Northstar Realty Finance (NRF) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document and Entity Information
Entity Registrant Name	NORTHSTAR REALTY FINANCE CORP.
Entity Central Index Key	1,273,801
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		364,856,805
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents		$ 275,064	$ 296,964
Restricted cash		353,515	395,056
Operating real estate, net		12,866,471	10,301,292
Real estate debt investments, net		853,446	1,067,667
Investments in private equity funds, at fair value		1,234,588	962,038
Investments in unconsolidated ventures		194,067	207,777
Real estate securities, available for sale		828,107	878,514
Receivables, net of allowance of $3,102 and $2,020 as of June 30, 2015 and December 31, 2014, respectively		95,205	111,358
Receivables, related parties		7,047	3,158
Unbilled rent receivable, net of allowance of $447 and $4,037 as of June 30, 2015 and December 31, 2014, respectively		34,540	16,404
Derivative assets, at fair value		11,804	3,247
Deferred costs and intangible assets, net		969,232	812,583
Assets of properties held for sale		18,219	29,012
Other assets		179,433	241,286
Total assets	[1]	17,920,738	15,326,356
Liabilities
Mortgage and other notes payable		10,245,784	8,535,863
CDO bonds payable, at fair value		381,470	390,068
Securitization bonds payable		0	41,823
Credit facilities		850,903	732,780
Exchangeable senior notes		31,568	41,762
Junior subordinated notes, at fair value		207,255	215,172
Accounts payable and accrued expenses		176,570	188,330
Due to related party		52,688	47,430
Escrow deposits payable		21,407	67,750
Derivative liabilities, at fair value		47,971	17,915
Liabilities of properties held for sale		12,290	28,962
Other liabilities		370,905	304,845
Total liabilities	[2]	$ 12,398,811	$ 10,612,700
Commitments and contingencies
NorthStar Realty Finance Corp. Stockholders’ Equity
Preferred stock, $986,640 aggregate liquidation preference as of June 30, 2015 and December 31, 2014		$ 939,118	$ 939,118
Common stock, $0.01 par value, 500,000,000 shares authorized, 364,857,251 and 301,684,041 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively		3,649	3,017
Additional paid-in capital		5,916,214	4,827,419
Retained earnings (accumulated deficit)		(1,823,024)	(1,422,399)
Accumulated other comprehensive income (loss)		60,008	49,540
Total NorthStar Realty Finance Corp. stockholders’ equity		5,095,965	4,396,695
Non-controlling interests		425,962	316,961
Total equity		5,521,927	4,713,656
Total liabilities and equity		17,920,738	15,326,356
Variable Interest Entity, Primary Beneficiary
Assets
Restricted cash		19,492	4,601
Operating real estate, net		14,838	7,137
Real estate debt investments, net		24,857	25,325
Real estate securities, available for sale		446,505	463,050
Receivables, net of allowance of $3,102 and $2,020 as of June 30, 2015 and December 31, 2014, respectively		2,221	2,304
Other assets		423	242
Total assets		508,336	502,659
Liabilities
CDO bonds payable, at fair value		381,470	390,068
Accounts payable and accrued expenses		1,309	1,761
Derivative liabilities, at fair value		12,821	17,707
Other liabilities		1,159	1,784
Total liabilities		$ 396,759	$ 411,320
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: June 30, 2015 $19,492 ; December 31, 2014: $4,601 •Operating real estate, net: June 30, 2015: $14,838 ; December 31, 2014: $7,137 •Real estate debt investments, net: June 30, 2015: $24,857 ; December 31, 2014: $25,325 •Real estate securities, available for sale: June 30, 2015: $446,505 ; December 31, 2014: $463,050 •Receivables, net of allowance: June 30, 2015: $2,221 ; December 31, 2014: $2,304•Other assets: June 30, 2015: $423 ; December 31, 2014: $242 •Total assets of consolidated VIEs: June 30, 2015: $508,336 ; December 31, 2014: $502,659
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: June 30, 2015 $381,470 ; December 31, 2014: $390,068 •Accounts payable and accrued expenses: June 30, 2015 $1,309 ; December 31, 2014: $1,761 •Derivative liabilities, at fair value: June 30, 2015 $12,821 ; December 31, 2014: $17,707 •Other liabilities: June 30, 2015 $1,159 ; December 31, 2014: $1,784 •Total liabilities of consolidated VIEs: June 30, 2015 $396,759 ; December 31, 2014: $411,320

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Receivables, allowance	$ 3,102	$ 2,020
Unbilled rent receivable, allowance	447	4,037
Preferred stock, aggregate liquidation preference	$ 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	364,857,251	301,684,041
Common stock, shares outstanding	364,857,251	301,684,041

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Property and other revenues
Rental and escalation income	[1]	$ 211,785		$ 77,931		$ 378,294		$ 146,101
Hotel related income	[1]	206,130		22,526		374,857		22,526
Resident fee income	[1]	65,833		15,060		129,206		15,060
Other revenue	[1]	3,806		3,840		7,288		6,579
Total property and other revenues	[1]	487,554		119,357		889,645		190,266
Net interest income
Interest income	[1]	59,509		75,867		125,146		154,546
Interest expense on debt and securities	[1]	2,202		3,106		4,402		6,389
Net interest income on debt and securities	[1]	57,307		72,761		120,744		148,157
Expenses
Management fee, related party	[1]	51,744		0		99,975		0
Other interest expense	[1]	126,028		44,880		239,547		83,913
Real estate properties—operating expenses	[1]	235,960		50,957		440,130		72,915
Other expenses	[1]	3,603		868		5,436		1,644
Transaction costs	[1]	106,521		31,650		121,239		39,760
Provision for (reversal of) loan losses, net	[1]	284		833		767		2,719
General and administrative expenses
Salaries and related expense	[1]	1,938		17,392		5,693		20,720
Equity-based compensation expense	[1],[2]	7,705		7,879		18,535		11,784
Other general and administrative expenses	[1]	5,490		3,580		8,890		8,102
Total general and administrative expenses	[1]	15,133		28,851		33,118		40,606
Depreciation and amortization	[1]	127,808		33,672		237,534		60,721
Total expenses	[1]	667,081		191,711		1,177,746		302,278
Unrealized gain (loss) on investments and other	[1]	(18,438)		(56,605)		(54,469)		(198,945)
Realized gain (loss) on investments and other	[1]	(2,721)		(320)		12,203		(45,832)
Gain (loss) from deconsolidation of N-Star CDOs	[1]	0		(34,778)		0		(31,423)
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	[1]	(143,379)		(91,296)		(209,623)		(240,055)
Equity in earnings (losses) of unconsolidated ventures	[1]	57,736		33,958		111,379		67,936
Income tax benefit (expense)	[1]	1,290		(2,578)		(374)		(4,764)
Income (loss) from continuing operations	[1]	(84,353)		(59,916)		(98,618)		(176,883)
Income (loss) from discontinued operations	[1],[2],[3]	11		(572)		0		(6,711)
Net income (loss)	[1]	(84,342)	[2],[3]	(60,488)		(98,618)		(183,594)
Net (income) loss attributable to non-controlling interests	[1]	7,900		2,512		11,633		6,248
Preferred stock dividends	[1]	(21,060)		(15,590)		(42,119)		(31,181)
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	[1]	$ (97,502)		$ (73,566)		$ (129,104)		$ (208,527)
Earnings (loss) per share:
Income (loss) per share from continuing operations (in dollars per share)	[1],[4]	$ (0.28)		$ (0.42)		$ (0.39)		$ (1.21)
Income (loss) per share from discontinued operations (in dollars per share)	[1],[4]	0		0		0		(0.04)
Basic (in dollars per share)	[1],[4]	(0.28)		(0.42)		(0.39)		(1.25)
Diluted (in dollars per share)	[1],[4]	$ (0.28)		$ (0.42)		$ (0.39)		$ (1.25)
Weighted average number of shares:
Basic (in shares)	[1],[3],[4]	352,985,900		174,180,959		330,883,972		167,385,527
Diluted (in shares)	[1],[4]	355,177,132		178,190,300		333,044,821		171,531,801
Dividends per share of common stock (in dollars per share)		$ 0.40		$ 0.50	[1],[4]	$ 0.80	[1],[4]	$ 1	[1],[4]
Equity-based compensation expense, discontinued operations				$ 8,000				$ 13,700
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[3]	The three and six months ended June 30, 2014 includes $8.0 million and $13.7 million, respectively, of equity-based compensation recorded in discontinued operations.
[4]	The three and six months ended June 30, 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 and six months ended June 30, 2015 represents the dividend declared subsequent to the spin-off of NSAM.

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical)	Jun. 30, 2014
Income Statement [Abstract]
Stock split, conversion ratio (one-for-two reverse split)	0.5

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	[2]	$ (84,342)	[1],[3]	$ (60,488)	$ (98,618)	$ (183,594)
Other comprehensive income (loss):
Unrealized gain (loss) on real estate securities, available for sale, net		(2,364)		37,451	(20,910)	45,935
Foreign currency translation adjustment, net		33,780		0	31,421	0
Reclassification of swap (gain) loss into interest expense on debt and securities		223		229	488	458
Total other comprehensive income (loss)		31,639		37,680	10,999	46,393
Comprehensive income (loss)		(52,703)		(22,808)	(87,619)	(137,201)
Comprehensive (income) loss attributable to non-controlling interests		7,069		1,664	11,102	4,552
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp.		$ (45,634)		$ (21,144)	$ (76,517)	$ (132,649)
[1]	Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[2]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[3]	The three and six months ended June 30, 2014 includes $8.0 million and $13.7 million, respectively, of equity-based compensation recorded in discontinued operations.

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands		Total		Preferred Stock	Common Stock		Additional Paid-in Capital	[1]	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total NorthStar Stockholders’ Equity	Non-controlling Interests
Balance (in shares) at Dec. 31, 2013				29,466	154,404	[1]
Balance at Dec. 31, 2013		$ 2,697,463		$ 697,352	$ 1,544	[1]	$ 2,649,450		$ (685,936)	$ (4,334)	$ 2,658,076	$ 39,387
Increase (Decrease) in Stockholders' Equity
Net proceeds from offering of common stock (in shares)	[1]				55,250
Net proceeds from offering of common stock		1,191,307			$ 553	[1]	1,190,754				1,191,307
Net proceeds from offering of preferred stock (in shares)				10,000
Net proceeds from offering of preferred stock		241,766		$ 241,766							241,766
Common stock related to transactions (in shares)	[1]				61,708
Common stock related to transactions		1,082,731			$ 617	[1]	1,082,114				1,082,731
Issuance of common stock in connection with exercise of warrants (in shares)	[1]				799
Issuance of common stock in connection with exercise of warrants		16			$ 8	[1]	8				16
Non-controlling interests—contributions		321,455										321,455
Non-controlling interests—distributions		(13,593)										(13,593)
Dividend reinvestment plan (in shares)	[1]				9
Dividend reinvestment plan		239			$ 0	[1]	239				239
Amortization of equity-based compensation		37,375					21,053				21,053	16,322
Equity component of exchangeable senior notes		(296,382)					(296,382)				(296,382)
Conversion of exchangeable senior notes (in shares)	[1]				24,907
Conversion of exchangeable senior notes		320,304			$ 249	[1]	320,055				320,304
Other comprehensive income (loss)		54,632								53,874	53,874	758
Conversion of Old LTIP Units (in shares)	[1]				4,607
Conversion of LTIP Units		0			$ 46	[1]	18,565				18,611	(18,611)
Spin-off of NSAM		(158,437)					(158,437)				(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 (in shares) at Dec. 31, 2014				39,466	301,684	[1]
Balance at Dec. 31, 2014		4,713,656		$ 939,118	$ 3,017	[1]	4,827,419		(1,422,399)	49,540	4,396,695	316,961
Increase (Decrease) in Stockholders' Equity
Net proceeds from offering of common stock (in shares)	[1]				61,750
Net proceeds from offering of common stock		1,086,332			$ 618	[1]	1,085,714				1,086,332
Non-controlling interests—contributions		116,225										116,225
Non-controlling interests—distributions		(19,842)										(19,842)
Dividend reinvestment plan (in shares)	[1]				5
Dividend reinvestment plan		85			$ 1	[1]	84				85
Amortization of equity-based compensation		17,484					11,359				11,359	6,125
Conversion of exchangeable senior notes (in shares)	[1]				1,355
Conversion of exchangeable senior notes		11,228			$ 13	[1]	11,215				11,228
Other comprehensive income (loss)		10,999								10,468	10,468	531
Conversion of Deferred LTIP Units to LTIP Units		0					(18,730)				(18,730)	18,730
Issuance of restricted stock, net of tax withholding (in shares)					63
Issuance of restricted stock, net of tax withholding		(847)			$ 0	[1]	(847)				(847)
Dividends on common stock and equity-based awards		(272,656)							(271,521)		(271,521)	(1,135)
Dividends on preferred stock		(42,119)							(42,119)		(42,119)
Net income (loss)		(98,618)	[2]						(86,985)		(86,985)	(11,633)
Balance (in shares) at Jun. 30, 2015				39,466	364,857	[1]
Balance at Jun. 30, 2015		$ 5,521,927		$ 939,118	$ 3,649	[1]	$ 5,916,214		$ (1,823,024)	$ 60,008	$ 5,095,965	$ 425,962
[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 and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

CONSOLIDATED STATEMENTS OF EQU8

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Stock split, conversion ratio (one-for-two reverse split)	0.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	[1]	$ (98,618)	$ (183,594)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of PE Investments		(100,581)	(62,060)
Equity in (earnings) losses of unconsolidated ventures		(10,798)	(5,876)
Depreciation and amortization		237,534	60,721
Amortization of premium/accretion of discount on investments		(30,197)	(35,526)
Interest accretion on investments		(8,860)	(9,338)
Amortization of deferred financing costs		27,476	5,589
Amortization of equity-based compensation		17,484	25,028
Unrealized (gain) loss on investments and other		48,412	188,251
Realized (gain) loss on investments and other		(12,203)	45,832
(Gain) loss on deconsolidation of N-Star CDOs	[1]	0	31,423
Impairment from discontinued operations		0	287
Distributions from PE Investments (refer to Note 5)		100,581	62,060
Distributions from unconsolidated ventures		2,088	1,020
Distributions from equity investments		12,869	7,589
Amortization of capitalized above/below market leases		5,861	(413)
Straight line rental income, net		(17,131)	(1,320)
Deferred income taxes, net		(10,130)	0
Provision for (reversal of) loan losses, net	[1]	767	2,719
Allowance for uncollectible accounts		1,042	761
Other		817	0
Discount received		0	176
Changes in assets and liabilities:
Restricted cash		(22,109)	(10,340)
Receivables		9,445	(9,602)
Receivables, related parties		(3,889)	6,613
Other assets		3,551	(10,063)
Accounts payable and accrued expenses		(15,551)	35,196
Due to related party		5,258	0
Other liabilities		22,025	(581)
Net cash provided by (used in) operating activities		165,143	144,552
Cash flows from investing activities:
Acquisition of operating real estate		(2,779,115)	(1,313,058)
Improvements of operating real estate		(52,121)	(6,960)
Proceeds from sale of operating real estate		17,031	0
Deferred costs and intangible assets		(893)	(1,835)
Origination of or fundings for real estate debt investments		(24,506)	(249,528)
Proceeds from sale of real estate debt investments		0	13,952
Repayment on real estate debt investments		298,639	40,262
Investment in PE Investments		(500,068)	(13,155)
Distributions from PE Investments		219,608	81,855
Investment in unconsolidated ventures		(1,809)	(67,076)
Distributions from unconsolidated ventures		9,221	7,250
Acquisition of real estate securities, available for sale		(11,571)	(21,801)
Proceeds from the sale of real estate securities, available for sale		80,746	25,929
Repayment of real estate securities, available for sale		12,498	15,922
Change in restricted cash		12,254	(91,194)
Investment deposits and pending deal costs		(34,760)	(991)
Other assets		(6,497)	(31,016)
Net cash provided by (used in) investing activities		(2,761,343)	(1,611,444)
Cash flows from financing activities:
Borrowings from mortgage and other notes payable		1,788,812	855,097
Repayment of mortgage notes and other notes payable		(32,707)	(5,767)
Repayment of CDO bonds		(22,172)	(43,704)
Repayment of securitization bonds payable		(41,831)	0
Borrowings from credit facilities		495,000	47,540
Repayment of credit facilities		(376,877)	(16,410)
Payment of financing costs		(94,591)	(17,978)
Purchase of derivative instruments		(7,896)	(510)
Change in restricted cash		(9,261)	9,346
Net proceeds from common stock offering		1,086,332	519,198
Net proceeds from preferred stock offering		0	241,814
Proceeds from dividend reinvestment plan		85	155
Spin-off of NSAM		0	(118,728)
Dividends		(311,773)	(204,688)
Contributions from non-controlling interests		116,225	24,968
Distributions to non-controlling interests		(19,842)	(7,282)
Net cash provided by (used in) financing activities		2,569,504	1,283,051
Effect of foreign currency translation on cash and cash equivalents		4,796	0
Net increase (decrease) in cash and cash equivalents		(21,900)	(183,841)
Cash and cash equivalents—beginning of period		296,964	635,990
Cash and cash equivalents—end of period		$ 275,064	$ 452,149
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 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. 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. 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 August 4, 2015, the Company acquired approximately $2.6 billion , at cost, of European real estate (excluding the Company’s European healthcare properties) comprised of 52 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. In July 2015, NRE filed its registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 SEC. The consolidated financial statements for the three and six months ended June 30, 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 that are included in discontinued operations. As a result, results of operations for the three and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods 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; (iv) foreign currency translation adjustment; and (v) reclassification of foreign currency translation into realized gain (loss) on investments and other upon realized event. The following tables presents the components of accumulated OCI for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Three months ended June 30, 2015 Cumulative Unrealized Gain (Loss) on Available for Sale Securities Effective Portion of Cash Flow Hedges Foreign Currency Translation Total Balance as of March 31, 2015 (Unaudited) $ 37,526 $ (1,429 ) $ (6,863 ) $ 29,234 Unrealized gain (loss) on real estate securities, available for sale (177 ) — — (177 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other (2,187 ) — — (2,187 ) Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15) — 223 — 223 Foreign currency translation adjustment — — 33,780 33,780 Non-controlling interests 23 (2 ) (886 ) (865 ) Balance as of June 30, 2015 (Unaudited) $ 35,185 $ (1,208 ) $ 26,031 $ 60,008 Six months ended June 30, 2015 Balance as of December 31, 2014 $ 56,072 $ (1,694 ) $ (4,838 ) $ 49,540 Unrealized gain (loss) on real estate securities, available for sale (7,300 ) — — (7,300 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other (13,610 ) — — (13,610 ) Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15) — 488 — 488 Foreign currency translation adjustment — — 30,722 30,722 Reclassification of foreign currency translation into realized gain (loss) on investments and other — — 699 699 Non-controlling interests 23 (2 ) (552 ) (531 ) Balance as of June 30, 2015 (Unaudited) $ 35,185 $ (1,208 ) $ 26,031 $ 60,008 Three months ended June 30, 2014 Cumulative Unrealized Gain (Loss) on Available for Sale Securities Effective Portion of Cash Flow Hedges Total Balance as of March 31, 2014 (Unaudited) $ 6,527 $ (2,375 ) $ 4,152 Unrealized gain (loss) on real estate securities, available for sale 37,451 — 37,451 Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15) — 229 229 Non-controlling interests (842 ) (5 ) (847 ) Balance as of June 30, 2014 (Unaudited) $ 43,136 $ (2,151 ) $ 40,985 Six months ended June 30, 2014 Balance as of December 31, 2013 $ (1,736 ) $ (2,598 ) $ (4,334 ) Unrealized gain (loss) on real estate securities, available for sale 46,902 — 46,902 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) — 458 458 Non-controlling interests (1,063 ) (11 ) (1,074 ) Balance as of June 30, 2014 (Unaudited) $ 43,136 $ (2,151 ) $ 40,985 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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, (Unaudited) 2014 Capital expenditures reserves $ 197,552 $ 211,010 Operating real estate escrow reserves (1) 119,171 123,017 CRE debt escrow deposits 17,321 56,342 Cash in CDOs (2) 19,471 4,687 Total $ 353,515 $ 395,056 __________________________________________________ (1) Primarily represents insurance, real estate tax, repair and maintenance, 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 and Intangible Assets Deferred Costs Deferred costs primarily 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. The following table presents a summary of deferred costs and intangible assets as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, (Unaudited) 2014 Intangible assets: In-place lease value, net $ 380,527 $ 268,587 Above-market lease value, net 268,939 263,792 Goodwill 95,067 75,806 Other intangible assets, net 65,737 51,260 Subtotal intangible assets 810,270 659,445 Deferred financing costs, net 154,472 150,926 Other deferred costs, net 4,490 2,212 Total $ 969,232 $ 812,583 Other Assets and Other Liabilities The following table presents a summary of other assets and other liabilities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, (Unaudited) 2014 Other assets: Notes receivable, net $ 55,264 $ 48,932 Investment deposits and pending deal costs 36,290 62,867 Investment-related reserves 34,331 23,086 Prepaid expenses 25,657 27,595 Deferred tax assets 25,029 7,730 Other 2,421 6,493 Due from servicer 441 64,583 Total $ 179,433 $ 241,286 June 30, 2015 December 31, (Unaudited) 2014 Other liabilities: Intangible liabilities $ 196,622 $ 176,528 Deferred tax liabilities 64,562 38,303 Tenant security deposits 49,142 27,854 PE Investment III deferred purchase price (refer to Note 5) 39,759 39,759 Prepaid rent and unearned revenue 15,446 17,668 Other 5,374 4,733 Total $ 370,905 $ 304,845 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 to be generated by the property is less than the carrying value of the property. In conducting this review, the Company considers global macroeconomic factors, including real estate sector conditions together with investment 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 of the property 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 compensatio

Operating Real Estate

Operating Real Estate	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 (Unaudited) December 31, Land $ 2,060,778 $ 1,490,613 Land improvements 1,070,644 1,070,507 Buildings and improvements 9,114,705 7,035,567 Building leasehold interests and improvements 589,490 591,626 Furniture, fixtures and equipment 348,168 286,340 Tenant improvements 202,645 159,159 Construction in progress 23,151 17,054 Subtotal 13,409,581 10,650,866 Less: Accumulated depreciation (543,110 ) (349,574 ) Operating real estate, net $ 12,866,471 $ 10,301,292 Real Estate Acquisitions The following table summarizes the Company’s acquisitions for the six months ended June 30, 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 % $ 0.6 April 2015 Office Pan-European office SEB Portfolio (2) 1,254.9 11 715.3 580.3 95 % (4) 70.2 April 2015 Primarily Office Pan-European office Trias Portfolio (2) 502.1 37 245.6 285.4 100 % 26.9 May 2015 Healthcare Independent living facilities ILF Portfolio 892.7 32 648.2 148.1 60 % (5) 8.4 June 2015 Healthcare Medical office building Griffin-American Portfolio (3) 15.6 1 11.5 4.1 86 % (5) 0.1 June 2015 Hotel Upscale extended stay and premium branded select service NE Portfolio 175.4 9 132.3 45.2 100 % 2.1 ______________________________________ (1) Includes escrows and reserves and excludes transaction costs. (2) The SEB Portfolio and Trias Portfolio are translated using the currency exchange rate as of June 30, 2015. (3) Represents an additional acquisition related to the Griffin-American Portfolio. (4) The Company has an approximate 95% equity interest and is entitled to a 100% allocation of net income (loss) as a result of the allocation formula set forth in the governing documents. (5) NorthStar Healthcare is the non-controlling interest holder of the remaining 40% of the ILF Portfolio and 14% of the Griffin-American Portfolio. The following table presents the initial allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the following acquisitions: Legacy Properties, SEB Portfolio, Trias Portfolio, ILF Portfolio, an additional acquisition related to the Griffin-American Portfolio and NE Portfolio that continue to be subject to refinement upon receipt of all information (dollars in thousands): Assets: Land and improvements $ 573,989 Buildings, leasehold interests and improvements 2,073,285 Acquired intangibles (1) 155,924 Other assets acquired 113,631 Total assets acquired $ 2,916,829 Liabilities: Mortgage and other notes payable $ 1,790,120 Other liabilities assumed (2) 49,226 Total liabilities 1,839,346 Total NorthStar Realty Finance Corp. stockholders’ equity (3) 977,159 Non-controlling interests 100,324 Total equity 1,077,483 Total liabilities and equity $ 2,916,829 ______________________________________ (1) Acquired intangibles include in-place leases, above-market leases and goodwill. (2) Other liabilities assumed include below-market lease intangibles and deferred tax liabilities. (3) Stockholders’ equity excludes transaction costs incurred in connection with the acquisitions. For the six months ended June 30, 2015, the Company recorded aggregate revenue and net loss of $53.7 million and $107.2 million , respectively, related to these acquisitions. Net loss is primarily related to transaction costs, depreciation and amortization. The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the Hotel Portfolios (dollars in thousands): Hotel Portfolios (1) Assets: Land and improvements $ 159,640 Buildings and improvements 635,668 Acquired intangibles 2,076 Other assets acquired 142,969 Total assets acquired $ 940,353 Liabilities: Mortgage and other notes payable $ 723,682 Other liabilities assumed 4,625 Total liabilities 728,307 Total NorthStar Realty Finance Corp. stockholders’ equity 210,721 Non-controlling interests 1,325 Total equity 212,046 Total liabilities and equity $ 940,353 ______________________________________ (1) Includes a $259.3 million hotel portfolio acquired in August 2014 (“K Partners Portfolio”) and a $681.0 million hotel portfolio acquired in September 2014 (“Courtyard Portfolio”). The following presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the following acquisitions: Legacy Properties, SEB Portfolio, Trias Portfolio, ILF Portfolio, an additional acquisition related to the Griffin-American Portfolio and NE 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pro forma total revenues $ 573,294 $ 267,641 $ 1,110,477 $ 489,647 Pro forma net income (loss) attributable to common stockholders $ (98,170 ) $ (74,263 ) $ (129,386 ) $ (208,855 ) Pro forma EPS - basic $ (0.28 ) $ (0.43 ) $ (0.39 ) $ (1.25 ) Pro forma EPS - diluted $ (0.28 ) $ (0.43 ) $ (0.39 ) $ (1.25 )

Real Estate Debt Investments

Real Estate Debt Investments	6 Months Ended
	Jun. 30, 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 June 30, 2015 (dollars in thousands): Weighted Average (7) Floating Rate (6) Number Principal Carrying Allocation by (6) Fixed Rate Spread (8) Yield (9) Asset Type: First mortgage loans (1)(2) 11 $ 368,739 $ 272,597 37.5 % 9.55 % 7.18 % 7.52 % 50.4 % Mezzanine loans 6 99,765 96,199 10.2 % 13.79 % 11.72 % 13.23 % 29.0 % Subordinate interests 4 165,848 167,598 16.9 % 13.11 % 10.93 % 12.35 % 28.3 % Corporate loans (3)(4) 8 307,132 292,195 31.3 % 12.43 % — 13.94 % — Subtotal/Weighted average (5) 29 941,484 828,589 95.9 % 11.91 % 8.33 % 11.34 % 27.7 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 11,360 2.7 % — 1.27 % 3.09 % 100.0 % Mezzanine loans 1 11,000 10,933 1.1 % 8.00 % — 9.26 % — Corporate loans 6 2,563 2,564 0.3 % 6.74 % — 6.74 % — Subtotal/Weighted average 9 40,520 24,857 4.1 % 7.76 % 1.27 % 6.18 % 66.5 % Total 38 $ 982,004 $ 853,446 100.0 % 11.83 % 7.66 % 11.19 % 29.3 % ____________________________________________________________ (1) Includes a Sterling denominated loan of £66.7 million , of which £25.0 million is outstanding as of June 30, 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 $ 90.7 million of preferred equity investments for which the Company elected the fair value option. As of June 30, 2015 , carrying value represents fair value with respect to these investments. (4) Includes four revolving loans of $153.1 million , of which $ 61.2 million is outstanding as of June 30, 2015 . (5) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $113.9 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 $133.0 million . (6) Based on principal amount. (7) Excludes two CRE debt investments with an aggregate principal amount of $ 9.2 million that were originated prior to 2008. (8) $211.6 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.58% . Includes one first mortgage loan with a principal amount of $6.0 million with a spread over the prime rate. (9) Based on initial maturity and for floating-rate debt, calculated using one -month LIBOR as of June 30, 2015 and for CRE debt with a LIBOR floor, using such floor. The following table presents CRE debt investments as of December 31, 2014 (dollars in thousands): Weighted Average (8) Floating Rate as % of Principal Amount (7) Number Principal Amount Carrying Value Allocation by Investment Type (7) Fixed Rate Spread Over LIBOR (9) Yield (10) 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 17.0 % 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 % 12.00 % 35.6 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 11,360 2.3 % — 1.27 % 3.08 % 100.0 % Mezzanine loans 1 11,000 11,000 0.9 % 8.00 % — 8.00 % — 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 $ 1,067,667 100.0 % 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. (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 June 30, 2015 (dollars in thousands): Initial Maturity Maturity Including Extensions (1) July 1 to December 31, 2015 (2) $ 144,399 $ 141,865 Years ending December 31: 2016 235,617 105,558 2017 102,862 62,612 2018 2,252 169,752 2019 — — Thereafter 496,874 502,217 Total $ 982,004 $ 982,004 ____________________________________________________________ (1) Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents. (2) The Company had two non-performing loans (“NPLs”) with an aggregate principal amount of $42.6 million as of June 30, 2015 due to maturity defaults. As of June 30, 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 June 30, 2015 , the Company had $29.1 million of net unamortized discount and $3.1 million of net unamortized origination fees and costs. Provision for Loan Losses The following table presents activity in loan loss reserves on CRE debt investments for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning balance $ 5,799 $ 4,766 $ 5,599 $ 2,880 Provision for (reversal of) loan losses, net — (1) 833 200 (1) 2,719 Ending balance $ 5,799 $ 5,599 $ 5,799 $ 5,599 ____________________________________________________________ (1) Excludes $0.3 million and $0.6 million of provision for loan losses relating to manufactured housing notes receivables recorded in other assets for the three and six months ended June 30, 2015, respectively. 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): June 30, December 31, Credit Quality Indicator: 2015 2014 Loans with no loan loss reserve: First mortgage loans $ 240,513 $ 324,251 Mezzanine loans 107,132 157,089 Subordinate interests 167,598 200,236 Corporate loans 294,760 385,391 Subtotal 810,003 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 42,943 — Total $ 853,446 $ 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 June 30, 2015 and December 31, 2014, respectively, and manufactured housing notes receivables recorded in other assets. (2) Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.7 million as of June 30, 2015 and December 31, 2014, respectively. 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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Number Principal (1) Carrying (1) Loan Loss Number Principal Amount (1) Carrying Value (1) Loan Loss Reserve Class of Debt: First mortgage loans 3 $ 45,124 $ 43,443 $ 2,033 1 $ 2,533 $ 700 $ 1,833 Mezzanine loans 1 3,766 — 3,766 1 3,766 — 3,766 Total 4 $ 48,890 $ 43,443 $ 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 June 30, 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 June 30, 2015 and 2014 (dollars in thousands): June 30, 2015 June 30, 2014 Number Average Carrying Value Quarter Ended Income Number Average Carrying Value Quarter Ended Income Class of Debt: First mortgage loans 3 $ 24,061 $ 971 1 $ 1,241 $ — Mezzanine loans 1 — 2 1 — 1 Total/weighted average 4 $ 24,061 $ 973 2 $ 1,241 $ 1 The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the six months ended June 30, 2015 and 2014 (dollars in thousands): June 30, 2015 June 30, 2014 Number Average Carrying Value Six Months Ended Income Number Average Carrying Value Six Months Ended Income Class of Debt: First mortgage loans 3 $ 16,274 $ 2,946 1 $ 1,422 $ — Mezzanine loans 1 — 3 1 629 3 Total/weighted average 4 $ 16,274 $ 2,949 2 $ 2,051 $ 3 As of June 30, 2015 and December 31, 2014, the Company did not have any loans past due greater than 90 days.

Investments in Private Equity F

Investments in Private Equity Funds	6 Months Ended
	Jun. 30, 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”) or consolidated ventures and direct investments (“PE Investment III to XIII”, 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, except for two fund interests in PE Investment XIII (refer to Note 17). 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 or is not the primary beneficiary of such funds. Summary The following tables summarize the Company’s PE Investments as of June 30, 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 February 15, 2013 June 30, 2012 49 $ 282.1 $ 6 PE Investment II July 3, 2013 September 30, 2012 24 353.4 2 PE Investment III (4) December 31, 2013 June 30, 2013 8 39.8 1 PE Investment IV May 30, 2014 December 31, 2013 1 8.0 — PE Investment V July 1, 2014 September 30, 2013 3 12.0 — PE Investment VI July 30, 2014 June 30, 2014 20 90.2 1 PE Investment VII August 15, 2014 December 31, 2013 14 54.9 1 PE Investment IX October 2, 2014 March 31, 2014 11 217.7 3 PE Investment X December 4, 2014 June 30, 2014 13 152.4 — PE Investment XI May 1, 2015 September 30, 2014 2 6.4 — PE Investment XII May 5, 2015 June 30, 2014 1 6.2 — PE Investment XIII May 22, 2015 December 31, 2014 11 441.1 6 Total 157 (5) $ 1,664.2 $ 20 ____________________________________________________________ (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 six months ended June 30, 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 June 30, 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 20 funds held across multiple PE Investments. Carrying Value Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 PE Investment (1) June 30, 2015 December 31, 2014 Equity in Earnings Distributions (2) Contributions Equity in Earnings Distributions (2) Contributions PE Investment I (3) $ 182.4 $ 218.6 $ 12.3 $ 32.6 $ 0.6 $ 15.6 $ 27.7 $ — PE Investment II (4) 228.4 231.6 13.7 52.3 42.9 14.4 25.8 3.2 PE Investment III 46.3 51.0 0.5 4.4 0.1 1.6 8.7 0.1 PE Investment IV 8.5 7.8 0.3 — — 0.1 — — PE Investment V 7.4 8.0 0.5 1.5 — — — — PE Investment VI 82.0 86.3 2.9 3.6 0.4 — — — PE Investment VII 38.4 42.7 2.0 5.8 — — — — PE Investment IX 152.0 174.6 9.2 21.2 0.5 — — — PE Investment X 130.0 141.4 5.4 9.1 — — — — PE Investment XI 3.9 — 0.2 1.3 — — — — PE Investment XII 2.9 — 0.2 3.6 0.1 — — — PE Investment XIII 352.4 — 5.2 96.1 2.1 — — — Total (5) $ 1,234.6 $ 962.0 $ 52.4 $ 231.5 $ 46.7 $ 31.7 $ 62.2 $ 3.3 ____________________________________________________________ (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 six months ended June 30, 2015, PE Investment VIII has not made any investments. (2) Net of a $19.9 million and $2.5 million reserve for taxes in the aggregate for all PE Investments for the three months ended June 30, 2015 and 2014, respectively. (3) The Company recorded an unrealized loss of $8.9 million for the three months ended June 30, 2015 representing a partial reversal of an unrealized gain recorded in the fourth quarter 2014. (4) Contributions for the three months ended June 30, 2015 represents a payment of the deferred purchase price for PE Investment II. (5) Excludes the remaining deferred purchase price of $243.3 million for PE Investment II. . Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 PE Investment Equity in Earnings Distributions (1) Contributions Equity in Earnings Distributions (1) Contributions PE Investment I (2) $ 26.2 $ 50.3 $ 1.2 $ 30.4 $ 46.7 $ 0.1 PE Investment II (3) 27.7 73.9 42.9 28.5 49.5 4.9 PE Investment III 1.2 5.9 0.1 3.0 19.1 0.5 PE Investment IV 0.6 — — 0.1 — — PE Investment V 1.0 1.5 — — — — PE Investment VI 6.3 11.0 0.5 — — — PE Investment VII 4.1 8.3 — — — — PE Investment IX 16.6 39.8 0.7 — — — PE Investment X 11.3 22.9 0.2 — — — PE Investment XI 0.2 1.3 — — — — PE Investment XII 0.2 3.6 0.1 — — — PE Investment XIII 5.2 96.1 2.1 — — — Total $ 100.6 $ 314.6 $ 47.8 $ 62.0 $ 115.3 $ 5.5 ____________________________________________________________ (1) Net of a $4.0 million and $5.3 million reserve for taxes in the aggregate for all PE Investments for the six months ended June 30, 2015 and 2014, respectively. (2) The Company recorded an unrealized loss of $13.4 million for the six months ended June 30, 2015 representing a partial reversal of an unrealized gain recorded in the fourth quarter 2014. (3) Contributions for the six months ended June 30, 2015 represents a payment of the deferred purchase price for PE Investment II. Unconsolidated PE Investments PE Investment I In February 2013, the Company completed the initial closing (“PE I Initial Closing”) of PE Investment I which owns a portfolio of limited partnership interests in real estate private equity funds managed by institutional-quality sponsors. Pursuant to the terms of the agreement, at the PE I Initial Closing, the full purchase price was funded, excluding future capital commitments. Accordingly, the Company funded $282.1 million and NorthStar 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 1.5 x 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 June 30, 2015 , the Company’s share of the Deferred Amount was $243.3 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 V

Investments in Unconsolidated Ventures	6 Months Ended
	Jun. 30, 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 due to the election of the fair value option (refer to Note 14). 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 27% equity interest (“RXR Equity Interest”). The carrying value of the RXR Equity Interest was $96.3 million and $90.0 million as of June 30, 2015 and December 31, 2014, respectively. For the three months ended June 30, 2015 and 2014, the Company recognized equity in earnings of $4.2 million and $1.5 million , respectively. For the six months ended June 30, 2015 and 2014, the Company recognized equity in earnings of $7.7 million and $3.0 million , respectively. The Company’s equity interest in RXR Realty is structured so that NSAM is entitled to certain fees in connection with RXR Realty’s investment management business. Refer to Note 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 June 30, 2015, Aerium managed approximately €6.1 billion of real estate assets across 12 countries. The carrying value of the investment in Aerium was $48.5 million and $62.8 million as of June 30, 2015 and December 31, 2014, respectively. For the three and six months ended June 30, 2015, the Company recognized equity in earnings of $0.2 million and $1.3 million , respectively. For the three and six months ended June 30, 2014, the Company did not record any equity in earnings in connection with this investment. For the three and six months ended June 30, 2015, the Company recorded a $9.3 million unrealized loss on its interest in Aerium. 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 June 30, 2015 and December 31, 2014 was $5.8 million and $5.0 million , respectively. For the three and six months ended June 30, 2015, the Company recognized equity in earnings of $0.4 million and $0.8 million , respectively. 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 property obtained additional non-recourse financing 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 $3.4 million and $9.9 million as of June 30, 2015 and December 31, 2014, respectively. For the three months ended June 30, 2015 and 2014, the Company recognized $0.1 million of equity in losses for each period, which was primarily attributable to depreciation and amortization of $0.3 million for each period. For the six months ended June 30, 2015 and 2014, the Company recognized $0.1 million and $0.2 million of equity in losses, respectively, which was primarily attributable to depreciation and amortization of $0.6 million and $0.3 million , respectively. LandCap Partners In October 2007, the Company entered into a joint venture with Whitehall Street Global Real Estate Limited Partnership 2007 (“Whitehall”) to form LandCap Partners and LandCap LoanCo. (collectively referred to as “LandCap”). The joint venture is managed by a third-party management group which has extensive experience in the single family housing sector. The Company and Whitehall agreed to provide no additional new investment capital in the LandCap joint venture. The carrying value of the 49% interest in LandCap was $9.3 million and $10.8 million as of June 30, 2015 and December 31, 2014, respectively. For the three months ended June 30, 2015 and 2014, the Company recognized equity in earnings of $0.3 million and $0.4 million , respectively. For the six months ended June 30, 2015 and 2014, the Company recognized equity in earnings of $0.6 million and $0.5 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 $5.8 million as of June 30, 2015 and December 31, 2014. For the three months ended June 30, 2015 and 2014, the Company recognized equity in earnings of $0.1 million and an immaterial amount of equity in earnings, respectively. For the six months ended June 30, 2015 and 2014, the Company recognized equity in earnings of $0.1 million and $0.5 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 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 $13.5 million of shares of NorthStar Income, NorthStar Healthcare and NorthStar Income II through June 30, 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 $5.8 million and $6.0 million , representing an interest of 0.5% as of June 30, 2015 and 0.6% as of December 31, 2014, respectively. For the three months ended June 30, 2015 and 2014, the Company recognized $0.1 million of earnings for each period. For the six months ended June 30, 2015 and 2014, the Company recognized $0.2 million of earnings for each period. • NorthStar Healthcare - The carrying value of the investment in NorthStar Healthcare was $3.9 million and $2.4 million as of June 30, 2015 and December 31, 2014, respectively, representing an interest of 0.4% as of June 30, 2015 and 0.3% as December 31, 2014, respectively. For the three months ended June 30, 2015 and 2014, the Company recognized an immaterial amount and $0.1 million of losses, respectively. For the six months ended June 30, 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 June 30, 2015 and December 31, 2014, representing an interest of 0.6% and 1.2% , respectively. For the three and six months ended June 30, 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 Income Inc. - On February 9, 2015, NorthStar/RXR New York Metro Income Inc.’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 and six months ended June 30, 2014, the Company recognized $0.3 million and $1.5 million of equity in earnings, respectively. In April 2013, in connection with a loan on a hotel property in New York, the Company and NorthStar Income acquired an aggregate 35% interest in the Row NYC (formerly the Milford) hotel and retail component, of which the Company owns 65% and NorthStar Income owns 35% . There was no carrying value as of June 30, 2015 and December 31, 2014. In March 2014, the retail component of the hotel was sold and for the three and six months ended June 30, 2014, the Company recognized a $1.2 million gain from this sale in equity in earnings. In June 2013, in connection with the restructuring of an existing mezzanine loan, the Company acquired a 9.99% equity interest for $8.5 million in a joint venture that owns two office buildings in Chicago. As of June 30, 2015 and December 31, 2014, the carrying value of the investment was $8.5 million for each period. For the three and six months ended June 30, 2015 and 2014, the Company did no t recognize any equity in earnings.

Real Estate Securities, Availab

Real Estate Securities, Available for Sale	6 Months Ended
	Jun. 30, 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 June 30, 2015 (dollars in thousands): Cumulative Unrealized Allocation by Weighted Weighted Number Principal Amount (3) Amortized Cost Gains (Losses) Fair Value Investment Type (3) Average Coupon Average Yield (4) Asset Type: N-Star CDO bonds (1) 27 $ 396,131 $ 181,777 $ 38,019 $ (1,886 ) $ 217,910 28.2 % 1.99 % 23.16 % N-Star CDO equity (5) 5 124,273 124,273 9,268 (23,379 ) 110,162 8.9 % NA 10.34 % CMBS and other securities (6) 13 112,735 59,029 16,741 (21,282 ) 54,488 8.0 % 2.21 % 10.03 % Subtotal (2) 45 633,139 365,079 64,028 (46,547 ) 382,560 45.1 % 2.04 % 16.67 % CRE securities in N-Star CDOs (5)(7) CMBS 136 592,367 437,012 40,596 (106,675 ) 370,933 42.2 % 3.65 % 10.59 % Third-party CDO notes 10 74,473 67,459 207 (44,076 ) 23,590 5.3 % 0.26 % 1.32 % Agency debentures 8 87,172 31,060 5,948 (1,090 ) 35,918 6.2 % — 4.56 % Unsecured REIT debt 1 8,000 8,342 873 — 9,215 0.7 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,337 ) 5,891 0.5 % 2.25 % 2.25 % Subtotal 157 769,237 551,098 47,624 (153,178 ) 445,547 54.9 % 2.93 % 8.93 % Total 202 $ 1,402,376 $ 916,177 $ 111,652 $ (199,725 ) $ 828,107 100.0 % 2.58 % 12.02 % ____________________________________________________________ (1) Excludes $107.7 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation. (2) All securities are unleveraged. (3) Based on amortized cost for N-Star CDO equity and principal amount for remaining securities. (4) Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of June 30, 2015 . (5) The fair value option was elected for these securities (refer to Note 14). (6) The fair value option was elected for $ 50.1 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 June 30, 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 June 30, 2015 , contractual maturities of CRE securities investments ranged from four months to 37 years, with a weighted average expected maturity of 3.5 years. The following table presents CRE securities as of December 31, 2014 (dollars in thousands): Cumulative Unrealized Allocation by Weighted Weighted Number Principal (3) Amortized Cost Gains Losses Fair Value Investment (3) Average Average Yield (4) 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 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,373 ) 5,850 0.4 % 2.25 % 2.32 % Subtotal 165 814,685 572,999 61,551 (172,733 ) 461,815 53.2 % 3.00 % 8.48 % Total 217 $ 1,532,891 $ 980,221 $ 132,430 $ (234,135 ) $ 878,514 100.0 % 2.57 % 12.92 % _________________________________________________________ (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, 2014. (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 and six months ended June 30, 2015 , proceeds from the sale of CRE securities was $19.8 million and $80.7 million resulting in a net realized gain of $3.0 million and $13.8 million . For the three and six months ended June 30, 2014 , proceeds from the sale of CRE securities was $3.7 million and $25.9 million , resulting in a net realized gain of $7.3 million and $11.8 million , respectively. CRE securities investments, not held in N-Star CDOs, include 28 securities for which the fair value option was not elected. As of June 30, 2015 , the aggregate carrying value of these securities was $222.3 million , representing $36.1 million of accumulated net unrealized gains included in OCI. The Company held one security with a carrying value of $3.5 million with an unrealized loss of $1.8 million as of June 30, 2015 , which was in an unrealized loss position for a period of greater than 12 months . Based on management’s quarterly evaluation, the Company recorded OTTI of $1.4 million for the three and six months ended June 30, 2015, which was recorded in realized gain (loss) on investments and other in the consolidated statements of operations. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1)(2) Principal Amount Carrying Value (3) Principal Amount Carrying Value (3) Mortgage and other notes payable: (4) Healthcare East Arlington, TX Non-recourse May-17 5.89% $ 3,129 $ 3,129 $ 3,157 $ 3,157 Ohio Portfolio Non-recourse Jan-19 LIBOR + 5.00% 20,086 19,999 20,230 20,230 Lancaster, OH Non-recourse Jan-19 LIBOR + 5.00% 2,352 2,343 2,442 2,442 Wilkinson Portfolio Non-recourse Jan-19 6.99% 148,533 147,894 150,024 150,024 Tuscola/Harrisburg, IL Non-recourse Jan-19 7.09% 7,338 7,307 7,412 7,412 Formation Portfolio (5) Non-recourse May-19 (6) /Jan-25 LIBOR + 4.25% (7) /4.54% 703,808 702,087 705,608 700,958 Minnesota Portfolio Non-recourse Nov-19 3.50% 37,800 37,800 37,800 37,800 Griffin-American - U.K. (5) Non-recourse Dec-19 (6) LIBOR + 4.25% (7) 347,719 347,719 348,588 348,588 Griffin-American - U.S. - Fixed (5) Non-recourse Dec-19 (6) / Jun-25 / Dec-35 4.68% 1,752,162 1,691,278 1,750,000 1,750,000 Griffin-American - U.S. - Floating (5) Non-recourse Dec-19 (6) LIBOR + 3.05% (7) 862,468 862,468 868,797 868,797 Wakefield Portfolio Non-recourse April-20 LIBOR + 4.00% 54,924 54,395 54,751 54,751 Healthcare Preferred (8) Non-recourse Jul-21 LIBOR + 7.75% 75,000 75,000 75,000 75,000 Indiana Portfolio (8) Non-recourse Sept-21 LIBOR + 4.50% 121,130 121,130 121,130 121,130 ILF Portfolio (5) Non-recourse May-25 4.17% 648,211 648,211 — — Subtotal Healthcare 4,784,660 4,720,760 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 + 3.60% (7) 817,000 817,000 817,000 817,000 NE Portfolio (5) Non-recourse Jun-20 (6) LIBOR + 3.85% (7) 132,250 132,250 — — Subtotal Hotel 2,512,931 2,512,931 2,380,681 2,380,681 European U.K. Complex (5) Non-recourse Dec-19 (9) 78,585 78,585 77,660 77,660 Trias Portfolio Non-recourse Apr-20 (10) 244,220 244,220 — — SEB Portfolio (5) Non-recourse Apr-22 (11) 597,738 597,738 — — SEB Portfolio - Preferred Non-recourse Apr-60 3.00% 117,601 117,601 — — Subtotal European 1,038,144 1,038,144 77,660 77,660 Manufactured housing communities Manufactured Housing Portfolio 3 (5) Non-recourse Dec-21/ Jan-24/ Sept-24 4.923% (7) 297,280 299,410 297,428 299,716 Manufactured Housing Portfolio 1 (5) Non-recourse Jan-23 4.387% (7) 235,296 235,296 236,900 236,900 Manufactured Housing Portfolio 2 (5) Non-recourse May-23 4.016% (7) 639,909 639,909 639,909 639,909 Subtotal Manufactured housing communities 1,172,485 1,174,615 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 Oct-15 5.37% 42,243 42,243 42,738 42,738 Keene, NH Non-recourse Feb-16 5.85% 6,036 6,036 6,105 6,105 Green Pond, NJ Non-recourse Apr-16 5.68% 15,644 15,644 15,799 15,799 Aurora, CO Non-recourse Jul-16 6.22% 30,448 30,448 30,720 30,720 DSG Portfolio Non-recourse Oct-16 6.17% 30,806 30,806 31,126 31,126 Indianapolis, IN Non-recourse Feb-17 6.06% 25,914 25,914 26,151 26,151 Milpitas, CA Non-recourse Mar-17 5.95% 19,147 19,147 19,459 19,459 Fort Mill, SC Non-recourse Apr-17 5.63% 27,700 27,700 27,700 27,700 Fort Mill, SC - Mezzanine Non-recourse Apr-17 6.21% 875 875 1,079 1,079 Industrial Portfolio (5) Non-recourse Jul-17/Dec-17 4.21% (7) 221,125 226,790 221,131 228,071 Salt Lake City, UT Non-recourse Sept-17 5.16% 12,916 12,916 13,181 13,181 South Portland, ME Non-recourse Jul-23 LIBOR + 2.15% (7) 3,422 3,422 3,597 3,597 Subtotal Net lease 436,276 441,941 463,629 470,569 June 30, 2015 December 31, 2014 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1)(2) Principal Amount Carrying Value (3) Principal Amount Carrying Value (3) Multifamily Memphis, TN Non-recourse Apr-23 3.996% $ 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 Jul-23 4.28% (7) 46,538 46,538 46,538 46,538 Subtotal Multifamily 244,555 244,555 244,555 244,555 Multi-tenant Office Legacy Properties (5) Non-recourse Nov-19/Feb-20 (6) LIBOR + 2.15% (7) 112,838 112,838 45,584 45,584 Subtotal Multi-tenant Office 112,838 112,838 45,584 45,584 Subtotal Mortgage and other notes payable 10,301,889 10,245,784 8,531,285 8,535,863 CDO bonds payable: N-Star I Non-recourse Aug-38 7.01% 14,140 14,001 15,020 14,504 N-Star IX Non-recourse Aug-52 LIBOR + 0.44% (7) 524,647 367,469 545,939 375,564 Subtotal CDO bonds payable—VIE 538,787 381,470 560,959 390,068 Securitization bonds payable: Securitization 2012-1 — — — — — 41,831 41,823 Subtotal Securitization financing transaction — — 41,831 41,823 Credit facilities: Corporate Revolving Credit Facility (12) Recourse Aug-17 LIBOR + 3.50% (7) 360,000 360,000 215,000 215,000 Corporate Term Facility Recourse Sept-17 4.60% / 4.55% (13) 425,000 425,000 425,000 425,000 Loan Facility — — — — — 14,850 14,850 Loan Facility 1 Partial Recourse (14) Mar-18 (6) 2.95% (7) 65,903 65,903 77,930 77,930 Subtotal Credit facilities 850,903 850,903 732,780 732,780 Exchangeable senior notes: 7.25% Notes Recourse Jun-27 7.25% 12,955 12,955 12,955 12,955 8.875% Notes Recourse Jun-32 8.875% 1,000 984 1,000 983 5.375% Notes Recourse Jun-33 5.375% 19,935 17,629 31,633 27,824 Subtotal Exchangeable senior notes 33,890 31,568 45,588 41,762 Junior subordinated notes: (15) Trust I Recourse Mar-35 LIBOR + 3.25% (7) 41,240 31,767 41,240 32,992 Trust II Recourse Jun-35 LIBOR + 3.25% (7) 25,780 19,970 25,780 20,753 Trust III Recourse Jan-36 7.81% 41,238 31,508 41,238 32,784 Trust IV Recourse Jun-36 7.95% 50,100 38,242 50,100 39,830 Trust V Recourse Sept-36 LIBOR + 2.70% (7) 30,100 21,097 30,100 21,823 Trust VI Recourse Dec-36 LIBOR + 2.90% (7) 25,100 18,061 25,100 18,700 Trust VII Recourse Apr-37 LIBOR + 2.50% (7) 31,459 21,721 31,459 22,492 Trust VIII Recourse Jul-37 LIBOR + 2.70% (7) 35,100 24,889 35,100 25,798 Subtotal Junior subordinated notes 280,117 207,255 280,117 215,172 Grand Total $ 12,005,586 $ 11,716,980 $ 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, except for the European portfolios, represents three -month LIBOR for 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 $9.2 billion is comprised of 82 senior mortgage notes totaling $7.7 billion and 16 mezzanine mortgage notes totaling $1.5 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) Comprised of $63.8 million principal amount of floating rate borrowing at GBP LIBOR plus 2.0% , with a related $63.8 million notional value interest rate cap at 2.0% and $14.7 million fixed rate borrowing at 8.0% . (10) Comprised of $204.9 million principal amount of floating rate borrowing at EURIBOR plus 2.7% , with a related $206.3 million notional value interest rate cap at 2.0% and $39.3 million floating rate borrowing at GBP LIBOR plus 2.7% , with a related $41.0 million notional value interest rate cap at 2.0% . (11) Comprised of $348.3 million principal amount of floating rate borrowing at EURIBOR plus 1.6% , with a related $348.3 million notional value interest rate cap at 0.5% , $232.1 million of floating rate borrowing at GBP LIBOR plus 1.6% , with a related $232.1 million notional value interest rate cap at 2.0% and $17.3 million floating rate borrowing at STIBOR plus 1.6% . (12) Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt, net lease and securities investments with a carrying value of $627.9 million as of June 30, 2015. (13) Represents the respective fixed rate applicable to each borrowing under the Corporate Term Facility. (14) Recourse solely with respect to certain types of loans as defined in the governing documents. (15) Junior subordinated notes Trust II had a fixed interest rate through June 30, 2015 when it changed to floating rate. Trusts III and IV have a fixed interest rate until January 30, 2016 and June 30, 2016, respectively, when the rate will change to floating and reset quarterly to three -month LIBOR plus 2.83% to 2.80% , respectively. The following table presents scheduled principal on borrowings, based on final maturity as of June 30, 2015 (dollars in thousands): Total Mortgage and Other Notes Payable CDO Bonds Payable Credit Facilities Exchangeable Senior Notes (1) Junior Subordinated Notes July 1 to December 31, 2015 $ 105,366 $ 105,366 $ — $ — $ — $ — Years ending December 31: 2016 106,395 106,395 — — — — 2017 1,133,349 335,394 — 785,000 12,955 — 2018 98,904 33,001 — 65,903 — — 2019 6,055,554 6,054,554 — — 1,000 — Thereafter 4,506,018 3,667,179 538,787 — 19,935 280,117 Total $ 12,005,586 $ 10,301,889 $ 538,787 $ 850,903 $ 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 June 30, 2015, $140.0 million of 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 June 30, 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 Facility In March 2013, a subsidiary of the Company entered into a master repurchase agreement (“Loan Facility 1”) of $200.0 million to finance first mortgage loans and senior interests secured by commercial real estate. In connection with Loan Facility 1, the Company entered into a guaranty agreement under which the Company guaranteed certain of the obligations under Loan Facility 1. 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 $20.0 million in unrestricted cash or cash equivalents at all times during the term of Loan Facility 1. In addition, the Company has agreed to guarantee certain customary obligations under Loan Facility 1 if the Company or an affiliate of the Company engage in certain customary bad acts. As of June 30, 2015 , the Company had $113.9 million carrying value of loans financed with $65.9 million on Loan Facility 1, with $134.1 million of available borrowing. During the initial term, Loan Facility 1 acts as a revolving credit facility that can be paid down as assets repay or are sold and re-drawn upon for new investments. As of June 30, 2015 , the Company was in compliance with all of its financial covenants. 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 “2014 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 2014 Senior Notes in cash, including interest, in the amount of $488.3 million . In July 2015, NRE, a current wholly-owned subsidiary of the Company, issued $300 million principal amount of 4.625% senior notes due December 2016 (“NRE Senior Notes”). In July 2015, an additional $40 million of NRE Senior Notes were issued related to the exercise of the over-allotment option. The NRE Senior Notes are senior unsubordinated and unsecured obligations of NRE and the Company and the Operating Partnership will guarantee payments on the NRE Senior Notes. Subject to specified conditions being met, including completion of the Proposed European Spin, the listing of NRE common stock and public notice at least 60 days prior to maturity, NRE may elect to settle all or part of the principal amount of the NRE Senior Notes in NRE common stock in lieu of cash, in which case the number of shares delivered per note will be based on NRE common stock prices during a measurement period immediately preceding the maturity date. Refer to Note 20. “Subsequent Events” for further disclosure. Exchangeable Senior Notes In March 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.

Spin-off of Asset Management Bu

Spin-off of Asset Management Business	6 Months Ended
	Jun. 30, 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 June 30, 2014, the Company recorded a $0.3 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 $32.7 million and expenses of $33.0 million . For the six months ended June 30, 2014, the Company recorded a $6.1 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 $56.0 million and expenses of $62.1 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.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 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 on June 30, 2014, 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 and six months ended June 30, 2015, the Company incurred $48.2 million and $93.6 million , respectively, related to the base management fee, of which $48.2 million 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 and six months ended June 30, 2014. The base management fee to NSAM will increase subsequent to June 30, 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, including any shares issued as part of a forward agreement such as the remaining $246.0 million of shares currently available under the Company’s forward contract; • 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 and six months ended June 30, 2015, the Company incurred $3.5 million and $6.4 million , respectively, related to the incentive fee, of which $3.5 million 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. NSAM allocates, in good faith, indirect costs to the Company related to employees, occupancy and other general and administrative costs and expenses in accordance with the terms of, and subject to the limitations contained in, the Company’s management agreement with NSAM. The indirect costs include the Company’s allocable share of NSAM’s compensation and benefit costs associated with dedicated or partially dedicated personnel who spend all or a portion of their time managing the Company’s affairs, based upon the percentage of time devoted by such personnel to the Company’s affairs. The indirect costs also include rental and occupancy, technology, office supplies and other general and administrative costs and expenses. NSAM allocates these costs to the Company relative to its other managed companies in good faith. In addition to the Company’s direct and indirect 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 to 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 other managed company of NSAM; less (ii) the NorthStar Realty G&A. For the three and six months ended June 30, 2015, NSAM allocated $0.8 million and $2.8 million , respectively, to the Company, of which $0.8 million 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 June 30, 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 and six months ended June 30, 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 June 30, 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. For the six months ended June 30, 2015 and 2014, the Company earned $2.8 million and $3.1 million in fee income, respectively, of which $1.2 million and $1.4 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 June 30, 2015 and 2014, the Company earned $10.5 million and $15.7 million , respectively, of interest income from such investments in deconsolidated N-Star CDOs. For the six months ended June 30, 2015 and 2014, the Company earned $23.4 million and $31.0 million , respectively, of interest income from such investments in deconsolidated N-Star CDOs. Refer to Note 7 and Note 17 for additional disclosure regarding the N-Star CDOs. 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 a 43% interest in American Healthcare Investors LLC (“AHI”) and James F. Flaherty III, a strategic partner of NSAM, acquired a 12% 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 a 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. For the three and six months ended June 30, 2015, the Company paid $3.0 million and $6.4 million , respectively, of base management fees to Island, which is recorded in real estate properties—operating expenses in the consolidated statements of operations.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, 2015, 208,652 unvested shares of restricted stock issued under the Stock Plan were outstanding and 3,137,596 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’s 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 June 30, 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 June 30, 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 June 30, 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 696,931 Deferred LTIP Units (net of forfeitures occurring prior to June 30, 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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2015, the Company recorded $7.7 million and $18.5 million of equity-based compensation expense (including $1.9 million and $3.7 million of fair value adjustments related to non-employees and $0.5 million and $1.0 million of dividends associated with non-employees, respectively). For the three and six months ended June 30, 2014, the Company recorded $7.9 million and $11.8 million of equity-based compensation expense, respectively, which excludes $8.0 million and $13.7 million of expense allocated to NSAM, respectively, 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 June 30, 2015 represents unvested shares of restricted stock and LTIP Units that are outstanding, whether vested or not (grants in thousands): Six Months Ended June 30, 2015 Grants Weighted Average Grant Price January 1, 2015 1,873 $ 23.25 Granted 2,449 18.73 Converted to common stock (7 ) 15.51 Forfeited (3 ) 15.37 Vesting of restricted stock (488 ) 14.02 June 30, 2015 (1) 3,824 $ 21.56 ____________________________________________________________ (1) Includes 208,652 shares of restricted stock and 3,614,860 unvested LTIP Units as of June 30, 2015. As of June 30, 2015, equity-based compensation expense to be recognized over the remaining vesting period through January 2019 is $46.0 million , provided there are no forfeitures.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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 June 30, 2015, the Company issued 42.8 million shares of common stock under this forward sale agreement for net proceeds of $747.0 million . As of August 4, 2015, the Company has 14.3 million shares remaining under this forward sale agreement for aggregate net proceeds of $246 million . Dividend Reinvestment Plan In April 2007, as amended effective January 1, 2012, the Company implemented a Dividend Reinvestment Plan (the “DRP”), pursuant to which it registered with the SEC and reserved for issuance 7,139,923 shares of its common stock, after giving effect to the Reverse Split. Pursuant to the amended terms of the DRP, stockholders are able to automatically reinvest all or a portion of their dividends for additional shares of the Company’s common stock. The Company expects to use the proceeds from the DRP for general corporate purposes. For the six months ended June 30, 2015 , the Company issued 4,596 shares of its common stock pursuant to the DRP for gross proceeds of $0.1 million . Dividends The following table presents dividends declared (on a per share basis) for the six months ended June 30, 2015 : Common Stock Preferred Stock Dividend Dividend Per Share Declaration Date Per Share Declaration Date Series A Series B Series C Series D Series E February 25 $ 0.40 January 30 $ 0.54688 $ 0.51563 $ 0.55469 $ 0.53125 $ 0.54688 May 5 $ 0.40 April 29 $ 0.54688 $ 0.51563 $ 0.55469 $ 0.53125 $ 0.54688 Earnings Per Share The following table presents EPS for the three and six months ended June 30, 2015 and 2014 (dollars and shares in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (97,502 ) $ (73,566 ) $ (129,104 ) $ (208,527 ) Net income (loss) attributable to LTIP Units non-controlling interest (1,068 ) (1,700 ) (1,068 ) (5,296 ) Net income (loss) attributable to common stockholders and LTIP Units (1) $ (98,570 ) $ (75,266 ) $ (130,172 ) $ (213,823 ) Denominator: (2) Weighted average shares of common stock 352,986 174,181 330,884 167,386 Weighted average LTIP Units (1) 2,191 4,009 2,161 4,146 Weighted average shares of common stock and LTIP Units (2) 355,177 178,190 333,045 171,532 Earnings (loss) per share: (3) Basic $ (0.28 ) $ (0.42 ) $ (0.39 ) $ (1.25 ) Diluted $ (0.28 ) $ (0.42 ) $ (0.39 ) $ (1.25 ) ____________________________________________________________ (1) The EPS calculation takes into account LTIP Units, which receive non-forfeitable dividends from the date of grant, share equally in the Company’s net income (loss) and convert on a one-for-one basis into common stock. (2) Excludes the effect of exchangeable senior notes, shares under the forward sale agreement, restricted shares and RSUs outstanding that were not dilutive as of June 30, 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 and six months ended June 30, 2014 is adjusted for the Reverse Split effected on June 30, 2014.

Non-controlling Interests

Non-controlling Interests	6 Months Ended
	Jun. 30, 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 an LTIP 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 June 30, 2015, LTIP Units of 3,614,860 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 and six months ended June 30, 2015 was a $1.1 million loss. Net income (loss) attributable to the Company’s former operating partnership non-controlling interest for the three months ended June 30, 2014 was a $1.7 million loss. Net income (loss) attributable to the Company’s former operating partnership non-controlling interest for the six months ended June 30, 2014 was a loss of $5.3 million . Other Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests for the three months ended June 30, 2015 and 2014 was a net loss of $6.8 million and $0.8 million , respectively. Net income (loss) attributable to the other non-controlling interests for the six months ended June 30, 2015 and 2014 was a net loss of $10.6 million and $1.0 million , respectively. The following table presents net income (loss) attributable to the Company’s common stockholders for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) from continuing operations $ (97,513 ) $ (73,007 ) $ (129,104 ) $ (201,988 ) Income (loss) from discontinued operations 11 (559 ) — (6,539 ) Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (97,502 ) $ (73,566 ) $ (129,104 ) $ (208,527 )

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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. Derivatives 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 may be valued using quotations from nationally recognized financial institutions or an internal model. A quotation from a financial institution is not adjusted. The fair value is generally based on a valuation model with observable inputs such as interest rate and other unobservable inputs for assumptions related to the implied credit spread of the Company’s other borrowings and the timing and amount of expected future cash flow. Junior subordinated notes are classified as Level 3 of the fair value hierarchy. Fair Value Hierarchy Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 by level within the fair value hierarchy (dollars in thousands): June 30, 2015 Level 1 Level 2 Level 3 Total Assets: PE Investments $ — $ — $ 1,234,588 $ 1,234,588 Investments in unconsolidated ventures (1) — — 241,341 241,341 Real estate securities, available for sale: N-Star CDO bonds — — 217,910 217,910 N-Star CDO equity — — 110,162 110,162 CMBS and other securities — 15,443 39,045 54,488 CRE securities in N-Star CDOs CMBS — 307,177 63,756 370,933 Third-party CDO notes — — 23,590 23,590 Agency debentures — 35,918 — 35,918 Unsecured REIT debt — 9,215 — 9,215 Trust preferred securities — — 5,891 5,891 Subtotal CRE securities in N-Star CDOs — 352,310 93,237 445,547 Subtotal real estate securities, available for sale — 367,753 460,354 828,107 Derivative assets — 11,804 — 11,804 Total assets $ — $ 379,557 $ 1,936,283 $ 2,315,840 Liabilities: CDO bonds payable $ — $ — $ 381,470 $ 381,470 Junior subordinated notes — — 207,255 207,255 Derivative liabilities — 47,971 — 47,971 Total liabilities $ — $ 47,971 $ 588,725 $ 636,696 _____________________________________________________________________ (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 six months ended June 30, 2015 (dollars in thousands): Six Months Ended June 30, 2015 PE Investments Investments in Unconsolidated Ventures (1) Real Estate Securities CDO Bonds Payable Junior Subordinated Notes January 1, 2015 $ 962,038 $ 276,437 $ 481,576 $ 390,068 $ 215,172 Transfers into Level 3 (2) — — 12,099 — — Transfers out of Level 3 (2) — — (2,931 ) — — Purchases / borrowings / amortization / contributions 500,068 241 38,733 — — Sales — — (62,330 ) — — Paydowns / distributions (314,749 ) (29,317 ) (26,095 ) (22,677 ) — Gains: Equity in earnings of unconsolidated ventures 100,581 8,854 — — — Unrealized gains included in earnings — — 33,885 — 7,917 Realized gains included in earnings — — 11,224 — — Unrealized gain on real estate securities, available for sale included in OCI — — 1,086 — — Losses: Unrealized losses included in earnings (13,350 ) (14,874 ) (3,563 ) 14,079 — Realized losses included in earnings — — (1,503 ) — — Unrealized losses on real estate securities, available for sale included in OCI — — (21,827 ) — — June 30, 2015 $ 1,234,588 $ 241,341 $ 460,354 $ 381,470 $ 207,255 Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held. $ (13,350 ) $ (14,874 ) $ 30,322 $ (14,079 ) $ 7,917 ____________________________________________________________ (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 Securities CDO Bonds Payable Junior Subordinated Notes January 1, 2014 $ 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 ) — — December 31, 2014 $ 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 June 30, 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) and CDO bonds payable. The Company believes such pricing service or broker quotation for such items may be based on a market transaction of comparable securities, inputs including forecasted market rates, contractual terms, observable discount rates for similar securities and credit (such as credit support and delinquency rates). For the six months ended June 30, 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 $ 1,234,588 Discounted Cash Flow Model Discount Rate 13% - 40% Investments in unconsolidated ventures (1) $ 241,341 Discounted Cash Flow Model/Credit Spread Discount Rate/Credit Spread 2% - 31% N-Star CDO equity $ 110,162 Discounted Cash Flow Model Discount Rate 10% _________________________________________ (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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2015 2014 Assets: PE Investments $ 1,234,588 $ 962,038 Investments in unconsolidated ventures (1) 241,341 276,437 Real estate securities, available for sale: (2) N-Star CDO equity 110,162 102,467 CMBS and other securities 50,097 42,613 CRE securities in N-Star CDOs CMBS 370,933 382,867 Third-party CDO notes 23,590 23,218 Agency debentures 35,918 40,529 Unsecured REIT debt 9,215 9,351 Trust preferred securities 5,891 5,850 Subtotal CRE securities in N-Star CDOs 445,547 461,815 Subtotal real estate securities, available for sale 605,806 606,895 Total assets $ 2,081,735 $ 1,845,370 Liabilities: CDO bonds payable $ 381,470 $ 390,068 Junior subordinated notes 207,255 215,172 Total liabilities $ 588,725 $ 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) June 30, 2015 excludes 28 CRE securities including $217.9 million of N-Star CDO bonds and $4.4 million of CRE securities, for which the fair value option was not elected. December 31, 2014 excludes 34 CRE securities including $262.3 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 and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Assets: Real estate securities, available for sale (1) $ 17,545 $ (5,851 ) $ 22,057 $ 10,342 PE Investments (1) (8,917 ) — (13,350 ) — Investments in unconsolidated ventures (1) (9,343 ) — (9,343 ) — Foreign currency remeasurement (2) 10,535 (411 ) (12,465 ) (800 ) Liabilities: CDO bonds payable (1) (4,387 ) (38,418 ) (13,575 ) (181,779 ) Junior subordinated notes (1) 9,927 (8,245 ) 7,917 (20,242 ) Subtotal 15,360 (52,925 ) (18,759 ) (192,479 ) Derivatives (30,787 ) 275 (29,651 ) 4,228 Total $ (15,427 ) $ (52,650 ) $ (48,410 ) $ (188,251 ) ____________________________________________________________ (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 June 30, 2015 and December 31, 2014 ( dollars in thousands): June 30, 2015 December 31, 2014 Principal / Notional Amount Carrying Value Fair Value Principal / Notional Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 982,004 $ 853,446 $ 853,080 $ 1,187,316 $ 1,067,667 $ 1,066,911 Real estate securities, available for sale (2) 1,402,376 828,107 828,107 1,532,891 878,514 878,514 Derivative assets (2)(3) 4,974,987 11,804 11,804 3,848,859 3,247 3,247 Financial liabilities: (1) Mortgage and other notes payable $ 10,301,889 $ 10,245,784 $ 10,242,953 $ 8,531,285 $ 8,535,863 $ 8,539,363 CDO bonds payable (2)(4) 538,787 381,470 381,470 560,959 390,068 390,068 Securitization bonds payable — — — 41,831 41,823 41,929 Credit facilities 850,903 850,903 850,903 732,780 732,780 732,780 Exchangeable senior notes 33,890 31,568 50,121 45,588 41,762 82,443 Junior subordinated notes (2)(4) 280,117 207,255 207,255 280,117 215,172 215,172 Derivative liabilities (2)(3) 2,428,504 47,971 47,971 318,726 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 June 30, 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	6 Months Ended
	Jun. 30, 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, cap and foreign currency forward agreements and the primary objective is to minimize interest rate risks associated with investment and financing activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations. The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of June 30, 2015 and December 31, 2014 (dollars in thousands): Number Notional Amount (1) Fair Value Net Asset (Liability) Range of Fixed LIBOR / Forward Rate Range of Maturity As of June 30, 2015: Interest rate swaps - N-Star CDOs 9 $ 227,078 $ (12,821 ) (2) 5.02% - 5.25% January 2017 - July 2018 Interest rate swaps - other 3 2,082,142 (30,897 ) 0.62% - 5.00% January 2016 - December 2029 Interest rate caps 17 4,974,987 11,804 0.50% - 5.00% October 2015 - October 2020 Foreign currency forwards 2 119,284 (4,253 ) N/A August 2015 - May 2017 Total 31 $ 7,403,491 $ (36,167 ) As of December 31, 2014: Interest rate swaps - N-Star CDOs 10 $ 235,929 $ (17,707 ) (2) 5.00% - 5.25% June 2015 - July 2018 Interest rate swaps - other 2 82,797 (208 ) 0.62% - 5.00% January 2016 - July 2023 Interest rate caps/floors 22 3,848,859 3,247 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 June 30, 2015 and December 31, 2014. (2) Interest rate swaps in consolidated N-Star CDOs are liabilities and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO’s investments exceeded the fair value of the CDO’s derivative liabilities, a credit valuation adjustment was not recorded. The change in number and notional amount of derivative instruments from December 31, 2014 relates to derivatives entered into at the corporate level and in connection with new acquisitions, offset by contractual notional amortization and the maturity of a corporate interest rate cap and floor. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of June 30, 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 June 30, 2015 and December 31, 2014 (dollars in thousands): Balance Sheet June 30, December 31, Location 2015 2014 Interest rate caps/floors Derivative assets $ 11,804 $ 3,247 Interest rate swaps/foreign currency forwards Derivative liabilities $ 47,971 $ 17,915 The following table presents the effect of derivative instruments in the consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Statements of Operations Location 2015 2014 2015 2014 Amount of gain (loss) recognized in earnings: Adjustment to fair value of interest rate swaps, caps/floors Unrealized gain (loss) on investments and other $ (26,534 ) $ 275 $ (25,398 ) $ 4,228 Adjustment to fair value of foreign currency forwards Unrealized gain (loss) on investments and other $ (4,253 ) $ — $ (4,253 ) $ — Net cash payment for interest rate swaps Unrealized gain (loss) on investments and other $ (3,011 ) $ (3,955 ) $ (6,059 ) $ (10,694 ) Amount of swap gain (loss) reclassified from OCI into earnings Interest expense on debt and securities $ (223 ) $ (229 ) $ (488 ) $ (458 ) The Company’s counterparties held no cash margin as collateral against the Company’s derivative contracts as of June 30, 2015 and December 31, 2014.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. In connection with certain hotel acquisitions, the Company entered into guaranty agreements with various hotel franchisors, pursuant to which the Company guaranteed the franchisee’s obligations, including payments of franchise fees and marketing fees, for the term of the agreement, which expires from 2029 to 2034. As of June 30, 2015, the aggregate amount remaining under these guarantees is $9.7 million .

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2015
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities As of June 30, 2015 , the Company has identified certain 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 N-Star CDOs As of June 30, 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 six months ended June 30, 2015 and 2014. Other In June 2015, the Company, through a subsidiary, originated a £11.3 million ( $17.5 million ) loan to a third-party. The Company determined that the borrower entity was a VIE as the borrower entity has an insufficient equity investment at risk. The Company determined that it was the primary beneficiary as the Company has the power to direct the activities that most significantly impact the economic performance of the entity. 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, CSE CDO 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 June 30, 2014, the deconsolidation of N-Star CDO III resulted in a non-cash realized loss on deconsolidation of $34.8 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate of $98.4 million of assets, $60.6 million of liabilities, net of $8.0 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $5.0 million of unrealized loss to gain from deconsolidation. For the six months ended June 30, 2014, the deconsolidation of N-Star CDOs III and V resulted in an aggregate non-cash realized loss on deconsolidation of $31.4 million recorded in the consolidated statement of operations, which was the result of the deconsolidation of an aggregate $192.5 million of assets, $149.0 million of liabilities, net of $8.8 million of fair value of N-Star CDO bonds recorded that no longer eliminated in consolidation and the reclassification of $3.3 million of unrealized gain to loss from deconsolidation. Other Unconsolidated VIEs Based on management’s analysis, the Company is not the primary beneficiary of the VIEs summarized below and as such, these VIEs are not consolidated into the Company’s financial statements as of June 30, 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 $ 74.3 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, other than investments in N-Star CDOs, with an aggregate fair value of $46.9 million as variable interests in VIEs. In connection with certain CMBS investments, the Company became the controlling class and/or was named directing certificate holder of a securitization it did not sponsor. For 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 June 30, 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. PE Investments In May 2015, in connection with the Company’s investment in PE Investment XIII, the Company determined that two of the underlying funds are VIEs. The Company determined that the funds are a VIE as there is insufficient equity at risk in each limited partnership and the general partner in each fund has the power to direct the activities that most significantly impact the funds’ economic performance as the general partner performs such activities. As of June 30, 2015, the Company’s investment in both funds is $38.3 million . As of June 30, 2015, the amount of expected future contributions to both funds is $3.1 million . Summary of Unconsolidated VIEs The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of June 30, 2015 (dollars in thousands): Junior Subordinated Notes, at Fair Value Real Estate Debt Investments, Net Real Estate Securities, Available for Sale PE Investments Total Maximum Exposure to Loss (1) Real estate debt investments, net $ — $ 74,323 $ — $ — $ 74,323 $ 74,323 Investments in unconsolidated ventures 3,742 — — — 3,742 3,742 PE Investments — — — 38,327 38,327 38,327 Real estate securities, available for sale: N-Star CDO bonds — — 217,910 — 217,910 217,910 N-Star CDO equity — — 110,162 — 110,162 110,162 CMBS — — 46,928 — 46,928 46,928 Subtotal real estate securities, available for sale — — 375,000 — 375,000 375,000 Total assets 3,742 74,323 375,000 38,327 491,392 491,392 Junior subordinated notes, at fair value 207,255 — — — 207,255 NA Total liabilities 207,255 — — — 207,255 NA Net $ (203,513 ) $ 74,323 $ 375,000 $ 38,327 $ 284,137 $ 491,392 ____________________________________________________________ (1) The Company’s maximum exposure to loss as of June 30, 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 six months ended June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Effective April 1, 2015, the Company redefined its segments to conform with its management of such businesses by presenting its European business as a separate segment, excluding the Company’s European healthcare properties. Accordingly, the Company has reclassified the prior period segment financial results to conform to the current year presentation. The Company currently conducts its business through the following six 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: • U.S. Real Estate - The U.S. real estate business concentrates on various types of investments in commercial real estate located throughout the United States that includes healthcare, hotel, manufactured housing communities, net lease, multifamily and multi-tenant office properties. In addition, it includes certain healthcare properties located outside of the United States and PE Investments diversified by property type and geography. • Healthcare - The healthcare properties are comprised of a diverse portfolio of senior housing, skilled nursing, medical office buildings and other healthcare properties. The majority of the healthcare properties are structured under a net lease to healthcare operators. In addition, the Company also owns healthcare properties that operate through management agreements with independent third party operators, predominantly through RIDEA structures that permit the Company, through a TRS, to have direct exposure to resident fee income 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. • 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. • European Real Estate - The European commercial real estate business is currently predominantly focused on office properties and may expand by acquiring other types of commercial real estate located throughout Europe and excludes the Company’s European healthcare properties. The Company acquired its first real estate investment in the European Real Estate segment in September 2014. The Company intends to spin-off the European real estate business into a newly-formed publicly-traded REIT, NorthStar Realty Europe Corp. Refer to Note 1 and Note 20 for further disclosure. • 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. The Company’s remaining consolidated 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 June 30, 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 and six months ended June 30, 2015 and 2014 (dollars in thousands): Statement of Operations: N-Star CDOs (1) Three months ended June 30, 2015: U.S. Real Estate European Real Estate CRE CRE CRE Securities Corporate Consolidated Total Rental and escalation income $ 179,665 $ 32,113 $ — $ — $ 7 $ — $ 211,785 Hotel related income 206,130 — — — — — 206,130 Resident fee income 65,833 — — — — — 65,833 Net interest income on debt and securities 1,490 (2) — 25,345 14,915 12,816 2,741 (3) 57,307 Other interest expense 105,416 6,076 — — — 14,536 126,028 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (10,409 ) (4) (98,481 ) (5) 24,949 38,364 2,851 (100,653 ) (6) (143,379 ) Equity in earnings (losses) of unconsolidated ventures 57,736 — — — — — 57,736 Income tax benefit (expense) (9,845 ) 11,378 (206 ) (37 ) — — 1,290 Income (loss) from continuing operations 37,482 (87,103 ) 24,743 38,327 2,851 (100,653 ) (84,353 ) Income (loss) from discontinued operations 11 — — — — — 11 Net income (loss) 37,493 (87,103 ) 24,743 38,327 2,851 (100,653 ) (84,342 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE 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 June 30, 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 CDOs segment. (4) Primarily relates to transaction costs of $14.8 million and depreciation and amortization of $112.0 million. (5) Primarily relates to transaction costs of $91.7 million and depreciation and amortization of $15.4 million . (6) Includes management fees to NSAM of $51.7 million . Statement of Operations: N-Star CDOs (1) Three months ended June 30, 2014: U.S. Real Estate CRE CRE CRE Corporate Asset Management (2) Consolidated Rental and escalation income $ 77,542 $ — $ — $ 389 $ — $ — $ 77,931 Hotel related income 22,526 — — — — — 22,526 Resident fee income 15,060 — — — — — 15,060 Net interest income on debt and securities 1,630 (3) 38,658 15,487 14,663 2,323 (4) — 72,761 Other interest expense 30,921 — — — 13,959 — 44,880 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (32,413 ) (5) 36,635 13,779 (61,495 ) (47,802 ) — (91,296 ) Equity in earnings (losses) of unconsolidated ventures 32,033 1,925 — — — — 33,958 Income tax benefit (expense) (2,578 ) — — — — — (2,578 ) Income (loss) from continuing operations (2,958 ) 38,560 13,779 (61,495 ) (47,802 ) — (59,916 ) Income (loss) from discontinued operations (253 ) — — — — (319 ) (572 ) Net income (loss) (3,211 ) 38,560 13,779 (61,495 ) (47,802 ) (319 ) (60,488 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE 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 June 30, 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 CDOs segment. (5) Includes depreciation and amortization of $32.8 million . Statement of Operations: N-Star CDOs (1) Six months ended June 30, 2015: U.S. Real Estate European Real Estate CRE CRE CRE Securities Corporate Consolidated Total Rental and escalation income $ 344,116 $ 33,876 $ — $ — $ 302 $ — $ 378,294 Hotel related income 374,857 — — — — — 374,857 Resident fee income 129,206 — — — — — 129,206 Net interest income on debt and securities 3,381 (2) — 56,869 31,998 23,317 5,179 (3) 120,744 Other interest expense 205,553 6,809 — — — 27,185 239,547 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (51,539 ) (4) (108,329 ) (5) 55,781 72,362 4,337 (182,235 ) (6) (209,623 ) Equity in earnings (losses) of unconsolidated ventures 111,379 — — — — — 111,379 Income tax benefit (expense) (11,487 ) 11,378 (228 ) (37 ) — — (374 ) Income (loss) from continuing operations 48,353 (96,951 ) 55,553 72,325 4,337 (182,235 ) (98,618 ) Net income (loss) 48,353 (96,951 ) 55,553 72,325 4,337 (182,235 ) (98,618 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE securities and may include other types of investments. $2.8 million of collateral management fees were earned from CDO financing transactions for the six months ended June 30, 2015 , of which $1.2 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 CDOs segment. (4) Primarily relates to transaction costs of $19.2 million and depreciation and amortization of $220.5 million . (5) Primarily relates to transaction costs of $100.8 million and depreciation and amortization of $16.1 million . (6) Includes management fees to NSAM of $100.0 million . Statement of Operations: N-Star CDOs (1) Six months ended June 30, 2014: U.S. Real Estate CRE CRE CRE Corporate Asset Management (2) Consolidated Rental and escalation income $ 145,429 $ — $ — $ 672 $ — $ — $ 146,101 Hotel related income 22,526 — — — — — 22,526 Resident fee income 15,060 — — — — — 15,060 Net interest income on debt and securities 2,366 (3) 67,560 42,642 28,809 6,780 (4) — 148,157 Other interest expense 52,918 — — — 30,995 — 83,913 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (48,204 ) (5) 64,600 26,374 (170,945 ) (111,880 ) — (240,055 ) Equity in earnings (losses) of unconsolidated ventures 62,243 5,693 — — — — 67,936 Income tax benefit (expense) (4,764 ) — — — — — (4,764 ) Income (loss) from continuing operations 9,275 70,293 26,374 (170,945 ) (111,880 ) — (176,883 ) Income (loss) from discontinued operations (637 ) — — — — (6,074 ) (6,711 ) Net income (loss) 8,638 70,293 26,374 (170,945 ) (111,880 ) (6,074 ) (183,594 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE securities and may include other types of investments. $3.1 million of collateral management fees were earned from CDO financing transactions for the six months ended June 30, 2014, of which $1.4 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 CDOs segment. (5) Includes depreciation and amortization of $59.0 million . The following table presents total assets by segment as of June 30, 2015 and December 31, 2014 (dollars in thousands): N-Star CDOs (1) Total Assets U.S. Real Estate European Real Estate CRE Corporate CRE CRE Consolidated June 30, 2015 $ 14,046,261 $ 1,991,888 $ 868,362 $ 120,132 $ 400,834 $ 493,261 $ 17,920,738 December 31, 2014 $ 12,902,611 $ 162,182 $ 1,160,763 $ 176,300 $ 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 Non

Supplemental Disclosures of Non-cash Investing and Financing Activities	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015 and 2014 (dollars in thousands): Six Months Ended June 30, 2015 2014 Reclassification of operating real estate to deferred costs and intangible assets $ 165,784 $ 81,639 Escrow deposit payable related to CRE debt investments 38,823 18,095 Non-cash related to PE Investments 30,826 2,482 Reduction of assets and liabilities held for sale via taking title 28,962 — Reclassification of other assets to operating real estate 25,577 — Acquired assets and liabilities in connection with the SEB Portfolio and Trias Portfolio 19,178 — Conversion of Deferred LTIP Units to LTIP Units (refer to Note 13) 18,730 — Reclassification of operating real estate to asset held for sale 18,169 21,820 Reclassification of mortgage note payable to liabilities held for sale 12,290 — Conversion of exchangeable senior notes 11,228 191,417 Dividends payable related to RSUs 3,002 762 Assumption of mortgage note payable upon purchase — 649,740 2014 Senior Notes issued (refer to Note 8) — 481,118 Exchangeable senior notes exchanged for 2014 Senior Notes (refer to Note 8) — 296,382 Contribution from non-controlling interests — 55,116 Net assets distributed in spin-off of asset management business (refer to Note 9) — 39,709 Conversion of LTIP Units (refer to Note 11) — 18,611 Reclassification of operating real estate to other assets — 12,383 Issuance of common stock related to transactions — 6,803

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On August 4, 2015, the Company declared a dividend of $0.40 per share of common stock. The common stock dividend will be paid on August 21, 2015 to stockholders of record as of the close of business on August 17, 2015. On July 31, 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 August 17, 2015 to stockholders of record as of the close of business on August 10, 2015. NRE Registration Statement In July 2015, NRE filed a Registration Statement on Form S-11 with the SEC under the Securities Exchange Act of 1933 to register shares of NRE common stock. The information statement, which forms a part of the Registration Statement on Form S-11, discloses that upon the consummation of the spin-off, holders of record of the Company’s common stock as of the close of business on the relevant record date will receive one share of NRE common stock for a certain number of shares of the Company’s common stock held. Trianon Tower In July 2015, the Company acquired a Class A office tower in Frankfurt, Germany (“Trianon Tower”) for approximately €562 million ( $620 million ). The Trianon Tower is approximately 68,600 square meters, 98.5% occupied and has a weighted average lease term of approximately eight years with two tenants rated “AAA” and “A” comprising over 70% of gross rent. The Company financed the Trianon Tower with an approximate €330 million ( $339 million ) senior mortgage note. NRE Senior Notes In July 2015, NRE, a current wholly-owned subsidiary of the Company, issued $300 million principal amount of 4.625% NRE Senior Notes due December 2016. In July 2015, an additional $40 million of NRE Senior Notes were issued related to the exercise of the over-allotment option. The NRE Senior Notes are senior unsubordinated and unsecured obligations of NRE and the Company and the Operating Partnership will guarantee payments on the NRE Senior Notes. Subject to specified conditions being met, including completion of the Proposed European Spin, the listing of NRE common stock and public notice at least 60 days prior to maturity, NRE may elect to settle all or part of the principal amount of the NRE Senior Notes in NRE common stock in lieu of cash, in which case the number of shares delivered per note will be based on NRE common stock prices during a measurement period immediately preceding the maturity date.

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 SEC. The consolidated financial statements for the three and six months ended June 30, 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 that are included in discontinued operations. As a result, results of operations for the three and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods 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; (iv) foreign currency translation adjustment; and (v) reclassification of foreign currency translation into realized gain (loss) on investments and other upon realized event.
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 primarily 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 to be generated by the property is less than the carrying value of the property. In conducting this review, the Company considers global macroeconomic factors, including real estate sector conditions together with investment 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 of the property 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.
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 July 2015, the FASB decided to delay the effective date of the new revenue standard by one year. The effective date of the new revenue standard for the Company will be 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 continue to 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 Accoun31

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables presents the components of accumulated OCI for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Three months ended June 30, 2015 Cumulative Unrealized Gain (Loss) on Available for Sale Securities Effective Portion of Cash Flow Hedges Foreign Currency Translation Total Balance as of March 31, 2015 (Unaudited) $ 37,526 $ (1,429 ) $ (6,863 ) $ 29,234 Unrealized gain (loss) on real estate securities, available for sale (177 ) — — (177 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other (2,187 ) — — (2,187 ) Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15) — 223 — 223 Foreign currency translation adjustment — — 33,780 33,780 Non-controlling interests 23 (2 ) (886 ) (865 ) Balance as of June 30, 2015 (Unaudited) $ 35,185 $ (1,208 ) $ 26,031 $ 60,008 Six months ended June 30, 2015 Balance as of December 31, 2014 $ 56,072 $ (1,694 ) $ (4,838 ) $ 49,540 Unrealized gain (loss) on real estate securities, available for sale (7,300 ) — — (7,300 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other (13,610 ) — — (13,610 ) Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15) — 488 — 488 Foreign currency translation adjustment — — 30,722 30,722 Reclassification of foreign currency translation into realized gain (loss) on investments and other — — 699 699 Non-controlling interests 23 (2 ) (552 ) (531 ) Balance as of June 30, 2015 (Unaudited) $ 35,185 $ (1,208 ) $ 26,031 $ 60,008 Three months ended June 30, 2014 Cumulative Unrealized Gain (Loss) on Available for Sale Securities Effective Portion of Cash Flow Hedges Total Balance as of March 31, 2014 (Unaudited) $ 6,527 $ (2,375 ) $ 4,152 Unrealized gain (loss) on real estate securities, available for sale 37,451 — 37,451 Reclassification of swap (gain) loss into interest expense on debt and securities (refer to Note 15) — 229 229 Non-controlling interests (842 ) (5 ) (847 ) Balance as of June 30, 2014 (Unaudited) $ 43,136 $ (2,151 ) $ 40,985 Six months ended June 30, 2014 Balance as of December 31, 2013 $ (1,736 ) $ (2,598 ) $ (4,334 ) Unrealized gain (loss) on real estate securities, available for sale 46,902 — 46,902 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) — 458 458 Non-controlling interests (1,063 ) (11 ) (1,074 ) Balance as of June 30, 2014 (Unaudited) $ 43,136 $ (2,151 ) $ 40,985
Schedule of Restricted Cash	The following table presents a summary of restricted cash as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, (Unaudited) 2014 Capital expenditures reserves $ 197,552 $ 211,010 Operating real estate escrow reserves (1) 119,171 123,017 CRE debt escrow deposits 17,321 56,342 Cash in CDOs (2) 19,471 4,687 Total $ 353,515 $ 395,056 __________________________________________________ (1) Primarily represents insurance, real estate tax, repair and maintenance, tenant security deposits and other escrows related to operating real estate. (2) Represents proceeds from repayments and/or sales pending distribution.
Schedule of Deferred Costs and Intangible Assets	The following table presents a summary of deferred costs and intangible assets as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, (Unaudited) 2014 Intangible assets: In-place lease value, net $ 380,527 $ 268,587 Above-market lease value, net 268,939 263,792 Goodwill 95,067 75,806 Other intangible assets, net 65,737 51,260 Subtotal intangible assets 810,270 659,445 Deferred financing costs, net 154,472 150,926 Other deferred costs, net 4,490 2,212 Total $ 969,232 $ 812,583
Schedule of Other Assets and Other Liabilities	The following table presents a summary of other assets and other liabilities as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, (Unaudited) 2014 Other assets: Notes receivable, net $ 55,264 $ 48,932 Investment deposits and pending deal costs 36,290 62,867 Investment-related reserves 34,331 23,086 Prepaid expenses 25,657 27,595 Deferred tax assets 25,029 7,730 Other 2,421 6,493 Due from servicer 441 64,583 Total $ 179,433 $ 241,286 June 30, 2015 December 31, (Unaudited) 2014 Other liabilities: Intangible liabilities $ 196,622 $ 176,528 Deferred tax liabilities 64,562 38,303 Tenant security deposits 49,142 27,854 PE Investment III deferred purchase price (refer to Note 5) 39,759 39,759 Prepaid rent and unearned revenue 15,446 17,668 Other 5,374 4,733 Total $ 370,905 $ 304,845

Operating Real Estate (Tables)

Operating Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of operating real estate	The following table presents operating real estate, net as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 (Unaudited) December 31, Land $ 2,060,778 $ 1,490,613 Land improvements 1,070,644 1,070,507 Buildings and improvements 9,114,705 7,035,567 Building leasehold interests and improvements 589,490 591,626 Furniture, fixtures and equipment 348,168 286,340 Tenant improvements 202,645 159,159 Construction in progress 23,151 17,054 Subtotal 13,409,581 10,650,866 Less: Accumulated depreciation (543,110 ) (349,574 ) Operating real estate, net $ 12,866,471 $ 10,301,292
Schedule of real estate acquisitions	The following table summarizes the Company’s acquisitions for the six months ended June 30, 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 % $ 0.6 April 2015 Office Pan-European office SEB Portfolio (2) 1,254.9 11 715.3 580.3 95 % (4) 70.2 April 2015 Primarily Office Pan-European office Trias Portfolio (2) 502.1 37 245.6 285.4 100 % 26.9 May 2015 Healthcare Independent living facilities ILF Portfolio 892.7 32 648.2 148.1 60 % (5) 8.4 June 2015 Healthcare Medical office building Griffin-American Portfolio (3) 15.6 1 11.5 4.1 86 % (5) 0.1 June 2015 Hotel Upscale extended stay and premium branded select service NE Portfolio 175.4 9 132.3 45.2 100 % 2.1 ______________________________________ (1) Includes escrows and reserves and excludes transaction costs. (2) The SEB Portfolio and Trias Portfolio are translated using the currency exchange rate as of June 30, 2015. (3) Represents an additional acquisition related to the Griffin-American Portfolio. (4) The Company has an approximate 95% equity interest and is entitled to a 100% allocation of net income (loss) as a result of the allocation formula set forth in the governing documents. (5) NorthStar Healthcare is the non-controlling interest holder of the remaining 40% of the ILF Portfolio and 14% of the Griffin-American Portfolio.
Schedule of recognized identified assets acquired and liabilities assumed	The following table presents the initial allocation of the purchase price of the assets acquired and the liabilities issued or assumed upon the closing of the following acquisitions: Legacy Properties, SEB Portfolio, Trias Portfolio, ILF Portfolio, an additional acquisition related to the Griffin-American Portfolio and NE Portfolio that continue to be subject to refinement upon receipt of all information (dollars in thousands): Assets: Land and improvements $ 573,989 Buildings, leasehold interests and improvements 2,073,285 Acquired intangibles (1) 155,924 Other assets acquired 113,631 Total assets acquired $ 2,916,829 Liabilities: Mortgage and other notes payable $ 1,790,120 Other liabilities assumed (2) 49,226 Total liabilities 1,839,346 Total NorthStar Realty Finance Corp. stockholders’ equity (3) 977,159 Non-controlling interests 100,324 Total equity 1,077,483 Total liabilities and equity $ 2,916,829 ______________________________________ (1) Acquired intangibles include in-place leases, above-market leases and goodwill. (2) Other liabilities assumed include below-market lease intangibles and deferred tax liabilities. (3) Stockholders’ equity excludes transaction costs incurred in connection with the acquisitions. For the six months ended June 30, 2015, the Company recorded aggregate revenue and net loss of $53.7 million and $107.2 million , respectively, related to these acquisitions. Net loss is primarily related to transaction costs, depreciation and amortization. The following table presents the final allocation of the purchase price of the assets acquired and liabilities issued upon the closing of the Hotel Portfolios (dollars in thousands): Hotel Portfolios (1) Assets: Land and improvements $ 159,640 Buildings and improvements 635,668 Acquired intangibles 2,076 Other assets acquired 142,969 Total assets acquired $ 940,353 Liabilities: Mortgage and other notes payable $ 723,682 Other liabilities assumed 4,625 Total liabilities 728,307 Total NorthStar Realty Finance Corp. stockholders’ equity 210,721 Non-controlling interests 1,325 Total equity 212,046 Total liabilities and equity $ 940,353 ______________________________________ (1) Includes a $259.3 million hotel portfolio acquired in August 2014 (“K Partners Portfolio”) and a $681.0 million hotel portfolio acquired in September 2014 (“Courtyard Portfolio”).
Pro Forma Information	The following presents unaudited consolidated pro forma results of operations based on the Company’s historical financial statements and adjusted for the following acquisitions: Legacy Properties, SEB Portfolio, Trias Portfolio, ILF Portfolio, an additional acquisition related to the Griffin-American Portfolio and NE 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Pro forma total revenues $ 573,294 $ 267,641 $ 1,110,477 $ 489,647 Pro forma net income (loss) attributable to common stockholders $ (98,170 ) $ (74,263 ) $ (129,386 ) $ (208,855 ) Pro forma EPS - basic $ (0.28 ) $ (0.43 ) $ (0.39 ) $ (1.25 ) Pro forma EPS - diluted $ (0.28 ) $ (0.43 ) $ (0.39 ) $ (1.25 )

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Schedule of CRE debt investments	The following table presents CRE debt investments as of June 30, 2015 (dollars in thousands): Weighted Average (7) Floating Rate (6) Number Principal Carrying Allocation by (6) Fixed Rate Spread (8) Yield (9) Asset Type: First mortgage loans (1)(2) 11 $ 368,739 $ 272,597 37.5 % 9.55 % 7.18 % 7.52 % 50.4 % Mezzanine loans 6 99,765 96,199 10.2 % 13.79 % 11.72 % 13.23 % 29.0 % Subordinate interests 4 165,848 167,598 16.9 % 13.11 % 10.93 % 12.35 % 28.3 % Corporate loans (3)(4) 8 307,132 292,195 31.3 % 12.43 % — 13.94 % — Subtotal/Weighted average (5) 29 941,484 828,589 95.9 % 11.91 % 8.33 % 11.34 % 27.7 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 11,360 2.7 % — 1.27 % 3.09 % 100.0 % Mezzanine loans 1 11,000 10,933 1.1 % 8.00 % — 9.26 % — Corporate loans 6 2,563 2,564 0.3 % 6.74 % — 6.74 % — Subtotal/Weighted average 9 40,520 24,857 4.1 % 7.76 % 1.27 % 6.18 % 66.5 % Total 38 $ 982,004 $ 853,446 100.0 % 11.83 % 7.66 % 11.19 % 29.3 % ____________________________________________________________ (1) Includes a Sterling denominated loan of £66.7 million , of which £25.0 million is outstanding as of June 30, 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 $ 90.7 million of preferred equity investments for which the Company elected the fair value option. As of June 30, 2015 , carrying value represents fair value with respect to these investments. (4) Includes four revolving loans of $153.1 million , of which $ 61.2 million is outstanding as of June 30, 2015 . (5) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $113.9 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 $133.0 million . (6) Based on principal amount. (7) Excludes two CRE debt investments with an aggregate principal amount of $ 9.2 million that were originated prior to 2008. (8) $211.6 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.58% . Includes one first mortgage loan with a principal amount of $6.0 million with a spread over the prime rate. (9) Based on initial maturity and for floating-rate debt, calculated using one -month LIBOR as of June 30, 2015 and for CRE debt with a LIBOR floor, using such floor. The following table presents CRE debt investments as of December 31, 2014 (dollars in thousands): Weighted Average (8) Floating Rate as % of Principal Amount (7) Number Principal Amount Carrying Value Allocation by Investment Type (7) Fixed Rate Spread Over LIBOR (9) Yield (10) 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 17.0 % 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 % 12.00 % 35.6 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 11,360 2.3 % — 1.27 % 3.08 % 100.0 % Mezzanine loans 1 11,000 11,000 0.9 % 8.00 % — 8.00 % — 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 $ 1,067,667 100.0 % 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. (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.
Schedule of maturities of CRE debt investments based on principal amount	The following table presents maturities of CRE debt investments based on principal amount as of June 30, 2015 (dollars in thousands): Initial Maturity Maturity Including Extensions (1) July 1 to December 31, 2015 (2) $ 144,399 $ 141,865 Years ending December 31: 2016 235,617 105,558 2017 102,862 62,612 2018 2,252 169,752 2019 — — Thereafter 496,874 502,217 Total $ 982,004 $ 982,004 ____________________________________________________________ (1) Assumes that all debt with extension options will qualify for extension at such maturity according to the conditions stipulated in the governing documents. (2) The Company had two non-performing loans (“NPLs”) with an aggregate principal amount of $42.6 million as of June 30, 2015 due to maturity defaults.
Schedule of activity in loan loss reserves on CRE debt investments	The following table presents activity in loan loss reserves on CRE debt investments for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning balance $ 5,799 $ 4,766 $ 5,599 $ 2,880 Provision for (reversal of) loan losses, net — (1) 833 200 (1) 2,719 Ending balance $ 5,799 $ 5,599 $ 5,799 $ 5,599 ____________________________________________________________ (1) Excludes $0.3 million and $0.6 million of provision for loan losses relating to manufactured housing notes receivables recorded in other assets for the three and six months ended June 30, 2015, respectively.
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): June 30, December 31, Credit Quality Indicator: 2015 2014 Loans with no loan loss reserve: First mortgage loans $ 240,513 $ 324,251 Mezzanine loans 107,132 157,089 Subordinate interests 167,598 200,236 Corporate loans 294,760 385,391 Subtotal 810,003 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 42,943 — Total $ 853,446 $ 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 June 30, 2015 and December 31, 2014, respectively, and manufactured housing notes receivables recorded in other assets. (2) Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.7 million as of June 30, 2015 and December 31, 2014, respectively. 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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Number Principal (1) Carrying (1) Loan Loss Number Principal Amount (1) Carrying Value (1) Loan Loss Reserve Class of Debt: First mortgage loans 3 $ 45,124 $ 43,443 $ 2,033 1 $ 2,533 $ 700 $ 1,833 Mezzanine loans 1 3,766 — 3,766 1 3,766 — 3,766 Total 4 $ 48,890 $ 43,443 $ 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 June 30, 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 June 30, 2015 and 2014 (dollars in thousands): June 30, 2015 June 30, 2014 Number Average Carrying Value Quarter Ended Income Number Average Carrying Value Quarter Ended Income Class of Debt: First mortgage loans 3 $ 24,061 $ 971 1 $ 1,241 $ — Mezzanine loans 1 — 2 1 — 1 Total/weighted average 4 $ 24,061 $ 973 2 $ 1,241 $ 1 The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired for the six months ended June 30, 2015 and 2014 (dollars in thousands): June 30, 2015 June 30, 2014 Number Average Carrying Value Six Months Ended Income Number Average Carrying Value Six Months Ended Income Class of Debt: First mortgage loans 3 $ 16,274 $ 2,946 1 $ 1,422 $ — Mezzanine loans 1 — 3 1 629 3 Total/weighted average 4 $ 16,274 $ 2,949 2 $ 2,051 $ 3

Investments in Private Equity34

Investments in Private Equity Funds (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 February 15, 2013 June 30, 2012 49 $ 282.1 $ 6 PE Investment II July 3, 2013 September 30, 2012 24 353.4 2 PE Investment III (4) December 31, 2013 June 30, 2013 8 39.8 1 PE Investment IV May 30, 2014 December 31, 2013 1 8.0 — PE Investment V July 1, 2014 September 30, 2013 3 12.0 — PE Investment VI July 30, 2014 June 30, 2014 20 90.2 1 PE Investment VII August 15, 2014 December 31, 2013 14 54.9 1 PE Investment IX October 2, 2014 March 31, 2014 11 217.7 3 PE Investment X December 4, 2014 June 30, 2014 13 152.4 — PE Investment XI May 1, 2015 September 30, 2014 2 6.4 — PE Investment XII May 5, 2015 June 30, 2014 1 6.2 — PE Investment XIII May 22, 2015 December 31, 2014 11 441.1 6 Total 157 (5) $ 1,664.2 $ 20 ____________________________________________________________ (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 six months ended June 30, 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 June 30, 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 20 funds held across multiple PE Investments. Carrying Value Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 PE Investment (1) June 30, 2015 December 31, 2014 Equity in Earnings Distributions (2) Contributions Equity in Earnings Distributions (2) Contributions PE Investment I (3) $ 182.4 $ 218.6 $ 12.3 $ 32.6 $ 0.6 $ 15.6 $ 27.7 $ — PE Investment II (4) 228.4 231.6 13.7 52.3 42.9 14.4 25.8 3.2 PE Investment III 46.3 51.0 0.5 4.4 0.1 1.6 8.7 0.1 PE Investment IV 8.5 7.8 0.3 — — 0.1 — — PE Investment V 7.4 8.0 0.5 1.5 — — — — PE Investment VI 82.0 86.3 2.9 3.6 0.4 — — — PE Investment VII 38.4 42.7 2.0 5.8 — — — — PE Investment IX 152.0 174.6 9.2 21.2 0.5 — — — PE Investment X 130.0 141.4 5.4 9.1 — — — — PE Investment XI 3.9 — 0.2 1.3 — — — — PE Investment XII 2.9 — 0.2 3.6 0.1 — — — PE Investment XIII 352.4 — 5.2 96.1 2.1 — — — Total (5) $ 1,234.6 $ 962.0 $ 52.4 $ 231.5 $ 46.7 $ 31.7 $ 62.2 $ 3.3 ____________________________________________________________ (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 six months ended June 30, 2015, PE Investment VIII has not made any investments. (2) Net of a $19.9 million and $2.5 million reserve for taxes in the aggregate for all PE Investments for the three months ended June 30, 2015 and 2014, respectively. (3) The Company recorded an unrealized loss of $8.9 million for the three months ended June 30, 2015 representing a partial reversal of an unrealized gain recorded in the fourth quarter 2014. (4) Contributions for the three months ended June 30, 2015 represents a payment of the deferred purchase price for PE Investment II. (5) Excludes the remaining deferred purchase price of $243.3 million for PE Investment II. . Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 PE Investment Equity in Earnings Distributions (1) Contributions Equity in Earnings Distributions (1) Contributions PE Investment I (2) $ 26.2 $ 50.3 $ 1.2 $ 30.4 $ 46.7 $ 0.1 PE Investment II (3) 27.7 73.9 42.9 28.5 49.5 4.9 PE Investment III 1.2 5.9 0.1 3.0 19.1 0.5 PE Investment IV 0.6 — — 0.1 — — PE Investment V 1.0 1.5 — — — — PE Investment VI 6.3 11.0 0.5 — — — PE Investment VII 4.1 8.3 — — — — PE Investment IX 16.6 39.8 0.7 — — — PE Investment X 11.3 22.9 0.2 — — — PE Investment XI 0.2 1.3 — — — — PE Investment XII 0.2 3.6 0.1 — — — PE Investment XIII 5.2 96.1 2.1 — — — Total $ 100.6 $ 314.6 $ 47.8 $ 62.0 $ 115.3 $ 5.5 ____________________________________________________________ (1) Net of a $4.0 million and $5.3 million reserve for taxes in the aggregate for all PE Investments for the six months ended June 30, 2015 and 2014, respectively. (2) The Company recorded an unrealized loss of $13.4 million for the six months ended June 30, 2015 representing a partial reversal of an unrealized gain recorded in the fourth quarter 2014. (3) Contributions for the six months ended June 30, 2015 represents a payment of the deferred purchase price for PE Investment II.

Real Estate Securities, Avail35

Real Estate Securities, Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of CRE securities	The following table presents CRE securities as of December 31, 2014 (dollars in thousands): Cumulative Unrealized Allocation by Weighted Weighted Number Principal (3) Amortized Cost Gains Losses Fair Value Investment (3) Average Average Yield (4) 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 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,373 ) 5,850 0.4 % 2.25 % 2.32 % Subtotal 165 814,685 572,999 61,551 (172,733 ) 461,815 53.2 % 3.00 % 8.48 % Total 217 $ 1,532,891 $ 980,221 $ 132,430 $ (234,135 ) $ 878,514 100.0 % 2.57 % 12.92 % _________________________________________________________ (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, 2014. (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. The following table presents CRE securities as of June 30, 2015 (dollars in thousands): Cumulative Unrealized Allocation by Weighted Weighted Number Principal Amount (3) Amortized Cost Gains (Losses) Fair Value Investment Type (3) Average Coupon Average Yield (4) Asset Type: N-Star CDO bonds (1) 27 $ 396,131 $ 181,777 $ 38,019 $ (1,886 ) $ 217,910 28.2 % 1.99 % 23.16 % N-Star CDO equity (5) 5 124,273 124,273 9,268 (23,379 ) 110,162 8.9 % NA 10.34 % CMBS and other securities (6) 13 112,735 59,029 16,741 (21,282 ) 54,488 8.0 % 2.21 % 10.03 % Subtotal (2) 45 633,139 365,079 64,028 (46,547 ) 382,560 45.1 % 2.04 % 16.67 % CRE securities in N-Star CDOs (5)(7) CMBS 136 592,367 437,012 40,596 (106,675 ) 370,933 42.2 % 3.65 % 10.59 % Third-party CDO notes 10 74,473 67,459 207 (44,076 ) 23,590 5.3 % 0.26 % 1.32 % Agency debentures 8 87,172 31,060 5,948 (1,090 ) 35,918 6.2 % — 4.56 % Unsecured REIT debt 1 8,000 8,342 873 — 9,215 0.7 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,337 ) 5,891 0.5 % 2.25 % 2.25 % Subtotal 157 769,237 551,098 47,624 (153,178 ) 445,547 54.9 % 2.93 % 8.93 % Total 202 $ 1,402,376 $ 916,177 $ 111,652 $ (199,725 ) $ 828,107 100.0 % 2.58 % 12.02 % ____________________________________________________________ (1) Excludes $107.7 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation. (2) All securities are unleveraged. (3) Based on amortized cost for N-Star CDO equity and principal amount for remaining securities. (4) Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of June 30, 2015 . (5) The fair value option was elected for these securities (refer to Note 14). (6) The fair value option was elected for $ 50.1 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)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table presents borrowings as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, 2015 December 31, 2014 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1)(2) Principal Amount Carrying Value (3) Principal Amount Carrying Value (3) Mortgage and other notes payable: (4) Healthcare East Arlington, TX Non-recourse May-17 5.89% $ 3,129 $ 3,129 $ 3,157 $ 3,157 Ohio Portfolio Non-recourse Jan-19 LIBOR + 5.00% 20,086 19,999 20,230 20,230 Lancaster, OH Non-recourse Jan-19 LIBOR + 5.00% 2,352 2,343 2,442 2,442 Wilkinson Portfolio Non-recourse Jan-19 6.99% 148,533 147,894 150,024 150,024 Tuscola/Harrisburg, IL Non-recourse Jan-19 7.09% 7,338 7,307 7,412 7,412 Formation Portfolio (5) Non-recourse May-19 (6) /Jan-25 LIBOR + 4.25% (7) /4.54% 703,808 702,087 705,608 700,958 Minnesota Portfolio Non-recourse Nov-19 3.50% 37,800 37,800 37,800 37,800 Griffin-American - U.K. (5) Non-recourse Dec-19 (6) LIBOR + 4.25% (7) 347,719 347,719 348,588 348,588 Griffin-American - U.S. - Fixed (5) Non-recourse Dec-19 (6) / Jun-25 / Dec-35 4.68% 1,752,162 1,691,278 1,750,000 1,750,000 Griffin-American - U.S. - Floating (5) Non-recourse Dec-19 (6) LIBOR + 3.05% (7) 862,468 862,468 868,797 868,797 Wakefield Portfolio Non-recourse April-20 LIBOR + 4.00% 54,924 54,395 54,751 54,751 Healthcare Preferred (8) Non-recourse Jul-21 LIBOR + 7.75% 75,000 75,000 75,000 75,000 Indiana Portfolio (8) Non-recourse Sept-21 LIBOR + 4.50% 121,130 121,130 121,130 121,130 ILF Portfolio (5) Non-recourse May-25 4.17% 648,211 648,211 — — Subtotal Healthcare 4,784,660 4,720,760 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 + 3.60% (7) 817,000 817,000 817,000 817,000 NE Portfolio (5) Non-recourse Jun-20 (6) LIBOR + 3.85% (7) 132,250 132,250 — — Subtotal Hotel 2,512,931 2,512,931 2,380,681 2,380,681 European U.K. Complex (5) Non-recourse Dec-19 (9) 78,585 78,585 77,660 77,660 Trias Portfolio Non-recourse Apr-20 (10) 244,220 244,220 — — SEB Portfolio (5) Non-recourse Apr-22 (11) 597,738 597,738 — — SEB Portfolio - Preferred Non-recourse Apr-60 3.00% 117,601 117,601 — — Subtotal European 1,038,144 1,038,144 77,660 77,660 Manufactured housing communities Manufactured Housing Portfolio 3 (5) Non-recourse Dec-21/ Jan-24/ Sept-24 4.923% (7) 297,280 299,410 297,428 299,716 Manufactured Housing Portfolio 1 (5) Non-recourse Jan-23 4.387% (7) 235,296 235,296 236,900 236,900 Manufactured Housing Portfolio 2 (5) Non-recourse May-23 4.016% (7) 639,909 639,909 639,909 639,909 Subtotal Manufactured housing communities 1,172,485 1,174,615 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 Oct-15 5.37% 42,243 42,243 42,738 42,738 Keene, NH Non-recourse Feb-16 5.85% 6,036 6,036 6,105 6,105 Green Pond, NJ Non-recourse Apr-16 5.68% 15,644 15,644 15,799 15,799 Aurora, CO Non-recourse Jul-16 6.22% 30,448 30,448 30,720 30,720 DSG Portfolio Non-recourse Oct-16 6.17% 30,806 30,806 31,126 31,126 Indianapolis, IN Non-recourse Feb-17 6.06% 25,914 25,914 26,151 26,151 Milpitas, CA Non-recourse Mar-17 5.95% 19,147 19,147 19,459 19,459 Fort Mill, SC Non-recourse Apr-17 5.63% 27,700 27,700 27,700 27,700 Fort Mill, SC - Mezzanine Non-recourse Apr-17 6.21% 875 875 1,079 1,079 Industrial Portfolio (5) Non-recourse Jul-17/Dec-17 4.21% (7) 221,125 226,790 221,131 228,071 Salt Lake City, UT Non-recourse Sept-17 5.16% 12,916 12,916 13,181 13,181 South Portland, ME Non-recourse Jul-23 LIBOR + 2.15% (7) 3,422 3,422 3,597 3,597 Subtotal Net lease 436,276 441,941 463,629 470,569 June 30, 2015 December 31, 2014 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1)(2) Principal Amount Carrying Value (3) Principal Amount Carrying Value (3) Multifamily Memphis, TN Non-recourse Apr-23 3.996% $ 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 Jul-23 4.28% (7) 46,538 46,538 46,538 46,538 Subtotal Multifamily 244,555 244,555 244,555 244,555 Multi-tenant Office Legacy Properties (5) Non-recourse Nov-19/Feb-20 (6) LIBOR + 2.15% (7) 112,838 112,838 45,584 45,584 Subtotal Multi-tenant Office 112,838 112,838 45,584 45,584 Subtotal Mortgage and other notes payable 10,301,889 10,245,784 8,531,285 8,535,863 CDO bonds payable: N-Star I Non-recourse Aug-38 7.01% 14,140 14,001 15,020 14,504 N-Star IX Non-recourse Aug-52 LIBOR + 0.44% (7) 524,647 367,469 545,939 375,564 Subtotal CDO bonds payable—VIE 538,787 381,470 560,959 390,068 Securitization bonds payable: Securitization 2012-1 — — — — — 41,831 41,823 Subtotal Securitization financing transaction — — 41,831 41,823 Credit facilities: Corporate Revolving Credit Facility (12) Recourse Aug-17 LIBOR + 3.50% (7) 360,000 360,000 215,000 215,000 Corporate Term Facility Recourse Sept-17 4.60% / 4.55% (13) 425,000 425,000 425,000 425,000 Loan Facility — — — — — 14,850 14,850 Loan Facility 1 Partial Recourse (14) Mar-18 (6) 2.95% (7) 65,903 65,903 77,930 77,930 Subtotal Credit facilities 850,903 850,903 732,780 732,780 Exchangeable senior notes: 7.25% Notes Recourse Jun-27 7.25% 12,955 12,955 12,955 12,955 8.875% Notes Recourse Jun-32 8.875% 1,000 984 1,000 983 5.375% Notes Recourse Jun-33 5.375% 19,935 17,629 31,633 27,824 Subtotal Exchangeable senior notes 33,890 31,568 45,588 41,762 Junior subordinated notes: (15) Trust I Recourse Mar-35 LIBOR + 3.25% (7) 41,240 31,767 41,240 32,992 Trust II Recourse Jun-35 LIBOR + 3.25% (7) 25,780 19,970 25,780 20,753 Trust III Recourse Jan-36 7.81% 41,238 31,508 41,238 32,784 Trust IV Recourse Jun-36 7.95% 50,100 38,242 50,100 39,830 Trust V Recourse Sept-36 LIBOR + 2.70% (7) 30,100 21,097 30,100 21,823 Trust VI Recourse Dec-36 LIBOR + 2.90% (7) 25,100 18,061 25,100 18,700 Trust VII Recourse Apr-37 LIBOR + 2.50% (7) 31,459 21,721 31,459 22,492 Trust VIII Recourse Jul-37 LIBOR + 2.70% (7) 35,100 24,889 35,100 25,798 Subtotal Junior subordinated notes 280,117 207,255 280,117 215,172 Grand Total $ 12,005,586 $ 11,716,980 $ 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, except for the European portfolios, represents three -month LIBOR for 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 $9.2 billion is comprised of 82 senior mortgage notes totaling $7.7 billion and 16 mezzanine mortgage notes totaling $1.5 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) Comprised of $63.8 million principal amount of floating rate borrowing at GBP LIBOR plus 2.0% , with a related $63.8 million notional value interest rate cap at 2.0% and $14.7 million fixed rate borrowing at 8.0% . (10) Comprised of $204.9 million principal amount of floating rate borrowing at EURIBOR plus 2.7% , with a related $206.3 million notional value interest rate cap at 2.0% and $39.3 million floating rate borrowing at GBP LIBOR plus 2.7% , with a related $41.0 million notional value interest rate cap at 2.0% . (11) Comprised of $348.3 million principal amount of floating rate borrowing at EURIBOR plus 1.6% , with a related $348.3 million notional value interest rate cap at 0.5% , $232.1 million of floating rate borrowing at GBP LIBOR plus 1.6% , with a related $232.1 million notional value interest rate cap at 2.0% and $17.3 million floating rate borrowing at STIBOR plus 1.6% . (12) Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt, net lease and securities investments with a carrying value of $627.9 million as of June 30, 2015. (13) Represents the respective fixed rate applicable to each borrowing under the Corporate Term Facility. (14) Recourse solely with respect to certain types of loans as defined in the governing documents. (15) Junior subordinated notes Trust II had a fixed interest rate through June 30, 2015 when it changed to floating rate. Trusts III and IV have a fixed interest rate until January 30, 2016 and June 30, 2016, respectively, when the rate will change to floating and reset quarterly to three -month LIBOR plus 2.83% to 2.80%
Schedule of principal amount on the borrowings, based on maturity	The following table presents scheduled principal on borrowings, based on final maturity as of June 30, 2015 (dollars in thousands): Total Mortgage and Other Notes Payable CDO Bonds Payable Credit Facilities Exchangeable Senior Notes (1) Junior Subordinated Notes July 1 to December 31, 2015 $ 105,366 $ 105,366 $ — $ — $ — $ — Years ending December 31: 2016 106,395 106,395 — — — — 2017 1,133,349 335,394 — 785,000 12,955 — 2018 98,904 33,001 — 65,903 — — 2019 6,055,554 6,054,554 — — 1,000 — Thereafter 4,506,018 3,667,179 538,787 — 19,935 280,117 Total $ 12,005,586 $ 10,301,889 $ 538,787 $ 850,903 $ 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.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 represents unvested shares of restricted stock and LTIP Units that are outstanding, whether vested or not (grants in thousands): Six Months Ended June 30, 2015 Grants Weighted Average Grant Price January 1, 2015 1,873 $ 23.25 Granted 2,449 18.73 Converted to common stock (7 ) 15.51 Forfeited (3 ) 15.37 Vesting of restricted stock (488 ) 14.02 June 30, 2015 (1) 3,824 $ 21.56 ____________________________________________________________ (1) Includes 208,652 shares of restricted stock and 3,614,860 unvested LTIP Units as of June 30, 2015.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015 : Common Stock Preferred Stock Dividend Dividend Per Share Declaration Date Per Share Declaration Date Series A Series B Series C Series D Series E February 25 $ 0.40 January 30 $ 0.54688 $ 0.51563 $ 0.55469 $ 0.53125 $ 0.54688 May 5 $ 0.40 April 29 $ 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 and six months ended June 30, 2015 and 2014 (dollars and shares in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (97,502 ) $ (73,566 ) $ (129,104 ) $ (208,527 ) Net income (loss) attributable to LTIP Units non-controlling interest (1,068 ) (1,700 ) (1,068 ) (5,296 ) Net income (loss) attributable to common stockholders and LTIP Units (1) $ (98,570 ) $ (75,266 ) $ (130,172 ) $ (213,823 ) Denominator: (2) Weighted average shares of common stock 352,986 174,181 330,884 167,386 Weighted average LTIP Units (1) 2,191 4,009 2,161 4,146 Weighted average shares of common stock and LTIP Units (2) 355,177 178,190 333,045 171,532 Earnings (loss) per share: (3) Basic $ (0.28 ) $ (0.42 ) $ (0.39 ) $ (1.25 ) Diluted $ (0.28 ) $ (0.42 ) $ (0.39 ) $ (1.25 ) ____________________________________________________________ (1) The EPS calculation takes into account LTIP Units, which receive non-forfeitable dividends from the date of grant, share equally in the Company’s net income (loss) and convert on a one-for-one basis into common stock. (2) Excludes the effect of exchangeable senior notes, shares under the forward sale agreement, restricted shares and RSUs outstanding that were not dilutive as of June 30, 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 and six months ended June 30, 2014 is adjusted for the Reverse Split effected on June 30, 2014.

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Income (loss) from continuing operations $ (97,513 ) $ (73,007 ) $ (129,104 ) $ (201,988 ) Income (loss) from discontinued operations 11 (559 ) — (6,539 ) Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (97,502 ) $ (73,566 ) $ (129,104 ) $ (208,527 )

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 by level within the fair value hierarchy (dollars in thousands): June 30, 2015 Level 1 Level 2 Level 3 Total Assets: PE Investments $ — $ — $ 1,234,588 $ 1,234,588 Investments in unconsolidated ventures (1) — — 241,341 241,341 Real estate securities, available for sale: N-Star CDO bonds — — 217,910 217,910 N-Star CDO equity — — 110,162 110,162 CMBS and other securities — 15,443 39,045 54,488 CRE securities in N-Star CDOs CMBS — 307,177 63,756 370,933 Third-party CDO notes — — 23,590 23,590 Agency debentures — 35,918 — 35,918 Unsecured REIT debt — 9,215 — 9,215 Trust preferred securities — — 5,891 5,891 Subtotal CRE securities in N-Star CDOs — 352,310 93,237 445,547 Subtotal real estate securities, available for sale — 367,753 460,354 828,107 Derivative assets — 11,804 — 11,804 Total assets $ — $ 379,557 $ 1,936,283 $ 2,315,840 Liabilities: CDO bonds payable $ — $ — $ 381,470 $ 381,470 Junior subordinated notes — — 207,255 207,255 Derivative liabilities — 47,971 — 47,971 Total liabilities $ — $ 47,971 $ 588,725 $ 636,696 _____________________________________________________________________ (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 six months ended June 30, 2015 (dollars in thousands): Six Months Ended June 30, 2015 PE Investments Investments in Unconsolidated Ventures (1) Real Estate Securities CDO Bonds Payable Junior Subordinated Notes January 1, 2015 $ 962,038 $ 276,437 $ 481,576 $ 390,068 $ 215,172 Transfers into Level 3 (2) — — 12,099 — — Transfers out of Level 3 (2) — — (2,931 ) — — Purchases / borrowings / amortization / contributions 500,068 241 38,733 — — Sales — — (62,330 ) — — Paydowns / distributions (314,749 ) (29,317 ) (26,095 ) (22,677 ) — Gains: Equity in earnings of unconsolidated ventures 100,581 8,854 — — — Unrealized gains included in earnings — — 33,885 — 7,917 Realized gains included in earnings — — 11,224 — — Unrealized gain on real estate securities, available for sale included in OCI — — 1,086 — — Losses: Unrealized losses included in earnings (13,350 ) (14,874 ) (3,563 ) 14,079 — Realized losses included in earnings — — (1,503 ) — — Unrealized losses on real estate securities, available for sale included in OCI — — (21,827 ) — — June 30, 2015 $ 1,234,588 $ 241,341 $ 460,354 $ 381,470 $ 207,255 Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held. $ (13,350 ) $ (14,874 ) $ 30,322 $ (14,079 ) $ 7,917 ____________________________________________________________ (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 Securities CDO Bonds Payable Junior Subordinated Notes January 1, 2014 $ 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 ) — — December 31, 2014 $ 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 six months ended June 30, 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 $ 1,234,588 Discounted Cash Flow Model Discount Rate 13% - 40% Investments in unconsolidated ventures (1) $ 241,341 Discounted Cash Flow Model/Credit Spread Discount Rate/Credit Spread 2% - 31% N-Star CDO equity $ 110,162 Discounted Cash Flow Model Discount Rate 10% _________________________________________ (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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2015 2014 Assets: PE Investments $ 1,234,588 $ 962,038 Investments in unconsolidated ventures (1) 241,341 276,437 Real estate securities, available for sale: (2) N-Star CDO equity 110,162 102,467 CMBS and other securities 50,097 42,613 CRE securities in N-Star CDOs CMBS 370,933 382,867 Third-party CDO notes 23,590 23,218 Agency debentures 35,918 40,529 Unsecured REIT debt 9,215 9,351 Trust preferred securities 5,891 5,850 Subtotal CRE securities in N-Star CDOs 445,547 461,815 Subtotal real estate securities, available for sale 605,806 606,895 Total assets $ 2,081,735 $ 1,845,370 Liabilities: CDO bonds payable $ 381,470 $ 390,068 Junior subordinated notes 207,255 215,172 Total liabilities $ 588,725 $ 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) June 30, 2015 excludes 28 CRE securities including $217.9 million of N-Star CDO bonds and $4.4 million of CRE securities, for which the fair value option was not elected. December 31, 2014 excludes 34 CRE securities including $262.3 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 and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Assets: Real estate securities, available for sale (1) $ 17,545 $ (5,851 ) $ 22,057 $ 10,342 PE Investments (1) (8,917 ) — (13,350 ) — Investments in unconsolidated ventures (1) (9,343 ) — (9,343 ) — Foreign currency remeasurement (2) 10,535 (411 ) (12,465 ) (800 ) Liabilities: CDO bonds payable (1) (4,387 ) (38,418 ) (13,575 ) (181,779 ) Junior subordinated notes (1) 9,927 (8,245 ) 7,917 (20,242 ) Subtotal 15,360 (52,925 ) (18,759 ) (192,479 ) Derivatives (30,787 ) 275 (29,651 ) 4,228 Total $ (15,427 ) $ (52,650 ) $ (48,410 ) $ (188,251 ) ____________________________________________________________ (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 June 30, 2015 and December 31, 2014 ( dollars in thousands): June 30, 2015 December 31, 2014 Principal / Notional Amount Carrying Value Fair Value Principal / Notional Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 982,004 $ 853,446 $ 853,080 $ 1,187,316 $ 1,067,667 $ 1,066,911 Real estate securities, available for sale (2) 1,402,376 828,107 828,107 1,532,891 878,514 878,514 Derivative assets (2)(3) 4,974,987 11,804 11,804 3,848,859 3,247 3,247 Financial liabilities: (1) Mortgage and other notes payable $ 10,301,889 $ 10,245,784 $ 10,242,953 $ 8,531,285 $ 8,535,863 $ 8,539,363 CDO bonds payable (2)(4) 538,787 381,470 381,470 560,959 390,068 390,068 Securitization bonds payable — — — 41,831 41,823 41,929 Credit facilities 850,903 850,903 850,903 732,780 732,780 732,780 Exchangeable senior notes 33,890 31,568 50,121 45,588 41,762 82,443 Junior subordinated notes (2)(4) 280,117 207,255 207,255 280,117 215,172 215,172 Derivative liabilities (2)(3) 2,428,504 47,971 47,971 318,726 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 June 30, 2015 and December 31, 2014 . (4) The fair value option has been elected for these liabilities.

Risk Management and Derivativ41

Risk Management and Derivative Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014 (dollars in thousands): Number Notional Amount (1) Fair Value Net Asset (Liability) Range of Fixed LIBOR / Forward Rate Range of Maturity As of June 30, 2015: Interest rate swaps - N-Star CDOs 9 $ 227,078 $ (12,821 ) (2) 5.02% - 5.25% January 2017 - July 2018 Interest rate swaps - other 3 2,082,142 (30,897 ) 0.62% - 5.00% January 2016 - December 2029 Interest rate caps 17 4,974,987 11,804 0.50% - 5.00% October 2015 - October 2020 Foreign currency forwards 2 119,284 (4,253 ) N/A August 2015 - May 2017 Total 31 $ 7,403,491 $ (36,167 ) As of December 31, 2014: Interest rate swaps - N-Star CDOs 10 $ 235,929 $ (17,707 ) (2) 5.00% - 5.25% June 2015 - July 2018 Interest rate swaps - other 2 82,797 (208 ) 0.62% - 5.00% January 2016 - July 2023 Interest rate caps/floors 22 3,848,859 3,247 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 June 30, 2015 and December 31, 2014. (2) Interest rate swaps in consolidated N-Star CDOs are liabilities and are only subject to the credit risks of the respective CDO transaction. As the interest rate swaps are senior to all the liabilities of the respective CDO and the fair value of each of the CDO’s investments exceeded the fair value of the CDO’s derivative liabilities, a credit valuation adjustment was not recorded.
Schedule of fair value of the derivative instruments as well as their classification on consolidated balance sheets	The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of June 30, 2015 and December 31, 2014 (dollars in thousands): Balance Sheet June 30, December 31, Location 2015 2014 Interest rate caps/floors Derivative assets $ 11,804 $ 3,247 Interest rate swaps/foreign currency forwards Derivative liabilities $ 47,971 $ 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 and six months ended June 30, 2015 and 2014 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, Statements of Operations Location 2015 2014 2015 2014 Amount of gain (loss) recognized in earnings: Adjustment to fair value of interest rate swaps, caps/floors Unrealized gain (loss) on investments and other $ (26,534 ) $ 275 $ (25,398 ) $ 4,228 Adjustment to fair value of foreign currency forwards Unrealized gain (loss) on investments and other $ (4,253 ) $ — $ (4,253 ) $ — Net cash payment for interest rate swaps Unrealized gain (loss) on investments and other $ (3,011 ) $ (3,955 ) $ (6,059 ) $ (10,694 ) Amount of swap gain (loss) reclassified from OCI into earnings Interest expense on debt and securities $ (223 ) $ (229 ) $ (488 ) $ (458 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 (dollars in thousands): Junior Subordinated Notes, at Fair Value Real Estate Debt Investments, Net Real Estate Securities, Available for Sale PE Investments Total Maximum Exposure to Loss (1) Real estate debt investments, net $ — $ 74,323 $ — $ — $ 74,323 $ 74,323 Investments in unconsolidated ventures 3,742 — — — 3,742 3,742 PE Investments — — — 38,327 38,327 38,327 Real estate securities, available for sale: N-Star CDO bonds — — 217,910 — 217,910 217,910 N-Star CDO equity — — 110,162 — 110,162 110,162 CMBS — — 46,928 — 46,928 46,928 Subtotal real estate securities, available for sale — — 375,000 — 375,000 375,000 Total assets 3,742 74,323 375,000 38,327 491,392 491,392 Junior subordinated notes, at fair value 207,255 — — — 207,255 NA Total liabilities 207,255 — — — 207,255 NA Net $ (203,513 ) $ 74,323 $ 375,000 $ 38,327 $ 284,137 $ 491,392 ____________________________________________________________ (1) The Company’s maximum exposure to loss as of June 30, 2015 would not exceed the carrying value of its investment.

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables present segment reporting for the three and six months ended June 30, 2015 and 2014 (dollars in thousands): Statement of Operations: N-Star CDOs (1) Three months ended June 30, 2015: U.S. Real Estate European Real Estate CRE CRE CRE Securities Corporate Consolidated Total Rental and escalation income $ 179,665 $ 32,113 $ — $ — $ 7 $ — $ 211,785 Hotel related income 206,130 — — — — — 206,130 Resident fee income 65,833 — — — — — 65,833 Net interest income on debt and securities 1,490 (2) — 25,345 14,915 12,816 2,741 (3) 57,307 Other interest expense 105,416 6,076 — — — 14,536 126,028 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (10,409 ) (4) (98,481 ) (5) 24,949 38,364 2,851 (100,653 ) (6) (143,379 ) Equity in earnings (losses) of unconsolidated ventures 57,736 — — — — — 57,736 Income tax benefit (expense) (9,845 ) 11,378 (206 ) (37 ) — — 1,290 Income (loss) from continuing operations 37,482 (87,103 ) 24,743 38,327 2,851 (100,653 ) (84,353 ) Income (loss) from discontinued operations 11 — — — — — 11 Net income (loss) 37,493 (87,103 ) 24,743 38,327 2,851 (100,653 ) (84,342 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE 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 June 30, 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 CDOs segment. (4) Primarily relates to transaction costs of $14.8 million and depreciation and amortization of $112.0 million. (5) Primarily relates to transaction costs of $91.7 million and depreciation and amortization of $15.4 million . (6) Includes management fees to NSAM of $51.7 million . Statement of Operations: N-Star CDOs (1) Three months ended June 30, 2014: U.S. Real Estate CRE CRE CRE Corporate Asset Management (2) Consolidated Rental and escalation income $ 77,542 $ — $ — $ 389 $ — $ — $ 77,931 Hotel related income 22,526 — — — — — 22,526 Resident fee income 15,060 — — — — — 15,060 Net interest income on debt and securities 1,630 (3) 38,658 15,487 14,663 2,323 (4) — 72,761 Other interest expense 30,921 — — — 13,959 — 44,880 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (32,413 ) (5) 36,635 13,779 (61,495 ) (47,802 ) — (91,296 ) Equity in earnings (losses) of unconsolidated ventures 32,033 1,925 — — — — 33,958 Income tax benefit (expense) (2,578 ) — — — — — (2,578 ) Income (loss) from continuing operations (2,958 ) 38,560 13,779 (61,495 ) (47,802 ) — (59,916 ) Income (loss) from discontinued operations (253 ) — — — — (319 ) (572 ) Net income (loss) (3,211 ) 38,560 13,779 (61,495 ) (47,802 ) (319 ) (60,488 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE 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 June 30, 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 CDOs segment. (5) Includes depreciation and amortization of $32.8 million . Statement of Operations: N-Star CDOs (1) Six months ended June 30, 2015: U.S. Real Estate European Real Estate CRE CRE CRE Securities Corporate Consolidated Total Rental and escalation income $ 344,116 $ 33,876 $ — $ — $ 302 $ — $ 378,294 Hotel related income 374,857 — — — — — 374,857 Resident fee income 129,206 — — — — — 129,206 Net interest income on debt and securities 3,381 (2) — 56,869 31,998 23,317 5,179 (3) 120,744 Other interest expense 205,553 6,809 — — — 27,185 239,547 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (51,539 ) (4) (108,329 ) (5) 55,781 72,362 4,337 (182,235 ) (6) (209,623 ) Equity in earnings (losses) of unconsolidated ventures 111,379 — — — — — 111,379 Income tax benefit (expense) (11,487 ) 11,378 (228 ) (37 ) — — (374 ) Income (loss) from continuing operations 48,353 (96,951 ) 55,553 72,325 4,337 (182,235 ) (98,618 ) Net income (loss) 48,353 (96,951 ) 55,553 72,325 4,337 (182,235 ) (98,618 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE securities and may include other types of investments. $2.8 million of collateral management fees were earned from CDO financing transactions for the six months ended June 30, 2015 , of which $1.2 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 CDOs segment. (4) Primarily relates to transaction costs of $19.2 million and depreciation and amortization of $220.5 million . (5) Primarily relates to transaction costs of $100.8 million and depreciation and amortization of $16.1 million . (6) Includes management fees to NSAM of $100.0 million . Statement of Operations: N-Star CDOs (1) Six months ended June 30, 2014: U.S. Real Estate CRE CRE CRE Corporate Asset Management (2) Consolidated Rental and escalation income $ 145,429 $ — $ — $ 672 $ — $ — $ 146,101 Hotel related income 22,526 — — — — — 22,526 Resident fee income 15,060 — — — — — 15,060 Net interest income on debt and securities 2,366 (3) 67,560 42,642 28,809 6,780 (4) — 148,157 Other interest expense 52,918 — — — 30,995 — 83,913 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (48,204 ) (5) 64,600 26,374 (170,945 ) (111,880 ) — (240,055 ) Equity in earnings (losses) of unconsolidated ventures 62,243 5,693 — — — — 67,936 Income tax benefit (expense) (4,764 ) — — — — — (4,764 ) Income (loss) from continuing operations 9,275 70,293 26,374 (170,945 ) (111,880 ) — (176,883 ) Income (loss) from discontinued operations (637 ) — — — — (6,074 ) (6,711 ) Net income (loss) 8,638 70,293 26,374 (170,945 ) (111,880 ) (6,074 ) (183,594 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by CRE securities and may include other types of investments. $3.1 million of collateral management fees were earned from CDO financing transactions for the six months ended June 30, 2014, of which $1.4 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 CDOs segment. (5) Includes depreciation and amortization of $59.0 million . The following table presents total assets by segment as of June 30, 2015 and December 31, 2014 (dollars in thousands): N-Star CDOs (1) Total Assets U.S. Real Estate European Real Estate CRE Corporate CRE CRE Consolidated June 30, 2015 $ 14,046,261 $ 1,991,888 $ 868,362 $ 120,132 $ 400,834 $ 493,261 $ 17,920,738 December 31, 2014 $ 12,902,611 $ 162,182 $ 1,160,763 $ 176,300 $ 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 N44

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015 and 2014 (dollars in thousands): Six Months Ended June 30, 2015 2014 Reclassification of operating real estate to deferred costs and intangible assets $ 165,784 $ 81,639 Escrow deposit payable related to CRE debt investments 38,823 18,095 Non-cash related to PE Investments 30,826 2,482 Reduction of assets and liabilities held for sale via taking title 28,962 — Reclassification of other assets to operating real estate 25,577 — Acquired assets and liabilities in connection with the SEB Portfolio and Trias Portfolio 19,178 — Conversion of Deferred LTIP Units to LTIP Units (refer to Note 13) 18,730 — Reclassification of operating real estate to asset held for sale 18,169 21,820 Reclassification of mortgage note payable to liabilities held for sale 12,290 — Conversion of exchangeable senior notes 11,228 191,417 Dividends payable related to RSUs 3,002 762 Assumption of mortgage note payable upon purchase — 649,740 2014 Senior Notes issued (refer to Note 8) — 481,118 Exchangeable senior notes exchanged for 2014 Senior Notes (refer to Note 8) — 296,382 Contribution from non-controlling interests — 55,116 Net assets distributed in spin-off of asset management business (refer to Note 9) — 39,709 Conversion of LTIP Units (refer to Note 11) — 18,611 Reclassification of operating real estate to other assets — 12,383 Issuance of common stock related to transactions — 6,803

Business and Organization - Nar

Business and Organization - Narrative (Details) - Aug. 04, 2015 - Multi-tenant properties - Europe - Subsequent event $ in Billions	USD ($)property
Business Combination, Separately Recognized Transactions [Line Items]
Real estate acquisition | $	$ 2.6
Number of real estate properties acquired	52

Summary of Significant Accoun46

Summary of Significant Accounting Policies-Accumulated OCI (Details) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	$ 29,234	$ 4,152	$ 49,540	$ (4,334)
Unrealized gain (loss) on real estate securities, available for sale	(177)	37,451	(7,300)	46,902
Foreign currency translation adjustment	33,780		30,722
Non-controlling interests	(865)	(847)	(531)	(1,074)
Ending Balance	60,008	40,985	60,008	40,985
Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	(2,187)		(13,610)	(967)
Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	223	229	488	458
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	37,526	6,527	56,072	(1,736)
Unrealized gain (loss) on real estate securities, available for sale	(177)	37,451	(7,300)	46,902
Non-controlling interests	23	(842)	23	(1,063)
Ending Balance	35,185	43,136	35,185	43,136
Cumulative Unrealized Gain (Loss) on Available for Sale Securities | Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	(2,187)		(13,610)	(967)
Effective Portion of Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	(1,429)	(2,375)	(1,694)	(2,598)
Non-controlling interests	(2)	(5)	(2)	(11)
Ending Balance	(1,208)	(2,151)	(1,208)	(2,151)
Effective Portion of Cash Flow Hedges | Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	223	$ 229	488	$ 458
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	(6,863)		(4,838)
Foreign currency translation adjustment	33,780		30,722
Non-controlling interests	(886)		(552)
Ending Balance	$ 26,031		26,031
Foreign Currency Translation | 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

Summary of Significant Accoun47

Summary of Significant Accounting Policies-Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 353,515	$ 395,056
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	197,552	211,010
Operating real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	119,171	123,017
CRE debt escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	17,321	56,342
Cash in CDOs
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 19,471	$ 4,687

Summary of Significant Accoun48

Summary of Significant Accounting Policies-Deferred Costs and Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 95,067	$ 75,806
Subtotal intangible assets	810,270	659,445
Deferred financing costs, net	154,472	150,926
Other deferred costs, net	4,490	2,212
Total	969,232	812,583
In-place lease value, net
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	380,527	268,587
Above-market lease value, net
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	268,939	263,792
Other intangible assets, net
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 65,737	$ 51,260

Summary of Significant Accoun49

Summary of Significant Accounting Policies-Other assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other assets:
Notes receivable, net	$ 55,264	$ 48,932
Investment deposits and pending deal costs	36,290	62,867
Investment-related reserves	34,331	23,086
Prepaid expenses	25,657	27,595
Deferred tax assets	25,029	7,730
Other	2,421	6,493
Due from servicer	441	64,583
Total	179,433	241,286
Other liabilities:
Intangible liabilities	196,622	176,528
Deferred tax liabilities	64,562	38,303
Tenant security deposits	49,142	27,854
PE Investment III deferred purchase price (refer to Note 5)	39,759	39,759
Prepaid rent and unearned revenue	15,446	17,668
Other	5,374	4,733
Total	$ 370,905	$ 304,845

Summary of Significant Accoun50

Summary of Significant Accounting Policies-Real Estate Debt Investments (Details)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Number of days past due for suspension of income recognition	90 days

Summary of Significant Accoun51

Summary of Significant Accounting Policies-Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Income tax expense	[1]	$ (1,290)	$ 2,578	$ 374	$ 4,764
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Operating Real Estate (Details)

Operating Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 2,060,778	$ 1,490,613
Land improvements	1,070,644	1,070,507
Buildings and improvements	9,114,705	7,035,567
Building leasehold interests and improvements	589,490	591,626
Furniture, fixtures and equipment	348,168	286,340
Tenant improvements	202,645	159,159
Construction in progress	23,151	17,054
Operating real estate, gross	13,409,581	10,650,866
Less: Accumulated depreciation	(543,110)	(349,574)
Operating real estate, net	$ 12,866,471	$ 10,301,292

Operating Real Estate - Acquisi

Operating Real Estate - Acquisitions (Details) $ in Millions	1 Months Ended			2 Months Ended
	Jun. 30, 2015USD ($)property	May. 31, 2015USD ($)property	Apr. 30, 2015USD ($)property	Mar. 31, 2015USD ($)property
Legacy Properties
Business Acquisition [Line Items]
Purchase Price				$ 98.1
Properties | property				7
Financing				$ 67.3
Equity				$ 28.2
Ownership Interest	95.00%
Transaction Costs	$ 0.6
SEB Portfolio
Business Acquisition [Line Items]
Purchase Price			$ 1,254.9
Properties | property			11
Financing			$ 715.3
Equity			580.3
Ownership Interest	95.00%
Transaction Costs	$ 70.2
Parent's allocation of net income (loss), percent	100.00%
Trias Portfolio
Business Acquisition [Line Items]
Purchase Price			$ 502.1
Properties | property			37
Financing			$ 245.6
Equity			$ 285.4
Ownership Interest	100.00%
Transaction Costs	$ 26.9
ILF Portfolio
Business Acquisition [Line Items]
Purchase Price		$ 892.7
Properties | property		32
Financing		$ 648.2
Equity		$ 148.1
Ownership Interest	60.00%
Transaction Costs	$ 8.4
Non-controlling interests, ownership percentage	40.00%
Griffin-American Portfolio
Business Acquisition [Line Items]
Purchase Price	$ 15.6
Properties | property	1
Financing	$ 11.5
Equity	$ 4.1
Ownership Interest	86.00%
Transaction Costs	$ 0.1
Non-controlling interests, ownership percentage	14.00%
NE Portfolio
Business Acquisition [Line Items]
Purchase Price	$ 175.4
Properties | property	9
Financing	$ 132.3
Equity	$ 45.2
Ownership Interest	100.00%
Transaction Costs	$ 2.1

Operating Real Estate - Purchas

Operating Real Estate - Purchase Price Allocation (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended				12 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014	Sep. 30, 2014	Aug. 31, 2014
Business Combination, Separately Recognized Transactions [Line Items]
Aggregate revenue	[1]	$ 487,554		$ 119,357		$ 889,645		$ 190,266
Net income (loss)		(84,342)	[1],[2],[3]	$ (60,488)	[1]	(98,618)	[1]	$ (183,594)	[1]	$ (321,086)
Legacy Property and SEB, Trias, ILF, Griffin-American and NE Portfolios
Business Combination, Separately Recognized Transactions [Line Items]
Land and improvements		573,989				573,989
Buildings and improvements		2,073,285				2,073,285
Acquired intangibles		155,924				155,924
Other assets acquired		113,631				113,631
Total assets acquired		2,916,829				2,916,829
Mortgage and other notes payable		1,790,120				1,790,120
Other liabilities assumed		49,226				49,226
Total liabilities		1,839,346				1,839,346
Total NorthStar Realty Finance Corp. stockholders’ equity		977,159				977,159
Non-controlling interests		100,324				100,324
Total equity		1,077,483				1,077,483
Total liabilities and equity		2,916,829				2,916,829
Aggregate revenue						53,700
Net income (loss)						(107,200)
Hotel Portfolio
Business Combination, Separately Recognized Transactions [Line Items]
Land and improvements		159,640				159,640
Buildings and improvements		635,668				635,668
Acquired intangibles		2,076				2,076
Other assets acquired		142,969				142,969
Total assets acquired		940,353				940,353
Mortgage and other notes payable		723,682				723,682
Other liabilities assumed		4,625				4,625
Total liabilities		728,307				728,307
Total NorthStar Realty Finance Corp. stockholders’ equity		210,721				210,721
Non-controlling interests		1,325				1,325
Total equity		212,046				212,046
Total liabilities and equity		$ 940,353				$ 940,353
K Partners Portfolio
Business Combination, Separately Recognized Transactions [Line Items]
Total assets acquired												$ 259,300
Courtyard Portfolio
Business Combination, Separately Recognized Transactions [Line Items]
Total assets acquired											$ 681,000
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[3]	The three and six months ended June 30, 2014 includes $8.0 million and $13.7 million, respectively, of equity-based compensation recorded in discontinued operations.

Operating Real Estate-Pro Forma

Operating Real Estate-Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Pro forma total revenues	$ 573,294	$ 267,641	$ 1,110,477	$ 489,647
Pro forma net income (loss) attributable to common stockholders	$ (98,170)	$ (74,263)	$ (129,386)	$ (208,855)
Pro forma EPS - basic (in dollars per share)	$ (0.28)	$ (0.43)	$ (0.39)	$ (1.25)
Pro forma EPS - diluted (in dollars per share)	$ (0.28)	$ (0.43)	$ (0.39)	$ (1.25)

Real Estate Debt Investments -

Real Estate Debt Investments - CRE Debt Investments (Details) $ in Thousands, £ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Jun. 30, 2015GBP (£)loan	Dec. 31, 2014GBP (£)loan
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	38	46
Principal Amount	$ 982,004	$ 1,187,316
Carrying Value	$ 853,446	$ 1,067,667
Allocation by Investment Type (as a percent)	100.00%	100.00%	100.00%	100.00%
Floating Rate as % of Principal Amount	29.30%	36.70%	29.30%	36.70%
Cash requirement on future fundings	$ 133,000
Notes receivable, net	$ 55,264	$ 48,932
Loans
Mortgage Loans on Real Estate [Line Items]
Number of loans excluded from weighted average calculations (loans) | loan	2	3	2	3
Face amount of mortgages excluded from weighted average calculations	$ 9,200	$ 10,700
Impaired loans
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	43,443	700
Credit Facility
Mortgage Loans on Real Estate [Line Items]
Carrying value served as collateral	113,900
Credit Facility | Securitization 2012-1
Mortgage Loans on Real Estate [Line Items]
Carrying value served as collateral		35,800
Revolving loan/credit facility
Mortgage Loans on Real Estate [Line Items]
Line of credit facility amount outstanding	$ 61,200	60,700
Revolving loan/credit facility | Credit Facility
Mortgage Loans on Real Estate [Line Items]
Carrying value served as collateral		$ 140,600
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	11.83%	11.82%
Weighted Average Yield (as a percent)	11.19%	11.85%	11.19%	11.85%
Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	7.66%	8.65%	7.66%	8.65%
Debt instrument, term for basis spread on variable rate	1 month	1 month
First mortgage loans | Impaired loans
Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 42,943	$ 0
Notes receivable, net	43,443	$ 700
First mortgage loans | Impaired loans | Receivables acquired with deteriorated credit quality
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		1
Notes receivable, net	8,900	$ 5,700
First mortgage loans | Impaired loans | Receivables acquired with deteriorated credit quality, interest recognized on current rate
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net		3,200
First mortgage loans | Weighted Average | Prime
Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 6,000	$ 6,200
Number of loans originated (loans) | loan	1	1
Mezzanine loans | Impaired loans
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 0	$ 0
Consolidated Entity Excluding Variable Interest Entities (VIE)
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	29	37
Principal Amount	$ 941,484	$ 1,146,394
Carrying Value	$ 828,589	$ 1,042,342
Allocation by Investment Type (as a percent)	95.90%	96.50%	95.90%	96.50%
Floating Rate as % of Principal Amount	27.70%	35.60%	27.70%	35.60%
Consolidated Entity Excluding Variable Interest Entities (VIE) | LIBOR
Mortgage Loans on Real Estate [Line Items]
Principal amount of the Company's CRE debt investments having weighted average LIBOR floor	$ 211,600	$ 357,900
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	11.91%	11.89%
Weighted Average Yield (as a percent)	11.34%	12.00%	11.34%	12.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	8.33%	9.15%	8.33%	9.15%
LIBOR floor (as a percent)	0.58%	0.84%	0.58%	0.84%
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	11	13
Principal Amount	$ 368,739	$ 434,671
Carrying Value	$ 272,597	$ 313,590
Allocation by Investment Type (as a percent)	37.50%	36.60%	37.50%	36.60%
Floating Rate as % of Principal Amount	50.40%	57.20%	50.40%	57.20%
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Option to purchase property securing loan
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	3	3
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Sterling
Mortgage Loans on Real Estate [Line Items]
Principal Amount | £			£ 66.7	£ 66.7
Carrying Value | £			£ 25	£ 16.1
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	9.55%	9.51%
Weighted Average Yield (as a percent)	7.52%	9.34%	7.52%	9.34%
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	7.18%	6.66%	7.18%	6.66%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	6	8
Principal Amount	$ 99,765	$ 149,816
Carrying Value	$ 96,199	$ 146,088
Allocation by Investment Type (as a percent)	10.20%	12.60%	10.20%	12.60%
Floating Rate as % of Principal Amount	29.00%	53.30%	29.00%	53.30%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	13.79%	13.79%
Weighted Average Yield (as a percent)	13.23%	14.05%	13.23%	14.05%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	11.72%	13.83%	11.72%	13.83%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	4	8
Principal Amount	$ 165,848	$ 201,564
Carrying Value	$ 167,598	$ 200,237
Allocation by Investment Type (as a percent)	16.90%	17.00%	16.90%	17.00%
Floating Rate as % of Principal Amount	28.30%	40.70%	28.30%	40.70%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Preferred Equity Security
Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 90,700	$ 112,000
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	13.11%	13.11%
Weighted Average Yield (as a percent)	12.35%	13.01%	12.35%	13.01%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	10.93%	12.33%	10.93%	12.33%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	8	8
Principal Amount	$ 307,132	$ 360,343
Carrying Value	$ 292,195	$ 382,427
Allocation by Investment Type (as a percent)	31.30%	30.30%	31.30%	30.30%
Floating Rate as % of Principal Amount	0.00%	0.00%	0.00%	0.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Revolving loan/credit facility
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	4	4
Revolving loans, maximum borrowing capacity	$ 153,100	$ 156,400
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	12.43%	12.37%
Weighted Average Yield (as a percent)	13.94%	12.99%	13.94%	12.99%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	0.00%	0.00%	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	9	9
Principal Amount	$ 40,520	$ 40,922
Carrying Value	$ 24,857	$ 25,325
Allocation by Investment Type (as a percent)	4.10%	3.50%	4.10%	3.50%
Floating Rate as % of Principal Amount	66.50%	65.90%	66.50%	65.90%
Variable Interest Entity, Primary Beneficiary | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	7.76%	7.73%
Weighted Average Yield (as a percent)	6.18%	5.64%	6.18%	5.64%
Variable Interest Entity, Primary Beneficiary | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	1.27%	1.27%	1.27%	1.27%
Variable Interest Entity, Primary Beneficiary | First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	2	2
Principal Amount	$ 26,957	$ 26,957
Carrying Value	$ 11,360	$ 11,360
Allocation by Investment Type (as a percent)	2.70%	2.30%	2.70%	2.30%
Floating Rate as % of Principal Amount	100.00%	100.00%	100.00%	100.00%
Variable Interest Entity, Primary Beneficiary | First mortgage loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	0.00%	0.00%
Weighted Average Yield (as a percent)	3.09%	3.08%	3.09%	3.08%
Variable Interest Entity, Primary Beneficiary | First mortgage loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	1.27%	1.27%	1.27%	1.27%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	1	1
Principal Amount	$ 11,000	$ 11,000
Carrying Value	$ 10,933	$ 11,000
Allocation by Investment Type (as a percent)	1.10%	0.90%	1.10%	0.90%
Floating Rate as % of Principal Amount	0.00%	0.00%	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	8.00%	8.00%
Weighted Average Yield (as a percent)	9.26%	8.00%	9.26%	8.00%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	0.00%	0.00%	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary | Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan	6	6
Principal Amount	$ 2,563	$ 2,965
Carrying Value	$ 2,564	$ 2,965
Allocation by Investment Type (as a percent)	0.30%	0.30%	0.30%	0.30%
Floating Rate as % of Principal Amount	0.00%	0.00%	0.00%	0.00%
Variable Interest Entity, Primary Beneficiary | Corporate loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate (as a percent)	6.74%	6.74%
Weighted Average Yield (as a percent)	6.74%	6.74%	6.74%	6.74%
Variable Interest Entity, Primary Beneficiary | Corporate loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR (as a percent)	0.00%	0.00%	0.00%	0.00%

Real Estate Debt Investments 57

Real Estate Debt Investments - CRE Maturities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Total	$ 982,004	$ 1,187,316
Weighted average maturity including extensions of CRE debt investments	4 years 9 months
Unamortized discounts and origination fees
Net unamortized discounts	$ 29,100
Net unamortized origination fees and costs	$ 3,100
CRE Debt
Mortgage Loans on Real Estate [Line Items]
Number of non-performing loans | loan	2
CRE Debt | Nonperforming loans
Mortgage Loans on Real Estate [Line Items]
July 1 to December 31, 2015	$ 42,600
CRE Debt | Initial Maturity
Mortgage Loans on Real Estate [Line Items]
July 1 to December 31, 2015	144,399
2,016	235,617
2,017	102,862
2,018	2,252
2,019	0
Thereafter	496,874
Total	982,004
CRE Debt | Maturity Including Extensions
Mortgage Loans on Real Estate [Line Items]
July 1 to December 31, 2015	141,865
2,016	105,558
2,017	62,612
2,018	169,752
2,019	0
Thereafter	502,217
Total	$ 982,004

Real Estate Debt Investments 58

Real Estate Debt Investments - Loan Loss Reserves (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Loan Loss Reserve
Beginning balance		$ 5,799	$ 4,766	$ 5,599	$ 2,880
Provision for (reversal of) loan losses, net		0	833	200	2,719
Ending balance		5,799	5,599	5,799	5,599
Provision for loan losses	[1]	284	$ 833	$ 767	$ 2,719
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		$ 600
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Real Estate Debt Investments 59

Real Estate Debt Investments - Credit Quality Indicator (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Credit quality indicator
Real estate debt investments, net	$ 853,446	$ 1,067,667
Carrying value	$ 55,264	$ 48,932
Number of mezzanine loans | loan	4	2
Impaired financing receivable, principal amount	$ 48,890	$ 6,299
First mortgage loans
Credit quality indicator
Number of mezzanine loans | loan	3	1
Impaired financing receivable, principal amount	$ 45,124	$ 2,533
Mezzanine loans
Credit quality indicator
Number of mezzanine loans | loan	1	1
Impaired financing receivable, principal amount	$ 3,766	$ 3,766
Loans with no loan loss reserve
Credit quality indicator
Real estate debt investments, net	810,003	1,066,967
Loans with no loan loss reserve | First mortgage loans
Credit quality indicator
Real estate debt investments, net	240,513	324,251
Loans with no loan loss reserve | Mezzanine loans
Credit quality indicator
Real estate debt investments, net	107,132	157,089
Loans with no loan loss reserve | Subordinate interests
Credit quality indicator
Real estate debt investments, net	167,598	200,236
Loans with no loan loss reserve | Corporate loans
Credit quality indicator
Real estate debt investments, net	294,760	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 | loan	1
Loan loss reserve (percent)	100.00%
Impaired financing receivable, principal amount	$ 3,700
Impaired loans
Credit quality indicator
Carrying value	43,443	700
Impaired loans | First mortgage loans
Credit quality indicator
Real estate debt investments, net	$ 42,943	0
First mortgage loan acquired with deteriorated credit quality | loan	2
Carrying value	$ 43,443	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 60

Real Estate Debt Investments - Impaired Loans (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan	Dec. 31, 2014USD ($)loan	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans) | loan			4		2
Principal Amount	$ 48,890		$ 48,890		$ 6,299
Carrying Value	55,264		55,264		48,932
Loan Loss Reserve	5,799	$ 5,599	5,799	$ 5,599	5,599	$ 5,799	$ 4,766	$ 2,880
Average Carrying Value	24,061	1,241	16,274	2,051
Six Months Ended Income	$ 973	$ 1	$ 2,949	$ 3
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) | loan	4	2	4	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	$ 43,443		$ 43,443		$ 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) | loan			3		1
Principal Amount	45,124		$ 45,124		$ 2,533
Loan Loss Reserve	2,033		2,033		1,833
Average Carrying Value	24,061	$ 1,241	16,274	$ 1,422
Six Months Ended Income	$ 971	$ 0	$ 2,946	$ 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) | loan	3	1	3	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	$ 43,443		$ 43,443		700
First mortgage loan acquired with deteriorated credit quality | loan	2		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		$ 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) | loan			1		1
Principal Amount	3,766		$ 3,766		$ 3,766
Loan Loss Reserve	3,766		3,766		3,766
Average Carrying Value	0	$ 0	0	$ 629
Six Months Ended Income	$ 2	$ 1	$ 3	$ 3
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) | loan	1	1	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		$ 0

Investments in Private Equity61

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

May. 22, 2015USD ($)fund

May. 05, 2015USD ($)fund

May. 01, 2015USD ($)fund

Dec. 04, 2014USD ($)fund

Oct. 02, 2014USD ($)fund

Aug. 15, 2014USD ($)fund

Jul. 30, 2014USD ($)fund

Jul. 01, 2014USD ($)fund

May. 30, 2014USD ($)fund

Dec. 31, 2013USD ($)fund

Jul. 03, 2013USD ($)fund

Jun. 30, 2013USD ($)third_party

Feb. 15, 2013USD ($)fund

Sep. 30, 2012

Apr. 30, 2015USD ($)

Jun. 30, 2015USD ($)fund

Dec. 31, 2012USD ($)

Dec. 04, 2014USD ($)fund

Schedule of Equity Method Investments [Line Items]

Number of parties to which company is obligated | third_party

2

PE Investment I

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

49

Purchase Price

$ 282.1

Expected Future Contributions

$ 6

PE Investment II

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

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%

Obligation to acquire remaining PE Investment

$ 61.3

Deferred amount of reported net asset value (percent)

45.00%

PE Investment III

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

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 | fund

1

Purchase Price

$ 8

Expected Future Contributions

0

PE Investment V

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

3

Purchase Price

$ 12

Expected Future Contributions

0

PE Investment VI

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

20

Purchase Price

$ 90.2

Expected Future Contributions

1

PE Investment VII

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

14

Purchase Price

$ 54.9

Expected Future Contributions

1

PE Investment IX

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

11

Purchase Price

$ 217.7

Expected Future Contributions

3

PE Investment X

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

13

Purchase Price

$ 152.4

$ 152.4

Expected Future Contributions

0

PE Investment XI

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

2

Purchase Price

$ 6.4

Expected Future Contributions

0

PE Investment XII

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

1

Purchase Price

$ 6.2

Expected Future Contributions

0

PE Investment XIII

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

11

Purchase Price

$ 441.1

Expected Future Contributions

6

PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

157

Purchase Price

1,664.2

Expected Future Contributions

$ 20

Multiple PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

20

Investments in Private Equity62

Investments in Private Equity Funds - Earnings, Distributions, Contributions (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jul. 03, 2013
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 1,234,588		$ 1,234,588		$ 962,038
Equity in Earnings	[1]	57,736	$ 33,958	111,379	$ 67,936
Distributions				12,869	7,589
Cash distributions, tax reserve		19,900	2,500	4,000	5,300
Unrealized gain (loss) on PE Investment	[1]	(18,438)	(56,605)	(54,469)	(198,945)
Deferred purchase price, PE investment		39,759		39,759		39,759
PE Investment I
Schedule of Equity Method Investments [Line Items]
Carrying Value		182,400		182,400		218,600
Equity in Earnings		12,300	15,600	26,200	30,400
Distributions		32,600	27,700	50,300	46,700
Contributions		600	0	1,200	100
Unrealized gain (loss) on PE Investment		(8,900)		(13,400)
PE Investment II
Schedule of Equity Method Investments [Line Items]
Carrying Value		228,400		228,400		231,600
Equity in Earnings		13,700	14,400	27,700	28,500
Distributions		52,300	25,800	73,900	49,500
Contributions		42,900	3,200	42,900	4,900
Deferred purchase price, PE investment							$ 243,300
PE Investment III
Schedule of Equity Method Investments [Line Items]
Carrying Value		46,300		46,300		51,000
Equity in Earnings		500	1,600	1,200	3,000
Distributions		4,400	8,700	5,900	19,100
Contributions		100	100	100	500
PE Investment IV
Schedule of Equity Method Investments [Line Items]
Carrying Value		8,500		8,500		7,800
Equity in Earnings		300	100	600	100
Distributions		0	0	0	0
Contributions		0	0	0	0
PE Investment V
Schedule of Equity Method Investments [Line Items]
Carrying Value		7,400		7,400		8,000
Equity in Earnings		500	0	1,000	0
Distributions		1,500	0	1,500	0
Contributions		0	0	0	0
PE Investment VI
Schedule of Equity Method Investments [Line Items]
Carrying Value		82,000		82,000		86,300
Equity in Earnings		2,900	0	6,300	0
Distributions		3,600	0	11,000	0
Contributions		400	0	500	0
PE Investment VII
Schedule of Equity Method Investments [Line Items]
Carrying Value		38,400		38,400		42,700
Equity in Earnings		2,000	0	4,100	0
Distributions		5,800	0	8,300	0
Contributions		0	0	0	0
PE Investment IX
Schedule of Equity Method Investments [Line Items]
Carrying Value		152,000		152,000		174,600
Equity in Earnings		9,200	0	16,600	0
Distributions		21,200	0	39,800	0
Contributions		500	0	700	0
PE Investment X
Schedule of Equity Method Investments [Line Items]
Carrying Value		130,000		130,000		141,400
Equity in Earnings		5,400	0	11,300	0
Distributions		9,100	0	22,900	0
Contributions		0	0	200	0
PE Investment XI
Schedule of Equity Method Investments [Line Items]
Carrying Value		3,900		3,900		0
Equity in Earnings		200	0	200	0
Distributions		1,300	0	1,300	0
Contributions		0	0	0	0
PE Investment XII
Schedule of Equity Method Investments [Line Items]
Carrying Value		2,900		2,900		0
Equity in Earnings		200	0	200	0
Distributions		3,600	0	3,600	0
Contributions		100	0	100	0
PE Investment XIII
Schedule of Equity Method Investments [Line Items]
Carrying Value		352,400		352,400		0
Equity in Earnings		5,200	0	5,200	0
Distributions		96,100	0	96,100	0
Contributions		2,100	0	2,100	0
PE Investments
Schedule of Equity Method Investments [Line Items]
Carrying Value		1,234,600		1,234,600		$ 962,000
Equity in Earnings		52,400	31,700	100,600	62,000
Distributions		231,500	62,200	314,600	115,300
Contributions		$ 46,700	$ 3,300	$ 47,800	$ 5,500
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Investments in Private Equity63

Investments in Private Equity Funds - Narrative (Details) $ in Millions	Jul. 03, 2013USD ($)	Sep. 30, 2012USD ($)	Apr. 30, 2015USD ($)	Feb. 28, 2013USD ($)fund	Jun. 30, 2015USD ($)CRE	Dec. 31, 2012USD ($)	Jun. 30, 2013fund
PE Investment I
Investments in and Advances to Affiliates [Line Items]
Amount funded at initial closing				$ 282.1
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) | fund				49
PE Investment I | NorthStar Real Estate Income Trust Inc | Cash distribution until NorthStar Entities receives a 1.5x multiple on all of their invested capital
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 | NorthStar Real Estate Income Trust Inc | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)				15.00%
PE Investment I | NorthStar Real Estate Income Trust Inc | Remaining cash distribution
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the NorthStar Entities (as a percent)				51.00%
PE Investment I | Class B Partner | Cash Distributions To Prior Owner Of Funds Interests Until NorthStar Receipt Of One And Half Of Invested Capital
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)				15.00%
PE Investment I | Class B Partner | Cash Distributions to Prior Owner of Funds Interests Until Receipt of Remaining Capital after 30 June 2012
Investments in and Advances to Affiliates [Line Items]
Cash distribution to the Class B Partner (as a percent)				85.00%
PE Investment I | Class B Partner | Remaining cash distribution
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
Ownership interest in amount funded (as a percent)				29.50%
PE Investment II
Investments in and Advances to Affiliates [Line Items]
Number of real estate private equity funds contributed (funds) | fund							24
Aggregate reported net asset value		$ 910
Amount to be paid to seller for all of the fund interests						$ 504.8
Payment of initial amount of reported net asset value (percent)		55.00%
Fair value method investment, deferred amount of reported net asset value					$ 411.4
Deferred amount of reported net asset value (percent)		45.00%
Number of years after closing of fund interest distributions start					4 years
Fair value method investment payment of deferred amount of reported net asset value			$ 61.3
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
Period from year end to pay against deferred amount of fund interests					10 days
Reduction in outstanding deferred amount (percent)					15.00%
Percentage of distribution during preceding 12 month period (percent)					15.00%
Distributions following deferred payment amount (percent)					100.00%
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	$ 353.4
Deferred amount of reported net asset value					$ 243.3
Fair value method investment payment of deferred amount of reported net asset value			$ 42.9
PE Investment II | Vintage Funds
Investments in and Advances to Affiliates [Line Items]
Ownership interest in amount funded (as a percent)					15.00%
Variable Interest Entity, Not Primary Beneficiary | PE Investment XIII
Investments in and Advances to Affiliates [Line Items]
Number of variable interest entities in which company is not primary beneficiary (CDO) | CRE					2

Investments in Unconsolidated64

Investments in Unconsolidated Ventures (Details) € in Billions		1 Months Ended			3 Months Ended		6 Months Ended
		Apr. 30, 2015USD ($)	Jul. 31, 2013USD ($)unit	Jun. 30, 2013USD ($)building	Jun. 30, 2015USD ($)country	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)propertynotecountrycompany	Jun. 30, 2014USD ($)	Jun. 30, 2015EUR (€)country	Feb. 09, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 02, 2014USD ($)	Sep. 30, 2014	Apr. 30, 2013	May. 31, 2012
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated ventures	[1]				$ 57,736,000	$ 33,958,000	$ 111,379,000	$ 67,936,000
Amount contributed in the joint venture							1,809,000	67,076,000
Depreciation and amortization	[1]				127,808,000	33,672,000	$ 237,534,000	60,721,000
Milford Plaza hotel
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)														35.00%
Equity in earnings (losses) of unconsolidated ventures						1,200,000		1,200,000
Ownership breakdown of total ownership (percent)														65.00%
NorthStar/RXR New York Metro
Schedule of Equity Method Investments [Line Items]
Public offering registration statement, maximum proceeds										$ 2,000,000,000
Northstar Corporate
Schedule of Equity Method Investments [Line Items]
Public offering registration statement, maximum proceeds												$ 1,000,000,000
Legacy Partners Commercial
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)													40.00%
Sponsored Companies
Schedule of Equity Method Investments [Line Items]
Purchase commitment, period							2 years
Maximum number of new sponsored companies, per year | company							5
Sponsored Companies | Commitment to Purchase Shares
Schedule of Equity Method Investments [Line Items]
Purchase commitment							$ 10,000,000
Sponsored Companies | Commitment to Invest as Distribution Support
Schedule of Equity Method Investments [Line Items]
Purchase commitment							10,000,000
NorthStar Income, NorthStar Healthcare and NorthStar Income II
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment					$ 13,500,000		$ 13,500,000
NorthStar Income
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)					0.50%		0.50%		0.50%		0.60%
Carrying value of equity method investment					$ 5,800,000		$ 5,800,000				$ 6,000,000
Equity in earnings (losses) of unconsolidated ventures					100,000	100,000	200,000	200,000
NorthStar Income | Milford Plaza hotel
Schedule of Equity Method Investments [Line Items]
Ownership breakdown of total ownership (percent)														35.00%
Joint venture that owns two office buildings in Chicago
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)				9.99%
Carrying value of equity method investment					8,500,000		8,500,000				8,500,000
Equity in earnings (losses) of unconsolidated ventures					0	$ 0	0	$ 0
Amount contributed in the joint venture				$ 8,500,000
Number of office buildings owned | building				2
Aerium
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)						15.00%		15.00%
Equity in earnings (losses) of unconsolidated ventures					$ 200,000	$ 0	$ 1,300,000	$ 0
Real estate assets under management | €									€ 6.1
Number of countries real estate assets are held | country					12		12		12
Cost method investments					$ 48,500,000		$ 48,500,000				62,800,000
Unrealized loss					9,300,000		9,300,000
Legacy Commercial Entities | Legacy Partners Commercial
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment					5,800,000		5,800,000				5,000,000
Equity in earnings (losses) of unconsolidated ventures					400,000	0	800,000	0
Multifamily
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)			90.00%
Carrying value of equity method investment			$ 10,400,000		3,400,000		3,400,000				$ 9,900,000
Equity in earnings (losses) of unconsolidated ventures					$ (100,000)	(100,000)	$ (100,000)	(200,000)
Number of units in real estate property acquired | unit			498
Amount contributed in the joint venture			$ 41,000,000
Acquisition of real estate properties financed through issuance of non-recourse mortgage notes		$ 7,000,000	$ 29,500,000
Fixed interest rate (as a percent)					3.87%		3.87%		3.87%
Depreciation and amortization						300,000	$ 600,000	300,000
LandCap
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)					49.00%		49.00%		49.00%		49.00%
Carrying value of equity method investment					$ 9,300,000		$ 9,300,000				$ 10,800,000
Equity in earnings (losses) of unconsolidated ventures					$ 300,000	400,000	$ 600,000	500,000
CS/Federal
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)					50.00%		50.00%		50.00%
Carrying value of equity method investment					$ 5,800,000		$ 5,800,000				$ 5,800,000
Equity in earnings (losses) of unconsolidated ventures					$ 100,000		100,000	500,000
Acquisition of real estate properties financed through issuance of non-recourse mortgage notes							$ 38,000,000
Number of adjacent class A office/flex buildings located in Colorado Springs acquired as a portfolio (property) | property							3
Cost of portfolio of the real estate properties acquired							$ 54,300,000
Number of non-recourse mortgage notes | note							2
CS/Federal | Non-recourse mortgage note bearing 5.51% interest
Schedule of Equity Method Investments [Line Items]
Fixed interest rate (as a percent)					5.51%		5.51%		5.51%
CS/Federal | Non-recourse mortgage note bearing 5.46% interest
Schedule of Equity Method Investments [Line Items]
Fixed interest rate (as a percent)					5.46%		5.46%		5.46%
NorthStar Healthcare
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)					0.40%		0.40%		0.40%		0.30%
Carrying value of equity method investment					$ 3,900,000		$ 3,900,000				$ 2,400,000
Equity in earnings (losses) of unconsolidated ventures						(100,000)		(100,000)
Northstar Income II
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)					0.60%		0.60%		0.60%		1.20%
Carrying value of equity method investment					$ 3,100,000		$ 3,100,000				$ 3,100,000
Other
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated ventures						300,000		1,500,000
Other | CSE CDO
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)															9.80%
RXR Equity Investment
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest (percent)					27.00%		27.00%		27.00%
Carrying value of equity method investment					$ 96,300,000		$ 96,300,000				$ 90,000,000
Equity in earnings (losses) of unconsolidated ventures					$ 4,200,000	$ 1,500,000	$ 7,700,000	$ 3,000,000
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Real Estate Securities, Avail65

Real Estate Securities, Available for Sale (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)security	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)securitycdo	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)security
Real estate securities, available for sale
Number (securities) | security	202		202		217
Amortized Cost	$ 916,177		$ 916,177		$ 980,221
Cumulative Unrealized Gains	111,652		111,652		132,430
Cumulative Unrealized Losses	(199,725)		(199,725)		(234,135)
Fair Value	$ 828,107		$ 828,107		$ 878,514
Allocation by Investment Type (as a percent)	100.00%		100.00%		100.00%
Weighted Average Coupon (as a percent)	2.58%		2.58%		2.57%
Weighted Average Yield (as a percent)	12.02%		12.02%		12.92%
Number of company-sponsored CDOs | cdo			9
Number of company-sponsored CDOs collateralized by CRE debt | cdo			3
Number of company-sponsored CDOs collateralized by CRE securities | cdo			6
Number of equity interests in CDOs, focused on CRE debt | cdo			2
Proceeds from the sale of CRE securities			$ 80,746	$ 25,929
Minimum
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio			4 months
Maximum
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio			37 years
Weighted Average
Real estate securities, available for sale
Contractual maturities of the CRE securities portfolio			3 years 6 months
Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	45		45		52
Amortized Cost	$ 365,079		$ 365,079		$ 407,222
Cumulative Unrealized Gains	64,028		64,028		70,879
Cumulative Unrealized Losses	(46,547)		(46,547)		(61,402)
Fair Value	$ 382,560		$ 382,560		$ 416,699
Allocation by Investment Type (as a percent)	45.10%		45.10%		46.80%
Weighted Average Coupon (as a percent)	2.04%		2.04%		1.97%
Weighted Average Yield (as a percent)	16.67%		16.67%		19.18%
Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	157		157		165
Amortized Cost	$ 551,098		$ 551,098		$ 572,999
Cumulative Unrealized Gains	47,624		47,624		61,551
Cumulative Unrealized Losses	(153,178)		(153,178)		(172,733)
Fair Value	$ 445,547		$ 445,547		$ 461,815
Allocation by Investment Type (as a percent)	54.90%		54.90%		53.20%
Weighted Average Coupon (as a percent)	2.93%		2.93%		3.00%
Weighted Average Yield (as a percent)	8.93%		8.93%		8.48%
N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	27		27		32
Amortized Cost	$ 181,777		$ 181,777		$ 205,463
Cumulative Unrealized Gains	38,019		38,019		58,116
Cumulative Unrealized Losses	(1,886)		(1,886)		(1,270)
Fair Value	$ 217,910		$ 217,910		$ 262,309
Allocation by Investment Type (as a percent)	28.20%		28.20%		30.10%
Weighted Average Coupon (as a percent)	1.99%		1.99%		1.83%
Weighted Average Yield (as a percent)	23.16%		23.16%		24.13%
Principal amount eliminated In consolidation	$ 107,700		$ 107,700		$ 108,000
N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	5		5		5
Amortized Cost	$ 124,273		$ 124,273		$ 137,143
Cumulative Unrealized Gains	9,268		9,268		522
Cumulative Unrealized Losses	(23,379)		(23,379)		(35,198)
Fair Value	$ 110,162		$ 110,162		$ 102,467
Allocation by Investment Type (as a percent)	8.90%		8.90%		8.90%
Weighted Average Yield (as a percent)	10.34%		10.34%		18.21%
CMBS | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	13		13		15
Amortized Cost	$ 59,029		$ 59,029		$ 64,616
Cumulative Unrealized Gains	16,741		16,741		12,241
Cumulative Unrealized Losses	(21,282)		(21,282)		(24,934)
Fair Value	$ 54,488		$ 54,488		$ 51,923
Allocation by Investment Type (as a percent)	8.00%		8.00%		7.80%
Weighted Average Coupon (as a percent)	2.21%		2.21%		2.48%
Weighted Average Yield (as a percent)	10.03%		10.03%		5.51%
Noncurrent equity securities					$ 42,600
CMBS | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	136		136		144
Amortized Cost	$ 437,012		$ 437,012		$ 458,186
Cumulative Unrealized Gains	40,596		40,596		50,432
Cumulative Unrealized Losses	(106,675)		(106,675)		(125,751)
Fair Value	$ 370,933		$ 370,933		$ 382,867
Allocation by Investment Type (as a percent)	42.20%		42.20%		41.50%
Weighted Average Coupon (as a percent)	3.65%		3.65%		3.69%
Weighted Average Yield (as a percent)	10.59%		10.59%		9.96%
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	10		10		10
Amortized Cost	$ 67,459		$ 67,459		$ 68,821
Cumulative Unrealized Gains	207		207		0
Cumulative Unrealized Losses	(44,076)		(44,076)		(45,603)
Fair Value	$ 23,590		$ 23,590		$ 23,218
Allocation by Investment Type (as a percent)	5.30%		5.30%		5.10%
Weighted Average Coupon (as a percent)	0.26%		0.26%		0.26%
Weighted Average Yield (as a percent)	1.32%		1.32%		1.32%
Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	8		8		8
Amortized Cost	$ 31,060		$ 31,060		$ 30,371
Cumulative Unrealized Gains	5,948		5,948		10,164
Cumulative Unrealized Losses	(1,090)		(1,090)		(6)
Fair Value	$ 35,918		$ 35,918		$ 40,529
Allocation by Investment Type (as a percent)	6.20%		6.20%		5.70%
Weighted Average Coupon (as a percent)	0.00%		0.00%		0.00%
Weighted Average Yield (as a percent)	4.56%		4.56%		4.56%
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	1		1		1
Amortized Cost	$ 8,342		$ 8,342		$ 8,396
Cumulative Unrealized Gains	873		873		955
Cumulative Unrealized Losses	0		0		0
Fair Value	$ 9,215		$ 9,215		$ 9,351
Allocation by Investment Type (as a percent)	0.70%		0.70%		0.50%
Weighted Average Coupon (as a percent)	7.50%		7.50%		7.50%
Weighted Average Yield (as a percent)	5.88%		5.88%		5.88%
Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	2		2		2
Amortized Cost	$ 7,225		$ 7,225		$ 7,225
Cumulative Unrealized Gains	0		0		0
Cumulative Unrealized Losses	(1,337)		(1,337)		(1,373)
Fair Value	$ 5,891		$ 5,891		$ 5,850
Allocation by Investment Type (as a percent)	0.50%		0.50%		0.40%
Weighted Average Coupon (as a percent)	2.25%		2.25%		2.25%
Weighted Average Yield (as a percent)	2.25%		2.25%		2.32%
CRE Securities
Real estate securities, available for sale
Proceeds from the sale of CRE securities	$ 19,800	$ 3,700	$ 80,700	25,900
Net realized gain (loss) of CRE securities investments	3,000	$ 7,300	$ 13,800	$ 11,800
Number of CRE securities for which the fair value option was not elected (security) | security			28
Carrying value of items for which the fair value option was not elected	$ 222,300		$ 222,300
Accumulated net unrealized gains included in OCI			$ 36,100
Number of CRE securities in unrealized loss position | security	1		1
Aggregate carrying value of securities in an unrealized loss position	$ 3,500		$ 3,500
Unrealized gain (loss) on securities with an unrealized loss position	(1,800)		$ (1,800)
Period of unrealized loss of securities (greater than)			12 months
CRE Securities | Realized Gain (Loss) on Investments and Other
Real estate securities, available for sale
OTTI loss on securities			$ 1,400
Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	1,402,376		1,402,376		$ 1,532,891
Fair Value	1,402,376		1,402,376		1,532,891
Principal / Notional Amount | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	633,139		633,139		718,206
Principal / Notional Amount | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	769,237		769,237		814,685
Principal / Notional Amount | N-Star CDO Bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	396,131		396,131		461,974
Principal / Notional Amount | N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	124,273		124,273		137,143
Principal / Notional Amount | CMBS | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Principal Amount	112,735		112,735		119,089
Noncurrent equity securities	50,100		50,100
Principal / Notional Amount | CMBS | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	592,367		592,367		636,035
Principal / Notional Amount | Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	74,473		74,473		76,253
Principal / Notional Amount | Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	87,172		87,172		87,172
Principal / Notional Amount | Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	8,000		8,000		8,000
Principal / Notional Amount | Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Principal Amount	$ 7,225		$ 7,225		$ 7,225

Borrowings (Details)

Borrowings (Details)	1 Months Ended		6 Months Ended	12 Months Ended
	Aug. 31, 2014USD ($)	Mar. 31, 2013USD ($)	Jun. 30, 2015USD ($)loanmezzanine_notemortgage_note	Dec. 31, 2014USD ($)loan	Mar. 31, 2015	Sep. 30, 2014USD ($)	Mar. 31, 2014USD ($)
Debt Instrument [Line Items]
Principal Amount			$ 12,005,586,000	$ 10,192,560,000
Carrying Value			$ 11,716,980,000	$ 9,957,468,000
Number of mortgage loans | loan			38	46
Credit facilities			$ 850,903,000	$ 732,780,000
Years ending December 31:
July 1 to December 31, 2015			105,366,000
2,016			106,395,000
2,017			1,133,349,000
2,018			98,904,000
2,019			6,055,554,000
Thereafter			4,506,018,000
Total			12,005,586,000	10,192,560,000
Credit facility:
Real estate debt investments, net			$ 982,004,000	1,187,316,000
LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Debt instrument, term for basis spread on variable rate			1 month
Various portfolios
Debt Instrument [Line Items]
Principal Amount			$ 9,200,000,000
Years ending December 31:
Total			$ 9,200,000,000
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			$ 10,301,889,000	8,531,285,000
Carrying Value			10,245,784,000	8,535,863,000
Years ending December 31:
Total			10,301,889,000	8,531,285,000
Senior mortgage notes | Healthcare
Debt Instrument [Line Items]
Principal Amount			4,784,660,000	4,144,939,000
Carrying Value			4,720,760,000	4,140,289,000
Years ending December 31:
Total			4,784,660,000	4,144,939,000
Senior mortgage notes | Hotels
Debt Instrument [Line Items]
Principal Amount			2,512,931,000	2,380,681,000
Carrying Value			2,512,931,000	2,380,681,000
Years ending December 31:
Total			2,512,931,000	2,380,681,000
Senior mortgage notes | European
Debt Instrument [Line Items]
Principal Amount			1,038,144,000	77,660,000
Carrying Value			1,038,144,000	77,660,000
Years ending December 31:
Total			1,038,144,000	77,660,000
Senior mortgage notes | Manufactured housing communities
Debt Instrument [Line Items]
Principal Amount			1,172,485,000	1,174,237,000
Carrying Value			1,174,615,000	1,176,525,000
Years ending December 31:
Total			1,172,485,000	1,174,237,000
Senior mortgage notes | Net lease
Debt Instrument [Line Items]
Principal Amount			436,276,000	463,629,000
Carrying Value			441,941,000	470,569,000
Years ending December 31:
Total			436,276,000	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 | Multi-tenant Office
Debt Instrument [Line Items]
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 | Various portfolios
Debt Instrument [Line Items]
Principal Amount			$ 7,700,000,000
Number of mortgage loans | mortgage_note			82
Years ending December 31:
Total			$ 7,700,000,000
Senior mortgage notes | Ohio Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			5.00%
Senior mortgage notes | Wakefield Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			4.00%
Senior mortgage notes | UK Property | European
Debt Instrument [Line Items]
Principal Amount			$ 78,585,000	77,660,000
Carrying Value			78,585,000	77,660,000
Years ending December 31:
Total			$ 78,585,000	77,660,000
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			$ 3,129,000	3,157,000
Carrying Value			3,129,000	3,157,000
Years ending December 31:
Total			3,129,000	3,157,000
Senior mortgage notes | LIBOR Plus 5.00% Non-recourse Note Payable, Due January 2019 | Ohio Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount			20,086,000	20,230,000
Carrying Value			19,999,000	20,230,000
Years ending December 31:
Total			20,086,000	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			2,352,000	2,442,000
Carrying Value			2,343,000	2,442,000
Years ending December 31:
Total			$ 2,352,000	2,442,000
Senior mortgage notes | LIBOR Plus 5.00% Non-recourse Note Payable, Due January 2019 | 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 | 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			$ 148,533,000	150,024,000
Carrying Value			147,894,000	150,024,000
Years ending December 31:
Total			$ 148,533,000	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			$ 7,338,000	7,412,000
Carrying Value			7,307,000	7,412,000
Years ending December 31:
Total			7,338,000	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			703,808,000	705,608,000
Carrying Value			702,087,000	700,958,000
Years ending December 31:
Total			$ 703,808,000	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]
Principal Amount			347,719,000	348,588,000
Carrying Value			347,719,000	348,588,000
Years ending December 31:
Total			$ 347,719,000	348,588,000
Senior mortgage notes | LIBOR Plus 4.25% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.K. | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			4.25%
Senior mortgage notes | 4.68% Non-recourse Note Payable, Due December 2019, June 2025 and December 2035 | Griffin-American - U.S. | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.68%
Principal Amount			$ 1,752,162,000	1,750,000,000
Carrying Value			1,691,278,000	1,750,000,000
Years ending December 31:
Total			1,752,162,000	1,750,000,000
Senior mortgage notes | LIBOR Plus 3.05% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.S. | Healthcare
Debt Instrument [Line Items]
Principal Amount			862,468,000	868,797,000
Carrying Value			862,468,000	868,797,000
Years ending December 31:
Total			$ 862,468,000	868,797,000
Senior mortgage notes | LIBOR Plus 3.05% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.S. | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Senior mortgage notes | LIBOR Plus 3.05% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.S. 1 | Healthcare | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			3.05%
Senior mortgage notes | LIBOR Plus 5.95% Non-recourse Note Payable, Due April 2020 | Wakefield Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount			$ 54,924,000	54,751,000
Carrying Value			54,395,000	54,751,000
Years ending December 31:
Total			54,924,000	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 | 4.17% Non-recourse Note Payable, Due May 2025 | ILF Portfolio | Healthcare
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.17%
Principal Amount			$ 648,211,000
Carrying Value			648,211,000
Years ending December 31:
Total			648,211,000
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]
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 3.25%, Non-recourse, Due August 2019 | K Partners Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			3.25%
Senior mortgage notes | LIBOR Plus 3.05%, Non-recourse, Due October 2019 | Courtyard Portfolio | Hotels
Debt Instrument [Line Items]
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 3.05%, Non-recourse, Due October 2019 | Courtyard Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			3.05%
Senior mortgage notes | LIBOR Plus 3.62%, Non-recourse, Due November 2019 | Inland Portfolio | Hotels
Debt Instrument [Line Items]
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 | LIBOR Plus 3.62%, Non-recourse, Due November 2019 | Inland Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			3.60%
Senior mortgage notes | LIBOR Plus 3.85%, Non-recourse, Due June 2020 | NE Portfolio | Hotels
Debt Instrument [Line Items]
Principal Amount			$ 132,250,000
Carrying Value			132,250,000
Years ending December 31:
Total			$ 132,250,000
Senior mortgage notes | LIBOR Plus 3.85%, Non-recourse, Due June 2020 | NE Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			3.85%
Senior mortgage notes | GBP LIBOR Plus 2% Non-recourse Note Payable, Due December 2019 | UK Property | European | GBP LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			2.00%
Principal Amount			$ 63,800,000
Years ending December 31:
Total			63,800,000
Senior mortgage notes | Notional value interest rate cap of 2% Non-recourse Note Payable, Due December 2019 | UK Property | European
Debt Instrument [Line Items]
Notional value			$ 63,800,000
Notional value interest rate cap (as a percent)			2.00%
Senior mortgage notes | Fixed 8% Non-recourse Note Payable, Due December 2019 | UK Property | European
Debt Instrument [Line Items]
Stated interest rate (as a percent)			8.00%
Principal Amount			$ 14,700,000
Years ending December 31:
Total			$ 14,700,000
Senior mortgage notes | EURIBOR Plus 2.7%, Non-recourse, Due April 2020 | Trias Portfolio | European | EURIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			2.70%
Principal Amount			$ 204,900,000
Years ending December 31:
Total			204,900,000
Senior mortgage notes | Notional value interest rate cap of 2%, Non-recourse, Due April 2020 | Trias Portfolio | European | GBP LIBOR
Debt Instrument [Line Items]
Notional value			$ 41,000,000
Notional value interest rate cap (as a percent)			2.00%
Senior mortgage notes | Notional value interest rate cap of 2%, Non-recourse, Due April 2020 | Trias Portfolio | European | EURIBOR
Debt Instrument [Line Items]
Notional value			$ 206,300,000
Notional value interest rate cap (as a percent)			2.00%
Senior mortgage notes | EURIBOR Plus 1.6%, Non-recourse, Due April 2022 | SEB Portfolio | European | EURIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			1.60%
Principal Amount			$ 348,300,000
Years ending December 31:
Total			348,300,000
Senior mortgage notes | Notional value interest rate cap of 0.5%, Non-recourse, Due April 2022 | SEB Portfolio | European | EURIBOR
Debt Instrument [Line Items]
Notional value			$ 348,300,000
Notional value interest rate cap (as a percent)			0.50%
Senior mortgage notes | GBP LIBOR Plus 1.6%, Non-recourse, Due April 2022 | SEB Portfolio | European | GBP LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			1.60%
Principal Amount			$ 232,100,000
Years ending December 31:
Total			232,100,000
Senior mortgage notes | Notional value interest rate cap of 2%, Non-recourse, Due April 2022 | SEB Portfolio | European | GBP LIBOR
Debt Instrument [Line Items]
Notional value			$ 232,100,000
Notional value interest rate cap (as a percent)			2.00%
Senior mortgage notes | STIBOR Plus 1.6%, Non-recourse, Due April 2022 | SEB Portfolio | European | STIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			1.60%
Principal Amount			$ 17,300,000
Years ending December 31:
Total			$ 17,300,000
Senior mortgage notes | GBP LIBOR Plus 2.7%, Non-recourse, Due April 2020 | Trias Portfolio | European | GBP LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			2.70%
Principal Amount			$ 39,300,000
Years ending December 31:
Total			39,300,000
Senior mortgage notes | LIBOR Plus 1.60%, Non-recourse, Due April 2022 | SEB Portfolio | European
Debt Instrument [Line Items]
Principal Amount			597,738,000
Carrying Value			597,738,000
Years ending December 31:
Total			$ 597,738,000
Senior mortgage notes | LIBOR Plus 1.60%, Non-recourse, Due April 2022 | SEB Portfolio | European | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			1.60%
Senior mortgage notes | 3.00%, Non-recourse, Due April 2060 | SEB Portfolio - Preferred | European
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.00%
Principal Amount			$ 117,601,000
Carrying Value			117,601,000
Years ending December 31:
Total			117,601,000
Senior mortgage notes | Variable interest rates, Non-recourse, Due April 2020 | Trias Portfolio | European
Debt Instrument [Line Items]
Principal Amount			244,220,000
Carrying Value			244,220,000
Years ending December 31:
Total			$ 244,220,000
Senior mortgage notes | Variable interest rates, Non-recourse, Due April 2020 | Trias Portfolio | European | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate (as a percent)			3.10%
Senior mortgage notes | Manufacturing Housing Portfolio 3 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.923%
Principal Amount			$ 297,280,000	297,428,000
Carrying Value			299,410,000	299,716,000
Years ending December 31:
Total			$ 297,280,000	297,428,000
Senior mortgage notes | Manufacturing Housing Portfolio 1 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.387%
Principal Amount			$ 235,296,000	236,900,000
Carrying Value			235,296,000	236,900,000
Years ending December 31:
Total			$ 235,296,000	236,900,000
Senior mortgage notes | Manufacturing Housing Portfolio 2 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.016%
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 | 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			$ 42,243,000	42,738,000
Carrying Value			42,243,000	42,738,000
Years ending December 31:
Total			$ 42,243,000	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			$ 6,036,000	6,105,000
Carrying Value			6,036,000	6,105,000
Years ending December 31:
Total			$ 6,036,000	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			$ 15,644,000	15,799,000
Carrying Value			15,644,000	15,799,000
Years ending December 31:
Total			$ 15,644,000	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			$ 30,448,000	30,720,000
Carrying Value			30,448,000	30,720,000
Years ending December 31:
Total			$ 30,448,000	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			$ 30,806,000	31,126,000
Carrying Value			30,806,000	31,126,000
Years ending December 31:
Total			$ 30,806,000	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			$ 25,914,000	26,151,000
Carrying Value			25,914,000	26,151,000
Years ending December 31:
Total			$ 25,914,000	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			$ 19,147,000	19,459,000
Carrying Value			19,147,000	19,459,000
Years ending December 31:
Total			$ 19,147,000	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			$ 875,000	1,079,000
Carrying Value			875,000	1,079,000
Years ending December 31:
Total			875,000	1,079,000
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			226,790,000	228,071,000
Years ending December 31:
Total			$ 221,125,000	221,131,000
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 | 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			$ 12,916,000	13,181,000
Carrying Value			12,916,000	13,181,000
Years ending December 31:
Total			12,916,000	13,181,000
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | South Portland, ME | Net lease
Debt Instrument [Line Items]
Principal Amount			3,422,000	3,597,000
Carrying Value			3,422,000	3,597,000
Years ending December 31:
Total			$ 3,422,000	3,597,000
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | South Portland, ME | Net lease | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			2.15%
Senior mortgage notes | Multifamily Investment Property 3.996% Due April 2023 | Memphis, TN | Multifamily
Debt Instrument [Line Items]
Stated interest rate (as a percent)			3.996%
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 | European | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Interest rate added to variable rate (as a percent)			2.15%
Senior mortgage notes | LIBOR Plus 2.15% Non-recourse Note Payable, Due November 2019/February 2020 | Legacy Portfolio | Multi-tenant Office
Debt Instrument [Line Items]
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
CDO Bonds Payable
Debt Instrument [Line Items]
Principal Amount			538,787,000	560,959,000
Carrying Value			381,470,000	390,068,000
Years ending December 31:
July 1 to December 31, 2015			0
2,016			0
2,017			0
2,018			0
2,019			0
Thereafter			538,787,000
Total			$ 538,787,000	560,959,000
CDO Bonds Payable | N-Star I
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.01%
Principal Amount			$ 14,140,000	15,020,000
Carrying Value			14,001,000	14,504,000
Years ending December 31:
Total			14,140,000	15,020,000
CDO Bonds Payable | N-Star IX
Debt Instrument [Line Items]
Principal Amount			524,647,000	545,939,000
Carrying Value			367,469,000	375,564,000
Years ending December 31:
Total			$ 524,647,000	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)			0.44%
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			850,903,000	732,780,000
Carrying Value			850,903,000	732,780,000
Years ending December 31:
July 1 to December 31, 2015			0
2,016			0
2,017			785,000,000
2,018			65,903,000
2,019			0
Thereafter			0
Total			850,903,000	732,780,000
Credit facility | Corporate Credit Facility 1
Debt Instrument [Line Items]
Principal Amount			360,000,000	215,000,000
Carrying Value			360,000,000	215,000,000
Years ending December 31:
Total			360,000,000	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			140,000,000
Debt covenant, minimum balance of unrestricted cash and available borrowing capacity			25,000,000
Credit facility | Corporate Credit Facility 1 | Net lease
Debt Instrument [Line Items]
Debt instrument, collateral amount			$ 627,900,000
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 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			134,100,000
Real estate debt investments, net			113,900,000
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal Amount			33,890,000	45,588,000
Carrying Value			31,568,000	41,762,000
Years ending December 31:
July 1 to December 31, 2015			0
2,016			0
2,017			12,955,000
2,018			0
2,019			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 | 8.875% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)			8.875%
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)			5.375%
Principal Amount			$ 19,935,000	31,633,000
Carrying Value			17,629,000	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			207,255,000	215,172,000
Years ending December 31:
July 1 to December 31, 2015			0
2,016			0
2,017			0
2,018			0
2,019			0
Thereafter			280,117,000
Total			280,117,000	280,117,000
Junior Subordinated Notes | Trust I
Debt Instrument [Line Items]
Principal Amount			41,240,000	41,240,000
Carrying Value			31,767,000	32,992,000
Years ending December 31:
Total			$ 41,240,000	41,240,000
Junior Subordinated Notes | Trust I | LIBOR
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Stated interest rate (as a percent)			3.25%
Junior Subordinated Notes | Trust II
Debt Instrument [Line Items]
Variable rate basis			LIBOR
Stated interest rate (as a percent)			3.25%
Principal Amount			$ 25,780,000	25,780,000
Carrying Value			19,970,000	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			31,508,000	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			38,242,000	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			21,097,000	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			18,061,000	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			21,721,000	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			24,889,000	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)			2.832%
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)			2.80%
Mezzanine | Various portfolios
Debt Instrument [Line Items]
Principal Amount			$ 1,500,000,000
Number of mortgage loans | mezzanine_note			16
Years ending December 31:
Total			$ 1,500,000,000
Mortgage and Other Notes Payable
Debt Instrument [Line Items]
Principal Amount			10,301,889,000
Years ending December 31:
July 1 to December 31, 2015			105,366,000
2,016			106,395,000
2,017			335,394,000
2,018			33,001,000
2,019			6,054,554,000
Thereafter			3,667,179,000
Total			$ 10,301,889,000
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)			8.875%
Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)			5.375%		5.375%

Borrowings - Exchangeable Senio

Borrowings - Exchangeable Senior Notes (Details) - USD ($) shares in Millions	Sep. 30, 2014	Jul. 31, 2015	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Principal amount					$ 12,005,586,000	$ 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 | 4.625% Notes | Subsequent event
Debt Instrument [Line Items]
Principal amount		$ 300,000,000
Stated interest rate (as a percent)		4.625%
Exchangeable Senior Notes | NRE Senior Notes | Subsequent event
Debt Instrument [Line Items]
Principal amount		$ 40,000,000
Exchangeable Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Principal amount					$ 19,935,000	$ 31,633,000
Stated interest rate (as a percent)					5.375%
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)			5.375%		5.375%
Realized gain (loss) on extinguishment of debt			$ (1,100,000)
Principal amount exchanged for stock			$ 11,700,000
Common stock issued in exchange for debt (shares)			1.4
Consolidated Entity Excluding Variable Interest Entities (VIE) | Senior unsubordinated unsecured note | Subsequent event
Debt Instrument [Line Items]
Principal amount		$ 300,000,000
Notice required prior to maturity to settle outstanding principal in common stock, term		60 days
Stated interest rate (as a percent)		4.625%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Senior unsubordinated unsecured note | NRE Senior Notes | Subsequent event
Debt Instrument [Line Items]
Principal amount		$ 40,000,000

Spin-off of Asset Management 68

Spin-off of Asset Management Business - Discontinued Operations (Details) $ in Millions	Jun. 30, 2014shares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015	Jun. 30, 2014USD ($)shares
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		$ 0.3		$ 6.1
Revenues, discontinued operations		32.7		56
Expenses, discontinued operations		$ 33		$ 62.1
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) | shares	1	1		1

Related Party Arrangements (Det

Related Party Arrangements (Details)	Jun. 30, 2015USD ($)	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / shares	Jun. 30, 2014USD ($)	Jan. 31, 2015USD ($)hotel	Dec. 31, 2014USD ($)
Related party and sponsored company arrangements
Due to related party	$ 52,688,000			$ 52,688,000		$ 52,688,000			$ 47,430,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions
Related party and sponsored company arrangements
Management fee income				1,400,000	$ 1,600,000	2,800,000	$ 3,100,000
Interest income				10,500,000	15,700,000	23,400,000	31,000,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions | Eliminations
Related party and sponsored company arrangements
Management fees, eliminated				600,000	700,000	1,200,000	1,400,000
NSAM
Related party and sponsored company arrangements
Asset management agreement, initial term			20 years
Asset management agreement, renewal term			20 years
Base management fee				48,200,000	$ 0	93,600,000	$ 0
Additional asset management fee, percent		1.50%
Incentive management fees				3,500,000		$ 6,400,000
Maximum expense reimbursement rate, related party, percent						20.00%
Direct costs and expenses allocated for reimbursement				800,000		$ 2,800,000
NSAM | Revolving credit facility
Related party and sponsored company arrangements
Credit facility, maximum borrowing capacity	250,000,000			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 | Due to Related Party
Related party and sponsored company arrangements
Direct costs and expenses allocated for reimbursement	800,000
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) | $ / shares						$ 0.39
NSAM | Tier 1 | Maximum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share) | $ / shares						$ 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) | $ / shares						$ 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
NSAM | Base Management Fee
Related party and sponsored company arrangements
Due to related party	48,200,000			48,200,000		48,200,000
NSAM | Base Management Fee | Common Stock
Related party and sponsored company arrangements
Forward sale agreement, remaining authorized shares available for issuance, aggregate net proceeds	246,000,000			246,000,000		246,000,000
NSAM | Incentive Fee
Related party and sponsored company arrangements
Due to related party	$ 3,500,000			3,500,000		$ 3,500,000
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)									12.00%
American Healthcare Investors LLC | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Percentage of equity interest (percent)									43.00%
Island Hospitality Management Inc
Related party and sponsored company arrangements
Percentage of equity interest (percent)								45.00%
Number of hotel properties under management agreement | hotel								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 | hotel								101
Island Hospitality Management Inc | Base Management Fee
Related party and sponsored company arrangements
Payment of base management fees				$ 3,000,000		$ 6,400,000
NorthStar Realty Finance Corporation | Minimum | Island Hospitality Management Inc
Related party and sponsored company arrangements
Property management fee (percent)						2.50%
NorthStar Realty Finance Corporation | Maximum | Island Hospitality Management Inc
Related party and sponsored company arrangements
Property management fee (percent)						3.00%

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands

Jan. 01, 2015shares

Jun. 30, 2014tier

Jan. 22, 2014shares

Feb. 28, 2015installment$ / sharesshares

Apr. 30, 2014

Apr. 30, 2013

Apr. 30, 2012

Jul. 31, 2009componentshares

Jun. 30, 2015USD ($)shares

Jun. 30, 2014USD ($)

Jun. 30, 2015USD ($)shares

Jun. 30, 2014USD ($)

Dec. 31, 2014shares

Dec. 31, 2013installment$ / sharesshares

Dec. 31, 2012installment$ / sharesshares

Dec. 31, 2011installment$ / sharesshares

Jun. 30, 2015USD ($)shares

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

Number of tiers in corporate structure | tier

3

Conversion ratio, deferred LTIP units into stock (in shares)

1

Equity-based compensation expense | $

[1],[2]

$ 7,705

$ 7,879

$ 18,535

$ 11,784

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

46,000

46,000

$ 46,000

Fair value adjustments

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

Equity-based compensation expense | $

1,900

3,700

Dividend paid

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

Equity-based compensation expense | $

$ 500

$ 1,000

Common Stock

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

Conversion of Old LTIP Units (in shares)

[3]

4,607,000

NSAM

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

Equity-based compensation expense | $

$ 8,000

$ 13,700

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%

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%

Requisite service period

4 years

Omnibus Stock Incentive Plan

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

Awards issued during period

2,449,000

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

3,137,596

3,137,596

3,137,596

Omnibus Stock Incentive Plan | Restricted stock

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

Number of shares outstanding

208,652

208,652

208,652

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) | component

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) | $ / shares

$ 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) | installment

4

2011 Plan | LTIP Units | Non-executive employees

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

Awards issued during period

669,743

Vesting period

3 years

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) | $ / shares

$ 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) | installment

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) | $ / shares

$ 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) | installment

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]

Requisite service period

4 years

Awards issued during period

584,879

Grant date fair value (in dollars per share) | $ / shares

$ 11.65

Risk-free interest rate

1.00%

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

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

3

Awards vested upon grant (percent)

25.00%

NSAM Bonus Plan | LTIP Units | Non-executive employees

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

Awards issued during period

696,931

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]

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

[2]

The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

[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.

Equity-Based Compensation - Tab

Equity-Based Compensation - Tables (Details) - Omnibus Stock Incentive Plan - $ / shares	6 Months Ended
	Jun. 30, 2015
LTIP Grants
Beginning balance (in units)	1,873,000
Granted (in units)	2,449,000
Converted to common stock (in units)	(7,000)
Forfeited (in units)	(3,000)
Vesting of restricted stock post-spin (in units)	(488,000)
Ending balance (in units)	3,824,000
Weighted Average Grant Price
Beginning balance (in dollars per share)	$ 23.25
Granted (in dollars per share)	18.73
Converted to common stock (in dollars per share)	15.51
Forfeited (in dollars per share)	15.37
Vesting of restricted stock post-spin (in dollars per share)	14.02
Ending balance (in dollars per share)	$ 21.56
Restricted stock
LTIP Grants
Ending balance (in units)	208,652
Unvested Deferred LTIP Units
LTIP Grants
Ending balance (in units)	3,614,860

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		Jun. 30, 2015USD ($)shares	May. 05, 2015$ / shares	Apr. 29, 2015$ / shares	Feb. 25, 2015$ / shares	Jan. 30, 2015$ / shares	Jun. 30, 2014	Mar. 31, 2015USD ($)$ / sharesshares	Feb. 28, 2015USD ($)shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares		Jun. 30, 2015USD ($)$ / sharesshares		Jun. 30, 2014USD ($)$ / sharesshares		Dec. 31, 2014USD ($)	Aug. 04, 2015USD ($)shares	Jan. 01, 2012shares
Class of Stock [Line Items]
Stock split, conversion ratio (one-for-two reverse split)							0.5
Proceeds from issuance of common stock | $													$ 1,086,332		$ 519,198
DRP
Gross proceeds from shares issued pursuant to the DRP | $													$ 85				$ 239
Dividends
Dividends per share of common stock (in dollars per share)			$ 0.40		$ 0.40					$ 0.40	$ 0.50	[1],[2]	$ 0.80	[1],[2]	$ 1	[1],[2]
Numerator:
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $	[1]									$ (97,502)	$ (73,566)		$ (129,104)		$ (208,527)
Net income (loss) attributable to LTIP Units non-controlling interest | $										(1,068)	(1,700)		(1,068)		(5,296)
Net income (loss) attributable to common stockholders and LTIP Units(1) | $										$ (98,570)	$ (75,266)		$ (130,172)		$ (213,823)
Denominator:
Weighted average shares of common stock (shares) | shares	[1],[2],[3]									352,985,900	174,180,959		330,883,972		167,385,527
Weighted average Old LTIP Units (in shares) | shares										2,191,000	4,009,000		2,161,000		4,146,000
Weighted average diluted shares | shares	[1],[2]									355,177,132	178,190,300		333,044,821		171,531,801
Earnings Per Share
Basic (in dollars per share)	[1],[2]									$ (0.28)	$ (0.42)		$ (0.39)		$ (1.25)
Diluted (in dollars per share)	[1],[2]									$ (0.28)	$ (0.42)		$ (0.39)		$ (1.25)
Dividend Reinvestment Plan (DRP)
DRP
Number of shares of common stock reserved for issuance under DRP (shares) | shares																			7,139,923
Common shares issued pursuant to the DRP (shares) | shares													4,596
Gross proceeds from shares issued pursuant to the DRP | $													$ 100
Common Stock
Class of Stock [Line Items]
New stock issued during period (shares) | shares		42,800,000						12,000,000	7,000,000
Proceeds from issuance of common stock | $		$ 747,000						$ 217,100	$ 122,200
Shares issued (in dollars per share)								$ 18.65
Forward sale agreement, shares authorized for issuance | shares								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]
Forward sale agreement, remaining authorized shares available for issuance (shares) | shares																		14,300,000
Forward sale agreement, remaining authorized shares available for issuance, aggregate net proceeds | $																		$ 246,000
Series A preferred stock
Dividends
Dividends declared per share of preferred stock (in dollars per share)				$ 0.54688		$ 0.54688
Series B preferred stock
Dividends
Dividends declared per share of preferred stock (in dollars per share)				0.51563		0.51563
Series C preferred stock
Dividends
Dividends declared per share of preferred stock (in dollars per share)				0.55469		0.55469
Series D preferred stock
Dividends
Dividends declared per share of preferred stock (in dollars per share)				0.53125		0.53125
Series E preferred stock
Dividends
Dividends declared per share of preferred stock (in dollars per share)				$ 0.54688		$ 0.54688
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	The three and six months ended June 30, 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 and six months ended June 30, 2015 represents the dividend declared subsequent to the spin-off of NSAM.
[3]	The three and six months ended June 30, 2014 includes $8.0 million and $13.7 million, respectively, of equity-based compensation recorded in discontinued operations.

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Non-controlling interests
Net income (loss) allocated to the non-controlling interest	$ 1,068	$ 1,700	$ 1,068	$ 5,296
Net Income (Loss) Available to Common Stockholders [Abstract]
Income (loss) from continuing operations	(97,513)	(73,007)	(129,104)	(201,988)
Income (loss) from discontinued operations	11	(559)	0	(6,539)
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	(97,502)	(73,566)	(129,104)	(208,527)
Operating Partnership
Non-controlling interests
Net income (loss) allocated to the non-controlling interest	(1,100)	(1,700)	(1,100)	(5,300)
Operating Partnership | LTIP Units
Non-controlling interests
Noncontrolling interest, operating partnership	$ 18,700		$ 18,700
Operating partnership units outstanding (in shares)	3,614,860		3,614,860
Non-controlling interests, ownership percentage	1.00%		1.00%
Other non-controlling interests
Non-controlling interests
Net income (loss) allocated to other non-controlling interests	$ (6,800)	$ (800)	$ (10,600)	$ (1,000)

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
PE Investments	$ 1,234,588	$ 962,038
Real estate securities, available for sale	828,107	878,514
Total assets	2,081,735	1,845,370
Fair Value
Derivative liabilities	47,971	17,915
Total liabilities	588,725	605,240
Variable Interest Entity, Not Primary Beneficiary
Assets:
Real estate securities, available for sale	382,560	416,699
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	217,910	262,309
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	110,162	102,467
Variable Interest Entity, Not Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	54,488	51,923
CMBS and other securities		42,600
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	445,547	461,815
Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	370,933	382,867
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	23,590	23,218
Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	35,918	40,529
Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,891	5,850
Estimate of Fair Value Measurement
Assets:
Real estate securities, available for sale	828,107	878,514
Derivative assets	11,804	3,247
Fair Value
Derivative liabilities	47,971	17,915
Recurring basis | Estimate of Fair Value Measurement
Assets:
PE Investments	1,234,588	962,038
Investments in unconsolidated ventures	241,341	276,437
Derivative assets	11,804	3,247
Total assets	2,315,840	2,120,236
Fair Value
CDO bonds payable	381,470	390,068
Junior subordinated notes	207,255	215,172
Derivative liabilities	47,971	17,915
Total liabilities	636,696	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	217,910	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	110,162	102,467
Recurring basis | Estimate of Fair Value Measurement | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	54,488	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	445,547
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	370,933	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	23,590	23,218
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	35,918	40,529
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	9,215	9,351
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,891	5,850
Recurring basis | Estimate of Fair Value Measurement | All Variable Interest Entities
Assets:
Total assets	828,107	878,514
Recurring basis | Level 2
Assets:
Derivative assets	11,804	3,247
Total assets	379,557	400,185
Fair Value
Derivative liabilities	47,971	17,915
Total liabilities	47,971	17,915
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	15,443	17,243
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		379,695
Total assets	352,310
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	307,177	329,815
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	35,918	40,529
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	9,215	9,351
Recurring basis | Level 2 | All Variable Interest Entities
Assets:
Total assets	367,753	396,938
Recurring basis | Level 3
Assets:
PE Investments	1,234,588	962,038
Investments in unconsolidated ventures	241,341	276,437
Total assets	1,936,283	1,720,051
Fair Value
CDO bonds payable	381,470	390,068
Junior subordinated notes	207,255	215,172
Total liabilities	588,725	605,240
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Bonds
Assets:
Real estate securities, available for sale	217,910	262,309
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	110,162	102,467
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	39,045	34,680
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		82,120
Total assets	93,237
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	63,756	53,052
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	23,590	23,218
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,891	5,850
Recurring basis | Level 3 | All Variable Interest Entities
Assets:
Total assets	$ 460,354	$ 481,576

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value, Assets and Liabilities on Recurring Basis (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 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	(22,677,000)	(87,859,000)
Repurchases		0
Deconsolidation of N-Star CDOs (Gains)		(122,486,000)
Losses:
Unrealized losses included in earnings	14,079,000	217,608,000
Realized losses included in earnings	0	13,942,000
Ending balance	381,470,000	390,068,000	390,068,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	(14,079,000)	(217,608,000)
Junior Subordinated Notes
Gains:
Unrealized gains included in earnings	7,917,000
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	215,172,000	201,203,000	201,203,000
Losses:
Unrealized losses included in earnings	0	13,969,000
Ending balance	207,255,000	215,172,000	215,172,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	7,917,000	(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	500,068,000	548,961,000
Paydowns / distributions	(314,749,000)	(339,598,000)
Gains:
Equity in earnings of unconsolidated ventures	100,581,000	134,036,000
Unrealized gains included in earnings	0	32,621,000
Losses:
Unrealized losses included in earnings	(13,350,000)
Ending balance	1,234,588,000	962,038,000	962,038,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	(13,350,000)	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	241,000	84,206,000
Paydowns / distributions	(29,317,000)	(2,507,000)
Gains:
Equity in earnings of unconsolidated ventures	8,854,000	10,494,000
Unrealized gains included in earnings	0
Losses:
Unrealized losses included in earnings	(14,874,000)	(8,175,000)
Ending balance	241,341,000	276,437,000	276,437,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	(14,874,000)	(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	12,099,000	17,513,000
Transfers out of Level 3	(2,931,000)	0
Purchases / borrowings / amortization / contributions	38,733,000	64,104,000
Sales	(62,330,000)	(65,504,000)
Paydowns / distributions	(26,095,000)	(48,511,000)
Gains:
Unrealized gains included in earnings	33,885,000	44,308,000
Realized gains included in earnings	11,224,000	15,626,000
Unrealized gain on real estate securities, available for sale included in OCI	1,086,000	61,045,000
Deconsolidation of N-Star CDOs (Gains)		(873,000)
Losses:
Unrealized losses included in earnings	(3,563,000)	(64,977,000)
Realized losses included in earnings	(1,503,000)	(3,152,000)
Unrealized losses on real estate securities, available for sale included in OCI	(21,827,000)	(3,519,000)
Deconsolidation of N-Star CDOs (Losses)		(21,070,000)
Ending balance	460,354,000	481,576,000	$ 481,576,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	$ 30,322,000	(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

Fair Value - Fair Value Option (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)security	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)security	Dec. 31, 2013USD ($)
Assets:
Assets	$ 828,107		$ 828,107		$ 878,514
Subtotal real estate securities, available for sale	605,806		605,806		606,895
Total assets	2,081,735		2,081,735		1,845,370
CDO bonds payable, at fair value	381,470		381,470		390,068
Total liabilities	588,725		588,725		605,240
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	15,360	$ (52,925)	(18,759)	$ (192,479)
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	(15,427)	(52,650)	(48,410)	(188,251)
CRE Securities
Assets:
Carrying value of items for which the fair value option was not elected	4,400		4,400		9,300
N-Star CDO Bonds
Assets:
Carrying value of items for which the fair value option was not elected	217,900		$ 217,900		262,300
CRE Securities
Assets:
Number of CRE securities for which the fair value option was not elected (security) | security			28
Carrying value of items for which the fair value option was not elected	222,300		$ 222,300
PE Investments
Assets:
Assets	1,234,588		1,234,588		962,038
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	(8,917)	0	(13,350)	0
Investments in unconsolidated ventures
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	(9,343)	0	(9,343)	0
Equity and Preferred Equity Interest
Assets:
Assets	241,341		241,341		276,437
CDO Bonds Payable
Assets:
CDO bonds payable, at fair value	381,470		381,470		390,068
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	(4,387)	(38,418)	(13,575)	(181,779)
Junior Subordinated Notes
Assets:
Junior subordinated notes	207,255		207,255		$ 215,172
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	9,927	(8,245)	7,917	(20,242)
Real Estate Securities
Assets:
Number of CRE securities for which the fair value option was not elected (security) | 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	17,545	(5,851)	22,057	10,342
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	10,535	(411)	(12,465)	(800)
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	(30,787)	275	(29,651)	4,228
Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	382,560		382,560		$ 416,699
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Assets	110,162		110,162		102,467
Consolidated Entity Excluding Variable Interest Entities (VIE) | CMBS
Assets:
CMBS and other securities	50,097		50,097		42,613
Variable Interest Entity, Primary Beneficiary
Assets:
Assets	445,547		445,547		461,815
Subtotal real estate securities, available for sale	445,547		445,547		461,815
Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	370,933		370,933		382,867
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Third-party CDO notes	23,590		23,590		23,218
Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Assets	35,918		35,918		40,529
Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Assets	9,215		9,215		9,351
Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Assets	5,891		5,891		5,850
Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	241,341		241,341		276,437
Assets:
Total assets	1,936,283		1,936,283		1,720,051
Junior subordinated notes	207,255		207,255		215,172
Total liabilities	588,725		588,725		605,240
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	39,045		39,045		34,680
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Assets					82,120
Total assets	93,237		93,237
PE Investments
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	1,234,588	$ 962,038	$ 1,234,588	$ 962,038	962,038	$ 586,018
PE Investments | Minimum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)			13.00%
PE Investments | Maximum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)			40.00%
Equity and Preferred Equity Interest | Minimum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)			2.00%
Equity and Preferred Equity Interest | Maximum
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)			31.00%
N-Star CDO Equity
Fair Value, Option Quantitative Disclosures [Lines Items]
Discount rate (percent)			10.00%
Fair Value
Assets:
Assets	828,107		$ 828,107		878,514
CDO bonds payable, at fair value	381,470		381,470		390,068
Fair Value | Recurring basis
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	241,341		241,341		276,437
Assets:
Total assets	2,315,840		2,315,840		2,120,236
Junior subordinated notes	207,255		207,255		215,172
Total liabilities	636,696		636,696		623,155
Fair Value | Recurring basis | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	54,488		54,488		51,923
Fair Value | Recurring basis | Variable Interest Entity, Primary Beneficiary
Assets:
Assets					$ 461,815
Total assets	445,547		445,547
Fair Value | PE Investments | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	1,234,588		1,234,588
Fair Value | Equity and Preferred Equity Interest | Recurring basis | Level 3
Fair Value, Option Quantitative Disclosures [Lines Items]
Fair Value	241,341		241,341
Fair Value | N-Star CDO Equity | Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary
Assets:
Assets	$ 110,162		$ 110,162

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial assets:
Real estate debt investments, net	$ 853,446	$ 1,067,667
Real estate securities, available for sale	828,107	878,514
Financial liabilities:
Mortgage and other notes payable	10,245,784	8,535,863
CDO bonds payable	381,470	390,068
Securitization bonds payable	0	41,823
Credit facilities	850,903	732,780
Exchangeable senior notes	31,568	41,762
Junior subordinated notes	207,255	215,172
Derivative liabilities	47,971	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	982,004	1,187,316
Real estate securities, available for sale	1,402,376	1,532,891
Derivative assets	4,974,987	3,848,859
Financial liabilities:
Mortgage and other notes payable	10,301,889	8,531,285
CDO bonds payable	538,787	560,959
Securitization bonds payable	0	41,831
Credit facilities	850,903	732,780
Exchangeable senior notes	33,890	45,588
Junior subordinated notes	280,117	280,117
Derivative liabilities	2,428,504	318,726
Carrying Value
Financial assets:
Real estate debt investments, net	853,446	1,067,667
Real estate securities, available for sale	828,107	878,514
Derivative assets	11,804	3,247
Financial liabilities:
Mortgage and other notes payable	10,245,784	8,535,863
CDO bonds payable	381,470	390,068
Securitization bonds payable	0	41,823
Credit facilities	850,903	732,780
Exchangeable senior notes	31,568	41,762
Junior subordinated notes	207,255	215,172
Derivative liabilities	47,971	17,915
Fair Value
Financial assets:
Real estate debt investments, net	853,080	1,066,911
Real estate securities, available for sale	828,107	878,514
Derivative assets	11,804	3,247
Financial liabilities:
Mortgage and other notes payable	10,242,953	8,539,363
CDO bonds payable	381,470	390,068
Securitization bonds payable	0	41,929
Credit facilities	850,903	732,780
Exchangeable senior notes	50,121	82,443
Junior subordinated notes	207,255	215,172
Derivative liabilities	$ 47,971	$ 17,915

Risk Management and Derivativ78

Risk Management and Derivative Activities (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)instrument	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)instrument	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)instrument
Non-hedge derivatives
Cash margin held by counterparties as collateral	$ 0		$ 0		$ 0
Interest rate swaps
Derivative liabilities
Interest rate swaps/foreign currency forwards	47,971,000		47,971,000		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	(3,011,000)	$ (3,955,000)	(6,059,000)	$ (10,694,000)
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	(26,534,000)	275,000	(25,398,000)	4,228,000
Interest rate swaps | Interest expense on debt and securities
Non-hedge derivatives
Amount of swap gain (loss) reclassified from OCI into earnings	(223,000)	(229,000)	(488,000)	(458,000)
Foreign currency forwards | Unrealized gain (loss) on investments and other | Derivatives
Non-hedge derivatives
Amount of gain (loss) recognized in earnings: Adjustments to fair value	(4,253,000)	$ 0	(4,253,000)	$ 0
Interest rate caps/floors
Derivative assets
Interest rate caps/floors	11,804,000		11,804,000		3,247,000
Timing swaps
Derivative instruments
Notional Amount	$ 28,000,000		$ 28,000,000		$ 28,000,000
Not designated as hedges
Derivative instruments
Number (instruments) | instrument	31		31		34
Notional Amount	$ 7,403,491,000		$ 7,403,491,000		$ 4,167,585,000
Fair Value Net Asset (Liability)	$ (36,167,000)		$ (36,167,000)		$ (14,668,000)
Not designated as hedges | Interest rate swaps
Derivative instruments
Number (instruments) | instrument	3		3		2
Notional Amount	$ 2,082,142,000		$ 2,082,142,000		$ 82,797,000
Fair Value Net Asset (Liability)	$ (30,897,000)		$ (30,897,000)		$ (208,000)
Not designated as hedges | Interest rate swaps | LIBOR
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	0.62%		0.62%		0.62%
Higher Range of Fixed LIBOR (as a percent)	5.00%		5.00%		5.00%
Not designated as hedges | Interest rate swaps | N-Star CDOs
Derivative instruments
Number (instruments) | instrument	9		9		10
Notional Amount	$ 227,078,000		$ 227,078,000		$ 235,929,000
Fair Value Net Asset (Liability)	$ (12,821,000)		$ (12,821,000)		$ (17,707,000)
Not designated as hedges | Interest rate swaps | N-Star CDOs | LIBOR
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	5.02%		5.02%		5.00%
Higher Range of Fixed LIBOR (as a percent)	5.25%		5.25%		5.25%
Not designated as hedges | Interest rate cap
Derivative instruments
Number (instruments) | instrument	17		17
Notional Amount	$ 4,974,987,000		$ 4,974,987,000
Fair Value Net Asset (Liability)	$ 11,804,000		$ 11,804,000
Not designated as hedges | Interest rate cap | LIBOR
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	0.50%		0.50%		0.50%
Higher Range of Fixed LIBOR (as a percent)	5.00%		5.00%		5.00%
Not designated as hedges | Foreign currency forwards
Derivative instruments
Number (instruments) | instrument	2		2
Notional Amount	$ 119,284,000		$ 119,284,000
Fair Value Net Asset (Liability)	$ (4,253,000)		$ (4,253,000)
Not designated as hedges | Interest rate caps/floors
Derivative instruments
Number (instruments) | instrument					22
Notional Amount					$ 3,848,859,000
Fair Value Net Asset (Liability)					$ 3,247,000
Not designated as hedges | Interest rate caps/floors | LIBOR
Derivative instruments
Lower Range of Fixed LIBOR (as a percent)	2.00%		2.00%		2.00%
Higher Range of Fixed LIBOR (as a percent)	5.00%		5.00%		5.00%
Designated as hedge
Derivative instruments
Number (instruments) | instrument	0		0		0

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Hotel Portfolio
Loss Contingencies [Line Items]
Aggregate amount of guarantees	$ 9.7

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands, £ in Millions		1 Months Ended		3 Months Ended		6 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2015GBP (£)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)CRESecuritization	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Variable interest entities
Gain (loss) from deconsolidation of N-Star CDOs	[1]			$ 0	$ (34,778)	$ 0	$ (31,423)
Unconsolidated VIEs
Investments in unconsolidated ventures		$ 194,067		194,067		194,067		$ 207,777
Consolidated VIE
Variable interest entities
Loan receivable, variable interest entity		17,500	£ 11.3
Unconsolidated VIEs
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		491,392		491,392		491,392
Total liabilities		207,255		207,255		207,255
Net		284,137		284,137		284,137
Maximum Exposure to Loss		491,392		491,392		491,392
Unconsolidated VIEs | Junior Subordinated Notes
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		3,742		3,742		3,742
Total liabilities		207,255		207,255		207,255
Net		(203,513)		(203,513)		(203,513)
Maximum Exposure to Loss		3,742		3,742		$ 3,742
Unconsolidated VIEs | CMBS
Unconsolidated VIEs
Number of variable interest entities in which company is not primary beneficiary | CRE						2
Number of VIE securitizations for which the company was appointed as a special servicer (Securitization) | Securitization						1
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		46,928		46,928		$ 46,928
Maximum Exposure to Loss		46,928		46,928		$ 46,928
Unconsolidated VIEs | PE Investment XIII
Unconsolidated VIEs
Number of variable interest entities in which company is not primary beneficiary | CRE						2
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		38,327		38,327		$ 38,327
Net		38,327		38,327		38,327
Maximum Exposure to Loss		38,327		38,327		38,327
Unconsolidated VIEs | N-Star CDO Bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		217,910		217,910		217,910
Maximum Exposure to Loss		217,910		217,910		217,910
Unconsolidated VIEs | N-Star CDO Equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		110,162		110,162		110,162
Maximum Exposure to Loss		110,162		110,162		110,162
Unconsolidated VIEs | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		375,000		375,000		375,000
Maximum Exposure to Loss		375,000		375,000		$ 375,000
Unconsolidated VIEs | Real Estate Debt Investments
Unconsolidated VIEs
Number of variable interest entities in which company is not primary beneficiary | CRE						3
Long-term Investments		74,300		74,300		$ 74,300
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		74,323		74,323		74,323
Net		74,323		74,323		74,323
Maximum Exposure to Loss		74,323		74,323		74,323
Unconsolidated VIEs | Real Estate Securities, Available for Sale
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		375,000		375,000		375,000
Net		375,000		375,000		375,000
Unconsolidated VIEs | Real Estate Securities, Available for Sale | PE Investment XIII
Unconsolidated VIEs
VIE expected future contributions		3,100		3,100		3,100
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		38,300		38,300		38,300
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO Bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		217,910		217,910		217,910
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO Equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		110,162		110,162		110,162
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets		375,000		375,000		375,000
Unconsolidated VIEs | N-Star CDO III
Variable interest entities
Gain (loss) from deconsolidation of N-Star CDOs					(34,800)		(31,400)
Decrease in assets from deconsolidation of VIE					98,400		192,500
Decrease in liabilities from deconsolidation of VIE					60,600		149,000
Fair value of collateral debt obligations no longer eliminated in consolidation					8,000		8,800
Reclassification of unrealized gain/(loss) from deconsolidation					$ 5,000		$ 3,300
Unconsolidated VIEs | Northstar Realty Finance Trusts I-VIII
Unconsolidated VIEs
Investments in unconsolidated ventures		$ 3,700		$ 3,700		$ 3,700
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		3 Months Ended				6 Months Ended				12 Months Ended
		Jun. 30, 2015USD ($)		Jun. 30, 2014USD ($)		Jun. 30, 2015USD ($)segment		Jun. 30, 2014USD ($)		Dec. 31, 2014USD ($)
Segment reporting
Number of reporting segments | segment						6
Rental and escalation income	[1]	$ 211,785		$ 77,931		$ 378,294		$ 146,101
Hotel related income	[1]	206,130		22,526		374,857		22,526
Resident fee income	[1]	65,833		15,060		129,206		15,060
Net interest income on debt and securities	[1]	57,307		72,761		120,744		148,157
Other interest expense	[1]	126,028		44,880		239,547		83,913
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	[1]	(143,379)		(91,296)		(209,623)		(240,055)
Equity in earnings (losses) of unconsolidated ventures	[1]	57,736		33,958		111,379		67,936
Income tax benefit (expense)	[1]	1,290		(2,578)		(374)		(4,764)
Income (loss) from continuing operations	[1]	(84,353)		(59,916)		(98,618)		(176,883)
Income (loss) from discontinued operations	[1],[2],[3]	11		(572)		0		(6,711)
Net income (loss)		(84,342)	[1],[2],[3]	(60,488)	[1]	(98,618)	[1]	(183,594)	[1]	$ (321,086)
Transaction costs	[1]	106,521		31,650		121,239		39,760
Management fee, related party	[1]	51,744		0		99,975		0
Total Assets	[4]	17,920,738				17,920,738				15,326,356
Variable Interest Entity, Primary Beneficiary
Segment reporting
Asset management services fee income		1,400		1,600		2,800		3,100
Eliminations | Variable Interest Entity, Primary Beneficiary
Segment reporting
Asset management and other fees, related parties		600		700		1,200		1,400
Real Estate | United States
Segment reporting
Transaction costs		14,800				19,200
Depreciation and amortization		112,000		32,800		220,500		59,000
Real Estate | European
Segment reporting
Transaction costs		91,700				100,800
Depreciation and amortization		15,400				16,100
Real Estate | Operating Segments | United States
Segment reporting
Rental and escalation income		179,665		77,542		344,116		145,429
Hotel related income		206,130		22,526		374,857		22,526
Resident fee income		65,833		15,060		129,206		15,060
Net interest income on debt and securities		1,490		1,630		3,381		2,366
Other interest expense		105,416		30,921		205,553		52,918
Income (loss) before equity in earnings (losses) and income tax benefit (expense)		(10,409)		(32,413)		(51,539)		(48,204)
Equity in earnings (losses) of unconsolidated ventures		57,736		32,033		111,379		62,243
Income tax benefit (expense)		(9,845)		(2,578)		(11,487)		(4,764)
Income (loss) from continuing operations		37,482		(2,958)		48,353		9,275
Income (loss) from discontinued operations		11		(253)				(637)
Net income (loss)		37,493		(3,211)		48,353		8,638
Total Assets		14,046,261				14,046,261				12,902,611
Real Estate | Operating Segments | European
Segment reporting
Rental and escalation income		32,113				33,876
Hotel related income		0				0
Resident fee income		0				0
Other interest expense		6,076				6,809
Income (loss) before equity in earnings (losses) and income tax benefit (expense)		(98,481)				(108,329)
Income tax benefit (expense)		11,378				11,378
Income (loss) from continuing operations		(87,103)				(96,951)
Income (loss) from discontinued operations		0
Net income (loss)		(87,103)				(96,951)
Total Assets		1,991,888				1,991,888				162,182
CRE Debt
Segment reporting
Total Assets		868,362				868,362				1,160,763
CRE Debt | Operating Segments
Segment reporting
Rental and escalation income		0		0		0		0
Hotel related income		0		0		0		0
Resident fee income		0		0		0		0
Net interest income on debt and securities		25,345		38,658		56,869		67,560
Other interest expense		0		0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)		24,949		36,635		55,781		64,600
Equity in earnings (losses) of unconsolidated ventures				1,925				5,693
Income tax benefit (expense)		(206)		0		(228)		0
Income (loss) from continuing operations		24,743		38,560		55,553		70,293
Income (loss) from discontinued operations		0		0				0
Net income (loss)		24,743		38,560		55,553		70,293
CRE Securities
Segment reporting
Total Assets		400,834				400,834				421,840
CRE Securities | Operating Segments
Segment reporting
Rental and escalation income		0		0		0		0
Hotel related income		0		0		0		0
Resident fee income		0		0		0		0
Net interest income on debt and securities		14,915		15,487		31,998		42,642
Other interest expense		0		0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)		38,364		13,779		72,362		26,374
Equity in earnings (losses) of unconsolidated ventures		0		0		0		0
Income tax benefit (expense)		(37)		0		(37)		0
Income (loss) from continuing operations		38,327		13,779		72,325		26,374
Income (loss) from discontinued operations		0		0				0
Net income (loss)		38,327		13,779		72,325		26,374
N-Star CDOs, CRE Securities
Segment reporting
Total Assets		493,261				493,261				502,660
N-Star CDOs, CRE Securities | Operating Segments
Segment reporting
Rental and escalation income		7		389		302		672
Hotel related income		0		0		0		0
Resident fee income		0		0		0		0
Net interest income on debt and securities		12,816		14,663		23,317		28,809
Other interest expense		0		0		0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)		2,851		(61,495)		4,337		(170,945)
Equity in earnings (losses) of unconsolidated ventures		0		0		0		0
Income tax benefit (expense)		0		0		0		0
Income (loss) from continuing operations		2,851		(61,495)		4,337		(170,945)
Income (loss) from discontinued operations		0		0				0
Net income (loss)		2,851		(61,495)		4,337		(170,945)
Corporate
Segment reporting
Total Assets		120,132				120,132				$ 176,300
Corporate | Operating Segments
Segment reporting
Rental and escalation income		0		0		0		0
Hotel related income		0		0		0		0
Resident fee income		0		0		0		0
Net interest income on debt and securities		2,741		2,323		5,179		6,780
Other interest expense		14,536		13,959		27,185		30,995
Income (loss) before equity in earnings (losses) and income tax benefit (expense)		(100,653)		(47,802)		(182,235)		(111,880)
Equity in earnings (losses) of unconsolidated ventures		0		0		0		0
Income tax benefit (expense)		0		0		0		0
Income (loss) from continuing operations		(100,653)		(47,802)		(182,235)		(111,880)
Income (loss) from discontinued operations		0		0				0
Net income (loss)		(100,653)		(47,802)		(182,235)		(111,880)
Management fee, related party		$ 51,700				$ 100,000
Asset Management | Operating Segments
Segment reporting
Rental and escalation income				0				0
Hotel related income				0				0
Resident fee income				0				0
Other interest expense				0				0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)				0				0
Equity in earnings (losses) of unconsolidated ventures				0				0
Income tax benefit (expense)				0				0
Income (loss) from continuing operations				0				0
Income (loss) from discontinued operations				(319)				(6,074)
Net income (loss)				$ (319)				$ (6,074)
[1]	The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.
[2]	Refer to Note 9. “Spin-off of Asset Management Business” for disclosure related to the spin-off of NSAM.
[3]	The three and six months ended June 30, 2014 includes $8.0 million and $13.7 million, respectively, of equity-based compensation recorded in discontinued operations.
[4]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: June 30, 2015 $19,492 ; December 31, 2014: $4,601 •Operating real estate, net: June 30, 2015: $14,838 ; December 31, 2014: $7,137 •Real estate debt investments, net: June 30, 2015: $24,857 ; December 31, 2014: $25,325 •Real estate securities, available for sale: June 30, 2015: $446,505 ; December 31, 2014: $463,050 •Receivables, net of allowance: June 30, 2015: $2,221 ; December 31, 2014: $2,304•Other assets: June 30, 2015: $423 ; December 31, 2014: $242 •Total assets of consolidated VIEs: June 30, 2015: $508,336 ; December 31, 2014: $502,659

Supplemental Disclosures of N82

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Reclassification of operating real estate to deferred costs and intangible assets	$ 165,784	$ 81,639
Escrow deposit payable related to CRE debt investments	38,823	18,095
Non-cash related to PE Investments	30,826	2,482
Reduction of assets and liabilities held for sale via taking title	28,962	0
Reclassification of other assets to operating real estate	25,577	0
Acquired assets and liabilities in connection with the SEB Portfolio and Trias Portfolio	19,178	0
Conversion of Deferred LTIP Units to LTIP Units (refer to Note 13)	18,730	0
Reclassification of operating real estate to asset held for sale	18,169	21,820
Reclassification of mortgage note payable to liabilities held for sale	12,290	0
Conversion of exchangeable senior notes	11,228	191,417
Dividends payable related to RSUs	3,002	762
Assumption of mortgage note payable upon purchase	0	649,740
2014 Senior Notes issued (refer to Note 8)	0	481,118
Exchangeable senior notes exchanged for 2014 Senior Notes (refer to Note 8)	0	296,382
Contribution from non-controlling interests	0	55,116
Net assets distributed in spin-off of asset management business (refer to Note 9)	0	39,709
Conversion of LTIP Units (refer to Note 11)	0	18,611
Reclassification of operating real estate to other assets	0	12,383
Issuance of common stock related to transactions	$ 0	$ 6,803

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, € in Millions

Aug. 04, 2015$ / shares

Jul. 31, 2015USD ($)m²$ / shares

May. 05, 2015$ / shares

Apr. 29, 2015$ / shares

Feb. 25, 2015$ / shares

Jan. 30, 2015$ / shares

Jul. 31, 2015USD ($)m²Tenant

Jul. 31, 2015EUR (€)Tenant

Jun. 30, 2015USD ($)$ / shares

Jun. 30, 2014$ / shares

[1],[2]

Jun. 30, 2015USD ($)$ / shares

Jun. 30, 2014$ / shares

[1],[2]

Jul. 31, 2015EUR (€)m²

Dec. 31, 2014USD ($)

Mar. 31, 2014USD ($)

Subsequent Event [Line Items]

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

$ 0.40

$ 0.40

$ 0.40

$ 0.50

$ 0.80

[1],[2]

$ 1

Principal amount | $

$ 12,005,586,000

$ 12,005,586,000

$ 10,192,560,000

Senior mortgage

Subsequent Event [Line Items]

Principal amount | $

$ 481,100,000

Series A preferred stock

Subsequent Event [Line Items]

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

$ 0.54688

$ 0.54688

Series B preferred stock

Subsequent Event [Line Items]

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

0.51563

0.51563

Series C preferred stock

Subsequent Event [Line Items]

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

0.55469

0.55469

Series D preferred stock

Subsequent Event [Line Items]

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

0.53125

0.53125

Series E preferred stock

Subsequent Event [Line Items]

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

$ 0.54688

$ 0.54688

Subsequent event | Senior unsubordinated unsecured note | NorthStar Realty Europe Corp. (NRE)

Subsequent Event [Line Items]

Principal amount | $

$ 300,000,000

$ 300,000,000

Stated interest rate (percent)

4.625%

4.625%

4.625%

Notice required prior to maturity to settle outstanding principal in common stock, term

60 days

60 days

Subsequent event | Senior unsubordinated unsecured note | NorthStar Realty Europe Corp. (NRE) | NRE Senior Notes

Subsequent Event [Line Items]

Principal amount | $

$ 40,000,000

$ 40,000,000

Subsequent event | Office tower | Trianon Tower | Frankfurt, Germany

Subsequent Event [Line Items]

Real estate acquisition

$ 620,000,000

€ 562

Area of real estate acquired (square meters) | m²

68,600

68,600

68,600

Percentage of real estate properties leased (percent)

98.50%

98.50%

Weighted average lease term

8 years

8 years

Subsequent event | Office tower | Trianon Tower | Frankfurt, Germany | Senior mortgage

Subsequent Event [Line Items]

Principal amount

$ 339,000,000

$ 339,000,000

€ 330

Subsequent event | Office tower | Trianon Tower | Frankfurt, Germany | Rental Income | Tenant

Subsequent Event [Line Items]

Number of significant tenants | Tenant

2

2

Concentration risk (percent)

70.00%

70.00%

Subsequent event | Common Stock

Subsequent Event [Line Items]

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

$ 0.40

Subsequent event | Preferred Stock | Series A preferred stock

Subsequent Event [Line Items]

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

$ 0.54688

Subsequent event | Preferred Stock | Series B preferred stock

Subsequent Event [Line Items]

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

0.51563

Subsequent event | Preferred Stock | Series C preferred stock

Subsequent Event [Line Items]

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

0.55469

Subsequent event | Preferred Stock | Series D preferred stock

Subsequent Event [Line Items]

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

0.53125

Subsequent event | Preferred Stock | Series E preferred stock

Subsequent Event [Line Items]

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

$ 0.54688

[1]

The consolidated financial statements for the three and six months ended June 30, 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 and six months ended June 30, 2015 may not be comparable to the Company’s results of operations reported for the prior periods presented.

[2]

The three and six months ended June 30, 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 and six months ended June 30, 2015 represents the dividend declared subsequent to the spin-off of NSAM.