Northstar Realty Finance (NRF) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
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	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		180,514,984
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 450,617	$ 224,101
Restricted cash		239,488	299,288
Operating real estate, net		8,627,239	8,702,259
Real estate debt investments, net		411,568	501,474
Real estate debt investments, held for sale		88,972	224,677
Investments in private equity funds, at fair value		869,470	1,101,650
Investments in unconsolidated ventures		152,624	155,737
Real estate securities, available for sale		592,977	702,110
Receivables, net of allowance of $4,625 and $4,318 as of March 31, 2016 and December 31, 2015, respectively		113,477	66,197
Receivables, related parties		1,537	2,850
Unbilled rent receivable, net of allowance of $116 as of March 31, 2016 and December 31, 2015		52,985	46,262
Derivative assets, at fair value		22	116
Intangible assets, net		505,675	527,277
Assets of properties held for sale		1,913,083	2,742,635
Other assets		172,135	107,768
Total assets	[1]	14,191,869	15,404,401
Liabilities
Mortgage and other notes payable		7,167,828	7,164,576
Credit facilities and term borrowings		443,298	654,060
CDO bonds payable, at fair value		289,338	307,601
Exchangeable senior notes		28,574	29,038
Junior subordinated notes, at fair value		175,130	183,893
Accounts payable and accrued expenses		136,827	170,120
Due to related party		46,450	50,903
Derivative liabilities, at fair value		218,856	103,293
Intangible liabilities, net		144,442	149,642
Liabilities of properties held for sale		1,564,851	2,209,689
Other liabilities		160,090	165,856
Total liabilities	[2]	$ 10,375,684	$ 11,188,671
Commitments and contingencies
NorthStar Realty Finance Corp. Stockholders’ Equity
Preferred stock, $986,640 aggregate liquidation preference as of March 31, 2016 and December 31, 2015		$ 939,118	$ 939,118
Common stock, $0.01 par value, 500,000,000 shares authorized, 180,491,564 and 183,239,708 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively		1,805	1,832
Additional paid-in capital		5,104,367	5,149,349
Retained earnings (accumulated deficit)		(2,530,522)	(2,309,564)
Accumulated other comprehensive income (loss)		(15,094)	18,485
Total NorthStar Realty Finance Corp. stockholders’ equity		3,499,674	3,799,220
Non-controlling interests		316,511	416,510
Total equity		3,816,185	4,215,730
Total liabilities and equity		14,191,869	15,404,401
Variable Interest Entity, Primary Beneficiary
Assets
Real estate debt investments, net		$ 22,008	$ 22,145
[1]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: March 31, 2016 $7,574 ; December 31, 2015: $11,362 •Operating real estate, net: March 31, 2016: $0 ; December 31, 2015: $0 •Real estate debt investments, net: March 31, 2016: $22,009 ; December 31, 2015: $22,145 •Real estate securities, available for sale: March 31, 2016: $374,109 ; December 31, 2015: $385,421 •Receivables, net of allowance: March 31, 2016: $1,703 ; December 31, 2015: $1,577•Other assets: March 31, 2016: $903 ; December 31, 2015: $590 •Total assets of consolidated VIEs: March 31, 2016: $406,298 ; December 31, 2015: $421,095
[2]	Liabilities of consolidated VIEs included in the total liabilities above:•CDO bonds payable at fair value: March 31, 2016 $289,338 ; December 31, 2015: $307,601 •Accounts payable and accrued expenses: March 31, 2016 $1,269 ; December 31, 2015: $1,255 •Derivative liabilities, at fair value: March 31, 2016 $5,069 ; December 31, 2015: $7,321 •Other liabilities: March 31, 2016 $280 ; December 31, 2015: $575 •Total liabilities of consolidated VIEs: March 31, 2016 $295,956 ; December 31, 2015: $316,752

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Receivables, allowance	$ 4,944	$ 4,318
Unbilled rent receivable, allowance	116	116
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	180,491,564	183,239,708
Common stock, shares outstanding	180,491,564	183,239,708

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2016USD ($)$ / sharesshares		Mar. 31, 2015USD ($)$ / sharesshares
Property and other revenues
Rental and escalation income	[1]	$ 191,434		$ 165,041
Hotel related income	[1]	193,743		168,727
Resident fee income	[1]	72,777		63,373
Other revenue	[1]	5,440		3,483
Total property and other revenues	[1]	463,394		400,624
Net interest income
Interest income	[1]	42,933		65,637
Interest expense on debt and securities	[1]	2,160		1,977
Net interest income on debt and securities	[1]	40,773		63,660
Expenses
Management fee, related party	[1]	46,528		48,231
Interest expense—mortgage and corporate borrowings	[1]	124,502		113,009
Real estate properties—operating expenses	[1]	238,410		201,141
Other expenses	[1]	7,016		4,473
Transaction costs	[1]	3,215		5,585
Impairment losses		5,073		0
Provision for (reversal of) loan losses, net	[1]	7,242		483
General and administrative expenses
Salaries and related expense	[1]	1,999		3,127
Equity-based compensation expense	[2]	6,285	[1]	10,830
Other general and administrative expenses	[1]	4,984		3,246
Total general and administrative expenses	[1]	13,268		17,203
Depreciation and amortization	[1]	88,003		108,982
Total expenses	[1]	533,257		499,107
Other income (loss)
Unrealized gain (loss) on investments and other	[1]	(135,481)		(30,574)
Realized gain (loss) on investments and other	[1]	377		13,003
Income (loss) before equity in earnings (losses) of unconsolidated ventures and income tax benefit (expense)	[1]	(164,194)		(52,394)
Equity in earnings (losses) of unconsolidated ventures	[1]	44,655		53,643
Income tax benefit (expense)	[1]	(7,843)		(1,664)
Income (loss) from continuing operations	[1]	(127,382)		(415)
Income (loss) from discontinued operations	[2]	0	[1]	(13,861)
Net income (loss)	[1]	(127,382)		(14,276)
Net (income) loss attributable to non-controlling interests	[1]	3,177		3,733
Preferred stock dividends	[1]	(21,059)		(21,059)
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	[1]	$ (145,264)		$ (31,602)
Earnings (loss) per share:
Income (loss) per share from continuing operations (in dollars per share) | $ / shares	[1],[2]	$ (0.79)		$ (0.11)
Income (loss) per share from discontinued operations (in dollars per share) | $ / shares	[1],[2]	0		(0.09)
Basic (in dollars per share) | $ / shares	[1],[2]	(0.79)		(0.20)
Diluted (in dollars per share) | $ / shares	[1],[2]	$ (0.79)		$ (0.20)
Weighted average number of shares:
Basic (in shares) | shares	[1],[2]	182,809		154,268
Diluted (in shares) | shares	[1],[2]	184,675		154,626
Dividends per share of common stock (in dollars per share) | $ / shares	[1],[2]	$ 0.40		$ 0.80
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.
[2]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	[1]	$ (127,382)	$ (14,276)
Other comprehensive income (loss):
Unrealized gain (loss) on real estate securities, available for sale, net		(33,132)	(18,546)
Reclassification of swap (gain) loss into interest expense—mortgage and corporate borrowings		223	265
Foreign currency translation adjustment, net		(1,180)	(2,356)
Total other comprehensive income (loss)		(34,089)	(20,637)
Comprehensive income (loss)		(161,471)	(34,913)
Comprehensive (income) loss attributable to non-controlling interests		3,687	4,033
Comprehensive income (loss) attributable to NorthStar Realty Finance Corp.		$ (157,784)	$ (30,880)
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe 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	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Total NorthStar Stockholders’ Equity	Non-controlling Interests
Balance (in shares) at Dec. 31, 2014			39,466	150,842
Balance at Dec. 31, 2014	$ 4,713,656		$ 939,118	$ 1,508	$ 4,828,928	$ (1,422,399)	$ 49,540	$ 4,396,695	$ 316,961
Increase (Decrease) in Stockholders' Equity
Non-controlling interests—contributions	126,484								126,484
Non-controlling interests—distributions	(36,661)								(36,661)
Non-controlling interest—reallocation of interest in Operating Partnership	0				(14,548)			(14,548)	14,548
Dividend reinvestment plan (in shares)				7
Dividend reinvestment plan	194			$ 0	194			194
Amortization of equity-based compensation	25,692				13,757			13,757	11,935
Conversion of exchangeable senior notes (in shares)				829
Conversion of exchangeable senior notes	13,590			$ 8	13,582			13,590
Other comprehensive income (loss)	(17,242)						(16,713)	(16,713)	(529)
Retirement of shares of common stock (in shares)				(6,470)
Retirement of shares of common stock	(118,047)			$ (64)	(117,983)			(118,047)
Issuance of restricted stock, net of tax withholding (in shares)				32
Issuance of restricted stock, net of tax withholding	(3,602)			$ 0	(3,602)			(3,602)
Dividends on common stock and equity-based awards	(563,168)					(559,668)		(559,668)	(3,500)
Dividends on preferred stock	(84,238)					(84,238)		(84,238)
Net income (loss)	(267,267)					(243,259)		(243,259)	(24,008)
Net proceeds from offering of common stock (in shares)				38,000
Net proceeds from offering of common stock	1,326,240			$ 380	1,325,860			1,326,240
Conversion of Deferred LTIP Units to LTIP Units	0				(18,730)			(18,730)	18,730
Spin-off of NorthStar Europe	(899,901)				(878,109)		(14,342)	(892,451)	(7,450)
Balance (in shares) at Dec. 31, 2015			39,466	183,240
Balance at Dec. 31, 2015	4,215,730		$ 939,118	$ 1,832	5,149,349	(2,309,564)	18,485	3,799,220	416,510
Increase (Decrease) in Stockholders' Equity
Non-controlling interests—contributions	101								101
Non-controlling interests—distributions	(6,986)								(6,986)
Non-controlling interest – sale of subsidiary	(88,604)								(88,604)
Non-controlling interest—reallocation of interest in Operating Partnership	0				1,846			1,846	(1,846)
Dividend reinvestment plan (in shares)				4
Dividend reinvestment plan	46			$ 0	46			46
Amortization of equity-based compensation	5,944				4,411			4,411	1,533
Conversion of exchangeable senior notes (in shares)				73
Conversion of exchangeable senior notes	504			$ 1	503			504
Other comprehensive income (loss)	(34,089)						(33,579)	(33,579)	(510)
Retirement of shares of common stock (in shares)				(3,890)
Retirement of shares of common stock	(50,033)			$ (39)	(49,994)			(50,033)
Issuance of restricted stock, net of tax withholding (in shares)				1,065
Issuance of restricted stock, net of tax withholding	(1,783)			$ 11	(1,794)			(1,783)
Dividends on common stock and equity-based awards	(76,204)					(75,694)		(75,694)	(510)
Dividends on preferred stock	(21,059)					(21,059)		(21,059)
Net income (loss)	(127,382)	[1]				(124,205)		(124,205)	(3,177)
Balance (in shares) at Mar. 31, 2016			39,466	180,492
Balance at Mar. 31, 2016	$ 3,816,185		$ 939,118	$ 1,805	$ 5,104,367	$ (2,530,522)	$ (15,094)	$ 3,499,674	$ 316,511
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical)	Nov. 01, 2015
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 - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	[1]	$ (127,382)	$ (14,276)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in (earnings) losses of PE Investments		(37,552)	(48,186)
Equity in (earnings) losses of unconsolidated ventures		(7,103)	(5,457)
Depreciation and amortization		88,003	109,726
Amortization of premium/accretion of discount on investments		(14,094)	(19,499)
Interest accretion on investments		(168)	(4,071)
Amortization of deferred financing costs		14,450	13,615
Amortization of equity-based compensation		5,944	10,296
Unrealized (gain) loss on investments and other		132,937	32,983
Realized (gain) loss on investments and other		(377)	(14,924)
Impairment losses		5,073	0
Distributions from PE Investments		33,106	48,186
Distributions from unconsolidated ventures		1,848	196
Distributions from equity investments		2,808	8,685
Amortization of capitalized above/below market leases		1,460	2,660
Straight line rental income, net		(6,807)	(8,159)
Deferred income taxes, net		3,333	(451)
Provision for (reversal of) loan losses, net	[1]	7,242	483
Allowance for uncollectible accounts		1,064	582
Other		0	829
Changes in assets and liabilities:
Restricted cash		(1,189)	(661)
Receivables		(5,765)	17,917
Receivables, related parties		1,313	230
Other assets		(6,126)	1,703
Accounts payable and accrued expenses		(22,961)	(23,130)
Due to related party		(4,453)	(4,256)
Other liabilities		(351)	419
Net cash provided by (used in) operating activities		64,253	105,440
Cash flows from investing activities:
Acquisition of operating real estate		0	(95,807)
Acquisition of manufactured homes, held for sale		(2,916)	(1,469)
Improvements of real estate		(44,245)	(23,581)
Improvements of real estate, held for sale		(3,168)	0
Proceeds from sale of real estate		145,962	3,681
Origination of or fundings for real estate debt investments		(12,300)	(10,777)
Proceeds from sale of real estate debt investments		224,013	0
Repayment of real estate debt investments		3,585	104,014
Investment in PE Investments		(1,015)	(1,096)
Distributions from PE Investments		48,036	25,292
Proceeds from sale of PE Investment		144,143	0
Investment in unconsolidated ventures		(1,337)	0
Distributions from unconsolidated ventures		229	2,054
Proceeds from the sale of real estate securities, available for sale		53,886	60,963
Repayment of real estate securities, available for sale		10,305	4,282
Change in restricted cash		37,314	18,436
Payment of leasing costs		(956)	(790)
Investment deposits and pending deal costs		(243)	(568,351)
Other assets		2,493	(6,716)
Net cash provided by (used in) investing activities		603,786	(489,865)
Cash flows from financing activities:
Borrowings from mortgage and other notes payable		59,326	67,254
Repayment of mortgage and other notes payable		(60,359)	(27,727)
Repayment of CDO bonds		(15,737)	(16,146)
Repayment of securitization bonds payable		0	(41,831)
Borrowings from credit facilities		0	420,000
Repayment of credit facilities		(212,075)	(241,877)
Payment of financing costs		(1,819)	(70,654)
Purchase of derivative instruments		0	(42)
Payment of cash collateral on derivatives		(62,318)	0
Change in restricted cash		7,763	1,562
Net proceeds from common stock offering		0	555,455
Repurchase of common stock		(47,020)	0
Proceeds from dividend reinvestment plan		46	38
Dividends		(96,931)	(150,858)
Repurchase of shares related to equity-based awards and tax withholding		(5,428)	0
Contributions from non-controlling interests		101	11,789
Distributions to non-controlling interests		(6,986)	(10,885)
Net cash provided by (used in) financing activities		(441,437)	496,078
Effect of foreign currency translation on cash and cash equivalents		(86)	(3,414)
Net increase (decrease) in cash and cash equivalents		226,516	108,239
Cash and cash equivalents—beginning of period		224,101	296,964
Cash and cash equivalents—end of period		$ 450,617	$ 405,203
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2016
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” or “NorthStar Realty”). 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. 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. 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. Substantially all of the Company’s assets, directly or indirectly, are held by, and the Company conducts its operations, directly or indirectly, through NorthStar Realty Finance Limited Partnership, a Delaware limited partnership and the operating partnership of the Company (the “Operating Partnership”). 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. Strategic Initiatives The Company continues to execute a series of strategic initiatives with the goal of maximizing long-term shareholder value. These initiatives include: (i) sales of all or portions of certain real estate assets; (ii) sales of all or a portion of the Company’s PE Investments; and (iii) sales and/or accelerated repayments of the Company’s CRE debt and securities investments. Additionally, in connection with the Company’s continuous evaluation of its capital allocation strategy, the Company revised its dividend policy. Proceeds from such sales initiatives, along with capital retained from the Company’s revised dividend policy, are currently expected to be used for opportunistically repurchasing the Company’s common stock, which the Company believes is currently trading at a significant discount to underlying net asset value and toward repayment of a significant portion of the Company’s corporate recourse borrowing obligations with $425 million currently outstanding (excluding $280 million of trust preferred securities with maturities beginning in 2035). In addition, the Company’s board of directors formed a special committee, which retained UBS Investment Bank as its financial advisor, to explore a potential recombination transaction with NSAM. The special committee is comprised solely of independent directors that are not on the board of directors of NSAM. In May 2016, the Company also announced that it had entered into exclusive discussions with NSAM and Colony Capital, Inc. (“Colony Capital”) regarding a tri-party business combination. There can be no assurance that the exploration of corporate strategic initiatives, including the Company’s discussions with NSAM and Colony Capital, will result in any definitive agreement, transaction or initiative being announced or consummated.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015, which was filed with the Securities and Exchange Commission (the “SEC”). The three months ended March 31, 2016 include the Company’s results of operations following the spin-off of its European real estate business (the “NRE Spin-off”) into a separate publicly-traded REIT, NorthStar Realty Europe Corp. (“NorthStar Europe”). The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations. As a result, the three months ended March 31, 2016 may not be comparable to the prior period presented. Expenses also included an allocation of indirect expenses of the Company to NorthStar Europe, including salaries and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had the European real estate business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of the Company’s operations. Principles of Consolidation The consolidated financial statements include the accounts of the Company, 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 or through a simple majority vote. 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 including amounts related to discontinued operations (refer to Note 3). 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 table presents the components of accumulated OCI for the three months ended March 31, 2016 and 2015 (dollars in thousands): Accumulated OCI Unrealized Gain (Loss) on Available for Sale Securities Interest Rate Swap Gain (Loss) Foreign Currency Translation Total Balance as of December 31, 2015 $ 21,016 $ (767 ) $ (1,764 ) $ 18,485 Unrealized gain (loss) on real estate securities, available for sale (33,724 ) — — (33,724 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other 592 — — 592 Reclassification of swap (gain) loss into interest expense—mortgage and corporate borrowings (refer to Note 14) — 223 — 223 Foreign currency translation adjustment — — (1,180 ) (1,180 ) Non-controlling interests 331 (2 ) 181 510 Balance as of March 31. 2016 (Unaudited) $ (11,785 ) $ (546 ) $ (2,763 ) $ (15,094 ) Balance as of December 31, 2014 $ 56,072 $ (1,694 ) $ (4,838 ) $ 49,540 Unrealized gain (loss) on real estate securities, available for sale (7,123 ) — — (7,123 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other (11,423 ) — — (11,423 ) Reclassification of swap (gain) loss into interest expense—mortgage and corporate borrowings (refer to Note 14) — 265 — 265 Foreign currency translation adjustment — — (2,356 ) (2,356 ) Non-controlling interests — — 331 331 Balance as of March 31, 2015 (Unaudited) $ 37,526 $ (1,429 ) $ (6,863 ) $ 29,234 Restricted Cash Restricted cash primarily consists of amounts related to operating real estate and CRE debt investments. The following table presents a summary of restricted cash as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, 2015 Capital expenditures reserves $ 131,477 $ 171,712 Operating real estate escrow reserves (1) 95,934 107,399 CRE debt escrow deposits 4,503 8,815 Cash in CDOs (2) 7,574 11,362 Total $ 239,488 $ 299,288 __________________________________________________ (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 to record certain financial assets and liabilities at fair value 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 improvements 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, summarized as follows: Category: Term: Building (fee interest) 15 to 40 years Building improvements Lesser of the useful life or remaining life of the building Building leasehold interests Lesser of 40 years or remaining term of the lease Land improvements 10 to 30 years Tenant improvements Lesser of the useful life or remaining term of the lease 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. The Company records a gain (loss) on sale of real estate when title is conveyed to the buyer and the Company has no substantial economic involvement with the property. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain (loss) recognition by applying the finance, leasing, profit sharing, deposit, installment or cost recovery method, as appropriate, until the sales criteria are met. 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 and discount. CRE debt investments that are deemed to be impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. CRE debt investments where the Company does not have the intent to hold the loan for the foreseeable future or until its expected payoff are classified as held for sale and recorded at the lower of cost or estimated value. Real Estate Securities The Company classifies its CRE securities investments as available for sale on the acquisition date, which are carried at fair value. The Company historically elected to apply the fair value option for its CRE securities investments. For those CRE securities for which the fair value option was elected, any unrealized gains (losses) from the change in fair value is recorded in unrealized gains (losses) on investments and other in the consolidated statements of operations. The Company may decide to not elect the fair value option for certain CRE securities due to the nature of the particular instrument. For those CRE securities for which the fair value option was not elected, any unrealized gain (loss) from the change in fair value is recorded as a component of accumulated OCI in the consolidated statements of equity, to the extent impairment losses are considered temporary. Deferred Costs Deferred costs 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. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed when the associated facility 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 are recorded to depreciation and amortization in the consolidated statements of operations. Intangible Assets and Intangible Liabilities The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, below-market ground 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 identified intangibles are amortized over the remaining lease term. Above/below-market leases are amortized into rental income, below-market ground leases are amortized into real estate properties-operating expense and in-place leases are amortized into depreciation and amortization expense. 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 analyzes goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit, related to such goodwill, is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill with the carrying amount of such goodwill. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, allocating the reporting unit’s estimated fair value to its net assets and identifiable intangible assets. The residual amount represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment loss is recorded in the consolidated statements of operations. Events or circumstances which could indicate a potential impairment include (but are not limited to) issues with local, state or federal governments; on-going or projected negative operating income or cash flow; a significant change in payor mix related to healthcare assets; and/or a significant change in the occupancy rate and/or rising interest rates. A discounted cash flow model is performed based on management’s forecast of operating performance for each reporting unit to assess fair value. In addition, the Company looks at comparable companies and representative transactions to validate management’s expectations, where possible. The inputs used in the annual test is updated for current market conditions and forecasts. The two main assumptions used in measuring goodwill impairment, include the cash flow from operations from each of the Company’s reporting units and the weighted average cost of capital. The starting point for each of the reporting unit’s cash flow from operations is the detailed annual plan. The detailed planning process takes into consideration many factors including EBITDAR, EBITDAR margins, revenue growth rate and capital spending requirements, among other items which impact the individual reporting unit projections. Cash flow beyond the specific operating plans are estimated using a terminal value calculation, which incorporate historical and forecasted financial cyclical trends for each reporting unit and considered long-term earnings growth rates. The financial and credit market volatility directly impacts the fair value measurement through the weighted average cost of capital that the Company uses to determine the discount rate. During times of volatility, significant judgment must be applied to determine whether credit changes are a short-term or long term trend. Fair value of the reporting unit is using significant unobservable inputs or Level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments. The annual impairment test for the reporting units related to a healthcare portfolio acquired in May 2014 was conducted as of October 1, 2015 and the remaining reporting units related to a portfolio acquired in December 2014 with the acquisition of Griffin-American Healthcare REIT II, Inc. (“Griffin-American” or “Griffin-American Portfolio”) and was conducted as of December 31, 2015 . Management used an independent third-party valuation party specialist to assist. Based on the step one analysis performed, management determined the fair value for all of reporting units were in excess of the respective reporting unit’s carrying value, with four exceptions, related to the healthcare portfolio acquired in 2014. As a result, the Company estimated the impairment loss for such reporting units to be $25.5 million and recorded an estimated preliminary impairment charge for such amount in the fourth quarter 2015. Step two of the impairment test was completed in the first quarter 2016 and there was no change to the estimate recorded. Summary The following tables presents identified intangibles as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, 2015 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place leases $ 268,016 $ (73,341 ) $ 194,675 $ 289,124 $ (82,089 ) $ 207,035 Above-market leases 262,380 (37,605 ) 224,775 268,426 (35,940 ) 232,486 Goodwill (1) 47,719 NA 47,719 48,635 NA 48,635 Other 40,958 (2,452 ) 38,506 41,149 (2,028 ) 39,121 Total $ 619,073 $ (113,398 ) $ 505,675 $ 647,334 $ (120,057 ) $ 527,277 Intangible liabilities: Below-market leases $ 175,008 $ (32,730 ) $ 142,278 $ 177,931 $ (30,462 ) $ 147,469 Other (2) 2,236 (72 ) 2,164 2,236 (63 ) 2,173 Total $ 177,244 $ (32,802 ) $ 144,442 $ 180,167 $ (30,525 ) $ 149,642 _______________________ (1) Represents goodwill associated with two acquisitions of healthcare portfolios that operate through the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structures. The first portfolio relates to a healthcare portfolio acquired in 2014 ( $25.5 million ) and the second relates to goodwill associated with a healthcare portfolio in the U.K. in the Griffin-American Portfolio ($ 48.6 million ). For the year ended December 31, 2015, the Company recorded an estimated goodwill impairment of $25.5 million related to the healthcare portfolio acquired in 2014, which was finalized during the three months ended March 31, 2016. The change in goodwill for the three months ended March 31, 2016 relates to foreign currency translation. (2) Represents the value associated with a purchase price option associated with the Griffin-American Portfolio. Other Assets and Other Liabilities The following table presents a summary of other assets and other liabilities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, 2015 Other assets: Cash collateral held by derivative counterparty (refer to Note 14) $ 62,318 $ — Investment-related reserves 45,552 47,380 Prepaid expenses 24,897 22,573 Deferred tax assets, net 24,145 24,435 Deferred costs 9,154 9,461 Due from servicer 2,399 642 Investment deposits and pending deal costs 1,411 568 Notes receivable, net 210 694 Other 2,049 2,015 Total $ 172,135 $ 107,768 March 31, 2016 (Unaudited) December 31, 2015 Other liabilities: Deferred tax liabilities $ 52,241 $ 50,341 PE Investments deferred purchase price (refer to Note 5) 44,212 44,212 Tenant security deposits 30,192 30,327 Prepaid rent and unearned revenue 21,498 24,697 Escrow deposits payable 7,914 11,753 Other 4,033 4,526 Total $ 160,090 $ 165,856 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. Rental revenue recognition commences when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. 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. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. 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 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. In a situation in which a lease(s) associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful life of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such amounts are included within depreciation and amortization 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 U.S. and global macroeconomic factors and 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 losses 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 principa

Operating Real Estate

Operating Real Estate	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Operating Real Estate	Operating Real Estate The following table presents operating real estate, net as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, Land $ 1,045,465 $ 1,047,620 Land improvements 148,498 148,295 Buildings and improvements 6,714,523 6,728,957 Building leasehold interests and improvements 723,578 723,573 Furniture, fixtures and equipment 359,599 346,628 Tenant improvements 161,776 165,539 Construction in progress 61,315 57,663 Subtotal 9,214,754 9,218,275 Less: Accumulated depreciation (582,612 ) (511,113 ) Less: Allowance for operating real estate impairment (4,903 ) (4,903 ) Operating real estate, net $ 8,627,239 $ 8,702,259 Real Estate Held for Sale The following table summarizes the Company’s operating real estate held for sale as of March 31, 2016 (dollars in thousands): Assets Liabilities Description Properties Operating Real Estate, Net (1) Intangible Assets, Net Total (2) Mortgage and Other Notes Payable, Net Intangible Liabilities, Net Total WA Ownership Interest Manufactured housing communities (3) 136 $ 1,495,345 $ 24,015 $ 1,519,360 $ 1,262,057 $ — $ 1,262,057 94 % Multifamily (4) 11 304,861 — 304,861 247,032 — 247,032 90 % Other 8 86,273 2,589 88,862 41,482 14,280 55,762 NA Total 155 $ 1,886,479 $ 26,604 $ 1,913,083 $ 1,550,571 $ 14,280 $ 1,564,851 ______________________________________ (1) Includes $58.9 million of manufactured housing notes receivables previously recorded in other assets. (2) Represents operating real estate and intangible assets, net of depreciation and amortization of $218.1 million . (3) In May 2016, the Company entered into an agreement to sell its manufactured housing portfolio for $2.0 billion with $1.3 billion of related mortgage financing expected to be assumed as part of the transaction. The Company expects to receive $620 million of net proceeds. The Company expects the transaction to close in the second half of 2016. (4) The Company entered into and are finalizing agreements to sell ten multifamily properties for $307 million with $210 million of mortgage financing expected to be assumed as part of the transaction. The Company expects to receive $86 million of net proceeds and continues to explore the sale of the remaining two properties, including one multifamily property accounted for as an investment in unconsolidated subsidiary (refer to Note 6). In March 2016, the Company sold its 60% interest in the $898.7 million independent living facility portfolio (“Senior Housing Portfolio”) for $534.5 million . The Company received $149.4 million of proceeds, net of sales costs. In connection with the sale, the Company recorded a $16.7 million realized gain in the Company’s consolidated statements of operations, which represented a reversal of previously recorded accumulated depreciation and transaction costs. Refer to Note 9. Related Party Arrangements for further disclosure. Spin-off of European Real Estate Business On October 31, 2015, the Company completed the NRE Spin-off into a separate publicly-traded REIT, NorthStar Europe, in the form of a taxable distribution. In connection with the NRE Spin-off, each of the Company’s common stockholders received shares of NorthStar Europe’s common stock on a one-for-six basis, before giving effect to a one-for-two reverse stock split of the Company’s common stock (the “Reverse Split”). The Company contributed to NorthStar Europe approximately $2.6 billion of European real estate, at cost (excluding the Company’s European healthcare properties), comprised of 52 properties spanning across some of Europe’s top markets and $250 million of cash. In connection with the NRE Spin-off, $2.8 billion of assets were transferred and $1.9 billion of liabilities were assumed by NorthStar Europe. For the three months ended March 31, 2015, the Company recorded a $13.9 million loss included in discontinued operations in the Company’s consolidated statements of operations associated with NorthStar Europe which represented a carve-out of revenues of $1.8 million and expenses of $15.7 million , primarily related to transaction costs.

Real Estate Debt Investments

Real Estate Debt Investments	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Real Estate Debt Investments	Real Estate Debt Investments The following table presents CRE debt investments as of March 31, 2016 (dollars in thousands): Weighted Average Floating Rate (3) Number Principal Carrying Allocation by (3) Fixed Rate Spread (6) Yield (4) Asset Type: First mortgage loans (1)(6) 7 $ 198,534 $ 170,349 42.5 % 10.24 % 8.62 % 3.18 % 32.6 % Mezzanine loans 6 22,400 18,571 4.8 % 9.05 % 4.00 % 7.24 % 39.8 % Subordinate interests 4 170,980 169,760 36.6 % 12.67 % 5.67 % 8.87 % 58.8 % Corporate loans 4 35,382 30,880 7.6 % 12.92 % — % 14.81 % — % Subtotal/Weighted average (2) 21 427,296 389,560 91.5 % 11.25 % 10.69 % 6.77 % 40.8 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 9,320 5.8 % — % 1.27 % 3.92 % 100.0 % Mezzanine loans 1 11,000 10,752 2.4 % 8.00 % — % 8.18 % — % Corporate loans 6 1,936 1,936 0.4 % 6.74 % — % 6.74 % — % Subtotal/Weighted average 9 39,893 22,008 8.5 % 7.81 % 1.27 % 6.25 % 67.6 % Total 30 $ 467,189 $ 411,568 100.0 % 11.08 % 9.42 % 6.75 % 43.1 % Real estate debt, held for sale (5) 4 $ 91,949 $ 88,972 NA — % 6.57 % 7.23 % 100.0 % ____________________________________________________________ (1) 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. One of these three loans is a Sterling denominated loan of £66.7 million , of which £25.0 million is available to be funded as of March 31, 2016 . This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022. (2) 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 $9.3 million . (3) Based on principal amount. (4) Based on initial maturity and for floating-rate debt, calculated using one -month LIBOR as of March 31, 2016 and for CRE debt with a LIBOR floor greater than LIBOR, using such floor. (5) One CRE debt investment served as collateral for financing transactions with a carrying value of $38.6 million for the Company’s loan facility. The remainder was unleveraged. In April 2016, the Company sold these loans and used $25.2 million of proceeds to pay down the Company’s loan facility in full, resulting in net proceeds of $ 64.0 million. (6) $64.0 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.95%. The following table presents CRE debt investments as of December 31, 2015 (dollars in thousands): Weighted Average (5) Floating Rate (3) Number Principal Amount Carrying Value Allocation by (3) Fixed Rate Spread (6) Yield (7) Asset Type: First mortgage loans (1) 11 $ 286,628 $ 260,237 51.6 % 7.09 % 4.95 % 6.18 % 55.8 % Mezzanine loans 6 22,361 18,630 4.0 % 9.04 % 4.00 % 8.39 % 39.9 % Subordinate interests 4 171,044 169,781 30.8 % 13.04 % 5.65 % 8.72 % 59.0 % Corporate loans 4 35,215 30,681 6.3 % 12.93 % — % 14.84 % — % Subtotal/Weighted average (2) 25 515,248 479,329 92.7 % 10.51 % 5.26 % 8.12 % 52.5 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 9,321 4.9 % — % 1.27 % 3.10 % 100.0 % Mezzanine loans 1 11,000 10,675 2.0 % 8.00 % — % 8.24 % — % Corporate loans 6 2,149 2,149 0.4 % 6.74 % — % 6.74 % — % Subtotal/Weighted average 9 40,106 22,145 7.3 % 7.79 % 1.27 % 5.70 % 67.2 % Total 34 $ 555,354 $ 501,474 100.0 % 10.33 % 4.79 % 7.98 % 53.5 % Real estate debt, held for sale (7) 7 $ 225,037 $ 224,677 NA 13.65 % 7.41 % 10.89 % 52.5 % ____________________________________________________________ (1) 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. One is a Sterling denominated loan of £66.7 million . This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022. (2) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $38.6 million for the Company’s loan facility. The remainder is unleveraged. (3) Based on principal amount. (4) Excludes an aggregate principal amount of $ $129.3 million related to three CRE debt investments that were originated prior to 2008, three non-performing loans and one first mortgage loan acquired with deteriorated credit quality. (5) $63.9 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.95% . Includes one first mortgage loan with a principal amount of $5.8 million with a spread over the prime rate. (6) Based on initial maturity and for floating-rate debt, calculated using one -month LIBOR as of December 31, 2015 and for CRE debt with a LIBOR floor, using such floor. (7) In the first quarter 2016, the Company sold these seven loans and used $46.9 million of proceeds to pay down the Company’s loan facility, resulting in net proceeds of $178.2 million . The following table presents maturities of CRE debt investments based on principal amount as of March 31, 2016 (dollars in thousands): Initial Maturity Maturity Including Extensions (1) April 1 to December 31, 2016 $ 103,129 $ 97,747 Years ending December 31: 2017 220 220 2018 1,716 1,716 2019 — — 2020 — — Thereafter 267,753 273,135 Total (2) $ 372,818 $ 372,818 ____________________________________________________________ (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) Excludes three non-performing loans (“NPLs”) with an aggregate principal amount of $94.4 million as of March 31, 2016 due to maturity defaults. In April 2016, one NPL, with a total principal amount of $52 million , was repaid at par. As of March 31, 2016 , the weighted average maturity, including extensions, of CRE debt investments was 5.5 years. Actual maturities may differ from contractual maturities as certain borrowers may have the right to prepay with or without prepayment penalty. The Company may also extend certain contractual maturities in connection with loan modifications. The principal amount of CRE debt investments differs from the carrying value primarily due to unamortized origination fees and costs, unamortized premium and discount and loan loss reserves recorded as part of the carrying value of the investment. As of March 31, 2016 , the Company had $39.6 million of net unamortized discount and $1.4 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 months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Beginning balance $ 7,839 $ 5,599 Provision for (reversal of) loan losses, net 4,260 (1)(2) 200 (1) Ending balance $ 12,099 $ 5,799 ____________________________________________________________ (1) Excludes $0.1 million of provision for loan losses relating to manufactured housing notes receivables recorded in assets of properties held for sale as of March 31, 2016 and $0.3 million recorded in other assets as of March 31, 2015. (2) Excludes $2.9 million of provision for loan losses primarily relating to exit fees on real estate debt, held for sale. Credit Quality Monitoring CRE debt investments are typically loans secured by direct senior priority liens on real estate properties or by interests in entities that directly own real estate properties, which serve as the primary source of cash for the payment of principal and interest. The Company evaluates its debt investments at least quarterly and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company categorizes a debt investment for which it expects to receive full payment of contractual principal and interest payments as a “loan with no loan loss reserve.” The Company categorizes a debt investment as an NPL if it is in maturity default and/or past due at least 90 days on its contractual debt service payments. The Company considers the remaining debt investments to be of weaker credit quality and categorizes such loans as “other loans with a loan loss reserve/non-accrual status.” These loans are not considered NPLs because such loans are performing in accordance with contractual terms but the loans have a loan loss reserve and/or are on non-accrual status. Even if a borrower is currently paying contractual debt service or debt service is not due in accordance with its contractual terms, the Company may still determine that the borrower may not be able to perform under its contractual terms in the future and make full payment upon maturity. The Company’s definition of an NPL may differ from that of other companies that track NPLs. The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands): March 31, 2016 December 31, Credit Quality Indicator: Loans with no loan loss reserve: First mortgage loans $ 84,668 $ 168,978 Mezzanine loans 29,323 29,305 Subordinate interests 169,759 169,781 Corporate loans 32,816 32,830 Subtotal 316,566 400,894 Other loans with a loan loss reserve/non-accrual status: First mortgage loans (1) 4,137 4,137 Mezzanine loans (2) — — Subtotal 4,137 4,137 Non-performing loans (3) 90,865 96,443 Total $ 411,568 $ 501,474 ____________________________________________________________ (1) Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $3.1 million as of March 31, 2016 and December 31, 2015 . (2) Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.8 million as of March 31, 2016 and December 31, 2015 . Such loan is not considered a NPL as debt service is currently being received. (3) In April 2016, one NPL, with a total principal amount of $52 million , was repaid at par. Impaired Loans The Company considers impaired loans to generally include NPLs, loans with a loan loss reserve, loans on non-accrual status (excluding loans acquired with deteriorated credit quality) and TDRs. The following table presents impaired loans as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Number Principal Amount (1) Carrying Value (1) Loan Loss Reserve Number Principal Amount (1) Carrying Value (1) Loan Loss Reserve Class of Debt: First mortgage loans 5 $ 118,177 $ 95,002 $ 8,333 5 $ 119,677 $ 100,580 $ 4,073 Mezzanine loans 1 3,766 — 3,766 1 3,766 — 3,766 Total 6 $ 121,943 $ 95,002 $ 12,099 6 $ 123,443 $ 100,580 $ 7,839 ____________________________________________________________ (1) Principal amount differs from carrying value primarily due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $3.1 million as of March 31, 2016 and December 31, 2015 . The following table presents average carrying value of impaired loans by type and the income recorded on such loans subsequent to them being deemed impaired for the three months ended March 31, 2016 and 2015 (dollars in thousands): March 31, 2016 March 31, 2015 Number Average Quarter Number Average Quarter Class of Debt: First mortgage loans 5 $ 97,791 $ 2,100 2 $ 2,690 $ 50 Mezzanine loans 1 — — 1 — 2 Total/weighted average 6 $ 97,791 $ 2,100 3 $ 2,690 $ 52 As of March 31, 2016 , the Company had three loans past due greater than 90 days. As of March 31, 2015, the Company did not have any loans past due greater than 90 days.

Investments in Private Equity F

Investments in Private Equity Funds	3 Months Ended
	Mar. 31, 2016
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”, “PE Investment II” and “PE Investment XV”) or consolidated ventures and direct investments (“PE Investment III to XIV,” 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 variable interest entities, except for PE Investment I and II (refer to Note 16). PE Investment I and II are considered voting interest entities and 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. The following tables summarize the Company’s PE Investments as of March 31, 2016 (dollars in millions): PE Investment Initial Closing Date NAV Reference Date (1) Number of Funds Purchase Price Expected Future Funding (2) PE Investment I February 15, 2013 June 30, 2012 49 $ 282.1 $ 2 PE Investment II (3) July 3, 2013 September 30, 2012 24 5.0 3 PE Investment III December 31, 2013 June 30, 2013 8 79.6 — 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 — PE Investment IX October 2, 2014 March 31, 2014 11 217.7 2 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 3 PE Investment XIV (4) September 9, 2015 December 31, 2014 15 50.2 50 PE Investment XV November 12, 2015 December 31, 2014 1 60.0 12 Total 173 (5) 1,465.8 $ 73 ____________________________________________________________ (1) Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment. (2) Includes an estimated amount of expected future contributions to funds and any deferred purchase price as of March 31, 2016 . The actual amount of future contributions underlying the fund interests that may be called and funded by the Company could vary materially from the Company’s expectations. (3) In February 2016, the Company sold substantially all of its interest in PE Investment II for proceeds of $184.1 million . In connection with the sale, the buyers assumed substantially all of the Company’s $243 million portion of the deferred purchase price obligation of the PE Investment II joint venture. The purchase price represents 1% of the original purchase price. Refer to Note 9. Related Party Arrangements for further disclosure. (4) PE Investment XIV paid $50.2 million to the seller for all of the fund interests, or 50% of the December 31, 2014 NAV, and will pay the remaining $47.8 million in equal installments one year and two years after the initial closing date, respectively. Such amount is included in other liabilities on the consolidated balance sheets. (5) The total number of funds includes 28 funds held across multiple PE Investments. Carrying Value Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 PE Investment (5) March 31, 2016 (Unaudited) December 31, 2015 Income (1)(2) Distributions Contributions Income (1)(2) Distributions Contributions PE Investment I (3) $ 124.0 $ 154.0 $ 7.6 $ 33.8 $ — $ 13.9 $ 17.7 $ 0.6 PE Investment II (4) 2.0 186.2 0.1 0.2 — 14.0 21.6 — PE Investment III 28.5 26.8 2.3 0.6 — 0.7 1.5 — PE Investment IV 6.8 7.6 0.3 1.1 — 0.3 — — PE Investment V 6.6 7.7 0.3 1.4 — 0.5 — — PE Investment VI 74.2 75.3 2.0 3.2 0.1 3.4 7.4 0.1 PE Investment VII 31.3 30.2 1.5 0.4 — 2.1 1.9 — PE Investment IX 126.6 129.2 5.3 8.0 0.1 7.4 18.0 0.2 PE Investment X 120.6 128.5 3.7 11.6 — 5.9 13.8 0.2 PE Investment XI 4.3 4.2 0.3 0.2 — — — — PE Investment XII 2.6 2.6 0.1 0.1 — — — — PE Investment XIII 289.4 287.4 9.6 8.3 0.7 — — — PE Investment XIV 51.2 55.2 1.5 5.6 0.1 — — — PE Investment XV 1.4 6.8 3.0 8.4 — — — — Total $ 869.5 $ 1,101.7 $ 37.6 $ 82.9 $ 1.0 $ 48.2 $ 81.9 $ 1.1 ____________________________________________________________ (1) Income is recorded gross of a current income tax expense of $4.7 million and $1.5 million , respectively, for the three months ended March 31, 2016 and 2015. (2) Recorded in equity in earnings in the consolidated statements of operations. (3) The Company recorded an unrealized loss of $3.8 million for the three months ended March 31, 2016 , which represented a partial reversal of an unrealized gain of $32.6 million recorded for the year ended December 31, 2014. (4) The distributions received for the three months ended March 31, 2016 excludes proceeds of $184.1 million in connection with the sale of substantially all of the Company’s interest in PE Investment II. (5) As of March 31, 2016, cash flow is expected through June 30, 2024, with a weighted average expected remaining life of 1.4 years. 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 (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, 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. In February 2016, the Company sold substantially all of its interest in PE Investment II for proceeds of $184.1 million to the other Partners. In connection with the sale, the buyers, Goldman Sachs Asset Management and NorthStar Income, each assumed substantially all of the Company’s $243 million portion of the deferred purchase price obligation of the PE Investment II joint venture.

Investments in Unconsolidated V

Investments in Unconsolidated Ventures	3 Months Ended
	Mar. 31, 2016
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 SteelWave, LLC (formerly known as Legacy Partners Commercial, LLC) (“SteelWave”) are accounted for at fair value due to the election of the fair value option (refer to Note 13). The investments in the NSAM Retail Companies (as defined below) were accounted for under the equity method prior to the spin-off of the Company’s historical asset management business (“NSAM Spin-off”) and are accounted for under the cost method subsequent to the NSAM Spin-off. All other investments in unconsolidated ventures are accounted for under the equity method. The following table summarizes the Company’s investments in unconsolidated ventures as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 (dollars in millions): Carrying Value Equity in Earnings (Losses) Ownership March 31, 2016 (Unaudited) December 31, 2015 Three Months Ended March 31, Investment Interest 2016 2015 RXR Realty (1) 27% $ 93.7 $ 89.3 $ 6.1 $ 3.5 Aerium (2) 15% 7.0 16.5 — 1.0 LandCap (3) 49% 7.7 7.7 — 0.3 SteelWave (4) 40% 7.4 6.8 0.6 0.4 CS/Federal (5) 50% 5.7 5.7 — 0.1 NSAM Retail Companies (6) Various 15.0 14.0 0.1 0.1 NorthStar Realty Finance Trusts (7) N/A 3.7 3.7 — — Multifamily Joint Venture (8) 90% 3.9 3.5 0.3 — Office Joint Venture (9) 10% 8.5 8.5 — — Total $ 152.6 $ 155.7 $ 7.1 $ 5.4 ___________________________________________________________ (1) 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 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 9. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure. (2) Aerium is a pan-European real estate investment manager specializing in commercial real estate properties. The Company recorded an unrealized loss on its interest in Aerium of $10.8 million for the three months ended March 31, 2016 . 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 9. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure. (3) 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. The Company and Whitehall agreed to no longer provide additional new investment capital in the LandCap joint venture. (4) In September 2014, the Company entered into an investment with SteelWave, a real estate investment manager, owner and operator with a portfolio of commercial assets focused in key markets in the western United States. (5) CS Federal Drive, LLC (“CS/Federal”) owns three adjacent class A office/flex buildings in Colorado. The properties were acquired for $54.3 million and were financed with two separate non-recourse mortgages totaling $38.0 million and the remainder in cash. The mortgages matured on February 11, 2016 and the Company is currently in negotiations with the lender. The mortgages have a fixed interest rate of 5.51% and 5.46% , respectively. (6) Affiliates of NSAM also manage the Company’s previously sponsored companies: NorthStar Income, NorthStar Healthcare and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”) and together with any new retail company (herein collectively referred to as the “NSAM Retail Companies”). (7) 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. Refer to Note 16 for further disclosure. (8) 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 have a weighted average fixed interest rate of 3.87% . The joint venture is exploring the sale of the property. (9) 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. NSAM Retail Companies The Company committed to purchase up to $10 million in shares of each of NSAM’s Retail Companies’ common stock during the period from when each offering was declared effective through the end of their respective offering period, in the event that NSAM Retail Companies’ distributions to its stockholders, on a quarterly basis, exceeds certain measures of operating performance. The Company acquired an aggregate of $15.4 million of shares of NorthStar Income, NorthStar Healthcare and NorthStar Income II through March 31, 2016 . 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 Retail Company, up to a total of five new companies per year. As of March 31, 2016, the Company’s distribution support obligations remain outstanding for NorthStar Income II and the following other NSAM Retail Companies: • NorthStar/RXR New York Metro Real Estate, Inc. - NorthStar/RXR New York Metro Real Estate, Inc.’s (“NorthStar/RXR New York Metro”) registration statement filed with the SEC seeks to offer up to $2 billion in a public offering of multiple classes of common stock. In December 2015, the Company and RXR Realty satisfied NorthStar/RXR New York Metro’s minimum offering amount as a result of the purchase of 0.2 million shares of its common stock for an aggregate $2.0 million , of which $1.5 million was invested by the Company. The Company currently consolidates NorthStar/RXR New York Metro based on its majority voting interest in the entity. NSAM began raising capital for NorthStar/RXR New York Metro in the second quarter 2016. • NorthStar Corporate Fund - NorthStar Corporate Income Fund’s (“NorthStar Corporate Fund”) registration statement on Form N-2 filed with the SEC seeks to raise up to $3 billion in a public offering of common stock. In January 2016, the Company and an affiliate of Och-Ziff Capital Management Group invested $2.0 million of seed capital into NorthStar Corporate Fund, of which $1.0 million was invested by the Company. In February 2016, NorthStar Corporate Fund was declared effective by the SEC and expects to begin raising capital in 2016. • NorthStar Capital Fund - NorthStar Real Estate Capital Income Fund’s (“NorthStar Capital Fund”) registration statement on Form N-2 filed with the SEC seeks to raise up to $3 billion in a public offering of common stock. In March 2016, the Company invested $2.0 million of seed capital into NorthStar Capital Fund. In May 2016, NorthStar Capital Fund was declared effective by the SEC and expects to begin raising capital in 2016. The Company currently consolidates the master fund of NorthStar Capital Fund based on its majority voting interest in the entity. • NorthStar Corporate Investment - In June 2015, NorthStar Corporate Investment, Inc. confidentially submitted an amended registration statement on Form N-2 to the SEC seeking to raise up to $1 billion in a public offering of common stock.

Real Estate Securities, Availab

Real Estate Securities, Available for Sale	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Real Estate Securities, Available for Sale	Real Estate Securities, Available for Sale The following table presents CRE securities as of March 31, 2016 (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)(8) 24 $ 363,493 $ 164,681 $ 10,597 $ (21,885 ) $ 153,393 30.8 % 2.24 % 24.23 % N-Star CDO equity (5)(8) 4 68,128 68,128 1,168 (28,320 ) 40,976 5.8 % NA 13.11 % CMBS and other securities (6) 13 67,060 47,689 34 (22,779 ) 24,944 5.7 % 0.76 % 1.30 % Subtotal (2) 41 498,681 280,498 11,799 (72,984 ) 219,313 42.3 % 2.01 % 17.63 % CRE securities in N-Star CDOs (5)(7) CMBS 121 525,664 391,920 22,914 (104,563 ) 310,271 44.5 % 3.39 % 9.27 % Third-party CDO notes 7 55,190 49,728 — (43,070 ) 6,658 4.4 % — % — % Agency debentures 8 87,172 32,133 10,350 — 42,483 7.4 % — % 4.57 % Unsecured REIT debt 1 8,000 8,257 589 — 8,846 0.7 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,819 ) 5,406 0.7 % 2.25 % 2.32 % Subtotal 139 683,251 489,263 33,853 (149,452 ) 373,664 57.7 % 2.72 % 7.86 % Total 180 $ 1,181,932 $ 769,761 $ 45,652 $ (222,436 ) $ 592,977 100.0 % 2.44 % 11.42 % ____________________________________________________________ (1) Excludes $142.1 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation and includes $2.4 million of N-Star CDO bonds owned in N-Star CDO IX. (2) All securities are unleveraged. (3) Based on amortized cost for N-Star CDO equity and principal amount for remaining securities. (4) Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of March 31, 2016 . (5) The fair value option was elected for these securities (refer to Note 13). (6) The fair value option was elected for $ 19.4 million carrying value of these securities (refer to Note 13). (7) Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. (8) As of March 31, 2016, the weighted average remaining life of the N-Star CDO bonds and N-Star CDO equity is 1.8 years and 2.7 years, respectively. 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 16). At the time of issuance of the sponsored CDOs, the Company retained the below investment grade bonds, which are referred to as subordinate bonds, and preferred shares and equity notes, which are referred to as equity interests. In addition, the Company repurchased CDO bonds originally issued to third parties at discounts to par. These repurchased CDO bonds and retained subordinate bonds are herein collectively referred to as N-Star CDO bonds. As of March 31, 2016 , the Company’s CRE securities portfolio is comprised of N-Star CDO bonds and N-Star CDO equity and other securities which are predominantly conduit commercial mortgage-backed securities (“CMBS”), meaning each asset is a pool backed by a large number of commercial real estate loans. As a result, this portfolio is typically well-diversified by collateral type and geography. As of March 31, 2016 , contractual maturities of CRE securities investments ranged from two months to 37 years, with a weighted average expected maturity of 3.4 years. The following table presents CRE securities as of December 31, 2015 (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) 26 $ 401,848 $ 194,908 $ 24,332 $ (2,513 ) $ 216,727 31.3 % 1.98 % 22.01 % N-Star CDO equity (5) 4 71,003 71,003 1,290 (27,388 ) 44,905 5.5 % NA 12.41 % CMBS and other securities (6) 15 116,681 61,520 15,340 (21,295 ) 55,565 9.1 % 2.15 % 5.52 % Subtotal (2) 45 589,532 327,431 40,962 (51,196 ) 317,197 45.9 % 2.01 % 16.83 % CRE securities in N-Star CDOs (5)(7) CMBS 123 538,205 398,343 31,244 (103,076 ) 326,511 41.9 % 3.48 % 10.13 % Third-party CDO notes 8 55,509 50,047 — (43,362 ) 6,685 4.4 % 0.01 % — % Agency debentures 8 87,172 31,774 6,384 (842 ) 37,316 6.8 % — 4.57 % Unsecured REIT debt 1 8,000 8,285 691 — 8,976 0.6 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,800 ) 5,425 0.6 % 2.25 % 2.32 % Subtotal 142 696,111 495,674 38,319 (149,080 ) 384,913 54.1 % 2.80 % 8.56 % Total 187 $ 1,285,643 $ 823,105 $ 79,281 $ (200,276 ) $ 702,110 100.0 % 2.46 % 11.85 % _________________________________________________________ (1) Excludes $142.9 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, 2015 . (5) The fair value option was elected for these securities (refer to Note 13). (6) The fair value option was elected for $48.7 million carrying value of these securities (refer to Note 13). (7) Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. For the three months ended March 31, 2016 , proceeds from the sale of CRE securities was $53.9 million resulting in a net realized loss of $5.6 million . The Company recognized a $9.7 million net cash gain related to acceleration of discount in connection with these sales. For the three months ended March 31, 2015 , proceeds from the sale of CRE securities was $61.0 million resulting in a net realized gain of $10.9 million . CRE securities investments, not held in N-Star CDOs, include 25 securities for which the fair value option was not elected. As of March 31, 2016 , the aggregate carrying value of these securities was $159.0 million , representing $11.3 million of accumulated net unrealized losses included in OCI. As of March 31, 2016 , the Company held 20 securities with an aggregate carrying value of $119.1 million with an unrealized loss of $21.9 million , three of which were in an unrealized loss position for a period of greater than 12 months. Based on management’s quarterly evaluation, the Company recorded OTTI of $7.0 million for the three months ended March 31, 2016, which was recorded in realized gain (loss) on investments and other in the consolidated statements of operations. As of March 31, 2016 , the Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell these securities prior to recovery of its amortized cost basis, which may be at maturity.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Borrowings	Borrowings The following table presents borrowings as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 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% $ 3,087 $ 3,082 $ 3,101 $ 3,097 Ohio Portfolio (16) Non-recourse Jan-19 LIBOR + 4.25% 19,883 19,731 19,948 19,780 Lancaster, OH (16) Non-recourse Jan-19 LIBOR + 4.25% 2,216 2,187 2,261 2,229 Wilkinson Portfolio (16) Non-recourse Jan-19 6.99% 146,299 145,730 147,076 146,447 Tuscola/Harrisburg, IL (16) Non-recourse Jan-19 7.09% 7,230 7,185 7,268 7,218 Formation Portfolio (5) Non-recourse May-19 (6) /Jan-25/Feb-26 LIBOR + 4.25% (7) /4.54%/4.59% 705,344 697,963 701,819 695,060 Minnesota Portfolio (16) Non-recourse Nov-19 LIBOR + 3.50% 37,800 37,215 37,800 37,171 Griffin-American - U.K. (5) Non-recourse Dec-19 (6) LIBOR + 4.25% (7) 317,466 313,164 327,890 322,415 Griffin-American - U.S. - Fixed (5) Non-recourse Dec-19 (6) / Jun-25 / Dec-35 4.68% 1,763,023 1,696,616 1,763,036 1,692,098 Griffin-American - U.S. - Floating (5) Non-recourse Dec-19 (6) LIBOR + 3.23% (7) 854,568 822,379 854,565 820,180 Wakefield Portfolio Non-recourse April-20 LIBOR + 4.00% 54,576 54,140 54,694 54,228 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 Subtotal Healthcare/weighted average 4.56% (7) 4,107,622 3,995,522 4,115,588 3,996,053 Hotel Innkeepers Portfolio (5) Non-recourse Jun-19 (6) LIBOR + 3.39% (7) 840,000 838,766 840,000 837,137 K Partners Portfolio (5) Non-recourse Aug-19 (6) LIBOR + 3.25% (7) 211,681 211,083 211,681 210,660 Courtyard Portfolio (5) Non-recourse Oct-19 (6) LIBOR + 3.05% (7) 512,000 510,372 512,000 509,554 Inland Portfolio (5) Non-recourse Nov-19 (6) LIBOR + 3.60% (7) 817,000 813,297 817,000 811,927 NE Portfolio (5) Non-recourse Jun-20 (6) LIBOR + 3.85% (7) 132,250 131,070 132,250 130,824 Miami Hotel Portfolio (5) Non-recourse Jul-20 (6) LIBOR + 3.90% (7) 115,500 114,093 115,500 113,833 Subtotal Hotel/weighted average 3.39% (7) 2,628,431 2,618,681 2,628,431 2,613,935 Net lease Green Pond, NJ (9) Non-recourse Apr-16 5.68% 15,404 15,403 15,486 15,481 Aurora, CO Non-recourse Jul-16 6.22% 30,031 30,028 30,175 30,169 DSG Portfolio Non-recourse Oct-16 6.17% 30,314 30,278 30,481 30,428 Indianapolis, IN Non-recourse Feb-17 6.06% 25,549 25,540 25,674 25,663 Milpitas, CA Non-recourse Mar-17 5.95% 18,663 18,647 18,827 18,807 Fort Mill, SC Non-recourse Apr-17 5.63% 27,700 27,681 27,700 27,675 Fort Mill, SC - Mezzanine Non-recourse Apr-17 6.21% 541 541 663 663 Industrial Portfolio (5) Non-recourse Jul-17/Dec-17 4.21% (7) 221,125 224,109 221,125 224,635 Salt Lake City, UT Non-recourse Sept-17 5.16% 12,507 12,429 12,646 12,555 South Portland, ME Non-recourse Jul-23 LIBOR + 2.15% (7) 3,150 3,102 3,241 3,190 Subtotal Net lease/weighted average 4.91% (7) 384,984 387,758 386,018 389,266 March 31, 2016 December 31, 2015 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1)(2) Principal Amount Carrying Value (3) Principal Amount Carrying Value (3) Multi-tenant Office Legacy Properties (5) Non-recourse Nov-19/Feb-20 (6) LIBOR + 2.15% (7) 113,804 112,272 112,988 111,266 Subtotal Multi-tenant Office 113,804 112,272 112,988 111,266 Other Secured borrowing Non-recourse May-23 LIBOR + 1.60% 53,595 53,595 54,056 54,056 Subtotal Other 53,595 53,595 54,056 54,056 Subtotal Mortgage and other notes payable (4) 7,288,436 7,167,828 7,297,081 7,164,576 Credit facilities and term borrowings: Corporate Revolver (11) Recourse Aug-17 LIBOR + 3.50% (7) — — 165,000 165,000 Corporate Term Borrowing Recourse Sept-17 4.60% / 4.55% (12) 425,000 419,347 425,000 417,039 Loan Facility 1 Partial Recourse (13) Mar-18 (6) 2.95% (7) 25,188 23,951 72,053 72,021 Subtotal Credit facilities and term borrowings 450,188 443,298 662,053 654,060 CDO bonds payable: N-Star I Non-recourse Aug-38 7.01% 9,426 9,379 10,869 10,814 N-Star IX Non-recourse Aug-52 LIBOR + 0.49% (7) 411,327 279,959 425,622 296,787 Subtotal CDO bonds payable—VIE 420,753 289,338 436,491 307,601 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% 1,000 967 1,000 967 5.375% Notes (14) Recourse Jun-33 5.375% 16,805 14,652 17,405 15,116 Subtotal Exchangeable senior notes 30,760 28,574 31,360 29,038 Junior subordinated notes: Trust I Recourse Mar-35 LIBOR + 3.25% (7) 41,240 27,779 41,240 29,033 Trust II Recourse Jun-35 LIBOR + 3.25% (7) 25,780 17,371 25,780 18,152 Trust III Recourse Jan-36 LIBOR + 2.83% (7) 41,238 25,646 41,238 27,003 Trust IV (15) Recourse Jun-36 7.95% 50,100 31,574 50,100 33,446 Trust V Recourse Sept-36 LIBOR + 2.70% (7) 30,100 18,114 30,100 18,978 Trust VI Recourse Dec-36 LIBOR + 2.90% (7) 25,100 15,602 25,100 16,348 Trust VII Recourse Apr-37 LIBOR + 2.50% (7) 31,459 18,079 31,459 18,960 Trust VIII Recourse Jul-37 LIBOR + 2.70% (7) 35,100 20,965 35,100 21,973 Subtotal Junior subordinated notes 280,117 175,130 280,117 183,893 Subtotal 8,470,254 8,104,168 8,707,102 8,339,168 Borrowings of properties, held for sale: (4) EDS Portfolio (10) Non-recourse Oct-15 5.37% 41,482 41,482 41,742 41,742 Manufactured Housing Communities (10) Non-recourse Dec-21 - Dec-25 4.32% (7) 1,273,619 1,262,057 1,274,643 1,262,726 Multifamily (10) Non-recourse Apr-23 - Jul-23 4.08% (7) 249,641 247,032 249,709 247,019 Senior Housing Portfolio (10) — — — — — 648,211 644,486 Subtotal Borrowings of properties held for sale 1,564,742 1,550,571 2,214,305 2,195,973 Grand Total $ 10,034,996 $ 9,654,739 $ 10,921,407 $ 10,535,141 ____________________________________________________________ (1) Refer to Note 14 for further disclosure regarding derivative instruments which are used to manage interest rate exposure. (2) For borrowings with a contractual interest rate based on LIBOR, represents three -month LIBOR for the Ohio, Lancaster and 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 13) and amortized cost, net of deferred financing costs for the other borrowings. (4) Mortgage and other notes payable are subject to customary non-recourse carveouts. (5) An aggregate principal amount of $6.6 billion is comprised of 22 senior mortgage notes totaling $5.1 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. For borrowings with variable interest rates, the weighted average includes the current LIBOR as of March 31, 2016. (8) Represents borrowings in N-Star CDOs. (9) In April 2016, the mortgage matured and the Company is currently in negotiations with the lender to refinance and extend the mortgage. (10) The manufactured housing portfolio and multifamily portfolio are classified as held for sale and associated borrowings are expected to be assumed by a buyer, and therefore, classified as liabilities of assets held for sale. In October 2015, the mortgage matured for the EDS Portfolio and the Company is currently in negotiations with the lender. In April 2016, the Company gave three properties back to the lender and is expected to give the remaining property back to the lender. In March 2016, the Company sold its 60% interest in the Senior Housing Portfolio for $534.5 million and the buyer assumed the $648.2 million of mortgage borrowing as part of the transaction. Refer to Note 9. Related Party Arrangements for further disclosure. (11) Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt, net lease and securities investments with a carrying value of $418.3 million as of March 31, 2016 . (12) Represents the respective fixed rate applicable to each borrowing under the Corporate Term Borrowing. (13) Recourse solely with respect to certain types of loans as defined in the governing documents. (14) In January 2016, 0.1 million shares of common stock were issued related to the conversion of exchangeable senior notes. (15) Trust IV has a fixed interest rate until June 30, 2016 when the rate will change to floating and reset quarterly to three -month LIBOR plus 2.80% . (16) As of March 31, 2016, such borrowings were not in compliance with certain covenants. The Company received a waiver from the lenders for one quarter with respect to such defaults. The following table presents a reconciliation of principal amount to carrying value of the Company’s mortgage and other notes payable by asset class as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Asset Class: Principal Amount Discount (Premium), Net Deferred Financing Costs, Net Carrying Value Principal Amount Discount (Premium), Net Deferred Financing Costs, Net Carrying Value Healthcare $ 4,107,622 $ (51,966 ) $ (60,134 ) $ 3,995,522 $ 4,115,588 $ 12,801 $ (132,336 ) $ 3,996,053 Hotel 2,628,431 — (9,750 ) 2,618,681 2,628,431 — (14,496 ) 2,613,935 Net lease 384,984 3,752 (978 ) 387,758 386,018 4,389 (1,141 ) 389,266 Multi-tenant office 113,804 — (1,532 ) 112,272 112,988 — (1,722 ) 111,266 Other 53,595 — — 53,595 54,056 — — 54,056 Total $ 7,288,436 $ (48,214 ) $ (72,394 ) $ 7,167,828 $ 7,297,081 $ 17,190 $ (149,695 ) $ 7,164,576 The following table presents scheduled principal on borrowings, based on final maturity as of March 31, 2016 (dollars in thousands): Total Mortgage CDO Bonds Payable Credit Facilities and Term Borrowings Exchangeable (1) Junior Subordinated Notes Borrowings of Properties, Held for Sale April 1 to December 31, 2016 $ 138,245 $ 83,929 $ — $ — $ — $ — $ 54,316 Years ending December 31: 2017 773,921 317,215 — 425,000 12,955 — 18,751 2018 58,710 10,423 — 25,188 — — 23,099 2019 5,888,341 5,862,097 — — 1,000 — 25,244 2020 377,110 350,510 — — — — 26,600 Thereafter 2,798,669 664,262 420,753 — 16,805 280,117 1,416,732 Total $ 10,034,996 $ 7,288,436 $ 420,753 $ 450,188 $ 30,760 $ 280,117 $ 1,564,742 ____________________________________________________________ (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. As of March 31, 2016 , with the exception of the covenants disclosed above, the Company was in compliance with all of its financial covenants. Credit Facilities and Term Borrowings Corporate Borrowings In August 2014, the Company obtained a corporate revolving credit facility (as amended, the “Corporate Revolver”) with certain commercial bank lenders, with a three -year term. The Corporate Revolver is secured by collateral relating to a borrowing base and guarantees by certain subsidiaries of the Company. In May 2015, the Company amended and restated the Corporate Revolver to substitute the Operating Partnership as the borrower, with the Company becoming a guarantor. In February 2016, the Company amended the agreement and decreased the aggregate amount of the revolving commitment to $250.0 million , subject to certain conditions. In February 2016, the Corporate Revolver was repaid and there is currently no outstanding balance. In September 2014, the Company entered into a corporate term borrowing agreement (as amended, the “Corporate Term Borrowing”) with a commercial bank lender to establish term borrowings. In March 2015, the Company amended and restated the Corporate Term Borrowing to substitute the Operating Partnership as the borrower, with the Company becoming a guarantor. 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 Borrowing 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. There is no available financing remaining under the Corporate Term Borrowing. The Corporate Revolver and the Corporate Term Borrowing 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. 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 March 31, 2016, the Company had one loan with a carrying value of $38.6 million financed with $25.2 million on Loan Facility 1. In April 2016, the Loan Facility 1 was repaid in full upon the sale of such loan.

Related Party Arrangements

Related Party Arrangements	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements NorthStar Asset Management Group Management Agreement Upon completion of the NSAM Spin-off, the Company entered into a management agreement with an affiliate of NSAM for an initial term of 20 years, which automatically renews 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 supervision and management of the Company’s board of directors. Through its global network of subsidiaries and branch offices, NSAM performs services and engages in 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. In connection with the NRE Spin-off, NorthStar Europe entered into a management agreement with NSAM with an initial term of 20 years on terms substantially consistent with the terms of the Company’s management agreement with NSAM. The Company’s management agreement with NSAM was amended and restated in connection with the NRE Spin-off to, among other things, adjust the annual base management fee and incentive fee hurdles for the NRE Spin-off. Base Management Fee For the three months ended March 31, 2016 and 2015 , the Company incurred $46.5 million and $45.3 million, respectively, related to the base management fee. As of March 31, 2016 , $46.5 million is recorded in due to related party on the consolidated balance sheets. The base management fee to NSAM could increase subsequent to March 31, 2016 by an amount equal to 1.5% per annum of the sum of: • cumulative net proceeds of all future common equity and preferred equity issued by the Company; • equity issued by the Company in exchange or conversion of exchangeable 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 in the Company’s Operating Partnership (excluding units issued to the Company and 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 NSAM Spin-off. Additionally, the Company’s equity interest in RXR Realty and Aerium is structured so that NSAM is entitled to the portion of distributable cash flow from each investment in excess of the $10 million minimum annual base amount. Incentive Fee For the three months ended March 31, 2016 , the Company did not incur an incentive fee. For the three months ended March 31, 2015, the Company incurred $2.9 million related to the incentive fee. 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, of any amount in excess of $0.68 per share and up to $0.78 per share, after giving effect to the Reverse Split and the NRE Spin-off (“ 15% Hurdle”); 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, of any amount in excess of $0.78 per share, after giving effect to the Reverse Split and the NRE Spin-off (“ 25% Hurdle”); • 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. With respect to the incentive fee, such amounts will be appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split, stock dividend, reclassification, recapitalization or other similar transaction. Additional Management Agreement Terms If the Company were to spin-off any asset or business in the future, such entity would be managed by NSAM on terms substantially similar to those set forth in the management agreement between the Company and NSAM. The management agreement further provides that the aggregate base management fee in place immediately after 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. The Company’s management agreement with NSAM provides that in the event of a change of control of NSAM or other event that could be deemed an assignment of the management agreement, the Company will consider such assignment in good faith and not unreasonably withhold, condition or delay the Company’s consent. The management agreement further provides that the Company anticipates consent would be granted for an assignment or deemed assignment to a party with expertise in commercial real estate and over $10 billion of assets under management. The management agreement also provides that, notwithstanding anything in the agreement to the contrary, to the maximum extent permitted by applicable law, rules and regulations, in connection with any merger, sale of all or substantially all of the assets, change of control, reorganization, consolidation or any similar transaction of us or NSAM, directly or indirectly, the surviving entity will succeed to the terms of the management agreement. Payment of Costs and Expenses and Expense Allocation The Company is responsible for all of its direct costs and expenses and reimburses NSAM for costs and expenses incurred by NSAM on the Company’s behalf. In addition, NSAM may allocate 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 “G&A Allocation”). The Company’s management agreement with NSAM provides that the amount of the G&A Allocation will not exceed the following: (i) 20% of the combined total of: (a) the Company’s and NorthStar Europe’s (the “NorthStar Listed Companies”) general and administrative expenses as reported in their consolidated financial statements excluding (1) equity-based compensation expense, (2) non-recurring items, (3) fees payable to NSAM under the terms of the applicable management agreement and (4) any allocation of expenses to the NorthStar Listed Companies (“NorthStar Listed Companies’ G&A”); and (b) NSAM’s general and administrative expenses as reported in its consolidated financial statements, excluding equity-based compensation expense and adding back any costs or expenses allocated to any managed company of NSAM; less (ii) the NorthStar Listed Companies’ G&A. The G&A Allocation may 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 G&A Allocation may also include rental and occupancy, technology, office supplies, travel and entertainment and other general and administrative costs and expenses, which may be allocated based on various methodologies, such as weighted average employee count or the percentage of time devoted by personnel to the Company’s affairs. 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. In connection with the NRE Spin-off and the related agreements, the NorthStar Listed Companies’ obligations to reimburse NSAM for the G&A Allocation and any severance are shared among the NorthStar Listed Companies, at NSAM’s discretion, and the 20% cap on the G&A Allocation, as described above, applies on an aggregate basis to the NorthStar Listed Companies. NSAM currently determined to allocate these amounts based on assets under management. For the three months ended March 31, 2016 , NSAM allocated $0.2 million to the Company. For the three months ended March 31, 2015 , NSAM allocated $2.0 million to the Company, of which $0.8 million is recorded in discontinued operations related to NorthStar Europe. In addition, the Company, together with NorthStar Europe and any company spun-off from the Company or NorthStar Europe, 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 executives, employees and service providers of NSAM during any year. Subject to this limitation and limitations contained in any applicable management agreement between NSAM and NorthStar Europe or any company spun-off from the Company or NorthStar Europe, the amount paid by the Company, NorthStar Europe and any company spun-off from the Company or NorthStar Europe will be determined by NSAM in its discretion. 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’s equity compensation for each year may be allocated on an individual-by-individual basis at the discretion of the NSAM compensation committee and, as long as the aggregate amount of the equity compensation for such year does not exceed the limits set forth in the management agreement, the proportion of any particular individual’s equity compensation may be greater or less than 50% . In connection with the above obligation, the Company was responsible for paying approximately 50% of the 2015 and 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 the form of equity-based awards of both the Company and NSAM, subject to performance-based and time-based vesting conditions over the four -year performance period from January 1, 2014 through December 31, 2017. The long-term bonuses paid in the form of equity-based awards of the Company were adjusted for the NRE Spin-off and Reverse Split in the same manner as all other equity-based awards of the Company. 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. For the three months ended March 31, 2016, the Company earned $0.2 million from NSAM, recorded in other revenue, for services in connection with loan origination opportunities. 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 NSAM Spin-off, the Company entered into a revolving credit agreement with NSAM pursuant to which the Company makes available to NSAM, on an “as available basis,” up to $250 million of financing with a maturity of June 30, 2019 at LIBOR plus 3.50% . The revolving credit facility is unsecured. NSAM expects to use the proceeds for general corporate purposes, including potential future acquisitions. In addition, NSAM may use the proceeds to acquire assets on behalf of its managed companies, including the Company, that it intends to allocate to such managed company but for which such managed company may not then have immediately available funds. The terms of the revolving credit facility contain various representations, warranties, covenants and conditions, including the condition that the Company’s obligation to advance proceeds to NSAM is dependent upon the Company and its affiliates having at least $100 million of either unrestricted cash and cash equivalents or amounts available under committed lines of credit, after taking into account the amount NSAM seeks to draw under the facility. As of March 31, 2016 , 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 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 10). The Healthcare Strategic Partnership is entitled to incentive fees ranging from 20% to 25% above certain hurdles for new and existing healthcare real estate investments held by the Company. For the three months ended March 31, 2016 and 2015 , the Company did not incur any incentive fees related to the Healthcare Strategic Partnership. N-Star CDOs The Company earns certain collateral management fees from the N-Star CDOs primarily for administrative services. Such fees are recorded in other revenue in the consolidated statements of operations. For the three months ended March 31, 2016 and 2015 , the Company earned $1.1 million and $1.4 million in fee income, respectively, of which $0.5 million and $0.6 million were eliminated in consolidation. Additionally, the Company earns interest income from the N-Star CDO bonds and N-Star CDO equity in deconsolidated N-Star CDOs. For the three months ended March 31, 2016 and 2015 , the Company earned $11.2 million and $16.1 million , respectively, of interest income from such investments related to deconsolidated N-Star CDOs. Refer to Note 7 and Note 16 for additional disclosure regarding the N-Star CDOs. 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 until it was acquired by the Company and NorthStar Healthcare. AHI provides certain management and related services, including property management, to NSAM, NorthStar Healthcare and the Company in order to assist 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. For the three months ended March 31, 2016 and 2015 , the Company incurred $1.3 million of property management fees to AHI, which are recorded in real estate properties— operating expenses in the consolidated statements of operations. 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 160 hotel properties, representing $4.0 billion of assets, of which 110 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 monthly revenue of the hotel properties it manages for the Company. For the three months ended March 31, 2016 and for the period from NSAM’s acquisition date (January 9, 2015) to March 31, 2015 , the Company incurred $4.1 million and $3.5 million, respectively, of base property management and other fees to Island, which are recorded in real estate properties—operating expenses in the consolidated statements of operations. NSAM purchase of common stock In 2015, NSAM purchased 2.7 million shares of the Company in the open market for $49.9 million . Recent Sales or Commitments to Sell to NSAM Retail Companies For the three months ended March 31, 2016 , the Company sold or entered into agreements to sell certain assets to NSAM Retail Companies: • In February 2016, the Company sold substantially all of its 70% interest in PE Investment II to the existing owners of the remaining 30% interest, one a third party which purchased approximately 80% of the interest sold and the other NorthStar Income which purchased the other approximate 20% of the interest sold. NorthStar Income paid $37.3 million for its respective interest. As part of the transaction, both buyers assumed the deferred purchase price obligation, on a pro rata basis, of the PE Investment II joint venture. • In February 2016, the Company sold a 49% interest in one loan with a total principal amount of $40.3 million to a third party, at par, with the remaining 51% interest sold to NorthStar Income II, also at par. • In February 2016, the Company sold one CRE security with a carrying value of $12.5 million to NorthStar Income II. • In March 2016, the Company sold its 60% interest in the Senior Housing Portfolio to NorthStar Healthcare, which owned the remaining 40% interest, for $534.5 million . NorthStar Healthcare assumed the Company’s portion of the $648.2 million of mortgage borrowing as part of the transaction and the Company received approximately $149.4 million of net proceeds. The board of directors of each NSAM Retail Company, including all of the independent directors, approved each of the respective transactions after considering, among other matters, third-party pricing support.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 NSAM Spin-off remain outstanding following the Reorganization and the NSAM Spin-off. Appropriate adjustments were made to all awards to reflect the Reorganization, the Reverse Split and the NSAM Spin-off and NRE Spin-off, collectively referred to as the Spin-offs. Pursuant to the Reorganization, such LTIP Units were converted into an equal number of shares of common stock of the Company (refer to Note 12), 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 NSAM Spin-off, all of which generally remain subject to the same vesting and other terms that applied prior to the NSAM Spin-off. In connection with the NSAM 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 NSAM 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 NSAM 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. In connection with the NRE Spin-off, equity and equity-based awards relating to the Company’s common stock, such as RSUs, were adjusted to also relate to one share of NorthStar Europe common stock for each six shares of the Company’s common stock, but otherwise generally remain subject to the same vesting and other terms that applied prior to the NRE Spin-off. Appropriate adjustments were also made to all awards to reflect the Reverse Split. Following the Spin-offs, 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 and NorthStar Europe are obligated to issue shares of their common stock or other equity awards of their 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 or NorthStar Europe’s common stock issued pursuant to these awards will not be issued pursuant to, or reduce availability, under the NorthStar Realty Equity Plans. All of the adjustments made in connection with the Reorganization, the Spin-offs and the Reverse Splits were deemed to be equitable adjustments pursuant to anti-dilution provisions in accordance with the terms of the NorthStar Realty Equity Plans. As a result, there was no incremental value attributed to these adjustments and these adjustments do not impact the amount recorded for equity-based compensation expense for the three months ended March 31, 2016 and 2015 . The following summarizes the equity-based compensation plans and related expenses. All share amounts and related information disclosed below have been retrospectively adjusted to reflect the Reverse Split. NorthStar Realty Equity Plans Omnibus Stock Incentive Plan In September 2004, the board of directors of the Company adopted the Stock Plan, and such plan, as amended and restated, was further adopted by the board of directors of the Company on April 17, 2013 and approved by the stockholders on May 29, 2013. The Stock Plan provides for the issuance of stock-based incentive awards, including incentive stock options, non-qualified stock options, stock appreciation rights, shares of common stock of the Company, in the form of restricted stock and other equity-based awards such as LTIP Units or any combination of the foregoing. The eligible participants in the Stock Plan include directors, officers, employees, consultants and advisors of the Company. As of March 31, 2016 , 5,219 unvested shares of restricted stock issued under the Stock Plan were outstanding and 1,291,829 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 of the Company or LTIP Units in the Operating Partnership, to the extent available under the NorthStar Realty Equity Plans, or in cash to the extent shares of common stock of the Company or LTIP Units in the Operating Partnership are unavailable under the NorthStar Realty Equity Plans, and, pursuant to adjustments made in connection with the NSAM Spin-off and the NRE Spin-off, shares of NSAM’s common stock or LTIP Units in NSAM’s operating partnership and shares of NorthStar Europe’s common stock or LTIP Units in NorthStar Europe’s operating partnership (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 NSAM Spin-off. These performance-based RSUs were again adjusted to refer to combined total stockholder return of the Company, NorthStar Europe and NSAM after the NRE 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 381,449 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 $4.32 per RSU determined using a risk-free interest rate of 0.42% . 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 24,575 shares of common stock, net of the minimum statutory tax withholding requirements, on January 1, 2015 and the Operating Partnership issued 334,871 LTIP Units. Under the Plan, for 2011, the Company also granted 381,449 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 151,340 shares of restricted stock (net of forfeitures occurring through March 31, 2016 ) 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. Under the Plan, for 2012, the Company issued 352,418 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 $9.86 per RSU determined using a risk-free interest rate of 0.44% . As of December 31, 2015, the Company determined the performance hurdle was met which resulted in all of these RSUs vesting. To settle these RSUs, the Company issued 158,191 shares of common stock, net of the minimum statutory tax withholding requirements, on January 4, 2016. Under the Plan, for 2012, the Company also granted 352,418 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 144,883 LTIP Units (net of forfeitures occurring through March 31, 2016 ) 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 250,184 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 $21.57 per RSU determined using a risk-free interest rate of 0.63% . Under the Plan, for 2013, the Company also granted 250,184 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 130,787 Deferred LTIP Units which were subject to vesting based on continued employment through December 31, 2015. The Company also granted 137,260 Deferred LTIP Units (net of forfeitures occurring through March 31, 2016 ) 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 NSAM Bonus Plan, for 2014, 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 519,115 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 292,438 RSUs to NSAM’s 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 $18.64 per RSU determined using a risk-free interest rate of 1.00% . After the NRE Spin-off, these performance-based RSUs were adjusted to refer to combined total stockholder return of the Company and NorthStar Europe. In the first quarter 2015, the Company also granted 332,988 Deferred LTIP Units (net of forfeitures occurring through March 31, 2016 ) to certain of NSAM’s 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. In connection with the NSAM Bonus Plan, for 2015, a portion of the long-term bonus was paid in restricted shares of common stock and a portion of the long-term bonus was paid by the Company by issuing RSUs. In connection with the 2015 long-term bonuses paid by the Company, in February 2016, the Company granted 1,006,006 restricted shares of common stock to NSAM’s executive officers, of which 25% were vested upon grant and the remainder is subject to vesting in equal installments on December 31, 2016, 2017 and 2018, subject to the recipient’s continued employment through the applicable vesting dates. In connection with the issuance of these shares , in February 2016, the Company retired 132,654 of the vested shares of common stock to satisfy the minimum statutory withholding requirements. In addition, in February 2016, the Company granted 583,261 RSUs to NSAM’s executive officers, which are subject to vesting based on the Company’s absolute total stockholder return, CAD and continued employment over the four -year period ending December 31, 2018. The grant date fair value of such RSUs was $1.70 per RSU determined using a risk-free interest rate of 0.88% . Following the determination of the number of these performance-based RSUs that vest, the Company will settle the vested RSUs by issuing an equal number shares of common stock (or, if shares are not then available, paying cash in an amount equal to the value of such shares) and the NSAM executives will be entitled to receive the distributions that would have been paid with respect to a share of common stock (for each RSU that vests) on or after January 1, 2015. In February 2016, the Company also granted 525,909 restricted shares (net of forfeitures occurring through March 31, 2016 ) of common stock and/or RSUs to its Chief Executive Officer and certain of the Company’s and NSAM’s non-executive employees, with substantially similar terms to the executive awards subject to time-based vesting conditions. Other Issuances Healthcare Strategic Joint Venture In connection with entering into the Healthcare Strategic Partnership, the Company granted Mr. Flaherty 250,000 RSUs on January 22, 2014 which vest on January 22, 2019, unless certain conditions are met. In connection with the Spin-offs, the RSUs granted to Mr. Flaherty were adjusted to also relate to shares of NSAM’s common stock and NorthStar Europe’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, NSAM and NorthStar Europe or in cash at the option of the Company. Summary The following table presents equity-based compensation expense for the three months ended March 31, 2016 and 2015 (dollars in thousands): Time-Based Awards Performance-Based Awards Total Three Months Ended Three Months Ended Three Months Ended 2016 2015 2016 2015 2016 2015 Awards issued pre NSAM Spin-off $ 290 $ 2,871 $ 473 $ 956 $ 763 $ 3,827 Awards issued post NSAM Spin-off 4,673 6,246 510 224 5,183 6,470 Dividends to non-employees 339 533 — — 339 533 Total $ 5,302 $ 9,650 $ 983 $ 1,180 $ 6,285 $ 10,830 The following table presents a summary of equity-based awards outstanding. The balance as of March 31, 2016 represents unvested shares of restricted stock, LTIP Units and restricted stock units outstanding, whether vested or not (grants in thousands): Three Months Ended March 31, 2016 Restricted Stock LTIP Units Restricted Stock Units (1) Total Grants Weighted Average Grant Price December 31, 2015 81 1,868 250 2,199 $ 33.44 Granted 1,040 — 505 1,545 10.73 Forfeited — (8 ) — (8 ) 29.11 Vesting of restricted stock (328 ) — — (328 ) 11.25 March 31, 2016 793 1,860 755 3,408 $ 25.29 ____________________________________________________________ (1) Represents employee and non-employee grants subject to time-based vesting conditions. As of March 31, 2016 , equity-based compensation expense to be recognized over the remaining vesting period through August 2019 is $34.7 million , provided there are no forfeitures.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Reverse Split On November 1, 2015, the Company effected a Reverse Split of its common stock with any fractional shares settled in cash. As a result of the Reverse Split, 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 10). Share Repurchase In September 2015, the Company’s board of directors authorized the repurchase of up to $500.0 million of its outstanding common stock. The authorization expires in September 2016, unless otherwise extended by the Company’s board of directors. For the three months ended March 31, 2016, the Company repurchased 3.9 million shares of its common stock for $50.0 million . From September 2015 through March 31, 2016, the Company repurchased 10.4 million shares for $168.0 million , with $332.0 million remaining under the stock repurchase plan. 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 3,569,962 shares of its common stock, after giving effect to the Reverse Split. Pursuant to the amended terms of the DRP, stockholders are able to automatically reinvest all or a portion of their dividends for additional shares of the Company’s common stock. The Company expects to use the proceeds from the DRP for general corporate purposes. For the three months ended March 31, 2016 , the Company issued 3,513 shares of its common stock pursuant to the DRP for an immaterial amount of proceeds. Dividends The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2016 : Common Stock Preferred Stock Dividend Per Share Declaration Date Dividend 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 Earnings Per Share The following table presents EPS for the three months ended March 31, 2016 and 2015 (dollars and shares in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator: Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (145,264 ) $ (31,602 ) Net income (loss) attributable to LTIP Units non-controlling interest (1,437 ) — Net income (loss) attributable to common stockholders and LTIP Units (1) $ (146,701 ) $ (31,602 ) Denominator: (2)(3) Weighted average shares of common stock 182,809 154,268 Weighted average LTIP Units (1) 1,866 358 Weighted average shares of common stock and LTIP Units (2) 184,675 154,626 Earnings (loss) per share: (3) Basic $ (0.79 ) $ (0.20 ) Diluted $ (0.79 ) $ (0.20 ) ____________________________________________________________ (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, restricted stock and RSUs outstanding that were not dilutive as of March 31, 2016 . These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors. (3) Adjusted for the Reverse Split effected on November 1, 2015.

Non-controlling Interests

Non-controlling Interests	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Non-controlling Interests	Non-controlling Interests Operating Partnership Non-controlling interests include the aggregate LTIP Units held by limited partners (the “Unit Holders”) in the Operating Partnership. Net income (loss) attributable to 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. On a quarterly basis, the carry value of such non-controlling interest is allocated based on the number of LTIP Units held by Unit Holders in total in proportion to the number of LTIP Units in total plus the number of shares of common stock. As of March 31, 2016 , LTIP Units of 1,860,145 were outstanding representing a 1.0% ownership and non-controlling interest in the Operating Partnership. Net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended March 31, 2016 was a net loss of $1.4 million . Since the Operating Partnership was not formed until March 2015, there was an immaterial amount of net income (loss) attributable to the Operating Partnership non-controlling interest for the three months ended March 31, 2015 . Other Other non-controlling interests represent third-party equity interests in ventures that are consolidated with the Company’s financial statements. Net income (loss) attributable to the other non-controlling interests for the three months ended March 31, 2016 and 2015 was a net loss of $1.7 million and $3.7 million , respectively. The following table presents net income (loss) attributable to the Company’s common stockholders for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Income (loss) from continuing operations $ (145,264 ) $ (17,751 ) Income (loss) from discontinued operations — (13,851 ) Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (145,264 ) $ (31,602 )

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
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 are recorded at fair value on the consolidated balance sheets and 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis 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 a CRE debt investment made in connection with an investment in unconsolidated venture 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 N-Star CDO bonds 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. 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. 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. If a credit valuation adjustment is applied to a derivative asset or liability, such fair value is classified as Level 3 of the fair value hierarchy. 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. Financial assets and liabilities recorded at fair value on a recurring basis are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by level within the fair value hierarchy (dollars in thousands): March 31, 2016 Level 1 Level 2 Level 3 Total Assets: PE Investments $ — $ — $ 869,470 $ 869,470 Investments in unconsolidated ventures (1) — — 116,006 116,006 Real estate securities, available for sale: N-Star CDO bonds — — 153,393 153,393 N-Star CDO equity — — 40,976 40,976 CMBS and other securities — 10,388 14,556 24,944 CRE securities in N-Star CDOs CMBS — 251,534 58,737 310,271 Third-party CDO notes — — 6,658 6,658 Agency debentures — 42,483 — 42,483 Unsecured REIT debt — 8,846 — 8,846 Trust preferred securities — — 5,406 5,406 Subtotal CRE securities in N-Star CDOs — 302,863 70,801 373,664 Subtotal real estate securities, available for sale — 313,251 279,726 592,977 Derivative assets — 22 — 22 Total assets $ — $ 313,273 $ 1,265,202 $ 1,578,475 Liabilities: CDO bonds payable $ — $ — $ 289,338 $ 289,338 Junior subordinated notes — — 175,130 175,130 Derivative liabilities — 5,069 213,787 (2) 218,856 Total liabilities $ — $ 5,069 $ 678,255 $ 683,324 _____________________________________________________________________ (1) Includes CRE debt investments made in connection with an investment in unconsolidated venture, for which the fair value option was elected. (2) Represents an interest rate swap entered into in the corporate segment in 2015 and includes a credit valuation adjustment. December 31, 2015 Level 1 Level 2 Level 3 Total Assets: PE Investments $ — $ — $ 1,101,650 $ 1,101,650 Investments in unconsolidated ventures (1) — — 120,392 120,392 Real estate securities, available for sale: N-Star CDO bonds — — 216,727 216,727 N-Star CDO equity — — 44,905 44,905 CMBS and other securities — 12,318 43,247 55,565 CRE securities in N-Star CDOs CMBS — 261,552 64,959 326,511 Third-party CDO notes — — 6,685 6,685 Agency debentures — 37,316 — 37,316 Unsecured REIT debt — 8,976 — 8,976 Trust preferred securities — — 5,425 5,425 Subtotal CRE securities in N-Star CDOs — 307,844 77,069 384,913 Subtotal real estate securities, available for sale — 320,162 381,948 702,110 Derivative assets — 116 — 116 Total assets $ — $ 320,278 $ 1,603,990 $ 1,924,268 Liabilities: CDO bonds payable $ — $ — $ 307,601 $ 307,601 Junior subordinated notes — — 183,893 183,893 Derivative liabilities — 7,385 95,908 (2) 103,293 Total liabilities $ — $ 7,385 $ 587,402 $ 594,787 _____________________________________________________________________ (1) Includes CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected. (2) Represents an interest rate swap entered into in the corporate segment in 2015 and includes a credit valuation adjustment. The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the three months ended March 31, 2016 (dollars in thousands): Three Months Ended March 31, 2016 Assets Liabilities (3) PE Investments Investments in Unconsolidated Ventures (1) CRE Securities CDO Bonds Payable Junior Subordinated Notes January 1, 2016 $ 1,101,650 $ 120,392 $ 381,948 $ 307,601 $ 183,893 Transfers into Level 3 (2) — — 500 — — Transfers out of Level 3 (2) — — (3,775 ) — — Purchases / borrowings / amortization / contributions 1,015 15 10,587 — — Sales (184,076 ) — (53,886 ) — — Paydowns / distributions (82,896 ) (1,641 ) (6,590 ) (15,737 ) — Gains: Equity in earnings of unconsolidated ventures 37,552 6,710 — — — Unrealized gains included in earnings — 1,361 4,879 (2,526 ) (8,763 ) Realized gains included in earnings — — 100 — — Unrealized gain on real estate securities, available for sale included in OCI — — 2,073 — — Losses: Unrealized losses included in earnings (3,775 ) (10,831 ) (7,995 ) — — Realized losses included in earnings — — (12,935 ) — — Unrealized loss on real estate securities, available for sale included in OCI — — (35,180 ) — — March 31, 2016 $ 869,470 $ 116,006 $ 279,726 $ 289,338 $ 175,130 Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held $ (3,775 ) $ (9,470 ) $ (3,116 ) $ 2,526 $ 8,763 ____________________________________________________________ (1) Includes CRE debt investments made in connection with an investment in unconsolidated venture, 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) Excludes one derivative instrument, which for the three months ended March 31, 2016, an unrealized loss of $117.8 million was recorded, of which $7.6 million related to a credit valuation adjustment. 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, 2015 (dollars in thousands): Year Ended December 31, 2015 Assets Liabilities (3) PE Investments Investments in Unconsolidated Ventures (1) CRE 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) — — 24,170 — — Transfers out of Level 3 (2) — (3,052 ) — — Purchases / borrowings / amortization / contributions 614,578 (4,053 ) 93,477 (25,531 ) — Sales — — (77,230 ) — — Paydowns / distributions (639,884 ) (125,285 ) (124,480 ) (90,070 ) — Gains: Equity in earnings of unconsolidated ventures 198,159 19,177 — — — Unrealized gains included in earnings — — 81,532 — (31,279 ) Realized gains included in earnings — — 22,418 — — Unrealized gain on real estate securities, available for sale included in OCI — — 1,213 — — Losses: Unrealized losses included in earnings (33,241 ) (45,884 ) (75,523 ) 29,275 — Realized losses included in earnings — — (5,886 ) 3,859 — Unrealized loss on real estate securities, available for sale included in OCI — — (36,267 ) — — December 31, 2015 $ 1,101,650 $ 120,392 $ 381,948 $ 307,601 $ 183,893 Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held $ (33,241 ) $ (45,884 ) $ 6,009 $ (29,275 ) $ 31,279 ____________________________________________________________ (1) Includes 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) Excludes one derivative instrument, which for the year ended December 31, 2015, an unrealized loss of $95.9 million was recorded. Such amount is net of an unrealized gain of $23.1 million related to a credit valuation adjustment. There were no transfers, other than those identified in the tables above, during the periods ended March 31, 2016 and December 31, 2015 . 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), junior subordinated notes 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 three months ended March 31, 2016 , 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) Weighted Average PE Investments $ 869,470 Discounted Cash Flow Model Discount Rate 15% Investments in unconsolidated ventures (1) $ 116,006 Discounted Cash Flow Model/Credit Spread Discount Rate/Credit Spread 25% N-Star CDO equity $ 40,976 Discounted Cash Flow Model Discount Rate 18% _________________________________________ (1) Includes CRE debt investments made in connection with an investment in unconsolidated venture, for which the fair value option was elected. (2) Includes timing and amount of expected future cash flow. 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. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Non-financial assets and liabilities measured at fair value on a non-recurring basis in the consolidated financial statements consist of real estate held for sale or assets for which an impairment has been recorded, such as goodwill. Such fair value measurements are generally considered to be Level 3 within the valuation hierarchy, where applicable, based on estimated sales price, adjusted for closing costs and expenses, determined by discounted cash flow analysis, direct capitalization analyses or a sales comparison approach if no contracts had been consummated. The discounted cash flow and direct capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. This cash flow is comprised of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rate and discount rate used in these analyses are based upon observable rates that the Company believes to be within a reasonable range of current market rates for the respective properties. Valuations are prepared using internally-developed valuation models. These valuations are reviewed and approved, during each reporting period, by management, as deemed necessary, including personnel from the accounting, finance and operations and the valuations are updated as appropriate. In addition, the Company may engage third-party valuation experts to assist with the preparation of certain of its valuations. Fair Value Option The Company has historically elected to apply the fair value option for the following financial assets and liabilities existing at the time of adoption or at the time the Company recognizes the eligible item for the purpose of consistent accounting application: CRE securities financed in N-Star CDOs; CDO bonds payable; and junior subordinated notes. Given past market volatility the Company had observed that the impact of electing the fair value option would generally result in additional variability to the Company’s consolidated statements of operations which management believes is not a useful presentation for such financial assets and liabilities. Therefore, the Company more recently has not elected the fair value option for new investments in CRE securities and securitization financing transactions. The Company may elect the fair value option for certain of its financial assets or liabilities due to the nature of the instrument. In the case of PE Investments, certain investments in unconsolidated ventures (refer to Note 6) and N-Star CDO equity, the Company elected the fair value option because management believes it is a more useful presentation for such investments. The Company determined recording such investments based on the change in fair value of projected future cash flow from one period to another better represents the underlying economics of the respective investment. The following table presents the fair value of financial instruments for which the fair value option was elected as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Assets: PE Investments $ 869,470 $ 1,101,650 Investments in unconsolidated ventures (1) 116,006 120,392 Real estate securities, available for sale: (2) N-Star CDO equity 40,976 44,905 CMBS and other securities 19,377 48,711 CRE securities in N-Star CDOs CMBS 310,271 326,511 Third-party CDO notes 6,658 6,685 Agency debentures 42,483 37,316 Unsecured REIT debt 8,846 8,976 Trust preferred securities 5,406 5,425 Subtotal CRE securities in N-Star CDOs 373,664 384,913 Subtotal real estate securities, available for sale 434,017 478,529 Total assets $ 1,419,493 $ 1,700,571 Liabilities: CDO bonds payable $ 289,338 $ 307,601 Junior subordinated notes 175,130 183,893 Total liabilities $ 464,468 $ 491,494 ___________________________________________________________ (1) Includes CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected. (2) March 31, 2016 excludes 25 CRE securities including $153.4 million of N-Star CDO bonds and $5.6 million of CRE securities, for which the fair value option was not elected. December 31, 2015 excludes 28 CRE securities including $216.7 million of N-Star CDO bonds and $6.9 million of CRE securities, for which the fair value option was not elected. The Company attributes the change in the fair value of floating-rate liabilities to changes in instrument-specific credit spreads. For fixed-rate liabilities, the Company attributes the change in fair value to interest rate-related and instrument-specific credit spread changes. Change in Fair Value Recorded in the Statements of Operations The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended 2016 2015 Assets: Real estate securities, available for sale (1) $ (10,222 ) $ 4,512 PE Investments (1) (3,775 ) (4,433 ) Investments in unconsolidated ventures (1) (10,831 ) — Foreign currency remeasurement (2) (3,750 ) (17,543 ) Liabilities: CDO bonds payable (1) 2,526 (9,188 ) Junior subordinated notes (1) 8,763 (2,010 ) Subtotal unrealized gain (loss), excluding derivatives (17,289 ) (28,662 ) Derivatives (115,648 ) 1,136 Subtotal unrealized gain (loss) (132,937 ) (27,526 ) Net cash payments on derivatives (refer to Note 14) (2,544 ) (3,048 ) Total $ (135,481 ) $ (30,574 ) ____________________________________________________________ (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 British Pounds. Fair Value of Financial Instruments In addition to the above disclosures regarding financial assets or liabilities which are recorded at fair value, U.S. GAAP requires disclosure of fair value about all financial instruments. The following disclosure of estimated fair value of financial instruments was determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value. The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2016 and December 31, 2015 ( dollars in thousands): March 31, 2016 December 31, 2015 Principal / Notional Amount Carrying Value Fair Value Principal / Notional Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 467,189 $ 411,568 $ 411,815 $ 555,354 $ 501,474 $ 594,698 Real estate debt investments, held for sale 91,949 88,972 88,972 225,037 224,677 224,677 Real estate securities, available for sale (2) 1,181,932 592,977 592,977 1,285,643 702,110 702,110 Derivative assets (2)(3) 3,894,271 22 22 4,173,872 116 116 Financial liabilities: (1) Mortgage and other notes payable $ 7,288,436 $ 7,167,828 $ 7,204,160 $ 7,297,081 $ 7,164,576 $ 7,175,374 Credit facilities and term borrowings 450,188 443,298 443,298 662,053 654,060 654,060 CDO bonds payable (2)(4) 420,753 289,338 289,338 436,491 307,601 307,601 Exchangeable senior notes 30,760 28,574 48,351 31,360 29,038 50,121 Junior subordinated notes (2)(4) 280,117 175,130 175,130 280,117 183,893 183,893 Derivative liabilities (2)(3) 2,225,750 218,856 218,856 2,225,750 103,293 103,293 Borrowings of properties held for sale 1,564,742 1,550,571 1,555,276 2,241,305 2,195,975 2,200,686 ____________________________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Refer to “Determination of Fair Value” above for disclosures of methodologies used to determine fair value. (3) Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million as of March 31, 2016 and December 31, 2015 . (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. The fair value of CRE debt investments held for sale is determined based on the expected sales price. Fair value measurements related to 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 or market credit spreads over the rate payable on fixed rate U.S. Treasury of like maturities. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. For the borrowings of properties held for sale, 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. Credit Facilities and Term Borrowings As of the reporting date, the Company believes the carrying value of its credit facilities and term borrowings approximate fair value. These fair value measurements are based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy. Exchangeable Senior Notes For the exchangeable senior notes, the Company uses available market information, which includes quoted market prices or recent transactions, if available, to estimate their fair value and are, therefore, based on observable inputs, and as such, are classified as Level 2 of the fair value hierarchy.

Risk Management and Derivative

Risk Management and Derivative Activities	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk Management and Derivative Activities	Risk Management and Derivative Activities Derivatives The Company uses derivative instruments primarily to manage interest rate risk and such derivatives are not considered speculative. These derivative instruments are typically in the form of interest rate swap and cap agreements and the primary objective is to minimize interest rate risks associated with investment and financing activities. The counterparties of these arrangements are major financial institutions with which the Company may also have other financial relationships. The Company is exposed to credit risk in the event of non-performance by these counterparties and it monitors their financial condition; however, the Company currently does not anticipate that any of the counterparties will fail to meet their obligations. The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of March 31, 2016 and December 31, 2015 (dollars in thousands): Number Notional Amount (1) Fair Value Net Asset (Liability) Range of Fixed LIBOR / Forward Rate Range of Maturity As of March 31, 2016: Interest rate caps 11 $ 3,894,271 $ 22 1.26% - 5.00% June 2016 - December 2017 Interest rate swaps - N-Star CDOs 9 207,310 (5,069 ) (2) 5.02% - 5.25% January 2017 - July 2018 Interest rate swaps - other 2 2,003,149 (213,787 ) 3.39% - 4.17% July 2023 - December 2029 Total 22 $ 6,104,730 $ (218,834 ) As of December 31, 2015: Interest rate caps 14 $ 4,173,872 $ 116 2.50% - 5.00% January 2016 - December 2017 Interest rate swaps - N-Star CDOs 9 222,510 (7,321 ) (2) 5.02% - 5.25% January 2017 - July 2018 Interest rate swaps - other 2 2,003,240 (95,972 ) 3.39% - 4.17% July 2023 - December 2029 Total 25 $ 6,399,622 $ (103,177 ) ____________________________________________________________ (1) Excludes timing swaps with a notional amount of $28.0 million as of March 31, 2016 and December 31, 2015 . (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, 2015 relates to contractual notional amortization and the maturity of interest rate caps in the Company’s healthcare portfolio. The Company had no derivative financial instruments that were designated as hedges in qualifying hedging relationships as of March 31, 2016 and December 31, 2015 . The following table presents the fair value of derivative instruments, as well as their classification on the consolidated balance sheets, as of March 31, 2016 and December 31, 2015 (dollars in thousands): Balance Sheet March 31, December 31, Location Interest rate caps Derivative assets $ 22 $ 116 Interest rate swaps Derivative liabilities $ 218,856 $ 103,293 The following table presents the effect of derivative instruments in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, Statements of Operations Location 2016 2015 Amount of gain (loss) recognized in earnings (loss): Adjustment to fair value of interest rate swaps and caps Unrealized gain (loss) on investments and other $ (115,648 ) $ 1,136 Net cash payment on derivatives Unrealized gain (loss) on investments and other $ (2,544 ) $ (3,048 ) Amount of swap gain (loss) reclassified from OCI into earnings Interest expense—mortgage and corporate borrowings $ (223 ) $ (265 ) The counterparty for the corporate interest rate swap held $62.3 million of cash margin as collateral against the derivative contract as of March 31, 2016 . The Company’s counterparties did not hold any cash margin as collateral against the Company’s derivative contracts as of December 31, 2015. Risk Management Concentrations of credit risk arise when a number of tenants, operators or issuers related to the Company’s investments are engaged in similar business activities or located in the same geographic region to be similarly affected by changes in economic conditions. The Company monitors its portfolios to identify potential concentrations of credit risks. With respect to the Company’s healthcare portfolio, for the three months ended March 31, 2016, Senior Lifestyle Holding Company, LLC was the healthcare operator as it related to 74.5% of the Company’s resident fee income and 10.7% of the Company’s total revenue. Otherwise, the Company has no other tenant or operator that generates 10% or more of its total revenue. The Company believes the remainder of its portfolios are reasonably well diversified and do not contain any unusual concentration s of credit risks.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 current legal proceedings are not expected to have a material adverse effect on the Company’s financial position or results of operations. Guaranty Agreements In connection with certain hotel acquisitions, the Company entered into guaranty agreements with various hotel franchisors, pursuant to which the Company guaranteed the franchisees’ obligations, including payments of franchise fees and marketing fees, for the term of the agreements, which expires from 2029 to 2034. As of March 31, 2016 , the aggregate amount remaining under these guarantees is $3.8 million . In connection with the NRE Spin-off, the 4.635% senior stock-settlable notes issued by NorthStar Europe and due in December 2016 are senior unsubordinated and unsecured primary obligations of NorthStar Europe and the Company continues to guarantee payments subsequent to the NRE Spin-off. Subject to certain conditions, NorthStar Europe may elect to settle all or part of the principal amount of the senior notes in its common stock in lieu of cash. As of March 31, 2016, principal amount outstanding of such senior notes was $189.5 million .

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities As of March 31, 2016 , the Company has identified certain consolidated and unconsolidated VIEs. Assets of each of the VIEs, other than the Operating Partnership, 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. The Company identified several VIEs as of March 31, 2016 which were originally consolidated under the voting interest model prior to changes in the consolidation rules under U.S. GAAP (refer to Note 2). Consolidated VIEs The Company’s most significant newly identified consolidated VIEs are its Operating Partnership and certain properties that have non-controlling interests. These entities are VIEs because the non-controlling interests do not have substantive kick-out or participating rights and the Company is the primary beneficiary. N-Star CDOs As of March 31, 2016 , 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 the consolidated N-Star CDOs, 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 the consolidated N-Star CDOs for the three months ended March 31, 2016 and 2015 . 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 September 2015, N-Star CDO IV was liquidated. 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 its remaining consolidated N-Star CDO financing transactions. Other Unconsolidated VIEs Based on management’s analysis, the Company is not the primary beneficiary of the VIEs summarized below and as such, these VIEs are not consolidated into the Company’s financial statements as of March 31, 2016 . These unconsolidated VIEs are summarized as follows: Real Estate Debt Investments The Company identified three CRE debt investments with an aggregate carrying value of $ 60.4 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 one CMBS investment with a fair value of $0.3 million as a variable interest in a VIE, which is the controlling class of this securitization for which the Company did not sponsor. However, the Company determined at that time and continues to believe that it does not currently or potentially hold a significant interest in this CMBS and, therefore, is not the primary beneficiary. NorthStar Realty Finance Trusts The Company owns all of the common stock of the Trusts. The Trusts were formed to issue trust preferred securities. The Company determined that the holders of the trust preferred securities were the primary beneficiaries of the Trusts. As a result, the Company did not consolidate the Trusts and has accounted for the investment in the common stock of the Trusts under the equity method. As of March 31, 2016 , 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 The Company determined all PE Investments are VIEs, with the exception of PE Investment I and II, as the non-controlling interests do not have substantive kick-out or participating rights. As of March 31, 2016, the Company’s investment in these entities is $743.5 million and the amount of expected future contributions is $67.6 million . Summary of Unconsolidated VIEs The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2016 (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 $ — $ 60,443 $ — $ — $ 60,443 $ 60,443 Investments in unconsolidated ventures 3,742 — — — 3,742 3,742 Investments in private equity funds, at fair value — — — 743,507 743,507 743,507 Real estate securities, available for sale: N-Star CDO bonds — — 153,393 — 153,393 153,393 N-Star CDO equity — — 40,976 — 40,976 40,976 CMBS — — 339 — 339 339 Subtotal real estate securities, available for sale — — 194,708 — 194,708 194,708 Total assets 3,742 60,443 194,708 743,507 1,002,400 1,002,400 Junior subordinated notes, at fair value 175,130 — — — 175,130 NA Total liabilities 175,130 — — — 175,130 NA Net $ (171,388 ) $ 60,443 $ 194,708 $ 743,507 $ 827,270 $ 1,002,400 ____________________________________________________________ (1) The Company’s maximum exposure to loss as of March 31, 2016 would not exceed the carrying value of its investment. Other than described above as it relates to expected future fundings on PE Investments, the Company is not contractually required to provide financial support to any of its unconsolidated VIEs during the three months ended March 31, 2016 and 2015 however, the Company, in its capacity as collateral manager/collateral manager delegate and/or special servicer of the deconsolidated N-Star CDOs, may in its sole discretion provide support such as protective and other advances it deems appropriate. As of March 31, 2016 , there were no explicit arrangements or implicit variable interests that could require the Company to provide financial support to any of its unconsolidated VIEs.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company currently conducts its business through the following five segments (excluding the European real estate business which the Company spun off on October 31, 2015, which is no longer a separate operating segment), based on how management reviews and manages its business: • Real Estate - The real estate business pursues various types of investments in commercial real estate located throughout the United States that includes healthcare, hotel, net lease 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. In addition, the Company is also invested in manufactured housing communities and multifamily properties, which the Company has recently entered into agreements to sell. • Healthcare - The healthcare properties are comprised of a diverse portfolio of medical office buildings, senior housing, skilled nursing and other healthcare properties. The majority of the healthcare properties are medical office buildings and properties structured under a net lease to healthcare operators. In addition, the Company owns senior operating facilities, which include healthcare properties that operate through management agreements with independent third-party operators, predominantly through structures permitted by RIDEA that permit the Company, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses. In March 2016, the Company sold its 60% interest in a $899 million Senior Housing Portfolio for $534.5 million . The buyer assumed the Company’s portion of the $648.2 million of related mortgage financing and the Company received approximately $149.4 million of proceeds, net of sales costs. • 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. In May 2016, the Company entered into an agreement to sell its manufactured housing portfolio for $2.0 billion with $1.3 billion of related mortgage financing expected to be assumed as part of the transaction. The Company expects to receive $620 million of net proceeds. The Company expects the transaction to close in the second half of 2016. Such assets and related liabilities are classified as held for sale on the Company’s consolidated balance sheet. • 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. The Company is exploring the sale of its multifamily portfolio and entered into and are finalizing agreements to sell ten multifamily properties for $307 million with $210 million of related mortgage financing expected to be assumed as part of the transaction. The Company expects to receive $86 million of net proceeds and continue to explore the sale of the remaining two properties, including one accounted for as an investment in unconsolidated subsidiary. Such assets and related liabilities are classified as held for sale on the Company’s consolidated balance sheet. • Multi-tenant Office - The Company pursues the acquisition of multi-tenant office properties currently focused on the western United States. • PE Investments - The real estate business also includes investments (directly or indirectly in joint ventures) owning PE Investments managed by institutional quality sponsors and diversified by property type and geography. In February 2016, the Company sold substantially all of its interest in PE Investment II for $184.1 million of proceeds and is exploring the sale of its remaining PE Investments. • 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. In 2016, the Company sold and received repayment for 13 debt investments and a REO with a total principal amount of $383.0 million and used $72.1 million of proceeds to pay down the Company’s loan facility in full, resulting in $307.5 million of net proceeds. • 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 CMBS meaning each asset is a pool backed by a large number of commercial real estate loans. The Company also invests in opportunistic CRE securities such as an investment in a “B-piece” CMBS. In 2016, the Company sold certain N-Star CDO bonds and CRE securities for $53.9 million of net proceeds. • 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 pay down or are sold. The Company has been winding down its legacy CDO business and investing in a broad and diverse range of CRE assets. As a result, this distinct business is a significantly smaller portion of its business today than in the past. As of March 31, 2016 , only N-Star securities CDOs I and IX continue to be consolidated. Refer to Note 16 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 NSAM management fees incurred, corporate level interest income and 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. The following tables present segment reporting for the three months ended March 31, 2016 and 2015 (dollars in thousands): Statement of Operations: N-Star CDOs (2) Three Months Ended March 31, 2016 Real Estate (1) CRE CRE CRE Securities Corporate Consolidated Total Rental and escalation income $ 191,434 $ — $ — $ — $ — $ 191,434 Hotel related income 193,743 — — — — 193,743 Resident fee income 72,777 — — — — 72,777 Net interest income on debt and securities 2,584 (3) 13,032 11,490 8,464 (4) 5,203 (4) 40,773 Interest expense—mortgage and corporate borrowings 112,977 — — — 11,525 124,502 Income (loss) before equity in earnings (losses) and income tax benefit (expense) 8,378 (5) 6,579 (3,605 ) 2,831 (178,377 ) (6) (164,194 ) Equity in earnings (losses) of unconsolidated ventures 44,577 — — — 78 44,655 Income tax benefit (expense) (7,716 ) (127 ) — — — (7,843 ) Income (loss) from continuing operations 45,239 6,452 (3,605 ) 2,831 (178,299 ) (127,382 ) Net income (loss) 45,239 6,452 (3,605 ) 2,831 (178,299 ) (127,382 ) ___________________________________ (1) Includes $8.8 million of rental and escalation income and $0.5 million of net income from a portfolio of healthcare assets located in the United Kingdom. (2) Based on CDO financing transactions that were primarily collateralized by CRE securities and may include other types of investments. $1.1 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2016 , of which $0.5 million was 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. (3) Primarily represents interest income earned from notes receivable on manufactured homes and interest income on loans in the Griffin-American portfolio. (4) Represents income earned from N-Star 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) Primarily relates to depreciation and amortization of $87.8 million. (6) Includes management fees to NSAM of $46.5 million . Statement of Operations: N-Star CDOs (1) Three months ended March 31, 2015: Real Estate CRE CRE CRE Corporate European Real Estate (2) Consolidated Rental and escalation income $ 164,746 $ — $ — $ 295 $ — $ — $ 165,041 Hotel related income 168,727 — — — — — 168,727 Resident fee income 63,373 — — — — — 63,373 Net interest income on debt and securities 2,609 (3) 30,806 17,083 10,533 (4) 2,629 (4) — 63,660 Interest expense—mortgage and corporate borrowings 100,137 — — — 12,872 — 113,009 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (27,298 ) (5) 30,114 33,059 2,457 (90,726 ) (6) — (52,394 ) Equity in earnings (losses) of unconsolidated ventures 53,643 — — — — — 53,643 Income tax benefit (expense) (1,642 ) (22 ) — — — — (1,664 ) Income (loss) from continuing operations 24,703 30,092 33,998 1,518 (90,726 ) — (415 ) Income (loss) from discontinued operations (11 ) — — — — (13,850 ) (7) (13,861 ) Net income (loss) 24,692 30,092 33,998 1,518 (90,726 ) (13,850 ) (7) (14,276 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.4 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2015 , of which $0.6 million were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment. (2) Prior to the NRE Spin-off, the Company generated rental and escalation income from its European properties. The European real estate segment represents the consolidated results of operations and balance sheet of such European real estate business which was transferred to NorthStar Europe in connection with the NRE Spin-off. Amounts related to the European real estate business are reported in discontinued operations. Represents the consolidated statements of operations of NRE reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 3). (3) Primarily represents interest income earned from notes receivable on manufactured homes and interest income on loans in the Griffin-American portfolio. (4) Represents income earned from N-Star CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments. (5) Primarily relates to transaction costs and includes depreciation and amortization of $108.5 million for the three months ended March 31, 2015 . (6) Includes management fees to NSAM of $48.2 million . (7) Primarily relates to transaction costs of $12.4 million and depreciation and amortization of $0.7 million . The following table presents total assets by segment as of March 31, 2016 and December 31, 2015 (dollars in thousands): N-Star CDOs (1) Total Assets Real Estate CRE CRE CRE Corporate Consolidated March 31, 2016 $ 12,720,057 $ 416,818 $ 220,029 $ 407,943 $ 427,022 $ 14,191,869 December 31, 2015 $ 13,871,796 $ 661,348 $ 319,937 $ 422,953 $ 128,367 $ 15,404,401 ______________________________________ (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	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Non-cash Investing and Financing Activities	Supplemental Disclosures of Non-cash Investing and Financing Activities The following table presents non-cash investing and financing activities for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Assumption of mortgage note payable upon sale of real estate $ 648,211 $ — Reclassification of CRE debt investments to held for sale 88,972 — Non-controlling interest – sale of subsidiary 88,604 — Receivables related to sales 42,042 — Reclassification of operating real estate, net to asset held for sale 29,209 — Retirement of shares of common stock 5,014 — Escrow deposit payable related to CRE debt investments 4,312 25,532 Due from servicer 2,399 46,270 Reclassification of intangible assets to asset held for sale 1,859 — Non-controlling interests—reallocation of interest in Operating Partnership 1,846 — Dividends payable related to RSUs 1,839 2,720 Non-cash related to PE Investments 1,806 28,829 Amounts payable relating to improvements of operating real estate 1,724 — Conversion of exchangeable senior notes 504 11,228 Reclassification of operating real estate to intangible assets — 35,540 Conversion of Deferred LTIP Units to LTIP Units (refer to Note 12) — 18,730

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends On May 4, 2016, the Company declared a dividend of $0.40 per share of common stock. The common stock dividend will be paid on May 20, 2016 to stockholders of record as of the close of business on May 16, 2016. On April 27, 2016, the Company declared a dividend of $0.54688 per share of Series A preferred stock, $0.51563 per share of Series B preferred stock, $0.55469 per share of Series C preferred stock, $0.53125 per share of Series D Preferred Stock and $0.54688 per share of Series E Preferred Stock. Dividends will be paid on all series of preferred stock on May 16, 2016 to stockholders of record as of the close of business on May 9, 2016.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015, which was filed with the Securities and Exchange Commission (the “SEC”). The three months ended March 31, 2016 include the Company’s results of operations following the spin-off of its European real estate business (the “NRE Spin-off”) into a separate publicly-traded REIT, NorthStar Realty Europe Corp. (“NorthStar Europe”). The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations. As a result, the three months ended March 31, 2016 may not be comparable to the prior period presented. Expenses also included an allocation of indirect expenses of the Company to NorthStar Europe, including salaries and other general and administrative expenses (primarily occupancy and other cost) based on an estimate had the European real estate business been run as an independent entity. This allocation method was principally based on relative headcount and management’s knowledge of the Company’s operations.
Principles of consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company, 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 or through a simple majority vote. 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 including amounts related to discontinued operations (refer to Note 3).
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 to record certain financial assets and liabilities at fair value 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 improvements 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, summarized as follows: Category: Term: Building (fee interest) 15 to 40 years Building improvements Lesser of the useful life or remaining life of the building Building leasehold interests Lesser of 40 years or remaining term of the lease Land improvements 10 to 30 years Tenant improvements Lesser of the useful life or remaining term of the lease 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. The Company records a gain (loss) on sale of real estate when title is conveyed to the buyer and the Company has no substantial economic involvement with the property. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain (loss) recognition by applying the finance, leasing, profit sharing, deposit, installment or cost recovery method, as appropriate, until the sales criteria are met.
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 and discount. 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. Costs related to revolving credit facilities are recorded in other assets and are amortized to interest expense using the straight-line basis over the term of the facility. Costs related to other borrowings are recorded net against the carrying value of such borrowings and are amortized to interest expense using the effective interest method. Unamortized deferred financing costs are expensed when the associated facility 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 are recorded to depreciation and amortization in the consolidated statements of operations.
Intangible assets and intangible liabilities	Intangible Assets and Intangible Liabilities The Company records acquired identified intangibles, which includes intangible assets (such as value of the above-market leases, in-place leases, below-market ground 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 identified intangibles are amortized over the remaining lease term. Above/below-market leases are amortized into rental income, below-market ground leases are amortized into real estate properties-operating expense and in-place leases are amortized into depreciation and amortization expense. 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 analyzes goodwill for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit, related to such goodwill, is less than the carrying amount as a basis to determine whether the two-step impairment test is necessary. The first step in the impairment test compares the fair value of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, the second step is required to determine the amount of the impairment loss, if any, by comparing the implied fair value of the reporting unit goodwill with the carrying amount of such goodwill. The implied fair value of goodwill is derived by performing a hypothetical purchase price allocation for the reporting unit as of the measurement date, allocating the reporting unit’s estimated fair value to its net assets and identifiable intangible assets. The residual amount represents the implied fair value of goodwill. To the extent this amount is below the carrying value of goodwill, an impairment loss is recorded in the consolidated statements of operations. Events or circumstances which could indicate a potential impairment include (but are not limited to) issues with local, state or federal governments; on-going or projected negative operating income or cash flow; a significant change in payor mix related to healthcare assets; and/or a significant change in the occupancy rate and/or rising interest rates. A discounted cash flow model is performed based on management’s forecast of operating performance for each reporting unit to assess fair value. In addition, the Company looks at comparable companies and representative transactions to validate management’s expectations, where possible. The inputs used in the annual test is updated for current market conditions and forecasts. The two main assumptions used in measuring goodwill impairment, include the cash flow from operations from each of the Company’s reporting units and the weighted average cost of capital. The starting point for each of the reporting unit’s cash flow from operations is the detailed annual plan. The detailed planning process takes into consideration many factors including EBITDAR, EBITDAR margins, revenue growth rate and capital spending requirements, among other items which impact the individual reporting unit projections. Cash flow beyond the specific operating plans are estimated using a terminal value calculation, which incorporate historical and forecasted financial cyclical trends for each reporting unit and considered long-term earnings growth rates. The financial and credit market volatility directly impacts the fair value measurement through the weighted average cost of capital that the Company uses to determine the discount rate. During times of volatility, significant judgment must be applied to determine whether credit changes are a short-term or long term trend. Fair value of the reporting unit is using significant unobservable inputs or Level 3 in the fair value hierarchy. These inputs are based on internal management estimates, forecasts and judgments. The annual impairment test for the reporting units related to a healthcare portfolio acquired in May 2014 was conducted as of October 1, 2015 and the remaining reporting units related to a portfolio acquired in December 2014 with the acquisition of Griffin-American Healthcare REIT II, Inc. (“Griffin-American” or “Griffin-American Portfolio”) and was conducted as of December 31, 2015 . Management used an independent third-party valuation party specialist to assist. Based on the step one analysis performed, management determined the fair value for all of reporting units were in excess of the respective reporting unit’s carrying value, with four exceptions, related to the healthcare portfolio acquired in 2014. As a result, the Company estimated the impairment loss for such reporting units to be $25.5 million and recorded an estimated preliminary impairment charge for such amount in the fourth quarter 2015. Step two of the impairment test was completed in the first quarter 2016 and there was no change to the estimate recorded.
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. Rental revenue recognition commences when the tenant takes possession of the leased space and the leased space is substantially ready for its intended use. 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. The Company amortizes any tenant inducements as a reduction of revenue utilizing the straight-line method over the term of the lease. 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 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. In a situation in which a lease(s) associated with a significant tenant have been, or are expected to be, terminated early, the Company evaluates the remaining useful life of depreciable or amortizable assets in the asset group related to the lease that will be terminated (i.e., tenant improvements, above- and below-market lease intangibles, in-place lease value and deferred leasing costs). Based upon consideration of the facts and circumstances surrounding the termination, the Company may write-off or accelerate the depreciation and amortization associated with the asset group. Such amounts are included within depreciation and amortization 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 U.S. and global macroeconomic factors and 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 losses 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. and global macroeconomic factors, including real estate sector conditions, together with investment 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 or the attribution method depending if the grant is to an employee or non-employee. 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. Time-based 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 10), 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
Discontinued operations	Discontinued Operations Subsequent to the early adoption of the accounting standards update on the presentation of discontinued operations beginning in April 2014, the Company presents spin-offs of businesses and portfolios of properties that are sold or classified as held for sale as discontinued operations provided that the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results.
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 adopted this guidance in the first quarter 2016 and determined the Company’s Operating Partnership is considered a VIE. The Company is the primary beneficiary of the VIE, the VIE’s assets can be used for purposes other than the settlement of the VIE’s obligations and the Company’s partnership interest is considered a majority voting interest. As such, this standard resulted in the identification of additional VIEs, however it did not have a material impact on the Company’s consolidated financial position or results of operations. Refer to Note 16 for further disclosure. In January 2016, the FASB issued an accounting update that addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. 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 February 2016, the FASB issued an accounting update that requires lessees to present right-of-use assets and lease liabilities on the balance sheet. The new guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In March 2016, the FASB issued guidance clarifying that an assessment of whether an embedded contingent put or call option is clearly and closely related to a borrowing requires only an analysis of the four-step decision sequence. Additionally, entities are not required to separately assess whether the contingency itself is clearly and closely related. Entities are required to apply the guidance to existing instruments in scope using a modified retrospective transition method as of the period of adoption. The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. Early adoption is permitted. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In March 2016, the FASB issued guidance which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. The update requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment become qualified for equity method accounting. The update should be applied prospectively upon their effective date to increases in the level of ownership interests or degree of influence that results in the adoption of the equity method. The guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures. In March 2016, the FASB issued guidance which amends several aspects of the accounting for equity-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statements of cash flows. The guidance is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The Company is evaluating the impact, if any, that this guidance will have on its consolidated financial position, results of operations and financial statement disclosures.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of accumulated other comprehensive income (loss)	The following table presents the components of accumulated OCI for the three months ended March 31, 2016 and 2015 (dollars in thousands): Accumulated OCI Unrealized Gain (Loss) on Available for Sale Securities Interest Rate Swap Gain (Loss) Foreign Currency Translation Total Balance as of December 31, 2015 $ 21,016 $ (767 ) $ (1,764 ) $ 18,485 Unrealized gain (loss) on real estate securities, available for sale (33,724 ) — — (33,724 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other 592 — — 592 Reclassification of swap (gain) loss into interest expense—mortgage and corporate borrowings (refer to Note 14) — 223 — 223 Foreign currency translation adjustment — — (1,180 ) (1,180 ) Non-controlling interests 331 (2 ) 181 510 Balance as of March 31. 2016 (Unaudited) $ (11,785 ) $ (546 ) $ (2,763 ) $ (15,094 ) Balance as of December 31, 2014 $ 56,072 $ (1,694 ) $ (4,838 ) $ 49,540 Unrealized gain (loss) on real estate securities, available for sale (7,123 ) — — (7,123 ) Reclassification of unrealized (gain) loss on real estate securities, available for sale into realized gain (loss) on investments and other (11,423 ) — — (11,423 ) Reclassification of swap (gain) loss into interest expense—mortgage and corporate borrowings (refer to Note 14) — 265 — 265 Foreign currency translation adjustment — — (2,356 ) (2,356 ) Non-controlling interests — — 331 331 Balance as of March 31, 2015 (Unaudited) $ 37,526 $ (1,429 ) $ (6,863 ) $ 29,234
Schedule of restricted cash	The following table presents a summary of restricted cash as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, 2015 Capital expenditures reserves $ 131,477 $ 171,712 Operating real estate escrow reserves (1) 95,934 107,399 CRE debt escrow deposits 4,503 8,815 Cash in CDOs (2) 7,574 11,362 Total $ 239,488 $ 299,288 __________________________________________________ (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.
Useful lives of operating real estate	Operating real estate is depreciated using the straight-line method over the estimated useful lives of the assets, summarized as follows: Category: Term: Building (fee interest) 15 to 40 years Building improvements Lesser of the useful life or remaining life of the building Building leasehold interests Lesser of 40 years or remaining term of the lease Land improvements 10 to 30 years Tenant improvements Lesser of the useful life or remaining term of the lease
Schedule of identified intangibles	The following tables presents identified intangibles as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, 2015 Gross Amount Accumulated Amortization Net Gross Amount Accumulated Amortization Net Intangible assets: In-place leases $ 268,016 $ (73,341 ) $ 194,675 $ 289,124 $ (82,089 ) $ 207,035 Above-market leases 262,380 (37,605 ) 224,775 268,426 (35,940 ) 232,486 Goodwill (1) 47,719 NA 47,719 48,635 NA 48,635 Other 40,958 (2,452 ) 38,506 41,149 (2,028 ) 39,121 Total $ 619,073 $ (113,398 ) $ 505,675 $ 647,334 $ (120,057 ) $ 527,277 Intangible liabilities: Below-market leases $ 175,008 $ (32,730 ) $ 142,278 $ 177,931 $ (30,462 ) $ 147,469 Other (2) 2,236 (72 ) 2,164 2,236 (63 ) 2,173 Total $ 177,244 $ (32,802 ) $ 144,442 $ 180,167 $ (30,525 ) $ 149,642 _______________________ (1) Represents goodwill associated with two acquisitions of healthcare portfolios that operate through the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structures. The first portfolio relates to a healthcare portfolio acquired in 2014 ( $25.5 million ) and the second relates to goodwill associated with a healthcare portfolio in the U.K. in the Griffin-American Portfolio ($ 48.6 million ). For the year ended December 31, 2015, the Company recorded an estimated goodwill impairment of $25.5 million related to the healthcare portfolio acquired in 2014, which was finalized during the three months ended March 31, 2016. The change in goodwill for the three months ended March 31, 2016 relates to foreign currency translation. (2) Represents the value associated with a purchase price option associated with the Griffin-American Portfolio.
Schedule of other assets and other liabilities	The following table presents a summary of other assets and other liabilities as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, 2015 Other assets: Cash collateral held by derivative counterparty (refer to Note 14) $ 62,318 $ — Investment-related reserves 45,552 47,380 Prepaid expenses 24,897 22,573 Deferred tax assets, net 24,145 24,435 Deferred costs 9,154 9,461 Due from servicer 2,399 642 Investment deposits and pending deal costs 1,411 568 Notes receivable, net 210 694 Other 2,049 2,015 Total $ 172,135 $ 107,768 March 31, 2016 (Unaudited) December 31, 2015 Other liabilities: Deferred tax liabilities $ 52,241 $ 50,341 PE Investments deferred purchase price (refer to Note 5) 44,212 44,212 Tenant security deposits 30,192 30,327 Prepaid rent and unearned revenue 21,498 24,697 Escrow deposits payable 7,914 11,753 Other 4,033 4,526 Total $ 160,090 $ 165,856

Operating Real Estate (Tables)

Operating Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of operating real estate	The following table presents operating real estate, net as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 (Unaudited) December 31, Land $ 1,045,465 $ 1,047,620 Land improvements 148,498 148,295 Buildings and improvements 6,714,523 6,728,957 Building leasehold interests and improvements 723,578 723,573 Furniture, fixtures and equipment 359,599 346,628 Tenant improvements 161,776 165,539 Construction in progress 61,315 57,663 Subtotal 9,214,754 9,218,275 Less: Accumulated depreciation (582,612 ) (511,113 ) Less: Allowance for operating real estate impairment (4,903 ) (4,903 ) Operating real estate, net $ 8,627,239 $ 8,702,259
Schedule of operating real estate held for sale	The following table summarizes the Company’s operating real estate held for sale as of March 31, 2016 (dollars in thousands): Assets Liabilities Description Properties Operating Real Estate, Net (1) Intangible Assets, Net Total (2) Mortgage and Other Notes Payable, Net Intangible Liabilities, Net Total WA Ownership Interest Manufactured housing communities (3) 136 $ 1,495,345 $ 24,015 $ 1,519,360 $ 1,262,057 $ — $ 1,262,057 94 % Multifamily (4) 11 304,861 — 304,861 247,032 — 247,032 90 % Other 8 86,273 2,589 88,862 41,482 14,280 55,762 NA Total 155 $ 1,886,479 $ 26,604 $ 1,913,083 $ 1,550,571 $ 14,280 $ 1,564,851 ______________________________________ (1) Includes $58.9 million of manufactured housing notes receivables previously recorded in other assets. (2) Represents operating real estate and intangible assets, net of depreciation and amortization of $218.1 million . (3) In May 2016, the Company entered into an agreement to sell its manufactured housing portfolio for $2.0 billion with $1.3 billion of related mortgage financing expected to be assumed as part of the transaction. The Company expects to receive $620 million of net proceeds. The Company expects the transaction to close in the second half of 2016. (4) The Company entered into and are finalizing agreements to sell ten multifamily properties for $307 million with $210 million of mortgage financing expected to be assumed as part of the transaction. The Company expects to receive $86 million of net proceeds and continues to explore the sale of the remaining two properties, including one multifamily property accounted for as an investment in unconsolidated subsidiary (refer to Note 6).

Real Estate Debt Investments (T

Real Estate Debt Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]
Schedule of CRE debt investments	The following table presents CRE debt investments as of December 31, 2015 (dollars in thousands): Weighted Average (5) Floating Rate (3) Number Principal Amount Carrying Value Allocation by (3) Fixed Rate Spread (6) Yield (7) Asset Type: First mortgage loans (1) 11 $ 286,628 $ 260,237 51.6 % 7.09 % 4.95 % 6.18 % 55.8 % Mezzanine loans 6 22,361 18,630 4.0 % 9.04 % 4.00 % 8.39 % 39.9 % Subordinate interests 4 171,044 169,781 30.8 % 13.04 % 5.65 % 8.72 % 59.0 % Corporate loans 4 35,215 30,681 6.3 % 12.93 % — % 14.84 % — % Subtotal/Weighted average (2) 25 515,248 479,329 92.7 % 10.51 % 5.26 % 8.12 % 52.5 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 9,321 4.9 % — % 1.27 % 3.10 % 100.0 % Mezzanine loans 1 11,000 10,675 2.0 % 8.00 % — % 8.24 % — % Corporate loans 6 2,149 2,149 0.4 % 6.74 % — % 6.74 % — % Subtotal/Weighted average 9 40,106 22,145 7.3 % 7.79 % 1.27 % 5.70 % 67.2 % Total 34 $ 555,354 $ 501,474 100.0 % 10.33 % 4.79 % 7.98 % 53.5 % Real estate debt, held for sale (7) 7 $ 225,037 $ 224,677 NA 13.65 % 7.41 % 10.89 % 52.5 % ____________________________________________________________ (1) 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. One is a Sterling denominated loan of £66.7 million . This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022. (2) Certain CRE debt investments serve as collateral for financing transactions including carrying value of $38.6 million for the Company’s loan facility. The remainder is unleveraged. (3) Based on principal amount. (4) Excludes an aggregate principal amount of $ $129.3 million related to three CRE debt investments that were originated prior to 2008, three non-performing loans and one first mortgage loan acquired with deteriorated credit quality. (5) $63.9 million principal amount (excluding CRE debt in N-Star CDOs) has a weighted average LIBOR floor of 0.95% . Includes one first mortgage loan with a principal amount of $5.8 million with a spread over the prime rate. (6) Based on initial maturity and for floating-rate debt, calculated using one -month LIBOR as of December 31, 2015 and for CRE debt with a LIBOR floor, using such floor. (7) In the first quarter 2016, the Company sold these seven loans and used $46.9 million of proceeds to pay down the Company’s loan facility, resulting in net proceeds of $178.2 million . The following table presents CRE debt investments as of March 31, 2016 (dollars in thousands): Weighted Average Floating Rate (3) Number Principal Carrying Allocation by (3) Fixed Rate Spread (6) Yield (4) Asset Type: First mortgage loans (1)(6) 7 $ 198,534 $ 170,349 42.5 % 10.24 % 8.62 % 3.18 % 32.6 % Mezzanine loans 6 22,400 18,571 4.8 % 9.05 % 4.00 % 7.24 % 39.8 % Subordinate interests 4 170,980 169,760 36.6 % 12.67 % 5.67 % 8.87 % 58.8 % Corporate loans 4 35,382 30,880 7.6 % 12.92 % — % 14.81 % — % Subtotal/Weighted average (2) 21 427,296 389,560 91.5 % 11.25 % 10.69 % 6.77 % 40.8 % CRE debt in N-Star CDOs First mortgage loans 2 26,957 9,320 5.8 % — % 1.27 % 3.92 % 100.0 % Mezzanine loans 1 11,000 10,752 2.4 % 8.00 % — % 8.18 % — % Corporate loans 6 1,936 1,936 0.4 % 6.74 % — % 6.74 % — % Subtotal/Weighted average 9 39,893 22,008 8.5 % 7.81 % 1.27 % 6.25 % 67.6 % Total 30 $ 467,189 $ 411,568 100.0 % 11.08 % 9.42 % 6.75 % 43.1 % Real estate debt, held for sale (5) 4 $ 91,949 $ 88,972 NA — % 6.57 % 7.23 % 100.0 % ____________________________________________________________ (1) 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. One of these three loans is a Sterling denominated loan of £66.7 million , of which £25.0 million is available to be funded as of March 31, 2016 . This loan has various maturity dates depending upon the timing of advances; however, will be no later than March 2022. (2) 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 $9.3 million . (3) Based on principal amount. (4) Based on initial maturity and for floating-rate debt, calculated using one -month LIBOR as of March 31, 2016 and for CRE debt with a LIBOR floor greater than LIBOR, using such floor. (5) One CRE debt investment served as collateral for financing transactions with a carrying value of $38.6 million for the Company’s loan facility. The remainder was unleveraged. In April 2016, the Company sold these loans and used $25.2 million of proceeds to pay down the Company’s loan facility in full, resulting in net proceeds of $ 64.0 million.
Schedule of maturities of CRE debt investments based on principal amount	The following table presents maturities of CRE debt investments based on principal amount as of March 31, 2016 (dollars in thousands): Initial Maturity Maturity Including Extensions (1) April 1 to December 31, 2016 $ 103,129 $ 97,747 Years ending December 31: 2017 220 220 2018 1,716 1,716 2019 — — 2020 — — Thereafter 267,753 273,135 Total (2) $ 372,818 $ 372,818 ____________________________________________________________ (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) Excludes three non-performing loans (“NPLs”) with an aggregate principal amount of $94.4 million as of March 31, 2016 due to maturity defaults. In April 2016, one NPL, with a total principal amount of $52 million , was repaid at par.
Schedule of activity in loan loss reserves on CRE debt investments	The following table presents activity in loan loss reserves on CRE debt investments for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Beginning balance $ 7,839 $ 5,599 Provision for (reversal of) loan losses, net 4,260 (1)(2) 200 (1) Ending balance $ 12,099 $ 5,799 ____________________________________________________________ (1) Excludes $0.1 million of provision for loan losses relating to manufactured housing notes receivables recorded in assets of properties held for sale as of March 31, 2016 and $0.3 million recorded in other assets as of March 31, 2015. (2) Excludes $2.9 million of provision for loan losses primarily relating to exit fees on real estate debt, held for sale.
Schedule of the carrying value of CRE debt investments, by credit quality indicator	The following table presents the carrying value of CRE debt investments, by credit quality indicator, as of each applicable balance sheet date (dollars in thousands): March 31, 2016 December 31, Credit Quality Indicator: Loans with no loan loss reserve: First mortgage loans $ 84,668 $ 168,978 Mezzanine loans 29,323 29,305 Subordinate interests 169,759 169,781 Corporate loans 32,816 32,830 Subtotal 316,566 400,894 Other loans with a loan loss reserve/non-accrual status: First mortgage loans (1) 4,137 4,137 Mezzanine loans (2) — — Subtotal 4,137 4,137 Non-performing loans (3) 90,865 96,443 Total $ 411,568 $ 501,474 ____________________________________________________________ (1) Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $3.1 million as of March 31, 2016 and December 31, 2015 . (2) Includes one mezzanine loan with a 100% loan loss reserve with a principal amount of $3.8 million as of March 31, 2016 and December 31, 2015 . Such loan is not considered a NPL as debt service is currently being received. (3) In April 2016, one NPL, with a total principal amount of $52 million , was repaid at par.
Schedule of impaired loans	The following table presents impaired loans as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Number Principal Amount (1) Carrying Value (1) Loan Loss Reserve Number Principal Amount (1) Carrying Value (1) Loan Loss Reserve Class of Debt: First mortgage loans 5 $ 118,177 $ 95,002 $ 8,333 5 $ 119,677 $ 100,580 $ 4,073 Mezzanine loans 1 3,766 — 3,766 1 3,766 — 3,766 Total 6 $ 121,943 $ 95,002 $ 12,099 6 $ 123,443 $ 100,580 $ 7,839 ____________________________________________________________ (1) Principal amount differs from carrying value primarily due to unamortized origination fees and costs, unamortized premium or discount and loan loss reserves included in the carrying value of the investment. Excludes one first mortgage loan acquired with deteriorated credit quality with a carrying value of $3.1 million as of March 31, 2016 and December 31, 2015 .
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 them being deemed impaired for the three months ended March 31, 2016 and 2015 (dollars in thousands): March 31, 2016 March 31, 2015 Number Average Quarter Number Average Quarter Class of Debt: First mortgage loans 5 $ 97,791 $ 2,100 2 $ 2,690 $ 50 Mezzanine loans 1 — — 1 — 2 Total/weighted average 6 $ 97,791 $ 2,100 3 $ 2,690 $ 52

Investments in Private Equity32

Investments in Private Equity Funds (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in private equity funds	The following tables summarize the Company’s PE Investments as of March 31, 2016 (dollars in millions): PE Investment Initial Closing Date NAV Reference Date (1) Number of Funds Purchase Price Expected Future Funding (2) PE Investment I February 15, 2013 June 30, 2012 49 $ 282.1 $ 2 PE Investment II (3) July 3, 2013 September 30, 2012 24 5.0 3 PE Investment III December 31, 2013 June 30, 2013 8 79.6 — 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 — PE Investment IX October 2, 2014 March 31, 2014 11 217.7 2 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 3 PE Investment XIV (4) September 9, 2015 December 31, 2014 15 50.2 50 PE Investment XV November 12, 2015 December 31, 2014 1 60.0 12 Total 173 (5) 1,465.8 $ 73 ____________________________________________________________ (1) Represents the net asset value (“NAV”) date on which the Company agreed to acquire the respective PE Investment. (2) Includes an estimated amount of expected future contributions to funds and any deferred purchase price as of March 31, 2016 . The actual amount of future contributions underlying the fund interests that may be called and funded by the Company could vary materially from the Company’s expectations. (3) In February 2016, the Company sold substantially all of its interest in PE Investment II for proceeds of $184.1 million . In connection with the sale, the buyers assumed substantially all of the Company’s $243 million portion of the deferred purchase price obligation of the PE Investment II joint venture. The purchase price represents 1% of the original purchase price. Refer to Note 9. Related Party Arrangements for further disclosure. (4) PE Investment XIV paid $50.2 million to the seller for all of the fund interests, or 50% of the December 31, 2014 NAV, and will pay the remaining $47.8 million in equal installments one year and two years after the initial closing date, respectively. Such amount is included in other liabilities on the consolidated balance sheets. (5) The total number of funds includes 28 funds held across multiple PE Investments. Carrying Value Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 PE Investment (5) March 31, 2016 (Unaudited) December 31, 2015 Income (1)(2) Distributions Contributions Income (1)(2) Distributions Contributions PE Investment I (3) $ 124.0 $ 154.0 $ 7.6 $ 33.8 $ — $ 13.9 $ 17.7 $ 0.6 PE Investment II (4) 2.0 186.2 0.1 0.2 — 14.0 21.6 — PE Investment III 28.5 26.8 2.3 0.6 — 0.7 1.5 — PE Investment IV 6.8 7.6 0.3 1.1 — 0.3 — — PE Investment V 6.6 7.7 0.3 1.4 — 0.5 — — PE Investment VI 74.2 75.3 2.0 3.2 0.1 3.4 7.4 0.1 PE Investment VII 31.3 30.2 1.5 0.4 — 2.1 1.9 — PE Investment IX 126.6 129.2 5.3 8.0 0.1 7.4 18.0 0.2 PE Investment X 120.6 128.5 3.7 11.6 — 5.9 13.8 0.2 PE Investment XI 4.3 4.2 0.3 0.2 — — — — PE Investment XII 2.6 2.6 0.1 0.1 — — — — PE Investment XIII 289.4 287.4 9.6 8.3 0.7 — — — PE Investment XIV 51.2 55.2 1.5 5.6 0.1 — — — PE Investment XV 1.4 6.8 3.0 8.4 — — — — Total $ 869.5 $ 1,101.7 $ 37.6 $ 82.9 $ 1.0 $ 48.2 $ 81.9 $ 1.1 ____________________________________________________________ (1) Income is recorded gross of a current income tax expense of $4.7 million and $1.5 million , respectively, for the three months ended March 31, 2016 and 2015. (2) Recorded in equity in earnings in the consolidated statements of operations. (3) The Company recorded an unrealized loss of $3.8 million for the three months ended March 31, 2016 , which represented a partial reversal of an unrealized gain of $32.6 million recorded for the year ended December 31, 2014. (4) The distributions received for the three months ended March 31, 2016 excludes proceeds of $184.1 million in connection with the sale of substantially all of the Company’s interest in PE Investment II. (5) As of March 31, 2016, cash flow is expected through June 30, 2024, with a weighted average expected remaining life of 1.4 years.

Investments in Unconsolidated33

Investments in Unconsolidated Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Investments in unconsolidated ventures	The following table summarizes the Company’s investments in unconsolidated ventures as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 (dollars in millions): Carrying Value Equity in Earnings (Losses) Ownership March 31, 2016 (Unaudited) December 31, 2015 Three Months Ended March 31, Investment Interest 2016 2015 RXR Realty (1) 27% $ 93.7 $ 89.3 $ 6.1 $ 3.5 Aerium (2) 15% 7.0 16.5 — 1.0 LandCap (3) 49% 7.7 7.7 — 0.3 SteelWave (4) 40% 7.4 6.8 0.6 0.4 CS/Federal (5) 50% 5.7 5.7 — 0.1 NSAM Retail Companies (6) Various 15.0 14.0 0.1 0.1 NorthStar Realty Finance Trusts (7) N/A 3.7 3.7 — — Multifamily Joint Venture (8) 90% 3.9 3.5 0.3 — Office Joint Venture (9) 10% 8.5 8.5 — — Total $ 152.6 $ 155.7 $ 7.1 $ 5.4 ___________________________________________________________ (1) 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 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 9. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure. (2) Aerium is a pan-European real estate investment manager specializing in commercial real estate properties. The Company recorded an unrealized loss on its interest in Aerium of $10.8 million for the three months ended March 31, 2016 . 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 9. “Related Party Arrangements - NorthStar Asset Management Group - Management Agreement” for further disclosure. (3) 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. The Company and Whitehall agreed to no longer provide additional new investment capital in the LandCap joint venture. (4) In September 2014, the Company entered into an investment with SteelWave, a real estate investment manager, owner and operator with a portfolio of commercial assets focused in key markets in the western United States. (5) CS Federal Drive, LLC (“CS/Federal”) owns three adjacent class A office/flex buildings in Colorado. The properties were acquired for $54.3 million and were financed with two separate non-recourse mortgages totaling $38.0 million and the remainder in cash. The mortgages matured on February 11, 2016 and the Company is currently in negotiations with the lender. The mortgages have a fixed interest rate of 5.51% and 5.46% , respectively. (6) Affiliates of NSAM also manage the Company’s previously sponsored companies: NorthStar Income, NorthStar Healthcare and NorthStar Real Estate Income II, Inc. (“NorthStar Income II”) and together with any new retail company (herein collectively referred to as the “NSAM Retail Companies”). (7) 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. Refer to Note 16 for further disclosure. (8) 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 have a weighted average fixed interest rate of 3.87% . The joint venture is exploring the sale of the property. (9) 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.

Real Estate Securities, Avail34

Real Estate Securities, Available for Sale (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of CRE securities	The following table presents CRE securities as of December 31, 2015 (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) 26 $ 401,848 $ 194,908 $ 24,332 $ (2,513 ) $ 216,727 31.3 % 1.98 % 22.01 % N-Star CDO equity (5) 4 71,003 71,003 1,290 (27,388 ) 44,905 5.5 % NA 12.41 % CMBS and other securities (6) 15 116,681 61,520 15,340 (21,295 ) 55,565 9.1 % 2.15 % 5.52 % Subtotal (2) 45 589,532 327,431 40,962 (51,196 ) 317,197 45.9 % 2.01 % 16.83 % CRE securities in N-Star CDOs (5)(7) CMBS 123 538,205 398,343 31,244 (103,076 ) 326,511 41.9 % 3.48 % 10.13 % Third-party CDO notes 8 55,509 50,047 — (43,362 ) 6,685 4.4 % 0.01 % — % Agency debentures 8 87,172 31,774 6,384 (842 ) 37,316 6.8 % — 4.57 % Unsecured REIT debt 1 8,000 8,285 691 — 8,976 0.6 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,800 ) 5,425 0.6 % 2.25 % 2.32 % Subtotal 142 696,111 495,674 38,319 (149,080 ) 384,913 54.1 % 2.80 % 8.56 % Total 187 $ 1,285,643 $ 823,105 $ 79,281 $ (200,276 ) $ 702,110 100.0 % 2.46 % 11.85 % _________________________________________________________ (1) Excludes $142.9 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, 2015 . (5) The fair value option was elected for these securities (refer to Note 13). (6) The fair value option was elected for $48.7 million carrying value of these securities (refer to Note 13). (7) Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. The following table presents CRE securities as of March 31, 2016 (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)(8) 24 $ 363,493 $ 164,681 $ 10,597 $ (21,885 ) $ 153,393 30.8 % 2.24 % 24.23 % N-Star CDO equity (5)(8) 4 68,128 68,128 1,168 (28,320 ) 40,976 5.8 % NA 13.11 % CMBS and other securities (6) 13 67,060 47,689 34 (22,779 ) 24,944 5.7 % 0.76 % 1.30 % Subtotal (2) 41 498,681 280,498 11,799 (72,984 ) 219,313 42.3 % 2.01 % 17.63 % CRE securities in N-Star CDOs (5)(7) CMBS 121 525,664 391,920 22,914 (104,563 ) 310,271 44.5 % 3.39 % 9.27 % Third-party CDO notes 7 55,190 49,728 — (43,070 ) 6,658 4.4 % — % — % Agency debentures 8 87,172 32,133 10,350 — 42,483 7.4 % — % 4.57 % Unsecured REIT debt 1 8,000 8,257 589 — 8,846 0.7 % 7.50 % 5.88 % Trust preferred securities 2 7,225 7,225 — (1,819 ) 5,406 0.7 % 2.25 % 2.32 % Subtotal 139 683,251 489,263 33,853 (149,452 ) 373,664 57.7 % 2.72 % 7.86 % Total 180 $ 1,181,932 $ 769,761 $ 45,652 $ (222,436 ) $ 592,977 100.0 % 2.44 % 11.42 % ____________________________________________________________ (1) Excludes $142.1 million principal amount of N-Star CDO bonds payable that are eliminated in consolidation and includes $2.4 million of N-Star CDO bonds owned in N-Star CDO IX. (2) All securities are unleveraged. (3) Based on amortized cost for N-Star CDO equity and principal amount for remaining securities. (4) Based on expected maturity and for floating-rate securities, calculated using the applicable LIBOR as of March 31, 2016 . (5) The fair value option was elected for these securities (refer to Note 13). (6) The fair value option was elected for $ 19.4 million carrying value of these securities (refer to Note 13). (7) Investments in the same securitization tranche held in separate CDO financing transactions are reported as separate investments. (8) As of March 31, 2016, the weighted average remaining life of the N-Star CDO bonds and N-Star CDO equity is 1.8 years and 2.7 years, respectively.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The following table presents borrowings as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 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% $ 3,087 $ 3,082 $ 3,101 $ 3,097 Ohio Portfolio (16) Non-recourse Jan-19 LIBOR + 4.25% 19,883 19,731 19,948 19,780 Lancaster, OH (16) Non-recourse Jan-19 LIBOR + 4.25% 2,216 2,187 2,261 2,229 Wilkinson Portfolio (16) Non-recourse Jan-19 6.99% 146,299 145,730 147,076 146,447 Tuscola/Harrisburg, IL (16) Non-recourse Jan-19 7.09% 7,230 7,185 7,268 7,218 Formation Portfolio (5) Non-recourse May-19 (6) /Jan-25/Feb-26 LIBOR + 4.25% (7) /4.54%/4.59% 705,344 697,963 701,819 695,060 Minnesota Portfolio (16) Non-recourse Nov-19 LIBOR + 3.50% 37,800 37,215 37,800 37,171 Griffin-American - U.K. (5) Non-recourse Dec-19 (6) LIBOR + 4.25% (7) 317,466 313,164 327,890 322,415 Griffin-American - U.S. - Fixed (5) Non-recourse Dec-19 (6) / Jun-25 / Dec-35 4.68% 1,763,023 1,696,616 1,763,036 1,692,098 Griffin-American - U.S. - Floating (5) Non-recourse Dec-19 (6) LIBOR + 3.23% (7) 854,568 822,379 854,565 820,180 Wakefield Portfolio Non-recourse April-20 LIBOR + 4.00% 54,576 54,140 54,694 54,228 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 Subtotal Healthcare/weighted average 4.56% (7) 4,107,622 3,995,522 4,115,588 3,996,053 Hotel Innkeepers Portfolio (5) Non-recourse Jun-19 (6) LIBOR + 3.39% (7) 840,000 838,766 840,000 837,137 K Partners Portfolio (5) Non-recourse Aug-19 (6) LIBOR + 3.25% (7) 211,681 211,083 211,681 210,660 Courtyard Portfolio (5) Non-recourse Oct-19 (6) LIBOR + 3.05% (7) 512,000 510,372 512,000 509,554 Inland Portfolio (5) Non-recourse Nov-19 (6) LIBOR + 3.60% (7) 817,000 813,297 817,000 811,927 NE Portfolio (5) Non-recourse Jun-20 (6) LIBOR + 3.85% (7) 132,250 131,070 132,250 130,824 Miami Hotel Portfolio (5) Non-recourse Jul-20 (6) LIBOR + 3.90% (7) 115,500 114,093 115,500 113,833 Subtotal Hotel/weighted average 3.39% (7) 2,628,431 2,618,681 2,628,431 2,613,935 Net lease Green Pond, NJ (9) Non-recourse Apr-16 5.68% 15,404 15,403 15,486 15,481 Aurora, CO Non-recourse Jul-16 6.22% 30,031 30,028 30,175 30,169 DSG Portfolio Non-recourse Oct-16 6.17% 30,314 30,278 30,481 30,428 Indianapolis, IN Non-recourse Feb-17 6.06% 25,549 25,540 25,674 25,663 Milpitas, CA Non-recourse Mar-17 5.95% 18,663 18,647 18,827 18,807 Fort Mill, SC Non-recourse Apr-17 5.63% 27,700 27,681 27,700 27,675 Fort Mill, SC - Mezzanine Non-recourse Apr-17 6.21% 541 541 663 663 Industrial Portfolio (5) Non-recourse Jul-17/Dec-17 4.21% (7) 221,125 224,109 221,125 224,635 Salt Lake City, UT Non-recourse Sept-17 5.16% 12,507 12,429 12,646 12,555 South Portland, ME Non-recourse Jul-23 LIBOR + 2.15% (7) 3,150 3,102 3,241 3,190 Subtotal Net lease/weighted average 4.91% (7) 384,984 387,758 386,018 389,266 March 31, 2016 December 31, 2015 Recourse vs. Non-Recourse Final Maturity Contractual Interest Rate (1)(2) Principal Amount Carrying Value (3) Principal Amount Carrying Value (3) Multi-tenant Office Legacy Properties (5) Non-recourse Nov-19/Feb-20 (6) LIBOR + 2.15% (7) 113,804 112,272 112,988 111,266 Subtotal Multi-tenant Office 113,804 112,272 112,988 111,266 Other Secured borrowing Non-recourse May-23 LIBOR + 1.60% 53,595 53,595 54,056 54,056 Subtotal Other 53,595 53,595 54,056 54,056 Subtotal Mortgage and other notes payable (4) 7,288,436 7,167,828 7,297,081 7,164,576 Credit facilities and term borrowings: Corporate Revolver (11) Recourse Aug-17 LIBOR + 3.50% (7) — — 165,000 165,000 Corporate Term Borrowing Recourse Sept-17 4.60% / 4.55% (12) 425,000 419,347 425,000 417,039 Loan Facility 1 Partial Recourse (13) Mar-18 (6) 2.95% (7) 25,188 23,951 72,053 72,021 Subtotal Credit facilities and term borrowings 450,188 443,298 662,053 654,060 CDO bonds payable: N-Star I Non-recourse Aug-38 7.01% 9,426 9,379 10,869 10,814 N-Star IX Non-recourse Aug-52 LIBOR + 0.49% (7) 411,327 279,959 425,622 296,787 Subtotal CDO bonds payable—VIE 420,753 289,338 436,491 307,601 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% 1,000 967 1,000 967 5.375% Notes (14) Recourse Jun-33 5.375% 16,805 14,652 17,405 15,116 Subtotal Exchangeable senior notes 30,760 28,574 31,360 29,038 Junior subordinated notes: Trust I Recourse Mar-35 LIBOR + 3.25% (7) 41,240 27,779 41,240 29,033 Trust II Recourse Jun-35 LIBOR + 3.25% (7) 25,780 17,371 25,780 18,152 Trust III Recourse Jan-36 LIBOR + 2.83% (7) 41,238 25,646 41,238 27,003 Trust IV (15) Recourse Jun-36 7.95% 50,100 31,574 50,100 33,446 Trust V Recourse Sept-36 LIBOR + 2.70% (7) 30,100 18,114 30,100 18,978 Trust VI Recourse Dec-36 LIBOR + 2.90% (7) 25,100 15,602 25,100 16,348 Trust VII Recourse Apr-37 LIBOR + 2.50% (7) 31,459 18,079 31,459 18,960 Trust VIII Recourse Jul-37 LIBOR + 2.70% (7) 35,100 20,965 35,100 21,973 Subtotal Junior subordinated notes 280,117 175,130 280,117 183,893 Subtotal 8,470,254 8,104,168 8,707,102 8,339,168 Borrowings of properties, held for sale: (4) EDS Portfolio (10) Non-recourse Oct-15 5.37% 41,482 41,482 41,742 41,742 Manufactured Housing Communities (10) Non-recourse Dec-21 - Dec-25 4.32% (7) 1,273,619 1,262,057 1,274,643 1,262,726 Multifamily (10) Non-recourse Apr-23 - Jul-23 4.08% (7) 249,641 247,032 249,709 247,019 Senior Housing Portfolio (10) — — — — — 648,211 644,486 Subtotal Borrowings of properties held for sale 1,564,742 1,550,571 2,214,305 2,195,973 Grand Total $ 10,034,996 $ 9,654,739 $ 10,921,407 $ 10,535,141 ____________________________________________________________ (1) Refer to Note 14 for further disclosure regarding derivative instruments which are used to manage interest rate exposure. (2) For borrowings with a contractual interest rate based on LIBOR, represents three -month LIBOR for the Ohio, Lancaster and 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 13) and amortized cost, net of deferred financing costs for the other borrowings. (4) Mortgage and other notes payable are subject to customary non-recourse carveouts. (5) An aggregate principal amount of $6.6 billion is comprised of 22 senior mortgage notes totaling $5.1 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. For borrowings with variable interest rates, the weighted average includes the current LIBOR as of March 31, 2016. (8) Represents borrowings in N-Star CDOs. (9) In April 2016, the mortgage matured and the Company is currently in negotiations with the lender to refinance and extend the mortgage. (10) The manufactured housing portfolio and multifamily portfolio are classified as held for sale and associated borrowings are expected to be assumed by a buyer, and therefore, classified as liabilities of assets held for sale. In October 2015, the mortgage matured for the EDS Portfolio and the Company is currently in negotiations with the lender. In April 2016, the Company gave three properties back to the lender and is expected to give the remaining property back to the lender. In March 2016, the Company sold its 60% interest in the Senior Housing Portfolio for $534.5 million and the buyer assumed the $648.2 million of mortgage borrowing as part of the transaction. Refer to Note 9. Related Party Arrangements for further disclosure. (11) Secured by collateral relating to a borrowing base comprised primarily of unlevered CRE debt, net lease and securities investments with a carrying value of $418.3 million as of March 31, 2016 . (12) Represents the respective fixed rate applicable to each borrowing under the Corporate Term Borrowing. (13) Recourse solely with respect to certain types of loans as defined in the governing documents. (14) In January 2016, 0.1 million shares of common stock were issued related to the conversion of exchangeable senior notes. (15) Trust IV has a fixed interest rate until June 30, 2016 when the rate will change to floating and reset quarterly to three -month LIBOR plus 2.80% . (16) As of March 31, 2016, such borrowings were not in compliance with certain covenants. The Company received a waiver from the lenders for one quarter with respect to such defaults.
Schedule of principal amount on the borrowings, based on maturity	The following table presents a reconciliation of principal amount to carrying value of the Company’s mortgage and other notes payable by asset class as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Asset Class: Principal Amount Discount (Premium), Net Deferred Financing Costs, Net Carrying Value Principal Amount Discount (Premium), Net Deferred Financing Costs, Net Carrying Value Healthcare $ 4,107,622 $ (51,966 ) $ (60,134 ) $ 3,995,522 $ 4,115,588 $ 12,801 $ (132,336 ) $ 3,996,053 Hotel 2,628,431 — (9,750 ) 2,618,681 2,628,431 — (14,496 ) 2,613,935 Net lease 384,984 3,752 (978 ) 387,758 386,018 4,389 (1,141 ) 389,266 Multi-tenant office 113,804 — (1,532 ) 112,272 112,988 — (1,722 ) 111,266 Other 53,595 — — 53,595 54,056 — — 54,056 Total $ 7,288,436 $ (48,214 ) $ (72,394 ) $ 7,167,828 $ 7,297,081 $ 17,190 $ (149,695 ) $ 7,164,576 The following table presents scheduled principal on borrowings, based on final maturity as of March 31, 2016 (dollars in thousands): Total Mortgage CDO Bonds Payable Credit Facilities and Term Borrowings Exchangeable (1) Junior Subordinated Notes Borrowings of Properties, Held for Sale April 1 to December 31, 2016 $ 138,245 $ 83,929 $ — $ — $ — $ — $ 54,316 Years ending December 31: 2017 773,921 317,215 — 425,000 12,955 — 18,751 2018 58,710 10,423 — 25,188 — — 23,099 2019 5,888,341 5,862,097 — — 1,000 — 25,244 2020 377,110 350,510 — — — — 26,600 Thereafter 2,798,669 664,262 420,753 — 16,805 280,117 1,416,732 Total $ 10,034,996 $ 7,288,436 $ 420,753 $ 450,188 $ 30,760 $ 280,117 $ 1,564,742 ____________________________________________________________ (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)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of equity-based compensation expense	The following table presents a summary of equity-based awards outstanding. The balance as of March 31, 2016 represents unvested shares of restricted stock, LTIP Units and restricted stock units outstanding, whether vested or not (grants in thousands): Three Months Ended March 31, 2016 Restricted Stock LTIP Units Restricted Stock Units (1) Total Grants Weighted Average Grant Price December 31, 2015 81 1,868 250 2,199 $ 33.44 Granted 1,040 — 505 1,545 10.73 Forfeited — (8 ) — (8 ) 29.11 Vesting of restricted stock (328 ) — — (328 ) 11.25 March 31, 2016 793 1,860 755 3,408 $ 25.29 ____________________________________________________________ (1) Represents employee and non-employee grants subject to time-based vesting conditions. The following table presents equity-based compensation expense for the three months ended March 31, 2016 and 2015 (dollars in thousands): Time-Based Awards Performance-Based Awards Total Three Months Ended Three Months Ended Three Months Ended 2016 2015 2016 2015 2016 2015 Awards issued pre NSAM Spin-off $ 290 $ 2,871 $ 473 $ 956 $ 763 $ 3,827 Awards issued post NSAM Spin-off 4,673 6,246 510 224 5,183 6,470 Dividends to non-employees 339 533 — — 339 533 Total $ 5,302 $ 9,650 $ 983 $ 1,180 $ 6,285 $ 10,830

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Summary of dividends declared (on a per share basis)	The following table presents dividends declared (on a per share basis) for the three months ended March 31, 2016 : Common Stock Preferred Stock Dividend Per Share Declaration Date Dividend 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
Schedule of calculation of earnings per share	The following table presents EPS for the three months ended March 31, 2016 and 2015 (dollars and shares in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator: Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (145,264 ) $ (31,602 ) Net income (loss) attributable to LTIP Units non-controlling interest (1,437 ) — Net income (loss) attributable to common stockholders and LTIP Units (1) $ (146,701 ) $ (31,602 ) Denominator: (2)(3) Weighted average shares of common stock 182,809 154,268 Weighted average LTIP Units (1) 1,866 358 Weighted average shares of common stock and LTIP Units (2) 184,675 154,626 Earnings (loss) per share: (3) Basic $ (0.79 ) $ (0.20 ) Diluted $ (0.79 ) $ (0.20 ) ____________________________________________________________ (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, restricted stock and RSUs outstanding that were not dilutive as of March 31, 2016 . These instruments could potentially impact diluted EPS in future periods, depending on changes in the Company’s stock price and other factors. (3) Adjusted for the Reverse Split effected on November 1, 2015

Non-controlling Interests (Tabl

Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Schedule of net income (loss) attributable to the Company's common stockholders	The following table presents net income (loss) attributable to the Company’s common stockholders for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Income (loss) from continuing operations $ (145,264 ) $ (17,751 ) Income (loss) from discontinued operations — (13,851 ) Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders $ (145,264 ) $ (31,602 )

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities accounted at fair value on recurring basis by level within fair value hierarchy	The following tables present financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 by level within the fair value hierarchy (dollars in thousands): March 31, 2016 Level 1 Level 2 Level 3 Total Assets: PE Investments $ — $ — $ 869,470 $ 869,470 Investments in unconsolidated ventures (1) — — 116,006 116,006 Real estate securities, available for sale: N-Star CDO bonds — — 153,393 153,393 N-Star CDO equity — — 40,976 40,976 CMBS and other securities — 10,388 14,556 24,944 CRE securities in N-Star CDOs CMBS — 251,534 58,737 310,271 Third-party CDO notes — — 6,658 6,658 Agency debentures — 42,483 — 42,483 Unsecured REIT debt — 8,846 — 8,846 Trust preferred securities — — 5,406 5,406 Subtotal CRE securities in N-Star CDOs — 302,863 70,801 373,664 Subtotal real estate securities, available for sale — 313,251 279,726 592,977 Derivative assets — 22 — 22 Total assets $ — $ 313,273 $ 1,265,202 $ 1,578,475 Liabilities: CDO bonds payable $ — $ — $ 289,338 $ 289,338 Junior subordinated notes — — 175,130 175,130 Derivative liabilities — 5,069 213,787 (2) 218,856 Total liabilities $ — $ 5,069 $ 678,255 $ 683,324 _____________________________________________________________________ (1) Includes CRE debt investments made in connection with an investment in unconsolidated venture, for which the fair value option was elected. (2) Represents an interest rate swap entered into in the corporate segment in 2015 and includes a credit valuation adjustment. December 31, 2015 Level 1 Level 2 Level 3 Total Assets: PE Investments $ — $ — $ 1,101,650 $ 1,101,650 Investments in unconsolidated ventures (1) — — 120,392 120,392 Real estate securities, available for sale: N-Star CDO bonds — — 216,727 216,727 N-Star CDO equity — — 44,905 44,905 CMBS and other securities — 12,318 43,247 55,565 CRE securities in N-Star CDOs CMBS — 261,552 64,959 326,511 Third-party CDO notes — — 6,685 6,685 Agency debentures — 37,316 — 37,316 Unsecured REIT debt — 8,976 — 8,976 Trust preferred securities — — 5,425 5,425 Subtotal CRE securities in N-Star CDOs — 307,844 77,069 384,913 Subtotal real estate securities, available for sale — 320,162 381,948 702,110 Derivative assets — 116 — 116 Total assets $ — $ 320,278 $ 1,603,990 $ 1,924,268 Liabilities: CDO bonds payable $ — $ — $ 307,601 $ 307,601 Junior subordinated notes — — 183,893 183,893 Derivative liabilities — 7,385 95,908 (2) 103,293 Total liabilities $ — $ 7,385 $ 587,402 $ 594,787 _____________________________________________________________________ (1) Includes CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected. (2) Represents an interest rate swap entered into in the corporate segment in 2015 and includes a credit valuation adjustment.
Schedule of additional information about the financial assets and liabilities measured at fair value on a recurring basis	The following table presents the changes in fair value of financial assets and liabilities which are measured at fair value on a recurring basis using Level 3 inputs to determine fair value for the three months ended March 31, 2016 (dollars in thousands): Three Months Ended March 31, 2016 Assets Liabilities (3) PE Investments Investments in Unconsolidated Ventures (1) CRE Securities CDO Bonds Payable Junior Subordinated Notes January 1, 2016 $ 1,101,650 $ 120,392 $ 381,948 $ 307,601 $ 183,893 Transfers into Level 3 (2) — — 500 — — Transfers out of Level 3 (2) — — (3,775 ) — — Purchases / borrowings / amortization / contributions 1,015 15 10,587 — — Sales (184,076 ) — (53,886 ) — — Paydowns / distributions (82,896 ) (1,641 ) (6,590 ) (15,737 ) — Gains: Equity in earnings of unconsolidated ventures 37,552 6,710 — — — Unrealized gains included in earnings — 1,361 4,879 (2,526 ) (8,763 ) Realized gains included in earnings — — 100 — — Unrealized gain on real estate securities, available for sale included in OCI — — 2,073 — — Losses: Unrealized losses included in earnings (3,775 ) (10,831 ) (7,995 ) — — Realized losses included in earnings — — (12,935 ) — — Unrealized loss on real estate securities, available for sale included in OCI — — (35,180 ) — — March 31, 2016 $ 869,470 $ 116,006 $ 279,726 $ 289,338 $ 175,130 Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held $ (3,775 ) $ (9,470 ) $ (3,116 ) $ 2,526 $ 8,763 ____________________________________________________________ (1) Includes CRE debt investments made in connection with an investment in unconsolidated venture, 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) Excludes one derivative instrument, which for the three months ended March 31, 2016, an unrealized loss of $117.8 million was recorded, of which $7.6 million related to a credit valuation adjustment. 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, 2015 (dollars in thousands): Year Ended December 31, 2015 Assets Liabilities (3) PE Investments Investments in Unconsolidated Ventures (1) CRE 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) — — 24,170 — — Transfers out of Level 3 (2) — (3,052 ) — — Purchases / borrowings / amortization / contributions 614,578 (4,053 ) 93,477 (25,531 ) — Sales — — (77,230 ) — — Paydowns / distributions (639,884 ) (125,285 ) (124,480 ) (90,070 ) — Gains: Equity in earnings of unconsolidated ventures 198,159 19,177 — — — Unrealized gains included in earnings — — 81,532 — (31,279 ) Realized gains included in earnings — — 22,418 — — Unrealized gain on real estate securities, available for sale included in OCI — — 1,213 — — Losses: Unrealized losses included in earnings (33,241 ) (45,884 ) (75,523 ) 29,275 — Realized losses included in earnings — — (5,886 ) 3,859 — Unrealized loss on real estate securities, available for sale included in OCI — — (36,267 ) — — December 31, 2015 $ 1,101,650 $ 120,392 $ 381,948 $ 307,601 $ 183,893 Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held $ (33,241 ) $ (45,884 ) $ 6,009 $ (29,275 ) $ 31,279 ____________________________________________________________ (1) Includes 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) Excludes one derivative instrument, which for the year ended December 31, 2015, an unrealized loss of $95.9 million was recorded. Such amount is net of an unrealized gain of $23.1 million related to a credit valuation adjustment.
Schedule of Level 3 fair value measurements, quantitative information	For the three months ended March 31, 2016 , 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) Weighted Average PE Investments $ 869,470 Discounted Cash Flow Model Discount Rate 15% Investments in unconsolidated ventures (1) $ 116,006 Discounted Cash Flow Model/Credit Spread Discount Rate/Credit Spread 25% N-Star CDO equity $ 40,976 Discounted Cash Flow Model Discount Rate 18% _________________________________________ (1) Includes CRE debt investments made in connection with an investment in unconsolidated venture, for which the fair value option was elected. (2) Includes timing and amount of expected future cash flow.
Schedule of fair value of financial instruments for which the fair value option was elected	The following table presents the fair value of financial instruments for which the fair value option was elected as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Assets: PE Investments $ 869,470 $ 1,101,650 Investments in unconsolidated ventures (1) 116,006 120,392 Real estate securities, available for sale: (2) N-Star CDO equity 40,976 44,905 CMBS and other securities 19,377 48,711 CRE securities in N-Star CDOs CMBS 310,271 326,511 Third-party CDO notes 6,658 6,685 Agency debentures 42,483 37,316 Unsecured REIT debt 8,846 8,976 Trust preferred securities 5,406 5,425 Subtotal CRE securities in N-Star CDOs 373,664 384,913 Subtotal real estate securities, available for sale 434,017 478,529 Total assets $ 1,419,493 $ 1,700,571 Liabilities: CDO bonds payable $ 289,338 $ 307,601 Junior subordinated notes 175,130 183,893 Total liabilities $ 464,468 $ 491,494 ___________________________________________________________ (1) Includes CRE debt investments made in connection with certain investments in unconsolidated ventures, for which the fair value option was elected. (2) March 31, 2016 excludes 25 CRE securities including $153.4 million of N-Star CDO bonds and $5.6 million of CRE securities, for which the fair value option was not elected. December 31, 2015 excludes 28 CRE securities including $216.7 million of N-Star CDO bonds and $6.9 million of CRE securities, for which the fair value option was not elected.
Schedule of change in fair value of financial assets and liabilities in the consolidated statements of operations	The following table presents unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended 2016 2015 Assets: Real estate securities, available for sale (1) $ (10,222 ) $ 4,512 PE Investments (1) (3,775 ) (4,433 ) Investments in unconsolidated ventures (1) (10,831 ) — Foreign currency remeasurement (2) (3,750 ) (17,543 ) Liabilities: CDO bonds payable (1) 2,526 (9,188 ) Junior subordinated notes (1) 8,763 (2,010 ) Subtotal unrealized gain (loss), excluding derivatives (17,289 ) (28,662 ) Derivatives (115,648 ) 1,136 Subtotal unrealized gain (loss) (132,937 ) (27,526 ) Net cash payments on derivatives (refer to Note 14) (2,544 ) (3,048 ) Total $ (135,481 ) $ (30,574 ) ____________________________________________________________ (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 British Pounds.
Schedule of principal amount, carrying value and fair value of certain financial assets and liabilities	The following table presents the principal amount, carrying value and fair value of certain financial assets and liabilities as of March 31, 2016 and December 31, 2015 ( dollars in thousands): March 31, 2016 December 31, 2015 Principal / Notional Amount Carrying Value Fair Value Principal / Notional Amount Carrying Value Fair Value Financial assets: (1) Real estate debt investments, net $ 467,189 $ 411,568 $ 411,815 $ 555,354 $ 501,474 $ 594,698 Real estate debt investments, held for sale 91,949 88,972 88,972 225,037 224,677 224,677 Real estate securities, available for sale (2) 1,181,932 592,977 592,977 1,285,643 702,110 702,110 Derivative assets (2)(3) 3,894,271 22 22 4,173,872 116 116 Financial liabilities: (1) Mortgage and other notes payable $ 7,288,436 $ 7,167,828 $ 7,204,160 $ 7,297,081 $ 7,164,576 $ 7,175,374 Credit facilities and term borrowings 450,188 443,298 443,298 662,053 654,060 654,060 CDO bonds payable (2)(4) 420,753 289,338 289,338 436,491 307,601 307,601 Exchangeable senior notes 30,760 28,574 48,351 31,360 29,038 50,121 Junior subordinated notes (2)(4) 280,117 175,130 175,130 280,117 183,893 183,893 Derivative liabilities (2)(3) 2,225,750 218,856 218,856 2,225,750 103,293 103,293 Borrowings of properties held for sale 1,564,742 1,550,571 1,555,276 2,241,305 2,195,975 2,200,686 ____________________________________________________________ (1) The fair value of other financial instruments not included in this table is estimated to approximate their carrying value. (2) Refer to “Determination of Fair Value” above for disclosures of methodologies used to determine fair value. (3) Derivative assets and liabilities exclude timing swaps with an aggregate notional amount of $28.0 million as of March 31, 2016 and December 31, 2015 . (4) The fair value option has been elected for these liabilities.

Risk Management and Derivativ40

Risk Management and Derivative Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of derivative instruments that were not designated as hedges under U.S. GAAP	The following tables present derivative instruments that were not designated as hedges under U.S. GAAP as of March 31, 2016 and December 31, 2015 (dollars in thousands): Number Notional Amount (1) Fair Value Net Asset (Liability) Range of Fixed LIBOR / Forward Rate Range of Maturity As of March 31, 2016: Interest rate caps 11 $ 3,894,271 $ 22 1.26% - 5.00% June 2016 - December 2017 Interest rate swaps - N-Star CDOs 9 207,310 (5,069 ) (2) 5.02% - 5.25% January 2017 - July 2018 Interest rate swaps - other 2 2,003,149 (213,787 ) 3.39% - 4.17% July 2023 - December 2029 Total 22 $ 6,104,730 $ (218,834 ) As of December 31, 2015: Interest rate caps 14 $ 4,173,872 $ 116 2.50% - 5.00% January 2016 - December 2017 Interest rate swaps - N-Star CDOs 9 222,510 (7,321 ) (2) 5.02% - 5.25% January 2017 - July 2018 Interest rate swaps - other 2 2,003,240 (95,972 ) 3.39% - 4.17% July 2023 - December 2029 Total 25 $ 6,399,622 $ (103,177 ) ____________________________________________________________ (1) Excludes timing swaps with a notional amount of $28.0 million as of March 31, 2016 and December 31, 2015 . (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 March 31, 2016 and December 31, 2015 (dollars in thousands): Balance Sheet March 31, December 31, Location Interest rate caps Derivative assets $ 22 $ 116 Interest rate swaps Derivative liabilities $ 218,856 $ 103,293
Schedule of the effect of the derivative instruments on consolidated statements of operations	The following table presents the effect of derivative instruments in the consolidated statements of operations for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, Statements of Operations Location 2016 2015 Amount of gain (loss) recognized in earnings (loss): Adjustment to fair value of interest rate swaps and caps Unrealized gain (loss) on investments and other $ (115,648 ) $ 1,136 Net cash payment on derivatives Unrealized gain (loss) on investments and other $ (2,544 ) $ (3,048 ) Amount of swap gain (loss) reclassified from OCI into earnings Interest expense—mortgage and corporate borrowings $ (223 ) $ (265 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Unconsolidated VIEs
Variable interest entities
Schedule of classification and carrying value of assets and liabilities and maximum exposure of VIEs	The following table presents the classification, carrying value and maximum exposure of unconsolidated VIEs as of March 31, 2016 (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 $ — $ 60,443 $ — $ — $ 60,443 $ 60,443 Investments in unconsolidated ventures 3,742 — — — 3,742 3,742 Investments in private equity funds, at fair value — — — 743,507 743,507 743,507 Real estate securities, available for sale: N-Star CDO bonds — — 153,393 — 153,393 153,393 N-Star CDO equity — — 40,976 — 40,976 40,976 CMBS — — 339 — 339 339 Subtotal real estate securities, available for sale — — 194,708 — 194,708 194,708 Total assets 3,742 60,443 194,708 743,507 1,002,400 1,002,400 Junior subordinated notes, at fair value 175,130 — — — 175,130 NA Total liabilities 175,130 — — — 175,130 NA Net $ (171,388 ) $ 60,443 $ 194,708 $ 743,507 $ 827,270 $ 1,002,400 ____________________________________________________________ (1) The Company’s maximum exposure to loss as of March 31, 2016 would not exceed the carrying value of its investment.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of segment reporting	The following tables present segment reporting for the three months ended March 31, 2016 and 2015 (dollars in thousands): Statement of Operations: N-Star CDOs (2) Three Months Ended March 31, 2016 Real Estate (1) CRE CRE CRE Securities Corporate Consolidated Total Rental and escalation income $ 191,434 $ — $ — $ — $ — $ 191,434 Hotel related income 193,743 — — — — 193,743 Resident fee income 72,777 — — — — 72,777 Net interest income on debt and securities 2,584 (3) 13,032 11,490 8,464 (4) 5,203 (4) 40,773 Interest expense—mortgage and corporate borrowings 112,977 — — — 11,525 124,502 Income (loss) before equity in earnings (losses) and income tax benefit (expense) 8,378 (5) 6,579 (3,605 ) 2,831 (178,377 ) (6) (164,194 ) Equity in earnings (losses) of unconsolidated ventures 44,577 — — — 78 44,655 Income tax benefit (expense) (7,716 ) (127 ) — — — (7,843 ) Income (loss) from continuing operations 45,239 6,452 (3,605 ) 2,831 (178,299 ) (127,382 ) Net income (loss) 45,239 6,452 (3,605 ) 2,831 (178,299 ) (127,382 ) ___________________________________ (1) Includes $8.8 million of rental and escalation income and $0.5 million of net income from a portfolio of healthcare assets located in the United Kingdom. (2) Based on CDO financing transactions that were primarily collateralized by CRE securities and may include other types of investments. $1.1 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2016 , of which $0.5 million was 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. (3) Primarily represents interest income earned from notes receivable on manufactured homes and interest income on loans in the Griffin-American portfolio. (4) Represents income earned from N-Star 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) Primarily relates to depreciation and amortization of $87.8 million. (6) Includes management fees to NSAM of $46.5 million . Statement of Operations: N-Star CDOs (1) Three months ended March 31, 2015: Real Estate CRE CRE CRE Corporate European Real Estate (2) Consolidated Rental and escalation income $ 164,746 $ — $ — $ 295 $ — $ — $ 165,041 Hotel related income 168,727 — — — — — 168,727 Resident fee income 63,373 — — — — — 63,373 Net interest income on debt and securities 2,609 (3) 30,806 17,083 10,533 (4) 2,629 (4) — 63,660 Interest expense—mortgage and corporate borrowings 100,137 — — — 12,872 — 113,009 Income (loss) before equity in earnings (losses) and income tax benefit (expense) (27,298 ) (5) 30,114 33,059 2,457 (90,726 ) (6) — (52,394 ) Equity in earnings (losses) of unconsolidated ventures 53,643 — — — — — 53,643 Income tax benefit (expense) (1,642 ) (22 ) — — — — (1,664 ) Income (loss) from continuing operations 24,703 30,092 33,998 1,518 (90,726 ) — (415 ) Income (loss) from discontinued operations (11 ) — — — — (13,850 ) (7) (13,861 ) Net income (loss) 24,692 30,092 33,998 1,518 (90,726 ) (13,850 ) (7) (14,276 ) ___________________________________ (1) Based on CDO financing transactions that were primarily collateralized by either CRE debt or securities and may include other types of investments. $1.4 million of collateral management fees were earned from CDO financing transactions for the three months ended March 31, 2015 , of which $0.6 million were eliminated in consolidation. The eliminated amounts are recorded as other revenue in the Corporate segment and as an expense in the N-Star CDO segment. (2) Prior to the NRE Spin-off, the Company generated rental and escalation income from its European properties. The European real estate segment represents the consolidated results of operations and balance sheet of such European real estate business which was transferred to NorthStar Europe in connection with the NRE Spin-off. Amounts related to the European real estate business are reported in discontinued operations. Represents the consolidated statements of operations of NRE reported in discontinued operations and includes an allocation of indirect expenses from the Company (refer to Note 3). (3) Primarily represents interest income earned from notes receivable on manufactured homes and interest income on loans in the Griffin-American portfolio. (4) Represents income earned from N-Star CDO bonds repurchased at a discount, recognized using the effective interest method, that is eliminated in consolidation. The corresponding interest expense is recorded in net interest income in the N-Star CDO segments. (5) Primarily relates to transaction costs and includes depreciation and amortization of $108.5 million for the three months ended March 31, 2015 . (6) Includes management fees to NSAM of $48.2 million . (7) Primarily relates to transaction costs of $12.4 million and depreciation and amortization of $0.7 million . The following table presents total assets by segment as of March 31, 2016 and December 31, 2015 (dollars in thousands): N-Star CDOs (1) Total Assets Real Estate CRE CRE CRE Corporate Consolidated March 31, 2016 $ 12,720,057 $ 416,818 $ 220,029 $ 407,943 $ 427,022 $ 14,191,869 December 31, 2015 $ 13,871,796 $ 661,348 $ 319,937 $ 422,953 $ 128,367 $ 15,404,401 ______________________________________ (1) Based on CDO financing transactions that are primarily collateralized by CRE securities and may include other types of investments.

Supplemental Disclosures of N43

Supplemental Disclosures of Non-cash Investing and Financing Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Summary of non-cash investing and financing activities	The following table presents non-cash investing and financing activities for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Assumption of mortgage note payable upon sale of real estate $ 648,211 $ — Reclassification of CRE debt investments to held for sale 88,972 — Non-controlling interest – sale of subsidiary 88,604 — Receivables related to sales 42,042 — Reclassification of operating real estate, net to asset held for sale 29,209 — Retirement of shares of common stock 5,014 — Escrow deposit payable related to CRE debt investments 4,312 25,532 Due from servicer 2,399 46,270 Reclassification of intangible assets to asset held for sale 1,859 — Non-controlling interests—reallocation of interest in Operating Partnership 1,846 — Dividends payable related to RSUs 1,839 2,720 Non-cash related to PE Investments 1,806 28,829 Amounts payable relating to improvements of operating real estate 1,724 — Conversion of exchangeable senior notes 504 11,228 Reclassification of operating real estate to intangible assets — 35,540 Conversion of Deferred LTIP Units to LTIP Units (refer to Note 12) — 18,730

Business and Organization (Deta

Business and Organization (Details) $ in Millions	Mar. 31, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Corporate recourse borrowing obligations	$ 425
Trust preferred securities	$ 280

Summary of Significant Accoun45

Summary of Significant Accounting Policies - Accumulated OCI (Details) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	$ 18,485	$ 49,540
Unrealized gain (loss) on real estate securities, available for sale	(33,724)	(7,123)
Foreign currency translation adjustment	(1,180)	(2,356)
Non-controlling interests	510	331
Ending Balance	(15,094)	29,234
Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	592	(11,423)
Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	223	265
Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Foreign currency translation adjustment	(1,180)	(2,356)
Unrealized Gain (Loss) on Available for Sale Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	21,016	56,072
Unrealized gain (loss) on real estate securities, available for sale	(33,724)	(7,123)
Non-controlling interests	331	0
Ending Balance	(11,785)	37,526
Unrealized Gain (Loss) on Available for Sale Securities | Real Estate Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	592	(11,423)
Interest Rate Swap Gain (Loss)
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	(767)	(1,694)
Non-controlling interests	(2)	0
Ending Balance	(546)	(1,429)
Interest Rate Swap Gain (Loss) | Debt Securities
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Reclassifications	223	265
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Beginning Balance	(1,764)	(4,838)
Non-controlling interests	181	331
Ending Balance	(2,763)	(6,863)
Foreign Currency Translation | Foreign currency translation gain (loss)
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward]
Foreign currency translation adjustment	$ (1,180)	$ (2,356)

Summary of Significant Accoun46

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 239,488	$ 299,288
Capital expenditures reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	131,477	171,712
Operating real estate escrow reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	95,934	107,399
CRE debt escrow deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,503	8,815
Cash in CDOs
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 7,574	$ 11,362

Summary of Significant Accoun47

Summary of Significant Accounting Policies - Operating Real Estate (Details)	3 Months Ended
	Mar. 31, 2016
Building (fee interest) | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	15 years
Building (fee interest) | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Building leasehold interests | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years

Summary of Significant Accoun48

Summary of Significant Accounting Policies - Intangible Assets and Intangible Liabilities (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)acquisition	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Asset impairment charges		$ 25,500
Intangible assets:
Intangible Assets, Accumulated Amortization	$ (113,398)	(120,057)	$ (120,057)
Goodwill, Net	47,719	48,635	48,635
Intangible Assets, Gross (Including Goodwill)	619,073	647,334	647,334
Intangible Assets, Net (Including Goodwill)	505,675	527,277	527,277
Intangible liabilities:
Other, Accumulated Amortization	(32,802)	(30,525)	(30,525)
Other, Net	144,442	149,642	149,642
Intangible Liabilities, Gross	$ 177,244	180,167	180,167
Number of acquisitions | acquisition	2
Formation Portfolio
Intangible assets:
Goodwill, Net				$ 25,500
Griffin-American Portfolio
Acquired Finite-Lived Intangible Assets [Line Items]
Asset impairment charges			25,500
Intangible assets:
Goodwill, Net		48,600	48,600
In-place leases
Intangible assets:
Intangible Assets, Gross Amount	$ 268,016	289,124	289,124
Intangible Assets, Accumulated Amortization	(73,341)	(82,089)	(82,089)
Intangible Assets, Net	194,675	207,035	207,035
Above-market leases
Intangible assets:
Intangible Assets, Gross Amount	262,380	268,426	268,426
Intangible Assets, Accumulated Amortization	(37,605)	(35,940)	(35,940)
Intangible Assets, Net	224,775	232,486	232,486
Below-market leases
Intangible liabilities:
Below market lease, Gross Amount	175,008	177,931	177,931
Below market lease, Accumulated Amortization	(32,730)	(30,462)	(30,462)
Below market lease, Net	142,278	147,469	147,469
Other
Intangible assets:
Intangible Assets, Accumulated Amortization	(2,452)	(2,028)	(2,028)
Intangible Assets, Net	38,506	39,121	39,121
Intangible Assets, Gross	40,958	41,149	41,149
Intangible liabilities:
Other, Gross Amount	2,236	2,236	2,236
Other, Accumulated Amortization	(72)	(63)	(63)
Other, Net	$ 2,164	$ 2,173	$ 2,173

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Other assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other assets:
Notes receivable, net	$ 95,002	$ 100,580
Total	172,135	107,768
Other liabilities:
Total	160,090	165,856
Other assets
Other assets:
Cash collateral held by derivative counterparty	62,318	0
Investment-related reserves	45,552	47,380
Prepaid expenses	24,897	22,573
Deferred tax assets	24,145	24,435
Deferred costs	9,154	9,461
Due from servicer	2,399	642
Investment deposits and pending deal costs	1,411	568
Notes receivable, net	210	694
Other	2,049	2,015
Total	172,135	107,768
Other liabilities
Other liabilities:
Deferred tax liabilities	52,241	50,341
PE Investments deferred purchase price	44,212	44,212
Tenant security deposits	30,192	30,327
Prepaid rent and unearned revenue	21,498	24,697
Escrow deposits payable	7,914	11,753
Other	4,033	4,526
Total	$ 160,090	$ 165,856

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Real Estate Debt Investments (Details)	3 Months Ended
	Mar. 31, 2016
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
		Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Income tax expense	[1]	$ 7,843	$ 1,664
Current income tax expense (benefit)		$ 4,500	$ (200)
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Operating Real Estate (Details)

Operating Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate [Abstract]
Land	$ 1,045,465	$ 1,047,620
Land improvements	148,498	148,295
Buildings and improvements	6,714,523	6,728,957
Building leasehold interests and improvements	723,578	723,573
Furniture, fixtures and equipment	359,599	346,628
Tenant improvements	161,776	165,539
Construction in progress	61,315	57,663
Operating real estate, gross	9,214,754	9,218,275
Less: Accumulated depreciation	(582,612)	(511,113)
Less: Allowance for operating real estate impairment	(4,903)	(4,903)
Operating real estate, net	$ 8,627,239	$ 8,702,259

Operating Real Estate - Held fo

Operating Real Estate - Held for Sale (Details) $ in Thousands		May. 09, 2016USD ($)	Mar. 31, 2016USD ($)property	Feb. 29, 2016USD ($)property	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Property, Plant and Equipment [Line Items]
Properties | property			155		155
Operating Real Estate, Net			$ 1,886,479		$ 1,886,479
Intangible Assets, Net			26,604		26,604
Real Estate Held for Sale, Assets			1,913,083		1,913,083		$ 2,742,635
Mortgage and Other Notes Payable, Net			1,550,571		1,550,571
Intangible Liabilities, Net			14,280		14,280
Real Estate Held for sale, Liabilities			1,564,851		1,564,851		2,209,689
Operating real estate assets and liabilities, net			$ 582,612		582,612		$ 511,113
Realized gain (loss) on investments and other	[1]				$ 377	$ 13,003
Manufactured housing communities
Property, Plant and Equipment [Line Items]
Properties | property			136		136
Operating Real Estate, Net			$ 1,495,345		$ 1,495,345
Intangible Assets, Net			24,015		24,015
Real Estate Held for Sale, Assets			1,519,360		1,519,360
Mortgage and Other Notes Payable, Net			1,262,057		1,262,057
Intangible Liabilities, Net			0		0
Real Estate Held for sale, Liabilities			$ 1,262,057		$ 1,262,057
WA Ownership Interest			94.00%		94.00%
Manufactured housing communities | Subsequent event
Property, Plant and Equipment [Line Items]
Mortgage and Other Notes Payable, Net		$ 1,300,000
Real estate held-for-sale, sale price		2,000,000
Proceeds from sale of property held-for-sale		$ 620,000
Manufactured housing communities | Other assets
Property, Plant and Equipment [Line Items]
Carrying amount of mortgages			$ 58,900		$ 58,900
Multifamily
Property, Plant and Equipment [Line Items]
Properties | property			11		11
Operating Real Estate, Net			$ 304,861		$ 304,861
Intangible Assets, Net			0		0
Real Estate Held for Sale, Assets			304,861		304,861
Mortgage and Other Notes Payable, Net			247,032	$ 210,000	247,032
Intangible Liabilities, Net			0		0
Real Estate Held for sale, Liabilities			$ 247,032		$ 247,032
WA Ownership Interest			90.00%		90.00%
Real estate held-for-sale, sale price				307,000
Proceeds from sale of property held-for-sale				$ 86,000
Number of properties being explored for resale | property				2
Multifamily | Maximum
Property, Plant and Equipment [Line Items]
Properties | property				10
Other real estate
Property, Plant and Equipment [Line Items]
Properties | property			8		8
Operating Real Estate, Net			$ 86,273		$ 86,273
Intangible Assets, Net			2,589		2,589
Real Estate Held for Sale, Assets			88,862		88,862
Mortgage and Other Notes Payable, Net			41,482		41,482
Intangible Liabilities, Net			14,280		14,280
Real Estate Held for sale, Liabilities			55,762		55,762
Assets of properties held for sale
Property, Plant and Equipment [Line Items]
Operating real estate assets and liabilities, net			218,100		218,100
ILF
Property, Plant and Equipment [Line Items]
Mortgage and Other Notes Payable, Net			$ 648,200		$ 648,200
WA Ownership Interest			60.00%		60.00%
Real estate held-for-sale, value			$ 898,700		$ 898,700
Real estate held-for-sale, sale price			534,500		$ 534,500
Proceeds from sale of property held-for-sale			149,400
Realized gain (loss) on investments and other	[1]		$ 16,700
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Operating Real Estate - Spin-of

Operating Real Estate - Spin-off (Details) $ in Thousands		Nov. 01, 2015	Oct. 31, 2015USD ($)property	Mar. 31, 2016USD ($)	[2]	Mar. 31, 2015USD ($)
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
Income (loss) from discontinued operations	[1]			$ 0		$ (13,861)
Europe | NorthStar Europe
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-six ratio, in shares)			0.1667
Real estate acquisition			$ 2,600,000
Number of real estate properties contributed to spin-off | property			52
Real estate properties contributed, cash payment			$ 250,000
Discontinued operation, assets			2,800,000
Discontinued operation, liabilities			$ 1,900,000
Income (loss) from discontinued operations						(13,900)
Discontinued operation, revenue						1,800
Transaction costs related to acquisitions						$ 15,700
[1]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.
[2]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Real Estate Debt Investments -

Real Estate Debt Investments - CRE Debt Investments (Details) $ in Thousands, £ in Millions	1 Months Ended	3 Months Ended		4 Months Ended	12 Months Ended
	Apr. 30, 2016USD ($)	Mar. 31, 2016USD ($)loan	Mar. 31, 2015USD ($)loan	May. 10, 2016USD ($)	Dec. 31, 2015USD ($)loan	Mar. 31, 2016GBP (£)	Dec. 31, 2015GBP (£)loan
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		30	34
Principal Amount		$ 467,189			$ 555,354
Carrying Value		$ 411,568			$ 501,474
Allocation by Investment Type		100.00%			100.00%	100.00%	100.00%
Floating Rate as % of Principal Amount		43.10%			53.50%	43.10%	53.50%
Proceeds from collection of real estate debt investments		$ 224,013	$ 0
Cash requirement on future fundings		$ 9,300
Number of loans sold | loan		13
Loans
Mortgage Loans on Real Estate [Line Items]
Face amount of mortgages excluded from weighted average calculations					$ 129,300
Subsequent event
Mortgage Loans on Real Estate [Line Items]
Proceeds from collection of real estate debt investments				$ 307,500
Credit Facility
Mortgage Loans on Real Estate [Line Items]
Carrying value served as collateral					$ 38,600
Impaired loans | Loans
Mortgage Loans on Real Estate [Line Items]
Number of loans excluded from weighted average calculations (loans) | loan					1		1
Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		11.08%	10.33%
Weighted Average Yield		6.75%			7.98%	6.75%	7.98%
Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		9.42%			4.79%	9.42%	4.79%
Debt instrument, term for basis spread on variable rate					1 month
First mortgage loans | Impaired loans
Mortgage Loans on Real Estate [Line Items]
Carrying Value		$ 90,865			$ 96,443
First mortgage loans | Weighted Average | Prime
Mortgage Loans on Real Estate [Line Items]
Principal Amount					$ 5,800
Number of loans originated (loans) | loan					1
Real estate debt, held for sale
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		4			7
Floating Rate as % of Principal Amount		100.00%			52.50%	100.00%	52.50%
Real estate debt investments, held for sale, principal amount					$ 224,677
Real estate debt investments, held for sale					$ 225,037
Real estate debt, held for sale | Credit Facility
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		1
Proceeds from collection of real estate debt investments		$ 178,200
Carrying value served as collateral		$ 38,600
Number of loans sold | loan		7
Pay down of Company's loan facility		$ 46,900
Real estate debt, held for sale | Credit Facility | Subsequent event
Mortgage Loans on Real Estate [Line Items]
Proceeds from collection of real estate debt investments	$ 64,000
Pay down of Company's loan facility	$ 25,200
Real estate debt, held for sale | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		0.00%			13.65%
Weighted Average Yield		7.23%			10.89%	7.23%	10.89%
Real estate debt, held for sale | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		6.57%			7.41%	6.57%	7.41%
Non-performing Loans | Loans
Mortgage Loans on Real Estate [Line Items]
Number of loans excluded from weighted average calculations (loans) | loan					3		3
Consolidated Entity Excluding Variable Interest Entities (VIE)
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		21	25
Principal Amount		$ 427,296			$ 515,248
Carrying Value		$ 389,560			$ 479,329
Allocation by Investment Type		91.50%			92.70%	91.50%	92.70%
Floating Rate as % of Principal Amount		40.80%			52.50%	40.80%	52.50%
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					$ 63,900
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		11.25%	10.51%
Weighted Average Yield		6.77%			8.12%	6.77%	8.12%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		10.69%			5.26%	10.69%	5.26%
LIBOR floor					0.95%		0.95%
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		7	11
Principal Amount		$ 198,534			$ 286,628
Carrying Value		$ 170,349			$ 260,237
Allocation by Investment Type		42.50%			51.60%	42.50%	51.60%
Floating Rate as % of Principal Amount		32.60%			55.80%	32.60%	55.80%
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
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
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Sterling | Option to purchase property securing loan
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		1
Consolidated Entity Excluding Variable Interest Entities (VIE) | First mortgage loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		10.24%	7.09%
Weighted Average Yield		3.18%			6.18%	3.18%	6.18%
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		8.62%			4.95%	8.62%	4.95%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		6	6
Principal Amount		$ 22,400			$ 22,361
Carrying Value		$ 18,571			$ 18,630
Allocation by Investment Type		4.80%			4.00%	4.80%	4.00%
Floating Rate as % of Principal Amount		39.80%			39.90%	39.80%	39.90%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		9.05%	9.04%
Weighted Average Yield		7.24%			8.39%	7.24%	8.39%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Mezzanine loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		4.00%			4.00%	4.00%	4.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		4	4
Principal Amount		$ 170,980			$ 171,044
Carrying Value		$ 169,760			$ 169,781
Allocation by Investment Type		36.60%			30.80%	36.60%	30.80%
Floating Rate as % of Principal Amount		58.80%			59.00%	58.80%	59.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		12.67%	13.04%
Weighted Average Yield		8.87%			8.72%	8.87%	8.72%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Subordinate interests | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		5.67%			5.65%	5.67%	5.65%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans
Mortgage Loans on Real Estate [Line Items]
Number (loans) | loan		4	4
Principal Amount		$ 35,382			$ 35,215
Carrying Value		$ 30,880			$ 30,681
Allocation by Investment Type		7.60%			6.30%	7.60%	6.30%
Floating Rate as % of Principal Amount		0.00%			0.00%	0.00%	0.00%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		12.92%	12.93%
Weighted Average Yield		14.81%			14.84%	14.81%	14.84%
Consolidated Entity Excluding Variable Interest Entities (VIE) | Corporate loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		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		$ 39,893			$ 40,106
Carrying Value		$ 22,008			$ 22,145
Allocation by Investment Type		8.50%			7.30%	8.50%	7.30%
Floating Rate as % of Principal Amount		67.60%			67.20%	67.60%	67.20%
Variable Interest Entity, Primary Beneficiary | Weighted Average
Mortgage Loans on Real Estate [Line Items]
Weighted Average Fixed Rate		7.81%	7.79%
Weighted Average Yield		6.25%			5.70%	6.25%	5.70%
Variable Interest Entity, Primary Beneficiary | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		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		$ 9,320			$ 9,321
Allocation by Investment Type		5.80%			4.90%	5.80%	4.90%
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		0.00%	0.00%
Weighted Average Yield		3.92%			3.10%	3.92%	3.10%
Variable Interest Entity, Primary Beneficiary | First mortgage loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		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		$ 10,752			$ 10,675
Allocation by Investment Type		2.40%			2.00%	2.40%	2.00%
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		8.00%	8.00%
Weighted Average Yield		8.18%			8.24%	8.18%	8.24%
Variable Interest Entity, Primary Beneficiary | Mezzanine loans | Weighted Average | LIBOR
Mortgage Loans on Real Estate [Line Items]
Weighted Average Spread Over LIBOR		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		$ 1,936			$ 2,149
Carrying Value		$ 1,936			$ 2,149
Allocation by Investment Type		0.40%			0.40%	0.40%	0.40%
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		6.74%	6.74%
Weighted Average Yield		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		0.00%			0.00%	0.00%	0.00%

Real Estate Debt Investments 56

Real Estate Debt Investments - CRE Maturities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)loan	Apr. 30, 2016USD ($)loan	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Total	$ 467,189		$ 555,354
Weighted average maturity including extensions of CRE debt investments	5 years 6 months
Net unamortized discounts	$ 39,600
Net unamortized origination fees and costs	1,400
CRE Debt | Non-performing loans
Mortgage Loans on Real Estate [Line Items]
Total	$ 94,400
Number of non-performing loans | loan	3
CRE Debt | Non-performing loans | Subsequent event
Mortgage Loans on Real Estate [Line Items]
Total		$ 52,000
Number of non-performing loans | loan		1
CRE Debt | Initial Maturity
Mortgage Loans on Real Estate [Line Items]
April 1 to December 31, 2016	$ 103,129
2,017	220
2,018	1,716
2,019	0
2,020	0
Thereafter	267,753
Total	372,818
CRE Debt | Maturity Including Extensions
Mortgage Loans on Real Estate [Line Items]
April 1 to December 31, 2016	97,747
2,017	220
2,018	1,716
2,019	0
2,020	0
Thereafter	273,135
Total	$ 372,818

Real Estate Debt Investments 57

Real Estate Debt Investments - Loan Loss Reserves (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Loan Loss Reserve
Beginning balance		$ 7,839	$ 5,599
Provision for (reversal of) loan losses, net		4,260	200
Ending balance		12,099	5,799
Provision for loan losses, net	[1]	7,242	483
Assets of properties held for sale
Loan Loss Reserve
Provision for loan losses, net		2,900
Assets of properties held for sale | Notes receivable
Loan Loss Reserve
Provision for loan losses, net		$ 100
Other assets | Notes receivable
Loan Loss Reserve
Provision for loan losses, net			$ 300
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Real Estate Debt Investments 58

Real Estate Debt Investments - Credit Quality Indicator (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)loan	Mar. 31, 2015loan	Dec. 31, 2015USD ($)loan
Credit quality indicator
Number of days of default or past due for loan delinquency	90 days
Real estate debt investments, net	$ 411,568		$ 501,474
Loan carrying value	$ 95,002		100,580
Number of mezzanine loans | loan	6	6
Impaired financing receivable, principal amount	$ 121,943		123,443
First mortgage loans
Credit quality indicator
Loan carrying value	$ 95,002		100,580
Number of mezzanine loans | loan	5	5
Impaired financing receivable, principal amount	$ 118,177		119,677
Mezzanine loans
Credit quality indicator
Loan carrying value	$ 0		0
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	316,566		400,894
Loans with no loan loss reserve | First mortgage loans
Credit quality indicator
Real estate debt investments, net	84,668		168,978
Loans with no loan loss reserve | Mezzanine loans
Credit quality indicator
Real estate debt investments, net	29,323		29,305
Loans with no loan loss reserve | Subordinate interests
Credit quality indicator
Real estate debt investments, net	169,759		169,781
Loans with no loan loss reserve | Corporate loans
Credit quality indicator
Real estate debt investments, net	32,816		32,830
Other loans with a loan loss reserve/non-accrual status
Credit quality indicator
Real estate debt investments, net	4,137		4,137
Other loans with a loan loss reserve/non-accrual status | First mortgage loans
Credit quality indicator
Real estate debt investments, net	4,137		4,137
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	100.00%
Impaired financing receivable, principal amount	$ 3,800		3,800
Non-performing loans | First mortgage loans
Credit quality indicator
Real estate debt investments, net	$ 90,865		$ 96,443
First mortgage loan acquired with deteriorated credit quality | loan	1		1
Non-performing loans | First mortgage loans | Receivables acquired with deteriorated credit quality
Credit quality indicator
Loan carrying value	$ 3,100		$ 3,100

Real Estate Debt Investments 59

Real Estate Debt Investments - Impaired Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)loan	Mar. 31, 2015USD ($)loan	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
Number (loans) | loan	6	6
Principal amount	$ 121,943		$ 123,443
Carrying value	95,002		100,580
Loan loss reserve	$ 12,099	$ 5,799	7,839	$ 5,599
Number (loans) | loan	6	3
Average carrying value	$ 97,791	$ 2,690
Nine months ended income	$ 2,100	$ 52
Number of days of default or past due for loan delinquency	90 days
Past due, greater than 90 days
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
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	5	5
Principal amount	$ 118,177		119,677
Carrying value	95,002		100,580
Loan loss reserve	$ 8,333		$ 4,073
Number (loans) | loan	5	2
Average carrying value	$ 97,791	$ 2,690
Nine months ended income	$ 2,100	$ 50
First mortgage loans | Non-performing loans
Average carrying value of impaired loans by type and the income recorded on such loans subsequent to their being deemed impaired
First mortgage loan acquired with deteriorated credit quality | loan	1		1
First mortgage loans | Non-performing 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	$ 3,100		$ 3,100
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
Carrying value	0		0
Loan loss reserve	$ 3,766		$ 3,766
Number (loans) | loan	1	1
Average carrying value	$ 0	$ 0
Nine months ended income	$ 0	$ 2

Investments in Private Equity60

Investments in Private Equity Funds - Narrative (Details) $ in Millions	1 Months Ended		2 Months Ended
	Feb. 29, 2016USD ($)	Feb. 28, 2013USD ($)fund	Mar. 31, 2016USD ($)	Jun. 30, 2013fund	Sep. 30, 2012USD ($)
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		51.00%
Ownership interest in amount funded		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		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		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		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		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		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		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		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
Proceeds from sale of investment			$ 184.1
Deferred purchase price obligations assumed	$ 243		$ 243

Investments in Private Equity61

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

Nov. 12, 2015USD ($)fund

Sep. 09, 2015USD ($)fund

May. 22, 2015USD ($)fund

May. 05, 2015USD ($)fund

May. 01, 2015USD ($)fund

Dec. 31, 2014USD ($)

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

Feb. 15, 2013USD ($)fund

Feb. 29, 2016USD ($)

Mar. 31, 2016USD ($)

Mar. 31, 2016USD ($)fund

Dec. 31, 2015fund

PE Investment I

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

49

Purchase Price

$ 282.1

Expected Future Funding

$ 2

$ 2

PE Investment II

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

24

Purchase Price

$ 5

Expected Future Funding

3

3

Proceeds from sale of investment

$ 184.1

184.1

Deferred purchase price obligations assumed

$ 243

243

Proceeds from sale of investment, percentage of original purchase price

1.00%

PE Investment III

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

8

Purchase Price

$ 79.6

Expected Future Funding

0

0

PE Investment IV

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

1

Purchase Price

$ 8

Expected Future Funding

0

0

PE Investment V

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

3

Purchase Price

$ 12

Expected Future Funding

0

0

PE Investment VI

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

20

Purchase Price

$ 90.2

Expected Future Funding

1

1

PE Investment VII

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

14

Purchase Price

$ 54.9

Expected Future Funding

0

0

PE Investment IX

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

11

Purchase Price

$ 217.7

Expected Future Funding

2

2

PE Investment X

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

13

Purchase Price

$ 152.4

Expected Future Funding

0

0

PE Investment XI

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

2

Purchase Price

$ 6.4

Expected Future Funding

0

0

PE Investment XII

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

1

Purchase Price

$ 6.2

Expected Future Funding

0

0

PE Investment XIII

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

11

Purchase Price

$ 441.1

Expected Future Funding

3

3

PE Investment XIV

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

15

Purchase Price

$ 50.2

Expected Future Funding

50

50

Amount paid to seller for all of the fund interests

$ 50.2

Payment of initial amount of reported net asset value

50.00%

Obligation to acquire remaining PE Investment

$ 47.8

Payment of deferred amount of reported net asset value, due in next twelve months

1 year

Payment of deferred amount of reported net asset value, due in year two

2 years

PE Investment XV

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

1

Purchase Price

$ 60

Expected Future Funding

12

12

PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

173

Purchase Price

1,465.8

1,465.8

Expected Future Funding

$ 73

$ 73

Multiple PE Investments

Schedule of Equity Method Investments [Line Items]

Number of Funds | fund

28

Investments in Private Equity62

Investments in Private Equity Funds - Earnings, Distributions, Contributions (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
		Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Carrying Value			$ 869,470		$ 1,101,650
Equity in Earnings (Losses)	[1]		44,655	$ 53,643
Distributions			2,808	8,685
Cash distributions, tax reserve			4,700	1,500
Unrealized gain (loss) on PE Investment	[1]		(135,481)	(30,574)
PE Investment I
Schedule of Equity Method Investments [Line Items]
Carrying Value			124,000		154,000
Equity in Earnings (Losses)			7,600	13,900
Distributions			33,800	17,700
Contributions			0	600
Unrealized gain (loss) on PE Investment			(3,800)	32,600
PE Investment II
Schedule of Equity Method Investments [Line Items]
Carrying Value			2,000		186,200
Equity in Earnings (Losses)			100	14,000
Distributions			200	21,600
Contributions			0	0
Proceeds from sale of investment		$ 184,100	184,100
PE Investment III
Schedule of Equity Method Investments [Line Items]
Carrying Value			28,500		26,800
Equity in Earnings (Losses)			2,300	700
Distributions			600	1,500
Contributions			0	0
PE Investment IV
Schedule of Equity Method Investments [Line Items]
Carrying Value			6,800		7,600
Equity in Earnings (Losses)			300	300
Distributions			1,100	0
Contributions			0	0
PE Investment V
Schedule of Equity Method Investments [Line Items]
Carrying Value			6,600		7,700
Equity in Earnings (Losses)			300	500
Distributions			1,400	0
Contributions			0	0
PE Investment VI
Schedule of Equity Method Investments [Line Items]
Carrying Value			74,200		75,300
Equity in Earnings (Losses)			2,000	3,400
Distributions			3,200	7,400
Contributions			100	100
PE Investment VII
Schedule of Equity Method Investments [Line Items]
Carrying Value			31,300		30,200
Equity in Earnings (Losses)			1,500	2,100
Distributions			400	1,900
Contributions			0	0
PE Investment IX
Schedule of Equity Method Investments [Line Items]
Carrying Value			126,600		129,200
Equity in Earnings (Losses)			5,300	7,400
Distributions			8,000	18,000
Contributions			100	200
PE Investment X
Schedule of Equity Method Investments [Line Items]
Carrying Value			120,600		128,500
Equity in Earnings (Losses)			3,700	5,900
Distributions			11,600	13,800
Contributions			0	200
PE Investment XI
Schedule of Equity Method Investments [Line Items]
Carrying Value			4,300		4,200
Equity in Earnings (Losses)			300	0
Distributions			200	0
Contributions			0	0
PE Investment XII
Schedule of Equity Method Investments [Line Items]
Carrying Value			2,600		2,600
Equity in Earnings (Losses)			100	0
Distributions			100	0
Contributions			0	0
PE Investment XIII
Schedule of Equity Method Investments [Line Items]
Carrying Value			289,400		287,400
Equity in Earnings (Losses)			9,600	0
Distributions			8,300	0
Contributions			700	0
PE Investment XIV
Schedule of Equity Method Investments [Line Items]
Carrying Value			51,200		55,200
Equity in Earnings (Losses)			1,500	0
Distributions			5,600	0
Contributions			100	0
PE Investment XV
Schedule of Equity Method Investments [Line Items]
Carrying Value			1,400		6,800
Equity in Earnings (Losses)			3,000	0
Distributions			8,400	0
Contributions			0	0
PE Investments
Schedule of Equity Method Investments [Line Items]
Carrying Value			869,500		$ 1,101,700
Equity in Earnings (Losses)			37,600	48,200
Distributions			82,900	81,900
Contributions			$ 1,000	$ 1,100
PE investments, weighted average expected remaining life			1 year 4 months 12 days
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Investments in Unconsolidated63

Investments in Unconsolidated Ventures (Details) shares in Millions		1 Months Ended					3 Months Ended
		Mar. 31, 2016USD ($)	Jan. 31, 2016USD ($)	Apr. 30, 2015USD ($)	Jul. 31, 2013USD ($)unit	Jun. 30, 2013USD ($)building	Mar. 31, 2016USD ($)propertynotecompanyshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Equity in Earnings (Losses)	[1]						$ 44,655,000	$ 53,643,000
Amount contributed in the joint venture							$ 1,337,000	0
NorthStar/RXR New York Metro
Schedule of Equity Method Investments [Line Items]
Public offering registration statement, maximum proceeds										$ 2,000,000,000
Acquisition of ownership interest in affiliate (in shares) | shares							0.2
Payments to acquire interest in affiliate							$ 1,500,000
NorthStar/RXR New York Metro | RXR Realty
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in affiliate							$ 2,000,000
NorthStar Corporate Fund
Schedule of Equity Method Investments [Line Items]
Public offering registration statement, maximum proceeds										3,000,000,000
Seed capital contributed			$ 1,000,000
NorthStar Corporate Fund | Och-Ziff Capital Management
Schedule of Equity Method Investments [Line Items]
Seed capital contributed			$ 2,000,000
NorthStar Capital Fund
Schedule of Equity Method Investments [Line Items]
Public offering registration statement, maximum proceeds										$ 3,000,000,000
Seed capital contributed		$ 2,000,000
Northstar BDC
Schedule of Equity Method Investments [Line Items]
Public offering registration statement, maximum proceeds											$ 1,000,000,000
Sponsored Companies
Schedule of Equity Method Investments [Line Items]
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 (up to)							$ 10,000,000
Sponsored Companies | Commitment to Invest as Distribution Support
Schedule of Equity Method Investments [Line Items]
Purchase commitment (up to)							10,000,000
NorthStar Income, NorthStar Healthcare and NorthStar Income II
Schedule of Equity Method Investments [Line Items]
Carrying Value		15,400,000					15,400,000
Unconsolidated Ventures
Schedule of Equity Method Investments [Line Items]
Carrying Value		152,600,000					152,600,000		$ 155,700,000
Equity in Earnings (Losses)							7,100,000	5,400,000
Unconsolidated Ventures | Sponsored Companies
Schedule of Equity Method Investments [Line Items]
Carrying Value		15,000,000					15,000,000		14,000,000
Equity in Earnings (Losses)							100,000	100,000
Unconsolidated Ventures | NorthStar Realty Finance Trusts
Schedule of Equity Method Investments [Line Items]
Carrying Value		$ 3,700,000					3,700,000		3,700,000
Equity in Earnings (Losses)							$ 0	0
Unconsolidated Ventures | RXR Equity Investment
Schedule of Equity Method Investments [Line Items]
Ownership Interest		27.00%					27.00%
Carrying Value		$ 93,700,000					$ 93,700,000		89,300,000
Equity in Earnings (Losses)							$ 6,100,000	3,500,000
Unconsolidated Ventures | Aerium
Schedule of Equity Method Investments [Line Items]
Ownership Interest		15.00%					15.00%
Carrying Value		$ 7,000,000					$ 7,000,000		16,500,000
Equity in Earnings (Losses)							0	1,000,000
Unrealized loss							$ 10,800,000
Unconsolidated Ventures | LandCap
Schedule of Equity Method Investments [Line Items]
Ownership Interest		49.00%					49.00%
Carrying Value		$ 7,700,000					$ 7,700,000		7,700,000
Equity in Earnings (Losses)							$ 0	300,000
Unconsolidated Ventures | SteelWave
Schedule of Equity Method Investments [Line Items]
Ownership Interest		40.00%					40.00%
Carrying Value		$ 7,400,000					$ 7,400,000		6,800,000
Equity in Earnings (Losses)							$ 600,000	400,000
Unconsolidated Ventures | CS/Federal
Schedule of Equity Method Investments [Line Items]
Ownership Interest		50.00%					50.00%
Carrying Value		$ 5,700,000					$ 5,700,000		5,700,000
Equity in Earnings (Losses)							$ 0	100,000
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
Acquisition of real estate properties financed through issuance of non-recourse mortgage notes							$ 38,000,000
Unconsolidated Ventures | CS/Federal | Non-recourse mortgage note bearing 5.51% interest
Schedule of Equity Method Investments [Line Items]
Fixed interest rate		5.51%					5.51%
Unconsolidated Ventures | CS/Federal | Non-recourse mortgage note bearing 5.46% interest
Schedule of Equity Method Investments [Line Items]
Fixed interest rate		5.46%					5.46%
Unconsolidated Ventures | Multifamily
Schedule of Equity Method Investments [Line Items]
Ownership Interest		90.00%					90.00%
Carrying Value		$ 3,900,000					$ 3,900,000		3,500,000
Equity in Earnings (Losses)							$ 300,000	0
Acquisition of real estate properties financed through issuance of non-recourse mortgage notes				$ 7,000,000	$ 29,500,000
Fixed interest rate				3.87%
Number of units in real estate property acquired | unit					498
Amount contributed in the joint venture					$ 41,000,000
Unconsolidated Ventures | Other Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership Interest		10.00%				9.99%	10.00%
Carrying Value		$ 8,500,000					$ 8,500,000		$ 8,500,000
Equity in Earnings (Losses)							$ 0	$ 0
Amount contributed in the joint venture						$ 8,500,000
Unconsolidated Ventures | Other Joint Venture | Chicago
Schedule of Equity Method Investments [Line Items]
Number of office buildings | building						2
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Real Estate Securities, Avail64

Real Estate Securities, Available for Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)securitycdo	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)security
Real estate securities, available for sale
Number (securities) | security	180		187
Principal Amount	$ 383,000
Amortized Cost	769,761		$ 823,105
Cumulative Unrealized Gains	45,652		79,281
Cumulative Unrealized Losses	(222,436)		(200,276)
Real estate securities, available for sale	$ 592,977		$ 702,110
Allocation by Investment Type	100.00%		100.00%
Weighted Average Coupon	2.44%		2.46%
Weighted Average Yield	11.42%		11.85%
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 securities	$ 53,886	$ 60,963
Minimum
Real estate securities, available for sale
Available for sale securities contractual maturity period	2 months
Maximum
Real estate securities, available for sale
Available for sale securities contractual maturity period	37 years
Weighted Average
Real estate securities, available for sale
Available for sale securities contractual maturity period	3 years 4 months 24 days
Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 1,181,932		$ 1,285,643
Real estate securities, available for sale	$ 1,181,932		$ 1,285,643
Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	41		45
Amortized Cost	$ 280,498		$ 327,431
Cumulative Unrealized Gains	11,799		40,962
Cumulative Unrealized Losses	(72,984)		(51,196)
Real estate securities, available for sale	$ 219,313		$ 317,197
Allocation by Investment Type	42.30%		45.90%
Weighted Average Coupon	2.01%		2.01%
Weighted Average Yield	17.63%		16.83%
Variable Interest Entity, Not Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 498,681		$ 589,532
Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	139		142
Amortized Cost	$ 489,263		$ 495,674
Cumulative Unrealized Gains	33,853		38,319
Cumulative Unrealized Losses	(149,452)		(149,080)
Real estate securities, available for sale	$ 373,664		$ 384,913
Allocation by Investment Type	57.70%		54.10%
Weighted Average Coupon	2.72%		2.80%
Weighted Average Yield	7.86%		8.56%
Variable Interest Entity, Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 683,251		$ 696,111
N-Star CDO bonds | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	24		26
Amortized Cost	$ 164,681		$ 194,908
Cumulative Unrealized Gains	10,597		24,332
Cumulative Unrealized Losses	(21,885)		(2,513)
Real estate securities, available for sale	$ 153,393		$ 216,727
Allocation by Investment Type	30.80%		31.30%
Weighted Average Coupon	2.24%		1.98%
Weighted Average Yield	24.23%		22.01%
Principal amount eliminated In consolidation	$ 142,100		$ 142,900
Weighted average remaining life	1 year 9 months 18 days
N-Star CDO bonds | Variable Interest Entity, Not Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 363,493		$ 401,848
N-Star CDO bonds | Variable Interest Entity, Not Primary Beneficiary | Principal / Notional Amount | N-Star CDO IX
Real estate securities, available for sale
Principal Amount	$ 2,400
N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	4		4
Amortized Cost	$ 68,128		$ 71,003
Cumulative Unrealized Gains	1,168		1,290
Cumulative Unrealized Losses	(28,320)		(27,388)
Real estate securities, available for sale	$ 40,976		$ 44,905
Allocation by Investment Type	5.80%		5.50%
Weighted Average Yield	13.11%		12.41%
Weighted average remaining life	2 years 8 months 12 days
N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 68,128		$ 71,003
CMBS and other securities | Variable Interest Entity, Not Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	13		15
Amortized Cost	$ 47,689		$ 61,520
Cumulative Unrealized Gains	34		15,340
Cumulative Unrealized Losses	(22,779)		(21,295)
Real estate securities, available for sale	$ 24,944		$ 55,565
Allocation by Investment Type	5.70%		9.10%
Weighted Average Coupon	0.76%		2.15%
Weighted Average Yield	1.30%		5.52%
Noncurrent equity securities			$ 48,700
CMBS and other securities | Variable Interest Entity, Not Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 67,060		$ 116,681
Noncurrent equity securities	$ 19,400
CMBS and other securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	121		123
Amortized Cost	$ 391,920		$ 398,343
Cumulative Unrealized Gains	22,914		31,244
Cumulative Unrealized Losses	(104,563)		(103,076)
Real estate securities, available for sale	$ 310,271		$ 326,511
Allocation by Investment Type	44.50%		41.90%
Weighted Average Coupon	3.39%		3.48%
Weighted Average Yield	9.27%		10.13%
CMBS and other securities | Variable Interest Entity, Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 525,664		$ 538,205
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	7		8
Amortized Cost	$ 49,728		$ 50,047
Cumulative Unrealized Gains	0		0
Cumulative Unrealized Losses	(43,070)		(43,362)
Real estate securities, available for sale	$ 6,658		$ 6,685
Allocation by Investment Type	4.40%		4.40%
Weighted Average Coupon	0.00%		0.01%
Weighted Average Yield	0.00%		0.00%
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 55,190		$ 55,509
Agency debentures | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	8		8
Amortized Cost	$ 32,133		$ 31,774
Cumulative Unrealized Gains	10,350		6,384
Cumulative Unrealized Losses	0		(842)
Real estate securities, available for sale	$ 42,483		$ 37,316
Allocation by Investment Type	7.40%		6.80%
Weighted Average Coupon	0.00%		0.00%
Weighted Average Yield	4.57%		4.57%
Agency debentures | Variable Interest Entity, Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 87,172		$ 87,172
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	1		1
Amortized Cost	$ 8,257		$ 8,285
Cumulative Unrealized Gains	589		691
Cumulative Unrealized Losses	0		0
Real estate securities, available for sale	$ 8,846		$ 8,976
Allocation by Investment Type	0.70%		0.60%
Weighted Average Coupon	7.50%		7.50%
Weighted Average Yield	5.88%		5.88%
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 8,000		$ 8,000
Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Real estate securities, available for sale
Number (securities) | security	2		2
Amortized Cost	$ 7,225		$ 7,225
Cumulative Unrealized Gains	0		0
Cumulative Unrealized Losses	(1,819)		(1,800)
Real estate securities, available for sale	$ 5,406		$ 5,425
Allocation by Investment Type	0.70%		0.60%
Weighted Average Coupon	2.25%		2.25%
Weighted Average Yield	2.32%		2.32%
Trust preferred securities | Variable Interest Entity, Primary Beneficiary | Principal / Notional Amount
Real estate securities, available for sale
Principal Amount	$ 7,225		$ 7,225
CRE Securities
Real estate securities, available for sale
Proceeds from the sale of securities	53,900	61,000
Net realized gain of CRE securities investments	$ 5,600	10,900
Net realized cash gain of CRE securities investments		$ 9,700
Number of CRE securities for which the fair value option was not elected (securities) | security	25
Carrying value of items for which the fair value option was not elected	$ 159,000
Accumulated net unrealized gains included in OCI	$ 11,300
Number of securities in unrealized loss position | security	20
Securities in unrealized loss position, carrying value	$ 119,100
Securities in unrealized loss position, unrealized loss	$ 21,900
Number of securities in unrealized loss position, greater than one year | security	3
CRE Securities | Realized Gain (Loss) on Investments and Other
Real estate securities, available for sale
OTTI loss on securities	$ 7,000

Borrowings (Details)

Borrowings (Details) shares in Millions	May. 09, 2016USD ($)	Apr. 30, 2016property	Mar. 31, 2016USD ($)	Jan. 31, 2016shares	Aug. 31, 2014	Mar. 31, 2016USD ($)loanmezzanine_notemortgage_note	Mar. 31, 2015loan	Feb. 29, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Mar. 31, 2013USD ($)
Debt Instrument [Line Items]
Principal Amount			$ 10,034,996,000			$ 10,034,996,000			$ 10,921,407,000
Carrying Value			9,654,739,000			9,654,739,000			10,535,141,000
Principal Amount, excluding properties held for sale			8,470,254,000			8,470,254,000			8,707,102,000
Carrying Value, Excluding properties held for sale			8,104,168,000			$ 8,104,168,000			8,339,168,000
Number of mortgage loans | loan						30	34
Years ending December 31:
April 1 to December 31, 2016			138,245,000			$ 138,245,000
2,017			773,921,000			773,921,000
2,018			58,710,000			58,710,000
2,019			5,888,341,000			5,888,341,000
2,020			377,110,000			377,110,000
Thereafter			2,798,669,000			2,798,669,000
Total			10,034,996,000			10,034,996,000
Credit facility:
Credit facilities and term borrowings			443,298,000			443,298,000			654,060,000
Real estate debt investments, net			467,189,000			$ 467,189,000			555,354,000
Subsequent event
Debt Instrument [Line Items]
Number of Properties Returned to Lender | property		3
LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate						1 month
Various portfolios
Debt Instrument [Line Items]
Principal Amount			$ 6,600,000,000			$ 6,600,000,000
Manufactured housing communities
Debt Instrument [Line Items]
Ownership interest			94.00%			94.00%
Manufactured housing communities | Subsequent event
Debt Instrument [Line Items]
Real estate held-for-sale, sale price	$ 2,000,000,000
Proceeds from sale of property held-for-sale	$ 620,000,000
ILF
Debt Instrument [Line Items]
Ownership interest			60.00%			60.00%
Real estate held-for-sale, sale price			$ 534,500,000			$ 534,500,000
Proceeds from sale of property held-for-sale			$ 149,400,000
ILF | Northstar Healthcare
Debt Instrument [Line Items]
Ownership interest			60.00%			60.00%
Real estate held-for-sale, sale price			$ 534,500,000			$ 534,500,000
Proceeds from sale of property held-for-sale			648,200,000
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			7,288,436,000			$ 7,288,436,000			7,297,081,000
Carrying Value			7,167,828,000			7,167,828,000			7,164,576,000
Senior mortgage notes | Healthcare
Debt Instrument [Line Items]
Principal Amount			4,107,622,000			4,107,622,000			4,115,588,000
Carrying Value			$ 3,995,522,000			$ 3,995,522,000			3,996,053,000
Senior mortgage notes | Healthcare | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate			4.56%			4.56%
Senior mortgage notes | Hotels
Debt Instrument [Line Items]
Principal Amount			$ 2,628,431,000			$ 2,628,431,000			2,628,431,000
Carrying Value			$ 2,618,681,000			$ 2,618,681,000			2,613,935,000
Senior mortgage notes | Hotels | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate			3.73%			3.73%
Senior mortgage notes | Net lease
Debt Instrument [Line Items]
Principal Amount			$ 384,984,000			$ 384,984,000			386,018,000
Carrying Value			387,758,000			387,758,000			389,266,000
Senior mortgage notes | Multi-tenant Office
Debt Instrument [Line Items]
Principal Amount			113,804,000			113,804,000			112,988,000
Carrying Value			112,272,000			112,272,000			111,266,000
Senior mortgage notes | Other real estate
Debt Instrument [Line Items]
Principal Amount			53,595,000			53,595,000			54,056,000
Carrying Value			53,595,000			53,595,000			54,056,000
Senior mortgage notes | Various portfolios
Debt Instrument [Line Items]
Principal Amount			$ 5,100,000,000			$ 5,100,000,000
Number of mortgage loans | mortgage_note						22
Senior mortgage notes | 5.89% Non-recourse Note Payable, Due May 2017 | East Arlington, TX | Healthcare
Debt Instrument [Line Items]
Stated interest rate			5.89%			5.89%
Principal Amount			$ 3,087,000			$ 3,087,000			3,101,000
Carrying Value			3,082,000			3,082,000			3,097,000
Senior mortgage notes | LIBOR Plus 4.25% Non-recourse Note Payable, Due January 2019 | Ohio Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount			19,883,000			19,883,000			19,948,000
Carrying Value			19,731,000			$ 19,731,000			19,780,000
Senior mortgage notes | LIBOR Plus 4.25% Non-recourse Note Payable, Due January 2019 | Ohio Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						4.25%
Senior mortgage notes | LIBOR Plus 4.25% Non-recourse Note Payable, Due January 2019 | Lancaster, OH | Healthcare
Debt Instrument [Line Items]
Principal Amount			2,216,000			$ 2,216,000			2,261,000
Carrying Value			$ 2,187,000			$ 2,187,000			2,229,000
Senior mortgage notes | LIBOR Plus 4.25% 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						4.25%
Senior mortgage notes | 6.99% Non-recourse Note Payable, Due January 2019 | Wilkinson Portfolio | Healthcare
Debt Instrument [Line Items]
Stated interest rate			6.99%			6.99%
Principal Amount			$ 146,299,000			$ 146,299,000			147,076,000
Carrying Value			$ 145,730,000			$ 145,730,000			146,447,000
Senior mortgage notes | 7.09% Non-recourse Note Payable, Due January 2019 | Tuscola/Harrisburg | Healthcare
Debt Instrument [Line Items]
Stated interest rate			7.09%			7.09%
Principal Amount			$ 7,230,000			$ 7,230,000			7,268,000
Carrying Value			7,185,000			7,185,000			7,218,000
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			705,344,000			705,344,000			701,819,000
Carrying Value			697,963,000			$ 697,963,000			695,060,000
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						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						4.54%
Senior mortgage notes | LIBOR Plus 4.25%/4.54%, Non-recourse, Due May 2019/January 2025 | Formation Portfolio (3) | Healthcare | LIBOR
Debt Instrument [Line Items]
Interest rate added to variable rate						4.59%
Senior mortgage notes | LIBOR Plus 3.50% Non-recourse Note Payable, Due November 2019 | Minnesota Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount			37,800,000			$ 37,800,000			37,800,000
Carrying Value			37,215,000			$ 37,215,000			37,171,000
Senior mortgage notes | LIBOR Plus 3.50% Non-recourse Note Payable, Due November 2019 | Minnesota Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						3.50%
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			317,466,000			$ 317,466,000			327,890,000
Carrying Value			$ 313,164,000			$ 313,164,000			322,415,000
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						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			4.68%			4.68%
Principal Amount			$ 1,763,023,000			$ 1,763,023,000			1,763,036,000
Carrying Value			1,696,616,000			1,696,616,000			1,692,098,000
Senior mortgage notes | LIBOR Plus 3.23% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.S. | Healthcare
Debt Instrument [Line Items]
Principal Amount			854,568,000			854,568,000			854,565,000
Carrying Value			822,379,000			$ 822,379,000			820,180,000
Senior mortgage notes | LIBOR Plus 3.23% Non-recourse Note Payable, Due December 2019 | Griffin-American - U.S. | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						3.23%
Senior mortgage notes | LIBOR Plus 4.00% Non-recourse Note Payable, Due April 2020 | Wakefield Portfolio | Healthcare
Debt Instrument [Line Items]
Principal Amount			54,576,000			$ 54,576,000			54,694,000
Carrying Value			54,140,000			$ 54,140,000			54,228,000
Senior mortgage notes | LIBOR Plus 4.00% Non-recourse Note Payable, Due April 2020 | Wakefield Portfolio | Healthcare | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						4.00%
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			75,000,000
Carrying Value			75,000,000			$ 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						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			121,130,000
Carrying Value			121,130,000			$ 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						4.50%
Senior mortgage notes | LIBOR Plus 3.39%, Non-recourse, Due June 2019 | Innkeepers Portfolio | Hotels
Debt Instrument [Line Items]
Principal Amount			840,000,000			$ 840,000,000			840,000,000
Carrying Value			838,766,000			$ 838,766,000			837,137,000
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						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			211,681,000
Carrying Value			211,083,000			$ 211,083,000			210,660,000
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						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			512,000,000
Carrying Value			510,372,000			$ 510,372,000			509,554,000
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						3.05%
Senior mortgage notes | LIBOR Plus 3.60%, Non-recourse, Due November 2019 | Inland Portfolio | Hotels
Debt Instrument [Line Items]
Principal Amount			817,000,000			$ 817,000,000			817,000,000
Carrying Value			813,297,000			$ 813,297,000			811,927,000
Senior mortgage notes | LIBOR Plus 3.60%, Non-recourse, Due November 2019 | Inland Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						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			$ 132,250,000			132,250,000
Carrying Value			131,070,000			$ 131,070,000			130,824,000
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						3.85%
Senior mortgage notes | LIBOR Plus 3.90%, Non-recourse, Due July 2020 | Miami Hotel Portfolio | Hotels
Debt Instrument [Line Items]
Principal Amount			115,500,000			$ 115,500,000			115,500,000
Carrying Value			$ 114,093,000			$ 114,093,000			113,833,000
Senior mortgage notes | LIBOR Plus 3.90%, Non-recourse, Due July 2020 | Miami Hotel Portfolio | Hotels | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						3.90%
Senior mortgage notes | 5.68% Non-recourse Note Payable, Due April 2016 | Green Pond, NJ | Net lease
Debt Instrument [Line Items]
Stated interest rate			5.68%			5.68%
Principal Amount			$ 15,404,000			$ 15,404,000			15,486,000
Carrying Value			$ 15,403,000			$ 15,403,000			15,481,000
Senior mortgage notes | 6.22% Non-recourse Note Payable, Due July 2016 | Aurora, CO | Net lease
Debt Instrument [Line Items]
Stated interest rate			6.22%			6.22%
Principal Amount			$ 30,031,000			$ 30,031,000			30,175,000
Carrying Value			$ 30,028,000			$ 30,028,000			30,169,000
Senior mortgage notes | 6.17% Non-recourse Note Payable, Due October 2016 | DSG Portfolio | Net lease
Debt Instrument [Line Items]
Stated interest rate			6.17%			6.17%
Principal Amount			$ 30,314,000			$ 30,314,000			30,481,000
Carrying Value			$ 30,278,000			$ 30,278,000			30,428,000
Senior mortgage notes | 6.06% Non-recourse Note Payable, Due February 2017 | Indianapolis, IN | Net lease
Debt Instrument [Line Items]
Stated interest rate			6.06%			6.06%
Principal Amount			$ 25,549,000			$ 25,549,000			25,674,000
Carrying Value			$ 25,540,000			$ 25,540,000			25,663,000
Senior mortgage notes | 5.95% Non-recourse Note Payable, Due March 2017 | Milpitas, CA | Net lease
Debt Instrument [Line Items]
Stated interest rate			5.95%			5.95%
Principal Amount			$ 18,663,000			$ 18,663,000			18,827,000
Carrying Value			$ 18,647,000			$ 18,647,000			18,807,000
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			5.63%			5.63%
Principal Amount			$ 27,700,000			$ 27,700,000			27,700,000
Carrying Value			$ 27,681,000			$ 27,681,000			27,675,000
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			6.21%			6.21%
Principal Amount			$ 541,000			$ 541,000			663,000
Carrying Value			$ 541,000			$ 541,000			663,000
Senior mortgage notes | 4.21%, Non-recourse, Due July 2017 and December 2017 | Industrial Portfolio | Net lease
Debt Instrument [Line Items]
Stated interest rate			4.21%			4.21%
Principal Amount			$ 221,125,000			$ 221,125,000			221,125,000
Carrying Value			$ 224,109,000			$ 224,109,000			224,635,000
Senior mortgage notes | 5.16% Non-recourse Note Payable, Due September 2017 | Salt Lake City, UT | Net lease
Debt Instrument [Line Items]
Stated interest rate			5.16%			5.16%
Principal Amount			$ 12,507,000			$ 12,507,000			12,646,000
Carrying Value			$ 12,429,000			$ 12,429,000			12,555,000
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | Net lease | LIBOR
Debt Instrument [Line Items]
Weighted average interest rate			4.91%			4.91%
Senior mortgage notes | LIBOR Plus 2.15%, Non-recourse, Due July 2023 | South Portland, ME | Net lease
Debt Instrument [Line Items]
Principal Amount			$ 3,150,000			$ 3,150,000			3,241,000
Carrying Value			3,102,000			$ 3,102,000			3,190,000
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						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			113,804,000			$ 113,804,000			112,988,000
Carrying Value			112,272,000			$ 112,272,000			111,266,000
Senior mortgage notes | LIBOR Plus 2.15% Non-recourse Note Payable, Due November 2019/February 2020 | Legacy Portfolio | Multi-tenant Office | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						2.15%
Senior mortgage notes | LIBOR Plus 1.60% Non-recourse Note Payable, Due May 2023 | Other real estate
Debt Instrument [Line Items]
Principal Amount			53,595,000			$ 53,595,000			54,056,000
Carrying Value			$ 53,595,000			$ 53,595,000			54,056,000
Senior mortgage notes | LIBOR Plus 1.60% Non-recourse Note Payable, Due May 2023 | Other real estate | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						1.60%
Senior mortgage notes | 5.37% Non-recourse Note Payable Due October 2015 | Various portfolios
Debt Instrument [Line Items]
Stated interest rate			5.37%			5.37%
Principal Amount			$ 41,482,000			$ 41,482,000			41,742,000
Carrying Value			$ 41,482,000			$ 41,482,000			41,742,000
Senior mortgage notes | 4.32% Non-recourse Note Payable, Due December 2021 and December 2025 | Manufactured housing communities
Debt Instrument [Line Items]
Stated interest rate			4.32%			4.32%
Principal Amount			$ 1,273,619,000			$ 1,273,619,000			1,274,643,000
Carrying Value			$ 1,262,057,000			$ 1,262,057,000			1,262,726,000
Senior mortgage notes | 4.08% Non-recourse Note Payble, Due April 2023 and July 2023 | Multifamily
Debt Instrument [Line Items]
Stated interest rate			4.08%			4.08%
Principal Amount			$ 249,641,000			$ 249,641,000			249,709,000
Carrying Value			$ 247,032,000			$ 247,032,000			247,019,000
Senior mortgage notes | 4.17% Non-recourse Note Payable, Due May 2025 | Various portfolios
Debt Instrument [Line Items]
Stated interest rate			4.17%			4.17%
Principal Amount			$ 0			$ 0			648,211,000
Carrying Value			0			0			644,486,000
Credit facility
Debt Instrument [Line Items]
Principal Amount			450,188,000			450,188,000			662,053,000
Carrying Value			443,298,000			443,298,000			654,060,000
Years ending December 31:
April 1 to December 31, 2016			0			0
2,017			425,000,000			425,000,000
2,018			25,188,000			25,188,000
2,019			0			0
2,020			0			0
Thereafter			0			0
Total			450,188,000			450,188,000
Credit facility | Corporate Revolving Credit Facility
Debt Instrument [Line Items]
Principal Amount			0			0			165,000,000
Carrying Value			0			0			165,000,000
Credit facility:
Credit facility, term					3 years
Credit facilities and term borrowings								$ 250,000,000
Credit facility | Corporate Revolving Credit Facility | Net lease
Debt Instrument [Line Items]
Debt instrument, collateral amount			418,300,000			$ 418,300,000
Credit facility | Corporate Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						3.50%
Credit facility | Corporate Term Facility
Debt Instrument [Line Items]
Principal Amount			425,000,000			$ 425,000,000			425,000,000
Carrying Value			419,347,000			419,347,000			417,039,000
Credit facility:
Credit facilities and term borrowings										$ 150,000,000	$ 275,000,000
Unused borrowing capacity			$ 0			$ 0
Credit facility | Corporate Term Facility-A
Debt Instrument [Line Items]
Stated interest rate			4.60%			4.60%
Credit facility | Corporate Term Facility-B
Debt Instrument [Line Items]
Stated interest rate			4.55%			4.55%				4.55%	4.60%
Credit facility | Loan Facility 1
Debt Instrument [Line Items]
Stated interest rate			2.95%			2.95%
Principal Amount			$ 25,188,000			$ 25,188,000			72,053,000
Carrying Value			23,951,000			$ 23,951,000			72,021,000
Number of mortgage loans | mortgage_note						1
Credit facility:
Real estate debt investments, net			38,600,000			$ 38,600,000
Credit facility | Loan Facility 1 | Subsidiary
Credit facility:
Maximum borrowing capacity												$ 200,000,000
CDO Bonds Payable
Debt Instrument [Line Items]
Principal Amount			420,753,000			420,753,000			436,491,000
Carrying Value			289,338,000			289,338,000			307,601,000
Years ending December 31:
April 1 to December 31, 2016			0			0
2,017			0			0
2,018			0			0
2,019			0			0
2,020			0			0
Thereafter			420,753,000			420,753,000
Total			$ 420,753,000			$ 420,753,000
CDO Bonds Payable | N-Star I
Debt Instrument [Line Items]
Stated interest rate			7.01%			7.01%
Principal Amount			$ 9,426,000			$ 9,426,000			10,869,000
Carrying Value			9,379,000			$ 9,379,000			10,814,000
CDO Bonds Payable | N-Star I | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						7.01%
CDO Bonds Payable | N-Star IX
Debt Instrument [Line Items]
Principal Amount			411,327,000			$ 411,327,000			425,622,000
Carrying Value			$ 279,959,000			$ 279,959,000			296,787,000
CDO Bonds Payable | N-Star IX | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						0.49%
Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Stated interest rate			7.25%			7.25%
Principal Amount			$ 12,955,000			$ 12,955,000			12,955,000
Carrying Value			$ 12,955,000			$ 12,955,000			12,955,000
Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Stated interest rate			8.875%			8.875%
Principal Amount			$ 1,000,000			$ 1,000,000			1,000,000
Carrying Value			$ 967,000			$ 967,000			967,000
Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Stated interest rate			5.375%			5.375%
Principal Amount			$ 16,805,000			$ 16,805,000			17,405,000
Carrying Value			14,652,000			14,652,000			15,116,000
Debt conversion, shares exchanged | shares				0.1
Exchangeable Senior Notes
Debt Instrument [Line Items]
Principal Amount			30,760,000			30,760,000			31,360,000
Carrying Value			28,574,000			28,574,000			29,038,000
Years ending December 31:
April 1 to December 31, 2016			0			0
2,017			12,955,000			12,955,000
2,018			0			0
2,019			1,000,000			1,000,000
2,020			0			0
Thereafter			16,805,000			16,805,000
Total			$ 30,760,000			$ 30,760,000
Exchangeable Senior Notes | 7.25% Notes
Debt Instrument [Line Items]
Stated interest rate			7.25%			7.25%
Exchangeable Senior Notes | 8.875% Notes
Debt Instrument [Line Items]
Stated interest rate			8.875%			8.875%
Exchangeable Senior Notes | 5.375% Notes
Debt Instrument [Line Items]
Stated interest rate			5.375%			5.375%
Junior Subordinated Notes
Debt Instrument [Line Items]
Principal Amount			$ 280,117,000			$ 280,117,000			280,117,000
Carrying Value			175,130,000			175,130,000			183,893,000
Years ending December 31:
April 1 to December 31, 2016			0			0
2,017			0			0
2,018			0			0
2,019			0			0
2,020			0			0
Thereafter			280,117,000			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			41,240,000
Carrying Value			$ 27,779,000			$ 27,779,000			29,033,000
Junior Subordinated Notes | Trust I | LIBOR
Debt Instrument [Line Items]
Stated interest rate			3.25%			3.25%
Variable rate basis						LIBOR
Junior Subordinated Notes | Trust II
Debt Instrument [Line Items]
Principal Amount			$ 25,780,000			$ 25,780,000			25,780,000
Carrying Value			$ 17,371,000			$ 17,371,000			18,152,000
Junior Subordinated Notes | Trust II | LIBOR
Debt Instrument [Line Items]
Stated interest rate			3.25%			3.25%
Variable rate basis						LIBOR
Junior Subordinated Notes | Trust III
Debt Instrument [Line Items]
Principal Amount			$ 41,238,000			$ 41,238,000			41,238,000
Carrying Value			$ 25,646,000			$ 25,646,000			27,003,000
Junior Subordinated Notes | Trust IV
Debt Instrument [Line Items]
Stated interest rate			7.95%			7.95%
Principal Amount			$ 50,100,000			$ 50,100,000			50,100,000
Carrying Value			$ 31,574,000			$ 31,574,000			33,446,000
Junior Subordinated Notes | Trust IV | LIBOR
Debt Instrument [Line Items]
Stated interest rate			2.83%			2.83%
Variable rate basis						LIBOR
Junior Subordinated Notes | Trust V
Debt Instrument [Line Items]
Principal Amount			$ 30,100,000			$ 30,100,000			30,100,000
Carrying Value			18,114,000			$ 18,114,000			18,978,000
Junior Subordinated Notes | Trust V | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						2.70%
Junior Subordinated Notes | Trust VI
Debt Instrument [Line Items]
Principal Amount			25,100,000			$ 25,100,000			25,100,000
Carrying Value			15,602,000			$ 15,602,000			16,348,000
Junior Subordinated Notes | Trust VI | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						2.90%
Junior Subordinated Notes | Trust VII
Debt Instrument [Line Items]
Principal Amount			31,459,000			$ 31,459,000			31,459,000
Carrying Value			18,079,000			$ 18,079,000			18,960,000
Junior Subordinated Notes | Trust VII | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						2.50%
Junior Subordinated Notes | Trust VIII
Debt Instrument [Line Items]
Principal Amount			35,100,000			$ 35,100,000			35,100,000
Carrying Value			20,965,000			$ 20,965,000			21,973,000
Junior Subordinated Notes | Trust VIII | LIBOR
Debt Instrument [Line Items]
Variable rate basis						LIBOR
Interest rate added to variable rate						2.70%
Junior Subordinated Notes | NorthStar Realty Trust III and IV | LIBOR
Debt Instrument [Line Items]
Debt instrument, term for basis spread on variable rate						3 months
Junior Subordinated Notes | NorthStar Realty Trust III and IV | LIBOR | Maximum
Debt Instrument [Line Items]
Interest rate added to variable rate						2.80%
Properties Held-for-sale
Debt Instrument [Line Items]
Principal Amount									2,214,305,000
Carrying Value			1,550,571,000			$ 1,550,571,000			$ 2,195,973,000
Years ending December 31:
April 1 to December 31, 2016			54,316,000			54,316,000
2,017			18,751,000			18,751,000
2,018			23,099,000			23,099,000
2,019			25,244,000			25,244,000
2,020			26,600,000			26,600,000
Thereafter			1,416,732,000			1,416,732,000
Total			1,564,742,000			1,564,742,000
Mezzanine | Various portfolios
Debt Instrument [Line Items]
Principal Amount			1,500,000,000			$ 1,500,000,000
Number of mortgage loans | mezzanine_note						16
Mortgage and Other Notes Payable
Years ending December 31:
April 1 to December 31, 2016			83,929,000			$ 83,929,000
2,017			317,215,000			317,215,000
2,018			10,423,000			10,423,000
2,019			5,862,097,000			5,862,097,000
2,020			350,510,000			350,510,000
Thereafter			664,262,000			664,262,000
Total			$ 7,288,436,000			$ 7,288,436,000

Borrowings Borrowings - Reconci

Borrowings Borrowings - Reconciliation of Principal Amount to Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal Amount	$ 10,034,996	$ 10,921,407
Carrying Value	9,654,739	10,535,141
Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	7,288,436	7,297,081
Discount (Premium), Net	(48,214)	17,190
Deferred Financing Costs, Net	(72,394)	(149,695)
Carrying Value	7,167,828	7,164,576
Healthcare | Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	4,107,622	4,115,588
Discount (Premium), Net	(51,966)	12,801
Deferred Financing Costs, Net	(60,134)	(132,336)
Carrying Value	3,995,522	3,996,053
Hotels | Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	2,628,431	2,628,431
Discount (Premium), Net	0	0
Deferred Financing Costs, Net	(9,750)	(14,496)
Carrying Value	2,618,681	2,613,935
Net lease | Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	384,984	386,018
Discount (Premium), Net	3,752	4,389
Deferred Financing Costs, Net	(978)	(1,141)
Carrying Value	387,758	389,266
Multi-tenant Office | Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	113,804	112,988
Discount (Premium), Net	0	0
Deferred Financing Costs, Net	(1,532)	(1,722)
Carrying Value	112,272	111,266
Other real estate | Senior mortgage notes
Debt Instrument [Line Items]
Principal Amount	53,595	54,056
Discount (Premium), Net	0	0
Deferred Financing Costs, Net	0	0
Carrying Value	$ 53,595	$ 54,056

Related Party Arrangements (Det

Related Party Arrangements (Details) $ / shares in Units, shares in Millions		Jun. 30, 2014	Mar. 31, 2016USD ($)	Feb. 29, 2016USD ($)loan	Oct. 31, 2015	Mar. 31, 2016USD ($)loan$ / shares	Mar. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)shares	Jan. 31, 2015USD ($)hotel	Dec. 31, 2014
Related party and sponsored company arrangements
Due to related party			$ 46,450,000			$ 46,450,000			$ 50,903,000
Management fee, related party	[1]					$ 46,528,000	$ 48,231,000
Number of loans sold | loan						13
Real estate debt investments, net			411,568,000			$ 411,568,000			$ 501,474,000
ILF
Related party and sponsored company arrangements
Real estate held-for-sale, sale price			$ 534,500,000			$ 534,500,000
Ownership interest			60.00%			60.00%
Proceeds from sale of property held-for-sale			$ 149,400,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions
Related party and sponsored company arrangements
Management fee income						$ 1,100,000	1,400,000
Interest income						11,200,000	16,100,000
N-Star CDOs and the CSE and CapLease CDOs financing transactions | Eliminations
Related party and sponsored company arrangements
Management fees, eliminated						500,000	600,000
NSAM
Related party and sponsored company arrangements
Number of shares purchased | shares									2.7
Payments to acquire interest in affiliate									$ 49,900,000
NSAM
Related party and sponsored company arrangements
Base management fee						$ 46,500,000	45,300,000
Additional asset management fee percentage						1.50%
Incentive management fees							2,900,000
Assets under management			10,000,000,000			$ 10,000,000,000
Maximum expense reimbursement rate, related party						20.00%
Direct costs and expenses allocated for reimbursement						$ 200,000	2,000,000
Compensation expense reimbursement rate, related party, percentage, maximum						50.00%
Compensation expense reimbursement rate, related party, percentage, equity portion						50.00%
Compensation expense reimbursement rate, long-term bonuses, related party, percentage						50.00%
Vesting period						4 years
NSAM | ILF
Related party and sponsored company arrangements
Proceeds from sale of property held-for-sale			149,400,000
NSAM | Revolving credit facility
Related party and sponsored company arrangements
Credit facility, maximum borrowing capacity			250,000,000			$ 250,000,000
Credit facility, financial covenant, required unrestricted cash or cash equivalents balance (at least)						$ 100,000,000
NSAM | Revolving credit facility | LIBOR
Related party and sponsored company arrangements
Interest rate added to variable rate						3.50%
NSAM | Other Revenue
Related party and sponsored company arrangements
Asset management agreement revenue						$ 200,000
NSAM | Tier 1
Related party and sponsored company arrangements
Asset management agreement, incentive fee						15.00%
NSAM | Tier 1 | Minimum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share) | $ / shares						$ 0.68
NSAM | Tier 1 | Maximum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share) | $ / shares						$ 0.78
NSAM | Tier 2
Related party and sponsored company arrangements
Asset management agreement, incentive fee						25.00%
NSAM | Tier 2 | Minimum
Related party and sponsored company arrangements
Asset management agreement, incentive fee, per share (dollars per share) | $ / shares						$ 0.78
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			$ 46,500,000			$ 46,500,000
NSAM | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Asset management agreement, initial term		20 years
Asset management agreement, renewal term		20 years
NSAM | NorthStar Europe
Related party and sponsored company arrangements
Asset management agreement, initial term					20 years
Direct costs and expenses allocated for reimbursement							800,000
Healthcare Strategic Partnership | Minimum
Related party and sponsored company arrangements
Management fees, incentive revenue						20.00%
Healthcare Strategic Partnership | Maximum
Related party and sponsored company arrangements
Management fees, incentive revenue						25.00%
American Healthcare Investors LLC | Strategic Partner
Related party and sponsored company arrangements
Percentage of equity interest											12.00%
Management fee, related party						$ 1,300,000	$ 1,300,000
American Healthcare Investors LLC | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Percentage of equity interest											43.00%
Island Hospitality Management Inc
Related party and sponsored company arrangements
Percentage of equity interest										45.00%
Number of hotel properties under management agreement | hotel										160
Real estate assets under management										$ 4,000,000,000
Island Hospitality Management Inc | Minimum
Related party and sponsored company arrangements
Property management fee						2.50%
Island Hospitality Management Inc | Maximum
Related party and sponsored company arrangements
Property management fee						3.00%
Island Hospitality Management Inc | Base Management Fee
Related party and sponsored company arrangements
Payment of base management fees						$ 4,100,000		$ 3,500,000
Island Hospitality Management Inc | NorthStar Realty Finance Corp.
Related party and sponsored company arrangements
Number of hotel properties under management agreement | hotel										110
Existing owners | PE Investment II
Related party and sponsored company arrangements
Non-controlling interests, ownership percentage				70.00%
Third party | PE Investment II
Related party and sponsored company arrangements
Non-controlling interests, ownership percentage				30.00%
Real estate held-for-sale, sale price				$ 37,300,000
Vintage Funds | PE Investment II
Related party and sponsored company arrangements
Non-controlling interests, ownership percentage				80.00%
NorthStar Income | PE Investment II
Related party and sponsored company arrangements
Non-controlling interests, ownership percentage				20.00%
Northstar Income II
Related party and sponsored company arrangements
Number of loans sold | loan				1
Real estate debt investments, net				$ 12,500,000
Northstar Income II | First mortgage loans
Related party and sponsored company arrangements
Non-controlling interests, ownership percentage				51.00%
Real estate held-for-sale, sale price				$ 40,300,000
Ownership interest				49.00%
Number of loans sold | loan				1
Northstar Healthcare
Related party and sponsored company arrangements
Non-controlling interests, ownership percentage			40.00%			40.00%
Northstar Healthcare | ILF
Related party and sponsored company arrangements
Real estate held-for-sale, sale price			$ 534,500,000			$ 534,500,000
Ownership interest			60.00%			60.00%
Proceeds from sale of property held-for-sale			$ 648,200,000
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Equity-Based Compensation - Nar

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

Jan. 04, 2016shares

Jan. 01, 2015shares

Jun. 30, 2014tier

Jan. 22, 2014shares

Feb. 29, 2016$ / sharesshares

Feb. 28, 2015$ / sharesshares

Jul. 31, 2009componentshares

Mar. 31, 2016USD ($)shares

Dec. 31, 2015shares

Dec. 31, 2014

Dec. 31, 2013$ / sharesshares

Dec. 31, 2012$ / sharesshares

Dec. 31, 2011$ / sharesshares

Dec. 31, 2018installment

Apr. 02, 2017

Apr. 02, 2016

Apr. 02, 2015

Dec. 31, 2018

Jan. 29, 2018installment

Dec. 31, 2017

Jan. 29, 2017installment

Dec. 31, 2016

Dec. 31, 2015

Jan. 29, 2015installment

Dec. 31, 2014

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

Awards issued during period (in shares)

1,545,000

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

$ 34.7

Common Stock

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

New stock issued during period (in shares)

38,000,000

Restricted stock

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

Awards issued during period (in shares)

1,040,000

RSUs

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

Awards issued during period (in shares)

505,000

LTIP Units

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

Awards issued during period (in shares)

0

Omnibus Stock Incentive Plan | Restricted stock

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

Number of unvested shares outstanding

5,219

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

1,291,829

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

1.75%

Percentage of adjusted funds from operations used in calculating size of incentive pool

25.00%

Percentage of return hurdle on adjusted equity capital

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

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 (in shares)

1

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

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

RSUs issued (in shares)

250,000

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

2011 Plan | RSUs | Executive officers

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

Awards issued during period (in shares)

334,871

381,449

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

4 years

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

$ 4.32

Risk-free interest rate

0.42%

Conversion of LTIP Units (in shares)

24,575

2011 Plan | LTIP Units | Executive officers

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

Awards issued during period (in shares)

381,449

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]

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 (in shares)

151,340

2012 Plan | Executive officers | Common Stock

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

New stock issued during period (in shares)

158,191

2012 Plan | RSUs | Executive officers

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

Awards issued during period (in shares)

352,418

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

4 years

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

$ 9.86

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 (in shares)

352,418

2012 Plan | LTIP Units | Executive officers | Scenario, Forecast

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

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

4

2012 Plan | LTIP Units | Non-executive employees | Scenario, Forecast

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 (in shares)

144,883

2013 Plan | RSUs | Executive officers

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

Awards issued during period (in shares)

250,184

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

$ 21.57

Risk-free interest rate

0.63%

2013 Plan | RSUs | Executive officers | Scenario, Forecast

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

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

4 years

2013 Plan | LTIP Units | Executive officers

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

Awards issued during period (in shares)

250,184

2013 Plan | LTIP Units | Executive officers | Scenario, Forecast

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

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 (in shares)

130,787

2013 Plan | LTIP Units | Non-executive employees | Scenario, Forecast

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 (in shares)

137,260

NSAM Bonus Plan | Restricted stock | Executive officers

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

Awards issued during period (in shares)

1,006,006

Awards vested upon grant (in shares)

25.00%

NSAM Bonus Plan | Restricted stock | Non-executive employees

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

Awards issued during period (in shares)

525,909

NSAM Bonus Plan | RSUs

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

Awards retired in period (in shares)

132,654

NSAM Bonus Plan | RSUs | NSAM

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

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

18.35%

NSAM Bonus Plan | RSUs | Executive officers

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

Awards issued during period (in shares)

583,261

292,438

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

$ 1.70

$ 18.64

Risk-free interest rate

0.88%

1.00%

NSAM Bonus Plan | RSUs | Executive officers | Scenario, Forecast

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

Award requisite service period

4 years

4 years

NSAM Bonus Plan | LTIP Units | NSAM

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

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

31.65%

NSAM Bonus Plan | LTIP Units | Executive officers

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

Awards issued during period (in shares)

519,115

Awards vested upon grant (in shares)

25.00%

NSAM Bonus Plan | LTIP Units | Executive officers | Scenario, Forecast

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

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

3

NSAM Bonus Plan | LTIP Units | Non-executive employees

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

Awards issued during period (in shares)

332,988

Equity-Based Compensation - Tab

Equity-Based Compensation - Tables (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2016		Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense	[1]	$ 6,285	[2]	$ 10,830
LTIP Grants
Beginning balance (in units)		2,199
Granted (in units)		1,545
Forfeited (in units)		(8)
Vesting of restricted stock post-spin (in units)		(328)
Ending balance (in units)		3,408
Weighted Average Grant Price
Beginning balance (in dollars per share)		$ 33.44
Granted (in dollars per share)		10.73
Forfeited (in dollars per share)		29.11
Vesting of restricted stock post-spin (in dollars per share)		11.25
Ending balance (in dollars per share)		$ 25.29
Awards issued pre NSAM Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 763		3,827
Awards issued post NSAM Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		5,183		6,470
Dividends to non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		339		533
Time-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		5,302		9,650
Time-Based Awards | Awards issued pre NSAM Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		290		2,871
Time-Based Awards | Awards issued post NSAM Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		4,673		6,246
Time-Based Awards | Dividends to non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		339		533
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		983		1,180
Performance-Based Awards | Awards issued pre NSAM Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		473		956
Performance-Based Awards | Awards issued post NSAM Spin-off
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		510		224
Performance-Based Awards | Dividends to non-employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense		$ 0		$ 0
Restricted stock
LTIP Grants
Beginning balance (in units)		81
Granted (in units)		1,040
Forfeited (in units)		0
Vesting of restricted stock post-spin (in units)		(328)
Ending balance (in units)		793
LTIP Units
LTIP Grants
Beginning balance (in units)		1,868
Granted (in units)		0
Forfeited (in units)		(8)
Vesting of restricted stock post-spin (in units)		0
Ending balance (in units)		1,860
RSUs
LTIP Grants
Beginning balance (in units)		250
Granted (in units)		505
Forfeited (in units)		0
Vesting of restricted stock post-spin (in units)		0
Ending balance (in units)		755
[1]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.
[2]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Stockholders' Equity (Details)

Stockholders' Equity (Details)		Nov. 01, 2015	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / sharesshares	Mar. 31, 2016USD ($)shares	Dec. 31, 2015shares	Sep. 30, 2015USD ($)	Jan. 01, 2012shares
Class of Stock [Line Items]
Stock split, conversion ratio (one-for-two reverse split)		0.5
Numerator:
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders | $	[1]		$ (145,264,000)	$ (31,602,000)
Net income (loss) attributable to LTIP Units non-controlling interest | $			(1,437,000)	0
Net income (loss) attributable to common stockholders and LTIP Units | $			$ (146,701,000)	$ (31,602,000)
Denominator:
Weighted average shares of common stock (shares)	[1],[2]		182,809,000	154,268,000
Weighted average LTIP Units (in shares)			1,866,000	358,000
Weighted average shares of common stock and LTIP Units (in shares)	[1],[2]		184,675,000	154,626,000
Earnings Per Share
Basic (in dollars per share) | $ / shares	[1],[2]		$ (0.79)	$ (0.20)
Diluted (in dollars per share) | $ / shares	[1],[2]		$ (0.79)	$ (0.20)
LTIP Units
Earnings Per Share
LTIP units, common shares issued upon conversion (in shares)			1
Dividend Reinvestment Plan (DRP)
DRP
Number of shares of common stock reserved for issuance under DRP (shares)								3,569,962
Common shares issued pursuant to the DRP (shares)			3,513
Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $							$ 500,000,000
Stock repurchased (in shares)			3,900,000		10,400,000
Stock repurchased, value | $			$ 50,000,000		$ 168,000,000
Stock repurchase program, remaining authorized repurchase amount | $			$ 332,000,000		$ 332,000,000
DRP
Common shares issued pursuant to the DRP (shares)			4,000			7,000
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.
[2]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - $ / shares	Feb. 25, 2016	Jan. 30, 2016	Mar. 31, 2016	[1],[2]	Mar. 31, 2015	[1],[2]
Class of Stock [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.40		$ 0.40		$ 0.80
Series A preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.54688
Series B preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		0.51563
Series C preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		0.55469
Series D preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		0.53125
Series E preferred stock
Class of Stock [Line Items]
Dividends declared per share of preferred stock (in dollars per share)		$ 0.54688
[1]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.
[2]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.

Non-controlling Interests (Deta

Non-controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Non-controlling interests
Units outstanding (in shares)	3,408,000		2,199,000
Net income (loss) attributable to LTIP Units non-controlling interest	$ (1,437)	$ 0
Net Income (Loss) Available to Common Stockholders [Abstract]
Income (loss) from continuing operations	(145,264)	(17,751)
Income (loss) from discontinued operations	0	(13,851)
Net income (loss) attributable to NorthStar Realty Finance Corp. common stockholders	$ (145,264)	(31,602)
LTIP Units
Non-controlling interests
Units outstanding (in shares)	1,860,000		1,868,000
Operating Partnership
Non-controlling interests
Net income (loss) attributable to LTIP Units non-controlling interest	$ (1,400)
Operating Partnership | LTIP Units
Non-controlling interests
Units outstanding (in shares)	1,860,145
Non-controlling interests, ownership percentage	1.00%
Other non-controlling interests
Non-controlling interests
Net income (loss) allocated to other non-controlling interests	$ (1,700)	$ (3,700)

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets:
PE Investments	$ 869,470	$ 1,101,650
Real estate securities, available for sale	592,977	702,110
Total assets	1,419,493	1,700,571
Fair Value
Derivative liabilities	218,856	103,293
Total liabilities	464,468	491,494
Private Equity Funds
Assets:
Investments in unconsolidated ventures	869,470	1,101,650	$ 962,038
Variable Interest Entity, Not Primary Beneficiary
Assets:
Real estate securities, available for sale	219,313	317,197
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO bonds
Assets:
Real estate securities, available for sale	153,393	216,727
Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	40,976	44,905
Variable Interest Entity, Not Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	24,944	55,565
CMBS and other securities		48,700
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	373,664	384,913
Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
Real estate securities, available for sale	310,271	326,511
Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	6,658	6,685
Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	42,483	37,316
Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,406	5,425
Estimate of Fair Value Measurement
Assets:
Real estate securities, available for sale	592,977	702,110
Derivative assets	22	116
Fair Value
Derivative liabilities	218,856	103,293
Recurring basis | Estimate of Fair Value Measurement
Assets:
PE Investments	869,470	1,101,650
Investments in unconsolidated ventures	116,006	120,392
Derivative assets	22	116
Total assets	1,578,475	1,924,268
Fair Value
CDO bonds payable	289,338	307,601
Junior subordinated notes	175,130	183,893
Derivative liabilities	218,856	103,293
Total liabilities	683,324	594,787
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO bonds
Assets:
Real estate securities, available for sale	153,393	216,727
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	40,976	44,905
Recurring basis | Estimate of Fair Value Measurement | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	24,944	55,565
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		384,913
Total assets	373,664
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	310,271	326,511
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale	6,658	6,685
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale	42,483	37,316
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale	8,846	8,976
Recurring basis | Estimate of Fair Value Measurement | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale	5,406	5,425
Recurring basis | Estimate of Fair Value Measurement | All Variable Interest Entities
Assets:
Total assets	592,977	702,110
Recurring basis | Level 2
Assets:
Derivative assets	22	116
Total assets	313,273	320,278
Fair Value
Derivative liabilities	5,069	7,385
Total liabilities	5,069	7,385
Recurring basis | Level 2 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	10,388	12,318
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		307,844
Total assets	302,863
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	251,534	261,552
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Agency debentures
Assets:
Real estate securities, available for sale		37,316
Recurring basis | Level 2 | Variable Interest Entity, Primary Beneficiary | Unsecured REIT debt
Assets:
Real estate securities, available for sale		8,976
Recurring basis | Level 2 | All Variable Interest Entities
Assets:
Total assets	313,251	320,162
Recurring basis | Level 3
Assets:
PE Investments	869,470	1,101,650
Investments in unconsolidated ventures	116,006	120,392
Total assets	1,265,202	1,603,990
Fair Value
CDO bonds payable	289,338	307,601
Junior subordinated notes	175,130	183,893
Derivative liabilities	213,787	95,908
Total liabilities	678,255	587,402
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO bonds
Assets:
Real estate securities, available for sale		216,727
Recurring basis | Level 3 | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Real estate securities, available for sale	40,976	44,905
Recurring basis | Level 3 | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	14,556	43,247
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale		77,069
Total assets	70,801
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | CMBS
Assets:
CMBS and other securities	58,737	64,959
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Third-party CDO notes
Assets:
Real estate securities, available for sale		6,685
Recurring basis | Level 3 | Variable Interest Entity, Primary Beneficiary | Trust preferred securities
Assets:
Real estate securities, available for sale		5,425
Recurring basis | Level 3 | All Variable Interest Entities
Assets:
Total assets	279,726	$ 381,948
Recurring basis | Level 3 | Estimate of Fair Value Measurement | Private Equity Funds
Assets:
Investments in unconsolidated ventures	$ 869,470
Fair Value
Fair value inputs, discount rate	15.00%
Recurring basis | Level 3 | Estimate of Fair Value Measurement | Equity and Preferred Equity Interest
Assets:
Investments in unconsolidated ventures	$ 116,006
Fair Value
Fair value inputs, discount rate	25.00%
Recurring basis | Level 3 | Estimate of Fair Value Measurement | Variable Interest Entity, Not Primary Beneficiary | N-Star CDO Equity
Assets:
Investments in unconsolidated ventures	$ 40,976
Fair Value
Fair value inputs, discount rate	18.00%

Fair Value - Changes in Fair Va

Fair Value - Changes in Fair Value, Assets and Liabilities on Recurring Basis (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)instrument	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)instrument
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
Losses:
Number of instruments held | instrument	1		1
Gain (loss) included in earnings	$ (117,800,000)		$ (95,900,000)
Losses:
Unrealized losses included in earnings		(33,241,000)
CDO Bonds Payable
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	307,601,000	390,068,000	390,068,000
Purchases / borrowings / amortization	0	(25,531,000)
Paydowns	(15,737,000)	(90,070,000)
Unrealized gains included in earnings	(2,526,000)
Losses:
Unrealized losses included in earnings	0	29,275,000
Realized losses included in earnings	0	3,859,000
Ending balance	289,338,000		307,601,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	2,526,000		(29,275,000)
Junior Subordinated Notes
Additional information about the company's CDO bonds payable and junior subordinated notes measured at fair value on a recurring basis for which the company has utilized Level 3 inputs to determine fair value
Beginning balance	183,893,000	215,172,000	215,172,000
Unrealized gains included in earnings	(8,763,000)		(31,279,000)
Losses:
Unrealized losses included in earnings	0	0
Ending balance	175,130,000		183,893,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	8,763,000		31,279,000
Credit Valuation Adjustment
Losses:
Gain (loss) included in earnings	7,600,000		23,100,000
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	1,101,650,000	962,038,000	962,038,000
Purchases / borrowings / amortization / contributions	1,015,000	614,578,000
Sales	(184,076,000)
Paydowns / distributions	(82,896,000)	(639,884,000)
Gains:
Equity in earnings of unconsolidated ventures	37,552,000	198,159,000
Unrealized gains included in earnings	0	0
Losses:
Unrealized losses included in earnings	(3,775,000)
Ending balance	869,470,000		1,101,650,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	(3,775,000)		(33,241,000)
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	120,392,000	276,437,000	276,437,000
Purchases / borrowings / amortization / contributions	15,000	(4,053,000)
Paydowns / distributions	(1,641,000)	(125,285,000)
Gains:
Equity in earnings of unconsolidated ventures	6,710,000	19,177,000
Unrealized gains included in earnings	1,361,000
Losses:
Unrealized losses included in earnings	(10,831,000)	(45,884,000)
Ending balance	116,006,000		120,392,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	(9,470,000)		(45,884,000)
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	381,948,000	481,576,000	481,576,000
Transfers into Level 3	500,000	24,170,000
Transfers out of Level 3	(3,775,000)	(3,052,000)
Purchases / borrowings / amortization / contributions	10,587,000	93,477,000
Sales	(53,886,000)	(77,230,000)
Paydowns / distributions	(6,590,000)	(124,480,000)
Gains:
Unrealized gains included in earnings	4,879,000	81,532,000
Realized gains included in earnings	100,000	22,418,000
Unrealized gain on real estate securities, available for sale included in OCI	2,073,000	1,213,000
Losses:
Unrealized losses included in earnings	(7,995,000)	(75,523,000)
Realized losses included in earnings	(12,935,000)	(5,886,000)
Unrealized losses on real estate securities, available for sale included in OCI	(35,180,000)	$ (36,267,000)
Ending balance	279,726,000		381,948,000
Gains (losses) included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities still held	$ (3,116,000)		$ 6,009,000

Fair Value - Fair Value Option

Fair Value - Fair Value Option (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)security
Assets:
Real estate securities, available for sale	$ 592,977		$ 702,110
Subtotal real estate securities, available for sale	434,017		478,529
Total assets	1,419,493		1,700,571
CDO bonds payable	289,338		307,601
Total liabilities	464,468		491,494
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	(132,937)	$ (27,526)
Subtotal unrealized gain (loss), excluding derivatives	(17,289)	(28,662)
Net unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	(135,481)	(30,574)
CRE Securities
Assets:
Carrying value of items for which the fair value option was not elected	5,600		6,900
N-Star CDO bonds
Assets:
Carrying value of items for which the fair value option was not elected	153,400		216,700
Variable Interest Entity, Not Primary Beneficiary
Assets:
Real estate securities, available for sale	219,313		317,197
Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	373,664		384,913
Subtotal real estate securities, available for sale	373,664		384,913
PE Investments
Assets:
Real estate securities, available for sale	869,470		1,101,650
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	(3,775)	(4,433)
Investments in unconsolidated ventures
Assets:
Real estate securities, available for sale	116,006		120,392
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	(10,831)	0
N-Star CDO Equity | Variable Interest Entity, Not Primary Beneficiary
Assets:
Real estate securities, available for sale	40,976		44,905
CMBS | Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets:
CMBS and other securities	19,377		48,711
CMBS | Variable Interest Entity, Primary Beneficiary
Assets:
CMBS and other securities	310,271		326,511
Third-party CDO notes | Variable Interest Entity, Primary Beneficiary
Assets:
Third-party CDO notes	6,658		6,685
Agency debentures | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	42,483		37,316
Unsecured REIT debt | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	8,846		8,976
Trust preferred securities | Variable Interest Entity, Primary Beneficiary
Assets:
Real estate securities, available for sale	5,406		5,425
CDO Bonds Payable
Assets:
CDO bonds payable	289,338		307,601
Change in fair value of assets and liabilities for which fair value option was elected
Unrealized gains (losses) on investments and other related to the change in fair value of financial assets and liabilities for which the fair value option was elected	2,526	(9,188)
Junior Subordinated Notes
Assets:
Junior subordinated notes	175,130		$ 183,893
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	8,763	(2,010)
Real Estate Securities
Assets:
Number of CRE securities for which the fair value option was not elected (securities) | security			28
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	(10,222)	4,512
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	$ (3,750)	$ (17,543)

Fair Value - Financial Instrume

Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments
Mortgage and other notes payable, net	$ 1,550,571
Financial assets:
Real estate debt investments, net	411,568	$ 501,474
Real estate securities, available for sale	592,977	702,110
Financial liabilities:
Mortgage and other notes payable	7,167,828	7,164,576
Credit facilities and term borrowings	443,298	654,060
CDO bonds payable	289,338	307,601
Exchangeable senior notes	28,574	29,038
Junior subordinated notes	175,130	183,893
Derivative liabilities	218,856	103,293
Timing swaps
Financial liabilities:
Notional amount	28,000	28,000
Real estate debt, held for sale
Financial assets:
Real estate debt investments, held for sale, principal amount		224,677
Real estate debt investments, held for sale		225,037
Principal / Notional Amount
Financial assets:
Real estate debt investments, net	467,189	555,354
Real estate securities, available for sale	1,181,932	1,285,643
Derivative assets	3,894,271	4,173,872
Financial liabilities:
Mortgage and other notes payable	7,288,436	7,297,081
Credit facilities and term borrowings	450,188	662,053
CDO bonds payable	420,753	436,491
Exchangeable senior notes	30,760	31,360
Junior subordinated notes	280,117	280,117
Derivative liabilities	2,225,750	2,225,750
Principal / Notional Amount | Properties Held-for-sale
Financial liabilities:
Borrowings of properties held for sale	1,564,742	2,241,305
Principal / Notional Amount | Real estate debt, held for sale
Financial assets:
Real estate debt investments, held for sale, principal amount	91,949
Real estate debt investments, held for sale		225,037
Carrying Value
Financial assets:
Real estate debt investments, net	411,568	501,474
Real estate securities, available for sale	592,977	702,110
Derivative assets	22	116
Financial liabilities:
Mortgage and other notes payable	7,167,828	7,164,576
Credit facilities and term borrowings	443,298	654,060
CDO bonds payable	289,338	307,601
Exchangeable senior notes	28,574	29,038
Junior subordinated notes	175,130	183,893
Derivative liabilities	218,856	103,293
Carrying Value | Properties Held-for-sale
Financial liabilities:
Borrowings of properties held for sale		2,195,975
Carrying Value | Real estate debt, held for sale
Financial assets:
Real estate debt investments, held for sale	88,972	224,677
Fair Value
Financial assets:
Real estate debt investments, net	411,815	594,698
Real estate securities, available for sale	592,977	702,110
Derivative assets	22	116
Financial liabilities:
Mortgage and other notes payable	7,204,160	7,175,374
Credit facilities and term borrowings	443,298	654,060
CDO bonds payable	289,338	307,601
Exchangeable senior notes	48,351	50,121
Junior subordinated notes	175,130	183,893
Derivative liabilities	218,856	103,293
Fair Value | Properties Held-for-sale
Financial liabilities:
Borrowings of properties held for sale	1,555,276	2,200,686
Fair Value | Real estate debt, held for sale
Financial assets:
Real estate debt investments, held for sale	$ 88,972	$ 224,677

Risk Management and Derivativ77

Risk Management and Derivative Activities (Details)	3 Months Ended
	Mar. 31, 2016USD ($)instrument	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)instrument
Amount of gain (loss) recognized in earnings (loss):
Cash collateral held by derivative counterparty	$ 62,300,000		$ 0
Resident Fee Income | Customer Concentration Risk | Senior Lifestyle Holding Company, LLC
Amount of gain (loss) recognized in earnings (loss):
Concentration risk percentage	74.50%
Revenue | Customer Concentration Risk | Senior Lifestyle Holding Company, LLC
Amount of gain (loss) recognized in earnings (loss):
Concentration risk percentage	10.70%
Interest rate caps
Derivative assets
Interest rate caps	$ 22,000		116,000
Interest rate swaps
Derivative liabilities
Interest rate swaps	218,856,000		103,293,000
Timing swaps
Derivative instruments
Notional Amount	$ 28,000,000		$ 28,000,000
Not designated as hedges
Derivative instruments
Number (instruments) | instrument	22		25
Notional Amount	$ 6,104,730,000		$ 6,399,622,000
Fair Value Net Asset (Liability)	$ (218,834,000)		$ (103,177,000)
Designated as hedge
Derivative instruments
Number (instruments) | instrument	0		0
NorthStar Realty | Unrealized gain (loss) on investments and other
Amount of gain (loss) recognized in earnings (loss):
Net cash payment on derivatives	$ (2,544,000)	$ (3,048,000)
NorthStar Realty | Interest rate swaps | Interest expense—mortgage and corporate borrowings
Amount of gain (loss) recognized in earnings (loss):
Amount of swap gain (loss) reclassified from OCI into earnings	(223,000)	(265,000)
NorthStar Realty | Interest rate swaps and caps | Derivatives | Unrealized gain (loss) on investments and other
Amount of gain (loss) recognized in earnings (loss):
Adjustment to fair value of interest rate swaps and caps	$ (115,648,000)	$ 1,136,000
NorthStar Realty | Not designated as hedges | Interest rate caps
Derivative instruments
Number (instruments) | instrument	11		14
Notional Amount	$ 3,894,271,000		$ 4,173,872,000
Fair Value Net Asset (Liability)	$ 22,000		$ 116,000
NorthStar Realty | Not designated as hedges | Interest rate caps | Minimum | LIBOR
Derivative instruments
Fixed interest rate	1.26%		2.50%
NorthStar Realty | Not designated as hedges | Interest rate caps | Maximum | LIBOR
Derivative instruments
Fixed interest rate	5.00%		5.00%
NorthStar Realty | Not designated as hedges | Interest rate swaps
Derivative instruments
Number (instruments) | instrument	2		2
Notional Amount	$ 2,003,149,000		$ 2,003,240,000
Fair Value Net Asset (Liability)	$ (213,787,000)		$ (95,972,000)
NorthStar Realty | Not designated as hedges | Interest rate swaps | Minimum | LIBOR
Derivative instruments
Fixed interest rate	3.39%		3.39%
NorthStar Realty | Not designated as hedges | Interest rate swaps | Maximum | LIBOR
Derivative instruments
Fixed interest rate	4.17%		4.17%
NorthStar Realty | Not designated as hedges | Interest rate swaps | N-Star CDOs
Derivative instruments
Number (instruments) | instrument	9		9
Notional Amount	$ 207,310,000		$ 222,510,000
Fair Value Net Asset (Liability)	$ (5,069,000)		$ (7,321,000)
NorthStar Realty | Not designated as hedges | Interest rate swaps | N-Star CDOs | Minimum | LIBOR
Derivative instruments
Fixed interest rate	5.02%		5.02%
NorthStar Realty | Not designated as hedges | Interest rate swaps | N-Star CDOs | Maximum | LIBOR
Derivative instruments
Fixed interest rate	5.25%		5.25%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2016USD ($)
4.635% Senior Stock-Settlable Notes Due December 2016
Loss Contingencies [Line Items]
Stated interest rate	4.635%
Senior Notes	$ 189.5
Hotel Portfolio
Loss Contingencies [Line Items]
Guaranty agreements, amount remaining	$ 3.8

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)CRE	Dec. 31, 2015USD ($)
Unconsolidated VIEs
Investments in unconsolidated ventures	$ 152,624	$ 155,737
Unconsolidated VIEs
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	1,002,400
Total liabilities	175,130
Net	827,270
Maximum Exposure to Loss	1,002,400
Unconsolidated VIEs | Junior Subordinated Notes
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	3,742
Total liabilities	175,130
Net	(171,388)
Maximum Exposure to Loss	$ 3,742
Unconsolidated VIEs | CMBS
Unconsolidated VIEs
Number of variable interest entities in which company is not primary beneficiary | CRE	1
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	$ 339
Maximum Exposure to Loss	339
Unconsolidated VIEs | PE Investment XIII
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	743,507
Net	743,507
Maximum Exposure to Loss	743,507
Unconsolidated VIEs | N-Star CDO bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	153,393
Maximum Exposure to Loss	153,393
Unconsolidated VIEs | N-Star CDO Equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	40,976
Maximum Exposure to Loss	40,976
Unconsolidated VIEs | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	194,708
Maximum Exposure to Loss	$ 194,708
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	$ 60,400
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	60,443
Net	60,443
Maximum Exposure to Loss	60,443
Unconsolidated VIEs | Real Estate Securities, Available for Sale
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	194,708
Net	194,708
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CMBS
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	339
Unconsolidated VIEs | Real Estate Securities, Available for Sale | PE Investment XIII
Unconsolidated VIEs
VIE expected future contributions	67,600
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	743,500
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO bonds
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	153,393
Unconsolidated VIEs | Real Estate Securities, Available for Sale | N-Star CDO Equity
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	40,976
Unconsolidated VIEs | Real Estate Securities, Available for Sale | CRE Securities
Carrying value and maximum exposure of unconsolidated VIEs
Total assets	194,708
Unconsolidated VIEs | Northstar Realty Finance Trusts I-VIII
Unconsolidated VIEs
Investments in unconsolidated ventures	$ 3,700

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands		May. 09, 2016USD ($)	Mar. 31, 2016USD ($)property	Feb. 29, 2016USD ($)property	Mar. 31, 2016USD ($)propertyloansegment		Mar. 31, 2015USD ($)		May. 10, 2016USD ($)	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment					5
Mortgage and other notes payable, net			$ 1,550,571		$ 1,550,571
Properties | property			155		155
Number of loans sold | loan					13
Principal Amount			$ 383,000		$ 383,000
Pay down of Company's loan facility					72,100
Proceeds from sale of real estate debt investments					224,013		$ 0
Proceeds from the sale of securities					53,886		60,963
Rental and escalation income	[1]				191,434		165,041
Hotel related income	[1]				193,743		168,727
Resident fee income	[1]				72,777		63,373
Net interest income on debt and securities	[1]				40,773		63,660
Interest expense - mortgage and corporate borrowings	[1]				124,502		113,009
Income (loss) before equity in earnings (losses) and income tax benefit (expense)	[1]				(164,194)		(52,394)
Equity in earnings (losses) of unconsolidated ventures	[1]				44,655		53,643
Income tax benefit (expense)	[1]				(7,843)		(1,664)
Income (loss) from continuing operations	[1]				(127,382)		(415)
Income (loss) from discontinued operations	[2]				0	[1]	(13,861)
Net income (loss)					(127,382)	[1]	(14,276)	[1]		$ (267,267)
Management fee, related party	[1]				46,528		48,231
Assets	[3]		14,191,869		14,191,869					15,404,401
Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Asset management services fee income					1,100		1,400
European | NorthStar Europe
Segment Reporting Information [Line Items]
Income (loss) from discontinued operations							(13,900)
Transaction costs related to acquisitions							12,400
Depreciation and amortization							700
European Real Estate | European
Segment Reporting Information [Line Items]
Rental and escalation income							0
Hotel related income							0
Resident fee income							0
Net interest income on debt and securities							0
Interest expense - mortgage and corporate borrowings							0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)							0
Equity in earnings (losses) of unconsolidated ventures							0
Income tax benefit (expense)							0
Income (loss) from continuing operations							0
Income (loss) from discontinued operations							(13,850)
Net income (loss)							(13,850)
Eliminations | Variable Interest Entity, Primary Beneficiary
Segment Reporting Information [Line Items]
Asset management and other fees, related parties					500		600
Real Estate
Segment Reporting Information [Line Items]
Depreciation and amortization					87,800		108,500
Real Estate | Operating Segments
Segment Reporting Information [Line Items]
Rental and escalation income					191,434		164,746
Hotel related income					193,743		168,727
Resident fee income					72,777		63,373
Net interest income on debt and securities					2,584		2,609
Interest expense - mortgage and corporate borrowings					112,977		100,137
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					8,378		(27,298)
Equity in earnings (losses) of unconsolidated ventures					44,577		53,643
Income tax benefit (expense)					(7,716)		(1,642)
Income (loss) from continuing operations					45,239		24,703
Income (loss) from discontinued operations							(11)
Net income (loss)					45,239		24,692
Assets			12,720,057		12,720,057					13,871,796
Real Estate | Operating Segments | United Kingdom
Segment Reporting Information [Line Items]
Rental and escalation income					8,800
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					500
CRE Debt | Operating Segments
Segment Reporting Information [Line Items]
Rental and escalation income					0		0
Hotel related income					0		0
Resident fee income					0		0
Net interest income on debt and securities					13,032		30,806
Interest expense - mortgage and corporate borrowings					0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					6,579		30,114
Equity in earnings (losses) of unconsolidated ventures					0		0
Income tax benefit (expense)					(127)		(22)
Income (loss) from continuing operations					6,452		30,092
Income (loss) from discontinued operations							0
Net income (loss)					6,452		30,092
Assets			416,818		416,818					661,348
CRE Securities | Operating Segments
Segment Reporting Information [Line Items]
Rental and escalation income					0		0
Hotel related income					0		0
Resident fee income					0		0
Net interest income on debt and securities					11,490		17,083
Interest expense - mortgage and corporate borrowings					0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					(3,605)		33,059
Equity in earnings (losses) of unconsolidated ventures					0		0
Income tax benefit (expense)					0		0
Income (loss) from continuing operations					(3,605)		33,998
Income (loss) from discontinued operations							0
Net income (loss)					(3,605)		33,998
Assets			220,029		220,029					319,937
N-Star CDOs | CRE Securities | Operating Segments
Segment Reporting Information [Line Items]
Rental and escalation income					0		295
Hotel related income					0		0
Resident fee income					0		0
Net interest income on debt and securities					8,464		10,533
Interest expense - mortgage and corporate borrowings					0		0
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					2,831		2,457
Equity in earnings (losses) of unconsolidated ventures					0		0
Income tax benefit (expense)					0		0
Income (loss) from continuing operations					2,831		1,518
Income (loss) from discontinued operations							0
Net income (loss)					2,831		1,518
Assets			407,943		407,943					422,953
Corporate | Operating Segments
Segment Reporting Information [Line Items]
Rental and escalation income					0		0
Hotel related income					0		0
Resident fee income					0		0
Net interest income on debt and securities					5,203		2,629
Interest expense - mortgage and corporate borrowings					11,525		12,872
Income (loss) before equity in earnings (losses) and income tax benefit (expense)					(178,377)		(90,726)
Equity in earnings (losses) of unconsolidated ventures					78		0
Income tax benefit (expense)					0		0
Income (loss) from continuing operations					(178,299)		(90,726)
Income (loss) from discontinued operations							0
Net income (loss)					(178,299)		(90,726)
Management fee, related party					46,500		48,200
Assets			$ 427,022		427,022					$ 128,367
N-Star CDO bonds and CRE Securities
Segment Reporting Information [Line Items]
Proceeds from the sale of securities					53,900
PE Investment II
Segment Reporting Information [Line Items]
Proceeds from sale of investment				$ 184,100	184,100
Equity in earnings (losses) of unconsolidated ventures					$ 100		$ 14,000
Subsequent event
Segment Reporting Information [Line Items]
Proceeds from sale of real estate debt investments									$ 307,500
ILF
Segment Reporting Information [Line Items]
Ownership interest			60.00%		60.00%
Real estate held-for-sale, value			$ 898,700		$ 898,700
Sale price subsequent to proration and adjustment			534,500		534,500
Real estate held-for-sale, sale price			534,500		534,500
Mortgage and other notes payable, net			648,200		$ 648,200
Proceeds from sale of property held-for-sale			$ 149,400
Manufactured housing
Segment Reporting Information [Line Items]
Ownership interest			94.00%		94.00%
Mortgage and other notes payable, net			$ 1,262,057		$ 1,262,057
Properties | property			136		136
Manufactured housing | Subsequent event
Segment Reporting Information [Line Items]
Real estate held-for-sale, sale price		$ 2,000,000
Mortgage and other notes payable, net		1,300,000
Proceeds from sale of property held-for-sale		$ 620,000
Multifamily
Segment Reporting Information [Line Items]
Ownership interest			90.00%		90.00%
Real estate held-for-sale, sale price				307,000
Mortgage and other notes payable, net			$ 247,032	210,000	$ 247,032
Proceeds from sale of property held-for-sale				$ 86,000
Number of properties being explored for resale | property				2
Properties | property			11		11
Multifamily | Maximum
Segment Reporting Information [Line Items]
Properties | property				10
[1]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.
[2]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.
[3]	Assets of consolidated VIEs included in the total assets above: •Restricted cash: March 31, 2016 $7,574 ; December 31, 2015: $11,362 •Operating real estate, net: March 31, 2016: $0 ; December 31, 2015: $0 •Real estate debt investments, net: March 31, 2016: $22,009 ; December 31, 2015: $22,145 •Real estate securities, available for sale: March 31, 2016: $374,109 ; December 31, 2015: $385,421 •Receivables, net of allowance: March 31, 2016: $1,703 ; December 31, 2015: $1,577•Other assets: March 31, 2016: $903 ; December 31, 2015: $590 •Total assets of consolidated VIEs: March 31, 2016: $406,298 ; December 31, 2015: $421,095

Supplemental Disclosures of N81

Supplemental Disclosures of Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Assumption of mortgage note payable upon sale of real estate	$ 648,211	$ 0
Reclassification of CRE debt investments to held for sale	88,972	0
Non-controlling interest – sale of subsidiary	88,604	0
Receivables related to sales	42,042	0
Reclassification of operating real estate, net to asset held for sale	29,209	0
Retirement of shares of common stock	5,014	0
Escrow deposit payable related to CRE debt investments	4,312	25,532
Due from servicer	2,399	46,270
Reclassification of intangible assets to asset held for sale	1,859	0
Non-controlling interests—reallocation of interest in Operating Partnership	1,846	0
Dividends payable related to RSUs	1,839	2,720
Non-cash related to PE Investments	1,806	28,829
Amounts payable relating to improvements of operating real estate	1,724	0
Conversion of exchangeable senior notes	504	11,228
Reclassification of operating real estate to intangible assets	0	35,540
Conversion of Deferred LTIP Units to LTIP Units	$ 0	$ 18,730

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May. 20, 2016	May. 04, 2016	Feb. 25, 2016	Jan. 30, 2016	Mar. 31, 2016	[1],[2]	Mar. 31, 2015	[1],[2]
Subsequent Event [Line Items]
Dividends declared per share of common stock (in dollars per share)			$ 0.40		$ 0.40		$ 0.80
Series A preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				$ 0.54688
Series B preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				0.51563
Series C preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				0.55469
Series D preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				0.53125
Series E preferred stock
Subsequent Event [Line Items]
Dividends declared per share of preferred stock (in dollars per share)				$ 0.54688
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]	Adjusted for the one-for-two reverse stock split completed on November 1, 2015. Refer to Note 11. “Stockholders’ Equity” for additional disclosure.
[2]	The consolidated financial statements for the three months ended March 31, 2016 represent the Company’s results of operations following the NRE Spin-off on October 31, 2015. The three months ended March 31, 2015 include a carve-out of revenues and expenses attributable to NorthStar Europe recorded in discontinued operations.