(5,184		)
	Net income (loss) attributable to common stockholders and Old LTIP Units(1)	$	(46,525	)	$	(157,323	)		$	(260,348	)		$	(132,215	)
	Denominator:(2)
	Weighted average shares of common stock	200,427			111,103				178,520				99,705
	Weighted average Old LTIP Units(1)	—			4,632				2,749				4,570
	Weighted average shares of common stock and Old LTIP Units(3)	200,427			115,735				181,269				104,275
	Earnings (loss) per share:(2)
	Basic	$	(0.23	)	$	(1.36	)		$	(1.43	)		$	(1.27	)
	Diluted	$	(0.23	)	$	(1.36	)		$	(1.43	)		$	(1.27	)
	____________________________________________________________
	-1	The EPS calculation takes into account Old LTIP Units, which received non-forfeitable dividends from the date of grant, shared equally in the Company’s net income (loss) and converted 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, shares under the forward sale agreement and RSUs outstanding that were not dilutive as of September 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	9 Months Ended
	Sep. 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 September 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 six months ended June 30, 2014 and the nine months ended September 30, 2013 was a loss of $5.3 million and $5.2 million, respectively. Net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended September 30, 2013 was a loss of $6.3 million. Since the Operating Partnership does not exist subsequent to the spin-off, there was no allocation of net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended September 30, 2014. Such amounts exclude 1,135,599 Deferred LTIP Units, after giving effect to the Reverse Split, issued in connection with the Stock Plan.
	In connection with 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 September 30, 2014 and 2013 was a loss of $1.1 million and an immaterial amount, respectively. Net income (loss) attributable to the other non-controlling interests for the nine months ended September 30, 2014 and 2013 was a loss of $2.1 million and $0.3 million, respectively.
	The following table presents net income (loss) attributable to the Company’s common stockholders for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Income (loss) from continuing operations	$	(46,247	)	$	(152,667	)	$	(253,841	)	$	(126,689	)
	Income (loss) from discontinued operations	(278		)	1,640			(1,211		)	(342		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(46,525	)	$	(151,027	)	$	(255,052	)	$	(127,031	)

Fair_Value

Fair Value	9 Months Ended
	Sep. 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 of assets and liabilities accounted for at fair value on a recurring basis 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 certain CRE debt investments made in connection with certain investments in unconsolidated ventures at fair value (refer to Note 7), 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 September 30, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):
		September 30, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	851,073		$	851,073
	Investments in unconsolidated ventures(1)	—			—			281,684			281,684
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			267,273			267,273
	N-Star CDO equity	—			—			134,775			134,775
	CMBS and other securities	—			17,330			34,062			51,392
	CRE securities in N-Star CDOs
	CMBS	—			329,135			49,945			379,080
	Third-party CDO notes	—			—			27,121			27,121
	Agency debentures	—			36,077			—			36,077
	Unsecured REIT debt	—			9,417			—			9,417
	Trust preferred securities	—			—			5,925			5,925
	Subtotal CRE securities in N-Star CDOs	—			374,629			82,991			457,620
	Subtotal real estate securities, available for sale	—			391,959			519,101			911,060
	Derivative assets	—			2,540			—			2,540
	Total assets	$	—		$	394,499		$	1,651,858		$	2,046,357
	Liabilities:
	CDO bonds payable	$	—		$	—		$	391,939		$	391,939
	Junior subordinated notes	—			—			219,253			219,253
	Derivative liabilities	—			20,398			—			20,398
	Total liabilities	$	—		$	20,398		$	611,192		$	631,590
	_____________________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, 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 certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2014 (dollars in thousands):
	Nine Months Ended September 30, 2014
	Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
	in Private						Securities			Payable			Subordinated
	Equity Funds												Notes
1-Jan-14	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
Transfers into Level 3(2)	—			—			16,368			—			—
Purchases / borrowings / amortization / contributions	363,177			83,341			45,920			—			—
Sales	—			—			(54,131		)	—			—
Paydowns / distributions	(188,939		)	(1,374		)	(50,016		)	(60,042		)	—
Repurchases	—			—			—			—			—
Gains:
Equity in earnings of unconsolidated ventures	90,817			7,298			—			—			—
Unrealized gains included in earnings	—			—			56,522			—			—
Realized gains included in earnings	—			—			17,946			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			67,974			—			—
Deconsolidation of N-Star CDOs(3)	—			—			8,805			(122,486		)	—
Losses:
Unrealized losses included in earnings	—			—			(48,252		)	190,176			18,050
Realized losses included in earnings	—			—			(2,902		)	108			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(2,904		)	—			—
Deconsolidation of N-Star CDOs(3)	—			—			(21,069		)	—			—
30-Sep-14	$	851,073		$	281,684		$	519,101		$	391,939		$	219,253
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—		$	—		$	8,330		$	(190,176	)	$	(18,050	)
____________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	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.
-3	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2013 (dollars in thousands):
	Year Ended December 31, 2013
	Investments in Private Equity Funds			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
							Securities			Payable			Subordinated
													Notes
1-Jan-13	$	—		$	—		$	338,213		$	1,999,470		$	197,173
Transfers into Level 3(2)	—			—			7,788			—			—
Transfers out of Level 3(2)	—			—			(108,143		)	—			—
Purchases / borrowings / amortization / contributions	747,564			192,209			23,594			43,983			—
Sales	—			—			(40,328		)	—			—
Paydowns / distributions	(244,138		)	—			(54,971		)	(647,947		)	—
Repurchases	—			—			—			(44,221		)	—
Gains:
Equity in earnings of unconsolidated ventures	82,592			210			—			—			—
Unrealized gains included in earnings	—			—			68,794			—			—
Realized gains included in earnings	—			—			15,179			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			3,098			—			—
Deconsolidation of N-Star CDOs(3)	—			—			350,886			(1,656,857		)	—
Losses:
Unrealized losses included in earnings	—			—			(19,523		)	106,622			4,030
Realized losses included in earnings	—			—			(5,601		)	26,697			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(4,138		)	—			—
Deconsolidation of N-Star CDOs(3)	—			—			(90,008		)	556,436			—
31-Dec-13	$	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.	$	—		$	—		$	20,746		$	(106,622	)	$	(4,030	)
____________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	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.
-3	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 September 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 nine months ended September 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
Investments in private equity funds	$	851,073		Discounted Cash Flow Model		Discount Rate	15% - 27%
Investments in unconsolidated ventures(1)	$	281,684		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	10% - 30%
N-Star CDO equity	$	134,775		Discounted Cash Flow Model		Discount Rate	18% - 20%
_________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, 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 past market volatility the Company had 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 investments in unconsolidated ventures (refer to Note 7) 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
	September 30, 2014			December 31,
				2013
Assets:
Investments in private equity funds	$	851,073		$	586,018
Investments in unconsolidated ventures(1)	281,684			192,419
Real estate securities, available for sale:(2)
N-Star CDO equity	134,775			158,274
CMBS and other securities	41,917			30,642
CRE securities in N-Star CDOs
CMBS	379,080			572,301
Third-party CDO notes	27,120			24,931
Agency debentures	36,079			29,540
Unsecured REIT debt	9,417			9,521
Trust preferred securities	5,924			5,791
Subtotal CRE securities in N-Star CDOs	457,620			642,084
Subtotal real estate securities, available for sale	634,312			831,000
Total assets	$	1,767,069		$	1,609,437
Liabilities:
CDO bonds payable	$	391,939		$	384,183
Junior subordinated notes	219,253			201,203
Total liabilities	$	611,192		$	585,386
___________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	September 30, 2014 excludes 36 CRE securities including $267.3 million of N-Star CDO bonds and $9.4 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 September 30, 2014 (dollars in thousands):
	Fair Value			Amount			Difference
				Due Upon
				Maturity
CDO bonds payable	$	391,939		$	611,757		$	(219,818	)
Junior subordinated notes	219,253			280,117			(60,864		)
Total	$	611,192		$	891,874		$	(280,682	)
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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Assets:
Real estate securities, available for sale	$	(6,667	)	$	(35,924	)	$	3,671		$	86,344
Foreign currency remeasurement(1)	(2,927		)	2,226			(3,727		)	1,326
Liabilities:
CDO bonds payable	(8,397		)	44,070			(190,176		)	(105,359		)
Junior subordinated notes	2,193			28,338			(18,050		)	4,894
Subtotal(2)	(15,798		)	38,710			(208,282		)	(12,795		)
Derivatives	3,523			(8,540		)	7,755			29,661
Total	$	(12,275	)	$	30,170		$	(200,527	)	$	16,866
____________________________________________________________
-1	Primarily 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 recorded to 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).
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 September 30, 2014 and December 31, 2013 (dollars in thousands):
	September 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	$	1,179,449		$	1,144,356		$	1,147,316		$	1,085,280		$	1,031,078		$	1,026,709
Real estate securities, available for sale(2)	1,552,059			911,060			911,060			2,090,726			1,052,320			1,052,320
Derivative assets(2)(3)	1,735,557			2,540			2,540			478,688			3,469			3,469
Financial liabilities:(1)
Mortgage and other notes payable	$	4,451,694		$	4,446,262		$	4,450,283		$	2,133,334		$	2,113,334		$	2,107,110
CDO bonds payable(2)	611,757			391,939			391,939			970,219			384,183			384,183
Securitization bonds payable	61,505			61,531			61,467			82,337			82,340			82,517
Credit facilities	822,588			822,588			822,588			70,038			70,038			70,038
Exchangeable senior notes	55,740			50,715			100,537			543,815			490,973			909,601
Junior subordinated notes(2)	280,117			219,253			219,253			280,117			201,203			201,203
Derivative liabilities(2)(3)	320,192			20,398			20,398			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 September 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
As of the reporting date, the Company believes the carrying value of its credit facilities 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.
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	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
		Number			Notional				Fair Value				Range of		Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR / Forward Rate
									(Liability)
	As of September 30, 2014:
	Interest rate swaps	12			$	320,192			$	(20,398	)	(2)	0.62% - 5.25%		January 2015 - July 2018
	Interest rate caps/floors	14			1,653,997				2,028				2.50% - 5.00%		January 2015 - December 2017
	Foreign currency forward	1			81,560				512				1.63	(3)	Oct-14
	Total	27			$	2,055,749			$	(17,858	)
	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 September 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.
	-3	Represents a forward settlement rate of U.S. Dollar to British Pound Sterling.
	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 an 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 and new caps in connection with the Formation Portfolio, Innkeepers Portfolio and K Partners Portfolio. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of September 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
		Balance Sheet	September 30,				December 31,
		Location	2014				2013
	Interest rate caps/floors/foreign currency forward	Derivative assets	$	2,540			$	3,469
	Interest rate swaps	Derivative liabilities	$	20,398			$	52,204
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
		Statements of Operations Location	2014				2013				2014				2013
	Amount of gain (loss) recognized in earnings:
	Adjustment to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	3,523			$	(8,540	)		$	7,755			$	29,661
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(3,102	)		$	(11,379	)		$	(13,795	)		$	(44,053	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(228	)		$	(1,172	)		$	(686	)		$	(4,656	)
	Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	Gain (loss) from deconsolidation of N-Star CDOs	$	—			$	(15,246	)		$	—			$	(15,246	)
	The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of September 30, 2014 and December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting
	The Company currently conducts its business through the following five segments (excluding the asset management business which the Company spun off on June 30, 2014 which is no longer a separate operating segment), 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 and internationally that includes healthcare, hotel, manufactured housing communities, net lease, multifamily and international 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.
	•	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.
	•	Manufactured Housing - The manufactured housing portfolio consists of communities that lease pad rental sites for placement of factory built homes located throughout the United States. In addition, the portfolio includes manufactured homes either for sale or rented and receivables related to the financing on homes sold to residents.
	•	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.
	•	International - The Company is expanding outside the United States and seeks to invest in various types of commercial real estate assets.
	•	Other - The Company may pursue other real estate opportunities such as the Company’s recent acquisition of multi-tenant office properties.
	•	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.
	•	N-Star CDOs - The Company historically originated or acquired CRE debt and securities investments that were predominantly financed through permanent, non-recourse CDOs. 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, this distinct business is a significantly smaller portion of its business today than in the past. As of September 30, 2014, only N-Star securities CDOs I and IX continue to be consolidated. 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.
	•	Corporate - The corporate segment includes corporate level interest income, interest expense and general and administrative expenses.
	The Company primarily generates revenue from rental income from its real estate properties, operating income from healthcare and hotel properties permitted by the RIDEA and net interest income on the CRE debt and securities portfolios. 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.
	Prior to the spin-off of its asset management business, the Company generated fee income from asset management activities. The asset management segment represents the consolidated results of operations and balance sheet of such asset management business 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 run as an independent entity.
	The following tables present segment reporting for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
	Statement of Operations:									N-Star CDOs(1)
	Three months ended September 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate				Consolidated
						Debt		Securities		Securities							Total
	Rental and escalation income	$	86,636			$	—	$	—	$	279		$	—			$	86,915
	Hotel related income	79,194				—		—		—			—				79,194
	Resident fee income	25,027				—		—		—			—				25,027
	Net interest income on debt and securities	1,222			(3)	40,102		17,979		17,274			1,359			(4)	77,936
	Income (loss) from operations	(44,154		)	(5)	38,291		21,456		15,832			(64,675		)		(33,250		)
	Equity in earnings (losses) of unconsolidated ventures	35,609				2,625		—		—			—				38,234
	Income (loss) from continuing operations	(7,511		)		38,700		25,254		1,344			(84,118		)		(26,331		)
	Income (loss) from discontinued operations	(278		)		—		—		—			—				(278		)
	Net income (loss)	(7,789		)		38,700		25,254		1,344			(84,118		)		(26,609		)
	Statement of Operations:									N-Star CDOs(1)
	Three months ended September 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Rental and escalation income	$	60,318			$	260	$	—	$	10,983		$	388			$	—			$	—		$	71,949
	Net interest income on debt and securities	221			(3)	12,512		11,543		10,371			21,399				8,963			(4)	—			65,009
	Income (loss) from operations	(10,319		)	(5)	12,452		11,406		4,732			34,880				(20,479		)		—			32,672
	Equity in earnings (losses) of unconsolidated ventures	29,826				1,256		—		(69		)	—				—				—			31,013
	Income (loss) from continuing operations	19,498				15,933		45,895		(268,950		)	36,376				7,859				—			(143,389		)
	Income (loss) from discontinued operations	22				—		—		—			—				—				1,618			1,640
	Net income (loss)	19,520				15,933		45,895		(268,950		)	36,376				7,859				1,618			(141,749		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.3 million and $3.0 million of collateral management fees were earned from CDO financing transactions for the three months ended September 30, 2014 and 2013, respectively, of which $0.6 million and $3.0 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	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).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
	-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 $51.3 million and $27.6 million for the three months ended September 30, 2014 and 2013, respectively. The three months ended September 30, 2014 also includes $41.4 million of transaction costs.
	Statement of Operations:									N-Star CDOs(1)
	Nine months ended September 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate				Asset Management(2)				Consolidated
						Debt		Securities		Securities											Total
	Rental and escalation income	$	233,166			$	—	$	—	$	950		$	—			$	—			234,116
	Hotel related income	101,720				—		—		—			—				—				101,720
	Resident fee income	40,087				—		—		—			—				—				40,087
	Net interest income on debt and securities	3,589			(3)	105,624		64,001		44,740			8,139			(4)	—				226,093
	Income (loss) from operations	(87,258		)	(5)	103,194		65,962		44,301			(123,304		)		—				2,895
	Equity in earnings (losses) of unconsolidated ventures	93,087				8,319		—		—			—				—				101,406
	Income (loss) from continuing operations	1,770				108,586		72,284		(176,395		)	(209,459		)		—				(203,214	)
	Income (loss) from discontinued operations	(915		)		—		—		—			—				(6,074		)		(6,989	)
	Net income (loss)	855				108,586		72,284		(176,395		)	(209,459		)		(6,074		)		(210,203	)
	Statement of Operations:									N-Star CDOs(1)
	Nine months ended September 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Rental and escalation income	$	142,069			$	260	$	—	$	30,947		$	862			$	—			$	—		$	174,138
	Net interest income on debt and securities	676			(3)	27,836		23,917		37,820			58,293				36,965			(4)	—			185,507
Income (loss) from operations	(11,078		)	(5)	27,693		32,275		17,046			67,984				(43,287		)		—			90,633
Equity in earnings (losses) of unconsolidated ventures	52,188				3,074		—		(817		)	—				—				—			54,445
Income (loss) from continuing operations	53,330				32,093		68,430		(302,344		)	95,920				(37,459		)		—			(90,030		)
Income (loss) from discontinued operations	291				—		—		—			—				—				(2,860		)	(2,569		)
Net income (loss)	53,621				32,093		68,430		(302,344		)	95,920				(37,459		)		(2,860		)	(92,599		)
_______________________________________________
-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $4.5 million and $9.2 million of collateral management fees were earned from CDO financing transactions for the nine months ended September 30, 2014 and 2013, respectively, of which $2.0 million and $9.2 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	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).
-3	Primarily represents interest income earned from notes receivable on manufactured homes.
-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 $110.4 million and $52.7 million for the nine months ended September 30, 2014 and 2013, respectively. The nine months ended September 30, 2014 also includes $81.1 million of transaction costs.
The following table presents total assets by segment as of September 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-Sep-14	$	7,349,016			$	1,319,466	$	459,951	$	515,746		$	—			$	226,594			$	9,870,773
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	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Nine Months Ended September 30,
		2014		2013
	Assumption of mortgage notes payable upon acquisition of operating real estate	$	870,871	$	—
	Conversion of exchangeable senior notes	310,463		—
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382		—
	PE Investment IX purchase price payable	186,454		—
	Reclassification of operating real estate to deferred costs and intangible assets	132,197		18,375
	Contribution from non-controlling interests	73,486		—
	Escrow deposit payable related to CRE debt investments	50,360		62,811
	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	22,323		—
	CRE debt investment payoff due from servicer	19,874		15,600
	Conversion of Old LTIP Units (refer to Note 12)	18,611		—
	Reclassification of CRE debt investment to held for sale	15,223		—
	Reclassification of operating real estate to other assets	14,141		60,621
	Issuance of common stock related to transactions (Refer to Note 13)	6,803		—
	Non-cash related to PE Investments	1,847		44,021
	Dividends payable related to RSUs	1,143		—
	Acquisition of operating real estate / reduction of CRE debt investments (1)	—		135,361
	Equity component of 5.375% Notes	—		45,740
	Increase in restricted cash(1)	—		6,065
	____________________________________________________________
	-1	Non-cash activity occurred in connection with taking title to collateral.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Dividends
	On October 29, 2014, the Company declared a dividend of $0.40 per share of common stock. The common stock dividend will be paid on November 14, 2014 to stockholders of record as of the close of business on November 10, 2014. On October 29, 2014, the Company declared a dividend of $0.54688 per share of Series A preferred stock, $0.51563 per share of Series B preferred stock, $0.55469 per share of Series C preferred stock, $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 November 17, 2014 to stockholders of record as of the close of business on November 10, 2014.
	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 LLC and Griffin Capital Corporation.
	Griffin-American’s diversified portfolio is comprised of 296 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 common stock between 0.1859 and 0.2344, equal to $3.75 in value. Transaction costs, including the Griffin-American promote, are expected to be approximately $130 million. The merger with Griffin-American is expected to close in the fourth quarter of 2014.
	Additionally, on October 22, 2014, NorthStar Healthcare entered into a purchase and sale agreement with the Company pursuant to which NorthStar Healthcare agreed to acquire an equity interest in the Griffin-American healthcare real estate portfolio in connection with the completion of the merger of Griffin-American with and into a subsidiary of the Company. NorthStar Healthcare will acquire the interest for $100 million in cash, including its pro rata share of associated transaction costs, through a joint venture with the Company and will be purchased at the Company’s cost basis and is expected to represent an approximate 8.3% interest in the portfolio.
	Inland Portfolio
	In September 2014, the Company entered into an agreement to acquire a $1.1 billion hotel portfolio (“Inland Portfolio”) from Inland American Real Estate Trust. The Inland Portfolio is comprised of 48 upscale extended stay and select service hotels with approximately 6,400 rooms. The Company is acquiring the Inland Portfolio in a joint venture with Chatham where the Company will have an approximate 90% ownership interest. The Company recorded $9.4 million of estimated transaction costs in the third quarter 2014 in connection with this transaction.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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”).
	The consolidated financial statements for the three months ended September 30, 2014 represent the Company subsequent to the spin-off of its historical asset management business of managing the NSAM Sponsored Companies, owning NorthStar Securities and operating its special servicing business. In connection with the spin-off, most of the Company’s employees became employees of NSAM except for executive officers, employees engaged in the Company’s loan origination business at the time of the spin-off and certain other employees that became co-employees of both the Company and NSAM. Therefore, subsequent to June 30, 2014, NSAM generally incurs substantially all employee-related cash costs.
	Periods prior to June 30, 2014 present a carve-out of the Company’s historical financial information, including revenues and expenses allocated to NSAM, related to the Company’s historical asset management business being reported in discontinued operations. Expenses also included an allocation of indirect expenses of the Company to NSAM, including salaries, equity-based compensation and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had the asset management business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of the Company’s operations.
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. An allocation of net income (loss) may differ from the stated ownership percentage interest in such entity as a result of preferred returns and allocation formulas, if any, as described in such governing documents.
	The Company may account for an investment in an unconsolidated entity at fair value by electing the fair value option. The Company elected the fair value option for its investments (directly or indirectly in joint ventures) that own limited partnership interests in real estate private equity funds (“PE Investments”) and certain investments in unconsolidated ventures (refer to Note 7). 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; (ii) the reclassification of unrealized gain (loss) on real estate securities available for sale for which the fair value option was not elected to realized gain (loss) upon sale or realized event; (iii) the reclassification of unrealized gain (loss) to interest expense on derivative instruments that are or were deemed to be effective hedges; and (iv) foreign currency translation adjustment.
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 may elect to apply the fair value option for certain investments due to the nature of the instrument. 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 gain (loss) 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.
Restricted Cash	'
	Restricted Cash
	Restricted cash primarily consists of amounts related to operating real estate and CRE debt investments.
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 resident or guest occupies a room or uses the healthcare property or hotel services and is recorded in resident fee income for healthcare properties and hotel related income for hotel properties 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, including awards granted to co-employees, 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 time-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	'
	Foreign Currency
	Assets and liabilities denominated in a foreign currency for which the functional currency is a foreign currency are translated using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are translated into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency translation adjustment is recorded as a component of accumulated OCI in the consolidated statements of equity.
	Assets and liabilities denominated in a foreign currency for which the functional currency is the U.S. dollar are remeasured using the currency exchange rate in effect at the end of the period presented and the results of operations for such entities are remeasured into U.S. dollars using the average currency exchange rate in effect during the period. The resulting foreign currency remeasurement adjustment is recorded in unrealized gain (loss) on investments and other in the consolidated statements of operations.
Earnings Per Share	'
	Earnings Per Share
	The Company’s basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common stock outstanding, 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)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Schedule of restricted cash	'
	The following table presents a summary of restricted cash as of September 30, 2014 and December 31, 2013 (dollars in thousands):
			September 30,			December 31,
			2014			2013
			(Unaudited)
	Capital expenditures reserves		$	164,648		$	46,115
	Operating real estate escrow reserves		50,024			7,599
	CRE debt escrow deposits		76,931			92,347
	Cash in CDOs(1)		20,631			20,426
	Total		$	312,234		$	166,487
	__________________________________________________
	-1	Represents proceeds from repayments and/or sales pending distribution.
Schedule of other assets and other liabilities	'
	The following table presents a summary of other assets and other liabilities as of September 30, 2014 and December 31, 2013 (dollars in thousands):
			September 30,			December 31,
			2014			2013
			(Unaudited)
	Other assets:
	Manufactured homes		$	71,820		$	69,217
	Notes receivable		47,061			38,418
	Investment-related reserves and deposits		15,065			11,127
	Furniture, fixtures and equipment, net		—		(1)	6,977
	Prepaid expenses		21,052			5,361
	Due from servicer		19,874			—
	Other		23,923			13,953
	Total		$	198,795		$	145,053
			September 30,			December 31,
			2014			2013
			(Unaudited)
	Other liabilities:
	PE Investment IX purchase price (refer to Note 6)		$	186,454	(2)	$	—
	PE Investment III deferred purchase price (refer to Note 6)		39,760			39,760
	Below-market leases		33,099			8,700
	Unearned revenue		7,081			2,029
	Tenant security deposits		25,671			9,294
	Other		16,595			14,091
	Total		$	308,660		$	73,874
	__________________________________________________
	(1)Distributed to NSAM in connection with the spin-off.
	(2)Represents the purchase price for the acquisition of PE Investment IX paid by the Company on October 2, 2014.

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables) (Unconsolidated VIEs)	9 Months Ended
	Sep. 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 September 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	$	—		$	60,027	$	—	$	60,027	$	60,027
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		267,273		267,273		267,273
	N-Star CDO equity	—			—		134,775		134,775		134,775
	CMBS	—			—		37,631		37,631		37,631
	Subtotal real estate securities, available for sale	—			—		439,679		439,679		439,679
	Total assets	3,742			60,027		439,679		503,448		503,448
	Junior subordinated notes, at fair value	219,253			—		—		219,253		NA
	Total liabilities	219,253			—		—		219,253		NA
	Net	$	(215,511	)	$	60,027	$	439,679	$	284,195	$	503,448
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of September 30, 2014 would not exceed the carrying value of its investment.

Operating_Real_Estate_Tables

Operating Real Estate (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Schedule of Business Acquisitions	'
	The following table summarizes the Company’s acquisitions for the nine months ended September 30, 2014 (dollars in millions):
	Acquisition Date		Type		Description		Name		Purchase Price(1)				Properties		Units		Primary Location(s)	Financing			Equity		Ownership Interest			Transaction Costs
	May-14		Healthcare		Senior housing and skilled nursing facilities		Formation Portfolio		$	1,060.70			80		8,500 beds		FL, IL, OR, TX	$	646.8		$	357.6	86	%	(2)	$	6
	May-14		Manufactured Housing		Manufactured housing communities		Manufactured Housing Portfolio 3(3)		55.2				4		1,344 pad sites		AZ, CO, TX	16.5			34.5		93	%	(3)	3.1
	Jun-14		Hotel		Upscale extended stay and premium branded select service		Innkeepers Portfolio		1,057.60				47		6,100 rooms		CA, NJ, TX	840			193.1		90	%	(4)	19.7
	Aug-14		Hotel		Premium branded select service		K Partners Portfolio		265.9				20		1,900 rooms		CA, LA, OK	211.7			51.7		97.5	%		6.6
	Aug-14		Net Lease		Industrial properties(5)		Industrial Portfolio		403.6				39		6.3 million sq ft		CA, IL, FL, GA, MI	221.1			164.1		40	%	(6)	1.8
	Sep-14		Hotel		Premium branded select service		Courtyard Portfolio		682.7				40		5,800 rooms		CA, VA, TX, GA, FL	415			266.6		100	%		7.7
	Sep-14		International		Multi-tenant office complex		UK Property		106.1				1		224,000 sq ft		UK	—		(7)	97.9		100	%		4.3
	Sep-14		Office		Multi-tenant office		Legacy Property		40.4				4		366,000 sq ft		CO	—		(7)	38.5		95	%		0.4
	Total								$	3,672.20			235					$	2,351.10		$	1,204.00				$	49.6
	______________________________________
	-1	Includes all transaction costs, escrows and reserves.
	-2	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. The Company together with NorthStar Healthcare owns an aggregate approximate 92% interest in the joint venture.
	-3	Represents four of the 16 communities in Manufactured Housing Portfolio 3 acquired in May 2014. Previously, 12 communities were acquired in connection with this portfolio in December 2013. The Company structured the acquisition as a joint venture with the same third-party operating partner that currently manages the Company’s other manufactured housing portfolios.
	-4	The Company acquired the Innkeepers Portfolio through a joint venture with Chatham Lodging Trust (NYSE: CLDT).
	-5	The 39 industrial properties are comprised of 87 buildings and include four office properties.
	-6	The Company has a 40% equity interest and is entitled to 50% of the cash flow. In addition, the Company’s investment includes $151.0 million structured as preferred equity, which is eliminated in consolidation.
	-7	The property is currently unlevered, however the Company intends to obtain financing representing 75% loan-to-cost in the near term.
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, Manufactured Housing Portfolio 3, K Partners Portfolio, Industrial Portfolio, Courtyard Portfolio, UK Property and Legacy Property that continue to be subject to refinement upon receipt of all information (dollars in thousands):
			Formation Portfolio				Manufactured Housing Portfolio 3				K Partners Portfolio				Industrial Portfolio			Courtyard Portfolio			UK Property		Legacy Property
	Assets:
	Land and improvements		$	138,017			$	324,511			$	33,516			$	85,980		$	99,880		$	18,834	$	7,672
	Buildings and improvements		826,303				8,456				167,581				243,247			507,600			75,335		30,686
	Other assets acquired		90,347				65,016				58,254				84,149			67,515			7,617		1,642
	Total assets acquired		$	1,054,667			$	397,983			$	259,351			$	413,376		$	674,995		$	101,786	$	40,000
	Liabilities:
	Mortgage notes payable		$	646,751			$	264,542			$	211,681			$	221,131		$	415,000		$	—	$	—
	Other liabilities assumed		—				2,478				1,255				11,616			1,136			8,149		1,126
	Total liabilities		646,751				267,020				212,936				232,747			416,136			8,149		1,126
	Total NorthStar Realty Finance Corp. stockholders’ equity(1)		351,574				122,135				45,091				162,259			258,859			93,637		38,129
	Non-controlling interests		56,342				8,828				1,324				18,370			—			—		745
	Total equity		407,916				130,963				46,415				180,629			258,859			93,637		38,874
	Total liabilities and equity		$	1,054,667			$	397,983			$	259,351			$	413,376		$	674,995		$	101,786	$	40,000
	______________________________________
	-1	Stockholders’ equity excludes transaction costs incurred in connection with the acquisitions.
	-2	For the nine months ended September 30, 2014, the Company recorded aggregate revenue and net loss for all of the above noted real estate acquisitions of $79.6 million and $20.6 million, respectively. Net loss is primarily related to transaction costs.
	The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the Innkeepers Portfolio (dollars in thousands):
			Innkeepers Portfolio (1)
	Assets:
	Land and improvements		$	167,106
	Buildings and improvements		685,645
	Other assets acquired		185,212
	Total assets acquired		$	1,037,963
	Liabilities:
	Mortgage notes payable		$	840,000
	Other liabilities assumed		2,405
	Total liabilities		842,405
	Total NorthStar Realty Finance Corp. stockholders’ equity		173,440
	Non-controlling interests		22,118
	Total equity		195,558
	Total liabilities and equity		$	1,037,963
	______________________________________
	-1	For the nine months ended September 30, 2014, the Company recorded revenue and net loss of $89.7 million and $11.5 million
Schedule of business acquisition, pro forma information	'
	The following table presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the following acquisitions: Formation Portfolio, Innkeepers Portfolio, K Partners Portfolio, Courtyard Portfolio, Industrial Portfolio, UK Property and Legacy Property and related borrowings as if it occurred on January 1, 2013. The unaudited pro forma amounts were prepared for comparative purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future, and exclude transaction costs (dollars in thousands, except per share data):
		Three Months Ended September 30,								Nine Months Ended September 30,
		2014				2013				2014				2013
	Pro forma total revenues	$	336,163			$	312,989			$	965,627			$	889,151
	Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(35,142	)		$	(147,076	)		$	(244,323	)		$	(115,064	)
	Pro forma EPS—Basic	$	(0.18	)		$	(1.32	)		$	(1.37	)		$	(1.15	)
	Pro forma EPS—Diluted	$	(0.18	)		$	(1.32	)		$	(1.37	)		$	(1.15	)
Summary of income (loss) from discontinued operations	'
	Discontinued operations relates to five healthcare properties held for sale or sold as of September 30, 2014. The following table presents income (loss) from discontinued operations related to such properties for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,								Nine Months Ended September 30,
		2014				2013				2014				2013
	Revenue
	Rental and escalation income	$	—			$	960			$	—			$	2,880
	Other revenue	—				—				85				92
	Total revenue	—				960				85				2,972
	Expenses
	Other interest expense	—				478				—				1,418
	Real estate properties—operating expenses	8				7				385				18
	Other expenses	13				125				72				225
	Impairment of operating real estate	257				—				543				—
	Depreciation and amortization	—				328				—				1,020
	Total expenses	278				938				1,000				2,681
	Income (loss) from operating real estate discontinued operations	$	(278	)		$	22			$	(915	)		$	291
	The following table presents a carve-out of revenues and expenses associated with NSAM and included in discontinued operations in the Company’s consolidated statements of operations. Such amounts exclude the effect of any fees that NSAM began earning in connection with the management agreement with the Company upon completion of the spin-off (dollars in thousands):
		Nine Months Ended September 30,
		2014(1)				2013
	Total revenues	$	56,013			$	69,033
	Total expenses	62,087				71,893
	NSAM income (loss) in discontinued operations	$	(6,074	)		$	(2,860	)
	__________________
	-1	Represents six months of total revenues and expenses of NSAM included in discontinued operations prior to the spin-off on June 30, 2014.

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	9 Months Ended
	Sep. 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	7				146,652				144,853			13.5	%		13.05	%		12.33	%		13.14	%	56	%
	Corporate loans(1)(2)	5				330,343				327,609			30.3	%		12.31	%		—			12.72	%	—
	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	%
	Corporate 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	Corporate 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 September 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	15				$	460,175			$	430,072		39	%		13.21	%		7.25	%		10.77	%	78.9	%
	Mezzanine loans	7				113,386				109,876			9.6	%		13.44	%		13.84	%		14.21	%	74.4	%
	Subordinate interests	8				204,428				202,723			17.3	%		13.08	%		12.33	%		13.13	%	40.2	%
	Corporate loans (1)(2)	8				360,343				376,050			30.6	%		12.37	%		—			12.97	%	—
	Subtotal/Weighted average(3)	38				1,138,332				1,118,721			96.5	%		12.69	%		9.02	%		12.25	%	46.2	%
	CRE debt in N-Star CDOs
	First mortgage loans	2				26,957				11,484			2.3	%		—	%		1.27	%		3.05	%	100	%
	Mezzanine loans	1				11,000				10,991			0.9	%		8	%		—			8.33	%	—
	Corporate loans	6				3,160				3,160			0.3	%		6.74	%		—			6.74	%	—
	Subtotal/Weighted average	9				41,117				25,635			3.5	%		7.72	%		1.27	%		5.77	%	65.6	%
	Total	47				$	1,179,449			$	1,144,356		100	%		12.58	%		8.64	%		12.1	%	46.9	%
	____________________________________________________________
	-1	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of September 30, 2014, carrying value represents fair value with respect to these investments.
	-2	Corporate loans include one revolver of $25.0 million, of which $19.4 million is outstanding as of September 30, 2014.
	-3	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $95.3 million for Securitization 2012-1 and $157.8 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 $20.2 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 $5.8 million as of September 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 $13.1 million that were originated prior to 2008.
	-7	$412.4 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.83%. Includes one first mortgage loan with a principal amount of $6.7 million with a spread over prime rate.
	-8	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of September 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 September 30, 2014 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	October 1 to December 31, 2014	$	145,276			$	138,552
	Years Ending December 31:
	2015	228,808				86,085
	2016	287,917				162,940
	2017	62,699				190,374
	2018	2,761				149,510
	Thereafter	451,988				451,988
	Total	$	1,179,449			$	1,179,449
	____________________________________________________________
	-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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended									Nine Months Ended
		September 30,									September 30,
		2014					2013				2014				2013
	Beginning balance	$	5,599				$	133,202			$	2,880			$	156,699
	Provision for (reversal of) loan losses, net	—					(11,122		)		2,719				(8,786		)	(1)
	Transfers to REO	—					—				—				(5,623		)
	Write-offs / payoffs	—					—				—				(20,210		)	(2)
	Deconsolidation of N-Star CDOs	—					(118,304		)		—				(118,304		)
	Ending balance	$	5,599				$	3,776			$	5,599			$	3,776
	____________________________________________________________
	-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:	September 30,				December 31,
		2014				2013
	Loans with no loan loss reserve:
	First mortgage loans	$	440,856			$	426,850
	Mezzanine loans	120,867				116,195
	Subordinate interests	202,723				152,626
	Corporate loans	379,210				331,738
	Subtotal	1,143,656				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	$	1,144,356			$	1,031,078
	____________________________________________________________
	-1	Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.8 million and $6.4 million as of September 30, 2014 and December 31, 2013, respectively.
Schedule of impaired loans	'
	The following table presents impaired loans as of September 30, 2014 and December 31, 2013 (dollars in thousands):
		30-Sep-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 $5.8 million and $6.4 million as of September 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 September 30, 2014 and 2013 (dollars in thousands):
		September 30, 2014										September 30, 2013(1)
		Number		Average Carrying Value				Three Months Ended Income				Number	Average				Three Months Ended Income
													Carrying
													Value
	Class of Debt:
	First mortgage loans	1		$	700			$	—			5	$	77,077			$	346
	Mezzanine loans	1		—				2				7	105,897				136
	Subordinate interests	—		—				—				2	—				1
	Corporate loans	—		—				—				1	27,068				914
	Total/weighted average	2		$	700			$	2			15	$	210,042			$	1,397
	______________________________________
	-1	Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
	The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the nine months ended September 30, 2014 and 2013 (dollars in thousands):
		September 30, 2014										September 30, 2013(1)
		Number		Average Carrying Value				Nine Months Ended Income				Number	Average				Nine Months Ended Income
													Carrying
													Value
	Class of Debt:
	First mortgage loans	1		$	1,241			$	—			5	$	80,733			$	1,030
	Mezzanine loans	1		471				4				7	124,665				414
	Subordinate interests	—		—				—				2	—				3
	Corporate loans	—		—				—				1	24,413				2,712
	Total/weighted average	2		$	1,712			$	4			15	$	229,811			$	4,159
	______________________________________
	-1	Includes impaired loans outstanding during the period which were deconsolidated on September 30, 2013 and December 31, 2013. Refer to Note 3 for further disclosure.
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 nine months ended September 30, 2013 (dollars in thousands):
		30-Sep-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.

Investments_in_Private_Equity_1

Investments in Private Equity Funds (Tables)	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Schedule of Investments in Private Equity Funds	'
	The following tables summarize the Company’s PE Investments (dollars in millions):
	PE Investment		Initial Closing Date		NAV Reference Date (1)	Number of Funds			Purchase Price			Expected Future Contributions (2)
	PE Investment I		15-Feb-13		30-Jun-12	49			$	282.1		$	9
	PE Investment II		3-Jul-13		30-Sep-12	24			353.4			7
	PE Investment III (3)		31-Dec-13		30-Jun-13	8			39.8			1
	PE Investment IV		30-May-14		31-Dec-13	1			8			—
	PE Investment V		1-Jul-14		30-Sep-13	3			12			—
	PE Investment VI (4)		30-Jul-14		30-Jun-14	20			90.2			3
	PE Investment VII (4)		15-Aug-14		31-Dec-13	18			60			2
	PE Investment VIII (5)		19-Aug-14		N/A	N/A			N/A			N/A
	PE Investment IX		2-Oct-14		31-Mar-14	11			217.7			4
	Total					134		(6)	$	1,063.20		$	26
	____________________________________________________________
	-1	Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment.
	-2	Represents the estimated amount of expected future contributions to funds as of September 30, 2014.
	-3	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.
	-4	For the three months ended September 30, 2014, the Company closed 13 of the 20 fund interests related to PE Investment VI and 10 of the 18 fund interests related to PE Investment VII. The Company closed the remaining seven fund interests for PE Investment VI in October 2014. The Company expects to close the remaining fund interests for PE Investment VII in the fourth quarter of 2014 once the Company receives general partner consent from the underlying funds.
	-5	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. For the three months ended September 30, 2014, PE Investment VIII has not made any investments.
	-6	The total number includes 12 funds held across multiple PE Investments.
			Carrying Value							Three Months Ended September 30, 2014 (1)							Nine Months Ended September 30, 2014
	PE Investment		30-Sep-14			31-Dec-13				Equity in Earnings			Cash Distributions		Cash Contributions		Equity in Earnings		Cash Distributions		Cash Contributions
	PE Investment I		$	204.3		$	226.3			$	13.9		$	18	$	0.9	$	41.6	$	64.7	$	1
	PE Investment II		244			288.9				13.9			40.7		—		40.3		90.2		4.9
	PE Investment III		59.9			70.8				1.4			5.4		—		4.4		15.4		0.2
	PE Investment IV		7.5			—				0.4			0.9		—		0.5		0.9		—
	PE Investment V		7.5			—				0.5			5		—		0.5		5		—
	PE Investment VI		88.9			—				2.3			3.9		0.3		2.3		3.9		0.3
	PE Investment VII		52.5			—				1.1			8.9		0.1		1.2		8.8		0.1
	PE Investment VIII(2)		N/A			N/A				N/A			N/A		N/A		N/A		N/A		N/A
	PE Investment IX		186.5			—				—			—		—		—		—		—
	Total		$	851.1		$	586			$	33.5		$	82.8	$	1.3	$	90.8	$	188.9	$	6.5
	____________________________________________________________
	-1	The three months ended September 30, 2014 represents activity from July 30, 2014 for PE Investment VI and August 15, 2014 for PE Investment VII.
	-2	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in real estate private equity funds. For the three months ended September 30, 2014, PE Investment VIII has not made any investments.
			Three Months Ended September 30, 2013										Nine Months Ended September 30, 2013 (1)
	PE Investment		Equity in Earnings			Cash Distributions				Cash Contributions			Equity in Earnings		Cash Distributions		Cash Contributions
	PE Investment I		$	15.3		$	18.1			$	0.8		$	37.3	$	74.6	$	18.7
	PE Investment II		15			15				4.4			15		15		4.4
	Total		$	30.3		$	33.1			$	5.2		$	52.3	$	89.6	$	23.1
	____________________________________________________________
	-1	The nine months ended September 30, 2013 represents activity from February 15, 2013 for PE Investment I and July 3, 2013 for PE Investment II.

Investments_in_Unconsolidated_1

Investments in Unconsolidated Ventures (Tables)	9 Months Ended
	Sep. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'
Schedule of Summarized Financial Data, Unconsolidated Joint Ventures	'
	Summarized financial information for such unconsolidated ventures for the nine months ended September 30, 2014 and 2013 are as follows (dollars in thousands):
		Nine Months Ended September 30,
		2014 (1)		2013
	Revenues	$	310,282	$	160,154
	Operating expenses	166,289		31,110
	Interest expense	31,329		15,309
	Depreciation and amortization	13,519		4,603
	Total expenses	211,137		51,022
	Income (loss) from continuing operations	$	99,145	$	109,132
	Net income (loss)	$	147,419	$	109,132
	Net income attributable to joint venture	$	125,846	$	109,132
	Equity in earnings of unconsolidated ventures	$	99,686	$	52,565
	____________________________________________________________
	(1)Includes summarized financial information for PE Investments for the six months ended June 30, 2014, which is the most recent financial information available from the underlying funds.

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	9 Months Ended
	Sep. 30, 2014
Investments, Debt and Equity Securities [Abstract]	'
Schedule of CRE securities	'
	The following table presents CRE securities as of September 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)	34	$	469,981	$	204,462	$	64,178	$	(1,367	)	$	267,273	30.3	%	1.81	%	21.45	%
	N-Star CDO equity(5)	5	146,754		146,754		8,398		(20,377		)	134,775		9.5	%	NA		18.27	%
	CMBS and other securities(6)	14	108,995		64,854		11,559		(25,021		)	51,392		7	%	2.71	%	5.53	%
	Subtotal(2)	53	725,730		416,070		84,135		(46,765		)	453,440		46.8	%	1.98	%	17.85	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	146	640,875		455,978		50,990		(127,888		)	379,080		41.3	%	3.77	%	10.1	%
	Third-party CDO notes	11	83,057		75,385		68		(48,333		)	27,120		5.5	%	0.24	%	1.19	%
	Agency debentures	8	87,172		30,029		6,870		(820		)	36,079		5.6	%	NA		4.56	%
	Unsecured REIT debt	1	8,000		8,423		994		—			9,417		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,301		)	5,924		0.3	%	2.25	%	2.25	%
	Subtotal	168	826,329		577,040		58,922		(178,342		)	457,620		53.2	%	3.04	%	8.48	%
	Total	221	$	1,552,059	$	993,110	$	143,057	$	(225,107	)	$	911,060	100	%	2.6	%	12.42	%
	____________________________________________________________
	-1	Excludes $85.0 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 September 30, 2014.
	-5	The fair value option was elected for these securities (refer to Note 15).
	-6	The fair value option was elected for $41.9 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 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.

Borrowings_Tables

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	The following table presents borrowings as of September 30, 2014 and December 31, 2013 (dollars in thousands):
								September 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)
	Healthcare
	Minnesota Portfolio(5)	—		—		—		$	—			$	—			$	38,175			$	38,175
	Wakefield Portfolio	Non-recourse		15-Mar		LIBOR + 5.95%		55,004				55,004				55,768				55,768
	Ohio Portfolio	Non-recourse		16-Mar		6.00%		20,296				20,296				20,496				20,496
	Lancaster, OH	Non-recourse		16-Mar		LIBOR + 5.00%		4,355				4,355				4,399				4,399
	Wilkinson Portfolio	Non-recourse		17-Jan		6.99%		150,707				150,707				152,772				152,772
	Tuscola/Harrisburg, IL	Non-recourse		17-Jan		7.09%		7,445				7,445				7,545				7,545
	East Arlington, TX	Non-recourse		17-May		5.89%		3,171				3,171				3,209				3,209
	Formation Portfolio(6) (26)	Non-recourse		Jul-18/May-19		LIBOR + 3.91%(7)		646,477				638,675				—				—
	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
	Subtotal Healthcare							1,083,585				1,075,783				478,494				478,494
	Hotel
	Innkeepers Portfolio(8)	Non-recourse		19-Jun		LIBOR + 3.39%(7)		840,000				840,000				—				—
	K Partners Portfolio(9)	Non-recourse		19-Aug		LIBOR + 3.25%(7)		211,681				211,681				—				—
	Courtyard Portfolio(10)	Non-recourse		19-Oct		LIBOR + 2.12%(7)		415,000				415,000				—				—
	Subtotal Hotel							1,466,681				1,466,681				—				—
	Manufactured housing communities
	Manufactured Housing Portfolio 1(11)	Non-recourse		23-Jan		4.387%(7)		236,900				236,900				236,900				236,900
	Manufactured Housing Portfolio 2(12)	Non-recourse		23-May		4.016%(7)		639,999				639,999				639,999				639,999
	Manufactured Housing Portfolio 3(13) (26)	Non-recourse		Dec-21/ Jan-24/ Sept-24		4.923%(7)		297,478				299,848				248,000				248,000
	Subtotal Manufactured housing communities							1,174,377				1,176,747				1,124,899				1,124,899
	Net lease
	Fort Wayne, IN	Non-recourse		15-Jan		6.41%		2,937				2,937				3,019				3,019
	Reading, PA(14)	Non-recourse		15-Jan		5.58%		12,520				12,520				12,765				12,765
	Reading, PA(14)	Non-recourse		15-Jan		6.00%		5,000				5,000				5,000				5,000
	EDS Portfolio	Non-recourse		15-Oct		5.37%		42,980				42,980				43,682				43,682
	Keene, NH	Non-recourse		16-Feb		5.85%		6,139				6,139				6,237				6,237
	Green Pond, NJ	Non-recourse		16-Apr		5.68%		15,875				15,875				16,095				16,095
	Aurora, CO	Non-recourse		16-Jul		6.22%		30,852				30,852				31,232				31,232
	DSG Portfolio	Non-recourse		16-Oct		6.17%		31,282				31,282				31,729				31,729
	Indianapolis, IN	Non-recourse		17-Feb		6.06%		26,267				26,267				26,600				26,600
	Milpitas, CA	Non-recourse		17-Mar		5.95%		19,612				19,612				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%		1,178				1,178				1,464				1,464
	Salt Lake City, UT	Non-recourse		17-Sep		5.16%		13,311				13,311				13,689				13,689
	Industrial Portfolio(15)(26)	Non-recourse		Jul-17/Dec-17		4.21%(7)		221,131				228,075				—				—
	Columbus, OH	Non-recourse		17-Dec		6.48%		22,029				22,029				22,300				22,300
	South Portland, ME	Non-recourse		23-Jul		LIBOR + 2.15%		3,683				3,683				3,819				3,819
	Subtotal Net lease							482,496				489,440				265,386				265,386
	Multifamily
	Memphis, TN	Non-recourse		23-Apr		4.00%		39,600				39,600				39,600				39,600
	Southeast Portfolio(16)	Non-recourse		May-23/July-23		4.03%(7)		158,417				158,417				158,417				158,417
	Scottsdale, AZ(17)	Non-recourse		23-Jul		4.28%(7)		46,538				46,538				46,538				46,538
	Subtotal Multifamily							244,555				244,555				244,555				244,555
	Subtotal Mortgage and other notes payable							4,451,694				4,453,206				2,113,334				2,113,334
								September 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 + 5.48%(7)		$	31,389			$	29,999			$	37,754			$	34,886
	N-Star III(18)	—		—		—		—				—				100,022				46,090
	N-Star V(18)	—		—		—		—				—				202,899				80,897
	N-Star IX	Non-recourse		Aug-52		LIBOR + 0.42%(7)		580,368				361,940				629,544				222,310
	Subtotal CDO bonds payable—VIE							611,757				391,939				970,219				384,183
	Securitization bonds payable:
	Securitization 2012-1	Non-recourse		29-Aug		LIBOR+1.86%(7)		61,505				61,531				82,337				82,340
	Subtotal Securitization financing transaction							61,505				61,531				82,337				82,340
Credit facilities:
Corporate Revolving Credit Facility(19)	Recourse		17-Aug		LIBOR + 3.50%(7)		450,000				450,000				—				—
Corporate Term Facility(20)	Recourse		17-Sep		4.60%		275,000				275,000				—				—
Loan Facility 1	Non-recourse		Jul-18(21)		5.16%(22)		14,850				14,850				14,850				14,850
Loan Facility 2	Partial Recourse(23)		Mar-18(24)		3.09%(25)		82,738				82,738				55,188				55,188
Subtotal Credit facilities							822,588				822,588				70,038				70,038
Exchangeable senior notes:(26)
7.25% Notes	Recourse		Jun-27(27)		7.25%		12,955				12,955				12,955				12,955
7.50% Notes(28)	—		—		—		—				—				172,500				165,366
8.875% Notes	Recourse		Jun-32(29)		8.88%		1,000				984				13,360				13,068
5.375% Notes	Recourse		Jun-33(30)		5.38%		41,785				36,776				345,000				299,584
Subtotal Exchangeable senior notes							55,740				50,715				543,815				490,973
Junior subordinated notes:(31)
Trust I	Recourse		Mar-35		8.15%		41,240				33,817				41,240				31,342
Trust II	Recourse		Jun-35		7.74%		25,780				21,269				25,780				19,722
Trust III	Recourse		Jan-36		7.81%		41,238				34,021				41,238				31,547
Trust IV	Recourse		Jun-36		7.95%		50,100				41,333				50,100				38,327
Trust V	Recourse		Sep-36		LIBOR + 2.70%(7)		30,100				21,823				30,100				19,866
Trust VI	Recourse		Dec-36		LIBOR + 2.90%(7)		25,100				18,700				25,100				16,943
Trust VII	Recourse		Apr-37		LIBOR + 2.50%(7)		31,459				22,492				31,459				20,290
Trust VIII	Recourse		Jul-37		LIBOR + 2.70%(7)		35,100				25,798				35,100				23,166
Subtotal Junior subordinated notes							280,117				219,253				280,117				201,203
Grand Total							$	6,283,401			$	5,999,232			$	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	In July 2014, the Company repaid the entire principal balance.
-6	Represents seven separate senior mortgage notes, five with a total principal amount of $357.0 million maturing in May 2019 and two with a total principal balance of $289.5 million maturing in July 2018.
-7	Contractual interest rate represents a weighted average.
-8	Represents one senior mortgage note, with a principal amount of $635.0 million, and two separate mezzanine notes, with a total principal amount of $205.0 million, all maturing in June 2016, with three one-year extension options.
-9	Represents one senior mortgage note, with a principal amount of $167.6 million, and three separate mezzanine notes, with a total principal amount of $44.1 million, all maturing in August 2016, with three one-year extension options.
-10	Represents one senior mortgage note, with a principal amount of $415.0 million, maturing in October 2016, with three one-year extension options. In October 2014, the Company obtained mezzanine financing with a principal amount of $97.0 million, with an interest rate of LIBOR plus 6.25%, also maturing in October 2016, with three one-year extension options.
-11	Represents two separate senior mortgage notes, one with a total principal amount of $120.8 million and another with a total principal amount of $116.1 million, both maturing in January 2023.
-12	Represents eight separate senior mortgage notes, all maturing in May 2023.
-13	Represents seven separate senior mortgage notes, three with a total principal amount of $16.5 million maturing in December 2021, three with a total principal amount of $248.0 million maturing in January 2024 and one with a total principal amount of $33.0 million maturing in September 2024.
-14	In October 2014, such borrowings were repaid upon sale of the property.
-15	Represents two senior mortgage notes, one with a principal amount of $102.7 million maturing in July 2017 and one with a principal amount of $118.4 million, maturing in December 2017.
-16	Represents seven separate senior mortgage notes, five with a total principal amount of $116.2 million, maturing in May 2023 and two with a total principal amount of $42.2 million, maturing in July 2023.
-17	Represents two separate senior mortgage notes, one with a principal amount of $28.7 million and another with a principal amount of $17.8 million, both maturing in July 2023.
-18	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.
-19	Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt and securities investments with a carrying value of $696.1 million as of September 30, 2014.
-20	Represents the fixed rate of 4.60% associated with the initial borrowing under the Corporate Term Facility.
-21	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.
-22	Represents the weighted average contractual interest rate as of September 30, 2014, which varies based on the asset type and characteristics and ranges from one-month LIBOR plus 3.95% to 5.95%.
-23	Recourse solely with respect to certain types of loans as defined in the governing documents.
-24	The maturity is March 11, 2015, with three one-year extensions.
-25	Contractual interest rate varies based on collateral type and ranges from one-month LIBOR plus 2.50% to 5.00%.
-26	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.
-27	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2017.
-28	In March 2014, $172.5 million principal amount of the 7.50% Notes were exchanged for $481.1 million principal amount of Senior Notes, which were paid off in cash at maturity on September 30, 2014.
-29	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2019.
-30	The holders have repurchase rights which may require the Company to repurchase the notes on June 15, 2023 and June 15, 2028.
-31	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 September 30, 2014 (dollars in thousands):
		Total				Mortgage				CDO Bonds				Securitization				Credit				Exchangeable		Junior
						and Other Notes				Payable				Bonds Payable				Facilities				Senior Notes(1)		Subordinated
						Payable																		Notes
	October 1 to December 31, 2014	$	4,488			$	4,488			$	—			$	—			$	—			$	—	$	—
	Years ending December 31:
	2015	137,035				137,035				—				—				—				—		—
	2016	134,140				134,140				—				—				—				—		—
	2017	1,244,999				507,044				—				—				725,000				12,955		—
	2018	403,874				306,286				—				—				97,588				—		—
	Thereafter	4,358,865				3,362,701				611,757				61,505				—				42,785		280,117
	Total	$	6,283,401			$	4,451,694			$	611,757			$	61,505			$	822,588			$	55,740	$	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.
Schedule of exchangeable senior notes	'
	The following table presents the Company’s exchangeable senior notes exchanged for common stock during the nine months ended September 30, 2014 (dollars in thousands):
	Date		Exchangeable Senior Notes		Principal Amount Exchanged				Common Shares(1)			Realized Gain (Loss)
	Jan-14		8.88%		$	9,550			814,626			$	(2,132	)
	Jan-14		5.38%		137,026				7,059,715			(13,307		)
	Apr-14		5.38%		53,590				2,771,843			(6,830		)
	Jul-14		5.38%		78,255				8,742,983			(14,935		)
	Jul-14		8.88%		2,810				522,474			(696		)
	Aug-14		5.38%		32,994				3,686,234			(5,244		)
	Sep-14		5.38%		1,350				153,691			(207		)
	Total				$	315,575			23,751,566			$	(43,351	)
	___________________________
	(1)Adjusted for the Reverse Split effected on June 30, 2014.

Spinoff_of_Asset_Management_Bu1

Spin-off of Asset Management Business (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]	'
Schedule of discontinued operations, income statement, balance sheet and additional disclosures	'
	Discontinued operations relates to five healthcare properties held for sale or sold as of September 30, 2014. The following table presents income (loss) from discontinued operations related to such properties for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Revenue
	Rental and escalation income	$	—		$	960		$	—		$	2,880
	Other revenue	—			—			85			92
	Total revenue	—			960			85			2,972
	Expenses
	Other interest expense	—			478			—			1,418
	Real estate properties—operating expenses	8			7			385			18
	Other expenses	13			125			72			225
	Impairment of operating real estate	257			—			543			—
	Depreciation and amortization	—			328			—			1,020
	Total expenses	278			938			1,000			2,681
	Income (loss) from operating real estate discontinued operations	$	(278	)	$	22		$	(915	)	$	291
	The following table presents a carve-out of revenues and expenses associated with NSAM and included in discontinued operations in the Company’s consolidated statements of operations. Such amounts exclude the effect of any fees that NSAM began earning in connection with the management agreement with the Company upon completion of the spin-off (dollars in thousands):
		Nine Months Ended September 30,
		2014(1)			2013
	Total revenues	$	56,013		$	69,033
	Total expenses	62,087			71,893
	NSAM income (loss) in discontinued operations	$	(6,074	)	$	(2,860	)
	__________________
	-1	Represents six months of total revenues and expenses of NSAM included in discontinued operations prior to the spin-off on June 30, 2014.

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Equity-based Compensation Expense	'
	The following table presents equity-based compensation expense for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014				2013
	NorthStar Realty	$	8,478		$	2,414		$	20,262			$	9,102
	Allocation to NSAM (1)	—			1,006			13,745				4,513
	Total	$	8,478		$	3,420		$	34,007		(2)	$	13,615
	___________________________________________________________
	(1)Recorded in discontinued operations.
	(2)Represents $23.4 million related to the NorthStar Realty Equity Plans and $10.6 million related to the NSAM Stock Plan.
	The following table presents the status as of September 30, 2014 and December 31, 2013 of all grants of Old LTIP Units and Deferred LTIP Units. The balance as of September 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):
		Nine Months Ended					Year Ended
		30-Sep-14					31-Dec-13
		Grants		Weighted			Grants			Weighted
				Average						Average
				Grant Price(6)						Grant Price(6)
	Beginning balance(1)(2)	4,609		$	14.31		3,114			$	13.32
	Granted(3)	1,183		30.61			2,166			16.2
	Converted to common stock	(647	)	17.31			(670	)		15.8
	Forfeited	(4	)	20.48			(1	)		10.76
	Vested Old LTIP Units converted to common stock in the Reorganization(4)	(3,178	)	14.52			—			—
	Vesting of restricted stock post-spin	(47	)	13.39			—			—
	Ending balance/weighted average(5)	1,916		$	23.02		4,609			$	14.31
	____________________________________________________________
	-1	Reflects the balance as of January 1, 2014 and 2013 for the periods ended September 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 nine months ended September 30, 2014.
	-4	Represents vested Old LTIP Units that were converted to the Company’s common stock in connection with the Reorganization.
	-5	Includes 734,568 shares of restricted stock, 201,792 vested Deferred LTIP Units and 978,873 unvested Deferred LTIP Units as of September 30, 2014.
	-6	Amounts have been retrospectively adjusted to reflect the Reverse Split.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2014:
	Common Stock					Preferred Stock
								Dividend Per Share
	Declaration		Dividend Per Share(1)			Declaration		Series A				Series B				Series C		Series D		Series E
	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	$	—
	6-Aug		$	0.5		31-Jul		$	0.54688			$	0.51563			$	0.55469	$	0.53125	$	0.5469
	29-Oct		$	0.4	(2)	29-Oct		$	0.54688			$	0.51563			$	0.55469	$	0.53125	$	0.5469
	______________________
	-1	Adjusted for the Reverse Split effected on June 30, 2014.
	-2	Represents the first dividend declared subsequent to the spin-off of NSAM.
Schedule of calculation of earnings per share	'
	The following table presents EPS for the three and nine months ended September 30, 2014 and 2013 (dollars and shares in thousands, except per share data):
		Three Months Ended September 30,							Nine Months Ended September 30,
		2014			2013				2014				2013
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(46,525	)	$	(151,027	)		$	(255,052	)		$	(127,031	)
	Net income (loss) attributable to Old LTIP Units non-controlling interest	—			(6,296		)		(5,296		)		(5,184		)
	Net income (loss) attributable to common stockholders and Old LTIP Units(1)	$	(46,525	)	$	(157,323	)		$	(260,348	)		$	(132,215	)
	Denominator:(2)
	Weighted average shares of common stock	200,427			111,103				178,520				99,705
	Weighted average Old LTIP Units(1)	—			4,632				2,749				4,570
	Weighted average shares of common stock and Old LTIP Units(3)	200,427			115,735				181,269				104,275
	Earnings (loss) per share:(2)
	Basic	$	(0.23	)	$	(1.36	)		$	(1.43	)		$	(1.27	)
	Diluted	$	(0.23	)	$	(1.36	)		$	(1.43	)		$	(1.27	)
	____________________________________________________________
	-1	The EPS calculation takes into account Old LTIP Units, which received non-forfeitable dividends from the date of grant, shared equally in the Company’s net income (loss) and converted 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, shares under the forward sale agreement and RSUs outstanding that were not dilutive as of September 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Income (loss) from continuing operations	$	(46,247	)	$	(152,667	)	$	(253,841	)	$	(126,689	)
	Income (loss) from discontinued operations	(278		)	1,640			(1,211		)	(342		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(46,525	)	$	(151,027	)	$	(255,052	)	$	(127,031	)

Fair_Value_Tables

Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 by level within the fair value hierarchy (dollars in thousands):
		September 30, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	Investments in private equity funds	$	—		$	—		$	851,073		$	851,073
	Investments in unconsolidated ventures(1)	—			—			281,684			281,684
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			267,273			267,273
	N-Star CDO equity	—			—			134,775			134,775
	CMBS and other securities	—			17,330			34,062			51,392
	CRE securities in N-Star CDOs
	CMBS	—			329,135			49,945			379,080
	Third-party CDO notes	—			—			27,121			27,121
	Agency debentures	—			36,077			—			36,077
	Unsecured REIT debt	—			9,417			—			9,417
	Trust preferred securities	—			—			5,925			5,925
	Subtotal CRE securities in N-Star CDOs	—			374,629			82,991			457,620
	Subtotal real estate securities, available for sale	—			391,959			519,101			911,060
	Derivative assets	—			2,540			—			2,540
	Total assets	$	—		$	394,499		$	1,651,858		$	2,046,357
	Liabilities:
	CDO bonds payable	$	—		$	—		$	391,939		$	391,939
	Junior subordinated notes	—			—			219,253			219,253
	Derivative liabilities	—			20,398			—			20,398
	Total liabilities	$	—		$	20,398		$	611,192		$	631,590
	_____________________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, 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 certain CRE debt investments made in connection with certain investments in unconsolidated ventures, 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 the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the nine months ended September 30, 2014 (dollars in thousands):
		Nine Months Ended September 30, 2014
		Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
		in Private						Securities			Payable			Subordinated
		Equity Funds												Notes
	1-Jan-14	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
	Transfers into Level 3(2)	—			—			16,368			—			—
	Purchases / borrowings / amortization / contributions	363,177			83,341			45,920			—			—
	Sales	—			—			(54,131		)	—			—
	Paydowns / distributions	(188,939		)	(1,374		)	(50,016		)	(60,042		)	—
	Repurchases	—			—			—			—			—
	Gains:
	Equity in earnings of unconsolidated ventures	90,817			7,298			—			—			—
	Unrealized gains included in earnings	—			—			56,522			—			—
	Realized gains included in earnings	—			—			17,946			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			67,974			—			—
	Deconsolidation of N-Star CDOs(3)	—			—			8,805			(122,486		)	—
	Losses:
	Unrealized losses included in earnings	—			—			(48,252		)	190,176			18,050
	Realized losses included in earnings	—			—			(2,902		)	108			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(2,904		)	—			—
	Deconsolidation of N-Star CDOs(3)	—			—			(21,069		)	—			—
	30-Sep-14	$	851,073		$	281,684		$	519,101		$	391,939		$	219,253
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	—		$	—		$	8,330		$	(190,176	)	$	(18,050	)
	____________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	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.
	-3	Represents amounts recorded as a result of the deconsolidation of certain N-Star CDOs. Refer to Note 3 for further disclosure.
	The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the year ended December 31, 2013 (dollars in thousands):
		Year Ended December 31, 2013
		Investments in Private Equity Funds			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
								Securities			Payable			Subordinated
														Notes
	1-Jan-13	$	—		$	—		$	338,213		$	1,999,470		$	197,173
	Transfers into Level 3(2)	—			—			7,788			—			—
	Transfers out of Level 3(2)	—			—			(108,143		)	—			—
	Purchases / borrowings / amortization / contributions	747,564			192,209			23,594			43,983			—
	Sales	—			—			(40,328		)	—			—
	Paydowns / distributions	(244,138		)	—			(54,971		)	(647,947		)	—
	Repurchases	—			—			—			(44,221		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	82,592			210			—			—			—
	Unrealized gains included in earnings	—			—			68,794			—			—
	Realized gains included in earnings	—			—			15,179			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			3,098			—			—
	Deconsolidation of N-Star CDOs(3)	—			—			350,886			(1,656,857		)	—
	Losses:
	Unrealized losses included in earnings	—			—			(19,523		)	106,622			4,030
	Realized losses included in earnings	—			—			(5,601		)	26,697			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(4,138		)	—			—
	Deconsolidation of N-Star CDOs(3)	—			—			(90,008		)	556,436			—
	31-Dec-13	$	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.	$	—		$	—		$	20,746		$	(106,622	)	$	(4,030	)
	____________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	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.
	-3	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 nine months ended September 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
	Investments in private equity funds	$	851,073		Discounted Cash Flow Model		Discount Rate	15% - 27%
	Investments in unconsolidated ventures(1)	$	281,684		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	10% - 30%
	N-Star CDO equity	$	134,775		Discounted Cash Flow Model		Discount Rate	18% - 20%
	_________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
		September 30, 2014			December 31,
					2013
	Assets:
	Investments in private equity funds	$	851,073		$	586,018
	Investments in unconsolidated ventures(1)	281,684			192,419
	Real estate securities, available for sale:(2)
	N-Star CDO equity	134,775			158,274
	CMBS and other securities	41,917			30,642
	CRE securities in N-Star CDOs
	CMBS	379,080			572,301
	Third-party CDO notes	27,120			24,931
	Agency debentures	36,079			29,540
	Unsecured REIT debt	9,417			9,521
	Trust preferred securities	5,924			5,791
	Subtotal CRE securities in N-Star CDOs	457,620			642,084
	Subtotal real estate securities, available for sale	634,312			831,000
	Total assets	$	1,767,069		$	1,609,437
	Liabilities:
	CDO bonds payable	$	391,939		$	384,183
	Junior subordinated notes	219,253			201,203
	Total liabilities	$	611,192		$	585,386
	___________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	September 30, 2014 excludes 36 CRE securities including $267.3 million of N-Star CDO bonds and $9.4 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 September 30, 2014 (dollars in thousands):
		Fair Value			Amount			Difference
					Due Upon
					Maturity
	CDO bonds payable	$	391,939		$	611,757		$	(219,818	)
	Junior subordinated notes	219,253			280,117			(60,864		)
	Total	$	611,192		$	891,874		$	(280,682	)
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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Assets:
	Real estate securities, available for sale	$	(6,667	)	$	(35,924	)	$	3,671		$	86,344
	Foreign currency remeasurement(1)	(2,927		)	2,226			(3,727		)	1,326
	Liabilities:
	CDO bonds payable	(8,397		)	44,070			(190,176		)	(105,359		)
	Junior subordinated notes	2,193			28,338			(18,050		)	4,894
	Subtotal(2)	(15,798		)	38,710			(208,282		)	(12,795		)
	Derivatives	3,523			(8,540		)	7,755			29,661
	Total	$	(12,275	)	$	30,170		$	(200,527	)	$	16,866
	____________________________________________________________
	-1	Primarily 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
		September 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	$	1,179,449		$	1,144,356		$	1,147,316		$	1,085,280		$	1,031,078		$	1,026,709
	Real estate securities, available for sale(2)	1,552,059			911,060			911,060			2,090,726			1,052,320			1,052,320
	Derivative assets(2)(3)	1,735,557			2,540			2,540			478,688			3,469			3,469
	Financial liabilities:(1)
	Mortgage and other notes payable	$	4,451,694		$	4,446,262		$	4,450,283		$	2,133,334		$	2,113,334		$	2,107,110
	CDO bonds payable(2)	611,757			391,939			391,939			970,219			384,183			384,183
	Securitization bonds payable	61,505			61,531			61,467			82,337			82,340			82,517
	Credit facilities	822,588			822,588			822,588			70,038			70,038			70,038
	Exchangeable senior notes	55,740			50,715			100,537			543,815			490,973			909,601
	Junior subordinated notes(2)	280,117			219,253			219,253			280,117			201,203			201,203
	Derivative liabilities(2)(3)	320,192			20,398			20,398			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 September 30, 2014 and December 31, 2013.

Risk_Management_and_Derivative1

Risk Management and Derivative Activities (Tables)	9 Months Ended
	Sep. 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 September 30, 2014 and December 31, 2013 (dollars in thousands):
		Number			Notional				Fair Value				Range of		Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR / Forward Rate
									(Liability)
	As of September 30, 2014:
	Interest rate swaps	12			$	320,192			$	(20,398	)	(2)	0.62% - 5.25%		January 2015 - July 2018
	Interest rate caps/floors	14			1,653,997				2,028				2.50% - 5.00%		January 2015 - December 2017
	Foreign currency forward	1			81,560				512				1.63	(3)	Oct-14
	Total	27			$	2,055,749			$	(17,858	)
	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 September 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.
	-3	Represents a forward settlement rate of U.S. Dollar to British Pound Sterling.
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 September 30, 2014 and December 31, 2013 (dollars in thousands):
		Balance Sheet	September 30,				December 31,
		Location	2014				2013
	Interest rate caps/floors/foreign currency forward	Derivative assets	$	2,540			$	3,469
	Interest rate swaps	Derivative liabilities	$	20,398			$	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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
			Three Months Ended								Nine Months Ended
			September 30,								September 30,
		Statements of Operations Location	2014				2013				2014				2013
	Amount of gain (loss) recognized in earnings:
	Adjustment to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	3,523			$	(8,540	)		$	7,755			$	29,661
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(3,102	)		$	(11,379	)		$	(13,795	)		$	(44,053	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(228	)		$	(1,172	)		$	(686	)		$	(4,656	)
	Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs (refer to Note 3)	Gain (loss) from deconsolidation of N-Star CDOs	$	—			$	(15,246	)		$	—			$	(15,246	)

Segment_Reporting_Tables

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Schedule of segment reporting	'
	The following tables present segment reporting for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
	Statement of Operations:									N-Star CDOs(1)
	Three months ended September 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate				Consolidated
						Debt		Securities		Securities							Total
	Rental and escalation income	$	86,636			$	—	$	—	$	279		$	—			$	86,915
	Hotel related income	79,194				—		—		—			—				79,194
	Resident fee income	25,027				—		—		—			—				25,027
	Net interest income on debt and securities	1,222			(3)	40,102		17,979		17,274			1,359			(4)	77,936
	Income (loss) from operations	(44,154		)	(5)	38,291		21,456		15,832			(64,675		)		(33,250		)
	Equity in earnings (losses) of unconsolidated ventures	35,609				2,625		—		—			—				38,234
	Income (loss) from continuing operations	(7,511		)		38,700		25,254		1,344			(84,118		)		(26,331		)
	Income (loss) from discontinued operations	(278		)		—		—		—			—				(278		)
	Net income (loss)	(7,789		)		38,700		25,254		1,344			(84,118		)		(26,609		)
	Statement of Operations:									N-Star CDOs(1)
	Three months ended September 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Rental and escalation income	$	60,318			$	260	$	—	$	10,983		$	388			$	—			$	—		$	71,949
	Net interest income on debt and securities	221			(3)	12,512		11,543		10,371			21,399				8,963			(4)	—			65,009
	Income (loss) from operations	(10,319		)	(5)	12,452		11,406		4,732			34,880				(20,479		)		—			32,672
	Equity in earnings (losses) of unconsolidated ventures	29,826				1,256		—		(69		)	—				—				—			31,013
	Income (loss) from continuing operations	19,498				15,933		45,895		(268,950		)	36,376				7,859				—			(143,389		)
	Income (loss) from discontinued operations	22				—		—		—			—				—				1,618			1,640
	Net income (loss)	19,520				15,933		45,895		(268,950		)	36,376				7,859				1,618			(141,749		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.3 million and $3.0 million of collateral management fees were earned from CDO financing transactions for the three months ended September 30, 2014 and 2013, respectively, of which $0.6 million and $3.0 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	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).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
	-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 $51.3 million and $27.6 million for the three months ended September 30, 2014 and 2013, respectively. The three months ended September 30, 2014 also includes $41.4 million of transaction costs.
	Statement of Operations:									N-Star CDOs(1)
	Nine months ended September 30, 2014:	Real Estate				CRE		CRE		CRE			Corporate				Asset Management(2)				Consolidated
						Debt		Securities		Securities											Total
	Rental and escalation income	$	233,166			$	—	$	—	$	950		$	—			$	—			234,116
	Hotel related income	101,720				—		—		—			—				—				101,720
	Resident fee income	40,087				—		—		—			—				—				40,087
	Net interest income on debt and securities	3,589			(3)	105,624		64,001		44,740			8,139			(4)	—				226,093
	Income (loss) from operations	(87,258		)	(5)	103,194		65,962		44,301			(123,304		)		—				2,895
	Equity in earnings (losses) of unconsolidated ventures	93,087				8,319		—		—			—				—				101,406
	Income (loss) from continuing operations	1,770				108,586		72,284		(176,395		)	(209,459		)		—				(203,214	)
	Income (loss) from discontinued operations	(915		)		—		—		—			—				(6,074		)		(6,989	)
	Net income (loss)	855				108,586		72,284		(176,395		)	(209,459		)		(6,074		)		(210,203	)
	Statement of Operations:									N-Star CDOs(1)
	Nine months ended September 30, 2013:	Real Estate				CRE		CRE		CRE			CRE				Corporate				Asset Management(2)			Consolidated
						Debt		Securities		Debt			Securities											Total
	Rental and escalation income	$	142,069			$	260	$	—	$	30,947		$	862			$	—			$	—		$	174,138
	Net interest income on debt and securities	676			(3)	27,836		23,917		37,820			58,293				36,965			(4)	—			185,507
	Income (loss) from operations	(11,078		)	(5)	27,693		32,275		17,046			67,984				(43,287		)		—			90,633
	Equity in earnings (losses) of unconsolidated ventures	52,188				3,074		—		(817		)	—				—				—			54,445
	Income (loss) from continuing operations	53,330				32,093		68,430		(302,344		)	95,920				(37,459		)		—			(90,030		)
	Income (loss) from discontinued operations	291				—		—		—			—				—				(2,860		)	(2,569		)
	Net income (loss)	53,621				32,093		68,430		(302,344		)	95,920				(37,459		)		(2,860		)	(92,599		)
	_______________________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $4.5 million and $9.2 million of collateral management fees were earned from CDO financing transactions for the nine months ended September 30, 2014 and 2013, respectively, of which $2.0 million and $9.2 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	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).
	-3	Primarily represents interest income earned from notes receivable on manufactured homes.
	-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 $110.4 million and $52.7 million for the nine months ended September 30, 2014 and 2013, respectively. The nine months ended September 30, 2014 also includes $81.1 million of transaction costs.
Summary of total assets by segment	'
	The following table presents total assets by segment as of September 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-Sep-14	$	7,349,016			$	1,319,466	$	459,951	$	515,746		$	—			$	226,594			$	9,870,773
	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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
		Nine Months Ended September 30,
		2014		2013
	Assumption of mortgage notes payable upon acquisition of operating real estate	$	870,871	$	—
	Conversion of exchangeable senior notes	310,463		—
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 9)	296,382		—
	PE Investment IX purchase price payable	186,454		—
	Reclassification of operating real estate to deferred costs and intangible assets	132,197		18,375
	Contribution from non-controlling interests	73,486		—
	Escrow deposit payable related to CRE debt investments	50,360		62,811
	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	22,323		—
	CRE debt investment payoff due from servicer	19,874		15,600
	Conversion of Old LTIP Units (refer to Note 12)	18,611		—
	Reclassification of CRE debt investment to held for sale	15,223		—
	Reclassification of operating real estate to other assets	14,141		60,621
	Issuance of common stock related to transactions (Refer to Note 13)	6,803		—
	Non-cash related to PE Investments	1,847		44,021
	Dividends payable related to RSUs	1,143		—
	Acquisition of operating real estate / reduction of CRE debt investments (1)	—		135,361
	Equity component of 5.375% Notes	—		45,740
	Increase in restricted cash(1)	—		6,065
	____________________________________________________________
	-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-Restricted Cash (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	$312,234	$166,487
Capital expenditures reserves	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	164,648	46,115
Operating real estate escrow reserves	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	50,024	7,599
CRE debt escrow deposits	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	76,931	92,347
Cash in CDOs	'	'
Restricted Cash and Cash Equivalents Items [Line Items]	'	'
Restricted cash	$20,631	$20,426

Summary_of_Significant_Account4

Summary of Significant Accounting Policies-Other assets and liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Other assets:	'	'	'
Manufactured homes	$71,820	$69,217	'
Notes receivable	47,061	38,418	'
Investment-related reserves and deposits	15,065	11,127	'
Furniture, fixtures and equipment, net	0	6,977	'
Prepaid expenses	21,052	5,361	'
Due from servicer	19,874	0	'
Other	23,923	13,953	'
Total	198,795	145,053	'
Other liabilities:	'	'	'
PE Investment IX purchase price (refer to Note 6)	186,454	0	0
PE Investment III deferred purchase price (refer to Note 6)	39,760	39,760	'
Below-market leases	33,099	8,700	'
Unearned revenue	7,081	2,029	'
Tenant security deposits	25,671	9,294	'
Other	16,595	14,091	'
Total	$308,660	$73,874	'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 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				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Variable interest entities	'		'		'		'		'
Loss on deconsolidation	$0	[1]	($254,206,000)	[1]	($31,423,000)	[1]	($254,206,000)	[1]	'
Decrease in assets from deconsolidation of VIE	'		'		192,500,000		1,800,000,000		'
Decrease in liabilities from deconsolidation of VIE	'		'		149,000,000		1,400,000,000		'
Fair value of collateral debt obligations no longer eliminated in consolidation	'		'		8,800,000		223,700,000		'
Reclassification of unrealized (loss) to gain from deconsolidation	'		'		3,300,000		3,300,000		'
Unconsolidated VIEs	'		'		'		'		'
Investments in unconsolidated ventures	213,139,000		'		213,139,000		'		142,340,000
OCI swap	'		'		'		'		'
Variable interest entities	'		'		'		'		'
Reclassification of unrealized (loss) to gain from deconsolidation	'		'		'		-15,200,000		'
Northstar Realty Finance Trusts I-VIII	'		'		'		'		'
Unconsolidated VIEs	'		'		'		'		'
Investments in unconsolidated ventures	3,700,000		'		3,700,000		'		'
Consolidated VIEs	'		'		'		'		'
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		'		'
Unconsolidated VIEs	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	503,448,000		'		503,448,000		'		'
Total liabilities	219,253,000		'		219,253,000		'		'
Net	284,195,000		'		284,195,000		'		'
Maximum Exposure to Loss	503,448,000		'		503,448,000		'		'
Unconsolidated VIEs | Real Estate Debt Investments	'		'		'		'		'
Unconsolidated VIEs	'		'		'		'		'
Number of variable interest entities in which company is not primary beneficiary (CDO)	'		'		3		'		'
Long-term Investments	60,000,000		'		60,000,000		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	60,027,000		'		60,027,000		'		'
Net	60,027,000		'		60,027,000		'		'
Maximum Exposure to Loss	60,027,000		'		60,027,000		'		'
Unconsolidated VIEs | Real Estate Securities, Available for Sale	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	439,679,000		'		439,679,000		'		'
Net	439,679,000		'		439,679,000		'		'
Unconsolidated VIEs | Junior Subordinated Notes	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	3,742,000		'		3,742,000		'		'
Total liabilities	219,253,000		'		219,253,000		'		'
Net	-215,511,000		'		-215,511,000		'		'
Maximum Exposure to Loss	3,742,000		'		3,742,000		'		'
Unconsolidated VIEs | N-Star CDO Bonds	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	267,273,000		'		267,273,000		'		'
Maximum Exposure to Loss	267,273,000		'		267,273,000		'		'
Unconsolidated VIEs | N-Star CDO Bonds | Real Estate Securities, Available for Sale	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	267,273,000		'		267,273,000		'		'
Unconsolidated VIEs | N-Star CDO equity	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	134,775,000		'		134,775,000		'		'
Maximum Exposure to Loss	134,775,000		'		134,775,000		'		'
Unconsolidated VIEs | N-Star CDO equity | Real Estate Securities, Available for Sale	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	134,775,000		'		134,775,000		'		'
Unconsolidated VIEs | CMBS	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	37,631,000		'		37,631,000		'		'
Maximum Exposure to Loss	37,631,000		'		37,631,000		'		'
Unconsolidated VIEs | CMBS | Real Estate Securities, Available for Sale	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	37,631,000		'		37,631,000		'		'
Unconsolidated VIEs | CRE Securities	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	439,679,000		'		439,679,000		'		'
Maximum Exposure to Loss	439,679,000		'		439,679,000		'		'
Unconsolidated VIEs | CRE Securities | Real Estate Securities, Available for Sale	'		'		'		'		'
Carrying value and maximum exposure of unconsolidated VIEs	'		'		'		'		'
Total assets	$439,679,000		'		$439,679,000		'		'
Unconsolidated VIEs | Real Estate Securities, Available for Sale	'		'		'		'		'
Unconsolidated VIEs	'		'		'		'		'
Number of variable interest entities in which company is not primary beneficiary (CDO)	'		'		2		'		'
Number of VIE securitizations for which the company was appointed as a special servicer (Securitization)	'		'		1		'		'
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Operating_Real_Estate_Acquisit

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

9 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

1 Months Ended

In Millions, unless otherwise specified

Sep. 30, 2014

31-May-14

31-May-14

Dec. 31, 2013

31-May-14

Jun. 30, 2014

Aug. 31, 2014

Aug. 31, 2014

Aug. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

property

Formation Portfolio

Manufacturing Housing Portfolio 3

Manufacturing Housing Portfolio 3

Manufacturing Housing Portfolio 3

Innkeepers Portfolio

K Partners Portfolio

Industrial Portfolio

Industrial Portfolio

Courtyard Portfolio

UK Property

Legacy Property

UK Building

property

community

community

community

room

property

building

Preferred Equity

room

property

property

bed

pad_rental_site

property

room

property

property

sqft

sqft

property

sqft

Business Acquisition [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Purchase Price

$3,672.20

$1,060.70

$55.20

'

'

$1,057.60

$265.90

$403.60

'

$682.70

$106.10

$40.40

'

Properties

235

80

4

'

'

47

20

39

'

40

1

4

'

Financing

2,351.10

646.8

16.5

'

'

840

211.7

221.1

'

415

0

0

'

Equity

1,204

357.6

34.5

'

'

193.1

51.7

164.1

'

266.6

97.9

38.5

'

Ownership Interest

'

86.00%

93.00%

'

93.00%

90.00%

97.50%

40.00%

'

100.00%

100.00%

95.00%

'

Transaction Costs

49.6

6

3.1

'

3.1

19.7

6.6

1.8

'

7.7

4.3

0.4

'

Beneficial ownership interest

'

92.00%

'

'

'

'

'

'

'

'

'

'

'

Number of beds (beds)

'

8,500

'

'

'

'

'

'

'

'

'

'

'

Number of rooms (rooms)

'

'

'

'

'

6,100

1,900

'

'

5,800

'

'

'

Number of pad sites (pad sites)

'

'

1,344

'

'

'

'

'

'

'

'

'

'

Area of real estate portfolio (in square feet)

'

'

'

'

'

'

'

6,300,000

'

'

224,000

366,000

'

Number of manufactured housing communities acquired

'

'

4

12

16

'

'

'

'

'

'

'

'

Number of industrial properties acquired

'

'

'

'

'

'

'

39

'

'

'

'

'

Number of buildings acquired

'

'

'

'

'

'

'

87

'

'

'

'

'

Number of office properties acquired

'

'

'

'

'

'

'

4

'

'

'

'

'

Percentage of equity interest (percent)

'

'

'

'

'

'

'

40.00%

'

'

'

'

'

Rights to portfolio cash flows, percentage

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

Carrying value of equity method investment

'

'

'

'

'

'

'

'

$151

'

'

'

'

Debt financing, loan to cost ratio, percentage

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

Operating_Real_Estate_Assets_A

Operating Real Estate - Assets Acquired and Liabilities Assumed (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Formation Portfolio	'
Assets:	'
Land and improvements	$138,017,000
Buildings and improvements	826,303,000
Other assets acquired	90,347,000
Total assets acquired	1,054,667,000
Liabilities:	'
Mortgage notes payable	646,751,000
Other liabilities assumed	0
Total liabilities	646,751,000
Total NorthStar Realty Finance Corp. stockholders’ equity	351,574,000
Non-controlling interests	56,342,000
Total equity	407,916,000
Total liabilities and equity	1,054,667,000
Manufacturing Housing Portfolio 3	'
Assets:	'
Land and improvements	324,511,000
Buildings and improvements	8,456,000
Other assets acquired	65,016,000
Total assets acquired	397,983,000
Liabilities:	'
Mortgage notes payable	264,542,000
Other liabilities assumed	2,478,000
Total liabilities	267,020,000
Total NorthStar Realty Finance Corp. stockholders’ equity	122,135,000
Non-controlling interests	8,828,000
Total equity	130,963,000
Total liabilities and equity	397,983,000
K Partners Portfolio	'
Assets:	'
Land and improvements	33,516,000
Buildings and improvements	167,581,000
Other assets acquired	58,254,000
Total assets acquired	259,351,000
Liabilities:	'
Mortgage notes payable	211,681,000
Other liabilities assumed	1,255,000
Total liabilities	212,936,000
Total NorthStar Realty Finance Corp. stockholders’ equity	45,091,000
Non-controlling interests	1,324,000
Total equity	46,415,000
Total liabilities and equity	259,351,000
Industrial Portfolio	'
Assets:	'
Land and improvements	85,980,000
Buildings and improvements	243,247,000
Other assets acquired	84,149,000
Total assets acquired	413,376,000
Liabilities:	'
Mortgage notes payable	221,131,000
Other liabilities assumed	11,616,000
Total liabilities	232,747,000
Total NorthStar Realty Finance Corp. stockholders’ equity	162,259,000
Non-controlling interests	18,370,000
Total equity	180,629,000
Total liabilities and equity	413,376,000
Courtyard Portfolio	'
Assets:	'
Land and improvements	99,880,000
Buildings and improvements	507,600,000
Other assets acquired	67,515,000
Total assets acquired	674,995,000
Liabilities:	'
Mortgage notes payable	415,000,000
Other liabilities assumed	1,136,000
Total liabilities	416,136,000
Total NorthStar Realty Finance Corp. stockholders’ equity	258,859,000
Non-controlling interests	0
Total equity	258,859,000
Total liabilities and equity	674,995,000
UK Property	'
Assets:	'
Land and improvements	18,834,000
Buildings and improvements	75,335,000
Other assets acquired	7,617,000
Total assets acquired	101,786,000
Liabilities:	'
Mortgage notes payable	0
Other liabilities assumed	8,149,000
Total liabilities	8,149,000
Total NorthStar Realty Finance Corp. stockholders’ equity	93,637,000
Non-controlling interests	0
Total equity	93,637,000
Total liabilities and equity	101,786,000
Legacy Property	'
Assets:	'
Land and improvements	7,672,000
Buildings and improvements	30,686,000
Other assets acquired	1,642,000
Total assets acquired	40,000,000
Liabilities:	'
Mortgage notes payable	0
Other liabilities assumed	1,126,000
Total liabilities	1,126,000
Total NorthStar Realty Finance Corp. stockholders’ equity	38,129,000
Non-controlling interests	745,000
Total equity	38,874,000
Total liabilities and equity	40,000,000
Formation, Manufactured Housing 3, K Partners, Industrial, Courtyard, UK, Legacy	'
Liabilities:	'
Revenue of acquirees since acquisition date	79,600,000
Net earnings (loss) of acquirees since acquisition date	-20,600,000
Innkeepers Portfolio	'
Assets:	'
Land and improvements	167,106,000
Buildings and improvements	685,645,000
Other assets acquired	185,212,000
Total assets acquired	1,037,963,000
Liabilities:	'
Mortgage notes payable	840,000,000
Other liabilities assumed	2,405,000
Total liabilities	842,405,000
Total NorthStar Realty Finance Corp. stockholders’ equity	173,440,000
Non-controlling interests	22,118,000
Total equity	195,558,000
Total liabilities and equity	1,037,963,000
Revenue of acquirees since acquisition date	89,700,000
Net earnings (loss) of acquirees since acquisition date	($11,500,000)

Operating_Real_Estate_Pro_Form

Operating Real Estate - Pro Forma (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Real Estate [Abstract]	'	'	'	'
Pro forma total revenues	$336,163	$312,989	$965,627	$889,151
Pro forma net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	($35,142)	($147,076)	($244,323)	($115,064)
Pro forma EPS—Basic (in dollars per share)	($0.18)	($1.32)	($1.37)	($1.15)
Pro forma EPS—Diluted (in dollars per share)	($0.18)	($1.32)	($1.37)	($1.15)

Operating_Real_Estate_Disconti

Operating Real Estate - Discontinued Operations (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Expenses	'		'		'		'
Impairment of operating real estate	'		'		$543		$0
Income (loss) from discontinued operations	-278	[1],[2],[3]	1,640	[1],[2],[3]	-6,989	[1],[2],[3]	-2,569	[1],[2],[3]
Healthcare properties	'		'		'		'
Business Acquisition [Line Items]	'		'		'		'
Number of healthcare properties held for sale (properties)	5		'		5		'
Revenue	'		'		'		'
Rental and escalation income	0		960		0		2,880
Other revenue	0		0		85		92
Total revenue	0		960		85		2,972
Expenses	'		'		'		'
Other interest expense	0		478		0		1,418
Real estate properties—operating expenses	8		7		385		18
Other expenses	13		125		72		225
Impairment of operating real estate	257		0		543		0
Depreciation and amortization	0		328		0		1,020
Total expenses	278		938		1,000		2,681
Income (loss) from discontinued operations	($278)		$22		($915)		$291
[1]	The three months ended September 30, 2013 includes $1.0 million of equity-based compensation recorded in discontinued operations. There is no equity-based compensation recorded in discontinued operations for the three months ended September 30, 2014. The nine months ended September 30, 2014 and 2013 include $13.7 million and $4.5 million, respectively, of equity-based compensation recorded in discontinued operations.
[2]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[3]	Primarily relates to the operations of NSAM prior to the spin-off. Refer to Note 10. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.

Real_Estate_Debt_Investments_D

Real Estate Debt Investments (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
	loan	loan
CRE debt investments	'	'
Number (investments)	47	44
Principal Amount	$1,179,449,000	$1,085,280,000
Carrying Value	1,144,356,000	1,031,078,000
Allocation by Investment Type (as a percent)	100.00%	100.00%
Floating Rate as % of Principal Amount	46.90%	54.90%
Cash requirement on future fundings	20,200,000	'
Carrying Value	700,000	3,669,000
Carrying value of loans where interest income is recognized based on current rate	3,200,000	5,100,000
Number of loans originated (loans)	9	'
Principal amount of loans originated and acquired, including interests owned through joint ventures	260,600,000	'
Securitization Bonds Payable	'	'
CRE debt investments	'	'
Carrying value served as collateral	95,300,000	133,400,000
Credit Facility	'	'
CRE debt investments	'	'
Carrying value served as collateral	157,800,000	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	13,100,000	37,000,000
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	'	'
Weighted Average Fixed Rate (as a percent)	12.58%	12.21%
Weighted Average Yield (as a percent)	12.10%	11.31%
Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	8.64%	7.68%
LIBOR floor (as a percent)	'	0.99%
Debt instrument, term for basis spread on variable rate	'1 month	'1 month
First mortgage loans	'	'
CRE debt investments	'	'
Number (investments)	'	15
Principal Amount	157,800,000	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	5,800,000	6,400,000
First mortgage loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	'	10.98%
Weighted Average Yield (as a percent)	'	9.90%
First mortgage loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	'	6.59%
First mortgage loans | Weighted Average | Prime	'	'
CRE debt investments	'	'
Principal Amount	6,700,000	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	'	'
Weighted Average Fixed Rate (as a percent)	'	13.96%
Weighted Average Yield (as a percent)	'	12.97%
Mezzanine loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	'	12.09%
Subordinate interests	'	'
CRE debt investments	'	'
Number (investments)	'	7
Principal Amount	'	146,652,000
Carrying Value	'	144,853,000
Allocation by Investment Type (as a percent)	'	13.50%
Floating Rate as % of Principal Amount	'	56.00%
Subordinate interests | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	'	13.05%
Weighted Average Yield (as a percent)	'	13.14%
Subordinate interests | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	'	12.33%
Corporate loans	'	'
CRE debt investments	'	'
Number (investments)	'	5
Principal Amount	'	330,343,000
Carrying Value	'	327,609,000
Allocation by Investment Type (as a percent)	'	30.30%
Floating Rate as % of Principal Amount	'	0.00%
Corporate loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	'	12.31%
Weighted Average Yield (as a percent)	'	12.72%
Corporate loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average 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	19,400,000	3,500,000
Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
CRE debt investments	'	'
Number (investments)	38	33
Principal Amount	1,138,332,000	1,027,960,000
Carrying Value	1,118,721,000	986,780,000
Allocation by Investment Type (as a percent)	96.50%	94.60%
Floating Rate as % of Principal Amount	46.20%	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	412,400,000	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	12.69%	12.36%
Weighted Average Yield (as a percent)	12.25%	11.58%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	9.02%	8.04%
LIBOR floor (as a percent)	0.83%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans	'	'
CRE debt investments	'	'
Number (investments)	15	'
Principal Amount	460,175,000	'
Carrying Value	430,072,000	'
Allocation by Investment Type (as a percent)	39.00%	'
Floating Rate as % of Principal Amount	78.90%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	13.21%	'
Weighted Average Yield (as a percent)	10.77%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	7.25%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans	'	'
CRE debt investments	'	'
Number (investments)	7	'
Principal Amount	113,386,000	'
Carrying Value	109,876,000	'
Allocation by Investment Type (as a percent)	9.60%	'
Floating Rate as % of Principal Amount	74.40%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	13.44%	'
Weighted Average Yield (as a percent)	14.21%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	13.84%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests	'	'
CRE debt investments	'	'
Number (investments)	8	'
Principal Amount	204,428,000	'
Carrying Value	202,723,000	'
Allocation by Investment Type (as a percent)	17.30%	'
Floating Rate as % of Principal Amount	40.20%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	13.08%	'
Weighted Average Yield (as a percent)	13.13%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	12.33%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans	'	'
CRE debt investments	'	'
Number (investments)	8	'
Principal Amount	360,343,000	'
Carrying Value	376,050,000	'
Allocation by Investment Type (as a percent)	30.60%	'
Floating Rate as % of Principal Amount	0.00%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	12.37%	'
Weighted Average Yield (as a percent)	12.97%	'
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	0.00%	'
Variable Interest Entity, Primary Beneficiary	'	'
CRE debt investments	'	'
Number (investments)	9	11
Principal Amount	41,117,000	57,320,000
Carrying Value	25,635,000	44,298,000
Allocation by Investment Type (as a percent)	3.50%	5.40%
Floating Rate as % of Principal Amount	65.60%	73.60%
Variable Interest Entity, Primary Beneficiary | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	7.72%	7.71%
Weighted Average Yield (as a percent)	5.77%	5.70%
Variable Interest Entity, Primary Beneficiary | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average 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	11,484,000	21,431,000
Allocation by Investment Type (as a percent)	2.30%	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	'	'
Weighted Average Fixed Rate (as a percent)	0.00%	0.00%
Weighted Average Yield (as a percent)	3.05%	3.68%
Variable Interest Entity, Primary Beneficiary | First mortgage loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average 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	10,991,000	10,965,000
Allocation by Investment Type (as a percent)	0.90%	1.00%
Floating Rate as % of Principal Amount	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	8.00%	8.00%
Weighted Average Yield (as a percent)	8.33%	8.33%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary | Corporate loans	'	'
CRE debt investments	'	'
Number (investments)	6	7
Principal Amount	3,160,000	4,129,000
Carrying Value	3,160,000	4,129,000
Allocation by Investment Type (as a percent)	0.30%	0.40%
Floating Rate as % of Principal Amount	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary | Corporate loans | Weighted Average	'	'
CRE debt investments	'	'
Weighted Average Fixed Rate (as a percent)	6.74%	6.95%
Weighted Average Yield (as a percent)	6.74%	6.95%
Variable Interest Entity, Primary Beneficiary | Corporate loans | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average Spread over floating interest rate (as a percent)	0.00%	0.00%
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	'	'
Weighted Average Fixed Rate (as a percent)	'	0.00%
Weighted Average Yield (as a percent)	'	6.92%
Subordinate Mortgage Interests | Weighted Average | LIBOR	'	'
CRE debt investments	'	'
Weighted Average 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	$112,000,000	$100,000,000

Real_Estate_Debt_Investments_D1

Real Estate Debt Investments (Details 2) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
CRE debt investments	'	'
Total	$1,179,449,000	$1,085,280,000
Weighted average maturity including extensions of CRE debt investments	'4 years 6 months 0 days	'
Unamortized discounts and origination fees	'	'
Unamortized discounts	23,900,000	'
Unamortized origination fees and costs	6,100,000	'
Initial Maturity	'	'
CRE debt investments	'	'
October 1 to December 31, 2014	145,276,000	'
2015	228,808,000	'
2016	287,917,000	'
2017	62,699,000	'
2018	2,761,000	'
Thereafter	451,988,000	'
Total	1,179,449,000	'
Maturity Including Extensions	'	'
CRE debt investments	'	'
October 1 to December 31, 2014	138,552,000	'
2015	86,085,000	'
2016	162,940,000	'
2017	190,374,000	'
2018	149,510,000	'
Thereafter	451,988,000	'
Total	$1,179,449,000	'

Real_Estate_Debt_Investments_D2

Real Estate Debt Investments (Details 3) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Loan Loss Reserve	'	'	'	'
Beginning balance	$5,599,000	$133,202,000	$2,880,000	$156,699,000
Provision for loan losses, net	0	-11,122,000	2,719,000	-8,786,000
Transfers to REO	0	0	0	-5,623,000
Write-offs / payoffs	0	0	0	-20,210,000
Deconsolidation of N-Star CDOs	0	-118,304,000	0	-118,304,000
Ending balance	5,599,000	3,776,000	5,599,000	3,776,000
Reversal of previously recorded provision for loan loss	'	'	'	$4,000,000
Number of Days of Default or Past Due for Loans to be Categorized as Nonperforming	'	'	'90 days	'

Real_Estate_Debt_Investments_D3

Real Estate Debt Investments (Details 4) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Credit quality indicator	'	'
Real estate debt investments, net	$1,144,356	$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	'	144,853
Corporate loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	'	327,609
Loans with no loan loss reserve:	'	'
Credit quality indicator	'	'
Real estate debt investments, net	1,143,656	1,027,409
Loans with no loan loss reserve: | First mortgage loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	440,856	426,850
Loans with no loan loss reserve: | Mezzanine loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	120,867	116,195
Loans with no loan loss reserve: | Subordinate interests	'	'
Credit quality indicator	'	'
Real estate debt investments, net	202,723	152,626
Loans with no loan loss reserve: | Corporate loans	'	'
Credit quality indicator	'	'
Real estate debt investments, net	379,210	331,738
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		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 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	3,776	5,599	3,776	2,880	5,599	133,202	156,699
Number (loans)	2	15	2	15	2	'	'	'
Average Carrying Value	700	210,042	1,712	229,811	'	'	'	'
Nine Months Ended Income	2	1,397	4	4,159	'	'	'	'
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	700	77,077	1,241	80,733	'	'	'	'
Nine Months Ended Income	0	346	0	1,030	'	'	'	'
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	5,800	'	5,800	'	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	105,897	471	124,665	'	'	'	'
Nine Months Ended Income	2	136	4	414	'	'	'	'
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	'	'	'	'
Nine Months Ended Income	0	1	0	3	'	'	'	'
Corporate 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	27,068	0	24,413	'	'	'	'
Nine Months Ended Income	$0	$914	$0	$2,712	'	'	'	'

Real_Estate_Debt_Investments_D5

Real Estate Debt Investments (Details 6) (Mezzanine loans, USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 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_2

Investments in Private Equity Funds - Purchase Price (Details) (USD $)

6 Months Ended

9 Months Ended

1 Months Ended

20 Months Ended

0 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Jun. 30, 2014

Sep. 30, 2014

Jun. 30, 2013

Oct. 02, 2014

Feb. 15, 2013

Sep. 30, 2014

Feb. 15, 2013

Jul. 03, 2013

Sep. 30, 2014

Sep. 30, 2012

Jul. 03, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

30-May-14

Sep. 30, 2014

30-May-14

Jul. 01, 2014

Sep. 30, 2014

Jul. 01, 2014

Jul. 30, 2014

Sep. 30, 2014

Jul. 30, 2014

Oct. 31, 2014

Aug. 15, 2014

Sep. 30, 2014

Aug. 15, 2014

Sep. 30, 2014

Oct. 02, 2014

Oct. 02, 2014

Sep. 30, 2014

third_party

PE Investment III

Subsequent event

PE Investment I

PE Investment I

PE Investment I

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment III

PE Investment III

PE Investment III

PE Investment IV

PE Investment IV

PE Investment IV

PE Investment V

PE Investment V

PE Investment V

PE Investment VI

PE Investment VI

PE Investment VI

PE Investment VI

PE Investment VII

PE Investment VII

PE Investment VII

PE Investment IX

PE Investment IX

PE Investment IX

Multiple PE Investments

fund

fund

fund

fund

fund

fund

fund

fund

Subsequent event

fund

fund

Subsequent event

Subsequent event

fund

fund

fund

Schedule of Equity Method Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Funds

'

'

'

134

49

'

'

24

'

'

'

8

'

'

1

'

'

3

'

'

20

'

'

'

18

'

'

'

11

'

12

Purchase Price

'

'

'

$1,063.20

'

'

$282.10

'

'

'

$353.40

'

'

$39.80

'

'

$8

'

'

$12

'

'

$90.20

'

'

'

$60

'

'

$217.70

'

Expected Future Contributions

'

26

'

'

'

9

'

'

7

'

'

'

1

'

'

0

'

'

0

'

'

3

'

'

'

2

'

4

'

'

'

Amount paid to seller for all of the fund interests

'

'

39.8

'

'

'

'

'

'

504.8

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

50.00%

'

'

'

'

'

'

55.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Obligation to acquire remaining PE Investment

'

$1.70

$39.80

'

'

'

'

'

$2.40

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred amount of reported net asset value (percent)

'

'

50.00%

'

'

'

'

'

'

45.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of parties to which company is obligated

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of PE investment fund interests, closed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13

'

7

'

10

'

'

'

'

'

Investments_in_Private_Equity_3

Investments in Private Equity Funds - Earnings, Distributions, Contributions (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	$851,073,000		'		$851,073,000		'		$586,018,000
Equity in Earnings	38,234,000	[1]	31,013,000	[1]	101,406,000	[1]	54,445,000	[1]	'
Cash Distributions	'		'		11,463,000		0		'
Private Equity Funds	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	851,100,000		'		851,100,000		'		586,000,000
Equity in Earnings	33,500,000		30,300,000		90,800,000		52,300,000		'
Cash Distributions	82,800,000		33,100,000		188,900,000		89,600,000		'
Cash Contributions	1,300,000		5,200,000		6,500,000		23,100,000		'
PE Investment I	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	204,300,000		'		204,300,000		'		226,300,000
Equity in Earnings	13,900,000		15,300,000		41,600,000		37,300,000		'
Cash Distributions	18,000,000		18,100,000		64,700,000		74,600,000		'
Cash Contributions	900,000		800,000		1,000,000		18,700,000		'
PE Investment II	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	244,000,000		'		244,000,000		'		288,900,000
Equity in Earnings	13,900,000		15,000,000		40,300,000		15,000,000		'
Cash Distributions	40,700,000		15,000,000		90,200,000		15,000,000		'
Cash Contributions	0		4,400,000		4,900,000		4,400,000		'
PE Investment III	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	59,900,000		'		59,900,000		'		70,800,000
Equity in Earnings	1,400,000		'		4,400,000		'		'
Cash Distributions	5,400,000		'		15,400,000		'		'
Cash Contributions	0		'		200,000		'		'
PE Investment IV	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	7,500,000		'		7,500,000		'		0
Equity in Earnings	400,000		'		500,000		'		'
Cash Distributions	900,000		'		900,000		'		'
Cash Contributions	0		'		0		'		'
PE Investment V	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	7,500,000		'		7,500,000		'		0
Equity in Earnings	500,000		'		500,000		'		'
Cash Distributions	5,000,000		'		5,000,000		'		'
Cash Contributions	0		'		0		'		'
PE Investment VI	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	88,900,000		'		88,900,000		'		0
Equity in Earnings	2,300,000		'		2,300,000		'		'
Cash Distributions	3,900,000		'		3,900,000		'		'
Cash Contributions	300,000		'		300,000		'		'
PE Investment VII	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	52,500,000		'		52,500,000		'		0
Equity in Earnings	1,100,000		'		1,200,000		'		'
Cash Distributions	8,900,000		'		8,800,000		'		'
Cash Contributions	100,000		'		100,000		'		'
PE Investment IX	'		'		'		'		'
Schedule of Equity Method Investments [Line Items]	'		'		'		'		'
Carrying Value	186,500,000		'		186,500,000		'		0
Equity in Earnings	0		'		0		'		'
Cash Distributions	0		'		0		'		'
Cash Contributions	$0		'		$0		'		'
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Investments_in_Private_Equity_4

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

9 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

In Millions, unless otherwise specified

Sep. 30, 2014

Feb. 28, 2013

Feb. 28, 2013

Sep. 30, 2014

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Jul. 03, 2013

Sep. 30, 2012

Sep. 30, 2012

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

Feb. 28, 2013

NorthStar Real Estate Income Trust Inc

PE Investment I

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

PE Investment II

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

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

Remaining cash distribution

Remaining cash distribution

fund

fund

NorthStar Real Estate Income Trust Inc

NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp.

Vintage Funds

NorthStar Real Estate Income Trust Inc

Class B Partner

NorthStar Real Estate Income Trust Inc

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

PE Investment I

Investments in and Advances to Affiliates [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount funded at initial closing

'

$118

$282.10

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

51.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest in amount funded (as a percent)

'

29.50%

70.50%

'

'

'

15.00%

'

70.00%

15.00%

'

'

'

'

'

'

Number of real estate private equity funds contributed (funds)

'

'

49

'

'

24

'

'

'

'

'

'

'

'

'

'

Cash distribution to the NorthStar Entities (as a percent)

'

'

'

'

'

'

'

'

'

'

85.00%

'

15.00%

'

51.00%

'

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

'

'

'

'

'

'

'

'

'

'

'

15.00%

'

85.00%

'

49.00%

Multiplier factor for cash distribution to the NorthStar Entities

'

'

'

'

'

'

'

'

'

'

1.5

'

'

'

'

'

Aggregate reported net asset value

'

'

'

'

910

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

504.8

'

'

353.4

'

'

'

'

'

'

'

'

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

'

'

'

'

55.00%

'

'

'

'

'

'

'

'

'

'

'

Fair value method investment, deferred amount of reported net asset value

'

'

'

411.4

'

'

'

'

'

'

'

'

'

'

'

'

Deferred amount of reported net asset value (percent)

'

'

'

'

45.00%

'

'

'

'

'

'

'

'

'

'

'

Fair value method investment payment of deferred amount of reported net asset value

1.7

'

'

2.4

'

'

'

'

'

'

'

'

'

'

'

'

Deferred amount of reported net asset value

'

'

'

$286.30

'

'

'

'

'

'

'

'

'

'

'

'

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%

'

'

'

'

'

'

'

'

'

'

'

'

Investments_in_Unconsolidated_2

Investments in Unconsolidated Ventures (Details)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

13 Months Ended

13 Months Ended

16 Months Ended

16 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

24 Months Ended

24 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Apr. 30, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

31-May-12

Sep. 30, 2013

Sep. 30, 2013

Aug. 31, 2012

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jul. 19, 2013

Dec. 31, 2013

Jul. 19, 2013

Jun. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 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

Aerium

Multifamily

Multifamily

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

CS/Federal

CS/Federal

CS/Federal

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

Northstar Income II

Northstar Income II

Northstar Income II

Other

Other

Other

Other

Other

Other joint venture one

Other joint venture one

Other joint venture one

Legacy Partners Commercial

Legacy Partners Commercial

NSAM Sponsored Companies

NSAM Sponsored Companies

NSAM Sponsored Companies

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

NorthStar Income

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

Joint venture that owns two office buildings in Chicago

RXR Equity Investment

RXR Equity Investment

RXR Equity Investment

property

USD ($)

USD ($)

Commitment to Purchase Shares [Member]

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Meadowlands One, LLC

Meadowlands One, LLC

Meadowlands One, LLC

USD ($)

USD ($)

USD ($)

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 ($)

Minimum offering amount

USD ($)

USD ($)

Minimum offering amount

USD ($)

USD ($)

USD ($)

USD ($)

CSE CDO

USD ($)

USD ($)

Legacy Commercial Entities

sponsored_company

Commitment to Purchase Shares [Member]

Commitment to Invest as Distribution Support [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Commitment to Invest as Distribution Support [Member]

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

professional

property

USD ($)

USD ($)

property

USD ($)

USD ($)

USD ($)

building

country

note

Schedule of Equity Method Investments [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (percent)

'

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

22.00%

'

'

'

49.00%

'

49.00%

'

49.00%

50.00%

'

50.00%

'

'

'

'

0.60%

0.60%

0.60%

2.30%

'

1.40%

8.70%

'

'

'

'

'

9.80%

'

'

33.30%

40.00%

'

'

'

'

'

'

'

0.60%

'

0.60%

'

'

'

'

9.99%

'

'

'

'

'

30.00%

30.00%

'

Carrying value of equity method investment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$10,400,000

$9,900,000

'

$9,900,000

'

$10,000,000

'

'

'

'

$11,000,000

'

$11,000,000

'

$14,100,000

$5,500,000

'

$5,500,000

'

$5,500,000

'

'

$2,500,000

$2,500,000

$2,500,000

$2,100,000

'

$2,600,000

$2,200,000

'

'

'

'

$5,700,000

'

'

'

'

'

$4,600,000

'

'

'

'

'

'

$6,000,000

'

$6,000,000

'

'

$6,100,000

'

'

$8,500,000

'

$8,500,000

'

$8,500,000

$88,300,000

$88,300,000

$84,100,000

Equity in earnings (losses) of unconsolidated ventures

38,234,000

[1]

31,013,000

[1]

101,406,000

[1]

54,445,000

[1]

'

1,200,000

'

'

'

'

'

'

'

1,800,000

'

'

-100,000

-600,000

-300,000

-600,000

'

'

-100,000

-800,000

'

300,000

100,000

800,000

300,000

'

100,000

100,000

100,000

200,000

'

'

'

-100,000

100,000

'

'

'

'

'

'

400,000

1,500,000

1,100,000

'

'

1,600,000

2,800,000

'

'

'

'

'

'

-800,000

-1,100,000

'

100,000

200,000

300,000

300,000

'

'

'

'

0

0

0

0

'

2,500,000

5,500,000

'

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 (over)

'

'

'

'

'

'

'

'

'

'

'

'

'

200

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash payments to acquire noncontrolling interest in real estate investment

'

'

'

'

'

'

'

'

'

'

'

62,200,000

45,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from offering of common stock

'

'

787,771,000

'

1,305,619,000

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost method investments

'

'

'

'

'

'

'

'

'

'

'

'

'

70,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of units in real estate property acquired (property)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

498

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount contributed in the joint venture

'

'

72,747,000

22,546,000

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,500,000

'

22,500,000

'

25,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

235

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cost of portfolio of the real estate properties acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

54,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares purchased (shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

325,471

'

222,223

307,734

'

222,223

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

645,847

'

507,980

'

'

'

'

'

'

'

'

'

Payments to acquire equity method investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,900,000

'

'

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,800,000

'

'

'

'

'

'

'

'

'

'

'

Public offering registration statement maximum funds seeking to raise

'

'

'

'

'

'

'

'

$2,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

25.00%

'

'

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership interest (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership breakdown of total ownership (percent)

'

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of office buildings owned

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

[1]

The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

Real_Estate_Securities_Availab2

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

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

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

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

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

Consolidated Entity Excluding Variable Interest Entities (VIE)

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

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

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

Real estate securities, available for sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (securities)

221

'

348

'

'

53

53

168

295

34

31

5

5

14

17

146

264

'

11

'

20

8

8

1

1

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,552,059,000

$2,090,726,000

$725,730,000

$738,310,000

$826,329,000

$1,352,416,000

$469,981,000

$481,386,000

$146,754,000

$158,274,000

$108,995,000

$98,650,000

$640,875,000

$1,140,368,000

$83,057,000

$109,651,000

$87,172,000

$87,172,000

$8,000,000

$8,000,000

$7,225,000

$7,225,000

Amortized Cost

993,110,000

'

1,367,790,000

'

'

416,070,000

424,303,000

577,040,000

943,487,000

204,462,000

207,547,000

146,754,000

158,274,000

64,854,000

58,482,000

455,978,000

799,126,000

'

'

75,385,000

99,603,000

30,029,000

29,031,000

8,423,000

8,502,000

7,225,000

7,225,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative Unrealized Gains

143,057,000

'

79,768,000

'

'

84,135,000

8,335,000

58,922,000

71,433,000

64,178,000

1,878,000

8,398,000

0

11,559,000

6,457,000

50,990,000

67,770,000

'

'

68,000

0

6,870,000

2,644,000

994,000

1,019,000

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative Unrealized Losses

-225,107,000

'

-395,238,000

'

'

-46,765,000

-22,402,000

-178,342,000

-372,836,000

-1,367,000

-4,138,000

-20,377,000

0

-25,021,000

-18,264,000

-127,888,000

-294,595,000

'

'

-48,333,000

-74,672,000

-820,000

-2,135,000

0

0

-1,301,000

-1,434,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value

911,060,000

'

1,052,320,000

'

'

453,440,000

410,236,000

457,620,000

642,084,000

267,273,000

205,287,000

134,775,000

158,274,000

51,392,000

46,675,000

379,080,000

572,301,000

'

'

27,120,000

24,931,000

36,079,000

29,540,000

9,417,000

9,521,000

5,924,000

5,791,000

'

'

'

'

'

1,552,059,000

2,090,726,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Allocation by Investment Type (as a percent)

100.00%

'

100.00%

'

'

46.80%

35.30%

53.20%

64.70%

30.30%

23.00%

9.50%

7.60%

7.00%

4.70%

41.30%

54.50%

'

'

5.50%

5.20%

5.60%

4.20%

0.50%

0.40%

0.30%

0.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Coupon (as a percent)

2.60%

'

2.52%

'

'

1.98%

2.03%

3.04%

2.73%

1.81%

1.82%

'

'

2.71%

3.06%

3.77%

3.15%

'

'

0.24%

0.29%

'

'

7.50%

7.50%

2.25%

2.26%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Yield (as a percent)

12.42%

'

11.25%

'

'

17.85%

17.34%

8.48%

8.51%

21.45%

20.00%

18.27%

18.42%

5.53%

4.98%

10.10%

9.65%

'

'

1.19%

1.17%

4.56%

4.64%

5.88%

6.00%

2.25%

2.32%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal Amount Eliminated In Consolidation

'

'

'

'

'

'

'

'

'

85,000,000

126,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Noncurrent equity securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,600,000

'

'

41,917,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contractual maturities of the CRE securities portfolio

'

'

'

'7 months

'38 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average expected maturity

'3 years 10 months 24 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from the sale of CRE securities

68,537,000

206,380,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42,600,000

36,200,000

68,500,000

206,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net realized gain (loss) of CRE securities investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,600,000

2,500,000

17,400,000

31,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

36

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

276,700,000

'

276,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated net unrealized gains included in OCI

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

62,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,200,000

'

10,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,400,000

'

1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period of unrealized loss of securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

OTTI recognized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments_in_Unconsolidated_3

Investments in Unconsolidated Ventures (Summarized Financial Data) (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
	joint_venture
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]	'	'
Number of significant unconsolidated joint ventures	14	'
Revenues	$310,282	$160,154
Operating expenses	166,289	31,110
Interest expense	31,329	15,309
Depreciation and amortization	13,519	4,603
Total expenses	211,137	51,022
Income (loss) from continuing operations	99,145	109,132
Net income (loss)	147,419	109,132
Net income attributable to joint venture	125,846	109,132
Equity in earnings of unconsolidated ventures	$99,686	$52,565

Borrowings_Details

Borrowings (Details) (USD $)

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Aug. 31, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 31, 2014

Jul. 31, 2014

Jan. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Aug. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Jul. 31, 2012

Jul. 31, 2012

Jul. 31, 2012

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Mar. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Sep. 30, 2014

Aug. 31, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 31, 2014

Jul. 31, 2014

Jan. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

First mortgage loans

First mortgage loans

LIBOR

N-Star CDO I and Wakefield Portfolio

LIBOR Plus 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.25%, Non-recourse, Due August 2019

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 2

Exchangeable senior note 2

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Senior mortgage notes

Mezzanine

Mezzanine

Mezzanine

Mezzanine

Mezzanine

Mortgage notes payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

CDO Bonds Payable

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

Credit facility

Credit facility

Credit facility

Credit facility

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

Exchangeable Debt

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

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Junior Subordinated Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

Senior Notes

LIBOR

Innkeepers Portfolio

K Partners Portfolio

Healthcare

Healthcare

Hotel

Hotel

Manufactured housing communities

Manufactured housing communities

Net lease

Net lease

Multifamily

Multifamily

Wakefield Portfolio

Wakefield Portfolio

Lancaster, OH

Lancaster, OH

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

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

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 3.91%, Non-recourse, Due July 2018 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due July 2018 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due July 2018 Through May 2019

LIBOR Plus 3.91%, Non-recourse, Due July 2018 Through May 2019

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 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 4.50% Non-recourse Note Payable, Due September 21

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

LIBOR Plus 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.25%, Non-recourse, Due August 2019

LIBOR Plus 3.25%, Non-recourse, Due August 2019

LIBOR Plus 2.12%, Non-recourse, Due October 2019

LIBOR Plus 2.12%, Non-recourse, Due October 2019

Manufacturing Housing Portfolio 1

Manufacturing Housing Portfolio 1

Manufacturing Housing Portfolio 2

Manufacturing Housing Portfolio 2

Manufacturing Housing Portfolio 3

Manufacturing Housing Portfolio 3

6.41% Non-recourse Note Payable, Due January 15

6.41% Non-recourse Note Payable, Due January 15

5.58% Non-recourse Note Payable, Due January 15

5.58% 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

5.16% Non-recourse Note Payable, Due September 17

4.21%, Non-recourse, Due July 2017 and December 2017

4.21%, Non-recourse, Due July 2017 and December 2017

4.21%, Non-recourse, Due July 2017 and December 2017

4.21%, Non-recourse, Due July 2017 and December 2017

4.21%, Non-recourse, Due July 2017 and December 2017

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

LIBOR Plus 2.15%, Non-recourse, Due July 2023

LIBOR Plus 2.15%, Non-recourse, Due July 2023

LIBOR Plus 2.15%, Non-recourse, Due July 2023

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

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

Multifamily Investment Property, Scottsdale, AZ, Senior Loans Maturing July 2023

Multifamily Investment Property, Scottsdale, AZ, Senior Loans Maturing July 2023

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 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.25%, Non-recourse, Due August 2019

Senior mortgage note 1

Senior mortgage note 2

4.016%t, Non-recourse, Due May 2023

4.923%, Non-recourse, Due December 2021, January 2024, September 2024

4.923%, Non-recourse, Due December 2021, January 2024, September 2024

4.923%, Non-recourse, Due December 2021, January 2024, September 2024

4.923%, Non-recourse, Due December 2021, January 2024, September 2024

MF Properties 2 Senior Loans Maturing May 2023

MF Properties 2 Senior Mortgage, July 2023

Multifamily Investment Properties 2, Senior Loans Maturing July 2023, Loan 1

Multifamily Investment Properties 2, Senior Loans Maturing July 2023, Loan 2

LIBOR Plus 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.25%, Non-recourse, Due August 2019

LIBOR Plus 2.12%, Non-recourse, Due October 2019

LIBOR Plus 3.39%, Non-recourse, Due June 2019

LIBOR Plus 3.25%, Non-recourse, Due August 2019

N-Star I

N-Star I

N-Star I

N-Star I

N-Star III

N-Star III

N-Star V

N-Star IX

N-Star IX

N-Star IX

N-Star IX

Securitization 2012-1

Securitization 2012-1

Securitization 2012-1

Securitization 2012-1

Corporate Credit Facility 1

Corporate Credit Facility 1

Corporate Credit Facility 1

Corporate Credit Facility 1

Corporate Credit Facility 2

Corporate Credit Facility 2

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 Facilities 1 and 2

7.25% Notes

7.25% Notes

7.50% Notes

7.50% Notes

7.50% Notes

8.875% Notes

8.875% Notes

5.375% Notes

5.375% Notes

5.375% Notes

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 1

Exchangeable senior note 2

Exchangeable senior note 2

Trust I

Trust I

Trust II

Trust II

Trust III

Trust III

Trust IV

Trust IV

Trust V

Trust V

Trust V

Trust V

Trust VI

Trust VI

Trust VI

Trust VI

Trust VII

Trust VII

Trust VII

Trust VII

Trust VIII

Trust VIII

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

7.25% Notes

8.875% Notes

5.375% Notes

Hotel

Hotel

note

Healthcare

Healthcare

Healthcare

Healthcare

Minnesota Portfolio

Minnesota Portfolio

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

Formation Portfolio

Formation Portfolio

Formation Portfolio

Formation Portfolio

Healthcare Preferred

Healthcare Preferred

Healthcare Preferred

Healthcare Preferred

Indiana Portfolio

Indiana Portfolio

Indiana Portfolio

Indiana Portfolio

Innkeepers Portfolio

Innkeepers Portfolio

Innkeepers Portfolio

K Partners Portfolio

K Partners Portfolio

Courtyard Portfolio

Courtyard Portfolio

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

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

Industrial Portfolio

Net lease

Industrial Portfolio

Industrial Portfolio

Industrial Portfolio Loan 1

Industrial Portfolio Loan 2

Columbus, OH

Columbus, OH

South Portland, ME

South Portland, ME

South Portland, ME

South Portland, ME

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

Formation Portfolio

Formation Portfolio

Formation Portfolio

Innkeepers Portfolio

K Partners Portfolio

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Manufactured housing communities

Multifamily

Multifamily

Multifamily

Multifamily

Innkeepers Portfolio

K Partners Portfolio

Courtyard Portfolio

Innkeepers Portfolio

K Partners Portfolio

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

extension

Subsidiary two

Minimum

Maximum

LIBOR

LIBOR

LIBOR

extension

Subsidiary

Minimum

Maximum

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

extension

extension

LIBOR

LIBOR

LIBOR

LIBOR

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Healthcare

Hotel

Hotel

Hotel

Hotel

Hotel

Hotel

Hotel

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

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

Net lease

note

note

Healthcare

Healthcare

Healthcare

Hotel

Hotel

note

note

note

Dec-21

Jan-24

September 2024 [Member]

note

note

note

Hotel

Hotel

Hotel

Hotel

Hotel

Subsidiary two

Subsidiary two

Minimum

Maximum

Minimum

Maximum

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

extension

note

note

LIBOR

LIBOR

note

May-19

Jul-18

note

note

note

note

note

LIBOR

extension

mezzanine_note

mezzanine_note

note

note

note

Debt Instrument [Line Items]

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'

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'

'

'

'

'

Contractual interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

6.99%

'

7.09%

'

5.89%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.39%

'

4.02%

'

4.92%

'

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%

'

4.21%

'

'

'

4.21%

'

6.48%

'

'

'

'

'

4.00%

'

4.03%

'

4.28%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.60%

'

5.16%

5.16%

'

'

'

'

'

'

3.09%

3.09%

'

'

'

'

'

'

7.25%

'

'

'

7.50%

8.88%

'

5.38%

'

5.38%

5.38%

5.38%

5.38%

5.38%

8.88%

8.88%

5.38%

'

'

'

8.15%

'

7.74%

'

7.81%

'

7.95%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.25%

8.88%

5.38%

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

Interest rate added to variable rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.95%

5.95%

5.00%

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.91%

3.91%

'

'

7.75%

7.75%

'

'

4.50%

4.50%

'

'

3.39%

3.25%

'

2.12%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.15%

2.15%

'

'

'

'

'

'

'

'

'

'

'

3.25%

'

'

'

'

'

'

'

'

'

'

'

3.39%

3.25%

6.25%

'

3.25%

'

'

'

'

'

'

5.48%

5.48%

'

'

'

'

'

0.42%

0.42%

'

'

'

'

1.86%

1.86%

'

'

'

'

'

3.50%

'

'

'

'

'

'

'

'

3.95%

5.95%

'

'

'

2.50%

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.70%

2.70%

'

'

2.90%

2.90%

'

'

2.50%

2.50%

'

'

2.70%

2.70%

'

2.80%

3.25%

'

'

'

'

'

Principal amount

$6,283,401,000

'

$4,059,860,000

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,451,694,000

$2,113,334,000

$1,083,585,000

$478,494,000

$1,466,681,000

$0

$1,174,377,000

$1,124,899,000

$482,496,000

$265,386,000

$244,555,000

$244,555,000

'

'

'

'

$0

$38,175,000

$55,004,000

$55,768,000

$20,296,000

$20,496,000

$4,355,000

$4,399,000

$150,707,000

$152,772,000

$7,445,000

$7,545,000

$3,171,000

$3,209,000

$646,477,000

$0

'

'

$75,000,000

$75,000,000

'

'

$121,130,000

$121,130,000

'

'

$840,000,000

$0

'

$211,681,000

$0

$415,000,000

$0

$236,900,000

$236,900,000

$639,999,000

$639,999,000

$297,478,000

$248,000,000

$2,937,000

$3,019,000

$12,520,000

$12,765,000

$5,000,000

$5,000,000

$42,980,000

$43,682,000

$6,139,000

$6,237,000

$15,875,000

$16,095,000

$30,852,000

$31,232,000

$31,282,000

$31,729,000

$26,267,000

$26,600,000

$19,612,000

$20,055,000

$27,700,000

$27,700,000

$1,178,000

$1,464,000

$13,311,000

$13,689,000

'

'

$221,131,000

$0

$102,700,000

$118,400,000

$22,029,000

$22,300,000

$3,683,000

$3,819,000

'

'

$39,600,000

$39,600,000

$158,417,000

$158,417,000

'

$46,538,000

$46,538,000

'

$357,000,000

$289,500,000

$635,000,000

$167,600,000

$120,800,000

$116,100,000

'

'

$16,500,000

$248,000,000

$33,000,000

$116,200,000

$42,200,000

$28,700,000

$17,800,000

'

'

$97,000,000

$205,000,000

$44,100,000

$4,451,694,000

$611,757,000

$970,219,000

$611,757,000

$31,389,000

$37,754,000

'

'

$0

$100,022,000

$202,899,000

$580,368,000

$629,544,000

'

'

$61,505,000

$82,337,000

$61,505,000

$82,337,000

'

'

$822,588,000

$70,038,000

'

$450,000,000

$0

'

$275,000,000

$0

$14,850,000

$14,850,000

'

'

'

'

'

'

$82,738,000

$55,188,000

'

'

'

'

$55,740,000

$543,815,000

$12,955,000

$12,955,000

'

'

$172,500,000

$1,000,000

$13,360,000

$41,785,000

$345,000,000

'

'

'

'

'

'

'

'

$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

'

'

'

'

'

'

$481,100,000

'

'

'

Carrying Value

5,999,232,000

'

3,342,071,000

'

'

'

'

'

'

'

'

'

'

'

'

'

4,453,206,000

2,113,334,000

1,075,783,000

478,494,000

1,466,681,000

0

1,176,747,000

1,124,899,000

489,440,000

265,386,000

244,555,000

244,555,000

'

'

'

'

0

38,175,000

55,004,000

55,768,000

20,296,000

20,496,000

4,355,000

4,399,000

150,707,000

152,772,000

7,445,000

7,545,000

3,171,000

3,209,000

638,675,000

0

'

'

75,000,000

75,000,000

'

'

121,130,000

121,130,000

'

'

840,000,000

0

'

211,681,000

0

415,000,000

0

236,900,000

236,900,000

639,999,000

639,999,000

299,848,000

248,000,000

2,937,000

3,019,000

12,520,000

12,765,000

5,000,000

5,000,000

42,980,000

43,682,000

6,139,000

6,237,000

15,875,000

16,095,000

30,852,000

31,232,000

31,282,000

31,729,000

26,267,000

26,600,000

19,612,000

20,055,000

27,700,000

27,700,000

1,178,000

1,464,000

13,311,000

13,689,000

'

'

228,075,000

0

'

'

22,029,000

22,300,000

3,683,000

3,819,000

'

'

39,600,000

39,600,000

158,417,000

158,417,000

'

46,538,000

46,538,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

384,183,000

391,939,000

29,999,000

34,886,000

'

'

0

46,090,000

80,897,000

361,940,000

222,310,000

'

'

61,531,000

82,340,000

61,531,000

82,340,000

'

'

'

70,038,000

'

450,000,000

0

'

275,000,000

0

14,850,000

14,850,000

'

'

'

'

'

'

82,738,000

55,188,000

'

'

'

97,600,000

50,715,000

490,973,000

12,955,000

12,955,000

'

'

165,366,000

984,000

13,068,000

36,776,000

299,584,000

'

'

'

'

'

'

'

'

'

201,203,000

219,253,000

33,817,000

31,342,000

21,269,000

19,722,000

34,021,000

31,547,000

41,333,000

38,327,000

21,823,000

19,866,000

'

'

18,700,000

16,943,000

'

'

22,492,000

20,290,000

'

'

25,798,000

23,166,000

'

'

'

'

'

'

'

'

'

'

Loan facility, amount outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

822,588,000

'

'

'

'

'

275,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facilities

822,588,000

'

70,038,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

822,588,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, term for basis spread on variable rate

'

'

'

'

'

'1 month

'3 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 month

'

'

'

'

'

'1 month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 months

'

'

'

'

'

'

'

Number of non-recourse mortgage notes (notes)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

1

1

'

'

'

'

'

'

'

'

7

'

'

2

'

7

5

2

1

1

1

'

8

7

3

3

1

5

2

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of optional extensions to initial term (extensions)

'

'

'

'

'

'

'

3

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Optional extension period of initial maturity date

'

'

'

'

'

'

'

'1 year

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of mezzanine notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

2

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, collateral amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

696,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit facility, term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Scheduled principal amount based on stated maturity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

October 1 to December 31, 2014

4,488,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,488,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Years ending December 31:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2015

137,035,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

137,035,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2016

134,140,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

134,140,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2017

1,244,999,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

507,044,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

725,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,955,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2018

403,874,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

306,286,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

97,588,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Thereafter

4,358,865,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,362,701,000

611,757,000

'

'

'

'

'

'

'

'

'

'

'

'

'

61,505,000

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

42,785,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

280,117,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total

6,283,401,000

'

4,059,860,000

'

'

'

'

'

'

'

'

'

'

'

'

'

4,451,694,000

2,113,334,000

1,083,585,000

478,494,000

1,466,681,000

0

1,174,377,000

1,124,899,000

482,496,000

265,386,000

244,555,000

244,555,000

'

'

'

'

0

38,175,000

55,004,000

55,768,000

20,296,000

20,496,000

4,355,000

4,399,000

150,707,000

152,772,000

7,445,000

7,545,000

3,171,000

3,209,000

646,477,000

0

'

'

75,000,000

75,000,000

'

'

121,130,000

121,130,000

'

'

840,000,000

0

'

211,681,000

0

415,000,000

0

236,900,000

236,900,000

639,999,000

639,999,000

297,478,000

248,000,000

2,937,000

3,019,000

12,520,000

12,765,000

5,000,000

5,000,000

42,980,000

43,682,000

6,139,000

6,237,000

15,875,000

16,095,000

30,852,000

31,232,000

31,282,000

31,729,000

26,267,000

26,600,000

19,612,000

20,055,000

27,700,000

27,700,000

1,178,000

1,464,000

13,311,000

13,689,000

'

'

221,131,000

0

102,700,000

118,400,000

22,029,000

22,300,000

3,683,000

3,819,000

'

'

39,600,000

39,600,000

158,417,000

158,417,000

'

46,538,000

46,538,000

'

357,000,000

289,500,000

635,000,000

167,600,000

120,800,000

116,100,000

'

'

16,500,000

248,000,000

33,000,000

116,200,000

42,200,000

28,700,000

17,800,000

'

'

97,000,000

205,000,000

44,100,000

4,451,694,000

611,757,000

970,219,000

611,757,000

31,389,000

37,754,000

'

'

0

100,022,000

202,899,000

580,368,000

629,544,000

'

'

61,505,000

82,337,000

61,505,000

82,337,000

'

'

822,588,000

70,038,000

'

450,000,000

0

'

275,000,000

0

14,850,000

14,850,000

'

'

'

'

'

'

82,738,000

55,188,000

'

'

'

'

55,740,000

543,815,000

12,955,000

12,955,000

'

'

172,500,000

1,000,000

13,360,000

41,785,000

345,000,000

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

481,100,000

'

'

'

Credit facility:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000,000

500,000,000

'

'

'

'

'

'

40,000,000

'

'

'

'

'

'

'

200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available borrowing under its loan facilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

142,400,000

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt covenant, minimum balance of unrestricted cash and available borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

1,179,449,000

'

1,085,280,000

157,800,000

441,750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayments of senior notes

481,118,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

488,300,000

'

'

'

'

Principal Amount Exchanged

315,575,000

'

'

'

'

'

'

'

'

1,350,000

32,994,000

78,255,000

53,590,000

9,550,000

2,810,000

137,026,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Shares

23,751,566

'

'

'

'

'

'

'

'

153,691

3,686,234

8,742,983

2,771,843

814,626

522,474

7,059,714.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized Gain (Loss)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

($43,351,000)

'

'

'

($22,400,000)

'

'

'

'

'

'

'

($207,000)

($5,244,000)

($14,935,000)

($6,830,000)

($2,132,000)

($696,000)

($13,307,000)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Spinoff_of_Asset_Management_Bu2

Spin-off of Asset Management Business - Balance Sheet (Details) (NSAM, USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
NSAM	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Assets transferred in spin-off	$179.50
Liabilities transferred in spin-off	21.1
Cash transferred in spin-off	$118.70

Spinoff_of_Asset_Management_Bu3

Spin-off of Asset Management Business - Discontinued Operations (Details) (NSAM, USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
NSAM	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Total revenues	$56,013	$69,033
Total expenses	62,087	71,893
NSAM income (loss) in discontinued operations	($6,074)	($2,860)
Selling commission percentage, related party	7.00%	'
Dealer manager fee percentage, related party	3.00%	'

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

1 Months Ended

17 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 28, 2013

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Apr. 30, 2014

Jan. 31, 2014

Jun. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

loan

loan

Innkeepers Portfolio

Mezzanine loan, due in April 2021

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

Legacy Fund

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NSAM

NorthStar Real Estate Income Trust Inc

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

West Point Partners

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Legacy Partners Commercial

Future Investment

Retire Investor Ownership

Cash Distribution, Prior to Closing

Cash Distribution, Upon Closing

loan

Eliminations

Eliminations

Eliminations

Eliminations

investment

loan

Mortgage loans, due in October 2016

Senior mortgage loan, due in April 2021

Mezzanine loan, due in April 2021

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

Innkeepers Portfolio

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Base management fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$38,000,000

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Additional asset management fee, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Incentive management fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Direct costs and expenses allocated for reimbursement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

1,300,000

3,000,000

4,500,000

9,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment advisory fees

'

'

'

'

'

'

'

'

'

'

'

600,000

3,000,000

2,000,000

9,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest income

'

'

'

'

'

'

'

20,000,000

'

53,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of equity interest (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.60%

'

'

'

'

'

'

'

'

'

40.00%

'

'

'

'

'

'

'

'

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

Indirect investment in related party, percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15.30%

15.30%

10.00%

'

'

'

'

Contingent future distribution of preferred investments for additional real estate investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

Number of CRE debt investments (investments)

'

'

47

'

44

'

6

'

'

'

'

'

'

'

'

4

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans deconsolidated (loans)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument loans deconsolidated

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

39,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate interest income earned

80,915,000

[1]

75,141,000

[1]

235,461,000

[1]

218,624,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

1,600,000

'

'

'

1,100,000

3,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate debt investments, net

1,144,356,000

'

1,144,356,000

'

1,031,078,000

'

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

'

'

'

'

'

'

'

'

'

'

'

Business acquisition, purchase price

'

'

$3,672,200,000

'

'

$1,057,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,100,000,000

'

'

'

'

'

'

'

'

'

Director's ownership interest in related party, percent

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50.00%

'

'

'

'

'

'

'

'

'

'

[1]

The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

EquityBased_Compensation_Detai

Equity-Based Compensation (Details) (USD $)

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 28, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2014

Omnibus Stock Incentive Plan

Omnibus Stock Incentive Plan

Incentive Compensation 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

component

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares available for issuance

'

'

'

3,835,743

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares granted and unvested

'

'

'

'

734,568

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

LTIP Grants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance (in units)

4,609,000

3,114,000

'

'

734,568

201,792

978,873

349,071

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in units)

1,183,000

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 (in units)

-3,178,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting of Restricted Stock Post-Spin (in units)

-47,000

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance/Weighted Average (in units)

1,916,000

4,609,000

'

'

734,568

201,792

978,873

349,071

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted Average Grant Price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance (in dollars per share)

$14.31

$13.32

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per share)

$30.61

$16.20

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Converted to common stock (in dollars per share)

$17.31

$15.80

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forfeited (in dollars per share)

$20.48

$10.76

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

$14.52

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting of Restricted Stock Post-Spin (in dollars per share)

$13.39

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ending Balance/Weighted Average (in dollars per share)

$23.02

$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

'

'

'

276,105

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'3 years

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

EquityBased_Compensation_Sched

Equity-Based Compensation - Schedule (Details) (USD $)	3 Months Ended			9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'	'		'
Equity-based compensation expense	$8,478	[1],[2]	$2,414	$20,262	[1],[2]	$9,102	[1],[2]
Northstar Realty Equity Plan	'		'	'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'	'		'
Equity-based compensation expense	'		'	23,400		'
NSAM Stock Plan	'		'	'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'	'		'
Equity-based compensation expense	'		'	10,600		'
NSAM	'		'	'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'	'		'
Equity-based compensation expense	0		1,006	13,745		4,513
Company and NSAM	'		'	'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'	'		'
Equity-based compensation expense	$8,478		$3,420	$34,007		$13,615
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[2]	Primarily relates to the operations of NSAM prior to the spin-off. Refer to Note 10. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.

Stockholders_Equity_Details

Stockholders' Equity (Details)

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Jan. 02, 2012

Aug. 06, 2014

7-May-14

Feb. 26, 2014

Sep. 30, 2014

Dec. 31, 2013

Oct. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jun. 30, 2014

31-May-14

Oct. 31, 2014

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

31-May-14

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Oct. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Oct. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Oct. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Oct. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Oct. 29, 2014

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Dividend Reinvestment Plan (DRP)

Dividend Reinvestment Plan (DRP)

Common Stock

Common Stock

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

Common Stock

Common Stock

Common Stock

Series E Preferred Stock

Series E Preferred Stock

Series E Preferred Stock

Series E Preferred Stock

Series E Preferred Stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series C Preferred Stock

Series C Preferred Stock

Series C Preferred Stock

Series C Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

USD ($)

USD ($)

Subsequent event

RXR Equity Investment

Aerium

Additional Paid-in Capital

Additional Paid-in Capital

Additional Paid-in Capital

USD ($)

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

USD ($)

USD ($)

USD ($)

RXR Equity Investment

Aerium

Aerium

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Stockholders' equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

0.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

New stock issued during period (shares)

'

'

'

'

'

'

'

'

'

'

'

32,250,000

[1]

66,125,000

[1]

'

'

'

15,000,000

'

17,250,000

5,300,000

677,570

208,819

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of common stock

'

'

'

$787,771

$656,319

'

'

'

'

'

'

'

'

'

'

'

$268,600

'

$519,200

$93,800

'

'

$17,700

'

'

$241,800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares issued (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$18.40

'

$30.90

'

'

$32.52

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock related to transactions

'

'

'

6,803

'

17,712

'

'

'

'

'

9

[1]

'

'

6,794

[1]

17,712

[1]

'

'

'

'

'

'

'

6,800

5,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock issued for exercise of warrants (shares)

'

'

'

23,751,566

'

'

'

'

'

'

'

23,751,000

[1]

5,791,000

[1]

'

'

'

'

799,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forward sale agreement, shares authorized for issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forward sale agreement indexed to Company's stock, forward rate multiple

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.995

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forward sale agreement indexed to Company's stock, forward rate (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$17.95

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Forward sale agreement, remaining number of shares available for issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

24,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock, dividend rate percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

'

7,469

'

'

'

'

8,000

[1]

14,000

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gross sales price from shares issued pursuant to the DRP

'

'

'

205

'

249

200

'

'

'

'

0

[1]

0

[1]

'

205

[1]

249

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

$0.40

[2],[3],[4]

$0.42

[2],[3],[4]

$1.40

[2],[3],[4]

$1.20

[2],[3],[4]

'

'

'

$0.50

$0.50

$0.50

'

'

$0.40

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0

$0

$0.55

$0.55

$0.55

$0.55

$0.55

$0.52

$0.52

$0.52

$0.52

$0.55

$0.55

$0.55

$0.55

$0.53

$0.53

$0.53

$0.53

Numerator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

-46,525

[2]

-151,027

[2]

-255,052

[2]

-127,031

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

0

-6,296

-5,296

-5,184

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

($46,525)

($157,323)

($260,348)

($132,215)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Denominator:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average shares of common stock (shares)

'

200,426,890

[2],[4],[5]

111,103,046

[2],[4],[5]

178,520,386

[2],[4],[5]

99,704,973

[2],[4],[5]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average LTIP Units (in shares)

'

0

4,632,000

2,749,000

4,570,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average diluted shares

'

200,426,890

[2],[4]

115,734,622

[2],[4]

181,269,381

[2],[4]

104,275,175

[2],[4]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Earnings Per Share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basic (in dollars per share)

'

($0.23)

[2],[4],[5]

($1.36)

[2],[4],[5]

($1.43)

[2],[4],[5]

($1.27)

[2],[4],[5]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Diluted (in dollars per share)

'

($0.23)

[2],[4],[5]

($1.36)

[2],[4],[5]

($1.43)

[2],[4],[5]

($1.27)

[2],[4],[5]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[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]

The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

[3]

The dividend per share for the third quarter 2014 represents the first dividend declared subsequent to the spin-off of NSAM.

[4]

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

[5]

The three months ended September 30, 2013 includes $1.0 million of equity-based compensation recorded in discontinued operations. There is no equity-based compensation recorded in discontinued operations for the three months ended September 30, 2014. The nine months ended September 30, 2014 and 2013 include $13.7 million and $4.5 million, respectively, of equity-based compensation recorded in discontinued operations.

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

6 Months Ended

9 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

NorthStar Realty Finance Corp.

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Operating Partnership

Other non-controlling interests

Other non-controlling interests

Other non-controlling interests

Other non-controlling interests

LTIP Units

Non-controlling interests

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders' Equity, Reorganization, Stock Conversion Ratio

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

Parent's ownership interest, percent

'

'

'

'

'

'

'

'

97.80%

'

'

'

'

'

'

Aggregate limited partnership units (in shares)

'

'

'

'

'

'

'

'

'

4,608,759

'

'

'

'

'

Non-controlling interests, ownership percentage

'

'

'

'

'

'

'

'

2.20%

2.90%

'

'

'

'

'

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

$0

$6,296,000

$5,296,000

$5,184,000

'

($6,300,000)

($5,300,000)

($5,200,000)

'

'

'

'

'

'

'

Shares Issued (shares)

'

'

'

'

'

'

'

'

'

'

1,135,599

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

-1,100,000

-1,100,000

-2,100,000

-300,000

Net Income (Loss) Available to Common Stockholders [Abstract]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from continuing operations

-46,247,000

-152,667,000

-253,841,000

-126,689,000

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from discontinued operations

-278,000

1,640,000

-1,211,000

-342,000

'

'

'

'

'

'

'

'

'

'

'

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

($46,525,000)

($151,027,000)

($255,052,000)

($127,031,000)

'

'

'

'

'

'

'

'

'

'

'

Fair_Value_Details

Fair Value (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Investments in private equity funds	$851,073	$586,018
Real estate securities, available for sale	911,060	1,052,320
Total assets	1,767,069	1,609,437
Fair Value	'	'
Derivative liabilities	20,398	52,204
Total liabilities	611,192	585,386
Variable Interest Entity, Not Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	453,440	410,236
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale	267,273	205,287
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	134,775	158,274
Variable Interest Entity, Not Primary Beneficiary | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	51,392	46,675
CMBS and other securities	'	30,600
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS	'	'
Assets:	'	'
CMBS and other securities	41,917	'
Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	457,620	642,084
Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
Real estate securities, available for sale	379,080	572,301
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale	27,120	24,931
Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	36,079	29,540
Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'
Assets:	'	'
Real estate securities, available for sale	5,924	5,791
Estimate of Fair Value Measurement	'	'
Assets:	'	'
Real estate securities, available for sale	911,060	1,052,320
Derivative assets	2,540	3,469
Fair Value	'	'
CDO bonds payable	611,192	'
Derivative liabilities	20,398	52,204
Recurring basis | Estimate of Fair Value Measurement	'	'
Assets:	'	'
Investments in private equity funds	851,073	586,018
Investments in unconsolidated ventures	281,684	192,419
Derivative assets	2,540	3,469
Total assets	2,046,357	1,834,226
Fair Value	'	'
CDO bonds payable	391,939	384,183
Junior subordinated notes	219,253	201,203
Derivative liabilities	20,398	52,204
Total liabilities	631,590	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	267,273	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	134,775	158,274
Recurring basis | Estimate of Fair Value Measurement | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
CMBS and other securities	51,392	46,675
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	5,925	642,084
Total assets	457,620	'
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
CMBS and other securities	379,080	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	27,121	24,931
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'
Assets:	'	'
Real estate securities, available for sale	36,077	29,540
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	9,417	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	911,060	1,052,320
Recurring basis | Level 2	'	'
Assets:	'	'
Derivative assets	2,540	3,469
Total assets	394,499	570,949
Fair Value	'	'
Derivative liabilities	20,398	52,204
Total liabilities	20,398	52,204
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
CMBS and other securities	17,330	20,694
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	'	546,786
Total assets	374,629	'
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
CMBS and other securities	329,135	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	36,077	29,540
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'
Assets:	'	'
Real estate securities, available for sale	9,417	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	391,959	567,480
Recurring basis | Level 3	'	'
Assets:	'	'
Investments in private equity funds	851,073	586,018
Investments in unconsolidated ventures	'	192,419
Total assets	1,651,858	1,263,277
Fair Value	'	'
CDO bonds payable	391,939	384,183
Junior subordinated notes	219,253	201,203
Total liabilities	611,192	585,386
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds	'	'
Assets:	'	'
Real estate securities, available for sale	267,273	205,287
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'
Assets:	'	'
Real estate securities, available for sale	134,775	158,274
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'
Assets:	'	'
CMBS and other securities	34,062	25,981
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary	'	'
Assets:	'	'
Real estate securities, available for sale	5,925	95,298
Total assets	82,991	'
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS	'	'
Assets:	'	'
CMBS and other securities	49,945	64,576
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'
Assets:	'	'
Real estate securities, available for sale	27,121	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	$519,101	$484,840

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	9 Months Ended	12 Months Ended
	Sep. 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:	'	'
Deconsolidation of N-Star CDOs (Gains)	-122,486,000	-1,656,857,000
Losses:	'	'
Deconsolidation of N-Star CDOs (Losses)	'	-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	'	43,983,000
Paydowns	-60,042,000	-647,947,000
Repurchases	'	-44,221,000
Deconsolidation of N-Star CDOs (Gains)	-122,486,000	-1,656,857,000
Losses:	'	'
Unrealized losses included in earnings	190,176,000	106,622,000
Realized losses included in earnings	108,000	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	-190,176,000	-106,622,000
Junior Subordinated Notes	'	'
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value	'	'
Beginning balance	201,203,000	197,173,000
Losses:	'	'
Unrealized losses included in earnings	18,050,000	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	-18,050,000	-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	363,177,000	747,564,000
Paydowns / distributions	-188,939,000	-244,138,000
Gains:	'	'
Equity in earnings of unconsolidated ventures	90,817,000	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	83,341,000	192,209,000
Paydowns / distributions	-1,374,000	'
Gains:	'	'
Equity in earnings of unconsolidated ventures	7,298,000	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	'	-108,143,000
Purchases / borrowings / amortization / contributions	45,920,000	23,594,000
Sales	-54,131,000	-40,328,000
Paydowns / distributions	-50,016,000	-54,971,000
Gains:	'	'
Unrealized gains included in earnings	56,522,000	68,794,000
Realized gains included in earnings	17,946,000	15,179,000
Unrealized gain on real estate securities, available for sale included in OCI	67,974,000	3,098,000
Deconsolidation of N-Star CDOs (Gains)	8,805,000	350,886,000
Losses:	'	'
Unrealized losses included in earnings	-48,252,000	-19,523,000
Realized losses included in earnings	-2,902,000	-5,601,000
Unrealized losses on real estate securities, available for sale included in OCI	-2,904,000	-4,138,000
Deconsolidation of N-Star CDOs (Losses)	-21,069,000	-90,008,000
Ending balance	519,101,000	484,840,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	8,330,000	20,746,000
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	'	'
Deconsolidation of N-Star CDOs (Gains)	8,805,000	350,886,000
Junior Subordinated Notes | Junior Subordinated Notes	'	'
Losses:	'	'
Ending balance	219,253,000	201,203,000
CDO Bonds Payable | Estimate of Fair Value Measurement | CDO Bonds Payable	'	'
Losses:	'	'
Ending balance	391,939,000	384,183,000
Private Equity Funds | Investments in Private Equity Funds	'	'
Losses:	'	'
Ending balance	851,073,000	586,018,000
Level 3 | Recurring basis | Equity and Preferred Equity Interest | Equity and Preferred Equity Interest	'	'
Losses:	'	'
Ending balance	$281,684,000	$192,419,000

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Transfers	'	'	$0	'	$0
Assets:	'	'	'	'	'
Assets	911,060,000	'	911,060,000	'	1,052,320,000
Subtotal real estate securities, available for sale	634,312,000	'	634,312,000	'	831,000,000
Total assets	1,767,069,000	'	1,767,069,000	'	1,609,437,000
CDO bonds payable, at fair value	391,939,000	'	391,939,000	'	384,183,000
Total liabilities	611,192,000	'	611,192,000	'	585,386,000
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	6,283,401,000	'	6,283,401,000	'	4,059,860,000
Difference	'	'	'	'	'
Total liabilities, Difference	-280,682,000	'	-280,682,000	'	'
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	-15,798,000	38,710,000	-208,282,000	-12,795,000	'
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	-12,275,000	30,170,000	-200,527,000	16,866,000	'
CRE Securities	'	'	'	'	'
Assets:	'	'	'	'	'
Number of CRE securities for which the fair value option was not elected (security)	'	'	36	'	'
Carrying value of items for which the fair value option was not elected	276,700,000	'	276,700,000	'	'
Private Equity Funds	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	851,073,000	'	851,073,000	'	586,018,000
Equity and Preferred Equity Interest	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	281,684,000	'	281,684,000	'	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	-6,667,000	-35,924,000	3,671,000	86,344,000	'
CDO Bonds Payable	'	'	'	'	'
Assets:	'	'	'	'	'
CDO bonds payable, at fair value	391,939,000	'	391,939,000	'	384,183,000
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	-8,397,000	44,070,000	-190,176,000	-105,359,000	'
Junior Subordinated Notes	'	'	'	'	'
Assets:	'	'	'	'	'
Junior subordinated notes	219,253,000	'	219,253,000	'	201,203,000
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	2,193,000	28,338,000	-18,050,000	4,894,000	'
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	-2,927,000	2,226,000	-3,727,000	1,326,000	'
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	'	-8,540,000	'	29,661,000	'
Fair Value	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	911,060,000	'	911,060,000	'	1,052,320,000
CDO bonds payable, at fair value	391,939,000	'	391,939,000	'	384,183,000
Fair Value	'	'	'	'	'
CDO bonds payable	611,192,000	'	611,192,000	'	'
Amount Due Upon Maturity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	1,552,059,000	'	1,552,059,000	'	2,090,726,000
CDO bonds payable, at fair value	611,757,000	'	611,757,000	'	970,219,000
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	891,874,000	'	891,874,000	'	'
Private Equity Funds	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Fair Value	'	'	'	'	586,018,000
Private Equity Funds | Minimum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	15.00%	'	'
Private Equity Funds | Maximum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	27.00%	'	'
Private Equity Funds | Private Equity Funds	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Fair Value	851,073,000	'	851,073,000	'	586,018,000
Equity and Preferred Equity Interest	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Fair Value	'	'	'	'	192,419,000
Equity and Preferred Equity Interest | Minimum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	10.00%	'	'
Equity and Preferred Equity Interest | Maximum	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Discount rate (percent)	'	'	30.00%	'	'
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	453,440,000	'	453,440,000	'	410,236,000
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	134,775,000	'	134,775,000	'	158,274,000
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	134,775,000	'	134,775,000	'	158,274,000
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS	'	'	'	'	'
Assets:	'	'	'	'	'
CMBS and other securities	41,917,000	'	41,917,000	'	30,642,000
Variable Interest Entity, Primary Beneficiary	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	457,620,000	'	457,620,000	'	642,084,000
Subtotal real estate securities, available for sale	457,620,000	'	457,620,000	'	642,084,000
Variable Interest Entity, Primary Beneficiary | CMBS	'	'	'	'	'
Assets:	'	'	'	'	'
CMBS and other securities	379,080,000	'	379,080,000	'	572,301,000
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes	'	'	'	'	'
Assets:	'	'	'	'	'
Third-party CDO notes	27,120,000	'	27,120,000	'	24,931,000
Variable Interest Entity, Primary Beneficiary | Agency debentures	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	36,079,000	'	36,079,000	'	29,540,000
Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	9,417,000	'	9,417,000	'	9,521,000
Variable Interest Entity, Primary Beneficiary | Trust preferred securities	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	5,924,000	'	5,924,000	'	5,791,000
CDO Bonds Payable	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	611,757,000	'	611,757,000	'	970,219,000
Difference	'	'	'	'	'
Total liabilities, Difference	-219,818,000	'	-219,818,000	'	'
CDO Bonds Payable | CDO Bonds Payable	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	611,757,000	'	611,757,000	'	'
CDO Bonds Payable | Fair Value	'	'	'	'	'
Fair Value	'	'	'	'	'
CDO bonds payable	391,939,000	'	391,939,000	'	'
CDO Bonds Payable | Amount Due Upon Maturity	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	611,757,000	'	611,757,000	'	'
Junior Subordinated Notes	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	280,117,000	'	280,117,000	'	280,117,000
Difference	'	'	'	'	'
Total liabilities, Difference	-60,864,000	'	-60,864,000	'	'
Junior Subordinated Notes | Junior Subordinated Notes	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	280,117,000	'	280,117,000	'	'
Junior Subordinated Notes | Fair Value	'	'	'	'	'
Fair Value	'	'	'	'	'
CDO bonds payable	219,253,000	'	219,253,000	'	'
Junior Subordinated Notes | Amount Due Upon Maturity	'	'	'	'	'
Amount Due Upon Maturity	'	'	'	'	'
Total liabilities	280,117,000	'	280,117,000	'	'
CRE Securities	'	'	'	'	'
Assets:	'	'	'	'	'
Carrying value of items for which the fair value option was not elected	9,400,000	'	9,400,000	'	16,000,000
N-Star CDO Bonds	'	'	'	'	'
Assets:	'	'	'	'	'
Carrying value of items for which the fair value option was not elected	267,300,000	'	267,300,000	'	205,300,000
Recurring basis | Fair Value	'	'	'	'	'
Assets:	'	'	'	'	'
Total assets	2,046,357,000	'	2,046,357,000	'	1,834,226,000
Junior subordinated notes	219,253,000	'	219,253,000	'	201,203,000
Total liabilities	631,590,000	'	631,590,000	'	637,590,000
Fair Value	'	'	'	'	'
CDO bonds payable	391,939,000	'	391,939,000	'	384,183,000
Recurring basis | Variable Interest Entity, Not Primary Beneficiary | Fair Value | N-Star CDO equity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	134,775,000	'	134,775,000	'	158,274,000
Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE) | Fair Value	'	'	'	'	'
Assets:	'	'	'	'	'
CMBS and other securities	51,392,000	'	51,392,000	'	46,675,000
Recurring basis | Variable Interest Entity, Primary Beneficiary | Fair Value	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	5,925,000	'	5,925,000	'	642,084,000
Total assets	457,620,000	'	457,620,000	'	'
Recurring basis | Level 3	'	'	'	'	'
Assets:	'	'	'	'	'
Total assets	1,651,858,000	'	1,651,858,000	'	1,263,277,000
Junior subordinated notes	219,253,000	'	219,253,000	'	201,203,000
Total liabilities	611,192,000	'	611,192,000	'	585,386,000
Fair Value	'	'	'	'	'
CDO bonds payable	391,939,000	'	391,939,000	'	384,183,000
Recurring basis | Level 3 | Equity and Preferred Equity Interest | Equity and Preferred Equity Interest	'	'	'	'	'
Fair Value, Option Quantitative Disclosures [Lines Items]	'	'	'	'	'
Fair Value	281,684,000	'	281,684,000	'	192,419,000
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO equity	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	134,775,000	'	134,775,000	'	158,274,000
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)	'	'	'	'	'
Assets:	'	'	'	'	'
CMBS and other securities	34,062,000	'	34,062,000	'	25,981,000
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary	'	'	'	'	'
Assets:	'	'	'	'	'
Assets	5,925,000	'	5,925,000	'	95,298,000
Total assets	82,991,000	'	82,991,000	'	'
Interest Rate Swap [Member] | Unrealized Gain (Loss) on Investment and Other | Derivatives	'	'	'	'	'
Change in fair value of assets and liabilities for which fair value option was elected	'	'	'	'	'
Unrealized gains (losses) on derivatives related to the change in fair value	$3,523,000	'	$7,755,000	'	'

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Financial assets:	'	'
Real estate debt investments, net	$1,144,356	$1,031,078
Real estate securities, available for sale	911,060	1,052,320
Financial liabilities:	'	'
Mortgage and other notes payable	4,453,206	2,113,334
CDO bonds payable	391,939	384,183
Securitization bonds payable	61,531	82,340
Credit facilities	822,588	70,038
Exchangeable senior notes	50,715	490,973
Junior subordinated notes	219,253	201,203
Derivative liabilities	20,398	52,204
Principal / Notional Amount	'	'
Financial assets:	'	'
Real estate debt investments, net	1,179,449	1,085,280
Real estate securities, available for sale	1,552,059	2,090,726
Derivative assets	1,735,557	478,688
Financial liabilities:	'	'
Mortgage and other notes payable	4,451,694	2,133,334
CDO bonds payable	611,757	970,219
Securitization bonds payable	61,505	82,337
Credit facilities	822,588	70,038
Exchangeable senior notes	55,740	543,815
Junior subordinated notes	280,117	280,117
Derivative liabilities	320,192	674,418
Carrying Value	'	'
Financial assets:	'	'
Real estate debt investments, net	1,144,356	1,031,078
Real estate securities, available for sale	911,060	1,052,320
Derivative assets	2,540	3,469
Financial liabilities:	'	'
Mortgage and other notes payable	4,446,262	2,113,334
CDO bonds payable	391,939	384,183
Securitization bonds payable	61,531	82,340
Credit facilities	822,588	70,038
Exchangeable senior notes	50,715	490,973
Junior subordinated notes	219,253	201,203
Derivative liabilities	20,398	52,204
Fair Value	'	'
Financial assets:	'	'
Real estate debt investments, net	1,147,316	1,026,709
Real estate securities, available for sale	911,060	1,052,320
Derivative assets	2,540	3,469
Financial liabilities:	'	'
Mortgage and other notes payable	4,450,283	2,107,110
CDO bonds payable	391,939	384,183
Securitization bonds payable	61,467	82,517
Credit facilities	822,588	70,038
Exchangeable senior notes	100,537	909,601
Junior subordinated notes	219,253	201,203
Derivative liabilities	$20,398	$52,204

Risk_Management_and_Derivative2

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

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Derivatives

Derivatives

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

Interest rate swaps

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

Timing swaps

Timing swaps

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Designated as hedge

Designated as hedge

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Principal / Notional Amount

Unrealized gain (loss) on investments and other

Unrealized gain (loss) on investments and other

Unrealized gain (loss) on investments and other

Unrealized gain (loss) on investments and other

Unrealized gain (loss) on investments and other

Unrealized gain (loss) on investments 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

Gain (loss) from deconsolidation of N-Star CDOs

Gain (loss) from deconsolidation of N-Star CDOs

Gain (loss) from deconsolidation of N-Star CDOs

Gain (loss) from deconsolidation of N-Star CDOs

instrument

instrument

Interest rate swaps

Interest rate swaps

Interest rate caps/floors

Interest rate caps/floors

Foreign Exchange Forward [Member]

LIBOR

LIBOR

LIBOR

LIBOR

LIBOR

instrument

instrument

Not designated as hedges

Not designated as hedges

Not designated as hedges

Not designated as hedges

Derivatives

Derivatives

instrument

instrument

instrument

instrument

instrument

Interest rate swaps

Interest rate swaps

Interest rate caps/floors

Interest rate caps/floors

Foreign Exchange Forward [Member]

Interest rate swaps

Interest rate caps/floors

Foreign Exchange Forward [Member]

Foreign Exchange Forward [Member]

Subsequent event

Derivative instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number (instruments)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

27

22

12

19

14

3

1

'

'

'

'

'

0

0

'

'

'

'

Notional Amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$28,000,000

$28,000,000

$2,055,749,000

$1,153,106,000

'

$674,418,000

'

$478,688,000

'

'

'

'

'

'

'

'

$320,192,000

$1,653,997,000

$81,560,000

$80,100,000

Fair Value Net Asset (Liability)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-17,858,000

-48,735,000

-20,398,000

-52,204,000

2,028,000

3,469,000

512,000

'

'

'

'

'

'

'

'

'

'

'

Lower Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.62%

4.27%

2.50%

1.64%

'

'

'

'

'

'

'

Higher Range of Fixed LIBOR (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.25%

5.25%

5.00%

5.00%

'

'

'

'

'

'

'

Forward contract, fixed interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.63%

'

'

'

'

'

'

Derivative assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate caps/floors/foreign currency forward

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,540,000

3,469,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swaps

'

'

'

'

'

'

'

20,398,000

52,204,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-hedge derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

-8,540,000

29,661,000

'

'

'

'

'

'

3,523,000

7,755,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

-8,540,000

'

29,661,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

-3,102,000

-11,379,000

-13,795,000

-44,053,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-228,000

-1,172,000

-686,000

-4,656,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification of swap gain (loss) into gain (loss) from deconsolidation of N-Star CDOs

0

15,246,000

0

15,246,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

-15,246,000

0

-15,246,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash margin held by counterparties as collateral

$0

'

$0

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended				9 Months Ended				12 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013		Dec. 31, 2013
					segment
Segment reporting	'		'		'		'		'
Number of reporting segments	'		'		5		'		'
Rental and escalation income	$86,915,000	[1]	$71,949,000	[1]	$234,116,000	[1]	$174,138,000	[1]	'
Hotel related income	79,194,000	[1]	0	[1]	101,720,000	[1]	0	[1]	'
Resident fee income	25,027,000	[1]	0	[1]	40,087,000	[1]	0	[1]	'
Net interest income on debt and securities	77,936,000	[1]	65,009,000	[1]	226,093,000	[1]	185,507,000	[1]	'
Income (loss) from operations	-33,250,000	[1]	32,672,000	[1]	2,895,000	[1]	90,633,000	[1]	'
Equity in earnings (losses) of unconsolidated ventures	38,234,000	[1]	31,013,000	[1]	101,406,000	[1]	54,445,000	[1]	'
Income (loss) from continuing operations	-26,331,000	[1]	-143,389,000	[1]	-203,214,000	[1]	-90,030,000	[1]	'
Income (loss) from discontinued operations	-278,000		1,640,000		-6,989,000		-2,569,000		'
Net income (loss)	-26,609,000	[1]	-141,749,000	[1]	-210,203,000	[1]	-92,599,000	[1]	-87,910,000
Transaction Costs	49,600,000		'		49,600,000		'		'
Total Assets	9,870,773,000	[2]	'		9,870,773,000	[2]	'		6,360,050,000	[2]
Variable Interest Entity, Primary Beneficiary	'		'		'		'		'
Segment reporting	'		'		'		'		'
Asset management services fee income	1,300,000		3,000,000		4,500,000		9,200,000		'
Variable Interest Entity, Primary Beneficiary | Eliminations	'		'		'		'		'
Segment reporting	'		'		'		'		'
Asset management and other fees, related parties	600,000		3,000,000		2,000,000		9,200,000		'
Real Estate	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	86,636,000		60,318,000		233,166,000		142,069,000		'
Hotel related income	79,194,000		'		101,720,000		'		'
Resident fee income	25,027,000		'		40,087,000		'		'
Net interest income on debt and securities	1,222,000		221,000		3,589,000		676,000		'
Income (loss) from operations	-44,154,000		-10,319,000		-87,258,000		-11,078,000		'
Equity in earnings (losses) of unconsolidated ventures	35,609,000		29,826,000		93,087,000		52,188,000		'
Income (loss) from continuing operations	-7,511,000		19,498,000		1,770,000		53,330,000		'
Income (loss) from discontinued operations	-278,000		22,000		-915,000		291,000		'
Net income (loss)	-7,789,000		19,520,000		855,000		53,621,000		'
Depreciation and amortization	51,300,000		27,600,000		110,400,000		52,700,000		'
Total Assets	7,349,016,000		'		7,349,016,000		'		3,343,402,000
Real Estate | QTD	'		'		'		'		'
Segment reporting	'		'		'		'		'
Transaction Costs	41,400,000		'		41,400,000		'		'
Real Estate | YTD	'		'		'		'		'
Segment reporting	'		'		'		'		'
Transaction Costs	81,100,000		'		81,100,000		'		'
CRE Debt	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	0		260,000		0		260,000		'
Hotel related income	0		'		0		'		'
Resident fee income	0		'		0		'		'
Net interest income on debt and securities	40,102,000		12,512,000		105,624,000		27,836,000		'
Income (loss) from operations	38,291,000		12,452,000		103,194,000		27,693,000		'
Equity in earnings (losses) of unconsolidated ventures	2,625,000		1,256,000		8,319,000		3,074,000		'
Income (loss) from continuing operations	38,700,000		15,933,000		108,586,000		32,093,000		'
Income (loss) from discontinued operations	0		0		0		0		'
Net income (loss)	38,700,000		15,933,000		108,586,000		32,093,000		'
Total Assets	1,319,466,000		'		1,319,466,000		'		1,211,079,000
CRE Securities	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	0		'		0		0		'
Hotel related income	0		'		0		'		'
Resident fee income	0		'		0		'		'
Net interest income on debt and securities	17,979,000		11,543,000		64,001,000		23,917,000		'
Income (loss) from operations	21,456,000		11,406,000		65,962,000		32,275,000		'
Equity in earnings (losses) of unconsolidated ventures	'		'		0		0		'
Income (loss) from continuing operations	25,254,000		45,895,000		72,284,000		68,430,000		'
Income (loss) from discontinued operations	0		0		0		0		'
Net income (loss)	25,254,000		45,895,000		72,284,000		68,430,000		'
Total Assets	459,951,000		'		459,951,000		'		418,837,000
N-Star CDOs, CRE Debt	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	'		10,983,000		'		30,947,000		'
Net interest income on debt and securities	'		10,371,000		'		37,820,000		'
Income (loss) from operations	'		4,732,000		'		17,046,000		'
Equity in earnings (losses) of unconsolidated ventures	'		-69,000		'		-817,000		'
Income (loss) from continuing operations	'		-268,950,000		'		-302,344,000		'
Income (loss) from discontinued operations	'		0		'		0		'
Net income (loss)	'		-268,950,000		'		-302,344,000		'
N-Star CDOs, CRE Securities	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	279,000		388,000		950,000		862,000		'
Hotel related income	0		'		0		'		'
Resident fee income	0		'		0		'		'
Net interest income on debt and securities	17,274,000		21,399,000		44,740,000		58,293,000		'
Income (loss) from operations	15,832,000		34,880,000		44,301,000		67,984,000		'
Equity in earnings (losses) of unconsolidated ventures	'		'		0		0		'
Income (loss) from continuing operations	1,344,000		36,376,000		-176,395,000		95,920,000		'
Income (loss) from discontinued operations	0		0		0		0		'
Net income (loss)	1,344,000		36,376,000		-176,395,000		95,920,000		'
Total Assets	515,746,000		'		515,746,000		'		727,875,000
Corporate	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	0		'		0		0		'
Hotel related income	0		'		0		'		'
Resident fee income	0		'		0		'		'
Net interest income on debt and securities	1,359,000		8,963,000		8,139,000		36,965,000		'
Income (loss) from operations	-64,675,000		-20,479,000		-123,304,000		-43,287,000		'
Equity in earnings (losses) of unconsolidated ventures	'		'		0		0		'
Income (loss) from continuing operations	-84,118,000		7,859,000		-209,459,000		-37,459,000		'
Income (loss) from discontinued operations	0		0		0		0		'
Net income (loss)	-84,118,000		7,859,000		-209,459,000		-37,459,000		'
Total Assets	226,594,000		'		226,594,000		'		627,148,000
Assets, Total [Member]	'		'		'		'		'
Segment reporting	'		'		'		'		'
Total Assets	9,870,773,000		'		9,870,773,000		'		6,360,050,000
Asset Management	'		'		'		'		'
Segment reporting	'		'		'		'		'
Rental and escalation income	'		'		0		0		'
Hotel related income	'		'		0		'		'
Resident fee income	'		'		0		'		'
Net interest income on debt and securities	'		'		0		0		'
Income (loss) from operations	'		0		0		0		'
Equity in earnings (losses) of unconsolidated ventures	'		'		0		0		'
Income (loss) from continuing operations	'		0		0		0		'
Income (loss) from discontinued operations	'		1,618,000		-6,074,000		-2,860,000		'
Net income (loss)	'		1,618,000		-6,074,000		-2,860,000		'
Total Assets	$0		'		$0		'		$31,709,000
[1]	The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.
[2]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: September 30, 2014 $23,512 ; December 31, 2013: $24,411 •Operating real estate, net: September 30, 2014: $4,869 ; December 31, 2013: $4,945 •Real estate debt investments, net: September 30, 2014: $25,635 ; December 31, 2013: $44,298 •Real estate securities, available for sale: September 30, 2014: $459,061 ; December 31, 2013: $644,015 •Receivables, net of allowance: September 30, 2014: $2,635 ; December 31, 2013: $4,476•Other assets: September 30, 2014: $566 ; December 31, 2013: $269 •Total assets of consolidated VIEs: September 30, 2014: $516,278 ; December 31, 2013: $722,414

Supplemental_Disclosures_of_No2

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Assumption of mortgage notes payable upon acquisition of operating real estate	$870,871	$0	'
Conversion of exchangeable senior notes	310,463	0	'
Exchangeable senior notes exchanged for Senior Notes	296,382	0	'
PE Investment IX purchase price payable	186,454	0	0
Reclassification of operating real estate to deferred costs and intangible assets	132,197	18,375	'
Contribution from non-controlling interests	73,486	0	'
Escrow deposit payable related to CRE debt investments	50,360	62,811	'
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	22,323	0	'
CRE debt investment payoff due from servicer	19,874	15,600	'
Conversion of Old LTIP Units	18,611	0	'
Reclassification of CRE debt investment to held for sale	15,223	0	'
Reclassification of operating real estate to other assets	14,141	60,621	'
Issuance of common stock related to transactions	6,803	0	'
Non-cash related to PE Investments	1,847	44,021	'
Dividends payable related to RSUs	1,143	0	'
Acquisition of operating real estate / reduction of CRE debt investments	0	135,361	'
Equity component of 5.375% Notes	0	45,740	'
Increase in restricted cash	$0	$6,065	'
Exchangeable Debt | 5.375% Notes	'	'	'
Debt Instrument [Line Items]	'	'	'
Contractual interest rate (as a percent)	5.38%	5.38%	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Aug. 05, 2014

Sep. 30, 2014

Aug. 06, 2014

7-May-14

Feb. 26, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Jul. 31, 2014

Apr. 30, 2014

Jan. 29, 2014

Oct. 22, 2014

Oct. 22, 2014

Oct. 29, 2014

Oct. 29, 2014

Oct. 29, 2014

Oct. 29, 2014

Oct. 29, 2014

Oct. 29, 2014

Griffin-American

Griffin-American

Griffin-American

Griffin-American

Griffin-American

Griffin-American

Griffin-American

Inland Portfolio

Common Stock

Common Stock

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

property

Minimum

Maximum

Consideration paid in cash

Consideration paid in common stock

Senior housing facilities

Medical Office Buildings

room

Series A preferred stock

Series A preferred stock

Series A preferred stock

Series B preferred stock

Series B preferred stock

Series B preferred stock

Series C Preferred Stock

Series C Preferred Stock

Series C Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series E Preferred Stock

Series E Preferred Stock

Series E Preferred Stock

NorthStar Healthcare

NorthStar Healthcare

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

hotel

Series A preferred stock

Series B preferred stock

Series C Preferred Stock

Series D Preferred Stock

Series E Preferred Stock

Subsequent Events

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

$0.40

[1],[2],[3]

$0.42

[1],[2],[3]

$1.40

[1],[2],[3]

$1.20

[1],[2],[3]

'

'

'

'

'

'

'

'

$0.50

$0.50

$0.50

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.40

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.55

$0.55

$0.55

$0.52

$0.52

$0.52

$0.55

$0.55

$0.55

$0.53

$0.53

$0.53

$0.55

$0

$0

'

'

'

$0.55

$0.52

$0.55

$0.53

$0.55

Business combination, purchase price

'

'

'

'

$4,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Business combination, debt assumed

'

'

'

'

600,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of healthcare-related real estate properties acquired

'

'

'

'

296

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total healthcare-related real estate properties acquired

'

'

'

'

'

'

'

'

'

30.00%

43.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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)

'

'

'

'

'

$16

$20.17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transaction Costs

49,600,000

'

49,600,000

'

130,000,000

'

'

'

'

'

'

9,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments to acquire investments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

'

'

'

'

'

Non-controlling interests, ownership percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.30%

'

'

'

'

'

'

Payment for interest in joint venture

'

'

$3,672,200,000

'

'

'

'

'

'

'

'

$1,100,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotels acquired

'

'

'

'

'

'

'

'

'

'

'

48

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of hotel rooms

'

'

'

'

'

'

'

'

'

'

'

6,400

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage interest in joint venture

'

'

'

'

'

'

'

'

'

'

'

90.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

The consolidated financial statements for the three months ended September 30, 2014 represent the Company's results of operations subsequent to the spin-off of the Company's historical asset management business. Periods prior to June 30, 2014 present a carve-out of the Company's historical financial information including revenues and expenses allocated to NSAM related to the Company's historical asset management business. As a result, results of operations for the three months ended September 30, 2014 may not be comparative to the Company's results of operations reported for the prior periods presented.

[2]

The dividend per share for the third quarter 2014 represents the first dividend declared subsequent to the spin-off of NSAM.

[3]

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