Northstar Realty Finance (NRF) 10-Q 11 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	7-May-15
Document and Entity Information
Entity Registrant Name	NORTHSTAR REALTY FINANCE CORP.
Entity Central Index Key	1273801
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		346,855,646
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Cash and cash equivalents	$405,203		$296,964
Restricted cash	345,531		395,056
Operating real estate, net	10,265,747		10,274,581
Real estate debt investments, net	996,615		1,067,667
Investments in private equity funds, at fair value	924,942		962,038
Investments in unconsolidated ventures	204,045		207,777
Real estate securities, available for sale	818,225		878,514
Receivables, net of allowance of $3,347 and $2,020 as of March 31, 2015 and December 31, 2014, respectively	121,348		111,358
Receivables, related parties	2,928		3,158
Unbilled rent receivable, net of allowance of $2,636 and $4,037 as of March 31, 2015 and December 31, 2014, respectively	24,465		16,404
Derivative assets, at fair value	2,130		3,247
Deferred costs and intangible assets, net	807,591		812,583
Assets of properties held for sale	29,012		29,012
Other assets	796,807		267,997
Total assets	15,744,589	[1]	15,326,356	[1]
Liabilities
Mortgage and other notes payable	8,483,606		8,535,863
CDO bonds payable, at fair value	383,110		390,068
Securitization bonds payable	0		41,823
Credit facilities	910,903		732,780
Exchangeable senior notes	31,515		41,762
Junior subordinated notes, at fair value	217,182		215,172
Accounts payable and accrued expenses	150,847		188,330
Due to related party	43,174		47,430
Escrow deposits payable	44,019		67,750
Derivative liabilities, at fair value	15,740		17,915
Liabilities of properties held for sale	28,962		28,962
Other liabilities	333,218		304,845
Total liabilities	10,642,276	[2]	10,612,700	[2]
Commitments and contingencies
NorthStar Realty Finance Corp. Stockholders’ Equity
Preferred stock, $986,640 aggregate liquidation preference as of March 31, 2015 and December 31, 2014	939,118		939,118
Common stock, $0.01 par value, 500,000,000 shares authorized, 334,356,131 and 301,684,041 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively	3,344		3,017
Additional paid-in capital	5,383,431		4,827,419
Retained earnings (accumulated deficit)	-1,586,520		-1,422,399
Accumulated other comprehensive income (loss)	29,234		49,540
Total NorthStar Realty Finance Corp. stockholders’ equity	4,768,607		4,396,695
Non-controlling interests	333,706		316,961
Total equity	5,102,313		4,713,656
Total liabilities and equity	15,744,589		15,326,356
Variable Interest Entity, Primary Beneficiary
Assets
Restricted cash	4,558		4,601
Operating real estate, net	0		7,137
Real estate debt investments, net	25,027		25,325
Real estate securities, available for sale	452,924		463,050
Receivables, net of allowance of $3,347 and $2,020 as of March 31, 2015 and December 31, 2014, respectively	2,162		2,304
Other assets	10,399		242
Total assets	495,070		502,659
Liabilities
CDO bonds payable, at fair value	383,110		390,068
Accounts payable and accrued expenses	1,355		1,761
Derivative liabilities, at fair value	15,502		17,707
Other liabilities	1,466		1,784
Total liabilities	$401,433		$411,320
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: March 31, 2015 $4,558 ; December 31, 2014: $4,601 •Operating real estate, net: March 31, 2015: $0 ; December 31, 2014: $7,137 •Real estate debt investments, net: March 31, 2015: $25,027 ; December 31, 2014: $25,325 •Real estate securities, available for sale: March 31, 2015: $452,924 ; December 31, 2014: $463,050 •Receivables, net of allowance: March 31, 2015: $2,162 ; December 31, 2014: $2,304•Other assets: March 31, 2015: $10,399 ; December 31, 2014: $242 •Total assets of consolidated VIEs: March 31, 2015: $495,070 ; December 31, 2014: $502,659
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: March 31, 2015 $383,110 ; December 31, 2014: $390,068 •Accounts payable and accrued expenses: March 31, 2015 $1,355 ; December 31, 2014: $1,761 •Derivative liabilities, at fair value: March 31, 2015 $15,502 ; December 31, 2014: $17,707 •Other liabilities: March 31, 2015 $1,466 ; December 31, 2014: $1,784 •Total liabilities of consolidated VIEs: March 31, 2015 $401,433 ; December 31, 2014: $411,320

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Receivables, allowance	$3,347	$2,020
Unbilled rent receivable, allowance	2,636	4,037
Preferred stock, aggregate liquidation preference (in dollars per share)	$986,640	$986,640
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	334,356,131	301,684,041
Common stock, shares outstanding	334,356,131	301,684,041

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Property and other revenues
Rental and escalation income	$166,509,000	[1]	$68,169,000	[1]
Hotel related income	168,727,000	[1]	0	[1]
Resident fee income	63,373,000	[1]	0	[1]
Other revenue	3,482,000	[1]	2,740,000	[1]
Total property and other revenues	402,091,000	[1]	70,909,000	[1]
Net interest income
Interest income	65,637,000	[1]	78,679,000	[1]
Interest expense on debt and securities	2,200,000	[1]	3,283,000	[1]
Net interest income on debt and securities	63,437,000	[1]	75,396,000	[1]
Expenses
Management fee, related party	48,231,000	[1]	0	[1]
Other interest expense	113,519,000	[1]	39,033,000	[1]
Real estate properties—operating expenses	205,426,000	[1]	21,958,000	[1]
Other expenses	577,000	[1]	746,000	[1]
Transaction costs	14,718,000	[1]	8,110,000	[1]
Provision for (reversal of) loan losses, net	483,000	[1]	1,886,000	[1]
General and administrative expenses
Salaries and related expense	3,755,000	[1]	3,328,000	[1]
Equity-based compensation expense	10,830,000	[1],[2]	3,905,000	[1],[2]
Other general and administrative expenses	3,400,000	[1]	4,552,000	[1]
Total general and administrative expenses	17,985,000	[1]	11,785,000	[1]
Depreciation and amortization	109,726,000	[1]	27,049,000	[1]
Total expenses	510,665,000	[1]	110,567,000	[1]
Unrealized gain (loss) on investments and other	-36,031,000	[1]	-142,340,000	[1]
Realized gain (loss) on investments and other	14,924,000	[1]	-45,512,000	[1]
Gain (loss) from deconsolidation of N-Star CDOs	0	[1]	3,355,000	[1]
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	-66,244,000	[1]	-148,759,000	[1]
Equity in earnings (losses) of unconsolidated ventures	53,643,000	[1]	33,979,000	[1]
Income tax benefit (expense)	-1,664,000	[1]	-2,187,000	[1]
Income (loss) from continuing operations	-14,265,000	[1]	-116,967,000	[1]
Income (loss) from discontinued operations	-11,000	[1],[2],[3]	-6,139,000	[1],[2],[3]
Net income (loss)	-14,276,000	[1]	-123,106,000	[1]
Net (income) loss attributable to non-controlling interests	3,733,000	[1]	3,736,000	[1]
Preferred stock dividends	-21,059,000	[1]	-15,591,000	[1]
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-31,602,000	[1]	-134,961,000	[1]
Earnings (loss) per share:
Income (loss) per share from continuing operations (in dollars per share)	($0.10)	[1],[4]	($0.80)	[1],[4]
Income (loss) per share from discontinued operations (in dollars per share)	$0	[1],[4]	($0.04)	[1],[4]
Basic (in dollars per share)	($0.10)	[1],[4]	($0.84)	[1],[4]
Diluted (in dollars per share)	($0.10)	[1],[4]	($0.84)	[1],[4]
Weighted average number of shares:
Basic (in shares)	308,536,466	[1],[3],[4]	160,514,590	[1],[3],[4]
Diluted (in shares)	309,252,235	[1],[4]	164,799,318	[1],[4]
Dividends per share of common stock (in dollars per share)	$0.40	[1],[4]	$0.50	[1],[4]
Equity-based compensation expense, discontinued operations			$5,700,000
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.
[2]	Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[3]	The three months ended March 31, 2014 includes $5.7 million of equity-based compensation recorded in discontinued operations.
[4]	The three months ended March 31, 2014 is adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 12. “Stockholders’ Equity” for disclosure related to the reverse stock split. The dividend per share for the three months ended March 31, 2015 represents the dividend declared subsequent to the spin-off of NSAM.

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	($14,276)	[1]	($123,106)	[1]
Other comprehensive income (loss):
Unrealized gain (loss) on real estate securities, available for sale, net	-18,546		8,484
Foreign currency translation adjustment, net	-2,356		0
Reclassification of swap (gain) loss into interest expense on debt and securities	265		229
Total other comprehensive income (loss)	-20,637		8,713
Comprehensive income (loss)	-34,913		-114,393
Comprehensive (income) loss attributable to non-controlling interests	4,033		3,509
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp.	($30,880)		($110,884)
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period 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, 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]				55,250,000
Net proceeds from offering of common stock		1,191,307			553	[1]	1,190,754	[1]			1,191,307
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]				61,708,000
Common stock related to transactions		1,082,731			617	[1]	1,082,114	[1]			1,082,731
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		321,455										321,455
Non-controlling interests—distributions		-13,593										-13,593
Dividend reinvestment plan (in shares)	[1]				9,000
Dividend reinvestment plan		239			0	[1]	239	[1]			239
Amortization of equity-based compensation		37,375					21,053	[1]			21,053	16,322
Equity component of exchangeable senior notes		-296,382					-296,382	[1]			-296,382
Conversion of exchangeable senior notes (in shares)	[1]				24,907,000
Conversion of exchangeable senior notes		320,304			249	[1]	320,055	[1]			320,304
Other comprehensive income (loss)		54,632								53,874	53,874	758
Conversion of Old LTIP Units (in shares)	[1]				4,607,000
Conversion of 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 and equity-based awards		-370,834							-364,956		-364,956	-5,878
Dividends on preferred stock		-73,300							-73,300		-73,300
Net income (loss)		-321,086							-298,207		-298,207	-22,879
Balance at Dec. 31, 2014		4,713,656		939,118	3,017	[1]	4,827,419	[1]	-1,422,399	49,540	4,396,695	316,961
Balance (in shares) at Dec. 31, 2014				39,466,000	301,684,000	[1]
Increase (Decrease) in Stockholders' Equity
Net proceeds from offering of common stock (in shares)	[1]				31,250,000
Net proceeds from offering of common stock		555,455			313	[1]	555,142	[1]			555,455
Non-controlling interests—contributions		11,789										11,789
Non-controlling interests—distributions		-10,885										-10,885
Dividend reinvestment plan (in shares)	[1]				2,000
Dividend reinvestment plan		38			0	[1]	38	[1]			38
Amortization of equity-based compensation		10,296					9,121	[1]			9,121	1,175
Conversion of exchangeable senior notes (in shares)	[1]				1,355,000
Conversion of exchangeable senior notes		11,228			13	[1]	11,215	[1]			11,228
Other comprehensive income (loss)		-20,637								-20,306	-20,306	-331
Conversion of Deferred LTIP Units to LTIP Units		0					-18,730	[1]			-18,730	18,730
Issuance of restricted stock, net of tax withholding (in shares)					65,000
Issuance of restricted stock, net of tax withholding		-773			1	[1]	-774	[1]			-773
Dividends on common stock and equity-based awards		-132,519							-132,519		-132,519
Dividends on preferred stock		-21,059							-21,059		-21,059
Net income (loss)		-14,276	[2]						-10,543		-10,543	-3,733
Balance at Mar. 31, 2015		$5,102,313		$939,118	$3,344	[1]	$5,383,431	[1]	($1,586,520)	$29,234	$4,768,607	$333,706
Balance (in shares) at Mar. 31, 2015				39,466,000	334,356,000	[1]
[1]	Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 12. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.
[2]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($14,276)	[1]	($123,106)	[1]
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of PE Investments	-48,186		-30,335
Equity in (earnings) losses of unconsolidated ventures	-5,457		-3,644
Depreciation and amortization	109,726		27,049
Amortization of premium/accretion of discount on investments	-19,499		-18,763
Interest accretion on investments	-4,071		-4,443
Amortization of deferred financing costs	13,615		1,640
Amortization of equity-based compensation	10,296		9,355
Unrealized (gain) loss on investments and other	32,983		135,604
Realized (gain) loss on investments and other / other income	-14,924		45,512
(Gain) loss on deconsolidation of N-Star CDOs	0	[1]	-3,355	[1]
Distributions from PE Investments	48,186		30,335
Distributions from unconsolidated ventures	196		541
Distributions from equity investments	8,685		4,764
Amortization of capitalized above/below market leases	2,660		-233
Straight line rental income, net	-8,159		-318
Deferred income taxes, net	-451		0
Provision for (reversal of) loan losses, net	483	[1]	1,886	[1]
Allowance for uncollectible accounts	582		0
Other	829		0
Discount received	0		71
Changes in assets and liabilities:
Restricted cash	-661		-3,104
Receivables	17,917		-2,566
Receivables, related parties	230		-3,652
Other assets	1,703		-1,916
Accounts payable and accrued expenses	-23,130		-7,954
Due to related party	-4,256		0
Other liabilities	419		328
Net cash provided by (used in) operating activities	105,440		53,696
Cash flows from investing activities:
Acquisition of operating real estate, net	-97,276		0
Improvements of operating real estate	-23,581		-2,229
Proceeds from sale of operating real estate	3,681		0
Deferred costs and intangible assets	-790		0
Origination of real estate debt investments, net	-10,777		-139,886
Proceeds from sale of real estate debt investments	0		8,952
Repayment on real estate debt investments	104,014		12,190
Investment in PE Investments	-1,096		-1,836
Distributions from PE Investments	25,292		48,449
Investment in unconsolidated ventures	0		-493
Distributions from unconsolidated ventures	2,054		256
Acquisition of real estate securities, available for sale	0		-7,872
Proceeds from the sale of real estate securities, available for sale	60,963		22,166
Repayment of real estate securities, available for sale	4,282		5,646
Change in restricted cash	18,436		999
Investment deposits and pending deal costs	-568,351		0
Other assets	-6,716		-7,321
Net cash provided by (used in) investing activities	-489,865		-60,979
Cash flows from financing activities:
Borrowings from mortgage notes	67,254		0
Repayment of mortgage notes	-27,727		-2,711
Repayment of CDO bonds	-16,146		-30,186
Repayment of securitization bonds payable	-41,831		0
Borrowings from credit facilities	420,000		0
Repayment of credit facilities	-241,877		-8,008
Payment of financing costs	-70,654		-747
Purchase of derivative instruments	-42		0
Change in restricted cash	1,562		17,362
Net proceeds from common stock offering	555,455		0
Proceeds from dividend reinvestment plan	38		77
Dividends	-150,858		-97,313
Contributions from non-controlling interests	11,789		198
Distributions to non-controlling interests	-10,885		-3,252
Net cash provided by (used in) financing activities	496,078		-124,580
Effect of foreign currency translation on cash and cash equivalents	-3,414		0
Net increase (decrease) in cash and cash equivalents	108,239		-131,863
Cash and cash equivalents—beginning of period	296,964		635,990
Cash and cash equivalents—end of period	$405,203		$504,127
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Business_and_Organization

Business and Organization	3 Months Ended
	Mar. 31, 2015
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, with a current focus on Europe. Effective June 30, 2014, the Company is externally managed and advised by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), which together with its affiliates is referred to as 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.
	On March 13, 2015, the Company formed NorthStar Realty Finance Limited Partnership, a Delaware limited partnership and the operating partnership of the Company (the “Operating Partnership”). The Company contributed substantially all of its assets to the Operating Partnership in exchange for all of the common and preferred limited partnership interests in the Operating Partnership and the assumption of certain of the Company’s liabilities. The Operating Partnership holds, directly or indirectly, substantially all of the Company’s assets and the Company conducts its operations, directly or indirectly, through the Operating Partnership.
	Proposed Spin-off of European Real Estate Business
	On February 26, 2015, the Company announced that its board of directors unanimously approved a plan to spin-off the Company’s European real estate business (the “Proposed European Spin”) into a newly-formed publicly-traded REIT, NorthStar Realty Europe Corp. (“NRE”) expected to be listed on the New York Stock Exchange (“NYSE”). As of May 6, 2015, the Company acquired approximately $2.0 billion of European real estate comprised of 49 properties spanning across some of Europe’s top markets (“European Portfolio”) that will be contributed to NRE upon the completion of the Proposed European Spin. Refer to Note 20. “Subsequent Events” for further disclosure. NSAM will manage NRE pursuant to a long-term management agreement, on substantially similar terms as the Company’s management agreement with NSAM. The Proposed European Spin is expected to be completed in the second half of 2015.
	All references herein to the Company refer to NorthStar Realty Finance Corp. and its consolidated subsidiaries, including the Operating Partnership, collectively, unless the context otherwise requires.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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, 2014, which was filed with the Securities and Exchange Commission (the “SEC”).
	The consolidated financial statements for the three months ended March 31, 2015 represent the Company subsequent to the spin-off of its historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.
	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.
	The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations (“CDOs”) and its liabilities to subsidiary trusts issuing preferred securities (“junior subordinated notes”) to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
	Investments in Unconsolidated Ventures
	A non-controlling, unconsolidated ownership interest in an entity 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 a preferred return and allocation formula, 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 6). 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 an investment that does 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 entity as a result of a preferred return and allocation formula, 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.
	The following table presents the components of accumulated OCI for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	Accumulated OCI		Cumulative Unrealized Gain (Loss) on Available for Sale Securities				Effective Portion of Cash Flow Hedges			Foreign Currency Translation			Total
	Balance as of December 31, 2014		$	56,072			$	(1,694	)	$	(4,838	)	$	49,540
	Unrealized gain (loss) on real estate securities, available for sale		(7,123		)		—			—			(7,123		)
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(11,423		)		—			—			(11,423		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15)		—				265			—			265
	Foreign currency translation adjustment		—				—			(3,055		)	(3,055		)
	Reclassification of foreign currency translation into realized gain (loss) on investments and other		—				—			699			699
	Non-controlling interests		—				—			331			331
	Balance as of March 31, 2015 (Unaudited)		$	37,526			$	(1,429	)	$	(6,863	)	$	29,234
	Balance as of December 31, 2013		$	(1,736	)		$	(2,598	)	$	—		$	(4,334	)
	Unrealized gain (loss) on real estate securities, available for sale		9,451				—			—			9,451
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(967		)		—			—			(967		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15)		—				229			—			229
	Non-controlling interests		(221		)		(6		)	—			(227		)
	Balance as of March 31, 2014 (Unaudited)		$	6,527			$	(2,375	)	$	—		$	4,152
	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 March 31, 2015 and December 31, 2014 (dollars in thousands):
			31-Mar-15				December 31,
			(Unaudited)				2014
	Capital expenditures reserves		$	198,190			$	211,010
	Operating real estate escrow reserves(1)		110,122				123,017
	CRE debt escrow deposits		32,612				56,342
	Cash in CDOs(2)		4,607				4,687
	Total		$	345,531			$	395,056
	__________________________________________________
	-1	Primarily represents insurance, real estate tax, tenant security deposits and other escrows related to operating real estate.
	-2	Represents proceeds from repayments and/or sales pending distribution.
	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 is carried at historical cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.
	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.  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.
Deferred Costs
Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles
The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term.
Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded.
Identified intangible assets are recorded in deferred costs and intangible assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
Other Assets and Other Liabilities
The following table presents a summary of other assets and other liabilities as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		31-Mar-15				December 31,
		(Unaudited)				2014
Other assets:
Investment deposits and pending deal costs		$	631,218		(1)	$	62,867
Notes receivable, net		52,070				48,932
Due from servicer		46,270				64,583
Investment-related reserves and deposits		27,204				23,086
Prepaid expenses		24,655				27,595
Deferred tax assets		10,793				7,730
Other		4,597				6,493
Manufactured homes		—			(2)	26,711
Total		$	796,807			$	267,997
		31-Mar-15				December 31,
		(Unaudited)				2014
Other liabilities:
Intangible liabilities		$	175,559			$	176,528
Deferred tax liabilities		63,303				38,303
PE Investment III deferred purchase price (refer to Note 5)		39,759				39,759
Tenant security deposits		28,373				27,854
Prepaid rent and unearned revenue		18,420				17,668
Other		7,804				4,733
Total		$	333,218			$	304,845
__________________________________________________
-1	Primarily relates to deposits on European real estate acquisitions that closed in April 2015 (refer to Note 20).
-2	The Company reclassified manufactured homes to operating real estate, net on the consolidated balance sheet as of March 31, 2015.
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.
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.
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. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. The Company recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. The Company recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense, over the requisite service period, net of estimated forfeitures, on a straight-line basis. 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, as described above. 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, if any.
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. Diluted EPS includes restricted stock and 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 limited partnership interests in the Operating Partnership which are structured as profits interests (“LTIP Units”)) (refer to Note 11), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and LTIP Units is calculated assuming all units are converted to common stock.
Income Taxes
The Company has elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
The Company maintains various taxable REIT subsidiaries (“TRSs”) which may be subject to U.S. federal, state and local income taxes and foreign taxes. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the REIT cannot hold directly and may engage in most real estate or non-real estate-related business. The Company has established several TRSs in jurisdictions for which no taxes are assessed on corporate earnings. However, the Company generally must include in earnings the income from these TRSs even if it has received no cash distributions. Additionally, the Company has invested in certain real estate assets in Europe, for which local country level taxes will be due on earnings (or other measure) and in some cases withholding taxes for the repatriation of earnings back to the REIT. The REIT will not generally be subject to any additional U.S. taxes on the repatriation of its earnings.
Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs and taxable foreign subsidiaries. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal, state, local and foreign tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax expense included in income tax benefit (expense) in the consolidated statements of operations.
The Company recorded income tax expense of $1.7 million and $2.2 million for the three months ended March 31, 2015 and 2014, respectively.
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, 2014 for further disclosure of the Company’s significant accounting policies.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“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.  The accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP.  In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard to January 1, 2018. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial position, results of operations and financial statement disclosures.
In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures.
In April 2015, the FASB issued an accounting update changing the presentation of financing costs in financial statements. Under the new guidance, an entity would present these costs in the balance sheet as a direct deduction from the related liability rather than as an asset.  Amortization of the costs would be reported as interest expense.  The new guidance is effective for annual periods and interim periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures.

Operating_Real_Estate

Operating Real Estate	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate
	The following table presents operating real estate, net as of March 31, 2015 and December 31, 2014 (dollars in thousands):
			31-Mar-15			December 31,
			(Unaudited)			2014
	Land		$	1,495,285		$	1,490,613
	Land improvements		1,065,281			1,070,507
	Buildings and improvements		7,061,892			7,008,856
	Building leasehold interests and improvements		589,475			591,626
	Furniture, fixtures and equipment		306,993			286,340
	Tenant improvements		163,634			159,159
	Construction in progress		23,500			17,054
	Subtotal		10,706,060			10,624,155
	Less: Accumulated depreciation		(440,313		)	(349,574		)
	Operating real estate, net		$	10,265,747		$	10,274,581
	Real Estate Acquisitions
	The following table summarizes the Company’s acquisitions for the three months ended March 31, 2015 (dollars in millions):
	Acquisition Date		Type		Description	Name		Purchase Price(1)		Properties	Financing		Equity		Ownership Interest		Transaction Costs
	February - March 2015		Office		Multi-tenant office	Legacy Properties		$	98.1	7	$	67.3	$	28.2	95	%	$	0.7
	______________________________________
	-1	Includes escrows and reserves and excludes transaction costs.

Real_Estate_Debt_Investments

Real Estate Debt Investments	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments
	The following table presents CRE debt investments as of March 31, 2015 (dollars in thousands):
														Weighted Average(8)									Floating Rate
																							as % of
		Number		Principal				Carrying			Allocation by			Fixed Rate			Spread			Yield(10)			Principal Amount(7)
				Amount				Value			Investment						Over
											Type(7)						LIBOR(9)
	Asset Type:
	First mortgage loans(1)(2)(6)	11		$	372,045			$	258,985		33.7	%		9.51	%		7.18	%		9.58	%		50	%
	Mezzanine loans	7		148,290				145,022			13.4	%		13.79	%		13.83	%		13.92	%		53.3	%
	Subordinate interests	6		181,232				180,956			16.4	%		13.12	%		11.8	%		12.58	%		34.5	%
	Corporate loans (3)(4)	8		360,343				386,625			32.8	%		12.37	%		—			13.02	%		—
	Subtotal/Weighted average(5)	32		1,061,910				971,588			96.3	%		11.89	%		9.63	%		12.13	%		30.7	%
	CRE debt in N-Star CDOs
	First mortgage loans	2		26,957				11,360			2.4	%		—			1.27	%		3.09	%		100	%
	Mezzanine loans	1		11,000				10,901			1	%		8	%		—			9.26	%		—
	Corporate loans	6		2,765				2,766			0.3	%		6.74	%		—			6.74	%		—
	Subtotal/Weighted average	9		40,722				25,027			3.7	%		7.75	%		1.27	%		6.18	%		66.2	%
	Total	41		$	1,102,632			$	996,615		100	%		11.82	%		8.98	%		11.98	%		32	%
	____________________________________________________________
	-1	Includes a Sterling denominated loan of £66.7 million, of which £19.7 million is outstanding as of March 31, 2015. This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022.
	-2	Includes three loans that pursuant to certain terms and conditions which may or may not be satisfied, where the Company has an option to purchase the properties securing these loans.
	-3	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of March 31, 2015, carrying value represents fair value with respect to these investments.
	-4	Includes four revolving loans of $156.4 million, of which $70.0 million is outstanding as of March 31, 2015.
	-5	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $113.7 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 $135.3 million.
	-6	There are two first mortgage loans on non-accrual status with an aggregate carrying value of $8.9 million as of March 31, 2015, which were acquired with deteriorated credit quality.
	-7	Based on principal amount.
	-8	Excludes two CRE debt investments with an aggregate principal amount of $9.2 million that were originated prior to 2008.
	-9	$275.8 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.54%. Includes one first mortgage loan with a principal amount of $6.0 million with a spread over the prime rate.
	-10	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of March 31, 2015 and for CRE debt with a LIBOR floor, using such floor.
	For the three months ended March 31, 2015, the Company did not originate or purchase any loans.
	The following table presents CRE debt investments as of December 31, 2014 (dollars in thousands):
														Weighted Average(8)									Floating Rate
																							as % of
		Number		Principal				Carrying			Allocation by			Fixed Rate			Spread			Yield(10)			Principal Amount(7)
				Amount				Value			Investment						Over
											Type(7)						LIBOR(9)
	Asset Type:
	First mortgage loans(1)(2)(6)	13		$	434,671			$	313,590		36.6	%		9.51	%		6.66	%		9.34	%		57.2	%
	Mezzanine loans	8		149,816				146,088			12.6	%		13.79	%		13.83	%		14.05	%		53.3	%
	Subordinate interests	8		201,564				200,237			17	%		13.11	%		12.33	%		13.01	%		40.7	%
	Corporate loans(3)(4)	8		360,343				382,427			30.3	%		12.37	%		—			12.99	%		—
	Subtotal/Weighted average(5)	37		1,146,394				1,042,342			96.5	%		11.89	%		9.15	%		12	%		35.6	%
	CRE debt in N-Star CDOs
	First mortgage loans	2		26,957				11,360			2.3	%		—			1.27	%		3.08	%		100	%
	Mezzanine loans	1		11,000				11,000			0.9	%		8	%		—			8	%		—
	Corporate loans	6		2,965				2,965			0.3	%		6.74	%		—			6.74	%		—
	Subtotal/Weighted average	9		40,922				25,325			3.5	%		7.73	%		1.27	%		5.64	%		65.9	%
	Total	46		$	1,187,316			$	1,067,667		100	%		11.82	%		8.65	%		11.85	%		36.7	%
	____________________________________________________________
	-1	Includes a Sterling denominated loan of £66.7 million, of which £16.1 million is outstanding as of December 31, 2014. This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022.
	-2	Includes three loans that pursuant to certain terms and conditions which may or may not be satisfied, where the Company has an option to purchase the properties securing these loans.
	-3	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of December 31, 2014, carrying value represents fair value with respect to these investments.
	-4	Includes four revolving loans of $156.4 million, of which $60.7 million is outstanding as of December 31, 2014.
	-5	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $35.8 million for Securitization 2012-1 and $140.6 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company’s cash requirement on future fundings would be $113.4 million.
	-6	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million as of December 31, 2014. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $3.2 million carrying value where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-7	Based on principal amount.
	-8	Excludes three CRE debt investments with an aggregate principal amount of $10.7 million that were originated prior to 2008.
	-9	$357.9 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.84%. Includes one first mortgage loan with a principal amount of $6.2 million with a spread over prime rate.
	-10	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2014 and for CRE debt with a LIBOR floor, using such floor.
	The following table presents maturities of CRE debt investments based on principal amount as of March 31, 2015 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
April 1 to December 31, 2015	$	160,057			$	103,676
Years Ending December 31:
2016	278,526				143,475
2017	102,892				126,824
2018	2,424				169,924
2019	—				—
Thereafter	558,733				558,733
Total	$	1,102,632			$	1,102,632
____________________________________________________________
-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
As of March 31, 2015, the weighted average maturity, including extensions, of CRE debt investments was 4.8 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 March 31, 2015, the Company had $22.8 million of net unamortized discount and $4.0 million of net unamortized origination fees and costs.
The Company has one non-performing loan (“NPL”) with a principal amount of $4.2 million as of March 31, 2015. There were no NPLs as of December 31, 2014.
Provision for Loan Losses
The following table presents activity in loan loss reserves on CRE debt investments for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	Three Months Ended March 31,
	2015				2014
Beginning balance	$	5,599			$	2,880
Provision for (reversal of) loan losses, net	200			(1)	1,886
Ending balance	$	5,799			$	4,766
____________________________________________________________
(1) Excludes $0.3 million of provision for loan losses relating to manufactured housing notes receivables recorded in other assets.
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):
	March 31,				December 31,
Credit Quality Indicator:	2015				2014
Loans with no loan loss reserve:
First mortgage loans	$	265,665			$	324,251
Mezzanine loans	155,923				157,089
Subordinate interests	180,956				200,236
Corporate loans	389,391				385,391
Subtotal	991,935				1,066,967
Other loans with a loan loss reserve/non-accrual status:
First mortgage loans(1)	500				700
Mezzanine loans(2)	—				—
Subtotal	500				700
Non-performing loans:	4,180				—
Total	$	996,615			$	1,067,667
____________________________________________________________
-1	Excludes two first mortgage loans acquired with deteriorated credit quality with a carrying value of $8.9 million and $5.7 million as of March 31, 2015 and December 31, 2014, respectively.
-2	Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.7 million. Such loan is not considered a NPL as debt service is currently being received.
Impaired Loans
The Company considers impaired loans to generally include NPLs, loans with a loan loss reserve, loans on non-accrual status (excluding loans acquired with deteriorated credit quality) and TDRs. The following table presents impaired loans as of March 31, 2015 and December 31, 2014 (dollars in thousands):
	31-Mar-15														December 31, 2014
	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	2			$	6,934			$	4,680		$	2,033			1		$	2,533			$	700		$	1,833
Mezzanine loans	1			3,766				—			3,766				1		3,766				—			3,766
Total	3			$	10,700			$	4,680		$	5,799			2		$	6,299			$	700		$	5,599
____________________________________________________________
-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 two first mortgage loans acquired with deteriorated credit quality with an aggregate carrying value of $8.9 million and $5.7 million as of March 31, 2015 and December 31, 2014, respectively.
The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	March 31, 2015									March 31, 2014
	Number		Average				Quarter Ended Income			Number		Average				Quarter Ended Income
			Carrying									Carrying
			Value									Value
Class of Debt:
First mortgage loans	2		$	2,690			$	50		1		$	1,783			$	—
Mezzanine loans	1		—				2			1		943				2
Total/weighted average	3		$	2,690			$	52		2		$	2,726			$	2
As of March 31, 2015 and December 31, 2014, the Company did not have any loans past due greater than 90 days.

Investments_in_Private_Equity_

Investments in Private Equity Funds (Private Equity Funds)	3 Months Ended
	Mar. 31, 2015
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,” “PE Investment IX” and “PE Investment X”) (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.
	The Company evaluates whether disclosure of summarized financial statement information is required for any individually significant investment in unconsolidated ventures. The Company determined there were seven significant unconsolidated joint ventures with respect to certain PE Investments as of March 31, 2015. Summarized financial data for such unconsolidated joint ventures for the three months ended December 31, 2014, which is the most recent financial information available from the underlying funds, included net investment income of $17.8 million, realized gains of $1.6 million and unrealized gains of $37.2 million. However, the Company records equity in earnings (losses) based on the change in fair value for its share of the projected cash flow from one period to another and not based on such summarized financial data.
	Summary
	The following tables summarize the Company’s PE Investments as of March 31, 2015 (dollars in millions):
	PE Investment(1)		Initial Closing Date		NAV Reference Date(2)	Number of Funds			Purchase Price			Expected Future Contributions(3)
	PE Investment I		15-Feb-13		30-Jun-12	49			$	282.1		$	7
	PE Investment II		3-Jul-13		30-Sep-12	24			353.4			2
	PE Investment III (4)		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		30-Jul-14		30-Jun-14	20			90.2			2
	PE Investment VII		15-Aug-14		31-Dec-13	14			54.9			1
	PE Investment IX		2-Oct-14		31-Mar-14	11			217.7			4
	PE Investment X		4-Dec-14		30-Jun-14	13			152.4			—
	Total					143		(5)	$	1,210.50		$	17
	____________________________________________________________
	-1	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 March 31, 2015, PE Investment VIII has not made any investments.
	-2	Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment.
	-3	Represents the estimated amount of expected future contributions to funds as of March 31, 2015.
	-4	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.
	-5	The total number includes 14 funds held across multiple PE Investments.
			Carrying Value							Three Months Ended March 31, 2015							Three Months Ended March 31, 2014
	PE Investment(1)		31-Mar-15			31-Dec-14				Equity in Earnings			Distributions(2)		Contributions		Equity in Earnings		Distributions(2)		Contributions
	PE Investment I (3)		$	211		$	218.6			$	13.9		$	17.7	$	0.6	$	14.8	$	19	$	0.1
	PE Investment II		224			231.6				14			21.6		—		14.1		23.7		1.7
	PE Investment III		50.2			51				0.7			1.5		—		1.4		1.4		0.1
	PE Investment IV		8.2			7.8				0.3			—		—		—		—		—
	PE Investment V		8.4			8				0.5			—		—		—		—		—
	PE Investment VI		82.3			86.3				3.4			7.4		0.1		—		—		—
	PE Investment VII		43			42.7				2.1			1.9		—		—		—		—
	PE Investment IX		164.2			174.6				7.4			18		0.2		—		—		—
	PE Investment X		133.6			141.4				5.9			13.8		0.2		—		—		—
	Total		$	924.9		$	962			$	48.2		$	81.9	$	1.1	$	30.3	$	44.1	$	1.9
	____________________________________________________________
	-1	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in PE Investments. For the three months ended March 31, 2015, PE Investment VIII has not made any investments.
	-2	Net of a $15.9 million and $9.2 million reserve for taxes in the aggregate for all PE Investments for the three months ended March 31, 2015 and 2014, respectively.
	-3	The Company recorded an unrealized loss of $4.4 million for the three months ended March 31, 2015.
	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 Real Estate Income Trust, Inc. (“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. As of March 31, 2015, the Company’s share of the Deferred Amount was $286.3 million. In April 2015, PE Investment II paid $61.3 million of the Deferred Amount to PE II Seller, of which the Company’s share was $42.9 million. The Company funded $353.4 million, all of its proportionate share of the Initial Amount, at the initial closing on July 3, 2013. The Deferred Amount is a liability of PE Investment II. Each Partner, directly or indirectly, guaranteed its proportionate interest of the Deferred Amount. The Company determined there was an immaterial amount of fair value related to the guarantee.
	On March 31st of each year, commencing on March 31, 2015 and for a period of two years thereafter, PE Investment II will pay, within ten business days of March 31st, 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)	3 Months Ended
	Mar. 31, 2015
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. The investments in RXR Realty LLC (“RXR Realty”), Aerium Group (“Aerium”) and Legacy Partners Commercial, LLC (“Legacy Commercial”) are accounted for at fair value. The investments in the NSAM Sponsored Companies (as defined below) were accounted for under the equity method prior to the spin-off of NSAM and are accounted for under the cost method subsequent to the spin-off of NSAM. All other investments in unconsolidated ventures are accounted for under the equity method.
	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 $93.6 million and $90.0 million as of March 31, 2015 and December 31, 2014, respectively. For the three months ended March 31, 2015 and 2014, the Company recognized equity in earnings of $3.5 million and $1.5 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 10. “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 March 31, 2015, 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 12). The carrying value of the investment in Aerium was $57.0 million and $62.8 million as of March 31, 2015 and December 31, 2014, respectively. For the three months ended March 31, 2015, the Company recognized equity in earnings of $1.1 million. 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 10. “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. The carrying value of the Company’s investment as of March 31, 2015 and December 31, 2014 was $5.3 million and $5.0 million, respectively. For the three months ended March 31, 2015, the Company recognized equity in earnings of $0.4 million.
	Multifamily Joint Venture
	In July 2013, the Company through a joint venture with a private investor, acquired a multifamily property with 498 units, located in Philadelphia, Pennsylvania for an aggregate purchase price of $41.0 million, including all costs, escrows and reserves. The property was financed with a non-recourse mortgage note of $29.5 million and the remainder in cash. In April 2015, the Company obtained additional non-recourse financing on the property of $7.0 million. Both financings mature on July 1, 2023 and bear a weighted average fixed interest rate of 3.87%. The Company’s 90% interest in the joint venture was acquired for $10.4 million. The carrying value of the Company’s investment was $9.7 million and $9.9 million as of March 31, 2015 and December 31, 2014, respectively. For the three months ended March 31, 2015 and 2014, the Company recognized an immaterial amount and $0.2 million of equity in losses, respectively, which was primarily attributable to depreciation and amortization of $0.3 million for each period.
	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 $9.4 million and $10.8 million as of March 31, 2015 and December 31, 2014, respectively. For the three months ended March 31, 2015 and 2014 the Company recognized equity in earnings of $0.3 million and $0.1 million, respectively.
	CS Federal Drive, LLC
	The Company owns a 50% interest in CS Federal Drive, LLC (“CS/Federal”), which owns three adjacent class A office/flex buildings in Colorado. The properties were acquired for $54.3 million and the joint venture financed the transaction with two separate non-recourse mortgages totaling $38.0 million and the remainder in cash. The mortgages mature on February 11, 2016 and bear a fixed interest rate of 5.51% and 5.46%, respectively. The carrying value of the investment in CS/Federal was $5.7 million as of March 31, 2015 and December 31, 2014. For the three months ended March 31, 2015 and 2014, the Company recognized equity in earnings of $0.1 million and equity in losses of $0.1 million, respectively.
	NSAM Sponsored Companies
	Affiliates of NSAM also manage the Company’s previously sponsored companies: NorthStar Income, NorthStar Healthcare Income, Inc. (“NorthStar Healthcare”) and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”) and together with any new sponsored company, (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, which raises capital in the retail market for NSAM’s Sponsored Companies.
	The Company committed to purchase up to $10 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 connection with the Company’s commitment to purchase shares of the NSAM Sponsored Companies, the Company acquired an aggregate of $12.1 million of shares of NorthStar Income, NorthStar Healthcare and NorthStar Income II through March 31, 2015. In addition, pursuant to the management agreement with NSAM, the Company committed up to $10 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 carrying value of the investment in NorthStar Income was $5.9 million and $6.0 million, representing an interest of 0.5% and 0.6%, as of March 31, 2015 and December 31, 2014, respectively. For the three months ended March 31, 2015 and 2014, the Company recognized $0.1 million of earnings for each period.
	•	NorthStar Healthcare - The carrying value of the investment in NorthStar Healthcare was $2.3 million and $2.4 million as of March 31, 2015 and December 31, 2014, respectively, representing an interest of 0.3% as of each date. For the three months ended March 31, 2015 and 2014, the Company recognized an immaterial amount and $0.1 million of losses, respectively.
	•	NorthStar Income II - The carrying value of the investment in NorthStar Income II was $3.1 million as of March 31, 2015 and December 31, 2014, representing an interest of 0.7% and 1.2%, respectively. For the three months ended March 31, 2015 and 2014, the Company recognized an immaterial amount of earnings for each period.
	The Company has committed to invest as distribution support in the following future NSAM Sponsored Companies:
	•	NorthStar/RXR New York Metro - On February 9, 2015, NorthStar/RXR New York Metro’s (“NorthStar/RXR New York Metro”) registration statement on Form S-11, seeking to raise up to $2 billion in a public offering of common stock, was declared effective by the SEC. NorthStar/RXR New York Metro expects to begin raising capital in the second half of 2015.
	•	NorthStar Corporate - On December 2, 2014, NorthStar Corporate Income, Inc. confidentially submitted its registration statement on Form N-2 to the SEC seeking to raise up to $1 billion in a public offering of common stock.
	Other
	In May 2012, the Company acquired a 9.8% interest in a joint venture that owns a pari passu participation in a first mortgage loan secured by a portfolio of luxury residences located in resort destinations. In April 2014, the loan was repaid at par. For the three months ended March 31, 2014, the Company recognized $1.2 million of equity in earnings.
	In April 2013, in connection with a loan on a hotel property in New York, the Company and NorthStar Income acquired an aggregate 35.0% interest in the 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 March 31, 2015 and December 31, 2014. For the three months ended March 31, 2014, the Company recognized $1.2 million of equity in earnings. In March 2014, the retail component of the hotel was sold and for the three months ended March 31, 2014, the Company recognized a $1.2 million gain from this sale in equity in earnings.
	In June 2013, in connection with the restructuring of an existing mezzanine loan, the Company acquired a 9.99% equity interest for $8.5 million in a joint venture that owns two office buildings in Chicago. As of March 31, 2015 and December 31, 2014, the carrying value of the investment was $8.5 million for each period. For the three months ended March 31, 2015 and 2014, the Company did not recognize any equity in earnings.

Real_Estate_Securities_Availab

Real Estate Securities, Available for Sale	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities, Available for Sale	Real Estate Securities, Available for Sale
	The following table presents CRE securities as of March 31, 2015 (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)	30	$	401,211	$	178,317	$	41,501	$	(3,051	)	$	216,767	27.8	%	1.97	%	24.35	%
	N-Star CDO equity(5)	5	128,458		128,458		1,665		(34,043		)	96,080		8.9	%	NA		18	%
	CMBS and other securities(6)	15	117,100		62,830		12,048		(21,371		)	53,507		8.1	%	2.46	%	5.03	%
	Subtotal(2)	50	646,769		369,605		55,214		(58,465		)	366,354		44.8	%	2.08	%	18.86	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	141	617,140		451,230		45,503		(125,725		)	371,008		42.8	%	3.51	%	10	%
	Third-party CDO notes	10	74,949		67,763		117		(45,104		)	22,776		5.2	%	0.26	%	1.36	%
	Agency debentures	8	87,172		30,709		12,204		—			42,913		6	%	—		4.56	%
	Unsecured REIT debt	1	8,000		8,369		954		—			9,323		0.6	%	7.5	%	5.88	%
	Trust preferred securities	2	7,224		7,224		—		(1,373		)	5,851		0.6	%	2.25	%	2.32	%
	Subtotal	162	794,485		565,295		58,778		(172,202		)	451,871		55.2	%	2.85	%	8.51	%
	Total	212	$	1,441,254	$	934,900	$	113,992	$	(230,667	)	$	818,225	100	%	2.55	%	12.6	%
	____________________________________________________________
	-1	Excludes $108.0 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 March 31, 2015.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $45.5 million carrying value of these securities (refer to Note 14).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	The 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”) sponsored by third parties. 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. Refer to Note 17. 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.
	As of March 31, 2015, 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 commercial mortgage-backed securities (“CMBS”), meaning each asset is a pool backed by a large number of commercial real estate loans. As a result, this portfolio is typically well-diversified by collateral type and geography. As of March 31, 2015, contractual maturities of CRE securities investments ranged from one month to 38 years, with a weighted average expected maturity of 3.9 years.
	The following table presents CRE securities as of December 31, 2014 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		Losses			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	32	$	461,974	$	205,463	$	58,116	$	(1,270	)	$	262,309	30.1	%	1.83	%	24.13	%
	N-Star CDO equity(5)	5	137,143		137,143		522		(35,198		)	102,467		8.9	%	NA		18.21	%
	CMBS and other securities(6)	15	119,089		64,616		12,241		(24,934		)	51,923		7.8	%	2.48	%	5.51	%
	Subtotal(2)	52	718,206		407,222		70,879		(61,402		)	416,699		46.8	%	1.97	%	19.18	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	144	636,035		458,186		50,432		(125,751		)	382,867		41.5	%	3.69	%	9.96	%
	Third-party CDO notes	10	76,253		68,821		—		(45,603		)	23,218		5.1	%	0.26	%	1.32	%
	Agency debentures	8	87,172		30,371		10,164		(6		)	40,529		5.7	%	—		4.56	%
	Unsecured REIT debt	1	8,000		8,396		955		—			9,351		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,373		)	5,850		0.4	%	2.25	%	—
	Subtotal	165	814,685		572,999		61,551		(172,733		)	461,815		53.2	%	3	%	8.45	%
	Total	217	$	1,532,891	$	980,221	$	132,430	$	(234,135	)	$	878,514	100	%	2.57	%	12.91	%
	_________________________________________________________
	-1	Excludes $108.0 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 December 31, 2013.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $42.6 million carrying value of these securities (refer to Note 14).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	For the three months ended March 31, 2015, proceeds from the sale of CRE securities was $61.0 million resulting in a net realized gain of $10.9 million. For the three months ended March 31, 2014, proceeds from the sale of CRE securities was $22.2 million, resulting in a net realized gain of $4.6 million.
	CRE securities investments, not held in N-Star CDOs, include 31 securities for which the fair value option was not elected. As of March 31, 2015, the aggregate carrying value of these securities was $224.7 million, representing $38.4 million of accumulated net unrealized gains included in OCI. The Company held three securities with an aggregate carrying value of $17.0 million with an unrealized loss of $3.0 million as of March 31, 2015, two of which were in an unrealized loss position for a period of greater than 12 months. Based on management’s quarterly evaluation, no OTTI was identified related to these securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings
	The following table presents borrowings as of March 31, 2015 and December 31, 2014 (dollars in thousands):
							March 31, 2015						December 31, 2014
		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
	East Arlington, TX	Non-recourse		17-May	5.89%		$	3,142		$	3,142		$	3,157		$	3,157
	Ohio Portfolio	Non-recourse		19-Jan	6.00%		20,157			20,063			20,230			20,230
	Lancaster, OH	Non-recourse		19-Jan	LIBOR + 5.00%		2,398			2,387			2,442			2,442
	Wilkinson Portfolio	Non-recourse		19-Jan	6.99%		149,270			148,578			150,024			150,024
	Tuscola/Harrisburg, IL	Non-recourse		19-Jan	7.09%		7,376			7,342			7,412			7,412
	Formation Portfolio(5)	Non-recourse		May-19(6)/Jan-25	LIBOR + 4.25%(7)/4.54%		704,704			702,676			705,608			700,958
	Minnesota Portfolio	Non-recourse		19-Nov	3.50%		37,800			37,800			37,800			37,800
	Griffin-American - U.K.(5)	Non-recourse		Dec-19(6)	LIBOR + 4.25%(7)		331,088			331,088			348,588			348,588
	Griffin-American - U.S.(5)	Non-recourse		Dec-19(6)/Dec-35	LIBOR + 3.05%(7)/4.68%		2,614,032			2,548,152			2,618,797			2,618,797
	Wakefield Portfolio	Non-recourse		20-Apr	LIBOR + 5.95%		54,473			54,473			54,751			54,751
	Healthcare Preferred(8)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000			75,000			75,000			75,000
	Indiana Portfolio(8)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130			121,130			121,130			121,130
	Subtotal Healthcare						4,120,570			4,051,831			4,144,939			4,140,289
	Hotel
	Innkeepers Portfolio(5)	Non-recourse		Jun-19(6)	LIBOR + 3.39%(7)		840,000			840,000			840,000			840,000
	K Partners Portfolio(5)	Non-recourse		Aug-19(6)	LIBOR + 3.25%(7)		211,681			211,681			211,681			211,681
	Courtyard Portfolio(5)	Non-recourse		Oct-19(6)	LIBOR + 3.05%(7)		512,000			512,000			512,000			512,000
	Inland Portfolio(5)	Non-recourse		Nov-19(6)	LIBOR + 3.62%(7)		817,000			817,000			817,000			817,000
	Subtotal Hotel						2,380,681			2,380,681			2,380,681			2,380,681
	Manufactured housing communities
	Manufactured Housing Portfolio 3(5)	Non-recourse		Dec-21/ Jan-24/ Sept-24	4.923%(7)		297,372			299,584			297,428			299,716
	Manufactured Housing Portfolio 1(5)	Non-recourse		23-Jan	4.387%(7)		236,233			236,233			236,900			236,900
	Manufactured Housing Portfolio 2(5)	Non-recourse		23-May	4.016%(7)		639,909			639,909			639,909			639,909
	Subtotal Manufactured housing communities						1,173,514			1,175,726			1,174,237			1,176,525
	Net lease
	Fort Wayne, IN	—		—	—		—			—			2,909			2,909
	Columbus, OH	—		—	—		—			—			21,934			21,934
	EDS Portfolio	Non-recourse		15-Oct	5.37%		42,486			42,486			42,738			42,738
	Keene, NH	Non-recourse		16-Feb	5.85%		6,070			6,070			6,105			6,105
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		15,719			15,719			15,799			15,799
	Aurora, CO	Non-recourse		16-Jul	6.22%		30,580			30,580			30,720			30,720
	DSG Portfolio	Non-recourse		16-Oct	6.17%		30,962			30,962			31,126			31,126
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,029			26,029			26,151			26,151
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,301			19,301			19,459			19,459
	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%		974			974			1,079			1,079
	Industrial Portfolio(5)	Non-recourse		Jul-17/Dec-17	4.21%(7)		221,125			227,427			221,131			228,071
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,047			13,047			13,181			13,181
	South Portland, ME	Non-recourse		23-Jul	LIBOR + 2.15%(7)		3,510			3,510			3,597			3,597
	Subtotal Net lease						437,503			443,805			463,629			470,569
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600			39,600			39,600			39,600
	Southeast Portfolio(5)	Non-recourse		May-23/July-23	4.03%(7)		158,417			158,417			158,417			158,417
	Scottsdale, AZ(5)	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
	Other
	Legacy Properties(5)	Non-recourse		Nov-19/Feb-20(6)	LIBOR + 2.15%(7)		112,838			112,838			45,584			45,584
	UK Complex(5)	Non-recourse		19-Dec	LIBOR + 3.00%(7)		74,170			74,170			77,660			77,660
	Subtotal Other						187,008			187,008			123,244			123,244
	Subtotal Mortgage and other notes payable						8,543,831			8,483,606			8,531,285			8,535,863
							March 31, 2015						December 31, 2014
		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 + 7.01%(7)		$	14,705		$	14,560		$	15,020		$	14,504
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.43%(7)		530,109			368,550			545,939			375,564
	Subtotal CDO bonds payable—VIE						544,814			383,110			560,959			390,068
Securitization bonds payable:
Securitization 2012-1	—		—	—		—			—			41,831			41,823
Subtotal Securitization financing transaction						—			—			41,831			41,823
Credit facilities:
Corporate Revolving Credit Facility(9)	Recourse		17-Aug	LIBOR + 3.50%(7)		420,000			420,000			215,000			215,000
Corporate Term Facility	Recourse		17-Sep	4.60% / 4.55%(10)		425,000			425,000			425,000			425,000
Loan Facility 1	—		—	—		—			—			14,850			14,850
Loan Facility 2	Partial Recourse(11)		Mar-18(6)	2.95%(7)		65,903			65,903			77,930			77,930
Subtotal Credit facilities						910,903			910,903			732,780			732,780
Exchangeable senior notes:
7.25% Notes	Recourse		27-Jun	7.25%		12,955			12,955			12,955			12,955
8.875% Notes	Recourse		Jun-32	8.88%		1,000			984			1,000			983
5.375% Notes	Recourse		Jun-33	5.38%		19,935			17,576			31,633			27,824
Subtotal Exchangeable senior notes						33,890			31,515			45,588			41,762
Junior subordinated notes:(12)
Trust I	Recourse		Mar-35	8.15%		41,240			33,198			41,240			32,992
Trust II	Recourse		Jun-35	7.74%		25,780			20,882			25,780			20,753
Trust III	Recourse		Jan-36	7.81%		41,238			32,990			41,238			32,784
Trust IV	Recourse		Jun-36	7.95%		50,100			40,080			50,100			39,830
Trust V	Recourse		Sep-36	LIBOR + 2.70%(7)		30,100			22,124			30,100			21,823
Trust VI	Recourse		Dec-36	LIBOR + 2.90%(7)		25,100			18,951			25,100			18,700
Trust VII	Recourse		Apr-37	LIBOR + 2.50%(7)		31,459			22,808			31,459			22,492
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%(7)		35,100			26,149			35,100			25,798
Subtotal Junior subordinated notes						280,117			217,182			280,117			215,172
Grand Total						$	10,313,555		$	10,026,316		$	10,192,560		$	9,957,468
____________________________________________________________
-1	Refer to Note 15 for further disclosure regarding derivative instruments which are used to manage interest rate exposure.
-2	For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I and the Wakefield Portfolio and one-month LIBOR for the other borrowings.
-3	Carrying value represents fair value with respect to CDO bonds payable and junior subordinated notes due to the election of the fair value option (refer to Note 14) and amortized cost with regards to the other borrowings.
-4	Mortgage and other notes payable are subject to customary non-recourse carveouts.
-5	An aggregate principal amount of $7.8 billion is comprised of 45 senior mortgage notes totaling $6.4 billion and 16 mezzanine mortgage notes totaling $1.4 billion.
-6	Represents final maturity taking into consideration the Company’s extension options.
-7	Contractual interest rate represents a weighted average.
-8	Represents borrowings in N-Star CDOs.
-9	Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt and securities investments with a carrying value of $641.0 million as of March 31, 2015.
-10	Represents the respective fixed rate applicable to each borrowing under the Corporate Term Facility.
-11	Recourse solely with respect to certain types of loans as defined in the governing documents.
-12	Junior subordinated notes Trusts I, II, III and IV have a fixed interest rate for periods ranging from June 2015 to September 2016, when the interest rate will change to floating and reset quarterly at rates ranging from three-month LIBOR plus 2.80% to 3.25%.
The following table presents scheduled principal on borrowings, based on final maturity as of March 31, 2015 (dollars in thousands):
		Total			Mortgage			CDO Bonds			Credit			Exchangeable			Junior
					and Other Notes			Payable			Facilities			Senior Notes(1)			Subordinated
					Payable												Notes
April 1 to December 31, 2015		$	108,972		$	108,972		$	—		$	—		$	—		$	—
Years ending December 31:
2016		106,395			106,395			—			—			—			—
2017		1,193,349			335,394			—			845,000			12,955			—
2018		98,904			33,001			—			65,903			—			—
2019		3,090,354			3,089,354			—			—			1,000			—
Thereafter		5,715,581			4,870,715			544,814			—			19,935			280,117
Total		$	10,313,555		$	8,543,831		$	544,814		$	910,903		$	33,890		$	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.
Credit Facilities
Corporate Facilities
In August 2014, the Company obtained a corporate revolving credit facility (as amended, the “Corporate Revolving Credit Facility”) with certain commercial bank lenders, with a total commitment amount of $500.0 million and a three-year term. The Corporate Revolving Credit Facility is secured by collateral relating to a borrowing base and guarantees by certain subsidiaries of the Company. As of March 31, 2015 and December 31, 2014, $80.0 million and $285.0 million, respectively, financing remains undrawn under the Corporate Revolving Credit Facility. In May 2015, the Company amended and restated the Corporate Revolving Credit Facility to substitute the Operating Partnership as the borrower, with the Company becoming a guarantor. The Operating Partnership must maintain at least $25.0 million of minimum liquidity based on the sum of unrestricted cash or cash equivalents and undrawn availability during the term of the Corporate Revolving Credit Facility.
In September 2014, the Company entered into a corporate facility agreement (as amended, the “Corporate Term Facility”) with a commercial bank lender to establish term borrowings, with an aggregate principal amount of up to $500.0 million. In March 2015, the Company amended and restated the Corporate Term Facility to substitute the Operating Partnership as the borrower, with the Company becoming a guarantor. Pursuant to the Corporate Term Facility, the Operating Partnership 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 and December 2014, the Company entered into a credit agreement providing for a term borrowing under the Corporate Term Facility in a principal amount of $275.0 million and $150.0 million, respectively, with a fixed interest rate of 4.60% and 4.55%, respectively, with each maturing on September 19, 2017. As of March 31, 2015 and December 31, 2014, $75.0 million of financing remains undrawn under the Corporate Term Facility.
The Corporate Revolving Credit Facility and the 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 March 31, 2015, the Company had $113.7 million carrying value of loans financed with $65.9 million on the loan facilities, with $174.1 million of available borrowing under its loan facilities.
During the initial term, the loan facilities act as revolving credit facilities that can be paid down as assets repay or are sold and re-drawn upon for new investments. As of March 31, 2015, 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 matured 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.
For the three months ended March 31, 2015, $11.7 million principal amount of the 5.375% Notes were exchanged for 1.4 million shares of common stock. In connection with these conversions, the Company recorded a loss of $1.1 million in realized gain (loss) on investments and other in the consolidated statements of operations.

Spinoff_of_Asset_Management_Bu

Spin-off of Asset Management Business	3 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Spin-off of Asset Management Business	Spin-off of Asset Management Business
	On June 30, 2014, the Company completed the spin-off of its asset management business into a separate publicly-traded company, NSAM, in the form of a tax-free distribution (the “NSAM Spin-off” or the “Distribution”). In connection with the NSAM Spin-off, 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 NSAM 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 NSAM Spin-off, the Company continues to operate its CRE debt origination business. Most of the employees of the Company at the time of the NSAM Spin-off became employees of NSAM and executive officers, employees engaged in the Company’s loan origination business at the time of the NSAM Spin-off and certain other employees became co-employees of both the Company and NSAM.
	For the three months ended March 31, 2014, the Company recorded a $5.8 million loss included in discontinued operations in the Company’s consolidated statements of operations associated with NSAM which represented a carve-out of revenues of $23.3 million and expenses of $29.1 million. 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.
	Total revenues included 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 included 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.

EquityBased_Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity-Based Compensation	Equity-Based Compensation
	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”).
	Prior to the NSAM Spin-off, the Company conducted substantially all of its operations and made its investments through an operating partnership which issued LTIP Units as equity-based compensation. Additionally, prior to the NSAM Spin-off, the Company completed an internal corporate reorganization whereby the Company collapsed its three tier holding company structure, including such operating partnership, into a single tier (the “Reorganization”). 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, such LTIP Units were converted into an equal number of shares of common stock of the Company (refer to Note 13), which are referred to as restricted stock, 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. In connection with the spin-off, 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 for performance-based awards with respect to periods after the spin-off.
	In connection with the formation of the Operating Partnership, the Operating Partnership issued LTIP Units to each holder of the Company’s outstanding Deferred LTIP Units, which were equity awards representing the right to receive either LTIP units in the Company’s successor operating partnership or, if such LTIP units were not available upon settlement of the award, shares of common stock of the Company, in settlement of such Deferred LTIP Units on a one for one basis in accordance with the terms of the outstanding Deferred LTIP Units. Conditioned upon minimum allocations to the capital account of the LTIP Unit for federal income tax purposes, each LTIP Unit will be convertible, at the election of the holder, into one common unit of limited partnership interest in the Operating Partnership (“OP Unit”). Each of the OP Units underlying these LTIP Units will be redeemable at the election of the OP Unit holder for: (i) cash equal to the then fair market value of one share of the Company’s common stock; or (ii) at the option of the Company in its capacity as general partner of the Operating Partnership, one share of the Company’s common stock. LTIP Units issued remain subject to the same vesting terms as the Deferred LTIP Units.
	Following the spin-off, the Company and the compensation committee of its board of directors (the “Committee”) continues 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 with respect to dividend or distribution equivalent obligations to the extent required by such awards previously issued 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.
	Pursuant to the management agreement with NSAM, the Company will pay directly or reimburse NSAM for up to 50% of any long-term bonus or other compensation that NSAM’s compensation committee determines shall be paid and/or settled in the form of equity and/or equity-based compensation to NSAM’s executives, employees and service providers in connection with the performance of services under the management agreement. At the discretion of NSAM’s compensation committee, this compensation may be granted in shares of the Company’s restricted stock, restricted stock units, LTIP Units or other forms of equity compensation or stock-based awards; provided that if at any time a sufficient number of shares of the Company’s common stock are not available for issuance under the Company’s equity compensation plan, such compensation shall be paid in the form of RSUs, LTIP Units or other securities that may be settled in cash.
	The Company was responsible for paying approximately 50% of the 2014 long-term bonuses earned under the NorthStar Asset Management Group Inc. Executive Incentive Bonus Plan (“NSAM Bonus Plan”). Long-term bonuses were paid to executives in both Company and NSAM equity-based awards, subject to performance-based and time-based vesting conditions over the four-year performance period from January 1, 2014 through December 31, 2017.
	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 months ended March 31, 2015 and 2014.
	The following summarizes the equity-based compensation plans and related expenses.
	All share amounts and related information disclosed below have been retrospectively adjusted to reflect the Reverse Split.
	NorthStar Realty Equity Plans
	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 stock 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 March 31, 2015, 233,314 unvested shares of restricted stock issued under the Stock Plan were outstanding and 3,136,195 shares of common stock remained available for issuance pursuant to the Stock Plan, which includes shares reserved for issuance upon settlement of outstanding LTIP Units and RSUs. Holders of shares of restricted stock or LTIP Units are entitled to receive dividends or distributions with respect to the Company shares of restricted stock and vested and unvested LTIP Units for as long as such shares and LTIP Units remain outstanding.
	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, other than the portion related to dividends paid, will be paid in the form of shares of common stock or LTIP Units 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 LTIP Units in NSAM’s operating partnership, 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. Restricted stock or 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.
	Under the Plan, for 2011, the Company issued 762,898 RSUs to executive officers, which were subject to vesting based on continued employment and achieving total stockholder return hurdles for the four-year period ended December 31, 2014. The grant date fair value was $5.40, per RSU determined using a risk-free interest rate of 0.42%. Under the Plan, for 2011, the Company also granted 762,898 LTIP Units to executive officers, 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 were converted into shares of restricted stock pursuant to the Reorganization. The Company also granted 302,692 shares of restricted stock (net of forfeitures occurring prior to March 31, 2015) to certain non-executive employees, which were subject to vesting quarterly over three years beginning April 2012, subject to continued employment through the applicable vesting date. As of December 31, 2014, the Company determined the performance hurdle was met which resulted in all of these RSUs vesting. To settle these RSUs, the Company issued 49,149 shares of common stock, net of the minimum statutory tax withholding requirements, on January 1, 2015 and the Operating Partnership issued 669,743 LTIP Units.
	Under the Plan, for 2012, the Company issued 704,839 RSUs to executive officers, which are subject to vesting based on continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2015. The grant date fair value was $12.32 per RSU determined using a risk-free interest rate of 0.44%. Under the Plan, for 2012, the Company also granted 704,839 LTIP Units to executive officers, 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 were converted into shares of restricted stock pursuant to the Reorganization. The Company also granted 289,975 LTIP Units (net of forfeitures occurring prior to March 31, 2015) to certain non-executive employees which are subject to vesting quarterly over three years beginning April 2013, subject to continued employment through the applicable vesting date, and were converted into shares of restricted stock pursuant to the Reorganization.
	Under the Plan, for 2013, the Company issued 500,371 RSUs to executive officers, which are subject to vesting based on continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2016. The grant date fair value was $26.96 per RSU determined using a risk-free interest rate of 0.63%. Under the Plan, for 2013, the Company also granted 500,371 Deferred LTIP Units to executive officers which are subject to vesting in four annual installments beginning on January 29, 2014, subject to the executive officer’s continued employment through the applicable vesting date and 261,577 Deferred LTIP Units which were subject to vesting based on continued employment through December 31, 2015. The Company also granted 275,937 Deferred LTIP Units (net of forfeitures occurring prior to March 31, 2015) to certain non-executive employees which were subject to vesting quarterly over three years beginning April 2014, subject to continued employment through the applicable vesting date. Such Deferred LTIP Units were subsequently settled as LTIP Units in the Operating Partnership or shares of restricted stock, which remain subject to the same vesting terms that applied to the Deferred LTIP Units.
	NSAM Bonus Plan
	In connection with the 2014 NSAM Bonus Plan, approximately 31.65% of the long-term bonus was paid in Deferred LTIP Units and approximately 18.35% of the long-term bonus was paid by the Company by issuing RSUs. In connection with the long-term bonuses to be paid by the Company, in February 2015, the Company granted 1,038,233 Deferred LTIP Units to executive officers, of which 25% were vested upon grant and the remainder was subject to vesting in three equal annual installments beginning on December 31, 2015, subject to the executive officer’s continued employment through the applicable vesting dates. The Company also granted 584,879 RSUs to executive officers, subject to vesting based on continued employment and achieving total stockholder return hurdles for the four-year period ending December 31, 2017. The grant date fair value of such RSUs was $11.65 per RSU determined using a risk-free interest rate of 1.00%. In the first quarter 2015, the Company also granted 703,651 Deferred LTIP Units (net of forfeitures occurring prior to March 31, 2015) to certain non-executive employees, with substantially similar terms to the executive awards subject to time based vesting conditions. Such Deferred LTIP Units were settled as LTIP Units in the Operating Partnership or shares of restricted stock, which remain subject to the same vesting terms that applied to the Deferred LTIP Units.
	Other Issuances
	Healthcare Strategic Joint Venture
	In connection with entering into the Healthcare Strategic Partnership, the Company granted Mr. Flaherty 500,000 RSUs on January 22, 2014, adjusted to reflect 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.
	Summary
	Equity-based compensation expense for the three months ended March 31, 2015 represents the Company’s equity-based compensation following the spin-off of the Company’s historical asset management business on June 30, 2014. The Company’s historical equity-based compensation for the three months ended March 31, 2014, represents the Company’s expense after an allocation to NSAM related to the Company’s historical asset management business had it been run as an independent entity reported in discontinued operations.
	For the three months ended March 31, 2015, the Company recorded $10.8 million of equity-based compensation expense (including $1.4 million of fair value adjustments related to non-employees and $0.5 million of dividends associated with non-employees). For the three months ended March 31, 2014, the Company recorded $3.9 million of equity-based compensation expense, which excludes $5.7 million of expense to allocated to NSAM which is recorded in discontinued operations in the consolidated statements of operations.
	The following table presents a summary of restricted stock and LTIP Units. The balance as of March 31, 2015 represents unvested shares of restricted stock and LTIP Units that are outstanding, whether vested or not (grants in thousands):
		Three Months Ended March 31, 2015
		Grants		Weighted
				Average
				Grant Price
	Beginning balance	1,873		$	23.25
	Granted	2,412		18.75
	Converted to common stock	(7	)	15.51
	Forfeited	(2	)	13.33
	Vesting of restricted stock	(464	)	13.93
	Ending balance/weighted average(1)	3,812		$	21.55
	____________________________________________________________
	-1	Includes 233,314 shares of restricted stock and 3,578,844 unvested LTIP Units as of March 31, 2015.
	As of March 31, 2015, equity-based compensation expense to be recognized over the remaining vesting period, excluding equity-based compensation expense for awards to non-employees recorded at fair value, through January 2018 is $36.6 million, provided there are no forfeitures.

Related_Party_Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2015
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 provides for a base management fee and incentive fee.
	Base Management Fee
	For the three months ended March 31, 2015, the Company incurred $45.3 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 three months ended March 31, 2014. The base management fee to NSAM will increase subsequent to March 31, 2015 by an amount equal to 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 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 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.
	Incentive Fee
	For the three months ended March 31, 2015, the Company incurred $2.9 million related to the incentive fee, which is recorded in due to related party on the consolidated balance sheets. The incentive 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 equity issuances are allocated on a daily weighted average basis during the fiscal quarter of issuance.
	Furthermore, if the Company were to spin-off any asset or business in the future, including the Proposed European Spin, 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 any future spin-off will not be less than the aggregate base management fee in place at the Company immediately prior to such 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 March 31, 2015, NSAM allocated $2.0 million to the Company, which is recorded in due to related party on the consolidated balance sheets. In addition, the Company will pay directly or reimburse NSAM for an allocable portion of any severance paid pursuant to any employment, consulting or similar service agreements in effect between NSAM and any of its executives, employees or other service providers.
	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 makes available to NSAM, on an “as available basis,” up to $250 million of financing with a maturity of June 30, 2019 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 March 31, 2015, 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 11). The Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% above certain hurdles for new and existing healthcare real estate investments held by the Company. For the three months ended March 31, 2015 and 2014, the Company did not incur any incentive fees related to the 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 March 31, 2015 and 2014, the Company earned $1.4 million and $1.6 million in fee income, respectively, of which $0.6 million and $0.7 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 months ended March 31, 2015 and 2014, the Company earned $16.1 million and $17.7 million of interest income from such investments in deconsolidated N-Star CDOs, respectively.
	Securitization 2012-1
	The Company entered into an agreement with NorthStar Income that provided 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. In January 2015, the securitization was repaid in full.
	American Healthcare Investors
	In December 2014, NSAM acquired an approximate 45%, as adjusted, interest in American Healthcare Investors LLC (“AHI”) and James F. Flaherty III, a strategic partner of NSAM, acquired a 9% interest in AHI. AHI is a healthcare-focused real estate investment management firm that co-sponsored and advised Griffin-American Healthcare REIT II, Inc. (“Griffin-American”), until Griffin-American was acquired by the Company and NorthStar Healthcare.  In connection with this acquisition, AHI provides certain management and related services, including property management, to NSAM, NorthStar Healthcare and the Company assisting NSAM in managing the current and future healthcare assets (excluding any joint venture assets) acquired by the Company and, subject to certain conditions, other NSAM managed companies.
	Island Hospitality Management
	In January 2015, NSAM acquired an approximate 45% interest in Island Hospitality Management Inc. (“Island”). Island is a leading, independent select service hotel management company that currently manages 149 hotel properties, representing $3.7 billion, of which 101 hotel properties are owned by the Company. Island provides certain asset management, property management and other services to the Company to assist in managing the Company’s hotel properties. Island receives a base management fee of 2.5% to 3.0% of the current monthly revenue of the Company’s hotel properties it manages for the Company.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
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.
	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, where applicable (refer to Note 11).
	Common Stock
	In February 2015, the Company issued the remaining 7.0 million shares of common stock under the forward sale agreement entered into in 2014, for net proceeds of $122.2 million.
	In March 2015, the Company issued 12.0 million shares of its common stock at a public offering price of $18.65 per share and received net proceeds of $217.1 million. In connection with this offering, the Company entered into a forward sale agreement with a financial institution to issue an aggregate of 57.0 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 September 2, 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 $18.14 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. As of March 31, 2015, the Company issued 12.3 million shares of common stock under this forward sale agreement for net proceeds of $216.1 million. The Company issued 12.5 million shares of common stock in April 2015 under this forward sale agreement for net proceeds of $220.6 million. As of May 6, 2015, the Company has 32.3 million shares remaining under this forward sale agreement for aggregate net proceeds of $569 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 three months ended March 31, 2015, the Company issued 2,075 shares of its common stock pursuant to the DRP, after giving effect to the Reverse Split, for gross proceeds of an immaterial amount.
	Dividends
	The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2015:
	Common Stock					Preferred Stock
								Dividend Per Share
	Declaration Date		Dividend Per Share			Declaration Date		Series A		Series B		Series C		Series D		Series E
	25-Feb		$	0.4		30-Jan		$	0.54688	$	0.51563	$	0.55469	$	0.53125	$	0.54688
	Earnings Per Share
	The following table presents EPS for the three months ended March 31, 2015 and 2014 (dollars and shares in thousands, except per share data):
		Three Months Ended March 31,
		2015			2014
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(31,602	)	$	(134,961	)
	Net income (loss) attributable to LTIP Units non-controlling interest	—			(3,596		)
	Net income (loss) attributable to common stockholders and LTIP Units(1)	$	(31,602	)	$	(138,557	)
	Denominator:(2)
	Weighted average shares of common stock	308,536			160,515
	Weighted average LTIP Units(1)	716			4,284
	Weighted average shares of common stock and LTIP Units(2)	309,252			164,799
	Earnings (loss) per share:(3)
	Basic	$	(0.10	)	$	(0.84	)
	Diluted	$	(0.10	)	$	(0.84	)
	____________________________________________________________
	-1	The EPS calculation takes into account LTIP Units, which receive 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.
	-2	Excludes the effect of exchangeable senior notes, shares under the forward sale agreement, restricted shares and RSUs outstanding that were not dilutive as of March 31, 2015. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.
	-3	The three months ended March 31, 2014 is adjusted for the Reverse Split effected on June 30, 2014.

Noncontrolling_Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2015
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests
	Operating Partnership
	Non-controlling interests include the aggregate LTIP Units held by limited partners (the “Unit Holders”) in the Operating Partnership and the Company’s former operating partnership prior to the NSAM Spin-off. Net income (loss) attributable to this non-controlling interest is based on the weighted average Unit Holders’ ownership percentage of the Operating Partnership for the respective period. The issuance of additional common stock or LTIP Units changes the percentage ownership of both the Unit Holders and the Company. Since a unit is generally redeemable for cash or common stock at the option of the Company, it is deemed to be equivalent to common stock. Therefore, such transactions are treated as capital transactions and result in an allocation between stockholders’ equity and non-controlling interests on the accompanying consolidated balance sheets to account for the change in the ownership of the underlying equity in the Operating Partnership. In connection with the formation of the Operating Partnership, the Company recorded a non-controlling interest of $18.7 million related to LTIP Units. As of March 31, 2015, LTIP Units of 3,578,844 were outstanding, representing a 1.0% ownership and non-controlling interest in the Operating Partnership. Net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended March 31, 2015 was an immaterial amount and for the three months ended March 31, 2014 was a loss of $3.6 million as it related to the Company’s former operating partnership.
	Other
	Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests for the three months ended March 31, 2015 and 2014 was a net loss of $3.7 million and $0.1 million, respectively.
	The following table presents net income (loss) attributable to the Company’s common stockholders for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		Three Months Ended March 31,
		2015			2014
	Income (loss) from continuing operations	$	(31,591	)	$	(134,587	)
	Income (loss) from discontinued operations	(11		)	(374		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(31,602	)	$	(134,961	)

Fair_Value

Fair Value	3 Months Ended
	Mar. 31, 2015
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.
	PE Investments
	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, discount rate and foreign currency exchange rates. Additionally, the Company accounts for certain CRE debt investments made in connection with certain investments in unconsolidated ventures at fair value, which is determined based on comparing the current yield to the estimated yield for newly originated loans with similar credit risk. These fair value measurements are generally based on unobservable inputs and, as such, are classified as Level 3 of the fair value hierarchy.
	Real Estate Securities
	N-Star CDO Bonds
	The fair value of subordinate N-Star CDO bonds is determined using an internal price interpolated based on third party prices of the more senior N-Star CDO bonds of the respective CDO. For the remaining N-Star CDO bonds, fair value is determined using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. All N-Star CDO bonds are classified as Level 3 of the fair value hierarchy.
	N-Star CDO Equity
	The fair value of N-Star CDO equity is determined based on a valuation model using assumptions for the timing and amount of expected future cash flow for income and realization events for the underlying collateral of these CDOs and discount rate. This fair value measurement is generally based on unobservable inputs and, as such, is classified as Level 3 of the fair value hierarchy.
	Other CRE Securities
	Other CRE securities are generally valued using a third-party pricing service or broker quotations. These quotations are not adjusted and are based on observable inputs that can be validated, and as such, are classified as Level 2 of the fair value hierarchy. Certain CRE securities may be valued based on a single broker quote or an internal price which may have less observable pricing, and as such, would be classified as Level 3 of the fair value hierarchy. Management determines the prices are representative of fair value through a review of available data, including observable inputs, recent transactions as well as its knowledge of and experience in the market.
	Derivative Instruments
	Derivative instruments are valued using a third-party pricing service. These quotations are not adjusted and are generally based on valuation models with observable inputs such as interest rates and contractual cash flow, and as such, are classified as Level 2 of the fair value hierarchy. Derivative instruments are also assessed for credit valuation adjustments due to the risk of non-performance by the Company and derivative counterparties. However, since the majority of derivatives are held in non-recourse CDO financing structures where, by design, the derivative contracts are senior to all the CDO bonds payable, there is no material impact of a credit valuation adjustment.
	CDO Bonds Payable
	CDO bonds payable are valued using quotations from nationally recognized financial institutions that generally acted as underwriter for the transactions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the timing and amount of expected future cash flow, discount rate, estimated prepayments and projected losses. CDO bonds payable are classified as Level 3 of the fair value hierarchy.
	Junior Subordinated Notes
	Junior subordinated notes are valued using quotations from nationally recognized financial institutions. These quotations are not adjusted and are generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the implied credit spread of the Company’s other borrowings and the timing and amount of expected future cash flow. Junior subordinated notes are classified as Level 3 of the fair value hierarchy.
	Fair Value Hierarchy
	Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 by level within the fair value hierarchy (dollars in thousands):
		March 31, 2015
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	924,942		$	924,942
	Investments in unconsolidated ventures(1)	—			—			275,120			275,120
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			216,767			216,767
	N-Star CDO equity	—			—			96,080			96,080
	CMBS and other securities	—			19,227			34,280			53,507
	CRE securities in N-Star CDOs
	CMBS	—			311,684			59,324			371,008
	Third-party CDO notes	—			—			22,776			22,776
	Agency debentures	—			42,913			—			42,913
	Unsecured REIT debt	—			9,323			—			9,323
	Trust preferred securities	—			—			5,851			5,851
	Subtotal CRE securities in N-Star CDOs	—			363,920			87,951			451,871
	Subtotal real estate securities, available for sale	—			383,147			435,078			818,225
	Derivative assets	—			2,130			—			2,130
	Total assets	$	—		$	385,277		$	1,635,140		$	2,020,417
	Liabilities:
	CDO bonds payable	$	—		$	—		$	383,110		$	383,110
	Junior subordinated notes	—			—			217,182			217,182
	Derivative liabilities	—			15,740			—			15,740
	Total liabilities	$	—		$	15,740		$	600,292		$	616,032
	_____________________________________________________________________
	-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, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	962,038		$	962,038
	Investments in unconsolidated ventures(1)	—			—			276,437			276,437
Real estate securities, available for sale:
N-Star CDO bonds	—			—			262,309			262,309
N-Star CDO equity	—			—			102,467			102,467
CMBS and other securities	—			17,243			34,680			51,923
CRE securities in N-Star CDOs
CMBS	—			329,815			53,052			382,867
Third-party CDO notes	—			—			23,218			23,218
Agency debentures	—			40,529			—			40,529
Unsecured REIT debt	—			9,351			—			9,351
Trust preferred securities	—			—			5,850			5,850
Subtotal CRE securities in N-Star CDOs	—			379,695			82,120			461,815
Subtotal real estate securities, available for sale	—			396,938			481,576			878,514
Derivative assets	—			3,247			—			3,247
Total assets	$	—		$	400,185		$	1,720,051		$	2,120,236
Liabilities:
CDO bonds payable	$	—		$	—		$	390,068		$	390,068
Junior subordinated notes	—			—			215,172			215,172
Derivative liabilities	—			17,915			—			17,915
Total liabilities	$	—		$	17,915		$	605,240		$	623,155
_____________________________________________________________________
-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 three months ended March 31, 2015 (dollars in thousands):
	Three Months Ended March 31, 2015
	PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
							Securities			Payable			Subordinated
													Notes
1-Jan-15	$	962,038		$	276,437		$	481,576		$	390,068		$	215,172
Transfers into Level 3(2)	—			—			6,532			—			—
Transfers out of Level 3(2)	—			—			(791		)	—			—
Purchases / borrowings / amortization / contributions	1,096			1,044			13,838			—			—
Sales	—			—			(48,570		)	—			—
Paydowns / distributions	(81,945		)	—			(15,309		)	(16,146		)	—
Gains:
Equity in earnings of unconsolidated ventures	48,186			4,471			—			—			—
Unrealized gains included in earnings	—			—			11,934			—			—
Realized gains included in earnings	—			—			10,878			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			1,843			—			—
Losses:
Unrealized losses included in earnings	(4,433		)	(6,832		)	(8,073		)	9,188			2,010
Realized losses included in earnings	—			—			(123		)	—			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(18,657		)	—			—
31-Mar-15	$	924,942		$	275,120		$	435,078		$	383,110		$	217,182
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	(4,433	)	$	(6,832	)	$	3,861		$	(9,188	)	$	(2,010	)
____________________________________________________________
-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.
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, 2014 (dollars in thousands):
	Year Ended December 31, 2014
	PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
							Securities			Payable			Subordinated
													Notes
1-Jan-14	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
Transfers into Level 3(2)	—			—			17,513			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Purchases / borrowings / amortization / contributions	548,961			84,206			64,104			(15,320		)	—
Sales	—			—			(65,504		)	—			—
Paydowns / distributions	(339,598		)	(2,507		)	(48,511		)	(87,859		)	—
Repurchases	—			—			—						—
Gains:
Equity in earnings of unconsolidated ventures	134,036			10,494			—			—			—
Unrealized gains included in earnings	32,621			—			44,308			—			—
Realized gains included in earnings	—			—			15,626			—			—
Unrealized gain on real estate securities, available for sale included in OCI	—			—			61,045			—			—
Deconsolidation of N-Star CDOs(3)	—			—			873			(122,486		)	—
Losses:
Unrealized losses included in earnings	—			(8,175		)	(64,977		)	217,608			13,969
Realized losses included in earnings	—			—			(3,152		)	13,942			—
Unrealized losses on real estate securities, available for sale included in OCI	—			—			(3,519		)	—			—
Deconsolidation of N-Star CDOs(3)	—			—			(21,070		)	—			—
31-Dec-14	$	962,038		$	276,437		$	481,576		$	390,068		$	215,172
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	32,621		$	(8,175	)	$	(37,487	)	$	(217,608	)	$	(13,969	)
____________________________________________________________
-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 17 for further disclosure.
There were no transfers, other than those identified in the table above, during the periods ended March 31, 2015 and December 31, 2014.
The Company relies on the third-party pricing exception with respect to the requirement to provide quantitative disclosures about significant Level 3 inputs being used to determine fair value measurements related to CRE securities (including N-Star CDO bonds), CDO bonds payable and junior subordinated notes. The Company believes such pricing service or broker quotation for such items may be based on a market transaction of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit (such as credit support and delinquency rates).
For the three months ended March 31, 2015, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows (dollars in thousands):
	Fair Value			Valuation Technique		Key Unobservable Inputs(2)	Range
PE Investments	$	924,942		Discounted Cash Flow Model		Discount Rate	15% - 28%
Investments in unconsolidated ventures(1)	$	275,120		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7% - 31%
N-Star CDO equity	$	96,080		Discounted Cash Flow Model		Discount Rate	18%
_________________________________________
-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 6) 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 March 31, 2015 and December 31, 2014 (dollars in thousands):
	March 31,			December 31,
	2015			2014
Assets:
PE Investments	$	924,942		$	962,038
Investments in unconsolidated ventures(1)	275,120			276,437
Real estate securities, available for sale:(2)
N-Star CDO equity	96,080			102,467
CMBS and other securities	45,531			42,613
CRE securities in N-Star CDOs
CMBS	371,008			382,867
Third-party CDO notes	22,776			23,218
Agency debentures	42,913			40,529
Unsecured REIT debt	9,323			9,351
Trust preferred securities	5,851			5,850
Subtotal CRE securities in N-Star CDOs	451,871			461,815
Subtotal real estate securities, available for sale	593,482			606,895
Total assets	$	1,793,544		$	1,845,370
Liabilities:
CDO bonds payable	$	383,110		$	390,068
Junior subordinated notes	217,182			215,172
Total liabilities	$	600,292		$	605,240
___________________________________________________________
-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
-2	March 31, 2015 excludes 31 CRE securities including $224.7 million of N-Star CDO bonds and $8.0 million of CRE securities, for which the fair value option was not elected. December 31, 2014 excludes 34 CRE securities including $271.6 million of N-Star CDO bonds and $9.3 million of CRE securities, for which the fair value option was not elected.
The Company attributes the change in the fair value of floating-rate liabilities to changes in instrument-specific credit spreads. For fixed-rate liabilities, the Company attributes the change in fair value to interest rate-related and instrument-specific credit spread changes.
Change in Fair Value Recorded in the Statements of Operations
The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	Three Months Ended March 31,
	2015			2014
Assets:
Real estate securities, available for sale(1)	$	4,512		$	16,190
PE Investments(1)	(4,433		)	—
Foreign currency remeasurement(2)	(23,000		)	(389		)
Liabilities:
CDO bonds payable(1)	(9,188		)	(143,361		)
Junior subordinated notes(1)	(2,010		)	(11,997		)
Subtotal	(34,119		)	(139,557		)
Derivatives	1,136			3,953
Total	$	(32,983	)	$	(135,604	)
____________________________________________________________
-1	Represents financial assets and liabilities for which the fair value option was elected.
-2	Represents foreign currency remeasurement on investments, cash and deposits primarily denominated in Euros.
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 15).
Fair Value of Financial Instruments
In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value.
The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2015 and December 31, 2014 (dollars in thousands):
	March 31, 2015									December 31, 2014
	Principal /			Carrying			Fair Value			Principal /			Carrying			Fair Value
	Notional			Value						Notional			Value
	Amount									Amount
Financial assets:(1)
Real estate debt investments, net	$	1,102,632		$	996,615		$	995,531		$	1,187,316		$	1,067,667		$	1,066,911
Real estate securities, available for sale(2)	1,441,254			818,225			818,225			1,532,891			878,514			878,514
Derivative assets(2)(3)	3,865,187			2,130			2,130			3,848,859			3,247			3,247
Financial liabilities:(1)
Mortgage and other notes payable	$	8,543,831		$	8,483,606		$	8,510,126		$	8,531,285		$	8,535,863		$	8,539,363
CDO bonds payable(2)(4)	544,814			383,110			383,110			560,959			390,068			390,068
Securitization bonds payable	—			—			—			41,831			41,823			41,929
Credit facilities	910,903			910,903			910,903			732,780			732,780			732,780
Exchangeable senior notes	33,890			31,515			58,568			45,588			41,762			82,443
Junior subordinated notes(2)(4)	280,117			217,182			217,182			280,117			215,172			215,172
Derivative liabilities(2)(3)	316,590			15,740			15,740			318,726			17,915			17,915
____________________________________________________________
-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
-2	Refer to “Determination of Fair Value” above for disclosures of methodologies used to determine fair value.
-3	Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million as of March 31, 2015 and December 31, 2014.
-4	The fair value option has been elected for these liabilities.
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	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 and December 31, 2014 (dollars in thousands):
		Number			Notional				Fair Value				Range of	Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR / Forward Rate
									(Liability)
	As of March 31, 2015:
	Interest rate swaps	12			$	316,590			$	(15,740	)	(2)	0.62% - 5.25%	June 2015 - July 2023
	Interest rate caps/floors	24			3,865,187				2,130			(3)	2.00% - 5.00%	January 2016 - January 2020
	Total	36			$	4,181,777			$	(13,610	)
	As of December 31, 2014:
	Interest rate swaps	12			$	318,726			$	(17,915	)	(2)	0.62% - 5.25%	June 2015 - July 2023
	Interest rate caps/floors	22			3,848,859				3,247			(3)	2.00% - 5.00%	January 2015 - January 2020
	Total	34			$	4,167,585			$	(14,668	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million as of March 31, 2015 and December 31, 2014.
	-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	Includes three Sterling denominated interest rate caps.
	The change in number and notional amount of interest rate caps from December 31, 2014 primarily relates to an acquired interest rate cap associated with the Legacy Properties offset by contractual notional amortization and the maturity of a corporate interest rate cap. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of March 31, 2015 and December 31, 2014.
	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		Balance Sheet	March 31,				December 31,
		Location	2015				2014
	Interest rate caps/floors	Derivative assets	$	2,130			$	3,247
	Interest rate swaps	Derivative liabilities	$	15,740			$	17,915
	The following table presents the effect of derivative instruments in the consolidated statements of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands):
			Three Months Ended March 31,
		Statements of Operations Location	2015				2014
	Amount of gain (loss) recognized in earnings:
	Adjustment to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	1,136			$	3,953
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(3,048	)		$	(6,736	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(265	)		$	(229	)
	The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of March 31, 2015 and December 31, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
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.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2015
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities
	As of March 31, 2015, the Company has identified the following consolidated and unconsolidated VIEs.
	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 VIEs
	As of March 31, 2015, 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 three months ended March 31, 2015 and 2014.
	Unconsolidated VIEs
	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 does not consolidate the assets and liabilities for N-Star CDOs IV, VI and VIII and the CapLease CDO.
	In March 2014, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO V due to the ability of a single party to remove the Company as collateral manager as a result of an existing event of default. The Company was no longer the primary beneficiary of N-Star CDO V, and as a result, in the first quarter 2014, the Company deconsolidated the assets and liabilities of this CDO.
	In May 2014, the Company determined it no longer had the power to direct the activities that most significantly impact the economic performance of N-Star CDO III due to the ability of a single party to remove the Company as collateral manager as a result of an existing event of default. The Company was no longer the primary beneficiary of N-Star CDO III, and as a result, in the second quarter 2014, the Company deconsolidated the assets and liabilities of this CDO.
	Similar events of default in the future, if they occur, could cause the Company to deconsolidate additional CDO financing transactions.
	For the three months ended March 31, 2014, the deconsolidation of N-Star CDO V resulted in a non-cash realized gain on deconsolidation of $3.4 million recorded in the consolidated statement of operations. The gain was the result of the deconsolidation of $94.1 million of assets, $88.4 million of liabilities, net of $0.8 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $8.3 million of unrealized gain to gain (loss) from deconsolidation.
	Based on management’s analysis, the Company is not the primary beneficiary of the VIEs summarized below and as such, these VIEs are not consolidated into the Company’s financial statements as of March 31, 2015. These unconsolidated VIEs are summarized as follows:
	Real Estate Debt Investments
	The Company identified three CRE debt investments with an aggregate carrying value of $74.2 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 $39.3 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 March 31, 2015, 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 March 31, 2015 (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	$	—		$	74,247	$	—	$	74,247	$	74,247
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		216,767		216,767		216,767
	N-Star CDO equity	—			—		96,080		96,080		96,080
	CMBS	—			—		39,308		39,308		39,308
	Subtotal real estate securities, available for sale	—			—		352,155		352,155		352,155
	Total assets	3,742			74,247		352,155		430,144		430,144
	Junior subordinated notes, at fair value	217,182			—		—		217,182		NA
	Total liabilities	217,182			—		—		217,182		NA
	Net	$	(213,440	)	$	74,247	$	352,155	$	212,962	$	430,144
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of March 31, 2015 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 three months ended March 31, 2015 and 2014 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 March 31, 2015, there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2015
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, with a current focus on Europe, that includes healthcare, hotel, manufactured housing communities, net lease, multifamily and multi-tenant office properties. In addition, it includes PE Investments diversified by property type and geography.
	•	Healthcare - The healthcare properties are comprised of a diverse portfolio of medical office buildings and other properties typically leased under net leases to healthcare operators with a 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 primarily located in major metropolitan markets with the majority affiliated with top hotel brands.
	•	European - The Company is expanding outside the United States (excluding European healthcare), with a current focus on Europe, and seeks to invest in various types of commercial real estate assets.
	•	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 and receivables related to the financing of homes sold to residents.
	•	Net Lease - The net lease properties are primarily industrial, office and retail properties typically under net leases to corporate tenants.
	•	Multifamily - The multifamily portfolio primarily focuses on properties located in suburban markets that are well suited to capture the formation of new households.
	•	Multi-tenant Office - The Company pursues the 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, acquiring and asset managing senior and subordinate debt investments secured primarily by commercial real estate and includes first mortgage loans, subordinate mortgage and mezzanine loans and participations in such 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, mostly conduit commercial mortgage-backed securities, or 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 March 31, 2015, only N-Star securities CDOs I and IX continue to be consolidated. Refer to Note 17 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 months ended March 31, 2015 and 2014 (dollars in thousands):
	Statement of Operations:										N-Star CDOs(1)
	Three months ended March 31, 2015:	Real Estate				CRE			CRE		CRE			Corporate				Consolidated
						Debt			Securities		Securities							Total
	Rental and escalation income	$	166,214			$	—		$	—	$	295		$	—			$	166,509
	Hotel related income	168,727				—			—		—			—				168,727
	Resident fee income	63,373				—			—		—			—				63,373
	Net interest income on debt and securities	2,609			(2)	30,806			17,083		10,533			2,406			(3)	63,437
	Other interest expense	100,870				—			—		—			12,649				113,519
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(41,148		)	(4)	30,114			33,998		1,518			(90,726		)		(66,244		)
	Equity in earnings (losses) of unconsolidated ventures	53,643				—			—		—			—				53,643
	Income tax benefit (expense)	(1,642		)		(22		)	—		—			—				(1,664		)
	Income (loss) from continuing operations	10,853				30,092			33,998		1,518			(90,726		)		(14,265		)
	Income (loss) from discontinued operations	(11		)		—			—		—			—				(11		)
	Net income (loss)	10,842				30,092			33,998		1,518			(90,726		)		(14,276		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.4 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2015, of which $0.6 million 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	Primarily represents interest income earned from notes receivable on manufactured homes.
	-3	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.
	-4	Primarily relates to transaction costs and includes depreciation and amortization of $109.2 million for the three months ended March 31, 2015.
	Statement of Operations:										N-Star CDOs(1)
	Three months ended March 31, 2014:	Real Estate				CRE			CRE		CRE			Corporate				Asset Management(2)			Consolidated
						Debt			Securities		Securities										Total
	Rental and escalation income	$	67,885			$	—		$	—	$	284		$	—			$	—		$	68,169
	Net interest income on debt and securities	736			(3)	30,784			23,766		15,653			4,457			(4)	—			75,396
	Other interest expense	26,454				—			—		—			12,579				—			39,033
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(15,963		)	(5)	28,408			24,309		(113,964		)	(71,549		)		—			(148,759		)
	Equity in earnings (losses) of unconsolidated ventures	31,676				2,303			—		—			—				—			33,979
	Income tax benefit (expense)	(2,187		)		—			—		—			—				—			(2,187		)
	Income (loss) from continuing operations	13,526				30,711			24,309		(113,964		)	(71,549		)		—			(116,967		)
	Income (loss) from discontinued operations	(384		)		—			—		—			—				(5,755		)	(6,139		)
	Net income (loss)	13,142				30,711			24,309		(113,964		)	(71,549		)		(5,755		)	(123,106		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.6 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2014, of which $0.7 million 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 9).
	-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 $26.2 million for the three months ended March 31, 2014.
	The following table presents total assets by segment as of March 31, 2015 and December 31, 2014 (dollars in thousands):
														N-Star CDOs(1)
	Total Assets	Real Estate				CRE			Corporate		CRE			CRE				Consolidated
						Debt					Securities			Securities				Total
	31-Mar-15	$	13,129,951			$	1,034,661		$	694,018	$	390,890		$	495,069			$	15,744,589
	31-Dec-14	$	13,006,146			$	1,160,763		$	234,947	$	421,840		$	502,660			$	15,326,356
	______________________________________
	-1	Based on CDO financing transactions that are primarily collateralized by CRE securities and may include other types of investments.

Supplemental_Disclosures_of_No

Supplemental Disclosures of Non-cash Investing and Financing Activities	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Non-cash Investing and Financing Activities	Supplemental Disclosures of Non-cash Investing and Financing Activities
	The following table presents non-cash investing and financing activities for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		Three Months Ended March 31,
		2015		2014
	Due from servicer	$	46,270	$	—
	Reclassification of operating real estate to deferred costs and intangible assets	35,540		—
	Non-cash related to PE Investments	28,829		726
	Reclassification of other assets to operating real estate	25,577		—
	Escrow deposit payable related to CRE debt investments	25,532		13,467
	Conversion of Deferred LTIP Units to LTIP Units (refer to Note 13)	18,730		—
	Conversion of exchangeable senior notes	11,228		139,418
	Dividends payable related to RSUs	2,720		381
	Senior Notes issued (refer to Note 8)	—		481,118
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 8)	—		296,382
	Reclassification of operating real estate to asset held for sale	—		21,661
	Conversion of LTIP Units (refer to Note 11)	—		9,788
	Deferred financing costs payable related to Senior Notes	—		3,919

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events
	Dividends
	On May 5, 2015, the Company declared a dividend of $0.40 per share of common stock. The common stock dividend will be paid on May 22, 2015 to stockholders of record as of the close of business on May 18, 2015. On April 29, 2015, 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 $0.54688 per share of Series E Preferred Stock. Dividends will be paid on all series of preferred stock on May 15, 2015 to stockholders of record as of the close of business on May 11, 2015.
	SEB Portfolio
	In April 2015, the Company acquired an approximate €1.1 billion ($1.3 billion) European office portfolio (“SEB Portfolio”), comprised of 11 Class A office properties located across gateway cities in seven of Europe’s top markets. The SEB Portfolio consists of approximately 186,000 square meters with a well-diversified mix of market leading tenants. The Company financed the SEB Portfolio with €530.0 million ($626.0 million) of seven year senior mortgage notes, denominated primarily in the local currencies of the respective properties.
	Trias Portfolio
	In April 2015, the Company acquired an approximate €500 million ($600 million) pan-European office portfolio (“Trias Portfolio”), located across eight European countries including United Kingdom, Germany, France, Belgium, Netherlands, Spain, Portugal and Italy. The Trias Portfolio is comprised of 37 properties, which includes 29 office properties, five retail properties, two hotels and an industrial property. The Trias Portfolio consists of approximately 246,000 square meters and is currently approximately 88% leased with a weighted average lease term of approximately four years. The Company financed the Trias Portfolio with an approximate €221.0 million ($260.0 million) senior mortgage note.
	The following presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the acquisitions of the SEB Portfolio and Trias Portfolio and related borrowings as if it occurred on January 1, 2014. The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future and exclude transaction costs (dollars in thousands, except per share data):
		Three Months Ended March 31,
		2015			2014
	Pro forma total revenues	$	494,204		$	183,219
	Pro forma net income (loss) attributable to common stockholders	$	(24,703	)	$	(126,023	)
	Pro forma EPS - basic	$	(0.08	)	$	(0.79	)
	Pro forma EPS - diluted	$	(0.08	)	$	(0.79	)
	ILF Portfolio
	In April 2015, the Company and NorthStar Healthcare, each acting through a subsidiary, entered into a purchase agreement pursuant to which the Company and NorthStar Healthcare agreed to acquire a real estate portfolio comprised of 32 private pay, independent living facilities (the “ILF Portfolio”). The facilities contain approximately 3,983 units, located in 12 states. Pursuant to the purchase agreement, the Company and NorthStar Healthcare will acquire the ILF Portfolio for $875.0 million. The Company and NorthStar Healthcare paid a $35.0 million deposit into escrow (of which 60% was funded by the Company and 40% by NorthStar Healthcare) and, if the Company and NorthStar Healthcare elect to postpone the closing of the acquisition to a date later than May 15, 2015, will be required to pay an additional $17.5 million deposit into escrow. The deposits are generally nonrefundable unless the sellers default or fail to satisfy certain conditions under the purchase agreement.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	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, 2014, which was filed with the Securities and Exchange Commission (the “SEC”).
	The consolidated financial statements for the three months ended March 31, 2015 represent the Company subsequent to the spin-off of its historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.
Principles of Consolidation	Principles of Consolidation
	The consolidated financial statements include the accounts of the Company, the Operating Partnership and their consolidated subsidiaries. The Company consolidates variable interest entities (“VIE”) where the Company is the primary beneficiary and voting interest entities which are generally majority owned or otherwise controlled by the Company. All significant intercompany balances are eliminated in consolidation.
Variable Interest Entities	Variable Interest Entities
	A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. The Company bases its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity.
	The Company reassesses its initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events.
	A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance; and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the business activities of the Company and the other interests. The Company reassesses its determination of whether it is the primary beneficiary of a VIE each reporting period. Significant judgments related to these determinations include estimates about the current and future fair value and performance of investments held by these VIEs and general market conditions.
	The Company evaluates its CRE debt and securities, investments in unconsolidated ventures and securitization financing transactions, such as its collateralized debt obligations (“CDOs”) and its liabilities to subsidiary trusts issuing preferred securities (“junior subordinated notes”) to determine whether they are a VIE. The Company analyzes new investments and financings, as well as reconsideration events for existing investments and financings, which vary depending on type of investment or financing.
Voting Interest Entities	Voting Interest Entities
	A voting interest entity is an entity in which the total equity investment at risk is sufficient to enable it to finance its activities independently and the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the Company has a majority voting interest in a voting interest entity, the entity will generally be consolidated. The Company does not consolidate a voting interest entity if there are substantive participating rights by other parties and/or kick-out rights by a single party.
	The Company performs on-going reassessments of whether entities previously evaluated under the voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework.
Investments in Unconsolidated Ventures	Investments in Unconsolidated Ventures
	A non-controlling, unconsolidated ownership interest in an entity 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 a preferred return and allocation formula, 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 6). 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 an investment that does 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 entity as a result of a preferred return and allocation formula, 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.
Restricted Cash	Restricted Cash
	Restricted cash primarily consists of amounts related to operating real estate and CRE debt investments.
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
	Operating real estate is carried at historical cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their useful life. Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets.
	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.  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.
Deferred Costs	Deferred Costs
	Deferred costs include deferred financing costs and deferred lease costs. Deferred financing costs represent commitment fees, legal and other third-party costs associated with obtaining financing. These costs are amortized to interest expense over the term of the financing using either the effective interest method or straight-line method depending on the type of financing. Unamortized deferred financing costs are expensed when the associated borrowing is repaid before maturity. Costs incurred in seeking financing transactions, which do not close, are expensed in the period such financing transaction was terminated. Deferred lease costs consist of fees incurred to initiate and renew operating leases, which are amortized on a straight-line basis over the remaining lease term and is recorded to depreciation and amortization in the consolidated statements of operations.
Identified Intangibles	Identified Intangibles
	The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, goodwill and other intangibles) and intangible liabilities (such as the value of below-market leases), based on estimated fair value. The value allocated to the above or below-market leases is amortized over the remaining lease term as a net adjustment to rental income. Other intangible assets are amortized into depreciation and amortization expense on a straight-line basis over the remaining lease term.
	Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination and is not amortized. The Company performs an annual impairment test for goodwill and evaluates the recoverability whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In making such assessment, qualitative factors are used to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the estimated fair value of the reporting unit is less than its carrying value, then an impairment charge is recorded.
	Identified intangible assets are recorded in deferred costs and intangible assets and identified intangible liabilities are recorded in other liabilities on the consolidated balance sheets.
Revenue Recognition	Revenue Recognition
	Operating Real Estate
	Rental and escalation income from operating real estate is derived from leasing of space to various types of tenants and healthcare operators. The leases are for fixed terms of varying length and generally provide for annual rentals and expense reimbursements to be paid in monthly installments. Rental income from leases is recognized on a straight-line basis over the term of the respective leases. The excess of rents recognized over amounts contractually due pursuant to the underlying leases are included in unbilled rent receivable on the consolidated balance sheets. Escalation income represents revenue from tenant/operator leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes paid by the Company on behalf of the respective property. This revenue is accrued in the same period as the expenses are incurred.
	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.
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. Awards may be based on a variety of measures such as time, performance, market or a combination thereof. For time-based awards, fair value is determined based on the stock price on the grant date. The Company recognizes compensation expense over the vesting period on a straight-line basis. For performance-based awards, fair value is determined based on the stock price at the date of grant and an estimate of the probable achievement of such measure. The Company recognizes compensation expense over the requisite service period, net of estimated forfeitures, using the accelerated attribution expense method. For market-based measures, fair value is determined using a Monte Carlo analysis under a risk-neutral premise using a risk-free interest rate. The Company recognizes compensation expense, over the requisite service period, net of estimated forfeitures, on a straight-line basis. 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, as described above. 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, if any.
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. Diluted EPS includes restricted stock and 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 limited partnership interests in the Operating Partnership which are structured as profits interests (“LTIP Units”)) (refer to Note 11), where such exercise or conversion would result in a lower EPS. The dilutive effect of such RSUs and LTIP Units is calculated assuming all units are converted to common stock.
Income Taxes	Income Taxes
	The Company has elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, the (“Code”). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To maintain its qualification as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. The Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company believes that all of the criteria to maintain the Company’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
	The Company maintains various taxable REIT subsidiaries (“TRSs”) which may be subject to U.S. federal, state and local income taxes and foreign taxes. In general, a TRS of the Company may perform non-customary services for tenants, hold assets that the REIT cannot hold directly and may engage in most real estate or non-real estate-related business. The Company has established several TRSs in jurisdictions for which no taxes are assessed on corporate earnings. However, the Company generally must include in earnings the income from these TRSs even if it has received no cash distributions. Additionally, the Company has invested in certain real estate assets in Europe, for which local country level taxes will be due on earnings (or other measure) and in some cases withholding taxes for the repatriation of earnings back to the REIT. The REIT will not generally be subject to any additional U.S. taxes on the repatriation of its earnings.
	Current and deferred taxes are recorded on the portion of earnings (losses) recognized by the Company with respect to its interest in TRSs and taxable foreign subsidiaries. Deferred income tax assets and liabilities are calculated based on temporary differences between the Company’s U.S. GAAP consolidated financial statements and the federal, state, local and foreign tax basis of assets and liabilities as of the consolidated balance sheet date. The Company evaluates the realizability of its deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognizes a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in provision for income tax expense included in income tax benefit (expense) in the consolidated statements of operations.
	The Company recorded income tax expense of $1.7 million and $2.2 million for the three months ended March 31, 2015 and 2014, respectively.
	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, 2014 for further disclosure of the Company’s significant accounting policies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“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.  The accounting standard update will replace most of the existing revenue recognition guidance currently promulgated by U.S. GAAP.  In April 2015, the FASB proposed a one-year deferral of the effective date of the new revenue standard to January 1, 2018. The Company is in the process of evaluating the impact, if any, of the update on its consolidated financial position, results of operations and financial statement disclosures.
	In February 2015, the FASB issued updated guidance that changes the rules regarding consolidation. The pronouncement eliminates specialized guidance for limited partnerships and similar legal entities and removes the indefinite deferral for certain investment funds. The new guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures.
	In April 2015, the FASB issued an accounting update changing the presentation of financing costs in financial statements. Under the new guidance, an entity would present these costs in the balance sheet as a direct deduction from the related liability rather than as an asset.  Amortization of the costs would be reported as interest expense.  The new guidance is effective for annual periods and interim periods beginning after December 15, 2015, with early adoption permitted. The Company is currently assessing the impact of the guidance on the Company’s consolidated financial position, results of operations and financial statement disclosures.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the components of accumulated OCI for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	Accumulated OCI		Cumulative Unrealized Gain (Loss) on Available for Sale Securities				Effective Portion of Cash Flow Hedges			Foreign Currency Translation			Total
	Balance as of December 31, 2014		$	56,072			$	(1,694	)	$	(4,838	)	$	49,540
	Unrealized gain (loss) on real estate securities, available for sale		(7,123		)		—			—			(7,123		)
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(11,423		)		—			—			(11,423		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15)		—				265			—			265
	Foreign currency translation adjustment		—				—			(3,055		)	(3,055		)
	Reclassification of foreign currency translation into realized gain (loss) on investments and other		—				—			699			699
	Non-controlling interests		—				—			331			331
	Balance as of March 31, 2015 (Unaudited)		$	37,526			$	(1,429	)	$	(6,863	)	$	29,234
	Balance as of December 31, 2013		$	(1,736	)		$	(2,598	)	$	—		$	(4,334	)
	Unrealized gain (loss) on real estate securities, available for sale		9,451				—			—			9,451
	Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other		(967		)		—			—			(967		)
	Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15)		—				229			—			229
	Non-controlling interests		(221		)		(6		)	—			(227		)
	Balance as of March 31, 2014 (Unaudited)		$	6,527			$	(2,375	)	$	—		$	4,152
Schedule of Restricted Cash	The following table presents a summary of restricted cash as of March 31, 2015 and December 31, 2014 (dollars in thousands):
			31-Mar-15				December 31,
			(Unaudited)				2014
	Capital expenditures reserves		$	198,190			$	211,010
	Operating real estate escrow reserves(1)		110,122				123,017
	CRE debt escrow deposits		32,612				56,342
	Cash in CDOs(2)		4,607				4,687
	Total		$	345,531			$	395,056
	__________________________________________________
	-1	Primarily represents insurance, real estate tax, tenant security deposits and other escrows related to operating real estate.
	-2	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 March 31, 2015 and December 31, 2014 (dollars in thousands):
			31-Mar-15				December 31,
			(Unaudited)				2014
	Other assets:
	Investment deposits and pending deal costs		$	631,218		(1)	$	62,867
	Notes receivable, net		52,070				48,932
	Due from servicer		46,270				64,583
	Investment-related reserves and deposits		27,204				23,086
	Prepaid expenses		24,655				27,595
	Deferred tax assets		10,793				7,730
	Other		4,597				6,493
	Manufactured homes		—			(2)	26,711
	Total		$	796,807			$	267,997
			31-Mar-15				December 31,
			(Unaudited)				2014
	Other liabilities:
	Intangible liabilities		$	175,559			$	176,528
	Deferred tax liabilities		63,303				38,303
	PE Investment III deferred purchase price (refer to Note 5)		39,759				39,759
	Tenant security deposits		28,373				27,854
	Prepaid rent and unearned revenue		18,420				17,668
	Other		7,804				4,733
	Total		$	333,218			$	304,845
	__________________________________________________
	-1	Primarily relates to deposits on European real estate acquisitions that closed in April 2015 (refer to Note 20).
	-2	The Company reclassified manufactured homes to operating real estate, net on the consolidated balance sheet as of March 31, 2015.

Operating_Real_Estate_Tables

Operating Real Estate (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate [Abstract]
Schedule of operating real estate	The following table presents operating real estate, net as of March 31, 2015 and December 31, 2014 (dollars in thousands):
			31-Mar-15			December 31,
			(Unaudited)			2014
	Land		$	1,495,285		$	1,490,613
	Land improvements		1,065,281			1,070,507
	Buildings and improvements		7,061,892			7,008,856
	Building leasehold interests and improvements		589,475			591,626
	Furniture, fixtures and equipment		306,993			286,340
	Tenant improvements		163,634			159,159
	Construction in progress		23,500			17,054
	Subtotal		10,706,060			10,624,155
	Less: Accumulated depreciation		(440,313		)	(349,574		)
	Operating real estate, net		$	10,265,747		$	10,274,581
Schedule of real estate acquisitions	The following table summarizes the Company’s acquisitions for the three months ended March 31, 2015 (dollars in millions):
	Acquisition Date		Type		Description	Name		Purchase Price(1)		Properties	Financing		Equity		Ownership Interest		Transaction Costs
	February - March 2015		Office		Multi-tenant office	Legacy Properties		$	98.1	7	$	67.3	$	28.2	95	%	$	0.7
	______________________________________
	-1	Includes escrows and reserves and excludes transaction costs.

Real_Estate_Debt_Investments_T

Real Estate Debt Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Schedule of CRE debt investments	For the three months ended March 31, 2015, the Company did not originate or purchase any loans.
	The following table presents CRE debt investments as of December 31, 2014 (dollars in thousands):
														Weighted Average(8)									Floating Rate
																							as % of
		Number		Principal				Carrying			Allocation by			Fixed Rate			Spread			Yield(10)			Principal Amount(7)
				Amount				Value			Investment						Over
											Type(7)						LIBOR(9)
	Asset Type:
	First mortgage loans(1)(2)(6)	13		$	434,671			$	313,590		36.6	%		9.51	%		6.66	%		9.34	%		57.2	%
	Mezzanine loans	8		149,816				146,088			12.6	%		13.79	%		13.83	%		14.05	%		53.3	%
	Subordinate interests	8		201,564				200,237			17	%		13.11	%		12.33	%		13.01	%		40.7	%
	Corporate loans(3)(4)	8		360,343				382,427			30.3	%		12.37	%		—			12.99	%		—
	Subtotal/Weighted average(5)	37		1,146,394				1,042,342			96.5	%		11.89	%		9.15	%		12	%		35.6	%
	CRE debt in N-Star CDOs
	First mortgage loans	2		26,957				11,360			2.3	%		—			1.27	%		3.08	%		100	%
	Mezzanine loans	1		11,000				11,000			0.9	%		8	%		—			8	%		—
	Corporate loans	6		2,965				2,965			0.3	%		6.74	%		—			6.74	%		—
	Subtotal/Weighted average	9		40,922				25,325			3.5	%		7.73	%		1.27	%		5.64	%		65.9	%
	Total	46		$	1,187,316			$	1,067,667		100	%		11.82	%		8.65	%		11.85	%		36.7	%
	____________________________________________________________
	-1	Includes a Sterling denominated loan of £66.7 million, of which £16.1 million is outstanding as of December 31, 2014. This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022.
	-2	Includes three loans that pursuant to certain terms and conditions which may or may not be satisfied, where the Company has an option to purchase the properties securing these loans.
	-3	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of December 31, 2014, carrying value represents fair value with respect to these investments.
	-4	Includes four revolving loans of $156.4 million, of which $60.7 million is outstanding as of December 31, 2014.
	-5	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $35.8 million for Securitization 2012-1 and $140.6 million for credit facilities. The remainder is unleveraged. Assuming that all loans that have future fundings meet the terms to qualify for such funding, the Company’s cash requirement on future fundings would be $113.4 million.
	-6	There are no loans on non-accrual status except for one first mortgage loan acquired with deteriorated credit quality with a carrying value of $5.7 million as of December 31, 2014. Certain loans have an accrual of interest at a specified rate that may be in addition to a current rate. Such loans represent an aggregate $3.2 million carrying value where the Company does not recognize interest income on the accrual rate but does recognize interest income based on the current rate.
	-7	Based on principal amount.
	-8	Excludes three CRE debt investments with an aggregate principal amount of $10.7 million that were originated prior to 2008.
	-9	$357.9 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.84%. Includes one first mortgage loan with a principal amount of $6.2 million with a spread over prime rate.
	-10	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of December 31, 2014 and for CRE debt with a LIBOR floor, using such floor.
	The following table presents CRE debt investments as of March 31, 2015 (dollars in thousands):
														Weighted Average(8)									Floating Rate
																							as % of
		Number		Principal				Carrying			Allocation by			Fixed Rate			Spread			Yield(10)			Principal Amount(7)
				Amount				Value			Investment						Over
											Type(7)						LIBOR(9)
	Asset Type:
	First mortgage loans(1)(2)(6)	11		$	372,045			$	258,985		33.7	%		9.51	%		7.18	%		9.58	%		50	%
	Mezzanine loans	7		148,290				145,022			13.4	%		13.79	%		13.83	%		13.92	%		53.3	%
	Subordinate interests	6		181,232				180,956			16.4	%		13.12	%		11.8	%		12.58	%		34.5	%
	Corporate loans (3)(4)	8		360,343				386,625			32.8	%		12.37	%		—			13.02	%		—
	Subtotal/Weighted average(5)	32		1,061,910				971,588			96.3	%		11.89	%		9.63	%		12.13	%		30.7	%
	CRE debt in N-Star CDOs
	First mortgage loans	2		26,957				11,360			2.4	%		—			1.27	%		3.09	%		100	%
	Mezzanine loans	1		11,000				10,901			1	%		8	%		—			9.26	%		—
	Corporate loans	6		2,765				2,766			0.3	%		6.74	%		—			6.74	%		—
	Subtotal/Weighted average	9		40,722				25,027			3.7	%		7.75	%		1.27	%		6.18	%		66.2	%
	Total	41		$	1,102,632			$	996,615		100	%		11.82	%		8.98	%		11.98	%		32	%
	____________________________________________________________
	-1	Includes a Sterling denominated loan of £66.7 million, of which £19.7 million is outstanding as of March 31, 2015. This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022.
	-2	Includes three loans that pursuant to certain terms and conditions which may or may not be satisfied, where the Company has an option to purchase the properties securing these loans.
	-3	Includes $112.0 million of preferred equity investments for which the Company elected the fair value option. As of March 31, 2015, carrying value represents fair value with respect to these investments.
	-4	Includes four revolving loans of $156.4 million, of which $70.0 million is outstanding as of March 31, 2015.
	-5	Certain CRE debt investments serve as collateral for financing transactions including carrying value of $113.7 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 $135.3 million.
	-6	There are two first mortgage loans on non-accrual status with an aggregate carrying value of $8.9 million as of March 31, 2015, which were acquired with deteriorated credit quality.
	-7	Based on principal amount.
	-8	Excludes two CRE debt investments with an aggregate principal amount of $9.2 million that were originated prior to 2008.
	-9	$275.8 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.54%. Includes one first mortgage loan with a principal amount of $6.0 million with a spread over the prime rate.
	-10	Based on initial maturity and for floating-rate debt, calculated using one-month LIBOR as of March 31, 2015 and for CRE debt with a LIBOR floor, using such floor.
Schedule of maturities of CRE debt investments based on principal amount	The following table presents maturities of CRE debt investments based on principal amount as of March 31, 2015 (dollars in thousands):
		Initial				Maturity
		Maturity				Including
						Extensions(1)
	April 1 to December 31, 2015	$	160,057			$	103,676
	Years Ending December 31:
	2016	278,526				143,475
	2017	102,892				126,824
	2018	2,424				169,924
	2019	—				—
	Thereafter	558,733				558,733
	Total	$	1,102,632			$	1,102,632
	____________________________________________________________
	-1	Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents.
Schedule of activity in loan loss reserves on CRE debt investments	The following table presents activity in loan loss reserves on CRE debt investments for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		Three Months Ended March 31,
		2015				2014
	Beginning balance	$	5,599			$	2,880
	Provision for (reversal of) loan losses, net	200			(1)	1,886
	Ending balance	$	5,799			$	4,766
	____________________________________________________________
	(1) Excludes $0.3 million of provision for loan losses relating to manufactured housing notes receivables recorded in other assets.
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):
		March 31,				December 31,
	Credit Quality Indicator:	2015				2014
	Loans with no loan loss reserve:
	First mortgage loans	$	265,665			$	324,251
	Mezzanine loans	155,923				157,089
	Subordinate interests	180,956				200,236
	Corporate loans	389,391				385,391
	Subtotal	991,935				1,066,967
	Other loans with a loan loss reserve/non-accrual status:
	First mortgage loans(1)	500				700
	Mezzanine loans(2)	—				—
	Subtotal	500				700
	Non-performing loans:	4,180				—
	Total	$	996,615			$	1,067,667
	____________________________________________________________
	-1	Excludes two first mortgage loans acquired with deteriorated credit quality with a carrying value of $8.9 million and $5.7 million as of March 31, 2015 and December 31, 2014, respectively.
	-2	Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.7 million. Such loan is not considered a NPL as debt service is currently being received.
Schedule of impaired loans	The following table presents impaired loans as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		31-Mar-15														December 31, 2014
		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	2			$	6,934			$	4,680		$	2,033			1		$	2,533			$	700		$	1,833
	Mezzanine loans	1			3,766				—			3,766				1		3,766				—			3,766
	Total	3			$	10,700			$	4,680		$	5,799			2		$	6,299			$	700		$	5,599
	____________________________________________________________
	-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 two first mortgage loans acquired with deteriorated credit quality with an aggregate carrying value of $8.9 million and $5.7 million as of March 31, 2015 and December 31, 2014, respectively.
Summary of average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired	The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		March 31, 2015									March 31, 2014
		Number		Average				Quarter Ended Income			Number		Average				Quarter Ended Income
				Carrying									Carrying
				Value									Value
	Class of Debt:
	First mortgage loans	2		$	2,690			$	50		1		$	1,783			$	—
	Mezzanine loans	1		—				2			1		943				2
	Total/weighted average	3		$	2,690			$	52		2		$	2,726			$	2

Investments_in_Private_Equity_1

Investments in Private Equity Funds (Tables)	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Private Equity Funds	The following tables summarize the Company’s PE Investments as of March 31, 2015 (dollars in millions):
	PE Investment(1)		Initial Closing Date		NAV Reference Date(2)	Number of Funds			Purchase Price			Expected Future Contributions(3)
	PE Investment I		15-Feb-13		30-Jun-12	49			$	282.1		$	7
	PE Investment II		3-Jul-13		30-Sep-12	24			353.4			2
	PE Investment III (4)		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		30-Jul-14		30-Jun-14	20			90.2			2
	PE Investment VII		15-Aug-14		31-Dec-13	14			54.9			1
	PE Investment IX		2-Oct-14		31-Mar-14	11			217.7			4
	PE Investment X		4-Dec-14		30-Jun-14	13			152.4			—
	Total					143		(5)	$	1,210.50		$	17
	____________________________________________________________
	-1	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 March 31, 2015, PE Investment VIII has not made any investments.
	-2	Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment.
	-3	Represents the estimated amount of expected future contributions to funds as of March 31, 2015.
	-4	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.
	-5	The total number includes 14 funds held across multiple PE Investments.
			Carrying Value							Three Months Ended March 31, 2015							Three Months Ended March 31, 2014
	PE Investment(1)		31-Mar-15			31-Dec-14				Equity in Earnings			Distributions(2)		Contributions		Equity in Earnings		Distributions(2)		Contributions
	PE Investment I (3)		$	211		$	218.6			$	13.9		$	17.7	$	0.6	$	14.8	$	19	$	0.1
	PE Investment II		224			231.6				14			21.6		—		14.1		23.7		1.7
	PE Investment III		50.2			51				0.7			1.5		—		1.4		1.4		0.1
	PE Investment IV		8.2			7.8				0.3			—		—		—		—		—
	PE Investment V		8.4			8				0.5			—		—		—		—		—
	PE Investment VI		82.3			86.3				3.4			7.4		0.1		—		—		—
	PE Investment VII		43			42.7				2.1			1.9		—		—		—		—
	PE Investment IX		164.2			174.6				7.4			18		0.2		—		—		—
	PE Investment X		133.6			141.4				5.9			13.8		0.2		—		—		—
	Total		$	924.9		$	962			$	48.2		$	81.9	$	1.1	$	30.3	$	44.1	$	1.9
	____________________________________________________________
	-1	On August 19, 2014, the Company, through a subsidiary, entered into a joint venture with a third party to source and invest in PE Investments. For the three months ended March 31, 2015, PE Investment VIII has not made any investments.
	-2	Net of a $15.9 million and $9.2 million reserve for taxes in the aggregate for all PE Investments for the three months ended March 31, 2015 and 2014, respectively.
	-3	The Company recorded an unrealized loss of $4.4 million for the three months ended March 31, 2015.

Real_Estate_Securities_Availab1

Real Estate Securities, Available for Sale (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of CRE securities	The following table presents CRE securities as of March 31, 2015 (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)	30	$	401,211	$	178,317	$	41,501	$	(3,051	)	$	216,767	27.8	%	1.97	%	24.35	%
	N-Star CDO equity(5)	5	128,458		128,458		1,665		(34,043		)	96,080		8.9	%	NA		18	%
	CMBS and other securities(6)	15	117,100		62,830		12,048		(21,371		)	53,507		8.1	%	2.46	%	5.03	%
	Subtotal(2)	50	646,769		369,605		55,214		(58,465		)	366,354		44.8	%	2.08	%	18.86	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	141	617,140		451,230		45,503		(125,725		)	371,008		42.8	%	3.51	%	10	%
	Third-party CDO notes	10	74,949		67,763		117		(45,104		)	22,776		5.2	%	0.26	%	1.36	%
	Agency debentures	8	87,172		30,709		12,204		—			42,913		6	%	—		4.56	%
	Unsecured REIT debt	1	8,000		8,369		954		—			9,323		0.6	%	7.5	%	5.88	%
	Trust preferred securities	2	7,224		7,224		—		(1,373		)	5,851		0.6	%	2.25	%	2.32	%
	Subtotal	162	794,485		565,295		58,778		(172,202		)	451,871		55.2	%	2.85	%	8.51	%
	Total	212	$	1,441,254	$	934,900	$	113,992	$	(230,667	)	$	818,225	100	%	2.55	%	12.6	%
	____________________________________________________________
	-1	Excludes $108.0 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 March 31, 2015.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $45.5 million carrying value of these securities (refer to Note 14).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.
	The following table presents CRE securities as of December 31, 2014 (dollars in thousands):
							Cumulative Unrealized							Allocation by		Weighted		Weighted
		Number	Principal		Amortized		Gains		Losses			Fair		Investment		Average		Average Yield(4)
			Amount(3)		Cost							Value		Type(3)		Coupon
	Asset Type:
	N-Star CDO bonds(1)	32	$	461,974	$	205,463	$	58,116	$	(1,270	)	$	262,309	30.1	%	1.83	%	24.13	%
	N-Star CDO equity(5)	5	137,143		137,143		522		(35,198		)	102,467		8.9	%	NA		18.21	%
	CMBS and other securities(6)	15	119,089		64,616		12,241		(24,934		)	51,923		7.8	%	2.48	%	5.51	%
	Subtotal(2)	52	718,206		407,222		70,879		(61,402		)	416,699		46.8	%	1.97	%	19.18	%
	CRE securities in N-Star CDOs(5)(7)
	CMBS	144	636,035		458,186		50,432		(125,751		)	382,867		41.5	%	3.69	%	9.96	%
	Third-party CDO notes	10	76,253		68,821		—		(45,603		)	23,218		5.1	%	0.26	%	1.32	%
	Agency debentures	8	87,172		30,371		10,164		(6		)	40,529		5.7	%	—		4.56	%
	Unsecured REIT debt	1	8,000		8,396		955		—			9,351		0.5	%	7.5	%	5.88	%
	Trust preferred securities	2	7,225		7,225		—		(1,373		)	5,850		0.4	%	2.25	%	—
	Subtotal	165	814,685		572,999		61,551		(172,733		)	461,815		53.2	%	3	%	8.45	%
	Total	217	$	1,532,891	$	980,221	$	132,430	$	(234,135	)	$	878,514	100	%	2.57	%	12.91	%
	_________________________________________________________
	-1	Excludes $108.0 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 December 31, 2013.
	-5	The fair value option was elected for these securities (refer to Note 14).
	-6	The fair value option was elected for $42.6 million carrying value of these securities (refer to Note 14).
	-7	Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments.

Borrowings_Tables

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table presents borrowings as of March 31, 2015 and December 31, 2014 (dollars in thousands):
							March 31, 2015						December 31, 2014
		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
	East Arlington, TX	Non-recourse		17-May	5.89%		$	3,142		$	3,142		$	3,157		$	3,157
	Ohio Portfolio	Non-recourse		19-Jan	6.00%		20,157			20,063			20,230			20,230
	Lancaster, OH	Non-recourse		19-Jan	LIBOR + 5.00%		2,398			2,387			2,442			2,442
	Wilkinson Portfolio	Non-recourse		19-Jan	6.99%		149,270			148,578			150,024			150,024
	Tuscola/Harrisburg, IL	Non-recourse		19-Jan	7.09%		7,376			7,342			7,412			7,412
	Formation Portfolio(5)	Non-recourse		May-19(6)/Jan-25	LIBOR + 4.25%(7)/4.54%		704,704			702,676			705,608			700,958
	Minnesota Portfolio	Non-recourse		19-Nov	3.50%		37,800			37,800			37,800			37,800
	Griffin-American - U.K.(5)	Non-recourse		Dec-19(6)	LIBOR + 4.25%(7)		331,088			331,088			348,588			348,588
	Griffin-American - U.S.(5)	Non-recourse		Dec-19(6)/Dec-35	LIBOR + 3.05%(7)/4.68%		2,614,032			2,548,152			2,618,797			2,618,797
	Wakefield Portfolio	Non-recourse		20-Apr	LIBOR + 5.95%		54,473			54,473			54,751			54,751
	Healthcare Preferred(8)	Non-recourse		21-Jul	LIBOR + 7.75%		75,000			75,000			75,000			75,000
	Indiana Portfolio(8)	Non-recourse		21-Sep	LIBOR + 4.50%		121,130			121,130			121,130			121,130
	Subtotal Healthcare						4,120,570			4,051,831			4,144,939			4,140,289
	Hotel
	Innkeepers Portfolio(5)	Non-recourse		Jun-19(6)	LIBOR + 3.39%(7)		840,000			840,000			840,000			840,000
	K Partners Portfolio(5)	Non-recourse		Aug-19(6)	LIBOR + 3.25%(7)		211,681			211,681			211,681			211,681
	Courtyard Portfolio(5)	Non-recourse		Oct-19(6)	LIBOR + 3.05%(7)		512,000			512,000			512,000			512,000
	Inland Portfolio(5)	Non-recourse		Nov-19(6)	LIBOR + 3.62%(7)		817,000			817,000			817,000			817,000
	Subtotal Hotel						2,380,681			2,380,681			2,380,681			2,380,681
	Manufactured housing communities
	Manufactured Housing Portfolio 3(5)	Non-recourse		Dec-21/ Jan-24/ Sept-24	4.923%(7)		297,372			299,584			297,428			299,716
	Manufactured Housing Portfolio 1(5)	Non-recourse		23-Jan	4.387%(7)		236,233			236,233			236,900			236,900
	Manufactured Housing Portfolio 2(5)	Non-recourse		23-May	4.016%(7)		639,909			639,909			639,909			639,909
	Subtotal Manufactured housing communities						1,173,514			1,175,726			1,174,237			1,176,525
	Net lease
	Fort Wayne, IN	—		—	—		—			—			2,909			2,909
	Columbus, OH	—		—	—		—			—			21,934			21,934
	EDS Portfolio	Non-recourse		15-Oct	5.37%		42,486			42,486			42,738			42,738
	Keene, NH	Non-recourse		16-Feb	5.85%		6,070			6,070			6,105			6,105
	Green Pond, NJ	Non-recourse		16-Apr	5.68%		15,719			15,719			15,799			15,799
	Aurora, CO	Non-recourse		16-Jul	6.22%		30,580			30,580			30,720			30,720
	DSG Portfolio	Non-recourse		16-Oct	6.17%		30,962			30,962			31,126			31,126
	Indianapolis, IN	Non-recourse		17-Feb	6.06%		26,029			26,029			26,151			26,151
	Milpitas, CA	Non-recourse		17-Mar	5.95%		19,301			19,301			19,459			19,459
	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%		974			974			1,079			1,079
	Industrial Portfolio(5)	Non-recourse		Jul-17/Dec-17	4.21%(7)		221,125			227,427			221,131			228,071
	Salt Lake City, UT	Non-recourse		17-Sep	5.16%		13,047			13,047			13,181			13,181
	South Portland, ME	Non-recourse		23-Jul	LIBOR + 2.15%(7)		3,510			3,510			3,597			3,597
	Subtotal Net lease						437,503			443,805			463,629			470,569
	Multifamily
	Memphis, TN	Non-recourse		23-Apr	4.00%		39,600			39,600			39,600			39,600
	Southeast Portfolio(5)	Non-recourse		May-23/July-23	4.03%(7)		158,417			158,417			158,417			158,417
	Scottsdale, AZ(5)	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
	Other
	Legacy Properties(5)	Non-recourse		Nov-19/Feb-20(6)	LIBOR + 2.15%(7)		112,838			112,838			45,584			45,584
	UK Complex(5)	Non-recourse		19-Dec	LIBOR + 3.00%(7)		74,170			74,170			77,660			77,660
	Subtotal Other						187,008			187,008			123,244			123,244
	Subtotal Mortgage and other notes payable						8,543,831			8,483,606			8,531,285			8,535,863
							March 31, 2015						December 31, 2014
		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 + 7.01%(7)		$	14,705		$	14,560		$	15,020		$	14,504
	N-Star IX	Non-recourse		Aug-52	LIBOR + 0.43%(7)		530,109			368,550			545,939			375,564
	Subtotal CDO bonds payable—VIE						544,814			383,110			560,959			390,068
	Securitization bonds payable:
Securitization 2012-1	—		—	—		—			—			41,831			41,823
Subtotal Securitization financing transaction						—			—			41,831			41,823
Credit facilities:
Corporate Revolving Credit Facility(9)	Recourse		17-Aug	LIBOR + 3.50%(7)		420,000			420,000			215,000			215,000
Corporate Term Facility	Recourse		17-Sep	4.60% / 4.55%(10)		425,000			425,000			425,000			425,000
Loan Facility 1	—		—	—		—			—			14,850			14,850
Loan Facility 2	Partial Recourse(11)		Mar-18(6)	2.95%(7)		65,903			65,903			77,930			77,930
Subtotal Credit facilities						910,903			910,903			732,780			732,780
Exchangeable senior notes:
7.25% Notes	Recourse		27-Jun	7.25%		12,955			12,955			12,955			12,955
8.875% Notes	Recourse		Jun-32	8.88%		1,000			984			1,000			983
5.375% Notes	Recourse		Jun-33	5.38%		19,935			17,576			31,633			27,824
Subtotal Exchangeable senior notes						33,890			31,515			45,588			41,762
Junior subordinated notes:(12)
Trust I	Recourse		Mar-35	8.15%		41,240			33,198			41,240			32,992
Trust II	Recourse		Jun-35	7.74%		25,780			20,882			25,780			20,753
Trust III	Recourse		Jan-36	7.81%		41,238			32,990			41,238			32,784
Trust IV	Recourse		Jun-36	7.95%		50,100			40,080			50,100			39,830
Trust V	Recourse		Sep-36	LIBOR + 2.70%(7)		30,100			22,124			30,100			21,823
Trust VI	Recourse		Dec-36	LIBOR + 2.90%(7)		25,100			18,951			25,100			18,700
Trust VII	Recourse		Apr-37	LIBOR + 2.50%(7)		31,459			22,808			31,459			22,492
Trust VIII	Recourse		Jul-37	LIBOR + 2.70%(7)		35,100			26,149			35,100			25,798
Subtotal Junior subordinated notes						280,117			217,182			280,117			215,172
Grand Total						$	10,313,555		$	10,026,316		$	10,192,560		$	9,957,468
____________________________________________________________
-1	Refer to Note 15 for further disclosure regarding derivative instruments which are used to manage interest rate exposure.
-2	For borrowings with a contractual interest rate based on LIBOR, represents three-month LIBOR for N-Star CDO I and the Wakefield Portfolio and one-month LIBOR for the other borrowings.
-3	Carrying value represents fair value with respect to CDO bonds payable and junior subordinated notes due to the election of the fair value option (refer to Note 14) and amortized cost with regards to the other borrowings.
-4	Mortgage and other notes payable are subject to customary non-recourse carveouts.
-5	An aggregate principal amount of $7.8 billion is comprised of 45 senior mortgage notes totaling $6.4 billion and 16 mezzanine mortgage notes totaling $1.4 billion.
-6	Represents final maturity taking into consideration the Company’s extension options.
-7	Contractual interest rate represents a weighted average.
-8	Represents borrowings in N-Star CDOs.
-9	Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt and securities investments with a carrying value of $641.0 million as of March 31, 2015.
-10	Represents the respective fixed rate applicable to each borrowing under the Corporate Term Facility.
-11	Recourse solely with respect to certain types of loans as defined in the governing documents.
-12	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 March 31, 2015 (dollars in thousands):
			Total			Mortgage			CDO Bonds			Credit			Exchangeable			Junior
						and Other Notes			Payable			Facilities			Senior Notes(1)			Subordinated
						Payable												Notes
	April 1 to December 31, 2015		$	108,972		$	108,972		$	—		$	—		$	—		$	—
	Years ending December 31:
	2016		106,395			106,395			—			—			—			—
	2017		1,193,349			335,394			—			845,000			12,955			—
	2018		98,904			33,001			—			65,903			—			—
	2019		3,090,354			3,089,354			—			—			1,000			—
	Thereafter		5,715,581			4,870,715			544,814			—			19,935			280,117
	Total		$	10,313,555		$	8,543,831		$	544,814		$	910,903		$	33,890		$	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.

EquityBased_Compensation_Table

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Equity-based Compensation Expense	The following table presents a summary of restricted stock and LTIP Units. The balance as of March 31, 2015 represents unvested shares of restricted stock and LTIP Units that are outstanding, whether vested or not (grants in thousands):
		Three Months Ended March 31, 2015
		Grants		Weighted
				Average
				Grant Price
	Beginning balance	1,873		$	23.25
	Granted	2,412		18.75
	Converted to common stock	(7	)	15.51
	Forfeited	(2	)	13.33
	Vesting of restricted stock	(464	)	13.93
	Ending balance/weighted average(1)	3,812		$	21.55
	____________________________________________________________
	-1	Includes 233,314 shares of restricted stock and 3,578,844 unvested LTIP Units as of March 31, 2015.

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Summary of dividends declared (on a per share basis)	The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2015:
	Common Stock					Preferred Stock
								Dividend Per Share
	Declaration Date		Dividend Per Share			Declaration Date		Series A		Series B		Series C		Series D		Series E
	25-Feb		$	0.4		30-Jan		$	0.54688	$	0.51563	$	0.55469	$	0.53125	$	0.54688
Schedule of calculation of earnings per share	The following table presents EPS for the three months ended March 31, 2015 and 2014 (dollars and shares in thousands, except per share data):
		Three Months Ended March 31,
		2015			2014
	Numerator:
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(31,602	)	$	(134,961	)
	Net income (loss) attributable to LTIP Units non-controlling interest	—			(3,596		)
	Net income (loss) attributable to common stockholders and LTIP Units(1)	$	(31,602	)	$	(138,557	)
	Denominator:(2)
	Weighted average shares of common stock	308,536			160,515
	Weighted average LTIP Units(1)	716			4,284
	Weighted average shares of common stock and LTIP Units(2)	309,252			164,799
	Earnings (loss) per share:(3)
	Basic	$	(0.10	)	$	(0.84	)
	Diluted	$	(0.10	)	$	(0.84	)
	____________________________________________________________
	-1	The EPS calculation takes into account LTIP Units, which receive 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.
	-2	Excludes the effect of exchangeable senior notes, shares under the forward sale agreement, restricted shares and RSUs outstanding that were not dilutive as of March 31, 2015. These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors.
	-3	The three months ended March 31, 2014 is adjusted for the Reverse Split effected on June 30, 2014.

Noncontrolling_Interests_Table

Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2015
Noncontrolling Interest [Abstract]
Schedule of net income (loss) attributable to the Company's common stockholders	The following table presents net income (loss) attributable to the Company’s common stockholders for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		Three Months Ended March 31,
		2015			2014
	Income (loss) from continuing operations	$	(31,591	)	$	(134,587	)
	Income (loss) from discontinued operations	(11		)	(374		)
	Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$	(31,602	)	$	(134,961	)

Fair_Value_Tables

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities accounted at fair value on recurring basis by level within fair value hierarchy	The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 by level within the fair value hierarchy (dollars in thousands):
		March 31, 2015
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	924,942		$	924,942
	Investments in unconsolidated ventures(1)	—			—			275,120			275,120
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			216,767			216,767
	N-Star CDO equity	—			—			96,080			96,080
	CMBS and other securities	—			19,227			34,280			53,507
	CRE securities in N-Star CDOs
	CMBS	—			311,684			59,324			371,008
	Third-party CDO notes	—			—			22,776			22,776
	Agency debentures	—			42,913			—			42,913
	Unsecured REIT debt	—			9,323			—			9,323
	Trust preferred securities	—			—			5,851			5,851
	Subtotal CRE securities in N-Star CDOs	—			363,920			87,951			451,871
	Subtotal real estate securities, available for sale	—			383,147			435,078			818,225
	Derivative assets	—			2,130			—			2,130
	Total assets	$	—		$	385,277		$	1,635,140		$	2,020,417
	Liabilities:
	CDO bonds payable	$	—		$	—		$	383,110		$	383,110
	Junior subordinated notes	—			—			217,182			217,182
	Derivative liabilities	—			15,740			—			15,740
	Total liabilities	$	—		$	15,740		$	600,292		$	616,032
	_____________________________________________________________________
	-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, 2014
		Level 1			Level 2			Level 3			Total
	Assets:
	PE Investments	$	—		$	—		$	962,038		$	962,038
	Investments in unconsolidated ventures(1)	—			—			276,437			276,437
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—			262,309			262,309
	N-Star CDO equity	—			—			102,467			102,467
	CMBS and other securities	—			17,243			34,680			51,923
	CRE securities in N-Star CDOs
	CMBS	—			329,815			53,052			382,867
	Third-party CDO notes	—			—			23,218			23,218
	Agency debentures	—			40,529			—			40,529
	Unsecured REIT debt	—			9,351			—			9,351
	Trust preferred securities	—			—			5,850			5,850
	Subtotal CRE securities in N-Star CDOs	—			379,695			82,120			461,815
	Subtotal real estate securities, available for sale	—			396,938			481,576			878,514
	Derivative assets	—			3,247			—			3,247
	Total assets	$	—		$	400,185		$	1,720,051		$	2,120,236
	Liabilities:
	CDO bonds payable	$	—		$	—		$	390,068		$	390,068
	Junior subordinated notes	—			—			215,172			215,172
	Derivative liabilities	—			17,915			—			17,915
	Total liabilities	$	—		$	17,915		$	605,240		$	623,155
	_____________________________________________________________________
	-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 three months ended March 31, 2015 (dollars in thousands):
		Three Months Ended March 31, 2015
		PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
								Securities			Payable			Subordinated
														Notes
	1-Jan-15	$	962,038		$	276,437		$	481,576		$	390,068		$	215,172
	Transfers into Level 3(2)	—			—			6,532			—			—
	Transfers out of Level 3(2)	—			—			(791		)	—			—
	Purchases / borrowings / amortization / contributions	1,096			1,044			13,838			—			—
	Sales	—			—			(48,570		)	—			—
	Paydowns / distributions	(81,945		)	—			(15,309		)	(16,146		)	—
	Gains:
	Equity in earnings of unconsolidated ventures	48,186			4,471			—			—			—
	Unrealized gains included in earnings	—			—			11,934			—			—
	Realized gains included in earnings	—			—			10,878			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			1,843			—			—
	Losses:
	Unrealized losses included in earnings	(4,433		)	(6,832		)	(8,073		)	9,188			2,010
	Realized losses included in earnings	—			—			(123		)	—			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(18,657		)	—			—
	31-Mar-15	$	924,942		$	275,120		$	435,078		$	383,110		$	217,182
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	(4,433	)	$	(6,832	)	$	3,861		$	(9,188	)	$	(2,010	)
	____________________________________________________________
	-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.
	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, 2014 (dollars in thousands):
		Year Ended December 31, 2014
		PE Investments			Investments in Unconsolidated Ventures(1)			Real Estate			CDO Bonds			Junior
								Securities			Payable			Subordinated
														Notes
	1-Jan-14	$	586,018		$	192,419		$	484,840		$	384,183		$	201,203
	Transfers into Level 3(2)	—			—			17,513			—			—
	Transfers out of Level 3(2)	—			—			—			—			—
	Purchases / borrowings / amortization / contributions	548,961			84,206			64,104			(15,320		)	—
	Sales	—			—			(65,504		)	—			—
	Paydowns / distributions	(339,598		)	(2,507		)	(48,511		)	(87,859		)	—
	Repurchases	—			—			—						—
	Gains:
	Equity in earnings of unconsolidated ventures	134,036			10,494			—			—			—
	Unrealized gains included in earnings	32,621			—			44,308			—			—
	Realized gains included in earnings	—			—			15,626			—			—
	Unrealized gain on real estate securities, available for sale included in OCI	—			—			61,045			—			—
	Deconsolidation of N-Star CDOs(3)	—			—			873			(122,486		)	—
	Losses:
	Unrealized losses included in earnings	—			(8,175		)	(64,977		)	217,608			13,969
	Realized losses included in earnings	—			—			(3,152		)	13,942			—
	Unrealized losses on real estate securities, available for sale included in OCI	—			—			(3,519		)	—			—
	Deconsolidation of N-Star CDOs(3)	—			—			(21,070		)	—			—
	31-Dec-14	$	962,038		$	276,437		$	481,576		$	390,068		$	215,172
	Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held.	$	32,621		$	(8,175	)	$	(37,487	)	$	(217,608	)	$	(13,969	)
	____________________________________________________________
	-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 17 for further disclosure.
Schedule of Level 3 fair value measurements, quantitative information	For the three months ended March 31, 2015, quantitative information about the Company’s remaining Level 3 fair value measurements on a recurring basis are as follows (dollars in thousands):
		Fair Value			Valuation Technique		Key Unobservable Inputs(2)	Range
	PE Investments	$	924,942		Discounted Cash Flow Model		Discount Rate	15% - 28%
	Investments in unconsolidated ventures(1)	$	275,120		Discounted Cash Flow Model/Credit Spread		Discount Rate/Credit Spread	7% - 31%
	N-Star CDO equity	$	96,080		Discounted Cash Flow Model		Discount Rate	18%
	_________________________________________
	-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 March 31, 2015 and December 31, 2014 (dollars in thousands):
		March 31,			December 31,
		2015			2014
	Assets:
	PE Investments	$	924,942		$	962,038
	Investments in unconsolidated ventures(1)	275,120			276,437
	Real estate securities, available for sale:(2)
	N-Star CDO equity	96,080			102,467
	CMBS and other securities	45,531			42,613
	CRE securities in N-Star CDOs
	CMBS	371,008			382,867
	Third-party CDO notes	22,776			23,218
	Agency debentures	42,913			40,529
	Unsecured REIT debt	9,323			9,351
	Trust preferred securities	5,851			5,850
	Subtotal CRE securities in N-Star CDOs	451,871			461,815
	Subtotal real estate securities, available for sale	593,482			606,895
	Total assets	$	1,793,544		$	1,845,370
	Liabilities:
	CDO bonds payable	$	383,110		$	390,068
	Junior subordinated notes	217,182			215,172
	Total liabilities	$	600,292		$	605,240
	___________________________________________________________
	-1	Includes certain CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected.
	-2	March 31, 2015 excludes 31 CRE securities including $224.7 million of N-Star CDO bonds and $8.0 million of CRE securities, for which the fair value option was not elected. December 31, 2014 excludes 34 CRE securities including $271.6 million of N-Star CDO bonds and $9.3 million of CRE securities, for which the fair value option was not elected.
Schedule of change in fair value of financial assets and liabilities in the consolidated statements of operations	The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		Three Months Ended March 31,
		2015			2014
	Assets:
	Real estate securities, available for sale(1)	$	4,512		$	16,190
	PE Investments(1)	(4,433		)	—
	Foreign currency remeasurement(2)	(23,000		)	(389		)
	Liabilities:
	CDO bonds payable(1)	(9,188		)	(143,361		)
	Junior subordinated notes(1)	(2,010		)	(11,997		)
	Subtotal	(34,119		)	(139,557		)
	Derivatives	1,136			3,953
	Total	$	(32,983	)	$	(135,604	)
	____________________________________________________________
	-1	Represents financial assets and liabilities for which the fair value option was elected.
	-2	Represents foreign currency remeasurement on investments, cash and deposits primarily denominated in Euros.
Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		March 31, 2015									December 31, 2014
		Principal /			Carrying			Fair Value			Principal /			Carrying			Fair Value
		Notional			Value						Notional			Value
		Amount									Amount
	Financial assets:(1)
	Real estate debt investments, net	$	1,102,632		$	996,615		$	995,531		$	1,187,316		$	1,067,667		$	1,066,911
	Real estate securities, available for sale(2)	1,441,254			818,225			818,225			1,532,891			878,514			878,514
	Derivative assets(2)(3)	3,865,187			2,130			2,130			3,848,859			3,247			3,247
	Financial liabilities:(1)
	Mortgage and other notes payable	$	8,543,831		$	8,483,606		$	8,510,126		$	8,531,285		$	8,535,863		$	8,539,363
	CDO bonds payable(2)(4)	544,814			383,110			383,110			560,959			390,068			390,068
	Securitization bonds payable	—			—			—			41,831			41,823			41,929
	Credit facilities	910,903			910,903			910,903			732,780			732,780			732,780
	Exchangeable senior notes	33,890			31,515			58,568			45,588			41,762			82,443
	Junior subordinated notes(2)(4)	280,117			217,182			217,182			280,117			215,172			215,172
	Derivative liabilities(2)(3)	316,590			15,740			15,740			318,726			17,915			17,915
	____________________________________________________________
	-1	The fair value of other financial instruments not included in this table is estimated to approximate their carrying value.
	-2	Refer to “Determination of Fair Value” above for disclosures of methodologies used to determine fair value.
	-3	Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million as of March 31, 2015 and December 31, 2014.
	-4	The fair value option has been elected for these liabilities.

Risk_Management_and_Derivative1

Risk Management and Derivative Activities (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of derivative instruments that were not designated as hedges under U.S. GAAP	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		Number			Notional				Fair Value				Range of	Range of Maturity
					Amount(1)				Net Asset				Fixed LIBOR / Forward Rate
									(Liability)
	As of March 31, 2015:
	Interest rate swaps	12			$	316,590			$	(15,740	)	(2)	0.62% - 5.25%	June 2015 - July 2023
	Interest rate caps/floors	24			3,865,187				2,130			(3)	2.00% - 5.00%	January 2016 - January 2020
	Total	36			$	4,181,777			$	(13,610	)
	As of December 31, 2014:
	Interest rate swaps	12			$	318,726			$	(17,915	)	(2)	0.62% - 5.25%	June 2015 - July 2023
	Interest rate caps/floors	22			3,848,859				3,247			(3)	2.00% - 5.00%	January 2015 - January 2020
	Total	34			$	4,167,585			$	(14,668	)
	____________________________________________________________
	-1	Excludes timing swaps with a notional amount of $28.0 million as of March 31, 2015 and December 31, 2014.
	-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	Includes three Sterling denominated interest rate caps.
Schedule of fair value of the derivative instruments as well as their classification on consolidated balance sheets	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of March 31, 2015 and December 31, 2014 (dollars in thousands):
		Balance Sheet	March 31,				December 31,
		Location	2015				2014
	Interest rate caps/floors	Derivative assets	$	2,130			$	3,247
	Interest rate swaps	Derivative liabilities	$	15,740			$	17,915
Schedule of the effect of the derivative instruments on consolidated statements of operations	The following table presents the effect of derivative instruments in the consolidated statements of operations for the three months ended March 31, 2015 and 2014 (dollars in thousands):
			Three Months Ended March 31,
		Statements of Operations Location	2015				2014
	Amount of gain (loss) recognized in earnings:
	Adjustment to fair value interest rate swaps	Unrealized gain (loss) on investments and other	$	1,136			$	3,953
	Net cash payment for interest rate swaps	Unrealized gain (loss) on investments and other	$	(3,048	)		$	(6,736	)
	Amount of swap gain (loss) reclassified from OCI into earnings	Interest expense on debt and securities	$	(265	)		$	(229	)

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables) (Unconsolidated VIEs)	3 Months Ended
	Mar. 31, 2015
Unconsolidated VIEs
Variable interest entities
Schedule of classification and carrying value of assets and liabilities and maximum exposure of VIEs	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2015 (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	$	—		$	74,247	$	—	$	74,247	$	74,247
	Investments in unconsolidated ventures	3,742			—		—		3,742		3,742
	Real estate securities, available for sale:
	N-Star CDO bonds	—			—		216,767		216,767		216,767
	N-Star CDO equity	—			—		96,080		96,080		96,080
	CMBS	—			—		39,308		39,308		39,308
	Subtotal real estate securities, available for sale	—			—		352,155		352,155		352,155
	Total assets	3,742			74,247		352,155		430,144		430,144
	Junior subordinated notes, at fair value	217,182			—		—		217,182		NA
	Total liabilities	217,182			—		—		217,182		NA
	Net	$	(213,440	)	$	74,247	$	352,155	$	212,962	$	430,144
	____________________________________________________________
	-1	The Company’s maximum exposure to loss as of March 31, 2015 would not exceed the carrying value of its investment.

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables present segment reporting for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	Statement of Operations:										N-Star CDOs(1)
	Three months ended March 31, 2015:	Real Estate				CRE			CRE		CRE			Corporate				Consolidated
						Debt			Securities		Securities							Total
	Rental and escalation income	$	166,214			$	—		$	—	$	295		$	—			$	166,509
	Hotel related income	168,727				—			—		—			—				168,727
	Resident fee income	63,373				—			—		—			—				63,373
	Net interest income on debt and securities	2,609			(2)	30,806			17,083		10,533			2,406			(3)	63,437
	Other interest expense	100,870				—			—		—			12,649				113,519
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(41,148		)	(4)	30,114			33,998		1,518			(90,726		)		(66,244		)
	Equity in earnings (losses) of unconsolidated ventures	53,643				—			—		—			—				53,643
	Income tax benefit (expense)	(1,642		)		(22		)	—		—			—				(1,664		)
	Income (loss) from continuing operations	10,853				30,092			33,998		1,518			(90,726		)		(14,265		)
	Income (loss) from discontinued operations	(11		)		—			—		—			—				(11		)
	Net income (loss)	10,842				30,092			33,998		1,518			(90,726		)		(14,276		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.4 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2015, of which $0.6 million 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	Primarily represents interest income earned from notes receivable on manufactured homes.
	-3	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.
	-4	Primarily relates to transaction costs and includes depreciation and amortization of $109.2 million for the three months ended March 31, 2015.
	Statement of Operations:										N-Star CDOs(1)
	Three months ended March 31, 2014:	Real Estate				CRE			CRE		CRE			Corporate				Asset Management(2)			Consolidated
						Debt			Securities		Securities										Total
	Rental and escalation income	$	67,885			$	—		$	—	$	284		$	—			$	—		$	68,169
	Net interest income on debt and securities	736			(3)	30,784			23,766		15,653			4,457			(4)	—			75,396
	Other interest expense	26,454				—			—		—			12,579				—			39,033
	Income (loss) before equity in earnings (losses) and income tax benefit (expense)	(15,963		)	(5)	28,408			24,309		(113,964		)	(71,549		)		—			(148,759		)
	Equity in earnings (losses) of unconsolidated ventures	31,676				2,303			—		—			—				—			33,979
	Income tax benefit (expense)	(2,187		)		—			—		—			—				—			(2,187		)
	Income (loss) from continuing operations	13,526				30,711			24,309		(113,964		)	(71,549		)		—			(116,967		)
	Income (loss) from discontinued operations	(384		)		—			—		—			—				(5,755		)	(6,139		)
	Net income (loss)	13,142				30,711			24,309		(113,964		)	(71,549		)		(5,755		)	(123,106		)
	___________________________________
	-1	Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.6 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2014, of which $0.7 million 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 9).
	-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 $26.2 million for the three months ended March 31, 2014.
	The following table presents total assets by segment as of March 31, 2015 and December 31, 2014 (dollars in thousands):
														N-Star CDOs(1)
	Total Assets	Real Estate				CRE			Corporate		CRE			CRE				Consolidated
						Debt					Securities			Securities				Total
	31-Mar-15	$	13,129,951			$	1,034,661		$	694,018	$	390,890		$	495,069			$	15,744,589
	31-Dec-14	$	13,006,146			$	1,160,763		$	234,947	$	421,840		$	502,660			$	15,326,356
	______________________________________
	-1	Based on CDO financing transactions that are primarily collateralized by CRE securities and may include other types of investments.

Supplemental_Disclosures_of_No1

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Summary of non-cash investing and financing activities	The following table presents non-cash investing and financing activities for the three months ended March 31, 2015 and 2014 (dollars in thousands):
		Three Months Ended March 31,
		2015		2014
	Due from servicer	$	46,270	$	—
	Reclassification of operating real estate to deferred costs and intangible assets	35,540		—
	Non-cash related to PE Investments	28,829		726
	Reclassification of other assets to operating real estate	25,577		—
	Escrow deposit payable related to CRE debt investments	25,532		13,467
	Conversion of Deferred LTIP Units to LTIP Units (refer to Note 13)	18,730		—
	Conversion of exchangeable senior notes	11,228		139,418
	Dividends payable related to RSUs	2,720		381
	Senior Notes issued (refer to Note 8)	—		481,118
	Exchangeable senior notes exchanged for Senior Notes (refer to Note 8)	—		296,382
	Reclassification of operating real estate to asset held for sale	—		21,661
	Conversion of LTIP Units (refer to Note 11)	—		9,788
	Deferred financing costs payable related to Senior Notes	—		3,919

Business_and_Organization_Narr

Business and Organization - Narrative (Details) (Multi-tenant properties, Europe, Subsequent event, USD $)	0 Months Ended
In Millions, unless otherwise specified	6-May-15
	property
Multi-tenant properties | Europe | Subsequent event
Business Combination, Separately Recognized Transactions [Line Items]
Real estate acquisition	$2,000
Number of real estate properties acquired	49

Summary_of_Significant_Account3

Summary of Significant Accounting Policies-Accumulated OCI (Details) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	$49,540	($4,334)
Unrealized gain (loss) on real estate securities, available for sale	-7,123	9,451
Foreign currency translation adjustment	-3,055
Non-controlling interests	331	-227
Ending Balance	29,234	4,152
Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	-11,423	-967
Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	265	229
Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassification of foreign currency translation into realized gain (loss) on investments and other	699
Cumulative Unrealized Gain (Loss) on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	56,072	-1,736
Unrealized gain (loss) on real estate securities, available for sale	-7,123	9,451
Non-controlling interests		-221
Ending Balance	37,526	6,527
Cumulative Unrealized Gain (Loss) on Available for Sale Securities | Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	-11,423	-967
Effective Portion of Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance		-2,598	-1,694
Non-controlling interests		-6
Ending Balance	-1,429	-2,375	-1,694
Effective Portion of Cash Flow Hedges | Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	265	229
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	-4,838			0
Foreign currency translation adjustment	-3,055
Reclassification of foreign currency translation into realized gain (loss) on investments and other	699
Non-controlling interests	331
Ending Balance	($6,863)	$0		$0

Summary_of_Significant_Account4

Summary of Significant Accounting Policies-Restricted Cash (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$345,531	$395,056
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	198,190	211,010
Operating real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	110,122	123,017
CRE debt escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	32,612	56,342
Cash in CDOs
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$4,607	$4,687

Summary_of_Significant_Account5

Summary of Significant Accounting Policies-Other assets and liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Other assets:
Investment deposits and pending deal costs	$631,218	$62,867
Notes receivable, net	52,070	48,932
Due from servicer	46,270	64,583
Investment-related reserves and deposits	27,204	23,086
Prepaid expenses	24,655	27,595
Other	4,597	6,493
Deferred tax assets	10,793	7,730
Manufactured homes	0	26,711
Total	796,807	267,997
Other liabilities:
Intangible liabilities	175,559	176,528
Deferred tax liabilities	63,303	38,303
PE Investment III deferred purchase price	39,759	39,759
Tenant security deposits	28,373	27,854
Prepaid rent and unearned revenue	18,420	17,668
Other	7,804	4,733
Total	$333,218	$304,845

Summary_of_Significant_Account6

Summary of Significant Accounting Policies-Real Estate Debt Investments (Details)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Number of days past due for suspension of income recognition	90 days

Summary_of_Significant_Account7

Summary of Significant Accounting Policies-Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Accounting Policies [Abstract]
Income tax expense	$1,664	[1]	$2,187	[1]
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Operating_Real_Estate_Details

Operating Real Estate (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real Estate [Abstract]
Land	$1,495,285	$1,490,613
Land improvements	1,065,281	1,070,507
Buildings and improvements	7,061,892	7,008,856
Building leasehold interests and improvements	589,475	591,626
Furniture, fixtures and equipment	306,993	286,340
Tenant improvements	163,634	159,159
Construction in progress	23,500	17,054
Operating real estate, gross	10,706,060	10,624,155
Less: Accumulated depreciation	-440,313	-349,574
Operating real estate, net	$10,265,747	$10,274,581

Operating_Real_Estate_Acquisit

Operating Real Estate - Acquisitions (Details) (Legacy Properties, USD $)	2 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
	property
Legacy Properties
Business Acquisition [Line Items]
Purchase Price	$98.10
Properties	7
Financing	67.3
Equity	28.2
Ownership Interest	95.00%
Transaction Costs	$0.70

Real_Estate_Debt_Investments_C

Real Estate Debt Investments - CRE Debt Investments (Details)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

USD ($)

USD ($)

Loans

Loans

Impaired loans

Impaired loans

Credit Facility

Credit Facility

Revolving loan/credit facility

Revolving loan/credit facility

Revolving loan/credit facility

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Corporate loans

Corporate loans

Corporate loans

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Consolidated Entity Excluding Variable Interest Entities (VIE)

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity, Primary Beneficiary

loan

loan

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Securitization 2012-1

USD ($)

USD ($)

Credit Facility

LIBOR

LIBOR

USD ($)

Impaired loans

Impaired loans

Impaired loans

Impaired loans

Impaired loans

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

Impaired loans

Impaired loans

Weighted Average

Weighted Average

USD ($)

Weighted Average

Weighted Average

USD ($)

Weighted Average

Weighted Average

USD ($)

USD ($)

LIBOR

LIBOR

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Subordinate interests

Subordinate interests

Subordinate interests

Subordinate interests

Subordinate interests

Corporate loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

First mortgage loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

Corporate loans

loan

loan

USD ($)

USD ($)

loan

USD ($)

USD ($)

Receivables acquired with deteriorated credit quality

Receivables acquired with deteriorated credit quality

Receivables acquired with deteriorated credit quality, interest recognized on current rate

LIBOR

Prime

Prime

loan

USD ($)

USD ($)

LIBOR

loan

LIBOR

loan

LIBOR

loan

loan

USD ($)

USD ($)

LIBOR

LIBOR

USD ($)

Option to purchase property securing loan

Option to purchase property securing loan

Sterling

Sterling

Weighted Average

Weighted Average

USD ($)

Weighted Average

Weighted Average

USD ($)

Preferred Equity Security

Preferred Equity Security

Weighted Average

Weighted Average

USD ($)

Revolving loan/credit facility

Revolving loan/credit facility

Weighted Average

Weighted Average

loan

loan

LIBOR

LIBOR

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

USD ($)

Weighted Average

Weighted Average

Weighted Average

Weighted Average

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

loan

loan

loan

GBP (£)

GBP (£)

LIBOR

loan

LIBOR

loan

USD ($)

USD ($)

LIBOR

loan

USD ($)

USD ($)

LIBOR

loan

loan

LIBOR

LIBOR

loan

loan

LIBOR

LIBOR

loan

loan

LIBOR

LIBOR

loan

loan

loan

loan

loan

loan

Mortgage Loans on Real Estate [Line Items]

Number (loans)

41

46

13

2

1

8

8

8

32

37

11

3

3

7

6

8

4

4

9

9

2

2

1

1

6

6

Principal Amount

$1,102,632,000

$1,187,316,000

$434,671,000

$6,000,000

$6,200,000

$149,816,000

$201,564,000

$360,343,000

$1,061,910,000

$1,146,394,000

$372,045,000

£ 66,700,000

£ 66,700,000

$148,290,000

$181,232,000

$112,000,000

$112,000,000

$360,343,000

$40,722,000

$40,922,000

$26,957,000

$26,957,000

$11,000,000

$11,000,000

$2,765,000

$2,965,000

Carrying Value

996,615,000

1,067,667,000

313,590,000

4,180,000

0

146,088,000

200,237,000

382,427,000

971,588,000

1,042,342,000

258,985,000

19,700,000

16,100,000

145,022,000

180,956,000

386,625,000

25,027,000

25,325,000

11,360,000

11,360,000

10,901,000

11,000,000

2,766,000

2,965,000

Allocation by Investment Type (as a percent)

100.00%

100.00%

36.60%

12.60%

17.00%

30.30%

96.30%

96.50%

33.70%

13.40%

16.40%

32.80%

3.70%

3.50%

2.40%

2.30%

1.00%

0.90%

0.30%

0.30%

Weighted Average Fixed Rate (as a percent)

11.82%

11.82%

9.51%

13.79%

13.11%

12.37%

11.89%

11.89%

9.51%

13.79%

13.12%

12.37%

7.75%

7.73%

0.00%

0.00%

8.00%

8.00%

6.74%

6.74%

Weighted Average Spread Over LIBOR (as a percent)

8.98%

8.65%

6.66%

13.83%

12.33%

0.00%

9.63%

9.15%

7.18%

13.83%

11.80%

0.00%

1.27%

1.27%

1.27%

1.27%

0.00%

0.00%

0.00%

0.00%

Weighted Average Yield (as a percent)

11.98%

11.85%

9.34%

14.05%

13.01%

12.99%

12.13%

12.00%

9.58%

13.92%

12.58%

13.02%

6.18%

5.64%

3.09%

3.08%

9.26%

8.00%

6.74%

6.74%

Floating Rate as % of Principal Amount

32.00%

36.70%

57.20%

53.30%

40.70%

0.00%

30.70%

35.60%

50.00%

53.30%

34.50%

0.00%

66.20%

65.90%

100.00%

100.00%

0.00%

0.00%

0.00%

0.00%

Revolving loans, maximum borrowing capacity

156,400,000

156,400,000

Line of credit facility amount outstanding

70,000,000

60,700,000

Carrying value served as collateral

113,700,000

35,800,000

140,600,000

Cash requirement on future fundings

135,300,000

113,400,000

Notes receivable, net

52,070,000

48,932,000

4,680,000

700,000

4,680,000

700,000

8,900,000

5,700,000

3,200,000

0

0

Number of loans excluded from weighted average calculations (loans)

2

3

Face amount of mortgages excluded from weighted average calculations

9,200,000

10,700,000

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

$275,800,000

$357,900,000

LIBOR floor (as a percent)

0.54%

0.84%

Number of loans originated (loans)

1

1

Debt instrument, term for basis spread on variable rate

1 month

1 month

Real_Estate_Debt_Investments_C1

Real Estate Debt Investments - CRE Maturities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	loan	loan
Mortgage Loans on Real Estate [Line Items]
Total	$1,102,632,000	$1,187,316,000
Weighted average maturity including extensions of CRE debt investments	4 years 9 months 0 days
Unamortized discounts and origination fees
Net unamortized discounts	22,800,000
Net unamortized origination fees and costs	4,000,000
Non-performing loans
Number of non-performing loans	1	0
Non-performing loans, principal amount	4,200,000
Initial Maturity
Mortgage Loans on Real Estate [Line Items]
April 1 to December 31, 2015	160,057,000
2016	278,526,000
2017	102,892,000
2018	2,424,000
2019	0
Thereafter	558,733,000
Total	1,102,632,000
Maturity Including Extensions
Mortgage Loans on Real Estate [Line Items]
April 1 to December 31, 2015	103,676,000
2016	143,475,000
2017	126,824,000
2018	169,924,000
2019	0
Thereafter	558,733,000
Total	$1,102,632,000

Real_Estate_Debt_Investments_L

Real Estate Debt Investments - Loan Loss Reserves (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Loan Loss Reserve
Beginning balance	$5,599		$2,880
Provision for (reversal of) loan losses, net	200		1,886
Ending balance	5,799		4,766
Provision for loan losses	483	[1]	1,886	[1]
Number of days of default or past due for loans to be categorized as nonperforming	90 days
Other assets | Notes receivable
Loan Loss Reserve
Provision for loan losses	$300
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Real_Estate_Debt_Investments_C2

Real Estate Debt Investments - Credit Quality Indicator (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	loan	loan
Credit quality indicator
Real estate debt investments, net	$996,615	$1,067,667
Carrying value	52,070	48,932
Number of mezzanine loans	3	2
Impaired financing receivable, principal amount	10,700	6,299
First mortgage loans
Credit quality indicator
Real estate debt investments, net		313,590
Number of mezzanine loans	2	1
Impaired financing receivable, principal amount	6,934	2,533
Mezzanine loans
Credit quality indicator
Real estate debt investments, net		146,088
Number of mezzanine loans	1	1
Impaired financing receivable, principal amount	3,766	3,766
Subordinate interests
Credit quality indicator
Real estate debt investments, net		200,237
Corporate loans
Credit quality indicator
Real estate debt investments, net		382,427
Loans with no loan loss reserve
Credit quality indicator
Real estate debt investments, net	991,935	1,066,967
Loans with no loan loss reserve | First mortgage loans
Credit quality indicator
Real estate debt investments, net	265,665	324,251
Loans with no loan loss reserve | Mezzanine loans
Credit quality indicator
Real estate debt investments, net	155,923	157,089
Loans with no loan loss reserve | Subordinate interests
Credit quality indicator
Real estate debt investments, net	180,956	200,236
Loans with no loan loss reserve | Corporate loans
Credit quality indicator
Real estate debt investments, net	389,391	385,391
Other loans with a loan loss reserve/non-accrual status
Credit quality indicator
Real estate debt investments, net	500	700
Other loans with a loan loss reserve/non-accrual status | First mortgage loans
Credit quality indicator
Real estate debt investments, net	500	700
Other loans with a loan loss reserve/non-accrual status | Mezzanine loans
Credit quality indicator
Real estate debt investments, net	0	0
Number of mezzanine loans	1
Loan loss reserve (percent)	100.00%
Impaired financing receivable, principal amount	3,700
Impaired loans
Credit quality indicator
Carrying value	4,680	700
Impaired loans | First mortgage loans
Credit quality indicator
Real estate debt investments, net	4,180	0
First mortgage loan acquired with deteriorated credit quality	2
Carrying value	4,680	700
Impaired loans | First mortgage loans | Receivables acquired with deteriorated credit quality
Credit quality indicator
Carrying value	8,900	5,700
Impaired loans | Mezzanine loans
Credit quality indicator
Carrying value	$0	$0

Real_Estate_Debt_Investments_I

Real Estate Debt Investments - Impaired Loans (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
	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)	3		2
Principal Amount	$10,700		$6,299
Carrying Value	52,070		48,932
Loan Loss Reserve	5,799	4,766	5,599	2,880
Average Carrying Value	2,690	2,726
Quarter Ended Income	52	2
Number of days of default or past due for loan delinquency	90 days
Weighted Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	3	2
Impaired loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Carrying Value	4,680		700
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)	2		1
Principal Amount	6,934		2,533
Loan Loss Reserve	2,033		1,833
Average Carrying Value	2,690	1,783
Quarter Ended Income	50	0
First mortgage loans | Weighted Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	2	1
First mortgage loans | Impaired loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Carrying Value	4,680		700
First mortgage loan acquired with deteriorated credit quality	2
First mortgage loans | Impaired loans | Receivables acquired with deteriorated credit quality
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Carrying Value	8,900		5,700
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		1
Principal Amount	3,766		3,766
Loan Loss Reserve	3,766		3,766
Average Carrying Value	0	943
Quarter Ended Income	2	2
Mezzanine loans | Weighted Average
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans)	1	1
Mezzanine loans | Impaired loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Carrying Value	$0		$0

Investments_in_Private_Equity_2

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

0 Months Ended

12 Months Ended

0 Months Ended

22 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Jun. 30, 2013

Feb. 15, 2013

Jul. 03, 2013

Sep. 30, 2012

Dec. 31, 2012

Dec. 31, 2013

30-May-14

Jul. 01, 2014

Jul. 30, 2014

Aug. 15, 2014

Oct. 02, 2014

Dec. 04, 2014

Dec. 04, 2014

Mar. 31, 2015

third_party

fund

fund

fund

fund

fund

fund

fund

fund

fund

fund

fund

Schedule of Equity Method Investments [Line Items]

Number of parties to which company is obligated

2

PE Investment I

Schedule of Equity Method Investments [Line Items]

Number of Funds

49

Purchase Price

$282.10

Expected Future Contributions

7

PE Investment II

Schedule of Equity Method Investments [Line Items]

Number of Funds

24

Purchase Price

353.4

Expected Future Contributions

2

Amount paid to seller for all of the fund interests

504.8

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

55.00%

Deferred amount of reported net asset value (percent)

45.00%

PE Investment III

Schedule of Equity Method Investments [Line Items]

Number of Funds

8

Purchase Price

39.8

Expected Future Contributions

1

Amount paid to seller for all of the fund interests

39.8

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

50.00%

Obligation to acquire remaining PE Investment

39.8

Deferred amount of reported net asset value (percent)

50.00%

PE Investment IV

Schedule of Equity Method Investments [Line Items]

Number of Funds

1

Purchase Price

8

Expected Future Contributions

0

PE Investment V

Schedule of Equity Method Investments [Line Items]

Number of Funds

3

Purchase Price

12

Expected Future Contributions

0

PE Investment VI

Schedule of Equity Method Investments [Line Items]

Number of Funds

20

Purchase Price

90.2

Expected Future Contributions

2

PE Investment VII

Schedule of Equity Method Investments [Line Items]

Number of Funds

14

Purchase Price

54.9

Expected Future Contributions

1

PE Investment IX

Schedule of Equity Method Investments [Line Items]

Number of Funds

11

Purchase Price

217.7

Expected Future Contributions

4

PE Investment X

Schedule of Equity Method Investments [Line Items]

Number of Funds

13

Purchase Price

152.4

152.4

Expected Future Contributions

0

PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds

143

Purchase Price

1,210.50

Expected Future Contributions

17

Multiple PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds

14

Investments_in_Private_Equity_3

Investments in Private Equity Funds - Earnings, Distributions, Contributions (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Dec. 31, 2014	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Carrying Value	$924,942,000		$962,038,000
Equity in Earnings	53,643,000	[1]	17,800,000	33,979,000	[1]
Distributions(2)	8,685,000			4,764,000
Cash distributions, tax reserve	15,900,000			9,200,000
Unrealized loss on PE Investment	-36,031,000	[1]		-142,340,000	[1]
PE Investment I
Schedule of Equity Method Investments [Line Items]
Carrying Value	211,000,000		218,564,000
Equity in Earnings	13,900,000			14,800,000
Distributions(2)	17,700,000			19,000,000
Contributions	600,000			100,000
Unrealized loss on PE Investment	-4,400,000
PE Investment II
Schedule of Equity Method Investments [Line Items]
Carrying Value	224,000,000		231,632,000
Equity in Earnings	14,000,000			14,100,000
Distributions(2)	21,600,000			23,700,000
Contributions	0			1,700,000
PE Investment III
Schedule of Equity Method Investments [Line Items]
Carrying Value	50,162,000		50,975,000
Equity in Earnings	700,000			1,400,000
Distributions(2)	1,500,000			1,400,000
Contributions	0			100,000
PE Investment IV
Schedule of Equity Method Investments [Line Items]
Carrying Value	8,171,000		7,831,000
Equity in Earnings	300,000			0
Distributions(2)	0			0
Contributions	0			0
PE Investment V
Schedule of Equity Method Investments [Line Items]
Carrying Value	8,400,000		7,978,000
Equity in Earnings	500,000			0
Distributions(2)	0			0
Contributions	0			0
PE Investment VI
Schedule of Equity Method Investments [Line Items]
Carrying Value	82,300,000		86,330,000
Equity in Earnings	3,400,000			0
Distributions(2)	7,400,000			0
Contributions	100,000			0
PE Investment VII
Schedule of Equity Method Investments [Line Items]
Carrying Value	43,000,000		42,700,000
Equity in Earnings	2,100,000			0
Distributions(2)	1,900,000			0
Contributions	0			0
PE Investment IX
Schedule of Equity Method Investments [Line Items]
Carrying Value	164,200,000		174,579,000
Equity in Earnings	7,400,000			0
Distributions(2)	18,000,000			0
Contributions	200,000			0
PE Investment X
Schedule of Equity Method Investments [Line Items]
Carrying Value	133,600,000		141,391,000
Equity in Earnings	5,900,000			0
Distributions(2)	13,800,000			0
Contributions	200,000			0
PE Investments
Schedule of Equity Method Investments [Line Items]
Carrying Value	924,900,000		962,000,000
Equity in Earnings	48,200,000			30,300,000
Distributions(2)	81,900,000			44,100,000
Contributions	$1,100,000			$1,900,000
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Investments_in_Private_Equity_4

Investments in Private Equity Funds - Narrative (details) (USD $)	3 Months Ended					1 Months Ended	0 Months Ended	12 Months Ended	1 Months Ended	0 Months Ended
	Mar. 31, 2015		Dec. 31, 2014	Mar. 31, 2014		Feb. 28, 2013	Sep. 30, 2012	Dec. 31, 2012	Apr. 30, 2015	Jul. 03, 2013	Jun. 30, 2013
	joint_venture										fund
Investments in and Advances to Affiliates [Line Items]
Number of significant unconsolidated joint ventures (PE Investments)	7
Joint ventures, net investment income	$53,643,000	[1]	$17,800,000	$33,979,000	[1]
Joint ventures, realized gains			1,600,000
Joint ventures, unrealized gains			37,200,000
NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Joint ventures, net investment income	100,000			100,000
PE Investment I
Investments in and Advances to Affiliates [Line Items]
Joint ventures, net investment income	13,900,000			14,800,000
Amount funded at initial closing						282,100,000
Aggregate ownership interest held by the entity together with NorthStar Income (as a percent)						51.00%
Ownership interest in amount funded (as a percent)						70.50%
Number of real estate private equity funds contributed (funds)						49
PE Investment I | Cash distribution until NorthStar Entities receives a 1.5x multiple on all of their invested capital | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)						85.00%
Multiplier factor for cash distribution to the NorthStar Entities						1.5
PE Investment I | Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital | Class B Partner
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)						15.00%
PE Investment I | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012 | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)						15.00%
PE Investment I | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012 | Class B Partner
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)						85.00%
PE Investment I | Remaining cash distribution | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)						51.00%
PE Investment I | Remaining cash distribution | Class B Partner
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)						49.00%
PE Investment I | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Amount funded at initial closing						118,000,000
Ownership interest in amount funded (as a percent)						29.50%
PE Investment II
Investments in and Advances to Affiliates [Line Items]
Joint ventures, net investment income	14,000,000			14,100,000
Number of real estate private equity funds contributed (funds)											24
Aggregate reported net asset value							910,000,000
Amount to be paid to seller for all of the fund interests								504,800,000
Payment of initial amount of reported net asset value (percent)							55.00%
Fair value method investment, deferred amount of reported net asset value	411,400,000
Deferred amount of reported net asset value (percent)							45.00%
Number of years after closing of fund interest distributions start	4 years
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%
Distributions following deferred payment amount (percent)	100.00%
PE Investment II | Subsequent event
Investments in and Advances to Affiliates [Line Items]
Fair value method investment payment of deferred amount of reported net asset value									61,300,000
PE Investment II | NorthStar Real Estate Income Trust Inc
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)	15.00%
PE Investment II | NorthStar Realty Finance Corp.
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)	70.00%
Amount to be paid to seller for all of the fund interests										353,400,000
Deferred amount of reported net asset value	286,300,000
PE Investment II | NorthStar Realty Finance Corp. | Subsequent event
Investments in and Advances to Affiliates [Line Items]
Fair value method investment payment of deferred amount of reported net asset value									$42,900,000
PE Investment II | Vintage Funds
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)	15.00%
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Investments_in_Unconsolidated_1

Investments in Unconsolidated Ventures (Details)

3 Months Ended

12 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

Dec. 31, 2014

Mar. 31, 2014

Apr. 30, 2013

Feb. 09, 2015

Dec. 02, 2014

Sep. 30, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Mar. 31, 2014

Apr. 30, 2013

Jun. 30, 2013

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Jul. 31, 2013

Mar. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Apr. 30, 2015

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2014

31-May-12

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

USD ($)

USD ($)

USD ($)

USD ($)

Milford Plaza hotel

Milford Plaza hotel

NorthStar/RXR New York Metro

Northstar Corporate

Legacy Partners Commercial

Sponsored Companies

Sponsored Companies

Sponsored Companies

NorthStar Income, NorthStar Healthcare and NorthStar Income II

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

Aerium

Aerium

Aerium

Aerium

Aerium

Legacy Commercial Entities

Legacy Commercial Entities

Multifamily

Multifamily

Multifamily

Multifamily

Multifamily

LandCap

LandCap

LandCap

CS/Federal

CS/Federal

CS/Federal

CS/Federal

CS/Federal

NorthStar Healthcare

NorthStar Healthcare

NorthStar Healthcare

Northstar Income II

Northstar Income II

Other

Other

RXR Equity Investment

RXR Equity Investment

RXR Equity Investment

USD ($)

USD ($)

USD ($)

company

Commitment to Purchase Shares

Commitment to Invest as Distribution Support

USD ($)

USD ($)

USD ($)

USD ($)

Milford Plaza hotel

Milford Plaza hotel

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

Legacy Partners Commercial

Legacy Partners Commercial

USD ($)

USD ($)

USD ($)

USD ($)

Subsequent event

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Non-recourse mortgage note bearing 5.51% interest

Non-recourse mortgage note bearing 5.46% interest

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

CSE CDO

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

building

country

USD ($)

USD ($)

property

USD ($)

note

professional

property

Schedule of Equity Method Investments [Line Items]

Percentage of equity interest (percent)

35.00%

40.00%

0.50%

0.60%

9.99%

90.00%

49.00%

49.00%

50.00%

0.30%

0.30%

0.70%

1.20%

9.80%

30.00%

Carrying value of equity method investment

$12,100,000

$5,900,000

$6,000,000

$8,500,000

$8,500,000

$5,300,000

$5,000,000

$10,400,000

$9,700,000

$9,900,000

$9,400,000

$10,800,000

$5,700,000

$5,700,000

$2,300,000

$2,400,000

$3,100,000

$3,100,000

$93,600,000

$90,000,000

Equity in earnings (losses) of unconsolidated ventures

-53,643,000

[1]

-17,800,000

-33,979,000

[1]

-1,200,000

-100,000

-100,000

-1,200,000

0

0

-1,100,000

-400,000

200,000

-300,000

-100,000

-100,000

100,000

100,000

-1,200,000

-3,500,000

-1,500,000

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

Cash payments to acquire noncontrolling interest in real estate investment

62,200,000

45,000,000

Net proceeds from offering of common stock

555,455,000

1,191,307,000

5,000,000

Cost method investments

57,000,000

62,800,000

Number of units in real estate property acquired

498

Amount contributed in the joint venture

0

493,000

8,500,000

41,000,000

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

29,500,000

7,000,000

38,000,000

Fixed interest rate (as a percent)

3.87%

5.51%

5.46%

Depreciation and amortization

109,726,000

[1]

27,049,000

[1]

300,000

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

3

Cost of portfolio of the real estate properties acquired

54,300,000

Number of non-recourse mortgage notes

2

Purchase commitment

10,000,000

10,000,000

Purchase commitment, period

2 years

Maximum number of new sponsored companies, per year

5

Public offering registration statement, maximum proceeds

$2,000,000,000

$1,000,000,000

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 March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Real_Estate_Securities_Availab2

Real Estate Securities, Available for Sale (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	cdo		security
	security
Real estate securities, available for sale
Number (securities)	212		217
Amortized Cost	$934,900,000		$980,221,000
Cumulative Unrealized Gains	113,992,000		132,430,000
Cumulative Unrealized Losses	-230,667,000		-234,135,000
Fair Value	818,225,000		878,514,000
Allocation by Investment Type (as a percent)	100.00%		100.00%
Weighted Average Coupon (as a percent)	2.55%		2.57%
Weighted Average Yield (as a percent)	12.60%		12.91%
Number of company-sponsored CDOs	9
Number of company-sponsored CDOs collateralized by CRE debt	3
Number of company-sponsored CDOs collateralized by CRE securities	6
Number of equity interests in CDOs, focused on CRE debt	2
Weighted average expected maturity	3 years 10 months 24 days
Proceeds from the sale of CRE securities	60,963,000	22,166,000
Minimum
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio	1 month
Maximum
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio	38 years
Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	50		52
Amortized Cost	369,605,000		407,222,000
Cumulative Unrealized Gains	55,214,000		70,879,000
Cumulative Unrealized Losses	-58,465,000		-61,402,000
Fair Value	366,354,000		416,699,000
Allocation by Investment Type (as a percent)	44.80%		46.80%
Weighted Average Coupon (as a percent)	2.08%		1.97%
Weighted Average Yield (as a percent)	18.86%		19.18%
Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	162		165
Amortized Cost	565,295,000		572,999,000
Cumulative Unrealized Gains	58,778,000		61,551,000
Cumulative Unrealized Losses	-172,202,000		-172,733,000
Fair Value	451,871,000		461,815,000
Allocation by Investment Type (as a percent)	55.20%		53.20%
Weighted Average Coupon (as a percent)	2.85%		3.00%
Weighted Average Yield (as a percent)	8.51%		8.45%
N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	30		32
Amortized Cost	178,317,000		205,463,000
Cumulative Unrealized Gains	41,501,000		58,116,000
Cumulative Unrealized Losses	-3,051,000		-1,270,000
Fair Value	216,767,000		262,309,000
Allocation by Investment Type (as a percent)	27.80%		30.10%
Weighted Average Coupon (as a percent)	1.97%		1.83%
Weighted Average Yield (as a percent)	24.35%		24.13%
Principal amount eliminated In consolidation	108,000,000		108,000,000
N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	5		5
Amortized Cost	128,458,000		137,143,000
Cumulative Unrealized Gains	1,665,000		522,000
Cumulative Unrealized Losses	-34,043,000		-35,198,000
Fair Value	96,080,000		102,467,000
Allocation by Investment Type (as a percent)	8.90%		8.90%
Weighted Average Yield (as a percent)	18.00%		18.21%
CMBS | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities)	15		15
Amortized Cost	62,830,000		64,616,000
Cumulative Unrealized Gains	12,048,000		12,241,000
Cumulative Unrealized Losses	-21,371,000		-24,934,000
Fair Value	53,507,000		51,923,000
Allocation by Investment Type (as a percent)	8.10%		7.80%
Weighted Average Coupon (as a percent)	2.46%		2.48%
Weighted Average Yield (as a percent)	5.03%		5.51%
Noncurrent equity securities			42,600,000
CMBS | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	141		144
Amortized Cost	451,230,000		458,186,000
Cumulative Unrealized Gains	45,503,000		50,432,000
Cumulative Unrealized Losses	-125,725,000		-125,751,000
Fair Value	371,008,000		382,867,000
Allocation by Investment Type (as a percent)	42.80%		41.50%
Weighted Average Coupon (as a percent)	3.51%		3.69%
Weighted Average Yield (as a percent)	10.00%		9.96%
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE)
Real estate securities, available for sale
Noncurrent equity securities	45,500,000
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	10		10
Amortized Cost	67,763,000		68,821,000
Cumulative Unrealized Gains	117,000		0
Cumulative Unrealized Losses	-45,104,000		-45,603,000
Fair Value	22,776,000		23,218,000
Allocation by Investment Type (as a percent)	5.20%		5.10%
Weighted Average Coupon (as a percent)	0.26%		0.26%
Weighted Average Yield (as a percent)	1.36%		1.32%
Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	8		8
Amortized Cost	30,709,000		30,371,000
Cumulative Unrealized Gains	12,204,000		10,164,000
Cumulative Unrealized Losses	0		-6,000
Fair Value	42,913,000		40,529,000
Allocation by Investment Type (as a percent)	6.00%		5.70%
Weighted Average Coupon (as a percent)	0.00%		0.00%
Weighted Average Yield (as a percent)	4.56%		4.56%
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	1		1
Amortized Cost	8,369,000		8,396,000
Cumulative Unrealized Gains	954,000		955,000
Cumulative Unrealized Losses	0		0
Fair Value	9,323,000		9,351,000
Allocation by Investment Type (as a percent)	0.60%		0.50%
Weighted Average Coupon (as a percent)	7.50%		7.50%
Weighted Average Yield (as a percent)	5.88%		5.88%
Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities)	2		2
Amortized Cost	7,224,000		7,225,000
Cumulative Unrealized Gains	0		0
Cumulative Unrealized Losses	-1,373,000		-1,373,000
Fair Value	5,851,000		5,850,000
Allocation by Investment Type (as a percent)	0.60%		0.40%
Weighted Average Coupon (as a percent)	2.25%		2.25%
Weighted Average Yield (as a percent)	2.32%		0.00%
CRE Securities
Real estate securities, available for sale
Proceeds from the sale of CRE securities	61,000,000	22,200,000
Net realized gain (loss) of CRE securities investments	10,900,000	4,600,000
Number of CRE securities for which the fair value option was not elected (security)	31
Carrying value of items for which the fair value option was not elected	224,700,000
Accumulated net unrealized gains included in OCI	38,400,000
Number of CRE securities in unrealized loss position	3
Aggregate carrying value of securities in an unrealized loss position	17,000,000
Unrealized gain (loss) on securities with an unrealized loss position	-3,000,000
Number of CRE securities in unrealized loss position, greater than 12 months	2
Period of unrealized loss of securities	12 months
Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	1,441,254,000		1,532,891,000
Fair Value	1,441,254,000		1,532,891,000
Principal / Notional Amount | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	646,769,000		718,206,000
Principal / Notional Amount | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	794,485,000		814,685,000
Principal / Notional Amount | N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	401,211,000		461,974,000
Principal / Notional Amount | N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	128,458,000		137,143,000
Principal / Notional Amount | CMBS | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	117,100,000		119,089,000
Principal / Notional Amount | CMBS | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	617,140,000		636,035,000
Principal / Notional Amount | Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	74,949,000		76,253,000
Principal / Notional Amount | Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	87,172,000		87,172,000
Principal / Notional Amount | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	8,000,000		8,000,000
Principal / Notional Amount | Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	$7,224,000		$7,225,000

Borrowings_Details

Borrowings (Details) (USD $)	3 Months Ended	12 Months Ended	1 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Aug. 31, 2014	Jul. 31, 2012	Mar. 31, 2013	Sep. 30, 2014	Mar. 31, 2014
	loan	loan
Debt Instrument [Line Items]
Principal Amount	$10,313,555,000	$10,192,560,000
Carrying Value	10,026,316,000	9,957,468,000
Number of mortgage loans	41	46
Credit facilities	910,903,000	732,780,000
Years ending December 31:
April 1 to December 31, 2015	108,972,000
2016	106,395,000
2017	1,193,349,000
2018	98,904,000
2019	3,090,354,000
Thereafter	5,715,581,000
Total	10,313,555,000	10,192,560,000
Credit facility:
Real estate debt investments, net	1,102,632,000	1,187,316,000
LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	1 month
Various portfolios
Debt Instrument [Line Items]
Principal Amount	7,800,000,000
Years ending December 31:
Total	7,800,000,000
N-Star CDO I and Wakefield Portfolio | LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	3 months
Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	8,543,831,000	8,531,285,000
Carrying Value	8,483,606,000	8,535,863,000
Years ending December 31:
Total	8,543,831,000	8,531,285,000
Senior mortgage notes | Healthcare
Debt Instrument [Line Items]
Principal Amount	4,120,570,000	4,144,939,000
Carrying Value	4,051,831,000	4,140,289,000
Years ending December 31:
Total	4,120,570,000	4,144,939,000
Senior mortgage notes | Hotels
Debt Instrument [Line Items]
Principal Amount	2,380,681,000	2,380,681,000
Carrying Value	2,380,681,000	2,380,681,000
Years ending December 31:
Total	2,380,681,000	2,380,681,000
Senior mortgage notes | Manufactured housing communities
Debt Instrument [Line Items]
Principal Amount	1,173,514,000	1,174,237,000
Carrying Value	1,175,726,000	1,176,525,000
Years ending December 31:
Total	1,173,514,000	1,174,237,000
Senior mortgage notes | Net lease
Debt Instrument [Line Items]
Principal Amount	437,503,000	463,629,000
Carrying Value	443,805,000	470,569,000
Years ending December 31:
Total	437,503,000	463,629,000
Senior mortgage notes | Multifamily
Debt Instrument [Line Items]
Principal Amount	244,555,000	244,555,000
Carrying Value	244,555,000	244,555,000
Years ending December 31:
Total	244,555,000	244,555,000
Senior mortgage notes | Other real estate
Debt Instrument [Line Items]
Principal Amount	187,008,000	123,244,000
Carrying Value	187,008,000	123,244,000
Years ending December 31:
Total	187,008,000	123,244,000
Senior mortgage notes | Various portfolios
Debt Instrument [Line Items]
Principal Amount	6,400,000,000
Number of mortgage loans	45
Years ending December 31:
Total	6,400,000,000
Senior mortgage notes | Wakefield Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	5.95%
Senior mortgage notes | Lancaster, OH | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	5.00%
Senior mortgage notes | 5.89% Non-recourse Note Payable, Due May 2017 | East Arlington, TX | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.89%
Principal Amount	3,142,000	3,157,000
Carrying Value	3,142,000	3,157,000
Years ending December 31:
Total	3,142,000	3,157,000
Senior mortgage notes | 6.00% Non-recourse Note Payable, Due January 2019 | Ohio Portfolio | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.00%
Principal Amount	20,157,000	20,230,000
Carrying Value	20,063,000	20,230,000
Years ending December 31:
Total	20,157,000	20,230,000
Senior mortgage notes | LIBOR Plus 5.00% Non-recourse Note Payable, Due January 2019 | Lancaster, OH | Healthcare
Debt Instrument [Line Items]
Principal Amount	2,398,000	2,442,000
Carrying Value	2,387,000	2,442,000
Years ending December 31:
Total	2,398,000	2,442,000
Senior mortgage notes | 6.99% Non-recourse Note Payable, Due January 2019 | Wilkinson Portfolio | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.99%
Principal Amount	149,270,000	150,024,000
Carrying Value	148,578,000	150,024,000
Years ending December 31:
Total	149,270,000	150,024,000
Senior mortgage notes | 7.09% Non-recourse Note Payable, Due January 2019 | Tuscola/Harrisburg | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.09%
Principal Amount	7,376,000	7,412,000
Carrying Value	7,342,000	7,412,000
Years ending December 31:
Total	7,376,000	7,412,000
Senior mortgage notes | LIBOR Plus 4.25%/4.54%, Non-recourse, Due May 2019/January 2025 | Formation Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount	704,704,000	705,608,000
Carrying Value	702,676,000	700,958,000
Years ending December 31:
Total	704,704,000	705,608,000
Senior mortgage notes | LIBOR Plus 4.25%/4.54%, Non-recourse, Due May 2019/January 2025 | Formation Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Senior mortgage notes | LIBOR Plus 4.25%/4.54%, Non-recourse, Due May 2019/January 2025 | Formation Portfolio (1) | Healthcare | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	4.25%
Senior mortgage notes | LIBOR Plus 4.25%/4.54%, Non-recourse, Due May 2019/January 2025 | Formation Portfolio (2) | Healthcare | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	4.54%
Senior mortgage notes | LIBOR Plus 3.50% Non-recourse Note Payable, Due November 2019 | Minnesota Portfolio | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.50%
Principal Amount	37,800,000	37,800,000
Carrying Value	37,800,000	37,800,000
Years ending December 31:
Total	37,800,000	37,800,000
Senior mortgage notes | LIBOR Plus 4.25% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.K. | Healthcare
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	4.25%
Principal Amount	331,088,000	348,588,000
Carrying Value	331,088,000	348,588,000
Years ending December 31:
Total	331,088,000	348,588,000
Senior mortgage notes | LIBOR Plus 3.05%/4.68% Non-recourse Note Payable, Due December 2019/December 2035 | Griffin-American - U.S. | Healthcare
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Principal Amount	2,614,032,000	2,618,797,000
Carrying Value	2,548,152,000	2,618,797,000
Years ending December 31:
Total	2,614,032,000	2,618,797,000
Senior mortgage notes | LIBOR Plus 3.05%/4.68% Non-recourse Note Payable, Due December 2019/December 2035 | Griffin-American - U.S. 1 | Healthcare
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	3.05%
Senior mortgage notes | LIBOR Plus 3.05%/4.68% Non-recourse Note Payable, Due December 2019/December 2035 | Griffin-American - U.S. 2 | Healthcare
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	4.68%
Senior mortgage notes | LIBOR Plus 5.95% Non-recourse Note Payable, Due April 2020 | Wakefield Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount	54,473,000	54,751,000
Carrying Value	54,473,000	54,751,000
Years ending December 31:
Total	54,473,000	54,751,000
Senior mortgage notes | LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 2021 | Healthcare Preferred | Healthcare
Debt Instrument [Line Items]
Principal Amount	75,000,000	75,000,000
Carrying Value	75,000,000	75,000,000
Years ending December 31:
Total	75,000,000	75,000,000
Senior mortgage notes | LIBOR Plus 7.75% Percent Non-recourse Note Payable, Due July 2021 | Healthcare Preferred | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	7.75%
Senior mortgage notes | LIBOR Plus 4.50% Non-recourse Note Payable, Due September 2021 | Indiana Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount	121,130,000	121,130,000
Carrying Value	121,130,000	121,130,000
Years ending December 31:
Total	121,130,000	121,130,000
Senior mortgage notes | LIBOR Plus 4.50% Non-recourse Note Payable, Due September 2021 | Indiana Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	4.50%
Senior mortgage notes | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels
Debt Instrument [Line Items]
Principal Amount	840,000,000	840,000,000
Carrying Value	840,000,000	840,000,000
Years ending December 31:
Total	840,000,000	840,000,000
Senior mortgage notes | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.39%
Senior mortgage notes | LIBOR Plus 3.25%, Non-recourse, Due August 2019 | K Partners Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.25%
Principal Amount	211,681,000	211,681,000
Carrying Value	211,681,000	211,681,000
Years ending December 31:
Total	211,681,000	211,681,000
Senior mortgage notes | LIBOR Plus 3.05%, Non-recourse, Due October 2019 | Courtyard Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.05%
Principal Amount	512,000,000	512,000,000
Carrying Value	512,000,000	512,000,000
Years ending December 31:
Total	512,000,000	512,000,000
Senior mortgage notes | LIBOR Plus 3.62%, Non-recourse, Due November 2019 | Inland Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.62%
Principal Amount	817,000,000	817,000,000
Carrying Value	817,000,000	817,000,000
Years ending December 31:
Total	817,000,000	817,000,000
Senior mortgage notes | Manufacturing Housing Portfolio 1 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.39%
Principal Amount	236,233,000	236,900,000
Carrying Value	236,233,000	236,900,000
Years ending December 31:
Total	236,233,000	236,900,000
Senior mortgage notes | Manufacturing Housing Portfolio 2 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.02%
Principal Amount	639,909,000	639,909,000
Carrying Value	639,909,000	639,909,000
Years ending December 31:
Total	639,909,000	639,909,000
Senior mortgage notes | Manufacturing Housing Portfolio 3 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.92%
Principal Amount	297,372,000	297,428,000
Carrying Value	299,584,000	299,716,000
Years ending December 31:
Total	297,372,000	297,428,000
Senior mortgage notes | 6.41% Non-recourse Note Payable, Due April 2015 | Fort Wayne, IN | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.00%
Principal Amount	0	2,909,000
Carrying Value	0	2,909,000
Years ending December 31:
Total	0	2,909,000
Senior mortgage notes | 6.48% Non-recourse Note Payable, Due December 2017 | Columbus, OH | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.00%
Principal Amount	0	21,934,000
Carrying Value	0	21,934,000
Years ending December 31:
Total	0	21,934,000
Senior mortgage notes | 5.37% Non-recourse Note Payable, Due October 2015 | EDS Portfolio | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.37%
Principal Amount	42,486,000	42,738,000
Carrying Value	42,486,000	42,738,000
Years ending December 31:
Total	42,486,000	42,738,000
Senior mortgage notes | 5.85% Non-recourse Note Payable, Due February 2016 | Keene, NH | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.85%
Principal Amount	6,070,000	6,105,000
Carrying Value	6,070,000	6,105,000
Years ending December 31:
Total	6,070,000	6,105,000
Senior mortgage notes | 5.68% Non-recourse Note Payable, Due April 2016 | Green Pond, NJ | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.68%
Principal Amount	15,719,000	15,799,000
Carrying Value	15,719,000	15,799,000
Years ending December 31:
Total	15,719,000	15,799,000
Senior mortgage notes | 6.22% Non-recourse Note Payable, Due July 2016 | Aurora, CO | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.22%
Principal Amount	30,580,000	30,720,000
Carrying Value	30,580,000	30,720,000
Years ending December 31:
Total	30,580,000	30,720,000
Senior mortgage notes | 6.17% Non-recourse Note Payable, Due October 2016 | DSG Portfolio | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.17%
Principal Amount	30,962,000	31,126,000
Carrying Value	30,962,000	31,126,000
Years ending December 31:
Total	30,962,000	31,126,000
Senior mortgage notes | 6.06% Non-recourse Note Payable, Due February 2017 | Indianapolis, IN | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.06%
Principal Amount	26,029,000	26,151,000
Carrying Value	26,029,000	26,151,000
Years ending December 31:
Total	26,029,000	26,151,000
Senior mortgage notes | 5.95% Non-recourse Note Payable, Due March 2017 | Milpitas, CA | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.95%
Principal Amount	19,301,000	19,459,000
Carrying Value	19,301,000	19,459,000
Years ending December 31:
Total	19,301,000	19,459,000
Senior mortgage notes | 5.63% Non-recourse Note Payable, Due April 2017 | Fort Mill, SC 1 | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.63%
Principal Amount	27,700,000	27,700,000
Carrying Value	27,700,000	27,700,000
Years ending December 31:
Total	27,700,000	27,700,000
Senior mortgage notes | 6.21% Non-recourse Note Payable, Due April 2017 | Fort Mill, SC 2 | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.21%
Principal Amount	974,000	1,079,000
Carrying Value	974,000	1,079,000
Years ending December 31:
Total	974,000	1,079,000
Senior mortgage notes | 5.16% Non-recourse Note Payable, Due September 2017 | Salt Lake City, UT | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.16%
Principal Amount	13,047,000	13,181,000
Carrying Value	13,047,000	13,181,000
Years ending December 31:
Total	13,047,000	13,181,000
Senior mortgage notes | 5.16% Non-recourse Note Payable, Due September 2017 | Industrial Portfolio | Net lease
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.21%
Senior mortgage notes | 4.21%, Non-recourse, Due July 2017 and December 2017 | Industrial Portfolio | Net lease
Debt Instrument [Line Items]
Principal Amount	221,125,000	221,131,000
Carrying Value	227,427,000	228,071,000
Years ending December 31:
Total	221,125,000	221,131,000
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | South Portland, ME | Net lease
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.15%
Principal Amount	3,510,000	3,597,000
Carrying Value	3,510,000	3,597,000
Years ending December 31:
Total	3,510,000	3,597,000
Senior mortgage notes | Multifamily Investment Property 3.996% Due April 2023 | Memphis, TN | Multifamily
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.00%
Principal Amount	39,600,000	39,600,000
Carrying Value	39,600,000	39,600,000
Years ending December 31:
Total	39,600,000	39,600,000
Senior mortgage notes | Multifamily Investment Property 4.03% Due May 2023 and July 2023 | Southeast Portfolio | Multifamily
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.03%
Principal Amount	158,417,000	158,417,000
Carrying Value	158,417,000	158,417,000
Years ending December 31:
Total	158,417,000	158,417,000
Senior mortgage notes | Multifamily Investment Property 4.03% Due May 2023 and July 2023 | Scottsdale, AZ | Multifamily
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.28%
Senior mortgage notes | Multifamily Investment Property, Scottsdale, AZ, Senior Loans Maturing July 2023 | Scottsdale, AZ | Multifamily
Debt Instrument [Line Items]
Principal Amount	46,538,000	46,538,000
Carrying Value	46,538,000	46,538,000
Years ending December 31:
Total	46,538,000	46,538,000
Senior mortgage notes | LIBOR Plus 2.15% Non-recourse Note Payable, Due November 2019/February 2020 | Legacy Portfolio | Other real estate
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.15%
Principal Amount	112,838,000	45,584,000
Carrying Value	112,838,000	45,584,000
Years ending December 31:
Total	112,838,000	45,584,000
Senior mortgage notes | LIBOR Plus 3.00% Non-recourse Note Payable, Due December 2019 | UK Property | Other real estate
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.00%
Principal Amount	74,170,000	77,660,000
Carrying Value	74,170,000	77,660,000
Years ending December 31:
Total	74,170,000	77,660,000
CDO Bonds Payable
Debt Instrument [Line Items]
Principal Amount	544,814,000	560,959,000
Carrying Value	383,110,000	390,068,000
Years ending December 31:
April 1 to December 31, 2015	0
2016	0
2017	0
2018	0
2019	0
Thereafter	544,814,000
Total	544,814,000	560,959,000
CDO Bonds Payable | N-Star I
Debt Instrument [Line Items]
Principal Amount	14,705,000	15,020,000
Carrying Value	14,560,000	14,504,000
Years ending December 31:
Total	14,705,000	15,020,000
CDO Bonds Payable | N-Star I | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	7.01%
CDO Bonds Payable | N-Star IX
Debt Instrument [Line Items]
Principal Amount	530,109,000	545,939,000
Carrying Value	368,550,000	375,564,000
Years ending December 31:
Total	530,109,000	545,939,000
CDO Bonds Payable | N-Star IX | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	0.43%
Securitization bonds payable
Debt Instrument [Line Items]
Principal Amount	0	41,831,000
Carrying Value	0	41,823,000
Years ending December 31:
Total	0	41,831,000
Securitization bonds payable | Securitization 2012-1
Debt Instrument [Line Items]
Principal Amount	0	41,831,000
Carrying Value	0	41,823,000
Years ending December 31:
Total	0	41,831,000
Credit facility
Debt Instrument [Line Items]
Principal Amount	910,903,000	732,780,000
Carrying Value	910,903,000	732,780,000
Years ending December 31:
April 1 to December 31, 2015	0
2016	0
2017	845,000,000
2018	65,903,000
2019	0
Thereafter	0
Total	910,903,000	732,780,000
Credit facility | Corporate Credit Facility 1
Debt Instrument [Line Items]
Principal Amount	420,000,000	215,000,000
Carrying Value	420,000,000	215,000,000
Debt instrument, collateral amount	641,000,000
Years ending December 31:
Total	420,000,000	215,000,000
Credit facility:
Maximum borrowing capacity			500,000,000			500,000,000
Credit facility, term			3 years
Available borrowing under its loan facilities	80,000,000	285,000,000
Debt covenant, minimum balance of unrestricted cash and available borrowing capacity	25,000,000
Credit facility | Corporate Credit Facility 1 | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.50%
Credit facility | Corporate Credit Facility 2
Debt Instrument [Line Items]
Principal Amount	425,000,000	425,000,000
Carrying Value	425,000,000	425,000,000
Credit facilities		150,000,000				275,000,000
Years ending December 31:
Total	425,000,000	425,000,000
Credit facility | Corporate Credit Facility 2A
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.60%
Credit facility | Corporate Credit Facility 2B
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.55%	4.55%				4.60%
Credit facility:
Available borrowing under its loan facilities	75,000,000	75,000,000
Credit facility | Loan Facility 1
Debt Instrument [Line Items]
Principal Amount	0	14,850,000
Carrying Value	0	14,850,000
Years ending December 31:
Total	0	14,850,000
Credit facility | Loan Facility 1 | Subsidiary two
Credit facility:
Maximum borrowing capacity				40,000,000
Credit facility | Loan Facility 1 | Minimum | Subsidiary two
Credit facility:
Aggregate amount of unrestricted cash required to provide credit support for the borrowings				3,750,000
Credit facility | Loan Facility 1 | Maximum | Subsidiary two
Credit facility:
Aggregate amount of unrestricted cash required to provide credit support for the borrowings				7,500,000
Credit facility | Loan Facility 2
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.95%
Principal Amount	65,903,000	77,930,000
Carrying Value	65,903,000	77,930,000
Years ending December 31:
Total	65,903,000	77,930,000
Credit facility | Loan Facility 2 | Subsidiary
Credit facility:
Maximum borrowing capacity					200,000,000
Aggregate amount of unrestricted cash required to provide credit support for the borrowings					20,000,000
Credit facility | Loan Facilities 1 and 2
Debt Instrument [Line Items]
Carrying Value	65,900,000
Credit facility:
Available borrowing under its loan facilities	174,100,000
Real estate debt investments, net	113,700,000
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal Amount	33,890,000	45,588,000
Carrying Value	31,515,000	41,762,000
Years ending December 31:
April 1 to December 31, 2015	0
2016	0
2017	12,955,000
2018	0
2019	1,000,000
Thereafter	19,935,000
Total	33,890,000	45,588,000
Exchangeable Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.25%
Principal Amount	12,955,000	12,955,000
Carrying Value	12,955,000	12,955,000
Years ending December 31:
Total	12,955,000	12,955,000
Exchangeable Senior Notes | 7.50% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)							7.50%
Principal Amount							172,500,000
Years ending December 31:
Total							172,500,000
Exchangeable Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.88%
Principal Amount	1,000,000	1,000,000
Carrying Value	984,000	983,000
Years ending December 31:
Total	1,000,000	1,000,000
Exchangeable Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.38%
Principal Amount	19,935,000	31,633,000
Carrying Value	17,576,000	27,824,000
Years ending December 31:
Total	19,935,000	31,633,000
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal Amount	280,117,000	280,117,000
Carrying Value	217,182,000	215,172,000
Years ending December 31:
April 1 to December 31, 2015	0
2016	0
2017	0
2018	0
2019	0
Thereafter	280,117,000
Total	280,117,000	280,117,000
Junior Subordinated Notes | Trust I
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.15%
Principal Amount	41,240,000	41,240,000
Carrying Value	33,198,000	32,992,000
Years ending December 31:
Total	41,240,000	41,240,000
Junior Subordinated Notes | Trust II
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.74%
Principal Amount	25,780,000	25,780,000
Carrying Value	20,882,000	20,753,000
Years ending December 31:
Total	25,780,000	25,780,000
Junior Subordinated Notes | Trust III
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.81%
Principal Amount	41,238,000	41,238,000
Carrying Value	32,990,000	32,784,000
Years ending December 31:
Total	41,238,000	41,238,000
Junior Subordinated Notes | Trust IV
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.95%
Principal Amount	50,100,000	50,100,000
Carrying Value	40,080,000	39,830,000
Years ending December 31:
Total	50,100,000	50,100,000
Junior Subordinated Notes | Trust V
Debt Instrument [Line Items]
Principal Amount	30,100,000	30,100,000
Carrying Value	22,124,000	21,823,000
Years ending December 31:
Total	30,100,000	30,100,000
Junior Subordinated Notes | Trust V | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.70%
Junior Subordinated Notes | Trust VI
Debt Instrument [Line Items]
Principal Amount	25,100,000	25,100,000
Carrying Value	18,951,000	18,700,000
Years ending December 31:
Total	25,100,000	25,100,000
Junior Subordinated Notes | Trust VI | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.90%
Junior Subordinated Notes | Trust VII
Debt Instrument [Line Items]
Principal Amount	31,459,000	31,459,000
Carrying Value	22,808,000	22,492,000
Years ending December 31:
Total	31,459,000	31,459,000
Junior Subordinated Notes | Trust VII | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.50%
Junior Subordinated Notes | Trust VIII
Debt Instrument [Line Items]
Principal Amount	35,100,000	35,100,000
Carrying Value	26,149,000	25,798,000
Years ending December 31:
Total	35,100,000	35,100,000
Junior Subordinated Notes | Trust VIII | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	2.70%
Junior Subordinated Notes | NorthStar Realty Trust I, II, III, IV | LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate	3 months
Junior Subordinated Notes | NorthStar Realty Trust I, II, III, IV | LIBOR | Minimum
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	2.80%
Junior Subordinated Notes | NorthStar Realty Trust I, II, III, IV | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)	3.25%
Mezzanine | Various portfolios
Debt Instrument [Line Items]
Principal Amount	1,400,000,000
Number of mortgage loans	16
Years ending December 31:
Total	1,400,000,000
Mezzanine | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.39%
Mezzanine | LIBOR Plus 3.25%, Non-recourse, Due August 2019 | K Partners Portfolio | Hotels
Debt Instrument [Line Items]
Variable rate basis	LIBOR
Interest rate added to variable rate (as a percent)	3.25%
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
Principal Amount	8,543,831,000
Years ending December 31:
April 1 to December 31, 2015	108,972,000
2016	106,395,000
2017	335,394,000
2018	33,001,000
2019	3,089,354,000
Thereafter	4,870,715,000
Total	8,543,831,000
Senior Notes
Debt Instrument [Line Items]
Principal Amount							481,100,000
Years ending December 31:
Total							$481,100,000
Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.25%
Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.88%
Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.38%

Borrowings_Exchangeable_Senior

Borrowings - Exchangeable Senior Note Schedules (Details) (USD $)	1 Months Ended	0 Months Ended	3 Months Ended
Share data in Thousands, unless otherwise specified	Mar. 31, 2014	Sep. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal Amount			$10,313,555,000	$10,192,560,000
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal Amount			33,890,000	45,588,000
Exchangeable Senior Notes | 7.50% Notes
Debt Instrument [Line Items]
Principal Amount	172,500,000
Stated interest rate (as a percent)	7.50%
Realized gain (loss) on extinguishment of debt	-22,400,000
Exchangeable Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Principal Amount			19,935,000	31,633,000
Stated interest rate (as a percent)			5.38%
Senior Notes
Debt Instrument [Line Items]
Principal Amount	481,100,000
Repayment of senior notes		488,300,000
Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)			5.38%
Principal Amount Exchanged			11,700,000
Common stock issued in exchange for debt (shares)			1,400
Realized gain (loss) on extinguishment of debt			($1,100,000)

Spinoff_of_Asset_Management_Bu1

Spin-off of Asset Management Business - Discontinued Operations (Details) (USD $)	0 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Stock split, conversion ratio (one-for-two reverse split)	0.5
NSAM
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Management agreement, initial term, related party	20 years
NSAM income (loss) in discontinued operations			$5.80
Revenues, discontinued operations			23.3
Expenses, discontinued operations			$29.10
Selling commission, related party (percent)		7.00%
Dealer manager fee, related party (percent)		3.00%
NSAM | Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Spin-off, ratio of shares issued to stockholders (one-for-one ratio, in shares)	1

Related_Party_Arrangements_Det

Related Party Arrangements (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Dec. 31, 2014	Jan. 31, 2015
					hotel
N-Star CDOs and the CSE and CapLease CDOs financing transactions
Related party and sponsored company arrangements
Asset management services fee income	$1,400,000	$1,600,000
Interest income	16,100,000	17,700,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions | Eliminations
Related party and sponsored company arrangements
Investment advisory fees	600,000	700,000
NorthStar Realty Finance Corporation [Member] | Minimum | Island Hospitality Management Inc
Related party and sponsored company arrangements
Property management fee (percent)	2.50%
NorthStar Realty Finance Corporation [Member] | Maximum | Island Hospitality Management Inc
Related party and sponsored company arrangements
Property management fee (percent)	3.00%
NSAM
Related party and sponsored company arrangements
Asset management agreement, initial term	20 years
Asset management agreement, renewal term	20 years
Base management fee	45,300,000	0
Additional asset management fee, percent			1.50%
Incentive management fees	2,900,000
Maximum expense reimbursement rate, related party, percent	20.00%
Direct costs and expenses allocated for reimbursement	2,000,000
NSAM | Revolving credit facility
Related party and sponsored company arrangements
Credit facility, maximum borrowing capacity	250,000,000		250,000,000
Credit facility, financial covenant, required unrestricted cash or cash equivalents balance	100,000,000
NSAM | Revolving credit facility | LIBOR
Related party and sponsored company arrangements
Interest rate added to variable rate, percent	3.50%
NSAM | Tier 1
Related party and sponsored company arrangements
Asset management agreement, incentive fee, percent	15.00%
NSAM | Tier 1 | Minimum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share)	$0.39
NSAM | Tier 1 | Maximum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share)	$0.45
NSAM | Tier 2
Related party and sponsored company arrangements
Asset management agreement, incentive fee, percent	25.00%
NSAM | Tier 2 | Minimum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share)	$0.45
NSAM | RXR Realty and Aerium
Related party and sponsored company arrangements
Asset management fee, distribution of cash flows in excess of minimum base	10,000,000
Healthcare Strategic Partnership | Minimum
Related party and sponsored company arrangements
Management fees, incentive revenue, percent	20.00%
Healthcare Strategic Partnership | Maximum
Related party and sponsored company arrangements
Management fees, incentive revenue, percent	25.00%
American Healthcare Investors LLC | Strategic Partner
Related party and sponsored company arrangements
Percentage of equity interest (percent)				9.00%
American Healthcare Investors LLC | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Percentage of equity interest (percent)				45.00%
Island Hospitality Management Inc
Related party and sponsored company arrangements
Percentage of equity interest (percent)					45.00%
Number of hotel properties under management agreement					149
Real estate assets under management					$3,700,000,000
Island Hospitality Management Inc | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Number of hotel properties under management agreement					101

EquityBased_Compensation_Narra

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

0 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Jun. 30, 2014

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Jul. 31, 2009

Jan. 22, 2014

Jan. 01, 2015

Dec. 31, 2011

Apr. 30, 2012

Dec. 31, 2012

Apr. 30, 2013

Dec. 31, 2013

Apr. 30, 2014

Feb. 28, 2015

tier

component

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

Number of tiers in corporate structure

3

Equity-based compensation expense to be recognized over remaining vesting period

$36,600,000

Equity-based compensation expense

10,830,000

[1],[2]

3,905,000

[1],[2]

Fair value adjustments

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

Equity-based compensation expense

1,400,000

Dividend paid

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

Equity-based compensation expense

500,000

Common Stock

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

Conversion of Old LTIP Units (in shares)

4,607,000

[3]

New stock issued during period (shares)

31,250,000

[3]

55,250,000

[3]

NSAM

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

Equity-based compensation expense

$5,700,000

Executive Incentive Bonus Plan | NSAM

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

Company's responsibility for payment of awards following spin-off (percent)

50.00%

Long-term bonus or other compensation plans | NSAM

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

Company's responsibility for payment of awards following spin-off (percent)

50.00%

Omnibus Stock Incentive Plan

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

Awards issued during period

2,412,000

Omnibus Stock Incentive Plan | Deferred LTIP Units and RSUs

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

Number of shares available for issuance

3,136,195

Omnibus Stock Incentive Plan | Restricted stock

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

Number of shares outstanding

233,314

Incentive Compensation Plan

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

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%

Incentive Compensation Plan | RSUs

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

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

1

Incentive Compensation Plan | RSUs | Minimum

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

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

3 years

Incentive Compensation Plan | RSUs | Maximum

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

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

4 years

Incentive Compensation Plan | Healthcare Strategic Joint Venture | RSUs | Executive officers

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

Shares Issued (shares)

500,000

2011 Plan | Non-executive employees | Common Stock

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

Conversion of Old LTIP Units (in shares)

49,149

2011 Plan | RSUs | Executive officers

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

Awards issued during period

762,898

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

4 years

Grant date fair value (in dollars per share)

$5.40

Risk-free interest rate

0.42%

2011 Plan | LTIP Units | Executive officers

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

Awards issued during period

762,898

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

4

2011 Plan | LTIP Units | Non-executive employees

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

Vesting period

3 years

Awards issued during period

669,743

2011 Plan | LTIP Units | Non-executive employees | Tranche three

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

Units granted, net of forfeitures (shares)

302,692

2012 Plan | RSUs | Executive officers

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

Awards issued during period

704,839

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

4 years

Grant date fair value (in dollars per share)

$12.32

Risk-free interest rate

0.44%

2012 Plan | LTIP Units | Executive officers

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

Awards issued during period

704,839

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

4

2012 Plan | LTIP Units | Non-executive employees

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

Vesting period

3 years

2012 Plan | LTIP Units | Non-executive employees | Tranche three

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

Units granted, net of forfeitures (shares)

289,975

2013 Plan | RSUs | Executive officers

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

Awards issued during period

500,371

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

4 years

Grant date fair value (in dollars per share)

$26.96

Risk-free interest rate

0.63%

2013 Plan | LTIP Units | Executive officers

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

Awards issued during period

500,371

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

4

2013 Plan | LTIP Units | Executive officers | Tranche one

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

Awards issued during period

261,577

2013 Plan | LTIP Units | Non-executive employees

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

Vesting period

3 years

2013 Plan | LTIP Units | Non-executive employees | Tranche three

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

Units granted, net of forfeitures (shares)

275,937

NSAM Bonus Plan | RSUs | Executive officers

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

Awards issued during period

584,879

Grant date fair value (in dollars per share)

$11.65

Risk-free interest rate

1.00%

Requisite service period

4 years

NSAM Bonus Plan | LTIP Units | Executive officers

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

Awards issued during period

1,038,233

Awards vested upon grant (percent)

25.00%

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

3

NSAM Bonus Plan | LTIP Units | Non-executive employees

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

Awards issued during period

703,651

NSAM Bonus Plan | NSAM | RSUs

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

Company's responsibility for payment of awards following spin-off (percent)

18.35%

NSAM Bonus Plan | NSAM | LTIP Units

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

Company's responsibility for payment of awards following spin-off (percent)

31.65%

[1]

The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

[2]

Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.

[3]

Adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 12. “Stockholders’ Equity” for additional disclosure related to the reverse stock split.

EquityBased_Compensation_Table1

Equity-Based Compensation - Tables (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	$10,830	[1],[2]	$3,905	[1],[2]
NSAM
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense			$5,700
Omnibus Stock Incentive Plan
LTIP Grants
Beginning balance (in units)	1,873,000
Granted (in units)	2,412,000
Converted to common stock (in units)	-7,000
Forfeited (in units)	-2,000
Vesting of restricted stock post-spin (in units)	-464,000
Ending balance/weighted average (in units)	3,812,000
Weighted Average Grant Price
Beginning balance (in dollars per share)	$23.25
Granted (in dollars per share)	$18.75
Converted to common stock (in dollars per share)	$15.51
Forfeited (in dollars per share)	$13.33
Vesting of restricted stock post-spin (in dollars per share)	$13.93
Ending balance/weighted average (in dollars per share)	$21.55
Omnibus Stock Incentive Plan | Restricted stock
LTIP Grants
Ending balance/weighted average (in units)	233,314
Omnibus Stock Incentive Plan | Unvested Deferred LTIP Units
LTIP Grants
Ending balance/weighted average (in units)	3,578,844
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.
[2]	Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

Feb. 25, 2015

Jun. 30, 2014

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Feb. 28, 2015

Apr. 30, 2015

Jan. 30, 2015

Jan. 01, 2012

8-May-15

Class of Stock [Line Items]

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

0.5

Proceeds from issuance of common stock

$555,455,000

$0

DRP

Gross sales price from shares issued pursuant to the DRP

38,000

239,000

Dividends

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

$0.40

$0.40

[1],[2]

$0.50

[1],[2]

Numerator:

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

-31,602,000

[1]

-134,961,000

[1]

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

0

-3,596,000

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

-31,602,000

-138,557,000

Denominator:

Weighted average shares of common stock (shares)

308,536,466

[1],[2],[3]

160,514,590

[1],[2],[3]

Weighted average Old LTIP Units (in shares)

716,000

4,284,000

Weighted average diluted shares

309,252,235

[1],[2]

164,799,318

[1],[2]

Earnings Per Share

Basic (in dollars per share)

($0.10)

[1],[2]

($0.84)

[1],[2]

Diluted (in dollars per share)

($0.10)

[1],[2]

($0.84)

[1],[2]

Dividend Reinvestment Plan (DRP)

DRP

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

7,139,923

Common shares issued pursuant to the DRP (shares)

2,075

Common Stock

Class of Stock [Line Items]

New stock issued during period (shares)

12,300,000

12,000,000

7,000,000

Proceeds from issuance of common stock

216,100,000

217,100,000

122,200,000

Shares issued (in dollars per share)

$18.65

$18.65

$18.65

Forward sale agreement, shares authorized for issuance

57,000,000

57,000,000

57,000,000

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

99.50%

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

$18.14

Common Stock | Subsequent event

Class of Stock [Line Items]

New stock issued during period (shares)

12,500,000

Proceeds from issuance of common stock

220,600,000

Forward sale agreement, remaining authorized shares available for issuance (shares)

32,300,000

Forward sale agreement, remaining authorized shares available for issuance, aggregate net proceeds

$569,000,000

Series A preferred stock

Dividends

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

$0.55

Series B preferred stock

Dividends

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

$0.52

Series C preferred stock

Dividends

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

$0.55

Series D preferred stock

Dividends

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

$0.53

Series E preferred stock

Dividends

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

$0.55

[1]

The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

[2]

The three months ended March 31, 2014 is adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 12. “Stockholders’ Equity” for disclosure related to the reverse stock split. The dividend per share for the three months ended March 31, 2015 represents the dividend declared subsequent to the spin-off of NSAM.

[3]

The three months ended March 31, 2014 includes $5.7 million of equity-based compensation recorded in discontinued operations.

Noncontrolling_Interests_Detai

Non-controlling Interests (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Non-controlling interests
Net income (loss) allocated to the non-controlling interest	$0	$3,596,000
Net Income (Loss) Available to Common Stockholders [Abstract]
Income (loss) from continuing operations	-31,591,000	-134,587,000
Income (loss) from discontinued operations	-11,000	-374,000
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	-31,602,000	-134,961,000
Operating Partnership
Non-controlling interests
Net income (loss) allocated to the non-controlling interest		-3,600,000
Operating Partnership | LTIP Units
Non-controlling interests
Noncontrolling interest, operating partnership	18,700,000
Operating partnership units outstanding (in shares)	3,578,844
Non-controlling interests, ownership percentage	1.00%
Other non-controlling interests
Non-controlling interests
Net income (loss) allocated to other non-controlling interests	($3,700,000)	($100,000)

Fair_Value_Assets_and_Liabilit

Fair Value - Assets and Liabilities at Fair Value on Recurring Basis (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
PE Investments	$924,942	$962,038
Real estate securities, available for sale	818,225	878,514
Total assets	1,793,544	1,845,370
Fair Value
Derivative liabilities	15,740	17,915
Total liabilities	600,292	605,240
Variable Interest Entity, Not Primary Beneficiary
Assets:
Real estate securities, available for sale	366,354	416,699
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	216,767	262,309
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	96,080	102,467
Variable Interest Entity, Not Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	53,507	51,923
CMBS and other securities		42,600
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS
Assets:
CMBS and other securities	45,500
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	451,871	461,815
Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	371,008	382,867
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	22,776	23,218
Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	42,913	40,529
Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,851	5,850
Estimate of Fair Value Measurement
Assets:
Real estate securities, available for sale	818,225	878,514
Derivative assets	2,130	3,247
Fair Value
Derivative liabilities	15,740	17,915
Recurring basis | Estimate of Fair Value Measurement
Assets:
PE Investments	924,942	962,038
Investments in unconsolidated ventures	275,120	276,437
Derivative assets	2,130	3,247
Total assets	2,020,417	2,120,236
Fair Value
CDO bonds payable	383,110	390,068
Junior subordinated notes	217,182	215,172
Derivative liabilities	15,740	17,915
Total liabilities	616,032	623,155
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	216,767	262,309
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	96,080	102,467
Recurring basis | Estimate of Fair Value Measurement | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	53,507	51,923
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		461,815
Total assets	451,871
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	371,008	382,867
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	22,776	23,218
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	42,913	40,529
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	9,323	9,351
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,851	5,850
Recurring basis | Estimate of Fair Value Measurement | All Variable Interest Entities
Assets:
Total assets	818,225	878,514
Recurring basis | Level 2
Assets:
Derivative assets	2,130	3,247
Total assets	385,277	400,185
Fair Value
Derivative liabilities	15,740	17,915
Total liabilities	15,740	17,915
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	19,227	17,243
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		379,695
Total assets	363,920
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	311,684	329,815
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	42,913	40,529
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	9,323	9,351
Recurring basis | Level 2 | All Variable Interest Entities
Assets:
Total assets	383,147	396,938
Recurring basis | Level 3
Assets:
PE Investments	924,942	962,038
Investments in unconsolidated ventures		276,437
Total assets	1,635,140	1,720,051
Fair Value
CDO bonds payable	383,110	390,068
Junior subordinated notes	217,182	215,172
Total liabilities	600,292	605,240
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	216,767	262,309
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	96,080	102,467
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	34,280	34,680
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		82,120
Total assets	87,951
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	59,324	53,052
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	22,776	23,218
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,851	5,850
Recurring basis | Level 3 | All Variable Interest Entities
Assets:
Total assets	435,078	481,576
Recurring basis | Level 3 | Equity and Preferred Equity Interest
Assets:
Investments in unconsolidated ventures	275,120
Recurring basis | Level 3 | Estimate of Fair Value Measurement | Equity and Preferred Equity Interest
Assets:
Investments in unconsolidated ventures	$275,120

Fair_Value_Changes_in_Fair_Val

Fair Value - Changes in Fair Value, Assets and Liabilities on Recurring Basis (Details) (USD $)	3 Months Ended	12 Months Ended	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
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
Losses:
Deconsolidation of N-Star CDOs (Losses)			0
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	390,068,000	384,183,000	384,183,000
Purchases / borrowings / amortization	0		-15,320,000
Paydowns	-16,146,000		-87,859,000
Repurchases
Deconsolidation of N-Star CDOs (Gains)			-122,486,000
Losses:
Unrealized losses included in earnings	9,188,000		217,608,000
Realized losses included in earnings	0		13,942,000
Ending balance	383,110,000		390,068,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-9,188,000		-217,608,000
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	215,172,000	201,203,000	201,203,000
Losses:
Unrealized losses included in earnings	2,010,000		13,969,000
Ending balance	217,182,000		215,172,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-2,010,000		-13,969,000
PE Investments
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	962,038,000	586,018,000	586,018,000
Purchases / borrowings / amortization / contributions	1,096,000		548,961,000
Paydowns / distributions	-81,945,000		-339,598,000
Gains:
Equity in earnings of unconsolidated ventures	48,186,000		134,036,000
Unrealized gains included in earnings	0		32,621,000
Losses:
Unrealized losses included in earnings	-4,433,000
Ending balance	924,942,000		962,038,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-4,433,000		32,621,000
Investments in Unconsolidated Ventures
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	276,437,000	192,419,000	192,419,000
Purchases / borrowings / amortization / contributions	1,044,000		84,206,000
Paydowns / distributions	0		-2,507,000
Gains:
Equity in earnings of unconsolidated ventures	4,471,000		10,494,000
Unrealized gains included in earnings	0
Losses:
Unrealized losses included in earnings	-6,832,000		-8,175,000
Ending balance	275,120,000		276,437,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	-6,832,000		-8,175,000
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	481,576,000	484,840,000	484,840,000
Transfers into Level 3	6,532,000		17,513,000
Transfers out of Level 3	-791,000		0
Purchases / borrowings / amortization / contributions	13,838,000		64,104,000
Sales	-48,570,000		-65,504,000
Paydowns / distributions	-15,309,000		-48,511,000
Gains:
Unrealized gains included in earnings	11,934,000		44,308,000
Realized gains included in earnings	10,878,000		15,626,000
Unrealized gain on real estate securities, available for sale included in OCI	1,843,000		61,045,000
Deconsolidation of N-Star CDOs (Gains)			873,000
Losses:
Unrealized losses included in earnings	-8,073,000		-64,977,000
Realized losses included in earnings	-123,000		-3,152,000
Unrealized losses on real estate securities, available for sale included in OCI	-18,657,000		-3,519,000
Deconsolidation of N-Star CDOs (Losses)			-21,070,000
Ending balance	435,078,000		481,576,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	3,861,000		-37,487,000
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)			$873,000

Fair_Value_Fair_Value_Option_D

Fair Value - Fair Value Option (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Assets:
Assets	$818,225,000		$878,514,000
Subtotal real estate securities, available for sale	593,482,000		606,895,000
Total assets	1,793,544,000		1,845,370,000
CDO bonds payable, at fair value	383,110,000		390,068,000
Total liabilities	600,292,000		605,240,000
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	-34,119,000	-139,557,000
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	-32,983,000	-135,604,000
CRE Securities
Assets:
Carrying value of items for which the fair value option was not elected	8,000,000		9,300,000
N-Star CDO Bonds
Assets:
Carrying value of items for which the fair value option was not elected	224,700,000		271,600,000
CRE Securities
Assets:
Number of CRE securities for which the fair value option was not elected (security)	31
Carrying value of items for which the fair value option was not elected	224,700,000
PE Investments
Assets:
Assets	924,942,000		962,038,000
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	-4,433,000	0
Equity and Preferred Equity Interest
Assets:
Assets	275,120,000		276,437,000
CDO Bonds Payable
Assets:
CDO bonds payable, at fair value	383,110,000		390,068,000
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	-9,188,000	-143,361,000
Junior Subordinated Notes
Assets:
Junior subordinated notes	217,182,000		215,172,000
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	-2,010,000	-11,997,000
Real Estate Securities
Assets:
Number of CRE securities for which the fair value option was not elected (security)		34
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	4,512,000	16,190,000
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	-23,000,000	-389,000
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	1,136,000	3,953,000
Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	366,354,000		416,699,000
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Assets	96,080,000		102,467,000
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS
Assets:
CMBS and other securities	45,531,000		42,613,000
Variable Interest Entity, Primary Beneficiary
Assets:
Assets	451,871,000		461,815,000
Subtotal real estate securities, available for sale	451,871,000		461,815,000
Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	371,008,000		382,867,000
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Third-party CDO notes	22,776,000		23,218,000
Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Assets	42,913,000		40,529,000
Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Assets	9,323,000		9,351,000
Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Assets	5,851,000		5,850,000
Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value			276,437,000
Assets:
Total assets	1,635,140,000		1,720,051,000
Junior subordinated notes	217,182,000		215,172,000
Total liabilities	600,292,000		605,240,000
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	34,280,000		34,680,000
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Assets			82,120,000
Total assets	87,951,000
PE Investments
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	924,942,000	962,038,000	962,038,000	586,018,000
PE Investments | Minimum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	15.00%
PE Investments | Maximum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	28.00%
Equity and Preferred Equity Interest | Minimum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	7.00%
Equity and Preferred Equity Interest | Maximum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	31.00%
Equity and Preferred Equity Interest | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	275,120,000
N-Star CDO Equity
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)	18.00%
Fair Value
Assets:
Assets	818,225,000		878,514,000
CDO bonds payable, at fair value	383,110,000		390,068,000
Fair Value | Recurring basis
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	275,120,000		276,437,000
Assets:
Total assets	2,020,417,000		2,120,236,000
Junior subordinated notes	217,182,000		215,172,000
Total liabilities	616,032,000		623,155,000
Fair Value | Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	53,507,000		51,923,000
Fair Value | Recurring basis | Variable Interest Entity, Primary Beneficiary
Assets:
Assets			461,815,000
Total assets	451,871,000
Fair Value | PE Investments | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	924,942,000
Fair Value | Equity and Preferred Equity Interest | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	275,120,000
Fair Value | N-Star CDO Equity | Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	$96,080,000

Fair_Value_Financial_Instrumen

Fair Value - Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Financial assets:
Real estate debt investments, net	$996,615	$1,067,667
Real estate securities, available for sale	818,225	878,514
Financial liabilities:
Mortgage and other notes payable	8,483,606	8,535,863
CDO bonds payable	383,110	390,068
Securitization bonds payable	0	41,823
Credit facilities	910,903	732,780
Exchangeable senior notes	31,515	41,762
Junior subordinated notes	217,182	215,172
Derivative liabilities	15,740	17,915
Timing swaps
Fair Value of Financial Instruments
Notional amount	28,000	28,000
Principal / Notional Amount
Financial assets:
Real estate debt investments, net	1,102,632	1,187,316
Real estate securities, available for sale	1,441,254	1,532,891
Derivative assets	3,865,187	3,848,859
Financial liabilities:
Mortgage and other notes payable	8,543,831	8,531,285
CDO bonds payable	544,814	560,959
Securitization bonds payable	0	41,831
Credit facilities	910,903	732,780
Exchangeable senior notes	33,890	45,588
Junior subordinated notes	280,117	280,117
Derivative liabilities	316,590	318,726
Carrying Value
Financial assets:
Real estate debt investments, net	996,615	1,067,667
Real estate securities, available for sale	818,225	878,514
Derivative assets	2,130	3,247
Financial liabilities:
Mortgage and other notes payable	8,483,606	8,535,863
CDO bonds payable	383,110	390,068
Securitization bonds payable	0	41,823
Credit facilities	910,903	732,780
Exchangeable senior notes	31,515	41,762
Junior subordinated notes	217,182	215,172
Derivative liabilities	15,740	17,915
Fair Value
Financial assets:
Real estate debt investments, net	995,531	1,066,911
Real estate securities, available for sale	818,225	878,514
Derivative assets	2,130	3,247
Financial liabilities:
Mortgage and other notes payable	8,510,126	8,539,363
CDO bonds payable	383,110	390,068
Securitization bonds payable	0	41,929
Credit facilities	910,903	732,780
Exchangeable senior notes	58,568	82,443
Junior subordinated notes	217,182	215,172
Derivative liabilities	$15,740	$17,915

Risk_Management_and_Derivative2

Risk Management and Derivative Activities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Non-hedge derivatives
Cash margin held by counterparties as collateral	$0		$0
Interest rate swaps
Derivative liabilities
Interest rate swaps	15,740,000		17,915,000
Interest rate swaps | Unrealized gain (loss) on investments and other
Non-hedge derivatives
Amount of gain (loss) recognized in earnings: Net cash payment	-3,048,000	-6,736,000
Interest rate swaps | Unrealized gain (loss) on investments and other | Derivatives
Non-hedge derivatives
Amount of gain (loss) recognized in earnings: Adjustments to fair value	1,136,000	3,953,000
Interest rate swaps | Interest expense on debt and securities
Non-hedge derivatives
Amount of swap gain (loss) reclassified from OCI into earnings	-265,000	-229,000
Interest rate caps/floors
Derivative assets
Interest rate caps/floors	2,130,000		3,247,000
Timing swaps
Derivative instruments
Notional Amount	28,000,000		28,000,000
Not designated as hedges
Derivative instruments
Number (instruments)	36		34
Notional Amount	4,181,777,000		4,167,585,000
Fair Value Net Asset (Liability)	-13,610,000		-14,668,000
Not designated as hedges | Interest rate swaps
Derivative instruments
Number (instruments)	12		12
Notional Amount	316,590,000		318,726,000
Fair Value Net Asset (Liability)	-15,740,000		-17,915,000
Not designated as hedges | Interest rate caps/floors
Derivative instruments
Number (instruments)	24		22
Notional Amount	3,865,187,000		3,848,859,000
Fair Value Net Asset (Liability)	$2,130,000		$3,247,000
Not designated as hedges | Interest rate caps/floors | Sterling
Derivative instruments
Number (instruments)	3
Not designated as hedges | LIBOR | Interest rate swaps
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	0.62%		0.62%
Higher Range of Fixed LIBOR (as a percent)	5.25%		5.25%
Not designated as hedges | LIBOR | Interest rate caps/floors
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	2.00%		2.00%
Higher Range of Fixed LIBOR (as a percent)	5.00%		5.00%
Designated as hedge
Derivative instruments
Number (instruments)	0		0

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014		Dec. 31, 2014
Variable interest entities
Gain (loss) from deconsolidation of N-Star CDOs	$0	[1]	$3,355,000	[1]
Unconsolidated VIEs
Investments in unconsolidated ventures	204,045,000				207,777,000
N-Star CDO V
Variable interest entities
Gain (loss) from deconsolidation of N-Star CDOs			3,400,000
Decrease in assets from deconsolidation of VIE			94,100,000
Decrease in liabilities from deconsolidation of VIE			88,400,000
Fair value of collateral debt obligations no longer eliminated in consolidation			800,000
Reclassification of unrealized (loss) to gain from deconsolidation			8,300,000
Northstar Realty Finance Trusts I-VIII
Unconsolidated VIEs
Investments in unconsolidated ventures	3,700,000
Unconsolidated VIEs
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	430,144,000
Total liabilities	217,182,000
Net	212,962,000
Maximum Exposure to Loss	430,144,000
Unconsolidated VIEs | Junior Subordinated Notes
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	3,742,000
Total liabilities	217,182,000
Net	-213,440,000
Maximum Exposure to Loss	3,742,000
Unconsolidated VIEs | N-Star CDO Bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	216,767,000
Maximum Exposure to Loss	216,767,000
Unconsolidated VIEs | N-Star CDO Equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	96,080,000
Maximum Exposure to Loss	96,080,000
Unconsolidated VIEs | CMBS
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	39,308,000
Maximum Exposure to Loss	39,308,000
Unconsolidated VIEs | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	352,155,000
Maximum Exposure to Loss	352,155,000
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
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	74,200,000
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	74,247,000
Net	74,247,000
Maximum Exposure to Loss	74,247,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	352,155,000
Net	352,155,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO Bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	216,767,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO Equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	96,080,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CMBS
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	39,308,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	$352,155,000
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended						12 Months Ended
	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014		Dec. 31, 2014
	segment
Segment reporting
Number of reporting segments	5
Rental and escalation income	$166,509,000	[1]			$68,169,000	[1]
Hotel related income	168,727,000	[1]			0	[1]
Resident fee income	63,373,000	[1]			0	[1]
Net interest income on debt and securities	63,437,000	[1]			75,396,000	[1]
Other interest expense	113,519,000	[1]			39,033,000	[1]
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	-66,244,000	[1]			-148,759,000	[1]
Equity in earnings (losses) of unconsolidated ventures	53,643,000	[1]	17,800,000		33,979,000	[1]
Income tax benefit (expense)	-1,664,000	[1]			-2,187,000	[1]
Income (loss) from continuing operations	-14,265,000	[1]			-116,967,000	[1]
Income (loss) from discontinued operations	-11,000				-6,139,000
Net income (loss)	-14,276,000	[1]			-123,106,000	[1]	-321,086,000
Total Assets	15,744,589,000	[2]	15,326,356,000	[2]			15,326,356,000	[2]
Variable Interest Entity, Primary Beneficiary
Segment reporting
Asset management services fee income	1,400,000				1,600,000
Variable Interest Entity, Primary Beneficiary | Eliminations
Segment reporting
Asset management and other fees, related parties	600,000				700,000
Real Estate
Segment reporting
Rental and escalation income	166,214,000				67,885,000
Hotel related income	168,727,000
Resident fee income	63,373,000
Net interest income on debt and securities	2,609,000				736,000
Other interest expense	100,870,000				26,454,000
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	-41,148,000				-15,963,000
Equity in earnings (losses) of unconsolidated ventures	53,643,000				31,676,000
Income tax benefit (expense)	-1,642,000				-2,187,000
Income (loss) from continuing operations	10,853,000				13,526,000
Income (loss) from discontinued operations	-11,000				-384,000
Net income (loss)	10,842,000				13,142,000
Depreciation and amortization	109,200,000				26,200,000
Total Assets	13,129,951,000		13,006,146,000				13,006,146,000
CRE Debt
Segment reporting
Rental and escalation income	0				0
Hotel related income	0
Resident fee income	0
Net interest income on debt and securities	30,806,000				30,784,000
Other interest expense	0				0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	30,114,000				28,408,000
Equity in earnings (losses) of unconsolidated ventures					2,303,000
Income tax benefit (expense)	-22,000				0
Income (loss) from continuing operations	30,092,000				30,711,000
Income (loss) from discontinued operations	0				0
Net income (loss)	30,092,000				30,711,000
Total Assets	1,034,661,000		1,160,763,000				1,160,763,000
CRE Securities
Segment reporting
Rental and escalation income	0				0
Hotel related income	0
Resident fee income	0
Net interest income on debt and securities	17,083,000				23,766,000
Other interest expense	0				0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	33,998,000				24,309,000
Equity in earnings (losses) of unconsolidated ventures	0				0
Income tax benefit (expense)	0				0
Income (loss) from continuing operations	33,998,000				24,309,000
Income (loss) from discontinued operations	0				0
Net income (loss)	33,998,000				24,309,000
Total Assets	390,890,000		421,840,000				421,840,000
N-Star CDOs, CRE Securities
Segment reporting
Rental and escalation income	295,000				284,000
Hotel related income	0
Resident fee income	0
Net interest income on debt and securities	10,533,000				15,653,000
Other interest expense	0				0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	1,518,000				-113,964,000
Equity in earnings (losses) of unconsolidated ventures	0				0
Income tax benefit (expense)	0				0
Income (loss) from continuing operations	1,518,000				-113,964,000
Income (loss) from discontinued operations	0				0
Net income (loss)	1,518,000				-113,964,000
Total Assets	495,069,000		502,660,000				502,660,000
Corporate
Segment reporting
Rental and escalation income	0				0
Hotel related income	0
Resident fee income	0
Net interest income on debt and securities	2,406,000				4,457,000
Other interest expense	12,649,000				12,579,000
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	-90,726,000				-71,549,000
Equity in earnings (losses) of unconsolidated ventures	0				0
Income tax benefit (expense)	0				0
Income (loss) from continuing operations	-90,726,000				-71,549,000
Income (loss) from discontinued operations	0				0
Net income (loss)	-90,726,000				-71,549,000
Total Assets	694,018,000		234,947,000				234,947,000
Asset Management
Segment reporting
Rental and escalation income					0
Net interest income on debt and securities					0
Other interest expense					0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					0
Equity in earnings (losses) of unconsolidated ventures					0
Income tax benefit (expense)					0
Income (loss) from continuing operations					0
Income (loss) from discontinued operations					-5,755,000
Net income (loss)					($5,755,000)
[1]	The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.
[2]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: March 31, 2015 $4,558 ; December 31, 2014: $4,601 •Operating real estate, net: March 31, 2015: $0 ; December 31, 2014: $7,137 •Real estate debt investments, net: March 31, 2015: $25,027 ; December 31, 2014: $25,325 •Real estate securities, available for sale: March 31, 2015: $452,924 ; December 31, 2014: $463,050 •Receivables, net of allowance: March 31, 2015: $2,162 ; December 31, 2014: $2,304•Other assets: March 31, 2015: $10,399 ; December 31, 2014: $242 •Total assets of consolidated VIEs: March 31, 2015: $495,070 ; December 31, 2014: $502,659

Supplemental_Disclosures_of_No2

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Due from servicer	$46,270	$0
Reclassification of operating real estate to deferred costs and intangible assets	35,540	0
Non-cash related to PE Investments	28,829	726
Reclassification of other assets to operating real estate	25,577	0
Escrow deposit payable related to CRE debt investments	25,532	13,467
Conversion of Deferred LTIP Units to LTIP Units	18,730	0
Conversion of exchangeable senior notes	11,228	139,418
Dividends payable related to RSUs	2,720	381
Senior Notes issued	0	481,118
Exchangeable senior notes exchanged for Senior Notes	0	296,382
Reclassification of operating real estate to asset held for sale	0	21,661
Conversion of LTIP Units	0	9,788
Deferred financing costs payable related to Senior Notes	$0	$3,919

Subsequent_Events_Details

Subsequent Events (Details)

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

0 Months Ended

Feb. 25, 2015

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Jan. 30, 2015

Jan. 30, 2015

Jan. 30, 2015

Jan. 30, 2015

Jan. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

Apr. 30, 2015

5-May-15

Apr. 29, 2015

Apr. 29, 2015

Apr. 29, 2015

Apr. 29, 2015

Apr. 29, 2015

USD ($)

USD ($)

USD ($)

USD ($)

Series A preferred stock

Series B preferred stock

Series C preferred stock

Series D preferred stock

Series E preferred stock

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

Subsequent event

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

SEB Portfolio

SEB Portfolio

SEB Portfolio

SEB Portfolio

SEB Portfolio

SEB Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

Trias Portfolio

ILF Portfolio

ILF Portfolio

ILF Portfolio

Common Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

Preferred Stock

USD ($)

EUR (€)

Senior mortgage

Senior mortgage

Europe

Office properties

USD ($)

EUR (€)

Senior mortgage

Senior mortgage

Europe

Office properties

Retail properties

Hotels

USD ($)

Northstar Healthcare

Independent living facilities

USD ($)

Series A preferred stock

Series B preferred stock

Series C preferred stock

Series D preferred stock

Series E preferred stock

sqm

sqm

USD ($)

EUR (€)

top_market

property

property

sqm

USD ($)

EUR (€)

country

property

property

property

State

property

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

sqm

unit

Subsequent Event [Line Items]

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

$0.40

$0.40

[1],[2]

$0.50

[1],[2]

$0.40

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

$0.55

$0.52

$0.55

$0.53

$0.55

$0.55

$0.52

$0.55

$0.53

$0.55

Real estate acquisition

$1,300,000,000

€ 1,100,000,000

$600,000,000

€ 500,000,000

$875,000,000

Number of real estate properties acquired

11

37

37

29

5

2

32

Number of top markets

7

Area of real estate acquired (square meters)

186,000

186,000

246,000

246,000

Mortgage loans on real estate acquisitions

10,026,316,000

9,957,468,000

626,000,000

530,000,000

260,000,000

221,000,000

Debt instrument, term

7 years

7 years

Number of countries in which real estate is located

8

Percentage of real estate properties leased (percent)

88.00%

88.00%

Weighted average lease term

4 years

4 years

Number of units in real estate property

3,983

Number of states in which facilities operate

12

Escrow deposit, real estate acquisition

35,000,000

Escrow deposit, payment allocation (percent)

60.00%

40.00%

Escrow deposit, payment contingent on closing date

$17,500,000

[1]

The consolidated financial statements for the three months ended March 31, 2015 represent the Company’s results of operations following the spin-off of the Company’s historical asset management business on June 30, 2014. 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 March 31, 2015 may not be comparable to the Company’s results of operations reported for the prior period presented.

[2]

The three months ended March 31, 2014 is adjusted for the one-for-two reverse stock split completed on June 30, 2014. Refer to Note 12. “Stockholders’ Equity” for disclosure related to the reverse stock split. The dividend per share for the three months ended March 31, 2015 represents the dividend declared subsequent to the spin-off of NSAM.

Subsequent_Events_Pro_Forma_De

Subsequent Events (Pro Forma) (Details) (SEB and Trias Portfolios, USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
SEB and Trias Portfolios
Subsequent Event [Line Items]
Pro forma total revenues	$494,204	$183,219
Pro forma net income (loss) attributable to common stockholders	($24,703)	($126,023)
Pro forma EPS - basic (in dollars per share)	($0.08)	($0.79)
Pro forma EPS - diluted (in dollars per share)	($0.08)	($0.79)