Colony Capital 10-Q 7 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 05, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Colony Financial, Inc.	'
Entity Central Index Key	'0001467076	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'CLNY	'
Entity Common Stock, Shares Outstanding	'	109,633,841

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS	'	'
Cash	$297,783,000	$43,167,000
Investments in unconsolidated joint ventures	1,553,138,000	1,369,529,000
Loans held for investment, net ($189,605 and $0 related to consolidated VIE, respectively)	1,833,801,000	1,028,654,000
Real estate assets, net	133,945,000	112,468,000
Other assets ($18,051 and $0 related to consolidated VIE, respectively)	134,983,000	74,734,000
Total assets	3,953,650,000	2,628,552,000
Liabilities:	'	'
Line of credit	0	138,500,000
Secured financing ($126,193 and $0 related to consolidated VIE, respectively)	487,258,000	277,607,000
Accrued and other liabilities ($14,181 and $0 related to consolidated VIE, respectively)	82,536,000	18,105,000
Due to affiliates	10,153,000	7,986,000
Dividends payable	46,908,000	32,127,000
Convertible senior notes	604,572,000	200,000,000
Total liabilities	1,231,427,000	674,325,000
Commitments and contingencies (Note 17)	'	'
Stockholders' equity:	'	'
Common stock, $0.01 par value, 450,000 shares authorized, 109,634 and 76,492 shares issued and outstanding, respectively	1,096,000	765,000
Additional paid-in capital	2,510,034,000	1,701,274,000
Distributions in excess of earnings	-45,282,000	-20,423,000
Accumulated other comprehensive (loss) income	-14,818,000	2,593,000
Total stockholders’ equity	2,451,165,000	1,684,310,000
Noncontrolling interests	271,058,000	269,917,000
Total equity	2,722,223,000	1,954,227,000
Total liabilities and equity	3,953,650,000	2,628,552,000
Series A Preferred Stock	'	'
Stockholders' equity:	'	'
Preferred stock, $0.01 par value per share, 50,000 shares authorized	101,000	101,000
Series B Preferred Stock	'	'
Stockholders' equity:	'	'
Preferred stock, $0.01 par value per share, 50,000 shares authorized	$34,000	$0

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified			Series A Preferred Stock	Series A Preferred Stock	Series B Preferred Stock	Series B Preferred Stock	Variable Interest Entity, Primary Beneficiary	Variable Interest Entity, Primary Beneficiary
Loans held for investment, net ($189,605 and $0 related to consolidated VIE, respectively)	$1,833,801	$1,028,654	'	'	'	'	$189,605	$0
Other assets ($18,051 and $0 related to consolidated VIE, respectively)	134,983	74,734	'	'	'	'	18,051	0
Secured financing ($126,193 and $0 related to consolidated VIE, respectively)	487,258	277,607	'	'	'	'	126,193	0
Accrued and other liabilities ($14,181 and $0 related to consolidated VIE, respectively)	82,536	18,105	'	'	'	'	14,181	0
Common stock, par value	$0.01	$0.01	'	'	'	'	'	'
Common stock, shares authorized	450,000,000	450,000,000	'	'	'	'	'	'
Common stock, shares issued	109,634,000	76,492,000	'	'	'	'	'	'
Common stock, shares outstanding	109,634,000	76,492,000	'	'	'	'	'	'
Preferred stock, par value (in dollars per share)	$0.01	$0.01	$0.01	$0.01	$0.01	'	'	'
Preferred stock, shares authorized	50,000,000	50,000,000	'	'	'	'	'	'
Preferred stock, dividend percentage	'	'	8.50%	8.50%	7.50%	0.00%	'	'
Preferred stock, liquidation preference	'	'	$252,000	$252,000	$86,250	$0	'	'
Preferred stock, shares issued	'	'	10,080,000	10,080,000	3,450,000	0	'	'
Preferred stock, shares outstanding	'	'	10,080,000	10,080,000	3,450,000	0	'	'

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income	'	'	'	'
Equity in income (loss) of unconsolidated joint ventures	$9,263	$25,052	$53,016	$69,846
Interest income	62,849	22,122	149,914	54,549
Rental income and tenant reimbursements	4,323	0	10,819	0
Other income (including $258, $296, $714 and $984 from affiliates, respectively)	847	296	1,303	984
Total income	77,282	47,470	215,052	125,379
Expenses	'	'	'	'
Management fees (including $1,810, $986, $7,791 and $3,091 of share-based compensation, respectively)	10,717	6,520	31,367	19,312
Investment and servicing expenses (including $765, $577, $2,114 and $1,305 reimbursable to affiliates, respectively)	1,500	720	4,129	1,870
Transaction costs	1,859	0	7,442	0
Interest expense	12,431	5,327	32,080	12,498
Property operating expenses	1,052	0	2,743	0
Depreciation and amortization	1,592	0	4,097	0
Administrative expenses (including $1,215, $750, $3,289 and $2,186 reimbursable to affiliates, respectively)	2,685	1,814	7,851	5,393
Total expenses	31,836	14,381	89,709	39,073
Realized gain on sales of loans receivable, net	0	1,018	0	1,018
Other gain, net	37	-158	1,238	-25
Income (loss) before income taxes	45,483	33,949	126,581	87,299
Income tax (benefit) provision	-2,464	-14	-2,218	580
Net income (loss)	47,947	33,963	128,799	86,719
Net income attributable to noncontrolling interests	8,993	7,514	30,466	15,212
Net income (loss) attributable to Colony Financial, Inc.	38,954	26,449	98,333	71,507
Preferred dividends	6,972	5,355	17,898	16,065
Net income attributable to common stockholders	$31,982	$21,094	$80,435	$55,442
Net income per common share:	'	'	'	'
Basic (in dollars per share)	$0.30	$0.32	$0.86	$0.86
Diluted (in dollars per share)	$0.30	$0.32	$0.85	$0.86
Weighted average number of common shares outstanding:	'	'	'	'
Basic (in shares)	104,810	65,707	92,566	64,053
Diluted (in shares)	121,029	74,184	103,563	64,053
Dividends declared per common share	$0.36	$0.35	$1.07	$1.05

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other income from affiliates	$258	$296	$714	$984
Investment and servicing expenses reimbursable to affiliates	765	577	2,114	1,305
Administrative expenses reimbursed to affiliates	1,215	750	3,289	2,186
Management Fees	'	'	'	'
Share-based compensation included in management fees	$1,810	$986	$7,791	$3,091

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$47,947	$33,963	$128,799	$86,719
Other comprehensive income (loss), net of tax:	'	'	'	'
Equity in other comprehensive income (loss) of unconsolidated joint ventures, net	693	-4,237	-2,928	-1,403
Unrealized gain (loss) on beneficial interests in debt securities	0	99	-327	-435
Net change in fair value of cash flow hedge	-1	0	-9	0
Foreign currency translation adjustments:	'	'	'	'
Foreign currency translation adjustment (loss) gain	-41,418	1,471	-34,869	1,002
Change in fair value of net investment hedges	22,576	-687	18,014	-507
Net foreign currency translation adjustments	-18,842	784	-16,855	495
Other comprehensive loss	-18,150	-3,354	-20,119	-1,343
Comprehensive income	29,797	30,609	108,680	85,376
Comprehensive income attributable to noncontrolling interests	5,868	7,516	27,758	15,249
Comprehensive income attributable to stockholders	$23,929	$23,093	$80,922	$70,127

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)

Total

Total Stockholdersb Equity

Preferred Stock

Common Stock

Additional Paid-in Capital

Retained (Distributions in Excess of) Earnings

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Common Stock

Common Stock

Common Stock

Common Stock

In Thousands, unless otherwise specified

Total Stockholdersb Equity

Preferred Stock

Additional Paid-in Capital

Total Stockholdersb Equity

Additional Paid-in Capital

Beginning balance at Dec. 31, 2012

$1,283,030

$1,223,331

$101

$531

$1,222,682

($5,167)

$5,184

$59,699

'

'

'

'

'

'

'

'

Beginning balance, shares at Dec. 31, 2012

'

'

10,080

53,092

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

86,719

71,507

'

'

'

71,507

'

15,212

'

'

'

'

'

'

'

'

Other comprehensive loss

-1,343

-1,380

'

'

'

'

-1,380

37

'

'

'

'

'

'

'

'

Common stock offering

'

'

'

'

'

'

'

'

'

'

'

'

271,234

271,234

133

271,101

Common stock offering ,shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,290

'

Underwriter discount and offering costs

-687

-687

'

'

-687

'

'

'

'

'

'

'

'

'

'

'

Share-based payments

3,304

3,304

'

0

3,304

'

'

'

'

'

'

'

'

'

'

'

Share-based payments, shares

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

Contributions from noncontrolling interests

173,282

'

'

'

'

'

'

173,282

'

'

'

'

'

'

'

'

Distributions to noncontrolling interests

-32,030

'

'

'

'

'

'

-32,030

'

'

'

'

'

'

'

'

Preferred stock dividends

-16,065

-16,065

'

'

'

-16,065

'

0

'

'

'

'

'

'

'

'

Common stock dividends declared

-68,829

-68,829

'

'

'

-68,829

'

'

'

'

'

'

'

'

'

'

Ending balance at Sep. 30, 2013

1,698,615

1,482,415

101

664

1,496,400

-18,554

3,804

216,200

'

'

'

'

'

'

'

'

Ending balance, shares at Sep. 30, 2013

'

'

10,080

66,385

'

'

'

'

'

'

'

'

'

'

'

'

Beginning balance at Dec. 31, 2013

1,954,227

1,684,310

101

765

1,701,274

-20,423

2,593

269,917

'

'

'

'

'

'

'

'

Beginning balance, shares at Dec. 31, 2013

'

'

10,080

76,492

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity [Roll Forward]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

128,799

98,333

'

'

'

98,333

'

30,466

'

'

'

'

'

'

'

'

Other comprehensive loss

-20,119

-17,411

'

'

'

'

-17,411

-2,708

'

'

'

'

'

'

'

'

Common stock offering

'

'

'

'

'

'

'

'

86,250

86,250

34

86,216

717,870

717,870

326

717,544

Common stock offering ,shares

'

'

'

'

'

'

'

'

'

'

3,450

'

'

'

32,606

'

Underwriter discount and offering costs

-3,551

-3,551

'

'

-3,551

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock for incentive fees, shares

'

'

'

21

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock for incentive fees

464

464

'

'

464

'

'

'

'

'

'

'

'

'

'

'

Share-based payments

8,092

8,092

'

5

8,087

'

'

'

'

'

'

'

'

'

'

'

Share-based payments, shares

'

'

'

515

'

'

'

'

'

'

'

'

'

'

'

'

Contributions from noncontrolling interests

81,907

'

'

'

'

'

'

81,907

'

'

'

'

'

'

'

'

Distributions to noncontrolling interests

-108,524

'

'

'

'

'

'

-108,524

'

'

'

'

'

'

'

'

Preferred stock dividends

-18,149

-18,149

'

'

'

-18,149

'

0

'

'

'

'

'

'

'

'

Common stock dividends declared

-105,043

-105,043

'

'

'

-105,043

'

'

'

'

'

'

'

'

'

'

Ending balance at Sep. 30, 2014

$2,722,223

$2,451,165

$135

$1,096

$2,510,034

($45,282)

($14,818)

$271,058

'

'

'

'

'

'

'

'

Ending balance, shares at Sep. 30, 2014

'

'

13,530

109,634

'

'

'

'

'

'

'

'

'

'

'

'

CONSOLIDATED_STATEMENTS_OF_EQU1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
					Series B Preferred Stock	Series B Preferred Stock	Series B Preferred Stock
Preferred stock, dividend percentage	'	'	'	'	7.50%	7.50%	0.00%
Dividends declared per common share	$0.36	$0.35	$1.07	$1.05	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash Flows from Operating Activities	'	'
Net income	$128,799	$86,719
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of discount and net origination fees on purchased and originated loans	-64,282	-8,015
Paid-in-kind interest added to loan principal	-1,539	-218
Amortization of deferred financing costs	4,152	2,417
Equity in income of unconsolidated joint ventures	-53,016	-69,846
Distributions of income from unconsolidated joint ventures	60,842	71,142
Depreciation and amortization	4,097	0
Share-based payments	8,556	3,304
Realized gain on sales of loans receivable	0	-1,018
Changes in operating assets and liabilities:	'	'
Increase in other assets	-6,918	-3,932
Increase in accrued and other liabilities	16,776	8,397
Increase in due to affiliates	2,167	2,055
Other adjustments, net	-33	549
Net cash provided by operating activities	99,601	91,554
Cash Flows from Investing Activities	'	'
Contributions to unconsolidated joint ventures	-325,617	-612,732
Distributions from unconsolidated joint ventures	118,251	153,458
Investments in purchased loans receivable, net of seller financing	-412,260	0
Repayments of principal on loans receivable	621,014	100,790
Net disbursements on originated loans	-886,646	-493,804
Proceeds from sales of loans receivable	0	71,298
Acquisition of real estate assets, net	-31,319	0
Proceeds from repayment of beneficial interests in debt securities	28,000	0
Investment deposits	0	-12,926
Other investing activities, net	3,895	170
Net cash used in investing activities	-884,682	-793,746
Cash Flows from Financing Activities	'	'
Proceeds from issuance of preferred stock, net	83,533	0
Proceeds from issuance of common stock, net	717,870	270,845
Dividends paid to preferred stockholders	-16,064	-16,065
Dividends paid to common stockholders	-92,347	-66,681
Line of credit borrowings	861,800	313,500
Line of credit repayments	-1,000,300	-239,500
Proceeds from secured financing	217,313	0
Secured financing repayments	-89,990	-29,700
Net proceeds from issuance of convertible senior notes	394,592	194,000
Payment of deferred financing costs	-7,505	0
Payment of offering costs	-834	0
Contributions from noncontrolling interests	81,907	173,282
Distributions to noncontrolling interests	-108,524	-13,530
Other financing activities, net	-843	-5,574
Net cash provided by financing activities	1,040,608	580,577
Effect of exchange rates on cash	-911	0
Net increase (decrease) in cash	254,616	-121,615
Cash, beginning of period	43,167	170,199
Cash, end of period	297,783	48,584
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
Cash paid for interest	22,056	5,452
Cash paid for income taxes	1,528	1,763
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:	'	'
Dividends payable	46,908	28,590
Seller-provided secured financing on purchased loans	82,328	0
Deferred financing costs deducted from convertible debt issuance proceeds	10,063	6,000
Interest reserve for seller financing returned to borrower upon resolution of underlying collateral	1,405	0
Noncash distribution of loan receivable to a noncontrolling interest	$0	$18,500

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Basis of Presentation	'
	Organization and Basis of Presentation
	Colony Financial, Inc. (the “Company”) was organized on June 23, 2009 as a Maryland corporation. The Company acquires, originates and manages a diversified portfolio of real estate-related debt and equity investments primarily composed of acquired and originated loans and real estate equity, including interests in single-family residential rental properties through its investment in CAH Operating Partnership, L.P. ("CAH OP"). The Company is externally managed and advised by Colony Financial Manager, LLC (the “Manager”), a wholly-owned subsidiary of Colony Capital, LLC ("Colony Capital"), a privately held global real estate investment firm. The Company elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code commencing with its first taxable year ended December 31, 2009.
	The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	Significant Accounting Policies
	Principles of Consolidation
	The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by Colony Capital or its affiliates ("Co-Investment Funds").
	The Company consolidates entities in which it retains a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary. In performing its analysis of whether it is the primary beneficiary, at initial investment and at each quarterly reporting period, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company also considers whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In making that determination, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to other investors; the obligation or likelihood for the Company or other investors to fund operating losses of the VIE; the Company’s and the other investors’ ability to control or significantly influence key decisions for the VIE, and the similarity and significance of the VIE’s business activities to those of the Company and the other investors. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, involves significant judgments, including the determination of which activities most significantly affect the entities’ performance, estimates about the current and future fair values and performance of assets held by the VIE and/or general market conditions.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
	Reclassification
	Certain amounts in the consolidated statements of operations and consolidated statements of cash flows for the previously reported six months ended June 30, 2014 and the nine months ended September 30, 2013 have been reclassified to conform to the current period presentation. Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been included in interest income as these amounts represent additional yields on the Company’s investments in loans. Previously, such amounts had been presented in realized gain or loss on resolutions of loans receivable as such activities had been infrequent. Due to the nature of the Company’s business and its lending activities, sometimes involving distressed borrowers, the Company has determined that such amounts represent an inherent component of interest income. The reclassifications did not affect the Company's financial position, results of operations or its cash flows.
	Recent Accounting Updates
	Revenue Recognition—In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, at an amount reflecting the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements.

Consolidated_Variable_Interest

Consolidated Variable Interest Entity	9 Months Ended
	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Consolidated Variable Interest Entity	'
	Consolidated Variable Interest Entity
	On April 10, 2014, Colony Mortgage Sub A REIT, Inc. (“SubREIT”), a wholly-owned subsidiary of the Company, transferred eleven variable rate commercial mortgage loans originated within the Company’s Transitional CRE (Commercial Real Estate) Lending Platform into a newly formed indirect wholly-owned Cayman subsidiary of SubREIT, Colony Mortgage Capital Series 2014-FL1, Ltd. (“2014-FL1” or the “Issuer” and a securitization VIE). The Issuer issued several classes of secured notes and income notes (the "2014-FL1 Notes"). All of the assets of the Issuer serve as collateral for the secured 2014-FL1 Notes. In connection with the securitization, the Issuer offered and sold the following four most senior classes of the 2014-FL1 Notes: Class A, Class B, Class C and Class D Notes (collectively, the "Offered Notes") to third parties. A wholly-owned subsidiary of the SubREIT retained the subordinated classes of rated and unrated 2014-FL1 Notes as directing holder. The securitization transaction did not qualify as a sale and is accounted for as a secured financing. See Note 9 for a further discussion of the commercial mortgage-backed securities ("CMBS") transaction.
	An unrelated third party has the role of special servicer of the underlying collateral mortgage loans and has the power to direct activities during the loan workout process on defaulted and delinquent loans as permitted by the underlying contractual agreements, which is subject to the consent of the directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. These rights give the Company the ability to direct activities that most significantly impact the economic performance of the securitization structure. Based on these factors, the Company is determined to be the primary beneficiary of the securitization VIE; thus, all of the underlying assets, liabilities, equity, revenue and expenses of the VIE are consolidated into the Company's consolidated financial statements. The securitization VIE is structured as a pass through entity that receives principal and interest on the underlying collateral and distributes those payments to the holders of the 2014-FL1 Notes. The assets held by this securitization VIE are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization VIE do not have any recourse to the general credit of any other consolidated entities, nor to the Company as the primary beneficiary.
	The inclusion of the assets and liabilities of the VIE in which the Company is deemed the primary beneficiary has no economic effect on the Company. The Company’s exposure to the obligations of the VIE is generally limited to its investment in the entity. The Company is not obligated to provide any future financial support for any of these consolidated structures. As such, the risk associated with the Company’s involvement in the VIE is limited to the carrying value of its investment in the entity. As of September 30, 2014 and December 31, 2013, the Company’s maximum risk of loss was $67.3 million and $0, respectively.

Investments_in_Unconsolidated_

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Investments in Unconsolidated Joint Ventures	'
	Investments in Unconsolidated Joint Ventures
	Pursuant to an investment allocation agreement among the Company, the Manager and Colony Capital, many of the Company’s investments have been structured as joint ventures with one or more Co-Investment Funds. The joint ventures are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements. The Company’s exposure to the joint ventures is limited to amounts invested or committed to the joint ventures at inception, and neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company records its proportionate share of income from certain investments in unconsolidated joint ventures one to three months in arrears.
	The Company’s investments in unconsolidated joint ventures are summarized below:
	(Amounts in thousands)				Ownership Percentage at September 30, 2014(1)			Carrying Value
	Joint Ventures		Investment Status at September 30, 2014					September 30, 2014			December 31, 2013
	CAH Operating Partnership, L.P.		Investment in CAH OP, an investment vehicle created for the purpose of acquiring and renting single-family homes, and warrants in its manager		24.3	%		$	515,315		$	530,007
	Portfolio 8 Investors, LLC	-2	Preferred equity investment in an entity that acquired a multifamily portfolio composed of approximately 7,600 units located in Georgia, Florida and Texas		75	%		158,650			148,683
	ColFin Silverbird Funding A, LLC and ColFin Silverbird Funding B, LLC		Mixed portfolio of 25 commercial properties located throughout the United Kingdom		50	%		76,075			—
	ColFin Court Square Funding, LLC		Preferred equity investment in an entity that acquired a Class A office tower located in Long Island City, New York		50	%		51,057			49,103
	ColFin Highland UK13 Funding, LLC		Acquired sub-performing loan secured by 13 commercial properties throughout the United Kingdom		50	%		46,631			—
	ColFin NW Funding, LLC		Acquired 15 performing first mortgages secured by commercial real estate		37.9	%		34,669			33,682
	ColFin Snow Funding, LLC		Originated loan secured by two mortgages and an equity pledge in a portfolio of 12 hotels located in France		50	%		33,425			—
	ColFin Orlando Funding, LLC		Acquired non-performing loan secured by a 444-acre development site located in Orlando, Florida		50	%		32,061			—
	ColFin JIH Holdco, LLC, ColFin JIH Mezzco A, LLC and ColFin JIH Opco, LLC		Equity interests in and senior mezzanine loan receivable from entities owning a portfolio of 98 limited service hotels		33.3	%		32,055			31,559
	ColFin Hunt Holdco A, LLC and ColFin Hunt Holdco B, LLC		2 commercial REO properties in Germany		37.9	%		30,849			36,133
	ColFin ARP Funding, LLC and ColFin ARP Linda Isle Investor, LLC		First mortgage loan to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets		50	%		26,667			15,350
	ColFin Bulls Funding A, LLC and ColFin Bulls Funding B, LLC		276 performing and non-performing acquired loans consisting of substantially all first mortgage recourse commercial real estate loans and 24 REO properties.		32.5	%		26,427			30,309
	ColFin 2011 CRE Holdco, LLC and Colony AMC 2011 CRE, LLC		332 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate, and 27 REO properties		44.4	%		26,302			34,298
	ColFin Athina Funding, LLC		Originated mezzanine loan secured by an equity pledge in the borrower entities that own a Mediterranean resort with a hotel and villas.		50	%		25,966			—
	ColFin SXC Funding, LLC		Performing mezzanine loan origination cross-collateralized by a portfolio of select service hotels		50	%		24,322			13,853
	ColFin STC Funding, LLC		Acquired performing senior mortgage loan secured by a retail property in Florida		50	%		23,374			23,299
	(Amounts in thousands)				Ownership Percentage at September 30, 2014(1)			Carrying Value
	Joint Ventures		Investment Status at September 30, 2014					September 30, 2014			December 31, 2013
	ColFin DOD Funding, LLC and ColFin IOD Holding, LLC		Originated first mortgage loan to finance the acquisition of an office development site in Dublin, Ireland		50	%		21,883			—
	ColFin DB Guarantor, LLC and Colony AMC DB, LLC		368 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate and 77 REO properties		33.3	%		21,324			26,293
	ColFin Cabo Palm Funding, LLC		Participation in junior first mortgage interest secured by a luxury beach resort in Mexico		50	%		20,078			20,072
	ColFin 666 Funding, LLC		First mortgage pari-passu participation interest secured by Class A midtown Manhattan office building		33.3	%		19,625			19,096
	ColFin PHX Tower Funding, LLC		Equity interest in a high-rise office tower located in Phoenix, Arizona		50	%		18,639			18,408
	ColFin Grand Cul Funding, LLC		First mortgage loans secured by a partially constructed hotel and residential development project located in the Caribbean		33.3	%		18,243			16,595
	ColFin FCDC Funding, LLC		Equity interests acquired through deed-in-lieu in 2 partially developed master planned communities located in California		50	%		17,664			15,894
	ColFin London Funding, LLC		5 performing and non-performing acquired loans secured by commercial real estate		50	%		17,498			18,138
	ColFin Inland Funding, LLC and ColFin Inland Investor, LLC		First mortgage loan secured by a Southern California master planned development and equity participation rights		50	%		16,860			16,068
	CF/CDG Lake Ranch Venture, LLC	-3	First mortgage loan secured by a 135-acre residential development project located in Southern California and equity participation rights		n/a			16,002			—
	Other unconsolidated joint ventures		29 investments, each with less than $15 million carrying value at September 30, 2014		4.5% to 50.0%			201,477			272,689
								$	1,553,138		$	1,369,529
	-1	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.
	-2	While the Company has a majority ownership interest in Portfolio 8 Investors, LLC, the minority member has control over the day-to-day operations of the entity. Accordingly, the Company accounts for its investment using the equity method.
	-3	Pursuant to the terms of the loan agreement, the Company participates in the residual profits of this development project. The Company evaluated the characteristics of this acquisition, development and construction ("ADC") loan and determined that the risks and rewards of the arrangement are more similar to those associated with an investment in joint venture. Accordingly, the Company accounts for this loan receivable under the equity method.
	Activity in the Company’s investments in unconsolidated joint ventures is summarized below:
	(In thousands)
	Balance at December 31, 2013		$	1,369,529
	Contributions		325,617
	Distributions		(179,093		)
	Equity in net income		53,016
	Equity in other comprehensive income		937
	Equity in realized gain reclassified from accumulated other comprehensive income		(3,865		)
	Foreign currency translation loss		(13,003		)
	Balance at September 30, 2014		$	1,553,138
	During the nine months ended September 30, 2014, the Company invested a combined $325.6 million, of which $295.7 million was invested in eleven new unconsolidated joint ventures. Two of the eleven new investments represent equity interests in the borrower entities to which the Company concurrently provided financing in the form of first mortgage and mezzanine loans (see Note 5). One of the new investments is an ADC loan which is accounted for under the equity method as described above. Four investments in unconsolidated joint ventures were fully resolved during the nine months ended September 30, 2014.
	Combined condensed balance sheets and statements of operations for all unconsolidated joint ventures are presented below:
	Combined Condensed Balance Sheets of Unconsolidated Joint Ventures
	(In thousands)		September 30, 2014				December 31, 2013
	Assets:
	Cash and cash equivalents		$	386,293			$	321,183
	Loans receivable, net		2,089,848				2,171,943
	Investments in real estate		4,896,086				3,658,940
	Investments in unconsolidated joint ventures		229,592				459,010
	Debt and equity securities, available-for-sale, at fair value		73,654				24,753
	Other assets		369,813				345,196
	Total assets		$	8,045,286			$	6,981,025
	Liabilities:
	Debt		$	2,708,780			$	1,515,188
	Other liabilities		248,698				140,509
Total liabilities		2,957,478				1,655,697
Owners’ equity		4,466,213				4,465,363
Noncontrolling interests		621,595				859,965
Total liabilities and equity		$	8,045,286			$	6,981,025
Company’s share of equity		$	1,553,138			$	1,369,529
Combined Condensed Statements of Operations of Unconsolidated Joint Ventures
		Three Months Ended September 30,							Nine Months Ended September 30,
(In thousands)		2014				2013			2014			2013
Income:
Interest income		$	67,288			$	91,278		$	224,657		$	271,291
Property operating income		128,948				58,466			330,991			135,224
Equity in income of unconsolidated joint ventures		12,961				6,698			105,749			19,425
Other income		12,584				6,293			31,525			18,681
Total income		221,781				162,735			692,922			444,621
Expenses:
Interest expense		33,727				10,191			80,764			21,027
Property operating expenses		87,059				39,429			228,591			100,124
Depreciation and amortization		36,999				17,346			100,131			36,455
Other expenses		32,182				23,971			75,701			66,517
Total expenses		189,967				90,937			485,187			224,123
Other income:
Realized and unrealized (loss) gain on investments, net		(16,671		)		62,514			14,857			170,182
Net income		15,143				134,312			222,592			390,680
Net income attributable to noncontrolling interests		15,903				23,566			57,790			79,601
Net (loss) income attributable to members		$	(760	)		$	110,746		$	164,802		$	311,079
Company’s equity in net income		$	9,263			$	25,052		$	53,016		$	69,846
The Company’s investment in CAH OP represented 13% and 20% of the Company's total assets as of September 30, 2014 and December 31, 2013, respectively. No other single investment in an unconsolidated joint venture represented greater than 10% of total assets.
No single investment in an unconsolidated joint venture generated greater than 10% of total income for the three and nine months ended September 30, 2014 and 2013.
Related Party Transactions of Unconsolidated Joint Ventures—The Company has equity ownership interests in certain unconsolidated asset management companies (each an “AMC”) that provide management services to certain of its unconsolidated joint ventures. The AMCs earn annual management fees equal to 50 to 75 basis points times the outstanding unpaid principal balance of each loan portfolio and are responsible for the payment of allocations of compensation, overhead and direct costs incurred by an affiliate of the Manager pursuant to a cost allocation arrangement.
Certain unconsolidated joint ventures reimburse Colony Capital and its affiliates for costs incurred on their behalf, including costs of property management personnel. The joint ventures, including AMCs, were allocated approximately $11.6 million and $7.6 million in costs from such affiliates of the Manager for the three months ended September 30, 2014 and 2013, respectively, and $27.9 million and $19.4 million for the nine months ended September 30, 2014 and 2013, respectively. Such costs are included in property operating and other expenses in the combined condensed statements of operations of unconsolidated joint ventures above. The Company’s proportionate share, based upon its percentage interests in the joint ventures, was $3.0 million and $1.9 million for the three months ended September 30, 2014 and 2013, respectively, and $7.3 million and $5.3 million for the nine months ended September 30, 2014 and 2013, respectively.
Until October 16, 2013, an affiliate of CAH OP's manager provided construction and rehabilitation services on the single-family rental homes held through CAH OP. CAH OP reimbursed approximately $21.8 million and $39.8 million for the three and nine months ended September 30, 2013 to the affiliate for third party costs and overhead, which have been capitalized or expensed, as appropriate, in accordance with the capitalization policy of CAH OP. Pursuant to a distribution agreement dated as of October 16, 2013, the affiliate relationship between CAH OP’s manager and the provider of such construction and rehabilitation services ended.

Loans_Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Loans Receivable	'
	Loans Receivable
	The following table summarizes the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans:
			September 30, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Non-PCI Loans:
	Mortgage loans		$	806,733		$	794,731			6.3	%		10.2	339		$	463,552	$	423,078	7.1	%	3.9	33
	Securitized mortgage loans		190,563			189,605				6.4	%		1.9	11		—		—		n/a		n/a	—
	B-notes		143,956			140,353				8.5	%		3.4	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		466,392			464,329				10.8	%		2.5	7		330,909		328,185		11	%	2.4	2
			1,607,644			1,589,018								360		898,529		854,721					37
	Purchased Credit-Impaired Loans:
	Mortgage loans		359,536			244,783								36		299,235		173,933					5
			$	1,967,180		$	1,833,801							396		$	1,197,764	$	1,028,654				42
	The following table summarizes the Company's investments in non-PCI loans with variable interest rates:
	(Amounts in thousands)		Index		Weighted Average Spread	Weighted Average Rate		Principal				Carrying Amount			Number of Loans
	September 30, 2014
	Mortgage loans		1-Month LIBOR	-1	6.10%	6.30%	-3	$	497,937			$	491,918		27
	Mortgage loans		6-Month LIBOR	-1	2.50%	5.80%	-3	115,496				115,506			98
	Mortgage loans		12-Month Treasury Average		2.50%	2.80%	-4	23,566				21,436			21
	Mezzanine loans		1-Month LIBOR	-1	10.80%	11.00%		339,217				337,154			4
								$	976,216			$	966,014		150
	31-Dec-13
	Mortgage loans		1-Month LIBOR	-1	4.90%	7.70%	-3	$	246,478			$	220,111		9
	Mortgage loan		1-Month Reference Bills	-2	4.70%	4.70%		30,064				27,595			3
	Mezzanine loans		1-Month LIBOR	-1	10.80%	11.00%		330,909				328,185			2
								$	607,451			$	575,891		14
	-1	LIBOR =ondon Interbank Offered Rate
	-2	Reference Bills =reddie Mac Reference Bill index
	-3	Certain loans are subject to a LIBOR floor which is higher than the actual LIBOR at September 30, 2014.
	-4	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor which is higher than the actual 12MTA at September 30, 2014.
	The following table summarizes the Company's investments in non-PCI loans with fixed interest rates:
			September 30, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Mortgage loans		$	360,297		$	355,475			6.8	%		12.4	204		$	187,010	$	175,372	6.6	%	7.3	21
	B-notes		143,956			140,354				8.5	%		3.4	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		127,175			127,175				10.3	%		4.9	3		—		—		n/a		n/a	—
			631,428			623,004								210		291,078		278,830					23
	Activity in loans held for investment is summarized below:
	(In thousands)		2014			2013
	Balance at January 1		$	1,028,654		$	333,569
	Loan acquisitions and originations		1,381,234			493,804
	Paid-in-kind interest added to loan principal		1,539			218
	Discount and net loan fee amortization		62,512			4,455
	Carrying value of loans sold		—			(70,280		)
	Noncash distribution of loan receivable to a noncontrolling interest		—			(18,500		)
	Principal repayments		(612,925		)	(97,230		)
	Payments received from PCI loans		(6,319		)	—
	Effect of changes in foreign exchange rates		(20,894		)	—
	Balance at September 30		$	1,833,801		$	646,036
	During the nine months ended September 30, 2014, the Company invested $1.4 billion in the origination or acquisition of loans as follows:
	•	$288 million, net of origination fees, to originate 16 first mortgage loans and 2 mezzanine loans within the Company's Transitional CRE Lending Platform. The loans bear interest, on a weighted average basis, at 1-month LIBOR plus 5.9%, and have initial terms of 2 to 3 years. The underlying collateral includes retail, multifamily, office, industrial and hospitality properties. Eleven loans originated within the Transitional CRE Lending Platform were included in a floating rate securitization that was completed in April 2014 (see Note 9);
	•	$40 million, including $7 million by a noncontrolling interest, funded in the origination of a $45 million mezzanine loan to acquire a resort property consisting of a luxury hotel and condominium units for resale located in Maui, Hawaii. The initial capitalization of the investment also includes a $15 million, or 50%, equity investment in the same borrower entity (see Note 4), with the remainder of the equity owned by an unaffiliated investor;
	•	$222 million to originate a loan primarily collateralized by a first mortgage on a shopping center in U.K., including $9 million by a noncontrolling interest. In September 2014, the borrower repaid the loan in full and obtained a new first mortgage loan from a third party lender. In connection with refinancing, the Company originated a new mezzanine loan with an unpaid principal balance ("UPB") of $81 million. In connection with the payoff of the original mortgage loan, the borrower paid a $6.6 million exit fee. The refinancing also resulted in full recognition of the unamortized origination discount. As a result of the refinancing, a combined gain of approximately $16.6 million was recognized as interest income in the accompanying statements of operations. The Company and the noncontrolling interest also made an $11 million equity investment in the borrower entity (see Note 4);
	•	$127 million to acquire a portfolio of two performing loans and one PCI loan secured by retail, industrial and hospitality properties located throughout the United States, including $27 million by a noncontrolling interest;
	•	$275 million to acquire a portfolio of 237 first mortgage loans bearing interest, on a weighted average basis, at 6%. The portfolio is primarily collateralized by multifamily properties throughout the Unites States and includes eight PCI loans;
	•	$175 million, including $38 million by a noncontrolling interest, to finance a tender offer of all outstanding shares of a publicly listed REIT in France by its largest shareholder. The tender offer was withdrawn, and the loan and accrued interest and fees were repaid in full in July 2014;
	•	$62 million to originate a first mortgage loan secured by a multi-purpose development site in New York City;
	•	$16 million, including $0.2 million by a noncontrolling interest, to originate a B-note secured by three retail assets in Pennsylvania and Ohio;
	•	$93 million to acquire a portfolio of 89 performing loans and 21 PCI loans secured by first mortgages on primarily multifamily properties located throughout the United States;
•	$5 million to originate a mezzanine loan with an unaffiliated investor secured by three multifamily properties totaling 520 units in Texas, representing the first origination in a new mezzanine loan origination program.
A mezzanine loan partially owned by noncontrolling interests and secured by hotel properties represented 8% and 12% of the Company's total assets as of September 30, 2014 and December 31, 2013, respectively. The same loan generated 16% and 20% of total income for the three months ended September 30, 2014 and 2013, respectively, and 15% and 11% of total income for the nine months ended September 30, 2014 and 2013, respectively, including income attributable to the 47% noncontrolling interests.
Two first mortgage loans, which share the same corporate guarantor and are partially owned by noncontrolling interests, generated 2% and 13% of the Company's total income for the three months ended September 30, 2014 and 2013, respectively, and 11% and 15% for the nine months ended September 30, 2014 and 2013, respectively. One of these two loans was fully paid off by the borrower during the second quarter of 2014 for which the Company recognized $11.6 million of gain as interest income in the accompanying statements of operations, of which $4.6 million was attributable to noncontrolling interests.
As of September 30, 2014, one first mortgage loan with a carrying value of $8.6 million was more than 90 days past due and on nonaccrual status. There were no impairment charges or troubled debt restructurings during the nine months ended September 30, 2014 and 2013.
Minimum scheduled principal payments required under the loan agreements, excluding PCI loans, as of September 30, 2014 are as follows:
Year Ending December 31,		(In thousands)
Remaining 2014		$	3,077
2015		194,532
2016		540,810
2017		352,227
2018		21,196
2019 and after		495,802
Total		$	1,607,644
Purchased Credit-Impaired Loans
At September 30, 2014, the Company had the following loans receivable that were considered PCI loans:
•	In October 2013, the Company and a 27% noncontrolling interest acquired a portfolio of 27 loans secured by multifamily and senior housing assets, all of which were performing at the time of acquisition. Two of the 27 loans are considered PCI loans for which the Company expects to collect less than the contractually required amounts.
•	In November 2013, the Company and a 17% noncontrolling interest acquired participation interests in three PCI loans secured by office and retail properties in Spain. In January 2014, the Company recognized $4.6 million in transaction costs associated with the transfer of the loans as the loans were acquired through Spanish securitization trusts.
•	In March 2014, the Company and a 21% noncontrolling interest acquired a first mortgage loan secured by industrial assets with a fair value at acquisition of $56 million. While currently performing, the loan was underwritten to likely go into default at which point various remedies will be considered, including foreclosing on the underlying collateral. As the timing and amount of cash flows will depend largely upon the timing and form of the remedy taken, the Company recognizes interest income on a cash basis and is unable to estimate the accretable yield and nonaccretable difference at acquisition for this loan.
•	In June 2014, the Company acquired a portfolio of 237 first mortgage loans primarily collateralized by multifamily assets across 43 states, all of which were performing at the time of purchase. At acquisition, eight of the 237 loans were considered PCI loans.
•	In August 2014, the Company acquired a portfolio of 110 first mortgage loans primarily secured by multifamily properties located throughout the United States. At acquisition, twenty-one of the loans were considered PCI loans.
The excess of cash flows expected to be collected, as measured at acquisition date, over the initial investment is referred to as the accretable yield. This amount is not reported in the accompanying consolidated balance sheets, but is recognized as interest income over the estimated life of the acquired loans using the effective interest method. The expected cash flows were determined based on the estimated performance over the remaining life of the underlying loans. Fair value of the acquired loans includes credit losses expected to be incurred over the life of the loans, if any.
The following table summarizes the accretable yield and nonaccretable difference at acquisition for PCI loans acquired during the nine months ended September 30, 2014, excluding PCI loans for which cash flows cannot be reasonably estimated:
(In thousands)
Contractually required payments including interest	$	40,113
Less: cash flows not expected to be collected (nonaccretable difference)	18,743
Total cash flows expected to be collected	21,370
Less: accretable yield	3,067
Fair value of loans at acquisition	$	18,303
Changes in the accretable yield for the Company's PCI loans were as follows:
(In thousands)
Accretable yield at December 31, 2013		$	130,823
Additions		3,067
Changes in estimated cash flows		163
Accretion		(17,108		)
Effect of changes in foreign exchange rates		(8,821		)
Accretable yield at September 30, 2014		$	108,124
The factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. During the nine months ended September 30, 2014, there were no significant changes to the factors described above since their acquisition.

Real_Estate_Assets

Real Estate Assets	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Real Estate Assets	'
	Real Estate Assets
	2014 Acquisitions of Operating Properties
	During the nine months ended September 30, 2014, the Company acquired the following two triple-net leased operating properties from unrelated third parties:
	Property Location		Acquisition Date		Property Type		Purchase Price
							(in thousands)
	Arizona (1)		24-Jun-14		Office		$	15,675
	Ohio		31-Jul-14		Industrial		15,644
							$	31,319
	-1	In connection with the June 2014 acquisition, the Company also assumed certain leasehold interests in the ground lease. The in-place ground sublease expires in August 2068 and is subject to rent increases every five years which is indexed to the consumer price index. The current ground lease commitment is $167,000 per annum.
	The related assets, liabilities, and results of operations of the acquired operating properties are included in the consolidated financial statements as of the date of acquisition. The following table summarizes the estimated fair values of the assets and liabilities at the acquisition date for all 2014 acquisitions:
	(Amounts in thousands)		Total Fair Values of Assets Acquired and Liabilities Assumed in 2014				Estimated Useful Life (in weighted average years)
	Real estate assets:
	Land		$	453			n/a
	Building and improvements		21,905				28
	Tenant improvements		2,040				13
	Identifiable intangible assets:
	In-place lease value		4,632				15
	Below-market ground lease obligation		1,420				54
	Deferred leasing costs		1,159				14
	Total assets acquired		$	31,609
	Identifiable intangible liability assumed:
	Below-market leases		$	(290	)	(1)	13
	-1	The net amount recorded for assumed identifiable intangible liability is included in other liabilities on the accompanying balance sheet as of September 30, 2014.
	Acquisition costs of $137,000 are included in transaction costs in the accompanying statements of operations. The results of operations of the acquired properties for the period from June 24, 2014 and July 31, 2014, the dates of acquisitions, to September 30, 2014 were not material. Pro forma results of operations for these acquisitions have not been presented as they are not material to the Company's consolidated results of operations.
	The following table summarizes information regarding the components of the Company's total real estate assets held for investment:
	(Amounts in thousands)		September 30, 2014				31-Dec-13			Estimated Useful Life (in weighted average years)
	Land		$	8,772			$	8,319		n/a
	Buildings and improvements		118,916				97,011			38
	Tenant improvements		9,396				7,356			8
			137,084				112,686
	Accumulated depreciation		(3,139		)		(218		)
	Net carrying amount		$	133,945			$	112,468
	Depreciation expense for the three and nine months ended September 30, 2014 was $1.2 million and $2.9 million, respectively.

Other_Assets

Other Assets	9 Months Ended
	Sep. 30, 2014
Other Assets [Abstract]	'
Other Assets	'
	Other Assets
	The following table summarizes the Company's other assets:
	(In thousands)		September 30, 2014			December 31, 2013
	Restricted cash ($13,920 and $0 related to consolidated VIE, respectively)		$	57,913	-1	$	7,898		-1
	Beneficial interests in debt securities, available-for-sale, at fair value		—		-2	30,834			-2
	Deferred financing costs, net ($3,110 and $0 related to consolidated VIE, respectively)		24,691		-3	11,275			-3
	Acquired intangible assets, net		16,001			9,972
	Receivables ($1,021 and $0 related to consolidated VIE, respectively)		12,153			8,277
	Derivative assets		16,840			3,108
	Deferred tax assets		5,128			2,391
	Other		2,257			979
	Total other assets		$	134,983		$	74,734
	-1	Restricted cash includes borrower escrow accounts and an interest reserve account to service secured financing.
	-2	The Company held $28 million in beneficial interests in a series of tax-exempt bonds secured by a multifamily property located in Georgia. The beneficial interests, in the form of senior certificates, were acquired in June 2011 subject to an embedded derivative liability to a strategic partner, with an estimated fair value of $4.1 million. On July 18, 2014, the property securing the bonds was sold, resulting in a full prepayment of $28 million senior certificates at par plus yield maintenance. The prepayment resulted in a loss of $2.2 million, which was offset by a $2.4 million gain on the termination of the associated embedded derivative liability to the strategic partner (see Note 10).
	-3	Deferred financing costs are shown net of accumulated amortization of $10.7 million and $6.5 million as of September 30, 2014 and December 31, 2013, respectively.
	Acquired Intangible Assets
	The following table summarizes intangible assets acquired as part of the operating real estate properties (see Note 6):
	(In thousands)		Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount
	September 30, 2014
	In-place leases		$	12,477		$	(986	)		$	11,491
	Below-market ground lease obligation		1,420			(7		)		1,413
	Deferred leasing costs		3,378			(281		)		3,097
			$	17,275		$	(1,274	)		$	16,001
	31-Dec-13
	In-place leases		$	7,845		$	(72	)		$	7,773
	Deferred leasing costs		2,219			(20		)		2,199
			$	10,064		$	(92	)		$	9,972
	The in-place leases and deferred leasing costs are amortized on a straight-line basis as an increase to amortization expense over the remaining term of the applicable leases, ranging from 6.8 to 15 years as of the acquisition date. Amortization expenses for the three and nine months ended September 30, 2014 were $0.4 million and $1.2 million, respectively. The below-market ground lease obligation is amortized on a straight-line basis as an increase to rent expense over the remaining term of the applicable lease, or 54.2 years as of the acquisition date.

Line_of_Credit

Line of Credit	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Line of Credit	'
	Line of Credit
	On August 6, 2013, the Company entered into a credit agreement (the “JPM Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and certain lenders. The JPM Credit Agreement provided a secured revolving credit facility in the initial maximum principal amount of $360 million which may be increased to $600 million, subject to certain conditions, including each lender or substitute lender agreeing to provide commitments for such increased amount. Subsequently, the maximum principal amount was increased by $60 million to $420 million as two of the lenders increased their share of commitments.
	The maximum amount available to borrow under the JPM Credit Agreement at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of net book value or a multiple of Core Earnings (as defined in the management agreement between the Company and the Manager). As of September 30, 2014, the borrowing base valuation was sufficient to permit borrowings of up to the entire $420 million commitment, all of which remained available.
	Advances under the JPM Credit Agreement accrue interest at a per annum rate equal to the sum of LIBOR plus 2.75% or 3.00%, depending upon the leverage ratio as defined in the JPM Credit Agreement. At September 30, 2014, the applicable spread was 3.00% and the Company had no outstanding borrowings. The Company also pays a commitment fee of 0.5% or 0.4% of the unused amount (0.5% at September 30, 2014), depending upon usage.
	The initial maturity date of the JPM Credit Agreement is August 5, 2016, and any amounts outstanding upon maturity will convert automatically to a fully amortizing 2-year term loan payable in quarterly installments. In the event of such conversions, the term loan will continue to bear interest at the same rate as the revolving loans from which it was converted.
	Some of the Company’s subsidiaries guaranty the obligations of the Company under the JPM Credit Agreement. As security for the advances under the JPM Credit Agreement, the Company and some of its affiliates pledged their equity interests in certain subsidiaries through which the Company directly or indirectly owns substantially all of its assets.
	The JPM Credit Agreement contains various affirmative and negative covenants, including financial covenants that require the Company to maintain minimum tangible net worth and liquidity levels and financial ratios, as defined in the JPM Credit Agreement. At September 30, 2014, the Company was in compliance with all of these financial covenants.
	The JPM Credit Agreement also includes customary events of default, in certain cases subject to reasonable and customary periods to cure, including but not limited to: failure to make payments when due; breach of covenants; breach of representations and warranties; insolvency proceedings; cross default to material indebtedness or material judgment defaults; certain judgments and attachments; and certain change of control events. The occurrence of an event of default may result in the termination of the credit facility, accelerate the Company’s repayment obligations, in certain cases limit the Company’s ability to make distributions, and allow the lenders to exercise all rights and remedies available to them with respect to the collateral. There have been no events of default since the inception of the credit facility.

Debt

Debt	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Debt	'
	Debt
	Secured Financing
	The following table summarizes certain information about the Company's secured debt:
	(Amounts in thousands)						Outstanding Balance
	Type		Collateral		Interest Rate	Maturity Date	September 30, 2014		December 31, 2013
	Secured financing (1)		Participation interest in first mortgage loan		5% fixed	Jul-14	$	—	$	74,607
	Secured financing (2)		Portfolio of 21 first mortgage loans and 2 subordinated loans		1-month LIBOR+2.85%	Dec-17	101,403		115,000
	Secured financing (3)		Senior participation interest in a portfolio of 2 first mortgage loans and 1 subordinated loan		1-month LIBOR+2.85%	N/A	81,542		—
	First mortgage loan (4)		Office property in Minnesota		4.84% fixed	Jan-24	88,000		88,000
	Commercial mortgage-backed securitization debt (5)		Portfolio of 11 first mortgage loans originated within the Transitional CRE Lending Platform		1-month LIBOR+1.78%	April 2031 (6)	126,193		—
	Repurchase facility (7)		Eligible first mortgage loans originated within the Transitional CRE Lending Platform		1-month LIBOR+2.5%	Feb-16	90,120		—
	Total						$	487,258	$	277,607
	-1	In connection with the acquisition of a $181 million participation interest in a first mortgage loan in May 2012, the seller provided concurrent non-recourse financing for $103.5 million, or 65% of the purchase price. In April 2014, the first mortgage loan and the financing were both repaid in full (see Note 5).
	-2	The financing is secured by a loan portfolio acquired in October 2013. The financing requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The initial principal curtailment requirement is 70% of all excess cash flow from the underlying loan portfolio, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future.
	-3	In connection with the acquisition of a portfolio of 3 loans secured by retail, hospitality and industrial real estate assets in March 2014 (see Note 5), a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. Although the financing has no contractual maturity date, any principal repayments from the underlying collateral loan portfolio must be applied to repay the financing until the balance is paid in full.
	-4	The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization period. The loan agreement requires rent receipts from the collateral property to be initially deposited into a lockbox account controlled by the lender. The excess of monthly rent receipts over monthly debt service is remitted to the Company.
	-5	As discussed in Note 3, on April 10, 2014, 2014-FL1 (also known as the Issuer) offered and sold to third parties approximately $126.2 million aggregate principal balance of the Offered Notes with a weighted average coupon of LIBOR plus 1.78%. The proceeds from the sale of the Offered Notes, net of securitization costs, were approximately $122.3 million. The Offered Notes are secured by all assets of the Issuer consisting of eleven variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate unpaid principal balance of $190.6 million as of September 30, 2014.
	-6	Although the securitization debt has a contractual maturity date of April 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.
	-7	The Company entered into a master repurchase agreement (“Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 2 years, plus a 1-year extension option. Advances under the Repurchase Facility bear interest ranging from LIBOR plus a spread of 2.25% to 2.5%. During the three months ended September 30, 2014, the Company made draws on the Repurchase Facility to finance nine non-securitized variable rate loans originated within the Transitional CRE Lending Platform with an aggregate unpaid principal balance of $162.3 million.
	The financing agreements require minimum scheduled principal payments or payments that depend upon the net cash flows from the collateral assets and the ratio of principal outstanding to collateral. The following table summarizes such minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of September 30, 2014:
	Year Ending December 31,		(In thousands)
	Remaining 2014		$	12,901
	2015		104,937
	2016		226,071
	2017		57,848
	2018		1,403
	2019 and after		84,098
	Total		$	487,258
	Convertible Senior Notes
	On April 10, 2013, the Company issued $200 million of its 5.00% Convertible Senior Notes due on April 15, 2023 (the "5% Convertible Notes"). The 5% Convertible Notes were sold to the underwriters at a discount of 3%, resulting in net proceeds of approximately $194 million to the Company after deducting underwriting discounts and commissions and offering expenses. The 5% Convertible Notes bear interest at 5.00% per annum, payable semiannually in arrears on April 15 and October 15 of each year in the amount of $5 million.
	The 5% Convertible Notes are convertible, at the holders' option, into shares of the Company's common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, subject to certain limitations as described in the indenture, at the applicable conversion rate in effect on the conversion date. The conversion rate is initially set to equal 42.3819 shares of common stock per $1,000 principal amount of convertible notes (equivalent to a conversion price of approximately $23.60 per share of common stock), subject to adjustment upon the occurrence of certain events. The Company may redeem the 5% Convertible Notes at its option at any time on or after April 22, 2020 if the last reported sale price of its common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
	On January 28, 2014, the Company issued $230 million of its 3.875% Convertible Senior Notes due on January 15, 2021 (the "3.875% Convertible Notes"). The 3.875% Convertible Notes were sold to the underwriters at a discount of 2.5%, resulting in net proceeds of approximately $223.9 million to the Company. On June 17, 2014, the Company issued an additional $172.5 million of its 3.875% Convertible Notes pursuant to a reopening of the series. The 3.875% Convertible Notes sold in the reopening were issued at a 1.25% premium to par with a discount of 2.5% to underwriters, resulting in net proceeds of approximately $170.1 million to the Company after deducting underwriting discounts and commissions and offering expenses. The 3.875% Convertible Notes bear interest at 3.875% per annum payable semiannually in arrears on January 15 and July 15 of each year.
	The 3.875% Convertible Notes are convertible, at the holders' option, into shares of the Company's common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, subject to certain limitations as described in the indenture, at the applicable conversion rate in effect on the conversion date. The conversion rate is initially set to equal 40.2941 shares of common stock per $1,000 principal amount of convertible notes (equivalent to a conversion price of approximately $24.82 per share of common stock), subject to adjustment upon the occurrence of certain events. The Company may redeem the 3.875% Convertible Notes at its option at any time on or after January 22, 2019 if the last reported sale price of our common stock has been at least 130% of the conversion price of the convertible notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The Company used a portion of the net proceeds to repay amounts then outstanding under its secured revolving credit facility and to acquire its target assets and for general corporate purposes.

Derivatives_and_Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives and Hedging	'
	Derivatives and Hedging
	The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company manages interest rate and foreign currency risks through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Additionally, certain of the Company’s foreign operations expose the Company to fluctuations of foreign interest rates and exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency, the U.S. dollar (USD). The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency, the U.S. dollar. The Company has entered into the following types of derivatives as part of its risk management program:
	Net Investment Hedges
	The Company has investments in unconsolidated joint ventures and loans denominated in Euro and British Pound that expose the Company to foreign currency risk. The Company’s combined Euro and British Pound net investments in such joint ventures and loans receivable totaled approximately €228.1 million and £129.3 million, or $497.8 million, as of September 30, 2014 and €166.2 million, or $228.4 million, as of December 31, 2013.
	The Company uses forwards and collars (consisting of caps and floors) without upfront premium costs to hedge the foreign currency exposure of its net investments. The Company has entered into foreign exchange forward contracts whereby it agreed to sell an amount of foreign currency for an agreed upon amount of USD. These forward contracts were executed to protect the Company’s foreign investments and receivables from adverse foreign currency fluctuations by economically fixing in USD amounts certain of the Company’s foreign denominated investments and receivables balances. The Company has also entered into foreign exchange collars which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level. These collars are also used to protect the Company’s foreign investments and receivables from adverse foreign currency fluctuations.
	At September 30, 2014, the Company had four foreign exchange forward contracts to sell Euros and buy USD at rates from 1.34 to 1.40, on a total notional amount of €36.6 million and with termination dates ranging from October 2014 to July 2018. At September 30, 2014, the Company had three foreign exchange forward contracts to sell British Pounds and buy USD at rates from 1.63 to 1.70, on a total notional amount of £36.0 million and with termination dates ranging from March to June 2015. At September 30, 2014, the Company also had eleven foreign currency collars, the total notional amounts of the Euro and British Pound collars were approximately €140.5 million and £71.1 million, respectively, with termination dates ranging from December 2014 to September 2019. The Euro collars provide protection on the notional amount hedged at exchange rates ranging from 1.20 to 1.57. The British Pound collars provide protection on the notional amount hedged at exchange rates ranging from 1.50 to 1.82.
	Cash Flow Hedge
	In December 2013, the Company entered into an interest rate cap designated as a cash flow hedge to limit the exposure of increases in interest rates on one of the Company's LIBOR-indexed secured debt. The cap has a notional amount of $57.5 million and a 2.5% strike on one-month LIBOR and expires in November 2015. Interest rate caps involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.
	Non-Designated Hedges
	Non-designated hedges are derivatives that do not meet the criteria for hedge accounting or for which the Company did not elect to designate as hedges. The Company does not enter into derivative transactions for speculative or trading purposes, but may enter into derivatives to manage the economic risk of changes in foreign exchange rates or interest rates. The Company may also assume existing derivative instruments in connection with investment transactions. Changes in the fair value of derivatives not designated as hedges are recorded in other gain or loss in the accompanying statements of operations.
	The Company acquired an interest rate swap in connection with one of the PCI loans acquired in November 2013 (see Note 5). The interest rate swap receives a fixed rate of 4.24% and pays Euro Interbank Offered Rate ("Euribor") on a €14.1 million notional amount and terminates in February 2015. The swap effectively converts the acquired floating rate loan to a fixed rate loan. For the three and nine months ended September 30, 2014, a fair value gain of $4,000 and $18,000, respectively, was included in other gain, net in the accompanying statements of operations.
	Concurrently with the acquisition of beneficial interests in debt securities in June 2011 (see Note 7), the Company’s strategic partner entered into an interest rate swap agreement with the borrower which, in conjunction with a special contribution/distribution arrangement with the joint venture, resulted in a net current yield to the joint venture of the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Index plus 3.25% per annum (3.31% at December 31, 2013). The Company determined that the special contribution/distribution arrangement was an embedded derivative that meets the criteria for bifurcation and recorded a derivative liability of $4.1 million at acquisition. The bifurcated derivative did not qualify as a hedging instrument, so changes in the estimated fair value of the derivative were recognized in income. On July 18, 2014, the bonds were repaid at par, the joint venture was dissolved and the embedded derivative liability was settled for $140,000. For the nine months ended September 30, 2014 and the three and nine months ended September 30, 2013, $2.3 million, $(178,000) and $(51,000), respectively, are included in other gain (loss), net in the accompanying statements of operations.
	The fair values of derivative instruments included in the Company’s consolidated balance sheets are as follows:
	(In thousands)	September 30, 2014		December 31, 2013
	Assets
	Foreign exchange contracts designated as hedging instruments	$	16,466	$	2,126
	Interest rate cap designated as a hedging instrument	2		11
	Interest rate swaps not designated as hedging instruments	372		971
	Total derivatives included in other assets	$	16,840	$	3,108
	Liabilities
	Foreign exchange contracts designated as hedging instruments	$	5,961	$	5,504
	Embedded derivative liability not designated as a hedging instrument	—		2,952
	Total derivatives included in accrued and other liabilities	$	5,961	$	8,456
	Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral for derivative financial liabilities exceeding $100,000. As of September 30, 2014, the Company had no amounts on deposit related to these agreements.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	Fair Value Measurements
	Financial Instruments Reported at Fair Value
	The Company has certain assets and liabilities that are required to be recorded at fair value on a recurring basis. The following table summarizes the fair values of those assets and liabilities:
	(In thousands)	September 30, 2014		December 31, 2013
	Assets
	Beneficial interests in debt securities	$	—	$	30,834
	Foreign currency derivative contracts	16,466		2,126
	Interest rate derivative contracts	374		982
		$	16,840	$	33,942
	Liabilities
	Foreign currency derivative contracts	$	5,961	$	5,504
	Embedded derivative liability associated with beneficial interests in debt securities	—		2,952
		$	5,961	$	8,456
	All of the fair values in the table above fall within Level 2 of the fair value hierarchy which rely on significant observable inputs, other than quoted market prices for identical assets or liabilities, including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
	The fair value of the beneficial interests in debt securities and the associated embedded derivative liability were determined by discounting the expected cash flows using observable current and forward rates of widely used indices that closely follow the SIFMA Municipal Swap Index. The fair values of foreign currency and interest rate derivative contracts are determined by discounting the expected cash flow of each derivative instrument based on forecast foreign exchange rates or interest rates. This analysis reflects the contractual terms of the derivatives, observable market-based inputs, and credit valuation adjustments to appropriately reflect the non-performance risk for both the Company and the respective counterparty. Although credit valuation adjustments, such as the risk of default, rely on Level 3 inputs, the Company has determined that these inputs are not significant to the overall valuation of its derivatives. As a result, derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
	Fair Value Disclosure of Financial Instruments Reported at Cost
	The following tables present the estimated fair values and carrying values of the Company’s financial instruments carried at cost, aggregated by the level in the fair value hierarchy:
		Fair Value Measurements Using
	(In thousands)	Quoted Prices in		Significant		Significant		Total Fair		Carrying
		Active Markets		Other		Unobservable		Value		Value
		for Identical		Observable		Inputs
		Instruments		Inputs		(Level 3)
		(Level 1)		(Level 2)
	September 30, 2014
	Assets
	Investments in unconsolidated joint ventures	$	—	$	—	$	1,830,650	$	1,830,650	$	1,553,138
	Loans held for investment	—		—		1,862,500		1,862,500		1,833,801
	Liabilities
	Secured financing	$	126,500	$	—	$	361,065	$	487,565	$	487,258
	Convertible senior notes	605,300		—		—		605,300		604,572
	31-Dec-13
	Assets
	Investments in unconsolidated joint ventures	$	—	$	5,953	$	1,524,621	$	1,530,574	$	1,369,529
	Loans held for investment	—		—		1,034,600		1,034,600		1,028,654
	Liabilities
	Line of credit	$	—	$	138,500	$	—	$	138,500	$	138,500
	Secured financing	—		—		277,600		277,600		277,607
	Convertible senior notes	208,000		—		—		208,000		200,000
	The Company estimates the fair value of financial instruments carried at historical cost on a quarterly basis. These instruments are recorded at fair value only if they are impaired. No impairment was recognized during the nine months ended September 30, 2014 and 2013.
	Fair values of loans receivable are estimated using inputs such as discounted cash flow projections, interest rates available for borrowers with similar credit metrics, market comparables, dealer quotes, and other quantitative and qualitative factors. Fair values of investments in unconsolidated joint ventures are primarily derived by applying the Company’s ownership interest to the fair value of the underlying assets and liabilities of each joint venture. The Company’s proportionate share of each joint venture’s fair value approximates the Company’s fair value of the investment, as the timing of cash flows of the joint venture does not deviate materially from the timing of cash flows the Company receives from the joint venture.
	The fair values of the Company's secured financing and line of credit at September 30, 2014 and December 31, 2013 were estimated by discounting expected future cash outlays at current interest rates available for similar instruments. The carrying value of securitization debt, which is included in the balance of secured financing, approximates its fair value at September 30, 2014. The fair value of convertible senior notes was determined using the last trade price in active markets on the balance sheet date.
	The carrying values of interest receivable and accrued and other liabilities approximate their fair values due to their short term nature. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different assumptions or methodologies could have a material effect on the estimated fair value amounts.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	Stockholders’ Equity
	The Company’s authorized capital stock consists of 50,000,000 shares of preferred stock, $0.01 par value per share, and 450,000,000 shares of common stock, $0.01 par value per share.
	Series A Preferred Stock
	As of September 30, 2014 and December 31, 2013, the Company had 10,080,000 shares of its 8.5% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share (“Series A Preferred Stock”), issued and outstanding. The Series A Preferred Stock must be paid a dividend at a rate of 8.5% per year on the $25.00 liquidation preference before the common stock is entitled to receive any dividends.
	Series B Preferred Stock
	In June 2014, the Company completed an underwritten public offering of 3,450,000 shares of its 7.5% Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share ("Series B Preferred Stock"). The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $83.4 million. The Company used the net proceeds from the offering to repay amounts outstanding under its revolving credit facility, to fund acquisitions of target assets and for working capital and general corporate purposes. The Series B Preferred Stock must be paid a dividend at a rate of 7.5% per year on the $25.00 liquidation preference before the common stock is entitled to receive any dividends.
	The Series A Preferred Stock and Series B Preferred Stock are redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option commencing on March 20, 2017 and June 19, 2019, respectively (subject to the Company’s right under limited circumstances to redeem the Series A and B Preferred Stock earlier in order to preserve its qualification as a REIT or upon the occurrence of a change of control (as defined in the articles supplementary relating to the Series A Preferred Stock and Series B Preferred Stock, respectively)). The Series A and B Preferred Stock are senior to the Company’s common stock, and the Series B Preferred Stock is on parity with the Series A Preferred Stock with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up.
	The Series A and B Preferred Stock generally do not have any voting rights, except if the Company fails to pay dividends on the Series A or B Preferred Stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series A and B Preferred Stock will be entitled to vote, together as a class with any other series of parity stock upon which like voting rights have been conferred and are exercisable, to elect two additional directors to the Company’s board of directors, until all unpaid dividends have been paid or declared and set aside for payment. In addition, certain changes to the terms of the Series A Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series A Preferred Stock voting separately as a class; and certain changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares of Series B Preferred Stock voting separately as a class.
	Common Stock Offerings
	The following table summarizes the sales of the Company's common stock during the nine months ended September 30, 2014:
	(In thousands, except per share data)		Number of Shares			Average Price per Share			Net Proceeds (1)
	Mar-14		14,950			21.9			327,115
	Jul-14		17,250			22.14			381,545
	At-the-market sales in 2014		406			21.07			8,465
	-1	Net of underwriting discounts and commissions, sales agent commissions, and offering costs payable by the Company
	The Company used the net proceeds from the offerings to repay amounts outstanding under the line of credit at the time of the offering, fund acquisitions of target assets and for working capital and general corporate purposes.
	At-The-Market Stock Offering Program ("ATM Program")
	In May 2013, the Company entered into separate “at-the-market” equity distribution agreements with certain sales agents to offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $200 million. Sales of the shares may be made in negotiated transactions and/or transactions that are deemed to be "at the market" offerings, including sales made by means of ordinary brokers' transactions, including directly on the New York Stock Exchange (“NYSE”), or sales made to or through a market maker other than on an exchange. The Company pays each sales agent a commission of 1% of the gross sales proceeds for any common stock sold through such agent.
	Dividend Reinvestment and Direct Stock Purchase Plan
	The Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) provides existing common stockholders and other investors the opportunity to purchase shares (or additional shares, as applicable) of the Company’s common stock by reinvesting some or all of the cash dividends received on their shares of the Company’s common stock or making optional cash purchases within specified parameters. The DRIP Plan acquires shares either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. As of September 30, 2014, no shares had been acquired under the DRIP Plan from the Company in the form of new issuances.
	Accumulated Other Comprehensive Income
	The following tables present the changes in each component of accumulated other comprehensive income attributable to the stockholders, net of immaterial tax effect:
	(In thousands)		Equity in AOCI of Unconsolidated Joint Ventures				Unrealized Gain/Loss on Beneficial Interests in Debt Securities			Unrealized Gain/Loss on Fair Value of Cash Flow Hedge				Foreign Currency Translation Gain/Loss			Unrealized Gain/Loss on Fair Value of Net Investment Hedges			Total
	Balance at December 31, 2013		$	3,621			$	325		$	(19	)		$	1,849		$	(3,183	)	$	2,593
	Other comprehensive income (loss) before reclassifications		937				(2,488		)	(7		)		(32,165		)	17,761			(15,962		)
	Amounts reclassified from accumulated other comprehensive income		(3,865		)		2,163			—				—			253			(1,449		)
	Net other comprehensive (loss) income		(2,928		)		(325		)	(7		)		(32,165		)	18,014			(17,411		)
	Balance at September 30, 2014		$	693			$	—		$	(26	)		$	(30,316	)	$	14,831		$	(14,818	)
	Balance at December 31, 2012		$	6,729			$	877		$	—			$	(3,067	)	$	645		$	5,184
	Other comprehensive income (loss) before reclassifications		9,243				(433		)	—				1,026			(507		)	9,329
	Amounts reclassified from accumulated other comprehensive income		(10,685		)		—			—				(24		)	—			(10,709		)
	Net other comprehensive (loss) income		(1,442		)		(433		)	—				1,002			(507		)	(1,380		)
	Balance at September 30, 2013		$	5,287			$	444		$	—			$	(2,065	)	$	138		$	3,804
	Information about amounts reclassified out of accumulated other comprehensive income by component is presented below:
		(In thousands)		Three Months Ended September 30,							Nine Months Ended September 30,
		Component of Accumulated		2014				2013			2014				2013			Affected Line Item in the
		Other Comprehensive Income																Consolidated Statements of Operations
		Equity in realized gain on sale of marketable securities of unconsolidated joint ventures		$	—			$	3,616		$	3,865			$	10,685		Equity in income of unconsolidated joint ventures
		Settlement loss on beneficial interests in debt securities		—				—			(2,163		)		—			Other loss, net
		Realized foreign exchange (loss) gain		(254		)		19			(253		)		24			Other (loss) gain, net

Earnings_per_Share

Earnings per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings per Share	'
	Earnings per Share
	The following table provides the basic and diluted earnings per common share computations:
			Three Months Ended September 30,						Nine Months Ended September 30,
	(In thousands, except per share data)		2014			2013			2014			2013
	Numerator:
	Net income		$	47,947		$	33,963		$	128,799		$	86,719
	Net income attributable to noncontrolling interest		(8,993		)	(7,514		)	(30,466		)	(15,212		)
	Net income attributable to Colony Financial, Inc.		38,954			26,449			98,333			71,507
	Preferred dividends		(6,972		)	(5,355		)	(17,898		)	(16,065		)
	Net income attributable to common stockholders		31,982			21,094			80,435			55,442
	Net income allocated to participating securities (nonvested shares)		(248		)	(181		)	(735		)	(545		)
	Numerator for basic net income allocated to common stockholders		31,734			20,913			79,700			54,897
	Interest expense attributable to convertible senior notes (1)		4,172			2,622			8,554			—
	Numerator for diluted net income allocated to common stockholders		$	35,906		$	23,535		$	88,254		$	54,897
	Denominator:
	Basic weighted average number of common shares outstanding		104,810			65,707			92,566			64,053
	Weighted average effect of dilutive shares (1)		16,219			8,477			10,997			—
	Diluted weighted average number of common shares outstanding		121,029			74,184			103,563			64,053
	Earnings per share:
	Net income attributable to common stockholders per share–basic		$	0.3		$	0.32		$	0.86		$	0.86
	Net income attributable to common stockholders per share–diluted		$	0.3		$	0.32		$	0.85		$	0.86
	-1	For the three and nine months ended September 30, 2014, excluded from the calculation of diluted income per share is the effect of adding back $2.6 million and $7.9 million, respectively, of interest expense and 8,476,400 weighted average dilutive common share equivalents for the assumed conversion of the 5% Convertible Notes as their inclusion would be antidilutive. For the nine months ended September 30, 2013, excluded from the calculation of diluted income per share is the effect of adding back $5.0 million of interest expense and 5,371,500 weighted average dilutive common share equivalents for the assumed conversion of the 5% Convertible Notes as their inclusion would be antidilutive. For the nine months ended September 30, 2014, weighted average dilutive shares include the effect of 6,600 shares of common stock issuable to the Manager for incentive fees incurred for the second quarter of 2014.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	Related Party Transactions
	The following table summarizes the amounts incurred by the Company and payable to the Manager or its affiliates for the periods presented:
		Three Months Ended September 30,				Nine Months Ended September 30,
	(In thousands)	2014		2013		2014		2013
	Base management fees	$	8,907	$	5,534	$	23,112	$	16,221
	Incentive fees	—		—		464		—
	Compensation pursuant to secondment agreement	325		314		989		923
	Allocated and direct investment-related expenses	765		577		2,114		1,305
	Allocated and direct administrative expenses	890		436		2,300		1,263
		$	10,887	$	6,861	$	28,979	$	19,712
	The following table summarizes the amounts due to the Manager or its affiliates as of each balance sheet date:
	(In thousands)	September 30, 2014		December 31, 2013
	Base management fees	$	8,907	$	6,045
	Secondment reimbursement	680		895
	Reimbursement of direct and allocated administrative and investment costs	566		1,046
		$	10,153	$	7,986

ShareBased_Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-Based Payments	'
	Share-Based Payments
	Director Stock Plan
	The Company’s 2009 Non-Executive Director Stock Plan (the “Director Stock Plan”) provides for the grant of restricted stock, restricted stock units and other stock-based awards to its non-executive directors. The maximum number of shares of stock reserved under the Director Stock Plan is 100,000. The individual share awards generally vest 1 year from the date of grant.
	Equity Incentive Plan
	On May 8, 2014, the Company’s stockholders approved the Colony Financial, Inc. 2014 Equity Incentive Plan (as amended and restated, the “Equity Incentive Plan”), which constitutes an amendment and restatement of the Company’s 2011 Equity Incentive Plan (the “2011 Plan”). The Equity Incentive Plan provides for the grant of options to purchase shares of common stock, share awards (including restricted stock and stock units), stock appreciation rights, performance awards and annual incentive awards, dividend equivalent rights, long-term incentive units, cash and other equity-based awards. Certain named executive officers of the Company, along with other eligible employees, directors and service providers, including the Manager and employees of the Manager, are eligible to receive awards under the Equity Incentive Plan. The Company has reserved a total of 2,500,000 additional shares of common stock for issuance pursuant to the Equity Incentive Plan, in addition to (i) the number of shares of common stock available for issuance under the 2011 Plan as of May 8, 2014 and (ii) the number of shares of common stock subject to outstanding awards under the 2011 Plan that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of such shares of common stock. The Equity Incentive Plan will expire in 2024 unless earlier terminated by the Company. The share awards granted under the Equity Incentive Plan generally vest 25% upfront and the remainder over a 3-year period from the date of grant.
	A summary of the Company’s vested and nonvested shares under the Director Stock Plan and Equity Incentive Plan for the nine months ended September 30, 2014 is presented below:
			Restricted Stock			Restricted		Restricted			Total			Weighted Average Grant Date Fair Value
			Grants to			Stock Grants		Stock Grants
			Non-Executive			to Employee		to the Manager or Manager's Employees
			Directors
	Nonvested shares at December 31, 2013		6,837			17,172		488,759			512,768			$	18.28
	Granted		15,234			—		500,000			515,234			20.32
	Vested		(6,837		)	(8,586	)	(322,505		)	(337,928	)		18.83
	Forfeited		—			—		(636		)	(636	)		16.16
	Nonvested shares at September 30, 2014		15,234			8,586		665,618			689,438			$	19.54
	Weighted average grant-date fair value per share for shares granted during the period		$	22.87		n/a		$	20.24
	The following table summarizes the components of share-based compensation included in the consolidated statements of operations:
			Three Months Ended September 30,						Nine Months Ended September 30,
	(In thousands, except per share amounts)		2014			2013			2014			2013
	Share-based compensation included in management fees		$	1,810		$	986		$	7,791		$	3,091
	Share-based compensation included in administrative expenses		111			72			301			213
	Total fair value of shares vested (1)		—			—			6,855			182
	Weighted average grant-date fair value per share for shares granted during the period (1)		21.93			n/a			20.32			21.94
	-1	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.
	As of September 30, 2014, aggregate unrecognized compensation cost related to restricted stock granted under the Director Stock Plan and Equity Incentive Plan was approximately $9.9 million. That cost is expected to be fully recognized over a weighted-average period of 22.4 months.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes
	The Company’s taxable REIT subsidiaries (each a “TRS”) are subject to corporate level federal, state, foreign and local income taxes. The following is a summary of the Company’s income tax provision:
		Three Months Ended September 30,						Nine Months Ended September 30,
	(In thousands)	2014			2013			2014			2013
	Current
	Federal	$	400		$	(109	)	$	1,053		$	1,066
	State	(846		)	103			(649		)	404
	Total current tax provision	(446		)	(6		)	404			1,470
	Deferred
	Federal	(1,668		)	43			(2,140		)	(595		)
	State	(350		)	(51		)	(482		)	(295		)
	Total deferred tax benefit	(2,018		)	(8		)	(2,622		)	(890		)
	Total income tax (benefit) provision	$	(2,464	)	$	(14	)	$	(2,218	)	$	580
	Net deferred tax assets of $5.1 million and $2.4 million are included in other assets as of September 30, 2014 and December 31, 2013, respectively. Deferred tax assets and liabilities arise from temporary differences in income recognition for GAAP and tax purposes of investments held through TRSs, primarily due to the timing of discount amortization on purchased loans, accelerated depreciation of real estate for tax purposes and accelerated impairment recognition under GAAP.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	Pursuant to the operating agreements of certain unconsolidated joint ventures, the joint venture partners may be required to fund additional amounts for future investments, unfunded lending commitments, ordinary operating costs, guaranties or commitments of the joint ventures. As of September 30, 2014, the Company’s share of those commitments was $61.8 million.
	The Company may be required to fund additional amounts to borrowers pursuant to certain loan agreements. As of September 30, 2014, the Company had combined unfunded lending commitments of $53.9 million.
	In connection with financing arrangements for certain unconsolidated joint ventures, the Company provided customary non-recourse carve-out guaranties. The Company believes that the likelihood of making any payments under the guaranties is remote, and has not accrued for a guaranty liability as of September 30, 2014.
	On March 6, 2014, the Company committed $100 million of new equity in a consortium led by Cerberus Capital Management, L.P. that agreed to acquire all of the outstanding shares of Safeway Inc. pursuant to a merger agreement. The consortium currently owns other national grocery chains, including Albertsons. In connection with the equity commitment, the Company provided a guaranty to Safeway Inc. for the Company's pro rata share of the $400 million termination fee, or approximately $17.6 million, which becomes payable under certain circumstances, including failure to complete the merger within 15 months, and a court-issued injunction to block the merger pursuant to antitrust laws. The Company has determined that a payment pursuant to the guaranty is remote, and has not accrued a liability related to the guaranty. In June 2014, through the Company's controlled subsidiary for this transaction, the Company assigned $50 million of the $100 million equity commitment in the investment and a ratable share of any liability arising from the guaranty to a passive third-party co-investment participant. The merger is expected to close in the first quarter of 2015.
	In the ordinary course of business, the Company may be involved in litigation which may result in legal costs and liability that could have a material effect on the Company’s financial position and results of operations. At September 30, 2014, the Company was not involved in such litigation.

Segment_Information

Segment Information	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Segment Information	'
	Segment Information
	The Company currently operates in three reportable segments: (1) real estate debt investments, which include originated and acquired commercial real estate debt, mortgage-backed securities, and other debt-related investments, (2) single-family residential rentals through its investment in CAH OP, and (3) other real estate equity investments, which include real estate acquired in settlement of loans or from acquisition of operating properties, common equity in real estate or related companies, and certain preferred equity investments with profit participation meeting certain risk or return profiles.
	The Company’s chief operating decision maker reviews various key financial measures to assess the performance and financial condition of each segment. Segment profit or loss is evaluated based upon income before income taxes, which includes equity in income of unconsolidated joint ventures, interest income and other income, less investment-specific expenses, including interest and asset management costs, as well as other gains or losses. Non-investment-specific income and expenses, such as interest income on cash and cash equivalents, management fees, interest expense on the line of credit and administrative expenses, are not allocated to specific segments. There is no intersegment activity. The Company’s segment disclosures present the measures used by the chief operating decision maker for purposes of assessing each segment’s performance.
	The operating results for each of the reportable segments are summarized below:
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Three Months Ended September 30, 2014
	Income:
	Equity in income (loss) of unconsolidated joint ventures	$	17,679		$	(4,582	)	$	(3,834	)	$	—		$	9,263
	Interest income	62,730			—			—			119			62,849
	Rental income and tenant reimbursements	—			—			4,323			—			4,323
	Other income	258			—			—			589			847
	Total income (loss)	80,667			(4,582		)	489			708			77,282
	Expenses:
	Management fees	—			—			—			10,717			10,717
	Investment and servicing expenses	965			—			72			463			1,500
	Transaction costs	816			—			69			974			1,859
	Interest expense	3,317			—			1,098			8,016			12,431
	Property operating expenses	—			—			1,052			—			1,052
	Depreciation and amortization	—			—			1,592			—			1,592
	Administrative expenses	197			—			—			2,488			2,685
	Total expenses	5,295			—			3,883			22,658			31,836
	Other gain, net	37			—			—			—			37
	Income (loss) before income taxes	75,409			(4,582		)	(3,394		)	(21,950		)	45,483
	Income tax benefit	—			—			—			(2,464		)	(2,464		)
	Net income (loss)	75,409			(4,582		)	(3,394		)	(19,486		)	47,947
	Net income attributable to noncontrolling interests	8,413			—			580			—			8,993
	Net income (loss) attributable to Colony Financial, Inc.	$	66,996		$	(4,582	)	$	(3,974	)	$	(19,486	)	$	38,954
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Three Months Ended September 30, 2013
	Income:
	Equity in income (loss) of unconsolidated joint ventures	$	19,879		$	(1,576	)	$	6,749		$	—		$	25,052
	Interest income	22,097			—			—			25			22,122
	Other income	296			—			—			—			296
	Total income (loss)	42,272			(1,576		)	6,749			25			47,470
	Expenses:
	Management fees	—			—			—			6,520			6,520
	Investment and servicing expenses	547			—			—			173			720
	Interest expense	1,142			—			—			4,185			5,327
	Administrative expenses	—			—			—			1,814			1,814
	Total expenses	1,689			—			—			12,692			14,381
	Realized gain on sales of loans receivable, net	1,018			—			—			—			1,018
	Other loss, net	(158		)	—			—			—			(158		)
	Income (loss) before income taxes	41,443			(1,576		)	6,749			(12,667		)	33,949
	Income tax benefit	—			—			—			(14		)	(14		)
	Net income (loss)	41,443			(1,576		)	6,749			(12,653		)	33,963
	Net income attributable to noncontrolling interests	7,099			—			415			—			7,514
	Net income (loss) attributable to Colony Financial, Inc.	$	34,344		$	(1,576	)	$	6,334		$	(12,653	)	$	26,449
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Nine Months Ended September 30, 2014
	Income:
	Equity in income (loss) of unconsolidated joint ventures	$	58,106		$	(11,417	)	$	6,327		$	—		$	53,016
	Interest income	149,734			—			—			180			149,914
	Rental income and tenant reimbursements	—			—			10,819			—			10,819
	Other income	714			—			—			589			1,303
	Total income (loss)	208,554			(11,417		)	17,146			769			215,052
	Expenses:
	Management fees	—			—			—			31,367			31,367
Investment and servicing expenses	2,155			—			75			1,899			4,129
Transaction costs	6,081			—			137			1,224			7,442
Interest expense	8,444			—			3,257			20,379			32,080
Property operating expenses	—			—			2,743			—			2,743
Depreciation and amortization	—			—			4,097			—			4,097
Administrative expenses	577			—			—			7,274			7,851
Total expenses	17,257			—			10,309			62,143			89,709
Other gain, net	165			—			—			1,073			1,238
Income (loss) before income taxes	191,462			(11,417		)	6,837			(60,301		)	126,581
Income tax benefit	—			—			—			(2,218		)	(2,218		)
Net income (loss)	191,462			(11,417		)	6,837			(58,083		)	128,799
Net income attributable to noncontrolling interests	28,677			—			1,789			—			30,466
Net income (loss) attributable to Colony Financial, Inc.	$	162,785		$	(11,417	)	$	5,048		$	(58,083	)	$	98,333
(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
	Debt			Residential						Allocated to
	Investments			Rentals						Segments
Nine Months Ended September 30, 2013
Income:
Equity in income (loss) of unconsolidated joint ventures	$	59,911		$	(5,307	)	$	15,242		$	—		$	69,846
Interest income	54,267			—			—			282			54,549
Other income	984			—			—			—			984
Total income (loss)	115,162			(5,307		)	15,242			282			125,379
Expenses:
Management fees	—			—			—			19,312			19,312
Investment and servicing expenses	1,341			—			25			504			1,870
Interest expense	3,926			—			—			8,572			12,498
Administrative expenses	—			—			—			5,393			5,393
Total expenses	5,267			—			25			33,781			39,073
Realized gain on sales of loans receivable, net	1,018			—			—			—			1,018
Other loss, net	(25		)	—			—			—			(25		)
Income (loss) before income taxes	110,888			(5,307		)	15,217			(33,499		)	87,299
Income tax provision	—			—			—			580			580
Net income (loss)	110,888			(5,307		)	15,217			(34,079		)	86,719
Net income attributable to noncontrolling interests	14,572			—			640			—			15,212
Net income (loss) attributable to Colony Financial, Inc.	$	96,316		$	(5,307	)	$	14,577		$	(34,079	)	$	71,507
The net investments in each of the reportable segments are summarized as follows:
(In thousands)	September 30, 2014			31-Dec-13
Assets:
Real estate debt investments	$	2,664,566		$	1,707,228
Single-family residential rentals	515,315			530,007
Other real estate equity investments	475,273			344,244
Other assets not allocated to segments	298,496			47,073
Total consolidated assets	$	3,953,650		$	2,628,552

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	Subsequent to September 30, 2014, the Company invested and committed a combined $299 million in four new debt investments and $209 million in eight new loan originations in the Transitional CRE Lending Platform.
	On October 30, 2014, the Company transferred 298 performing first mortgage loans secured by multifamily properties with a combined $316 million UPB into a securitization trust. The Company had previously purchased the loans from third parties. The securitization trust issued seven classes of certificates of which the most senior class of certificates were sold to third party investors at par and a fixed rate of 2.54% for gross proceeds of $217 million. The Company retained the remaining classes of certificates, which may be sold in the future at the Company’s discretion.
	On November 4, 2014, the Company and Colony Capital announced a non-binding agreement in principle with respect to certain terms for the potential contribution to the Company of substantially all of Colony Capital's real estate and investment management businesses and operations (the “Proposed Transaction”). The Proposed Transaction contemplates that the combined company would be led by Executive Chairman, Thomas J. Barrack, Jr. and Chief Executive Officer, Richard B. Saltzman, and would employ the full management and investment team of Colony Capital. The Proposed Transaction would include the contribution of Colony Capital's management contracts for its existing real estate and non-real estate funds and investment vehicles, other than Colony Capital's interests in Colony American Homes, which has become a self-managed REIT effective November 4, 2014. Upon closing of the Proposed Transaction, the Company would have the right to conduct all future Colony-branded investment activities, including the formation of real estate and non-real estate private investment funds, and would own the Colony name and related intellectual property. The Proposed Transaction would also be subject to prior approval by the Company stockholders.
	The form of consideration payable by the Company in the Proposed Transaction would be entirely in the Company’s common stock and/or units of a to-be-formed operating partnership (exchangeable for shares of the Company’s common stock or their equivalent in cash and to include associated voting rights), each with a reference price of $22.05 for purposes of determining the number of shares and units to be issued in the Proposed Transaction.
	The aggregate consideration of up to $657.5 million would be payable with a combination of:
	•	fixed upfront consideration equal to approximately $547.5 million;
	•	contingent consideration of up to approximately $110 million, subject to multi-year performance targets for achievement of certain adjusted funds from operation (FFO) per share targets, and capital raising thresholds from the funds management businesses. If the minimum performance target for either of these metrics is not met or exceeded, the contingent consideration paid in respect of other metric would not be paid out in full; and
	•	up to $15 million of the contingent consideration would be reallocated to upfront consideration if the volume-weighted average closing price of the Company’s common stock over the 10 trading days prior to the trading day preceding the date of a shareholder vote in connection with the Proposed Transaction were to exceed $24.05.
	Pursuant to the non-binding agreement in principle, upon the consummation of the Proposed Transaction, all of Colony Capital’s senior executives would become employed by the Company (to be renamed Colony Capital, Inc.). In order to further demonstrate their collective long term commitment to the Company’s business, in accordance with the terms of the non-binding agreement in principle, Messrs. Barrack and Saltzman would enter into five-year employment agreements, and certain other key senior executives would enter into three-year employment agreements, and all such executives would each enter into lock-up arrangements with the Company, which, subject to certain exceptions for estate planning, partial share pledges and tax-related sales, would generally restrict them from transferring their respective interests in the Company’s operating partnership units and/or shares received in connection with the Proposed Transaction over the same period as their respective employment agreement terms, following the closing (if any) of the Proposed Transaction (the locked-up shares would be ratably reduced over such period). Messrs. Barrack and Saltzman also would enter into non-competition arrangements with the Company, each of which would provide for clawback as to a material portion of the Proposed Transaction consideration in the event such individuals violate the non-compete restrictions during the same period as their respective lock-ups.
	There is no assurance that the Company will pursue or continue to pursue this opportunity or that this opportunity will be consummated.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Principles of Consolidation	'
	Principles of Consolidation
	The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by Colony Capital or its affiliates ("Co-Investment Funds").
	The Company consolidates entities in which it retains a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary. In performing its analysis of whether it is the primary beneficiary, at initial investment and at each quarterly reporting period, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company also considers whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In making that determination, the Company considers both qualitative and quantitative factors, including, but not limited to: the amount and characteristics of its investment relative to other investors; the obligation or likelihood for the Company or other investors to fund operating losses of the VIE; the Company’s and the other investors’ ability to control or significantly influence key decisions for the VIE, and the similarity and significance of the VIE’s business activities to those of the Company and the other investors. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, involves significant judgments, including the determination of which activities most significantly affect the entities’ performance, estimates about the current and future fair values and performance of assets held by the VIE and/or general market conditions.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Reclassification	'
	Reclassification
	Certain amounts in the consolidated statements of operations and consolidated statements of cash flows for the previously reported six months ended June 30, 2014 and the nine months ended September 30, 2013 have been reclassified to conform to the current period presentation. Prepayment fees and accelerated amortization of origination fees or purchase discounts resulting from early repayments of loans receivable have been included in interest income as these amounts represent additional yields on the Company’s investments in loans. Previously, such amounts had been presented in realized gain or loss on resolutions of loans receivable as such activities had been infrequent. Due to the nature of the Company’s business and its lending activities, sometimes involving distressed borrowers, the Company has determined that such amounts represent an inherent component of interest income. The reclassifications did not affect the Company's financial position, results of operations or its cash flows.
Recent Accounting Updates	'
	Recent Accounting Updates
	Revenue Recognition—In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers, which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, at an amount reflecting the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements.

Investments_in_Unconsolidated_1

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Investments in Unconsolidated Joint Ventures	'
	The Company’s investments in unconsolidated joint ventures are summarized below:
	(Amounts in thousands)				Ownership Percentage at September 30, 2014(1)			Carrying Value
	Joint Ventures		Investment Status at September 30, 2014					September 30, 2014			December 31, 2013
	CAH Operating Partnership, L.P.		Investment in CAH OP, an investment vehicle created for the purpose of acquiring and renting single-family homes, and warrants in its manager		24.3	%		$	515,315		$	530,007
	Portfolio 8 Investors, LLC	-2	Preferred equity investment in an entity that acquired a multifamily portfolio composed of approximately 7,600 units located in Georgia, Florida and Texas		75	%		158,650			148,683
	ColFin Silverbird Funding A, LLC and ColFin Silverbird Funding B, LLC		Mixed portfolio of 25 commercial properties located throughout the United Kingdom		50	%		76,075			—
	ColFin Court Square Funding, LLC		Preferred equity investment in an entity that acquired a Class A office tower located in Long Island City, New York		50	%		51,057			49,103
	ColFin Highland UK13 Funding, LLC		Acquired sub-performing loan secured by 13 commercial properties throughout the United Kingdom		50	%		46,631			—
	ColFin NW Funding, LLC		Acquired 15 performing first mortgages secured by commercial real estate		37.9	%		34,669			33,682
	ColFin Snow Funding, LLC		Originated loan secured by two mortgages and an equity pledge in a portfolio of 12 hotels located in France		50	%		33,425			—
	ColFin Orlando Funding, LLC		Acquired non-performing loan secured by a 444-acre development site located in Orlando, Florida		50	%		32,061			—
	ColFin JIH Holdco, LLC, ColFin JIH Mezzco A, LLC and ColFin JIH Opco, LLC		Equity interests in and senior mezzanine loan receivable from entities owning a portfolio of 98 limited service hotels		33.3	%		32,055			31,559
	ColFin Hunt Holdco A, LLC and ColFin Hunt Holdco B, LLC		2 commercial REO properties in Germany		37.9	%		30,849			36,133
	ColFin ARP Funding, LLC and ColFin ARP Linda Isle Investor, LLC		First mortgage loan to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets		50	%		26,667			15,350
	ColFin Bulls Funding A, LLC and ColFin Bulls Funding B, LLC		276 performing and non-performing acquired loans consisting of substantially all first mortgage recourse commercial real estate loans and 24 REO properties.		32.5	%		26,427			30,309
	ColFin 2011 CRE Holdco, LLC and Colony AMC 2011 CRE, LLC		332 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate, and 27 REO properties		44.4	%		26,302			34,298
	ColFin Athina Funding, LLC		Originated mezzanine loan secured by an equity pledge in the borrower entities that own a Mediterranean resort with a hotel and villas.		50	%		25,966			—
	ColFin SXC Funding, LLC		Performing mezzanine loan origination cross-collateralized by a portfolio of select service hotels		50	%		24,322			13,853
	ColFin STC Funding, LLC		Acquired performing senior mortgage loan secured by a retail property in Florida		50	%		23,374			23,299
	(Amounts in thousands)				Ownership Percentage at September 30, 2014(1)			Carrying Value
	Joint Ventures		Investment Status at September 30, 2014					September 30, 2014			December 31, 2013
	ColFin DOD Funding, LLC and ColFin IOD Holding, LLC		Originated first mortgage loan to finance the acquisition of an office development site in Dublin, Ireland		50	%		21,883			—
	ColFin DB Guarantor, LLC and Colony AMC DB, LLC		368 performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate and 77 REO properties		33.3	%		21,324			26,293
	ColFin Cabo Palm Funding, LLC		Participation in junior first mortgage interest secured by a luxury beach resort in Mexico		50	%		20,078			20,072
	ColFin 666 Funding, LLC		First mortgage pari-passu participation interest secured by Class A midtown Manhattan office building		33.3	%		19,625			19,096
	ColFin PHX Tower Funding, LLC		Equity interest in a high-rise office tower located in Phoenix, Arizona		50	%		18,639			18,408
	ColFin Grand Cul Funding, LLC		First mortgage loans secured by a partially constructed hotel and residential development project located in the Caribbean		33.3	%		18,243			16,595
	ColFin FCDC Funding, LLC		Equity interests acquired through deed-in-lieu in 2 partially developed master planned communities located in California		50	%		17,664			15,894
	ColFin London Funding, LLC		5 performing and non-performing acquired loans secured by commercial real estate		50	%		17,498			18,138
	ColFin Inland Funding, LLC and ColFin Inland Investor, LLC		First mortgage loan secured by a Southern California master planned development and equity participation rights		50	%		16,860			16,068
	CF/CDG Lake Ranch Venture, LLC	-3	First mortgage loan secured by a 135-acre residential development project located in Southern California and equity participation rights		n/a			16,002			—
	Other unconsolidated joint ventures		29 investments, each with less than $15 million carrying value at September 30, 2014		4.5% to 50.0%			201,477			272,689
								$	1,553,138		$	1,369,529
	-1	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.
	-2	While the Company has a majority ownership interest in Portfolio 8 Investors, LLC, the minority member has control over the day-to-day operations of the entity. Accordingly, the Company accounts for its investment using the equity method.
	-3	Pursuant to the terms of the loan agreement, the Company participates in the residual profits of this development project. The Company evaluated the characteristics of this acquisition, development and construction ("ADC") loan and determined that the risks and rewards of the arrangement are more similar to those associated with an investment in joint venture. Accordingly, the Company accounts for this loan receivable under the equity method.
Activity In Company Investments In Unconsolidated Joint Ventures	'
	Activity in the Company’s investments in unconsolidated joint ventures is summarized below:
	(In thousands)
	Balance at December 31, 2013		$	1,369,529
	Contributions		325,617
	Distributions		(179,093		)
	Equity in net income		53,016
	Equity in other comprehensive income		937
	Equity in realized gain reclassified from accumulated other comprehensive income		(3,865		)
	Foreign currency translation loss		(13,003		)
	Balance at September 30, 2014		$	1,553,138
Combined Condensed Balance Sheets of Unconsolidated Joint Ventures	'
	Combined Condensed Balance Sheets of Unconsolidated Joint Ventures
	(In thousands)		September 30, 2014				December 31, 2013
	Assets:
	Cash and cash equivalents		$	386,293			$	321,183
	Loans receivable, net		2,089,848				2,171,943
	Investments in real estate		4,896,086				3,658,940
	Investments in unconsolidated joint ventures		229,592				459,010
	Debt and equity securities, available-for-sale, at fair value		73,654				24,753
	Other assets		369,813				345,196
	Total assets		$	8,045,286			$	6,981,025
	Liabilities:
	Debt		$	2,708,780			$	1,515,188
	Other liabilities		248,698				140,509
	Total liabilities		2,957,478				1,655,697
	Owners’ equity		4,466,213				4,465,363
	Noncontrolling interests		621,595				859,965
	Total liabilities and equity		$	8,045,286			$	6,981,025
	Company’s share of equity		$	1,553,138			$	1,369,529
Combined Condensed Statements of Operations of Unconsolidated Joint Ventures	'
	Combined Condensed Statements of Operations of Unconsolidated Joint Ventures
			Three Months Ended September 30,							Nine Months Ended September 30,
	(In thousands)		2014				2013			2014			2013
	Income:
	Interest income		$	67,288			$	91,278		$	224,657		$	271,291
	Property operating income		128,948				58,466			330,991			135,224
	Equity in income of unconsolidated joint ventures		12,961				6,698			105,749			19,425
	Other income		12,584				6,293			31,525			18,681
	Total income		221,781				162,735			692,922			444,621
	Expenses:
	Interest expense		33,727				10,191			80,764			21,027
	Property operating expenses		87,059				39,429			228,591			100,124
	Depreciation and amortization		36,999				17,346			100,131			36,455
	Other expenses		32,182				23,971			75,701			66,517
	Total expenses		189,967				90,937			485,187			224,123
	Other income:
	Realized and unrealized (loss) gain on investments, net		(16,671		)		62,514			14,857			170,182
	Net income		15,143				134,312			222,592			390,680
	Net income attributable to noncontrolling interests		15,903				23,566			57,790			79,601
	Net (loss) income attributable to members		$	(760	)		$	110,746		$	164,802		$	311,079
	Company’s equity in net income		$	9,263			$	25,052		$	53,016		$	69,846

Loans_Receivable_Tables

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2014
Receivables [Abstract]	'
Company Loans Receivable	'
	The following table summarizes the Company’s loans held for investment, including purchased credit-impaired ("PCI") loans:
			September 30, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Non-PCI Loans:
	Mortgage loans		$	806,733		$	794,731			6.3	%		10.2	339		$	463,552	$	423,078	7.1	%	3.9	33
	Securitized mortgage loans		190,563			189,605				6.4	%		1.9	11		—		—		n/a		n/a	—
	B-notes		143,956			140,353				8.5	%		3.4	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		466,392			464,329				10.8	%		2.5	7		330,909		328,185		11	%	2.4	2
			1,607,644			1,589,018								360		898,529		854,721					37
	Purchased Credit-Impaired Loans:
	Mortgage loans		359,536			244,783								36		299,235		173,933					5
			$	1,967,180		$	1,833,801							396		$	1,197,764	$	1,028,654				42
Table Summarizing the Companys' non-PCI Loans with Variable Interest Rates	'
	The following table summarizes the Company's investments in non-PCI loans with variable interest rates:
	(Amounts in thousands)		Index		Weighted Average Spread	Weighted Average Rate		Principal				Carrying Amount			Number of Loans
	September 30, 2014
	Mortgage loans		1-Month LIBOR	-1	6.10%	6.30%	-3	$	497,937			$	491,918		27
	Mortgage loans		6-Month LIBOR	-1	2.50%	5.80%	-3	115,496				115,506			98
	Mortgage loans		12-Month Treasury Average		2.50%	2.80%	-4	23,566				21,436			21
	Mezzanine loans		1-Month LIBOR	-1	10.80%	11.00%		339,217				337,154			4
								$	976,216			$	966,014		150
	31-Dec-13
	Mortgage loans		1-Month LIBOR	-1	4.90%	7.70%	-3	$	246,478			$	220,111		9
	Mortgage loan		1-Month Reference Bills	-2	4.70%	4.70%		30,064				27,595			3
	Mezzanine loans		1-Month LIBOR	-1	10.80%	11.00%		330,909				328,185			2
								$	607,451			$	575,891		14
	-1	LIBOR =ondon Interbank Offered Rate
	-2	Reference Bills =reddie Mac Reference Bill index
	-3	Certain loans are subject to a LIBOR floor which is higher than the actual LIBOR at September 30, 2014.
	-4	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor which is higher than the actual 12MTA at September 30, 2014
Table Summarizing the Companys' non-PCI Loans with Fixed Interest Rates	'
	The following table summarizes the Company's investments in non-PCI loans with fixed interest rates:
			September 30, 2014													31-Dec-13
	(Amounts in thousands)		Principal			Carrying				Weighted			Weighted	Number of Loans		Principal		Carrying		Weighted		Weighted	Number of Loans
						Amount				Average			Average					Amount		Average		Average
										Coupon			Maturity in Years							Coupon		Maturity in Years
	Mortgage loans		$	360,297		$	355,475			6.8	%		12.4	204		$	187,010	$	175,372	6.6	%	7.3	21
	B-notes		143,956			140,354				8.5	%		3.4	3		104,068		103,458		10.9	%	3.8	2
	Mezzanine loans		127,175			127,175				10.3	%		4.9	3		—		—		n/a		n/a	—
			631,428			623,004								210		291,078		278,830					23
Activity in Loans Receivable	'
	Activity in loans held for investment is summarized below:
	(In thousands)		2014			2013
	Balance at January 1		$	1,028,654		$	333,569
	Loan acquisitions and originations		1,381,234			493,804
	Paid-in-kind interest added to loan principal		1,539			218
	Discount and net loan fee amortization		62,512			4,455
	Carrying value of loans sold		—			(70,280		)
	Noncash distribution of loan receivable to a noncontrolling interest		—			(18,500		)
	Principal repayments		(612,925		)	(97,230		)
	Payments received from PCI loans		(6,319		)	—
	Effect of changes in foreign exchange rates		(20,894		)	—
	Balance at September 30		$	1,833,801		$	646,036
Schedule of Future Minimum Principal Payments Excluding PCI Loans	'
	Minimum scheduled principal payments required under the loan agreements, excluding PCI loans, as of September 30, 2014 are as follows:
	Year Ending December 31,		(In thousands)
	Remaining 2014		$	3,077
	2015		194,532
	2016		540,810
	2017		352,227
	2018		21,196
	2019 and after		495,802
	Total		$	1,607,644
Summary of the Accretable Yield and Nonaccretable Difference at Acquisition	'
	The following table summarizes the accretable yield and nonaccretable difference at acquisition for PCI loans acquired during the nine months ended September 30, 2014, excluding PCI loans for which cash flows cannot be reasonably estimated:
	(In thousands)
	Contractually required payments including interest	$	40,113
	Less: cash flows not expected to be collected (nonaccretable difference)	18,743
	Total cash flows expected to be collected	21,370
	Less: accretable yield	3,067
	Fair value of loans at acquisition	$	18,303
Changes in Accretable Yield for he PCI loans	'
	Changes in the accretable yield for the Company's PCI loans were as follows:
	(In thousands)
	Accretable yield at December 31, 2013		$	130,823
	Additions		3,067
	Changes in estimated cash flows		163
	Accretion		(17,108		)
	Effect of changes in foreign exchange rates		(8,821		)
	Accretable yield at September 30, 2014		$	108,124

Real_Estate_Assets_Tables

Real Estate Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Real Estate [Abstract]	'
Estimated Fair Values of the Assets at the Acquisition Date	'
	The following table summarizes the estimated fair values of the assets and liabilities at the acquisition date for all 2014 acquisitions:
	(Amounts in thousands)		Total Fair Values of Assets Acquired and Liabilities Assumed in 2014				Estimated Useful Life (in weighted average years)
	Real estate assets:
	Land		$	453			n/a
	Building and improvements		21,905				28
	Tenant improvements		2,040				13
	Identifiable intangible assets:
	In-place lease value		4,632				15
	Below-market ground lease obligation		1,420				54
	Deferred leasing costs		1,159				14
	Total assets acquired		$	31,609
	Identifiable intangible liability assumed:
	Below-market leases		$	(290	)	(1)	13
	-1	The net amount recorded for assumed identifiable intangible liability is included in other liabilities on the accompanying balance sheet as of September 30, 2014.
	During the nine months ended September 30, 2014, the Company acquired the following two triple-net leased operating properties from unrelated third parties:
	Property Location		Acquisition Date		Property Type		Purchase Price
							(in thousands)
	Arizona (1)		24-Jun-14		Office		$	15,675
	Ohio		31-Jul-14		Industrial		15,644
							$	31,319
	-1	In connection with the June 2014 acquisition, the Company also assumed certain leasehold interests in the ground lease. The in-place ground sublease expires in August 2068 and is subject to rent increases every five years which is indexed to the consumer price index. The current ground lease commitment is $167,000 per annum.
Schedule of Components of Real Estates	'
	The following table summarizes information regarding the components of the Company's total real estate assets held for investment:
	(Amounts in thousands)		September 30, 2014				31-Dec-13			Estimated Useful Life (in weighted average years)
	Land		$	8,772			$	8,319		n/a
	Buildings and improvements		118,916				97,011			38
	Tenant improvements		9,396				7,356			8
			137,084				112,686
	Accumulated depreciation		(3,139		)		(218		)
	Net carrying amount		$	133,945			$	112,468

Other_Assets_Tables

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Other Assets [Abstract]	'
Schedule of the Company's Other Assets, Net	'
	The following table summarizes the Company's other assets:
	(In thousands)		September 30, 2014			December 31, 2013
	Restricted cash ($13,920 and $0 related to consolidated VIE, respectively)		$	57,913	-1	$	7,898		-1
	Beneficial interests in debt securities, available-for-sale, at fair value		—		-2	30,834			-2
	Deferred financing costs, net ($3,110 and $0 related to consolidated VIE, respectively)		24,691		-3	11,275			-3
	Acquired intangible assets, net		16,001			9,972
	Receivables ($1,021 and $0 related to consolidated VIE, respectively)		12,153			8,277
	Derivative assets		16,840			3,108
	Deferred tax assets		5,128			2,391
	Other		2,257			979
	Total other assets		$	134,983		$	74,734
	-1	Restricted cash includes borrower escrow accounts and an interest reserve account to service secured financing.
	-2	The Company held $28 million in beneficial interests in a series of tax-exempt bonds secured by a multifamily property located in Georgia. The beneficial interests, in the form of senior certificates, were acquired in June 2011 subject to an embedded derivative liability to a strategic partner, with an estimated fair value of $4.1 million. On July 18, 2014, the property securing the bonds was sold, resulting in a full prepayment of $28 million senior certificates at par plus yield maintenance. The prepayment resulted in a loss of $2.2 million, which was offset by a $2.4 million gain on the termination of the associated embedded derivative liability to the strategic partner (see Note 10).
	-3	Deferred financing costs are shown net of accumulated amortization of $10.7 million and $6.5 million as of September 30, 2014 and December 31, 2013, respectively.
Acquisition-related Intangible Assets	'
	The following table summarizes intangible assets acquired as part of the operating real estate properties (see Note 6):
	(In thousands)		Gross Carrying Amount			Accumulated Amortization				Net Carrying Amount
	September 30, 2014
	In-place leases		$	12,477		$	(986	)		$	11,491
	Below-market ground lease obligation		1,420			(7		)		1,413
	Deferred leasing costs		3,378			(281		)		3,097
			$	17,275		$	(1,274	)		$	16,001
	31-Dec-13
	In-place leases		$	7,845		$	(72	)		$	7,773
	Deferred leasing costs		2,219			(20		)		2,199
			$	10,064		$	(92	)		$	9,972

Debt_Tables

Debt (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Secured Debt	'
	The following table summarizes certain information about the Company's secured debt:
	(Amounts in thousands)						Outstanding Balance
	Type		Collateral		Interest Rate	Maturity Date	September 30, 2014		December 31, 2013
	Secured financing (1)		Participation interest in first mortgage loan		5% fixed	Jul-14	$	—	$	74,607
	Secured financing (2)		Portfolio of 21 first mortgage loans and 2 subordinated loans		1-month LIBOR+2.85%	Dec-17	101,403		115,000
	Secured financing (3)		Senior participation interest in a portfolio of 2 first mortgage loans and 1 subordinated loan		1-month LIBOR+2.85%	N/A	81,542		—
	First mortgage loan (4)		Office property in Minnesota		4.84% fixed	Jan-24	88,000		88,000
	Commercial mortgage-backed securitization debt (5)		Portfolio of 11 first mortgage loans originated within the Transitional CRE Lending Platform		1-month LIBOR+1.78%	April 2031 (6)	126,193		—
	Repurchase facility (7)		Eligible first mortgage loans originated within the Transitional CRE Lending Platform		1-month LIBOR+2.5%	Feb-16	90,120		—
	Total						$	487,258	$	277,607
	-1	In connection with the acquisition of a $181 million participation interest in a first mortgage loan in May 2012, the seller provided concurrent non-recourse financing for $103.5 million, or 65% of the purchase price. In April 2014, the first mortgage loan and the financing were both repaid in full (see Note 5).
	-2	The financing is secured by a loan portfolio acquired in October 2013. The financing requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The initial principal curtailment requirement is 70% of all excess cash flow from the underlying loan portfolio, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future.
	-3	In connection with the acquisition of a portfolio of 3 loans secured by retail, hospitality and industrial real estate assets in March 2014 (see Note 5), a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. Although the financing has no contractual maturity date, any principal repayments from the underlying collateral loan portfolio must be applied to repay the financing until the balance is paid in full.
	-4	The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization period. The loan agreement requires rent receipts from the collateral property to be initially deposited into a lockbox account controlled by the lender. The excess of monthly rent receipts over monthly debt service is remitted to the Company.
	-5	As discussed in Note 3, on April 10, 2014, 2014-FL1 (also known as the Issuer) offered and sold to third parties approximately $126.2 million aggregate principal balance of the Offered Notes with a weighted average coupon of LIBOR plus 1.78%. The proceeds from the sale of the Offered Notes, net of securitization costs, were approximately $122.3 million. The Offered Notes are secured by all assets of the Issuer consisting of eleven variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate unpaid principal balance of $190.6 million as of September 30, 2014.
	-6	Although the securitization debt has a contractual maturity date of April 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.
	-7	The Company entered into a master repurchase agreement (“Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 2 years, plus a 1-year extension option. Advances under the Repurchase Facility bear interest ranging from LIBOR plus a spread of 2.25% to 2.5%. During the three months ended September 30, 2014, the Company made draws on the Repurchase Facility to finance nine non-securitized variable rate loans originated within the Transitional CRE Lending Platform with an aggregate unpaid principal balance of $162.3 million.
Schedule Principal Payments Due Under the Secured Financing Arrangements	'
	The following table summarizes such minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of September 30, 2014:
	Year Ending December 31,		(In thousands)
	Remaining 2014		$	12,901
	2015		104,937
	2016		226,071
	2017		57,848
	2018		1,403
	2019 and after		84,098
	Total		$	487,258

Derivatives_and_Hedging_Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Fair Value of Derivative Instruments	'
	The fair values of derivative instruments included in the Company’s consolidated balance sheets are as follows:
	(In thousands)	September 30, 2014		December 31, 2013
	Assets
	Foreign exchange contracts designated as hedging instruments	$	16,466	$	2,126
	Interest rate cap designated as a hedging instrument	2		11
	Interest rate swaps not designated as hedging instruments	372		971
	Total derivatives included in other assets	$	16,840	$	3,108
	Liabilities
	Foreign exchange contracts designated as hedging instruments	$	5,961	$	5,504
	Embedded derivative liability not designated as a hedging instrument	—		2,952
	Total derivatives included in accrued and other liabilities	$	5,961	$	8,456

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value of Assets and Liabilities by the Level in the Fair Value Hierarchy	'
	The following table summarizes the fair values of those assets and liabilities:
	(In thousands)	September 30, 2014		December 31, 2013
	Assets
	Beneficial interests in debt securities	$	—	$	30,834
	Foreign currency derivative contracts	16,466		2,126
	Interest rate derivative contracts	374		982
		$	16,840	$	33,942
	Liabilities
	Foreign currency derivative contracts	$	5,961	$	5,504
	Embedded derivative liability associated with beneficial interests in debt securities	—		2,952
		$	5,961	$	8,456
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping	'
	The following tables present the estimated fair values and carrying values of the Company’s financial instruments carried at cost, aggregated by the level in the fair value hierarchy:
		Fair Value Measurements Using
	(In thousands)	Quoted Prices in		Significant		Significant		Total Fair		Carrying
		Active Markets		Other		Unobservable		Value		Value
		for Identical		Observable		Inputs
		Instruments		Inputs		(Level 3)
		(Level 1)		(Level 2)
	September 30, 2014
	Assets
	Investments in unconsolidated joint ventures	$	—	$	—	$	1,830,650	$	1,830,650	$	1,553,138
	Loans held for investment	—		—		1,862,500		1,862,500		1,833,801
	Liabilities
	Secured financing	$	126,500	$	—	$	361,065	$	487,565	$	487,258
	Convertible senior notes	605,300		—		—		605,300		604,572
	31-Dec-13
	Assets
	Investments in unconsolidated joint ventures	$	—	$	5,953	$	1,524,621	$	1,530,574	$	1,369,529
	Loans held for investment	—		—		1,034,600		1,034,600		1,028,654
	Liabilities
	Line of credit	$	—	$	138,500	$	—	$	138,500	$	138,500
	Secured financing	—		—		277,600		277,600		277,607
	Convertible senior notes	208,000		—		—		208,000		200,000

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Summary of Common Stock Offering	'
	The following table summarizes the sales of the Company's common stock during the nine months ended September 30, 2014:
	(In thousands, except per share data)		Number of Shares			Average Price per Share			Net Proceeds (1)
	Mar-14		14,950			21.9			327,115
	Jul-14		17,250			22.14			381,545
	At-the-market sales in 2014		406			21.07			8,465
	-1	Net of underwriting discounts and commissions, sales agent commissions, and offering costs payable by the Company
Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders	'
	The following tables present the changes in each component of accumulated other comprehensive income attributable to the stockholders, net of immaterial tax effect:
	(In thousands)		Equity in AOCI of Unconsolidated Joint Ventures				Unrealized Gain/Loss on Beneficial Interests in Debt Securities			Unrealized Gain/Loss on Fair Value of Cash Flow Hedge				Foreign Currency Translation Gain/Loss			Unrealized Gain/Loss on Fair Value of Net Investment Hedges			Total
	Balance at December 31, 2013		$	3,621			$	325		$	(19	)		$	1,849		$	(3,183	)	$	2,593
	Other comprehensive income (loss) before reclassifications		937				(2,488		)	(7		)		(32,165		)	17,761			(15,962		)
	Amounts reclassified from accumulated other comprehensive income		(3,865		)		2,163			—				—			253			(1,449		)
	Net other comprehensive (loss) income		(2,928		)		(325		)	(7		)		(32,165		)	18,014			(17,411		)
	Balance at September 30, 2014		$	693			$	—		$	(26	)		$	(30,316	)	$	14,831		$	(14,818	)
	Balance at December 31, 2012		$	6,729			$	877		$	—			$	(3,067	)	$	645		$	5,184
	Other comprehensive income (loss) before reclassifications		9,243				(433		)	—				1,026			(507		)	9,329
	Amounts reclassified from accumulated other comprehensive income		(10,685		)		—			—				(24		)	—			(10,709		)
	Net other comprehensive (loss) income		(1,442		)		(433		)	—				1,002			(507		)	(1,380		)
	Balance at September 30, 2013		$	5,287			$	444		$	—			$	(2,065	)	$	138		$	3,804
Reclassification out of Accumulated Other Comprehensive Income	'
	Information about amounts reclassified out of accumulated other comprehensive income by component is presented below:
		(In thousands)		Three Months Ended September 30,							Nine Months Ended September 30,
		Component of Accumulated		2014				2013			2014				2013			Affected Line Item in the
		Other Comprehensive Income																Consolidated Statements of Operations
		Equity in realized gain on sale of marketable securities of unconsolidated joint ventures		$	—			$	3,616		$	3,865			$	10,685		Equity in income of unconsolidated joint ventures
		Settlement loss on beneficial interests in debt securities		—				—			(2,163		)		—			Other loss, net
		Realized foreign exchange (loss) gain		(254		)		19			(253		)		24			Other (loss) gain, net

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Reconciles Numerator and Denominator of Basic and Diluted Per-Share	'
	The following table provides the basic and diluted earnings per common share computations:
			Three Months Ended September 30,						Nine Months Ended September 30,
	(In thousands, except per share data)		2014			2013			2014			2013
	Numerator:
	Net income		$	47,947		$	33,963		$	128,799		$	86,719
	Net income attributable to noncontrolling interest		(8,993		)	(7,514		)	(30,466		)	(15,212		)
	Net income attributable to Colony Financial, Inc.		38,954			26,449			98,333			71,507
	Preferred dividends		(6,972		)	(5,355		)	(17,898		)	(16,065		)
	Net income attributable to common stockholders		31,982			21,094			80,435			55,442
	Net income allocated to participating securities (nonvested shares)		(248		)	(181		)	(735		)	(545		)
	Numerator for basic net income allocated to common stockholders		31,734			20,913			79,700			54,897
	Interest expense attributable to convertible senior notes (1)		4,172			2,622			8,554			—
	Numerator for diluted net income allocated to common stockholders		$	35,906		$	23,535		$	88,254		$	54,897
	Denominator:
	Basic weighted average number of common shares outstanding		104,810			65,707			92,566			64,053
	Weighted average effect of dilutive shares (1)		16,219			8,477			10,997			—
	Diluted weighted average number of common shares outstanding		121,029			74,184			103,563			64,053
	Earnings per share:
	Net income attributable to common stockholders per share–basic		$	0.3		$	0.32		$	0.86		$	0.86
	Net income attributable to common stockholders per share–diluted		$	0.3		$	0.32		$	0.85		$	0.86
	-1	For the three and nine months ended September 30, 2014, excluded from the calculation of diluted income per share is the effect of adding back $2.6 million and $7.9 million, respectively, of interest expense and 8,476,400 weighted average dilutive common share equivalents for the assumed conversion of the 5% Convertible Notes as their inclusion would be antidilutive. For the nine months ended September 30, 2013, excluded from the calculation of diluted income per share is the effect of adding back $5.0 million of interest expense and 5,371,500 weighted average dilutive common share equivalents for the assumed conversion of the 5% Convertible Notes as their inclusion would be antidilutive. For the nine months ended September 30, 2014, weighted average dilutive shares include the effect of 6,600 shares of common stock issuable to the Manager for incentive fees incurred for the second quarter of 2014.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Summary of Amounts Due to Manager or its Affiliates	'
	The following table summarizes the amounts incurred by the Company and payable to the Manager or its affiliates for the periods presented:
		Three Months Ended September 30,				Nine Months Ended September 30,
	(In thousands)	2014		2013		2014		2013
	Base management fees	$	8,907	$	5,534	$	23,112	$	16,221
	Incentive fees	—		—		464		—
	Compensation pursuant to secondment agreement	325		314		989		923
	Allocated and direct investment-related expenses	765		577		2,114		1,305
	Allocated and direct administrative expenses	890		436		2,300		1,263
		$	10,887	$	6,861	$	28,979	$	19,712
	The following table summarizes the amounts due to the Manager or its affiliates as of each balance sheet date:
	(In thousands)	September 30, 2014		December 31, 2013
	Base management fees	$	8,907	$	6,045
	Secondment reimbursement	680		895
	Reimbursement of direct and allocated administrative and investment costs	566		1,046
		$	10,153	$	7,986

ShareBased_Payments_Tables

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	'
	A summary of the Company’s vested and nonvested shares under the Director Stock Plan and Equity Incentive Plan for the nine months ended September 30, 2014 is presented below:
			Restricted Stock			Restricted		Restricted			Total			Weighted Average Grant Date Fair Value
			Grants to			Stock Grants		Stock Grants
			Non-Executive			to Employee		to the Manager or Manager's Employees
			Directors
	Nonvested shares at December 31, 2013		6,837			17,172		488,759			512,768			$	18.28
	Granted		15,234			—		500,000			515,234			20.32
	Vested		(6,837		)	(8,586	)	(322,505		)	(337,928	)		18.83
	Forfeited		—			—		(636		)	(636	)		16.16
	Nonvested shares at September 30, 2014		15,234			8,586		665,618			689,438			$	19.54
	Weighted average grant-date fair value per share for shares granted during the period		$	22.87		n/a		$	20.24
Components of Share-Based Compensation	'
	The following table summarizes the components of share-based compensation included in the consolidated statements of operations:
			Three Months Ended September 30,						Nine Months Ended September 30,
	(In thousands, except per share amounts)		2014			2013			2014			2013
	Share-based compensation included in management fees		$	1,810		$	986		$	7,791		$	3,091
	Share-based compensation included in administrative expenses		111			72			301			213
	Total fair value of shares vested (1)		—			—			6,855			182
	Weighted average grant-date fair value per share for shares granted during the period (1)		21.93			n/a			20.32			21.94
	-1	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Provision (Benefit)	'
	The Company’s taxable REIT subsidiaries (each a “TRS”) are subject to corporate level federal, state, foreign and local income taxes. The following is a summary of the Company’s income tax provision:
		Three Months Ended September 30,						Nine Months Ended September 30,
	(In thousands)	2014			2013			2014			2013
	Current
	Federal	$	400		$	(109	)	$	1,053		$	1,066
	State	(846		)	103			(649		)	404
	Total current tax provision	(446		)	(6		)	404			1,470
	Deferred
	Federal	(1,668		)	43			(2,140		)	(595		)
	State	(350		)	(51		)	(482		)	(295		)
	Total deferred tax benefit	(2,018		)	(8		)	(2,622		)	(890		)
	Total income tax (benefit) provision	$	(2,464	)	$	(14	)	$	(2,218	)	$	580

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Reporting [Abstract]	'
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	'
	The operating results for each of the reportable segments are summarized below:
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Three Months Ended September 30, 2014
	Income:
	Equity in income (loss) of unconsolidated joint ventures	$	17,679		$	(4,582	)	$	(3,834	)	$	—		$	9,263
	Interest income	62,730			—			—			119			62,849
	Rental income and tenant reimbursements	—			—			4,323			—			4,323
	Other income	258			—			—			589			847
	Total income (loss)	80,667			(4,582		)	489			708			77,282
	Expenses:
	Management fees	—			—			—			10,717			10,717
	Investment and servicing expenses	965			—			72			463			1,500
	Transaction costs	816			—			69			974			1,859
	Interest expense	3,317			—			1,098			8,016			12,431
	Property operating expenses	—			—			1,052			—			1,052
	Depreciation and amortization	—			—			1,592			—			1,592
	Administrative expenses	197			—			—			2,488			2,685
	Total expenses	5,295			—			3,883			22,658			31,836
	Other gain, net	37			—			—			—			37
	Income (loss) before income taxes	75,409			(4,582		)	(3,394		)	(21,950		)	45,483
	Income tax benefit	—			—			—			(2,464		)	(2,464		)
	Net income (loss)	75,409			(4,582		)	(3,394		)	(19,486		)	47,947
	Net income attributable to noncontrolling interests	8,413			—			580			—			8,993
	Net income (loss) attributable to Colony Financial, Inc.	$	66,996		$	(4,582	)	$	(3,974	)	$	(19,486	)	$	38,954
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Three Months Ended September 30, 2013
	Income:
	Equity in income (loss) of unconsolidated joint ventures	$	19,879		$	(1,576	)	$	6,749		$	—		$	25,052
	Interest income	22,097			—			—			25			22,122
	Other income	296			—			—			—			296
	Total income (loss)	42,272			(1,576		)	6,749			25			47,470
	Expenses:
	Management fees	—			—			—			6,520			6,520
	Investment and servicing expenses	547			—			—			173			720
	Interest expense	1,142			—			—			4,185			5,327
	Administrative expenses	—			—			—			1,814			1,814
	Total expenses	1,689			—			—			12,692			14,381
	Realized gain on sales of loans receivable, net	1,018			—			—			—			1,018
	Other loss, net	(158		)	—			—			—			(158		)
	Income (loss) before income taxes	41,443			(1,576		)	6,749			(12,667		)	33,949
	Income tax benefit	—			—			—			(14		)	(14		)
	Net income (loss)	41,443			(1,576		)	6,749			(12,653		)	33,963
	Net income attributable to noncontrolling interests	7,099			—			415			—			7,514
	Net income (loss) attributable to Colony Financial, Inc.	$	34,344		$	(1,576	)	$	6,334		$	(12,653	)	$	26,449
	(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
		Debt			Residential						Allocated to
		Investments			Rentals						Segments
	Nine Months Ended September 30, 2014
	Income:
	Equity in income (loss) of unconsolidated joint ventures	$	58,106		$	(11,417	)	$	6,327		$	—		$	53,016
	Interest income	149,734			—			—			180			149,914
	Rental income and tenant reimbursements	—			—			10,819			—			10,819
	Other income	714			—			—			589			1,303
	Total income (loss)	208,554			(11,417		)	17,146			769			215,052
	Expenses:
	Management fees	—			—			—			31,367			31,367
	Investment and servicing expenses	2,155			—			75			1,899			4,129
	Transaction costs	6,081			—			137			1,224			7,442
	Interest expense	8,444			—			3,257			20,379			32,080
Property operating expenses	—			—			2,743			—			2,743
Depreciation and amortization	—			—			4,097			—			4,097
Administrative expenses	577			—			—			7,274			7,851
Total expenses	17,257			—			10,309			62,143			89,709
Other gain, net	165			—			—			1,073			1,238
Income (loss) before income taxes	191,462			(11,417		)	6,837			(60,301		)	126,581
Income tax benefit	—			—			—			(2,218		)	(2,218		)
Net income (loss)	191,462			(11,417		)	6,837			(58,083		)	128,799
Net income attributable to noncontrolling interests	28,677			—			1,789			—			30,466
Net income (loss) attributable to Colony Financial, Inc.	$	162,785		$	(11,417	)	$	5,048		$	(58,083	)	$	98,333
(In thousands)	Real Estate			Single-Family			Other Real Estate Equity Investments			Amounts Not			Total
	Debt			Residential						Allocated to
	Investments			Rentals						Segments
Nine Months Ended September 30, 2013
Income:
Equity in income (loss) of unconsolidated joint ventures	$	59,911		$	(5,307	)	$	15,242		$	—		$	69,846
Interest income	54,267			—			—			282			54,549
Other income	984			—			—			—			984
Total income (loss)	115,162			(5,307		)	15,242			282			125,379
Expenses:
Management fees	—			—			—			19,312			19,312
Investment and servicing expenses	1,341			—			25			504			1,870
Interest expense	3,926			—			—			8,572			12,498
Administrative expenses	—			—			—			5,393			5,393
Total expenses	5,267			—			25			33,781			39,073
Realized gain on sales of loans receivable, net	1,018			—			—			—			1,018
Other loss, net	(25		)	—			—			—			(25		)
Income (loss) before income taxes	110,888			(5,307		)	15,217			(33,499		)	87,299
Income tax provision	—			—			—			580			580
Net income (loss)	110,888			(5,307		)	15,217			(34,079		)	86,719
Net income attributable to noncontrolling interests	14,572			—			640			—			15,212
Net income (loss) attributable to Colony Financial, Inc.	$	96,316		$	(5,307	)	$	14,577		$	(34,079	)	$	71,507
The net investments in each of the reportable segments are summarized as follows:
(In thousands)	September 30, 2014			31-Dec-13
Assets:
Real estate debt investments	$	2,664,566		$	1,707,228
Single-family residential rentals	515,315			530,007
Other real estate equity investments	475,273			344,244
Other assets not allocated to segments	298,496			47,073
Total consolidated assets	$	3,953,650		$	2,628,552

Consolidated_Variable_Interest1

Consolidated Variable Interest Entity (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Apr. 10, 2014	Apr. 10, 2014
	Variable Interest Entity, Primary Beneficiary	Variable Interest Entity, Primary Beneficiary	Colony Mortgage Sub A REIT, Inc	Affiliated Entity
			SecurityLoan	Senior Notes
				SecurityLoan
Variable Interest Entity [Line Items]	'	'	'	'
Number of loans securitized	'	'	11	'
Number of mortgage loans sold	'	'	'	4
Company's maximum loss exposure to the obligations of VIEs	$67,300,000	$0	'	'

Investments_in_Unconsolidated_2

Investments in Unconsolidated Joint Ventures (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
					Investment
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Contributions	'	'	$325,617,000	'	'
Contributions to unconsolidated joint ventures	'	'	325,617,000	612,732,000	'
Number of other single investment represented grater than 10% of total assets	'	'	'	'	0
Threshold percentage of total assets	10.00%	'	10.00%	'	'
Threshold percentage of total income	'	'	10.00%	'	'
Administrative expenses reimbursed to affiliates	1,215,000	750,000	3,289,000	2,186,000	'
Unconsolidated Joint Ventures, New	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Contributions to unconsolidated joint ventures	'	'	295,700,000	'	'
Number of new unconsolidated joint ventures invested during period	'	'	11	'	'
Number of investments in unconsolidated joint ventures resolved during period	'	'	4	'	'
CAH Operating Partnership Lp	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Threshold percentage of total assets	13.00%	'	13.00%	'	20.00%
Unconsolidated Joint Ventures	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Number of other single investment represented grater than 10% of total assets	0	'	0	'	'
Number of single investment in an unconsolidated joint venture generated greater than 10% of total income	0	0	0	0	'
Expenses allocated from affiliates related to unconsolidated joint ventures	11,600,000	7,600,000	27,900,000	19,400,000	'
Entity's share of other expenses reimbursed to affiliates	3,000,000	1,900,000	7,300,000	5,300,000	'
Csfr Operating Partnership LP and Colfin American Investors LLC | Affiliates of CAH	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Administrative expenses reimbursed to affiliates	'	$21,800,000	'	$39,800,000	'
Minimum	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Number of months in arrears for recognition of income from unconsolidated investments (months)	'	'	1	'	'
Minimum | Unconsolidated Joint Ventures	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Percentage of management fees of each loan portfolio	'	'	0.50%	'	'
Maximum	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Number of months in arrears for recognition of income from unconsolidated investments (months)	'	'	3	'	'
Maximum | Unconsolidated Joint Ventures	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Percentage of management fees of each loan portfolio	'	'	0.75%	'	'
Equity Securities | Unconsolidated Joint Ventures, New	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Number of new unconsolidated joint ventures invested during period	'	'	2	'	'
Commercial Real Estate | Unconsolidated Joint Ventures, New	'	'	'	'	'
Investments in and Advances to Affiliates [Line Items]	'	'	'	'	'
Number of new unconsolidated joint ventures invested during period	'	'	1	'	'

Investments_in_Unconsolidated_3

Investments in Unconsolidated Joint Ventures - Investments in Unconsolidated Joint Ventures (Details) (USD $)	9 Months Ended
	Sep. 30, 2014		Dec. 31, 2013
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investments in unconsolidated joint ventures	$1,553,138,000		$1,369,529,000
CAH Operating Partnership Lp	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Investment in CAH OP, an investment vehicle created for the purpose of acquiring and renting single-family homes, and warrants in its manager		'
Percentage of joint venture ownership	24.30%	[1]	'
Investments in unconsolidated joint ventures	515,315,000		530,007,000
Portfolio 8 Investors Llc	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Preferred equity investment in an entity that acquired a multifamily portfolio composed of approximately 7,600 units located in Georgia, Florida and Texas	[2]	'
Percentage of joint venture ownership	75.00%	[1],[2]	'
Investments in unconsolidated joint ventures	158,650,000	[2]	148,683,000	[2]
Number of units in real estate property	7,600	[2]	'
ColFin Silverbird Funding A, LLC and ColFin Silverbird Funding B, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Mixed portfolio of 25 commercial properties located throughout the United Kingdom		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	76,075,000		0
Number of real estates	25		'
ColFin Court Square Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Preferred equity investment in an entity that acquired a Class A office tower located in Long Island City, New York		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	51,057,000		49,103,000
ColFin Highland UK13 Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Acquired sub-performing loan secured by 13 commercial properties throughout the United Kingdom		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	46,631,000		0
Number of real estates	13		'
ColFin NW Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Acquired 15 performing first mortgages secured by commercial real estate		'
Percentage of joint venture ownership	37.90%	[1]	'
Investments in unconsolidated joint ventures	34,669,000		33,682,000
Number of loans acquired	15		'
ColFin Snow Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Originated loan secured by two mortgages and an equity pledge in a portfolio of 12 hotels located in France		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	33,425,000		0
Number of real estates	12		'
Number of loans acquired	2		'
ColFin Orlando Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Acquired non-performing loan secured by a 444-acre development site located in Orlando, Florida		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	32,061,000		0
Area of Real Estate Property	444		'
ColFin JIH Holdco, LLC, ColFin JIH Mezzco A, LLC and ColFin JIH Opco, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Equity interests in and senior mezzanine loan receivable from entities owning a portfolio of 98 limited service hotels		'
Percentage of joint venture ownership	33.30%	[1]	'
Investments in unconsolidated joint ventures	32,055,000		31,559,000
Number of real estates	98		'
ColFin Hunt Holdco A, LLC and ColFin Hunt Holdco B, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'2 commercial REO properties in Germany		'
Percentage of joint venture ownership	37.90%	[1]	'
Investments in unconsolidated joint ventures	30,849,000		36,133,000
Number of real estates	2		'
ColFin ARP Funding, LLC and ColFin ARP Linda Isle Investor, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'First mortgage loan to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	26,667,000		15,350,000
ColFin Bulls Funding A, LLC and ColFin Bulls Funding B, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'276 performing and non-performing acquired loans consisting of substantially all first mortgage recourse commercial real estate loans and 24 REO properties.		'
Percentage of joint venture ownership	32.50%	[1]	'
Investments in unconsolidated joint ventures	26,427,000		30,309,000
Number of real estates	24		'
Number of loans acquired	276		'
ColFin 2011 CRE Holdco, LLC and Colony AMC 2011 CRE, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'332B performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate, and 27 REO properties		'
Percentage of joint venture ownership	44.40%	[1]	'
Investments in unconsolidated joint ventures	26,302,000		34,298,000
Number of real estates	27		'
Number of loans acquired	332		'
ColFin Athina Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Originated mezzanine loan secured by an equity pledge in the borrower entities that own a Mediterranean resort with a hotel and villas.		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	25,966,000		0
Colfin Sxc Funding Llc	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Performing mezzanine loan origination cross-collateralized by a portfolio of select service hotels		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	24,322,000		13,853,000
Colfin STC Funding Llc	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Acquired performing senior mortgage loan secured by a retail property in Florida		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	23,374,000		23,299,000
ColFin DOD Funding, LLC and ColFin IOD Holding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Originated first mortgage loan to finance the acquisition of an office development site in Dublin, Ireland		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	21,883,000		0
ColFin DB Guarantor, LLC and Colony AMC DB, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'368B performing and non-performing loans acquired in a structured transaction with the FDIC, secured mostly by commercial real estate and 77 REO properties		'
Percentage of joint venture ownership	33.30%	[1]	'
Investments in unconsolidated joint ventures	21,324,000		26,293,000
Number of loans acquired	368		'
No of partially developed master planned communities	77		'
ColFin Cabo Palm Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Participation in junior first mortgage interest secured by a luxury beach resort in Mexico		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	20,078,000		20,072,000
ColFin 666 Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'First mortgage pari-passu participation interest secured by Class A midtown Manhattan office building		'
Percentage of joint venture ownership	33.30%	[1]	'
Investments in unconsolidated joint ventures	19,625,000		19,096,000
ColFin PHX Tower Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Equity interest in a high-rise office tower located in Phoenix, Arizona		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	18,639,000		18,408,000
ColFin Grand Cul Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'First mortgage loans secured by a partially constructed hotel and residential development project located in the Caribbean		'
Percentage of joint venture ownership	33.30%	[1]	'
Investments in unconsolidated joint ventures	18,243,000		16,595,000
ColFin FCDC Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'Equity interests acquired through deed-in-lieu in 2 partially developed master planned communities located in California		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	17,664,000		15,894,000
No of partially developed master planned communities	2		'
ColFin London Funding, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'5 performing and non-performing acquired loans secured by commercial real estate		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	17,498,000		18,138,000
Number of loans acquired	5		'
ColFin Inland Funding, LLC and ColFin Inland Investor, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'First mortgage loan secured by a Southern California master planned development and equity participation rights		'
Percentage of joint venture ownership	50.00%	[1]	'
Investments in unconsolidated joint ventures	16,860,000		16,068,000
CF/CDG Lake Ranch Venture, LLC	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'First mortgage loan secured by a 135-acre residential development project located in Southern California and equity participation rights	[3]	'
Investments in unconsolidated joint ventures	16,002,000	[3]	0	[3]
Area of Real Estate Property	135	[3]	'
Other unconsolidated joint ventures (investments less than $15 million carrying value at March 31, 2014)	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Investment description	'29 investments, each with less than $15 million carrying value at September 30, 2014		'
Investments in unconsolidated joint ventures	201,477,000		272,689,000
Number of investments	29		'
Other unconsolidated joint ventures (investments less than $15 million carrying value at March 31, 2014) | Minimum	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Percentage of joint venture ownership	4.50%	[1]	'
Other unconsolidated joint ventures (investments less than $15 million carrying value at March 31, 2014) | Maximum	'		'
Schedule Of Equity Method Investments Joint Ventures [Line Items]	'		'
Percentage of joint venture ownership	50.00%	[1]	'
Other unconsolidated joint ventures, investment	$15,000,000		'
[1]	The Company's ownership percentage represents capital contributed to date and may not be reflective of the Company's economic interest in the entity because of provisions in operating agreements governing various matters, such as classes of partner or member interests, allocations of profits and losses, preferential returns and guaranty of debt. Each unconsolidated joint venture has been determined to be either a VIE for which the Company was not deemed to be the primary beneficiary or a voting interest entity in which the Company does not have a controlling financial interest.
[2]	While the Company has a majority ownership interest in Portfolio 8 Investors, LLC, the minority member has control over the day-to-day operations of the entity. Accordingly, the Company accounts for its investment using the equity method.
[3]	Pursuant to the terms of the loan agreement, the Company participates in the residual profits of this development project. The Company evaluated the characteristics of this acquisition, development and construction ("ADC") loan and determined that the risks and rewards of the arrangement are more similar to those associated with an investment in joint venture. Accordingly, the Company accounts for this loan receivable under the equity method.

Investments_in_Unconsolidated_4

Investments in Unconsolidated Joint Ventures - Activity in the Company's Investment in Unconsolidated Joint Ventures (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity Method Investments and Joint Ventures [Roll Forward]	'	'	'	'
Balance at December 31, 2013	'	'	$1,369,529	'
Contributions	'	'	325,617	'
Distributions	'	'	-179,093	'
Equity in net income	9,263	25,052	53,016	69,846
Equity in other comprehensive income	'	'	937	'
Equity in realized gain reclassified from accumulated other comprehensive income	'	'	-3,865	'
Foreign currency translation loss	'	'	-13,003	'
Balance at September 30, 2014	$1,553,138	'	$1,553,138	'

Investments_in_Unconsolidated_5

Investments in Unconsolidated Joint Ventures - Combined Condensed Balance Sheets of Unconsolidated Joint Ventures (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'	'	'	'
Cash and cash equivalents	$297,783	$43,167	$48,584	$170,199
Loans receivable, net	1,833,801	1,028,654	646,036	333,569
Investments in real estate	133,945	112,468	'	'
Investments in unconsolidated joint ventures	1,553,138	1,369,529	'	'
Other assets	134,983	74,734	'	'
Total assets	3,953,650	2,628,552	'	'
Liabilities:	'	'	'	'
Other liabilities	82,536	18,105	'	'
Total liabilities	1,231,427	674,325	'	'
Total stockholdersb equity	2,451,165	1,684,310	'	'
Noncontrolling interests	271,058	269,917	'	'
Total liabilities and equity	3,953,650	2,628,552	'	'
Companybs share of equity	1,553,138	1,369,529	'	'
Unconsolidated Joint Ventures	'	'	'	'
Assets:	'	'	'	'
Cash and cash equivalents	386,293	321,183	'	'
Loans receivable, net	2,089,848	2,171,943	'	'
Investments in real estate	4,896,086	3,658,940	'	'
Investments in unconsolidated joint ventures	229,592	459,010	'	'
Debt and equity securities, available-for-sale, at fair value	73,654	24,753	'	'
Other assets	369,813	345,196	'	'
Total assets	8,045,286	6,981,025	'	'
Liabilities:	'	'	'	'
Debt	2,708,780	1,515,188	'	'
Other liabilities	248,698	140,509	'	'
Total liabilities	2,957,478	1,655,697	'	'
Total stockholdersb equity	4,466,213	4,465,363	'	'
Noncontrolling interests	621,595	859,965	'	'
Total liabilities and equity	8,045,286	6,981,025	'	'
Companybs share of equity	$229,592	$459,010	'	'

Investments_in_Unconsolidated_6

Investments in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations of Unconsolidated Joint Ventures (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income:	'	'	'	'
Interest income	$62,849	$22,122	$149,914	$54,549
Equity in income (loss) of unconsolidated joint ventures	9,263	25,052	53,016	69,846
Other income	847	296	1,303	984
Total income	77,282	47,470	215,052	125,379
Expenses:	'	'	'	'
Interest expense	12,431	5,327	32,080	12,498
Property operating expenses	1,052	0	2,743	0
Depreciation and amortization	1,592	0	4,097	0
Total expenses	31,836	14,381	89,709	39,073
Other income:	'	'	'	'
Net income (loss)	47,947	33,963	128,799	86,719
Net income attributable to noncontrolling interests	8,993	7,514	30,466	15,212
Net (loss) income attributable to members	38,954	26,449	98,333	71,507
Equity in income (loss) of unconsolidated joint ventures	9,263	25,052	53,016	69,846
Unconsolidated Joint Ventures	'	'	'	'
Income:	'	'	'	'
Interest income	67,288	91,278	224,657	271,291
Property operating income	128,948	58,466	330,991	135,224
Equity in income (loss) of unconsolidated joint ventures	12,961	6,698	105,749	19,425
Other income	12,584	6,293	31,525	18,681
Total income	221,781	162,735	692,922	444,621
Expenses:	'	'	'	'
Interest expense	33,727	10,191	80,764	21,027
Property operating expenses	87,059	39,429	228,591	100,124
Depreciation and amortization	36,999	17,346	100,131	36,455
Other expenses	32,182	23,971	75,701	66,517
Total expenses	189,967	90,937	485,187	224,123
Other income:	'	'	'	'
Realized and unrealized (loss) gain on investments, net	-16,671	62,514	14,857	170,182
Net income (loss)	15,143	134,312	222,592	390,680
Net income attributable to noncontrolling interests	15,903	23,566	57,790	79,601
Net (loss) income attributable to members	-760	110,746	164,802	311,079
Equity in income (loss) of unconsolidated joint ventures	$12,961	$6,698	$105,749	$19,425

Loans_Receivable_Details

Loans Receivable (Details) (USD $)

3 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Mar. 31, 2014

Oct. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Oct. 31, 2013

Oct. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Nov. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Jan. 31, 2014

Nov. 30, 2013

Aug. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Aug. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Apr. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

SecurityLoan

SecurityLoan

Contract

SecurityLoan

Performing

Performing

Non-performing

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Loans Receivable

Loans Receivable

Loan Portfolio

Mortgage loans

Mortgage loans

Mortgage loans

Mortgage loans

Mortgage loans

Mortgage loans

Mortgage loans

Mortgage loans

Financing Receivable

B-note

B-note

B-note

Loans

Loans

Hotel Mortgage Partcipation by Noncontrolling Interest

Commercial Mortgage Participation by Noncontrolling Interest

Commercial Mortgage Participation by Noncontrolling Interest

Loan Portfolio

Loan Portfolio

Financing Participation by Noncontrolling Interest

One-Month LIBOR

One-Month LIBOR

One-Month LIBOR

One-Month LIBOR

Spain

Retail Site

Retail Site

Retail Site

Multi-Purpose Development Site

Hotel

Hotel

Hotel

Hotel

Hotel

Hotel

Office and Retail Building

Office and Retail Building

Multifamily Property

Multifamily Property

Multifamily Property

Multifamily Property

Multifamily Property

Multifamily Property

Unconsolidated Joint Ventures, New

Transitional CRE Lending Platform

Transitional CRE Lending Platform

Transitional CRE Lending Platform

Transitional CRE Lending Platform

Transitional CRE Lending Platform

Transitional CRE Lending Platform

Transitional CRE Lending Platform

Contract

SecurityLoan

SecurityLoan

SecurityLoan

Performing

Performing

Minimum

Maximum

State

SecurityLoan

SecurityLoan

Performing

Performing

Non-performing

Non-performing

Non-performing

Property

Performing

Performing

Performing

Performing

Mezzanine loans

Mortgage loans

B-note

Loans Receivable

Loans Receivable

Financing Receivable

Mezzanine loans

Mezzanine loans

Mortgage loans

Mortgage loans

Loans

First Mortgage

First Mortgage

Commercial Mortgage Participation by Noncontrolling Interest

First Mortgage

Mezzanine loans

Mezzanine loans

Mezzanine loans

Mezzanine loans

Total assets

Total assets

Non-performing

Non-performing

First Mortgage

First Mortgage

First Mortgage

First Mortgage

First Mortgage

Texas

Retail Site

First Mortgage

Mezzanine loans

Loans Receivable

Loans Receivable

Loans Receivable

One-Month LIBOR

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

Non-performing

Performing

Performing

Performing

Performing

Non-performing

First Mortgage

Performing

Performing

Performing

Performing

Mezzanine loans

Mezzanine loans

SecurityLoan

SecurityLoan

Performing

Non-performing

Non-performing

Mezzanine loans

SecurityLoan

SecurityLoan

SecurityLoan

Minimum

Maximum

Loans Receivable

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

Performing

Performing

SecurityLoan

SecurityLoan

SecurityLoan

Property

unit

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan acquisitions

'

'

$1,381,234,000

$493,804,000

'

'

'

'

$81,000,000

$40,000,000

'

'

'

'

$127,000,000

'

'

$275,000,000

'

'

'

'

'

$175,000,000

$16,000,000

'

'

$56,000,000

'

$7,000,000

$27,000,000

$200,000

'

'

$38,000,000

'

'

'

'

'

'

$222,000,000

$9,000,000

$62,000,000

'

'

'

'

'

'

'

'

'

$93,000,000

'

'

'

$5,000,000

'

$288,000,000

'

'

'

'

'

'

Number of loans held-in-portfolio

396

'

396

'

42

360

37

'

'

'

7

2

'

'

'

'

'

'

339

33

'

36

5

'

'

3

2

'

'

'

'

'

27

'

'

4

2

27

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16

2

'

'

'

'

LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1-Month LIBOR

[1]

'1-Month LIBOR

[1]

'1-Month LIBOR

[1]

'1-Month LIBOR

[1]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1-month LIBOR

Weighted Average Spread

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.80%

10.80%

6.10%

4.90%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.90%

Initial terms on loans receivable

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'3 years

'

Number of loans securitized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11

'

'

'

Loans principal amount outstanding

1,967,180,000

'

1,967,180,000

'

1,197,764,000

1,607,644,000

898,529,000

'

45,000,000

45,000,000

466,392,000

330,909,000

'

'

'

'

'

'

806,733,000

463,552,000

'

359,536,000

299,235,000

'

'

143,956,000

104,068,000

'

'

'

'

'

'

'

'

339,217,000

330,909,000

497,937,000

246,478,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated joint ventures

1,553,138,000

'

1,553,138,000

'

1,369,529,000

'

'

'

15,000,000

15,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,000,000

'

'

'

'

'

'

'

Percentage of joint venture ownership

'

'

'

'

'

'

'

'

50.00%

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Prepayment exit fee on loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest income

62,849,000

22,122,000

149,914,000

54,549,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans acquired

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

3

237

2

'

8

8

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

110

'

89

21

21

'

'

'

'

'

'

'

'

'

Weighted average rate (in percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11.00%

11.00%

6.30%

[2]

7.70%

[2]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties collateralized with loan

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

Number of units in real estate property

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

520

'

'

'

'

'

'

'

'

Concentration risk percentage

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8.00%

12.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of loan income

2.00%

13.00%

11.00%

15.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16.00%

20.00%

15.00%

11.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unaffiliated investors owning noncontrolling interest in Joint Venture

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21.00%

27.00%

'

'

'

'

'

'

'

'

'

'

17.00%

'

'

'

'

47.00%

'

47.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans representing greater than 10% of total income

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loan representing greater than 10% of income fully paid off

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on repayment of mortgage loans

11,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on repayment of mortgage loans attributable to noncontrolling interest

4,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carry value of loan that was more than 90 days past due and on nonaccrual status

8,600,000

'

8,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of trouble debt restructuring

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

237

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Transaction costs associated with transfer of loans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of States in which assets are located

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

43

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

LIBOR =ondon Interbank Offered Rate

[2]

Certain loans are subject to a LIBOR floor which is higher than the actual LIBOR at SeptemberB 30, 2014.

Loans_Receivable_Company_Loan_

Loans Receivable - Company Loan Receivable (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

SecurityLoan

SecurityLoan

Mezzanine loans

Performing

Performing

Performing

Performing

Performing

Performing

Performing

Performing

Performing

Non-performing

Non-performing

SecurityLoan

SecurityLoan

Mortgage loans

Mortgage loans

Securitized mortgage loans

B-note

B-note

Mezzanine loans

Mezzanine loans

Mortgage loans

Mortgage loans

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

Financing Receivable, Recorded Investment [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans principal amount outstanding

$1,967,180

$1,197,764

'

'

$45,000

$1,607,644

$898,529

$806,733

$463,552

$190,563

$143,956

$104,068

$466,392

$330,909

$359,536

$299,235

Loans receivable, net

$1,833,801

$1,028,654

$646,036

$333,569

'

$1,589,018

$854,721

$794,731

$423,078

$189,605

$140,353

$103,458

$464,329

$328,185

$244,783

$173,933

Performing loans, weighted average coupon

'

'

'

'

'

'

'

6.30%

7.10%

6.40%

8.50%

10.90%

10.80%

11.00%

'

'

Performing loans, weighted average maturity in years

'

'

'

'

'

'

'

'10 years 2 months 12 days

'3 years 10 months 24 days

'1 year 10 months 24 days

'3 years 4 months 24 days

'3 years 9 months 18 days

'2 years 6 months

'2 years 4 months 24 days

'

'

Number of loans held-in-portfolio

396

42

'

'

'

360

37

339

33

11

3

2

7

2

36

5

Loans_Receivable_Schedule_of_N

Loans Receivable - Schedule of Non-PCI Loans with Variable Rates (Details) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
	SecurityLoan		SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Principal	$1,967,180		$1,197,764
Number of Loans	396		42
Mortgage loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Weighted Average Rate	6.00%		'
Mezzanine loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Principal	45,000		'
Performing	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Principal	1,607,644		898,529
Number of Loans	360		37
Performing | Mortgage loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Principal	806,733		463,552
Number of Loans	339		33
Performing | Mezzanine loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Principal	466,392		330,909
Number of Loans	7		2
Performing | One-Month LIBOR | Mortgage loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Index	'1-Month LIBOR	[1]	'1-Month LIBOR	[1]
Weighted Average Spread	6.10%		4.90%
Weighted Average Rate	6.30%	[2]	7.70%	[2]
Principal	497,937		246,478
Carrying Amount	491,918		220,111
Number of Loans	27		9
Performing | One-Month LIBOR | Mezzanine loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Index	'1-Month LIBOR	[1]	'1-Month LIBOR	[1]
Weighted Average Spread	10.80%		10.80%
Weighted Average Rate	11.00%		11.00%
Principal	339,217		330,909
Carrying Amount	337,154		328,185
Number of Loans	4		2
Performing | 6-Month LIBOR | Mortgage loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Index	'6-Month LIBOR	[1]	'
Weighted Average Spread	2.50%		'
Weighted Average Rate	5.80%	[2]	'
Principal	115,496		'
Carrying Amount	115,506		'
Number of Loans	98		'
Performing | 12-Month Treasury Average | Mortgage loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Index	'12-Month Treasury Average		'
Weighted Average Spread	2.50%		'
Weighted Average Rate	2.80%	[3]	'
Principal	23,566		'
Carrying Amount	21,436		'
Number of Loans	21		'
Performing | One-Month Reference Bills | Mortgage loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Index	'		'1-Month Reference Bills	[4]
Weighted Average Spread	'		4.70%
Weighted Average Rate	'		4.70%
Principal	'		30,064
Carrying Amount	'		27,595
Number of Loans	'		3
Performing | Variable Rate Loans	'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'
Principal	976,216		607,451
Carrying Amount	$966,014		$575,891
Number of Loans	150		14
[1]	LIBOR =ondon Interbank Offered Rate
[2]	Certain loans are subject to a LIBOR floor which is higher than the actual LIBOR at SeptemberB 30, 2014.
[3]	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor which is higher than the actual 12MTA at SeptemberB 30, 2014
[4]	Reference Bills =reddie Mac Reference Bill index

Loans_Receivable_Schedule_of_N1

Loans Receivable - Schedule of Non-PCI Loans with Fixed Rates (Details) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
	SecurityLoan	SecurityLoan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal	$1,967,180	$1,197,764
Number of Loans	396	42
Performing	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal	1,607,644	898,529
Number of Loans	360	37
Mortgage loans | Performing	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal	360,297	187,010
Carrying Amount	355,475	175,372
Weighted Average Rate	6.80%	6.60%
Weighted Average Maturity in Years	'12 years 4 months 24 days	'7 years 3 months 10 days
Number of Loans	204	21
B-note | Performing	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal	143,956	104,068
Carrying Amount	140,354	103,458
Weighted Average Rate	8.50%	10.90%
Weighted Average Maturity in Years	'3 years 4 months 24 days	'3 years 9 months 3 days
Number of Loans	3	2
Mezzanine loans | Performing	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal	127,175	'
Carrying Amount	127,175	'
Weighted Average Rate	10.30%	'
Weighted Average Maturity in Years	'4 years 10 months 24 days	'
Number of Loans	3	'
Fixed Interest Rate Loans | Performing	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal	631,428	291,078
Carrying Amount	$623,004	$278,830
Number of Loans	210	23

Loans_Receivable_Activity_in_L

Loans Receivable - Activity in Loan Receivable (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Loans Receivable [Roll Forward]	'	'
Balance at January 1	$1,028,654	$333,569
Loan acquisitions and originations	1,381,234	493,804
Paid-in-kind interest added to loan principal	1,539	218
Discount and net loan fee amortization	62,512	4,455
Carrying value of loans sold	0	-70,280
Noncash distribution of loan receivable to a noncontrolling interest	0	-18,500
Principal repayments	-612,925	-97,230
Payments received from PCI loans	-6,319	0
Effect of changes in foreign exchange rates	-20,894	0
Balance at September 30	$1,833,801	$646,036

Loans_Receivable_Payments_Unde

Loans Receivable - Payments Under Loan Agreements (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Receivables [Abstract]	'
Remaining 2014	$3,077
2015	194,532
2016	540,810
2017	352,227
2018	21,196
2019 and after	495,802
Total	$1,607,644

Loans_Receivable_Accretable_Yi

Loans Receivable - Accretable Yield and Nonaccretable Difference (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified
Receivables [Abstract]	'
Contractually required payments including interest	$40,113
Less: cash flows not expected to be collected (nonaccretable difference)	18,743
Total cash flows expected to be collected	21,370
Less: accretable yield	3,067
Fair value of loans at acquisition	$18,303

Loans_Receivable_Changes_in_Ac

Loans Receivable - Changes in Accretable Yield (details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]	'
Accretable yield at December 31, 2013	$130,823
Additions	3,067
Changes in estimated cash flows	163
Accretion	-17,108
Effect of changes in foreign exchange rates	-8,821
Accretable yield at September 30, 2014	$108,124

Real_Estate_Assets_Operating_P

Real Estate Assets - Operating Properties Acquisitions (Details) (USD $)	9 Months Ended	1 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
		Acquisitions 2014	Acquisitions 2014	Office Building	Industrial Property
			Property	Phoenix Office	Portfolio in Ohio
Business Acquisition [Line Items]	'	'	'	'	'
Number of real estates	'	'	2	'	'
Consideration transferred in business combination	$31,319	'	'	$15,675	$15,644
Ground lease rent increases period	'	'5 years	'	'	'
Annual ground lease commitment	'	$167	'	'	'

Real_Estate_Assets_Fair_Values

Real Estate Assets - Fair Values of Assets Acquired (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Below-market ground lease obligation	'
Real estate assets:	'
Intangible assets estimated useful life (in years)	'54 years 2 months 12 days
Building and Improvements	'
Real estate assets:	'
Real estate assets estimated useful life (in years)	'38 years
Tenant improvements	'
Real estate assets:	'
Real estate assets estimated useful life (in years)	'8 years
Acquisitions 2014	'
Real estate assets:	'
Land	453
Building and improvements	21,905
Tenant improvements	2,040
Total assets acquired	31,609
Identifiable intangible liability assumed:	'
Below-market leases	-290	[1]
Below market lease estimated useful life (in years)	'13 years
Acquisitions 2014 | In-place lease value	'
Real estate assets:	'
Identifiable intangible assets	4,632
Intangible assets estimated useful life (in years)	'15 years
Acquisitions 2014 | Below-market ground lease obligation	'
Real estate assets:	'
Identifiable intangible assets	1,420
Intangible assets estimated useful life (in years)	'54 years
Acquisitions 2014 | Deferred leasing costs	'
Real estate assets:	'
Identifiable intangible assets	1,159
Intangible assets estimated useful life (in years)	'14 years
Acquisitions 2014 | Building and Improvements	'
Real estate assets:	'
Real estate assets estimated useful life (in years)	'28 years
Acquisitions 2014 | Tenant improvements	'
Real estate assets:	'
Real estate assets estimated useful life (in years)	'13 years
[1]	The net amount recorded for assumed identifiable intangible liability is included in other liabilities on the accompanying balance sheet as of SeptemberB 30, 2014.

Real_Estate_Assets_Components_

Real Estate Assets - Components of Real Estate (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Business Acquisition [Line Items]	'	'
Property, plant and equipment, gross	$137,084	$112,686
Accumulated depreciation	-3,139	-218
Net carrying amount	133,945	112,468
Land	'	'
Business Acquisition [Line Items]	'	'
Property, plant and equipment, gross	8,772	8,319
Building and Improvements	'	'
Business Acquisition [Line Items]	'	'
Property, plant and equipment, gross	118,916	97,011
Real estate assets estimated useful life (in years)	'38 years	'
Tenant improvements	'	'
Business Acquisition [Line Items]	'	'
Property, plant and equipment, gross	$9,396	$7,356
Real estate assets estimated useful life (in years)	'8 years	'

Real_Estate_Assets_Details

Real Estate Assets (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Real Estate [Abstract]	'	'
Depreciation	$1,200,000	$2,900,000
Transaction costs	'	$137,000

Other_Assets_Summary_of_Other_

Other Assets - Summary of Other Assets (Details) (USD $)

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jul. 18, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 30, 2011

Jul. 18, 2014

Jun. 30, 2011

Jun. 30, 2014

Tax Exempt Bonds

Tax Exempt Bonds

Tax Exempt Bonds

Tax Exempt Bonds

Tax Exempt Bonds

Tax Exempt Bonds

Tax Exempt Bonds

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Other loss, net

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

Not Designated as Hedging Instrument

Interest rate swaps not designated as hedging instruments

Summary of Company's other assets

'

'

'

'

'

'

'

'

'

'

'

'

'

Restricted cash ($13,920 and $0 related to consolidated VIE, respectively)

$57,913,000

[1]

'

$7,898,000

[1]

'

'

'

'

'

'

'

'

'

'

Beneficial interests in debt securities, available-for-sale, at fair value

0

[2]

'

30,834,000

[2]

'

'

'

'

'

'

28,000,000

'

'

'

Deferred financing costs, net ($3,110 and $0 related to consolidated VIE, respectively)

24,691,000

[3]

'

11,275,000

[3]

'

'

'

'

'

'

'

'

'

'

Acquired intangible assets, net

16,001,000

'

9,972,000

'

'

'

'

'

'

'

'

'

'

Receivables ($1,021 and $0 related to consolidated VIE, respectively)

12,153,000

'

8,277,000

'

'

'

'

'

'

'

'

'

'

Derivative assets

16,840,000

'

3,108,000

'

'

'

'

'

'

'

'

'

'

Deferred tax assets

5,128,000

'

2,391,000

'

'

'

'

'

'

'

'

'

'

Other

2,257,000

'

979,000

'

'

'

'

'

'

'

'

'

'

Total other assets

134,983,000

'

74,734,000

'

'

'

'

'

'

'

'

'

'

Embedded derivative liability associated with beneficial interests in debt securities

'

'

'

'

'

'

'

'

'

'

140,000

4,100,000

'

Proceeds from repayment of beneficial interests in debt securities

28,000,000

0

'

28,000,000

'

'

'

'

'

'

'

'

'

Realized loss on available for sale securities

'

'

'

'

2,200,000

0

0

2,163,000

0

'

'

'

'

Gain on settlement of derivative liability

'

'

'

'

'

'

'

'

'

'

'

'

2,400,000

Accumulated amortization of deferred financing costs

$10,700,000

'

$6,500,000

'

'

'

'

'

'

'

'

'

'

[1]

Restricted cash includes borrower escrow accounts and an interest reserve account to service secured financing.

[2]

The Company held $28 million in beneficial interests in a series of tax-exempt bonds secured by a multifamily property located in Georgia. The beneficial interests, in the form of senior certificates, were acquired in June 2011 subject to an embedded derivative liability to a strategic partner, with an estimated fair value of $4.1 million. On July 18, 2014, the property securing the bonds was sold, resulting in a full prepayment of $28 million senior certificates at par plus yield maintenance. The prepayment resulted in a loss of $2.2 million, which was offset by a $2.4 million gain on the termination of the associated embedded derivative liability to the strategic partner (see Note 10).

[3]

Deferred financing costs are shown net of accumulated amortization of $10.7 million and $6.5 million as of September 30, 2014 and December 31, 2013, respectively.

Other_Assets_Summary_of_Other_1

Other Assets - Summary of Other Assets (Parenthetical) (Details) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Other Assets [Line Items]	'		'
Restricted cash and cash equivalents	$57,913	[1]	$7,898	[1]
Deferred finance costs, net	24,691	[2]	11,275	[2]
Accounts receivable, net	12,153		8,277
Variable Interest Entity, Primary Beneficiary	'		'
Schedule of Other Assets [Line Items]	'		'
Restricted cash and cash equivalents	13,920		0
Deferred finance costs, net	3,110		0
Accounts receivable, net	$1,021		$0
[1]	Restricted cash includes borrower escrow accounts and an interest reserve account to service secured financing.
[2]	Deferred financing costs are shown net of accumulated amortization of $10.7 million and $6.5 million as of September 30, 2014 and December 31, 2013, respectively.

Other_Assets_Intangible_Assets

Other Assets - Intangible Assets (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross Carrying Amount	$17,275,000	$17,275,000	$10,064,000
Accumulated Amortization	-1,274,000	-1,274,000	-92,000
Net Carrying Amount	16,001,000	16,001,000	9,972,000
Amortization expense	400,000	1,200,000	'
In-place lease value	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross Carrying Amount	12,477,000	12,477,000	7,845,000
Accumulated Amortization	-986,000	-986,000	-72,000
Net Carrying Amount	11,491,000	11,491,000	7,773,000
Deferred leasing costs	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross Carrying Amount	3,378,000	3,378,000	2,219,000
Accumulated Amortization	-281,000	-281,000	-20,000
Net Carrying Amount	3,097,000	3,097,000	2,199,000
Below-market ground lease obligation	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'
Gross Carrying Amount	1,420,000	1,420,000	'
Accumulated Amortization	-7,000	-7,000	'
Net Carrying Amount	$1,413,000	$1,413,000	'
Intangible assets estimated useful life (in years)	'	'54 years 2 months 12 days	'
Minimum | Acquired-in-Place and Deferred Leasing Costs	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'
Intangible assets estimated useful life (in years)	'	'6 years 9 months 18 days	'
Maximum | Acquired-in-Place and Deferred Leasing Costs	'	'	'
Acquired Finite-Lived Intangible Assets [Line Items]	'	'	'
Intangible assets estimated useful life (in years)	'	'15 years	'

Line_of_Credit_Details

Line of Credit (Details) (JPMorgan Chase Bank, N.A., USD $)	9 Months Ended
	Sep. 30, 2014	Aug. 06, 2013
Line of Credit Facility [Line Items]	'	'
Maximum principal amount of credit facility	$420,000,000	$360,000,000
Increase in maximum principal amount of credit facility	'	600,000,000
Increased in maximum borrowing capacity	60,000,000	'
Maximum amount available for draw	$420,000,000	'
Credit agreement automatically converted to term loan	'2 years	'
Line of Credit	'	'
Line of Credit Facility [Line Items]	'	'
Variable rate basis	'LIBOR	'
Percentage of unused amount	0.50%	'
Line of Credit | Minimum	'	'
Line of Credit Facility [Line Items]	'	'
Percentage of unused amount	0.40%	'
Line of Credit | Maximum	'	'
Line of Credit Facility [Line Items]	'	'
Percentage of unused amount	0.50%	'
LIBOR | Line of Credit	'	'
Line of Credit Facility [Line Items]	'	'
Interest rate for credit agreement (in percent)	3.00%	'
LIBOR | Line of Credit | Minimum	'	'
Line of Credit Facility [Line Items]	'	'
Interest rate for credit agreement (in percent)	2.75%	'
LIBOR | Line of Credit | Maximum	'	'
Line of Credit Facility [Line Items]	'	'
Interest rate for credit agreement (in percent)	3.00%	'

Debt_Schedule_of_Secured_Debt_

Debt - Schedule of Secured Debt (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

31-May-12

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Feb. 28, 2014

Sep. 30, 2014

Dec. 31, 2013

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2014

Apr. 10, 2014

Apr. 10, 2014

Apr. 10, 2014

Feb. 28, 2014

Sep. 30, 2014

Feb. 28, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Luxury Destination Club Recourse Loan II

Secured financing, mature 2014

Secured financing, mature 2014

Secured financing, mature 2017

Secured financing, mature 2017

Secured financing, mature 2017

Secured financing, mature 2017

Secured financing

Secured financing

Secured financing

Secured financing

First mortgage loan

First mortgage loan

Commercial mortgage backed securities

Commercial mortgage backed securities

Repurchase facility

Repurchase facility

Repurchase facility

LIBOR

One-Month LIBOR

One-Month LIBOR

One-Month LIBOR

One-Month LIBOR

Mortgage loans

Mortgage loans

Loans Receivable

Affiliated Entity

Affiliated Entity

Colony Mortgage Sub A REIT, Inc

Minimum

Minimum

Maximum

Maximum

Performing

Performing

Performing

Performing

Performing

Performing

Performing

Line of Credit

Mortgages

First Mortgage

Second Mortgage

First Mortgage

Second Mortgage

SecurityLoan

Repurchase facility

Secured financing, mature 2017

Secured financing

Commercial mortgage backed securities

Repurchase facility

SecurityLoan

SecurityLoan

Repurchase facility

Senior Notes

Senior Notes

SecurityLoan

LIBOR

Loans Receivable

LIBOR

Loans Receivable

Mortgage loans

Mortgage loans

Mortgage loans

Mortgage loans

Securitized mortgage loans

Repurchase facility

First mortgage loan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

SecurityLoan

LIBOR

Repurchase facility

Repurchase facility

SecurityLoan

One-Month LIBOR

One-Month LIBOR

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Outstanding balance on the secured financing

$487,258,000

$277,607,000

'

$0

[1]

$74,607,000

[1]

$101,403,000

[2]

$115,000,000

[2]

'

'

$81,542,000

[3]

$0

[3]

'

'

$88,000,000

[4]

$88,000,000

[4]

$126,193,000

[5],[6]

$0

[5],[6]

'

$90,120,000

[7]

$0

[7]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans principal amount outstanding

1,967,180,000

1,197,764,000

181,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,607,644,000

898,529,000

806,733,000

463,552,000

497,937,000

246,478,000

190,563,000

'

'

Concurrent financing provided by seller

'

'

103,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

82,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage concurrent financing provided by seller

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

65.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal curtailment, percentage of net cash flow from the underling loan portfolio

'

'

'

'

'

70.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

237

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Fixed-rate mortgage loan terms

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'30 years

Principal balance of mortgage notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

126,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Variable rate basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'1-month LIBOR

[1]

'1-month LIBOR

[3]

'1-month LIBOR

[3]

'1-month LIBOR

[3]

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate (in percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.85%

[1]

2.85%

[3]

1.78%

[3]

2.50%

[3]

'

'

'

'

1.78%

'

2.25%

'

2.50%

'

'

'

'

'

'

'

'

'

'

Proceeds from the sale of mortgage notes receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

122,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans securitized

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial terms on loans receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'3 years

'

'

'

'

'

'

'

'

'

Maximum principal amount of repurchase facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase facility extension term (in years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of loans financed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate unpaid principal balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$162,300,000

'

Number of loans pledged as collateral

'

'

'

'

'

'

'

21

2

'

'

2

[3]

1

[3]

'

'

11

[3]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate on seller-provided secured financing (in percent)

'

'

'

5.00%

[2]

'

'

'

'

'

'

'

'

'

4.84%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturity date

'

'

'

1-Jul-14

[2]

'

1-Dec-17

[1]

'

'

'

'

'

'

'

1-Jan-24

'

1-Apr-31

'

'

4-Feb-16

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

In connection with the acquisition of a $181 million participation interest in a first mortgage loan in May 2012, the seller provided concurrent non-recourse financing for $103.5 million, or 65% of the purchase price. In April 2014, the first mortgage loan and the financing were both repaid in full

[2]

The financing is secured by a loan portfolio acquired in October 2013. The financing requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The initial principal curtailment requirement is 70% of all excess cash flow from the underlying loan portfolio, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future.

[3]

In connection with the acquisition of a portfolio of 3 loans secured by retail, hospitality and industrial real estate assets in March 2014 (see Note 5), a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. Although the financing has no contractual maturity date, any principal repayments from the underlying collateral loan portfolio must be applied to repay the financing until the balance is paid in full.

[4]

The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization period. The loan agreement requires rent receipts from the collateral property to be initially deposited into a lockbox account controlled by the lender. The excess of monthly rent receipts over monthly debt service is remitted to the Company.

[5]

As discussed in Note 3, on April 10, 2014, 2014-FL1 (also known as the Issuer) offered and sold to third parties approximately $126.2 million aggregate principal balance of the Offered Notes with a weighted average coupon of LIBOR plus 1.78%. The proceeds from the sale of the Offered Notes, net of securitization costs, were approximately $122.3 million. The Offered Notes are secured by all assets of the Issuer consisting of eleven variable rate commercial mortgage loans originated within the Transitional CRE Lending Platform with an aggregate unpaid principal balance of $190.6 million as of SeptemberB 30, 2014.

[6]

Although the securitization debt has a contractual maturity date of April 2031, any principal repayments from the underlying collateral mortgage loans must be applied to repay the debt until the balance is paid in full. The underlying collateral mortgage loans have initial terms of 2 to 3 years.

[7]

(7)The Company entered into a master repurchase agreement (bRepurchase Facilityb) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 2 years, plus a 1-year extension option. Advances under the Repurchase Facility bear interest ranging from LIBOR plus a spread of 2.25% to 2.5%. During the three months ended September 30, 2014, the Company made draws on the Repurchase Facility to finance nine non-securitized variable rate loans originated within the Transitional CRE Lending Platform with an aggregate unpaid principal balance of $162.3 million.

Debt_Schedule_Principal_Paymen

Debt - Schedule Principal Payments Due Under the Secured Financing Arrangements (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Minimum scheduled principal payments due under the secured financing arrangements	'	'
Remaining 2014	$12,901	'
2015	104,937	'
2016	226,071	'
2017	57,848	'
2018	1,403	'
2019 and after	84,098	'
Total	$487,258	$277,607

Debt_Convertible_Senior_Notes_

Debt - Convertible Senior Notes (Details) (USD $)	9 Months Ended			0 Months Ended	9 Months Ended	0 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Apr. 10, 2013	Sep. 30, 2014	Jun. 17, 2014	Jan. 28, 2014	Jun. 17, 2014
				Convertible Senior Notes due 2023	Convertible Senior Notes due 2023	Convertible Senior Note Due 2021	Convertible Senior Note Due 2021	Convertible Senior Note Due 2021
				Convertible Debt	Convertible Debt	Convertible Debt	Convertible Debt	Convertible Debt
				D			D
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'
Convertible senior notes	$604,572,000	'	$200,000,000	$200,000,000	'	'	'	'
Interest rate on seller-provided secured financing (in percent)	'	'	'	5.00%	'	'	3.88%	'
Frequency of periodic payment	'	'	'	'semiannually	'	'	'	'
Periodic principal payment amount	'	'	'	5,000,000	'	'	'	'
Discount rate on convertible senior notes (in percent)	'	'	'	3.00%	'	'	2.50%	'
Net proceeds from issuance of convertible senior notes	394,592,000	194,000,000	'	'	194,000,000	170,100,000	223,900,000	'
Debt instrument conversion ratio	'	'	'	0.0423819	'	'	0.0402941	'
Conversion price per share of common stock	'	'	'	$23.60	'	'	$24.82	'
Start date of redemption period	'	'	'	22-Apr-20	'	'	22-Jan-19	'
Threshold percentage of stock price trigger (in percent)	'	'	'	130.00%	'	'	130.00%	'
Threshold trading days (in days)	'	'	'	20	'	'	20	'
Threshold consecutive trading days	'	'	'	'30 days	'	'	'30 days	'
Redemption price, percentage of principal amount (in percent)	'	'	'	100.00%	'	'	100.00%	'
Amount of loan financed to acquire property	'	'	'	'	'	'	$230,000,000	$172,500,000
Percentage of premium to par on convertible notes (percent)	'	'	'	'	'	'	1.25%	'

Derivatives_and_Hedging_Detail

Derivatives and Hedging (Details)

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Jun. 30, 2011

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 18, 2014

Nov. 30, 2013

Jun. 30, 2011

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2011

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

USD ($)

USD ($)

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Foreign currency risk

Foreign currency risk

Foreign currency risk

Foreign currency risk

Foreign currency risk

Foreign currency forward-exchange contracts

Foreign currency forward-exchange contracts

Foreign Exchange Collars

Foreign Exchange Collars

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Cash Flow Hedging

SIFMA

SIFMA

Purchased Credit-Impaired Loans

Purchased Credit-Impaired Loans

Minimum

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Maximum

Euro

Pounds

USD ($)

USD ($)

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

Unconsolidated Joint Ventures

EUR (€)

GBP (£)

EUR (€)

GBP (£)

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

Other loss, net

Other loss, net

Other loss, net

Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Not Designated as Hedging Instrument

Foreign currency forward-exchange contracts

Foreign currency forward-exchange contracts

Foreign Exchange Collars

Foreign Exchange Collars

Foreign currency forward-exchange contracts

Foreign currency forward-exchange contracts

Foreign Exchange Collars

Foreign Exchange Collars

Foreign currency forward-exchange contracts

Foreign currency forward-exchange contracts

USD ($)

EUR (€)

GBP (£)

USD ($)

EUR (€)

Derivative

USD ($)

EUR (€)

USD ($)

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

Interest rate cap designated as a hedging instrument

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

Other loss, net

Other loss, net

EUR (€)

GBP (£)

EUR (€)

GBP (£)

EUR (€)

GBP (£)

EUR (€)

GBP (£)

Derivative

Derivative

Interest_Rate_Swap

USD ($)

USD ($)

USD ($)

USD ($)

Interest rate swaps not designated as hedging instruments

Interest rate swaps not designated as hedging instruments

USD ($)

USD ($)

Derivative Instruments, Gain (Loss) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated joint ventures

'

$1,553,138,000

$1,369,529,000

$229,592,000

$459,010,000

$497,800,000

€ 228,100,000

£ 129,300,000

$228,400,000

€ 166,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of derivative instruments held

'

'

'

'

'

'

'

'

'

'

'

'

11

11

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

3

Forward exchange rate (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.34

1.63

'

'

1.4

1.7

'

'

'

'

Notional amount

'

'

'

'

'

'

'

'

'

'

36,600,000

36,000,000

140,500,000

71,100,000

'

14,100,000

'

'

'

'

57,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Exchange rate floor (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.2

1.5

'

'

'

'

'

'

Exchange rate cap (percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.57

1.82

'

'

One-month LIBOR rate cap

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of interest rate swaps acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate swap fixed rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.24%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unrealized gain (loss) on derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-178,000

2,300,000

-51,000

'

'

'

4,000

18,000

'

'

'

'

'

'

'

'

'

'

Description of variable rate basis

'Securities Industry and Financial Markets Association (bSIFMAb) Municipal Swap Index

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Basis spread on variable rate (in percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.25%

'

'

'

'

'

'

'

'

'

'

'

'

Derivative variable interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.31%

'

'

'

'

'

'

'

'

'

'

'

'

'

Embedded derivative liability associated with beneficial interests in debt securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

140,000

'

4,100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum threshold of derivative liabilities require cash deposit

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deposits related to agreements included in other assets

'

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivatives_and_Hedging_Fair_V

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Assets	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments included in other assets	$16,840	$3,108
Other Assets | Foreign exchange contracts designated as hedging instruments | Designated as Hedging Instrument	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments included in other assets	16,466	2,126
Other Assets | Interest rate cap designated as a hedging instrument | Designated as Hedging Instrument	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments included in other assets	2	11
Other Assets | Interest rate swaps not designated as hedging instruments | Not Designated as Hedging Instrument	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments included in other assets	372	971
Accounts Payable and Accrued Liabilities	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments and embedded derivative liability included in accrued and other liabilities	5,961	8,456
Accounts Payable and Accrued Liabilities | Foreign exchange contracts designated as hedging instruments | Designated as Hedging Instrument	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments and embedded derivative liability included in accrued and other liabilities	5,961	5,504
Accounts Payable and Accrued Liabilities | Embedded Derivative | Not Designated as Hedging Instrument	'	'
Derivatives, Fair Value [Line Items]	'	'
Foreign exchange contracts designated as hedging instruments and embedded derivative liability included in accrued and other liabilities	$0	$2,952

Fair_Value_of_Assets_and_Liabi

- Fair Value of Assets and Liabilities (Details) (Fair Value Measurements Recurring, Level 2, USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Beneficial interests in debt securities	$0	$30,834
Foreign currency derivative contracts	16,466	2,126
Interest rate derivative contracts	374	982
Total fair value of assets	16,840	33,942
Liabilities	'	'
Foreign currency derivative contracts	5,961	5,504
Total fair value of liabilities	5,961	8,456
Embedded Derivative	'	'
Liabilities	'	'
Embedded derivative liability associated with beneficial interests in debt securities	$0	$2,952

Fair_Value_Measurements_Estima

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) (USD $)

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value Measurement [Domain]

Fair Value

Fair Value

Fair Value

Fair Value

Fair Value

Fair Value

Fair Value

Carrying Value

Carrying Value

Carrying Value

Carrying Value

Carrying Value

Carrying Value

Carrying Value

Level 1

Level 1

Level 1

Level 1

Level 1

Level 1

Level 1

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

Level 2

Level 3

Level 3

Level 3

Level 3

Level 3

Level 3

Level 3

Line of Credit

Secured Debt

Secured Debt

Convertible Debt

Convertible Debt

Line of Credit

Secured Debt

Secured Debt

Convertible Debt

Convertible Debt

Line of Credit

Secured Debt

Secured Debt

Convertible Debt

Convertible Debt

Line of Credit

Secured Debt

Secured Debt

Convertible Debt

Convertible Debt

Line of Credit

Secured Debt

Secured Debt

Convertible Debt

Convertible Debt

Fair Value Disclosures [Abstract]

'

'

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'

'

'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Impairment of financial instruments held at cost

$0

$0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

'

Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments in unconsolidated joint ventures

'

'

0

0

'

'

'

'

'

0

5,953,000

'

'

'

'

'

1,830,650,000

1,524,621,000

'

'

'

'

'

1,830,650,000

1,530,574,000

'

'

'

'

'

1,553,138,000

1,369,529,000

'

'

'

'

'

Loans held for investment

'

'

0

0

'

'

'

'

'

0

0

'

'

'

'

'

1,862,500,000

1,034,600,000

'

'

'

'

'

1,862,500,000

1,034,600,000

'

'

'

'

'

1,833,801,000

1,028,654,000

'

'

'

'

'

Liabilities

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

'

'

Line of credit

'

'

'

'

0

'

'

'

'

'

'

138,500,000

'

'

'

'

'

'

0

'

'

'

'

'

'

138,500,000

'

'

'

'

'

'

138,500,000

'

'

'

'

Secured financing

'

'

'

'

'

$126,500,000

$0

$605,300,000

$208,000,000

'

'

'

$0

$0

$0

$0

'

'

'

$361,065,000

$277,600,000

$0

$0

'

'

'

$487,565,000

$277,600,000

$605,300,000

$208,000,000

'

'

'

$487,258,000

$277,607,000

$604,572,000

$200,000,000

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

9 Months Ended

1 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jul. 31, 2014

Mar. 31, 2014

Sep. 30, 2014

31-May-13

Sep. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Common Stock

Common Stock

Common Stock

Common Stock

Series A Preferred Stock

Series A Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series B Preferred Stock

Series A and Series B Preferred Stock

May 2013 At-The-Market Stock Offering

Directors

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum Voting Percentage Providing Preferred Stockholders To Voting Rights

'

'

'

'

'

'

'

67.00%

'

'

67.00%

'

'

Preferred stock, shares authorized (in shares)

50,000,000

'

50,000,000

'

'

'

'

'

'

'

'

'

'

Preferred stock, par value (in dollars per share)

$0.01

'

$0.01

'

'

'

'

$0.01

$0.01

'

$0.01

'

'

Common stock, shares authorized (in shares)

450,000,000

'

450,000,000

'

'

'

'

'

'

'

'

'

'

Common stock, par value (in dollars per shares)

$0.01

'

$0.01

'

'

$0.01

'

'

'

'

'

'

'

Preferred stock, shares outstanding

'

'

'

'

'

'

'

10,080,000

10,080,000

'

3,450,000

0

'

Preferred stock, shares issued

'

'

'

'

'

'

'

10,080,000

10,080,000

'

3,450,000

0

'

Preferred stock, dividend percentage

'

'

'

'

'

'

'

8.50%

8.50%

7.50%

7.50%

0.00%

'

Preferred stock, liquidation preference (in dollars per share)

'

'

'

'

'

'

'

$25

'

'

$25

'

'

Shares issued during period (in shares)

'

'

'

17,250,000

14,950,000

'

'

'

'

3,450,000

'

'

'

Net proceeds from issuance of preferred stock

$83,533,000

$0

'

'

'

'

'

'

'

$83,400,000

'

'

'

Redemption amount per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

$25

Redemption date for preferred stock

'

'

'

'

'

'

'

20-Mar-17

'

'

19-Jun-19

'

'

Minimum period of dividend defaults providing preferred stockholders to voting rights

'

'

'

'

'

'

'

'

'

'

'

'

'six or more quarterly periods

Number of Directors vote entitles

'

'

'

'

'

'

'

'

'

'

'

'

2

At-the-market stock offering program authorized amount

'

'

'

'

'

'

$200,000,000

'

'

'

'

'

'

At-the-market stock offering program maximum commission percentage

'

'

'

'

'

'

1.00%

'

'

'

'

'

'

Shares acquired under the DRIP plan from the company in the form of new issuances (in shares)

0

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders_Equity_Common_Sto

Stockholders' Equity - Common Stock Offerings (Details) (USD $)	9 Months Ended		1 Months Ended				9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Jul. 31, 2014		Mar. 31, 2014		Sep. 30, 2014
			Common Stock		Common Stock		May 2014 At-The-Market Stock Offering
							Common Stock
Class of Stock [Line Items]	'	'	'		'		'
Common stock offering ,shares	'	'	17,250		14,950		406
Common stock offering, average price per share	'	'	$22.14		$21.90		$21.07
Proceeds from issuance of common stock, net	$717,870	$270,845	$381,545	[1]	$327,115	[1]	$8,465	[1]
[1]	Net of underwriting discounts and commissions, sales agent commissions, and offering costs payable by the Company

Stockholders_Equity_Components

Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'	'
Accumulated other comprehensive income (loss), beginning balance	$2,593	$5,184
Other comprehensive income (loss) before reclassifications	-15,962	9,329
Amounts reclassified from accumulated other comprehensive income	-1,449	-10,709
Net other comprehensive (loss) income	-17,411	-1,380
Accumulated other comprehensive income (loss), ending period	-14,818	3,804
Equity in AOCI of Unconsolidated Joint Ventures	'	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'	'
Accumulated other comprehensive income (loss), beginning balance	3,621	6,729
Other comprehensive income (loss) before reclassifications	937	9,243
Amounts reclassified from accumulated other comprehensive income	-3,865	-10,685
Net other comprehensive (loss) income	-2,928	-1,442
Accumulated other comprehensive income (loss), ending period	693	5,287
Unrealized Gain/Loss on Beneficial Interests in Debt Securities	'	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'	'
Accumulated other comprehensive income (loss), beginning balance	325	877
Other comprehensive income (loss) before reclassifications	-2,488	-433
Amounts reclassified from accumulated other comprehensive income	2,163	0
Net other comprehensive (loss) income	-325	-433
Accumulated other comprehensive income (loss), ending period	0	444
Unrealized Gain/Loss on Fair Value of Net Investment Hedges	'	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'	'
Accumulated other comprehensive income (loss), beginning balance	-19	0
Other comprehensive income (loss) before reclassifications	-7	0
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	-7	0
Accumulated other comprehensive income (loss), ending period	-26	0
Foreign Currency Translation Gain/Loss	'	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'	'
Accumulated other comprehensive income (loss), beginning balance	1,849	-3,067
Other comprehensive income (loss) before reclassifications	-32,165	1,026
Amounts reclassified from accumulated other comprehensive income	0	-24
Net other comprehensive (loss) income	-32,165	1,002
Accumulated other comprehensive income (loss), ending period	-30,316	-2,065
Net Investment Hedging	'	'
Accumulated Other Comprehensive Income (Loss) [Roll Forward]	'	'
Accumulated other comprehensive income (loss), beginning balance	-3,183	645
Other comprehensive income (loss) before reclassifications	17,761	-507
Amounts reclassified from accumulated other comprehensive income	253	0
Net other comprehensive (loss) income	18,014	-507
Accumulated other comprehensive income (loss), ending period	$14,831	$138

Stockholders_Equity_Reclassifi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Equity in income of unconsolidated joint ventures	'	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'	'
Equity in realized gain on sale of marketable securities of unconsolidated joint ventures	'	$0	$3,616	$3,865	$10,685
Other loss, net	'	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'	'
Realized foreign exchange (loss) gain	'	-254	19	-253	24
Tax Exempt Bonds	'	'	'	'	'
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'	'
Available-for-sale Securities, Gross Realized Gain (Loss)	($2,200)	$0	$0	($2,163)	$0

Earnings_per_Share_Reconciles_

Earnings per Share - Reconciles Numerator and Denominator of Basic and Diluted per-Share (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'		'		'		'
Interest expense on convertible note excluded from diluted EPS	$2,600,000		'		$7,900,000		$5,000,000
Dilutive effect of shares issuable to Manager for incentive fees	'		'		6,600		'
Numerator:	'		'		'		'
Net income	47,947,000		33,963,000		128,799,000		86,719,000
Net income attributable to noncontrolling interest	-8,993,000		-7,514,000		-30,466,000		-15,212,000
Net income attributable to Colony Financial, Inc.	38,954,000		26,449,000		98,333,000		71,507,000
Preferred dividends	-6,972,000		-5,355,000		-17,898,000		-16,065,000
Net income attributable to common stockholders	31,982,000		21,094,000		80,435,000		55,442,000
Net income allocated to participating securities (nonvested shares)	-248,000		-181,000		-735,000		-545,000
Numerator for basic net income allocated to common stockholders	31,734,000		20,913,000		79,700,000		54,897,000
Interest expense attributable to convertible senior notes	4,172,000	[1]	2,622,000	[1]	8,554,000	[1]	0	[1]
Numerator for diluted net income allocated to common stockholders	$35,906,000		$23,535,000		$88,254,000		$54,897,000
Denominator:	'		'		'		'
Basic weighted average number of common shares outstanding (in shares)	104,810,000		65,707,000		92,566,000		64,053,000
Weighted average effect of dilutive shares (in shares)	16,219,000	[1]	8,477,000	[1]	10,997,000	[1]	0	[1]
Diluted weighted average number of common shares outstanding (in shares)	121,029,000		74,184,000		103,563,000		64,053,000
Earnings per share:	'		'		'		'
Net income attributable to common stockholders per share-basic (in dollars per share)	$0.30		$0.32		$0.86		$0.86
Net income attributable to common stockholders per share-diluted (in dollars per share)	$0.30		$0.32		$0.85		$0.86
Convertible Debt Securities	'		'		'		'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'		'		'		'
Weighted average dilutive common share	8,476,400		'		8,476,400		5,371,500
[1]	For theB three and nine months ended September 30, 2014, excluded from the calculation of diluted income per share is the effect of adding backB $2.6 millionB andB $7.9 million, respectively, of interest expense andB 8,476,400B weighted average dilutive common share equivalents for the assumed conversion of the 5% Convertible Notes as their inclusion would be antidilutive. For the nine months ended September 30, 2013, excluded from the calculation of diluted income per share is the effect of adding back $5.0 million of interest expense and 5,371,500 weighted average dilutive common share equivalents for the assumed conversion of the 5% Convertible Notes as their inclusion would be antidilutive. For theB nine months ended September 30, 2014, weighted average dilutive shares include the effect ofB 6,600B shares of common stock issuable to the Manager for incentive fees incurred for the second quarter of 2014.

Related_Party_Transactions_Sum

Related Party Transactions - Summary of Amounts Incurred and Payable to Manager or its Affiliates (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction [Line Items]	'	'	'	'
Allocated and direct investment-related expenses	$765	$577	$2,114	$1,305
Allocated and direct investment-related expenses	1,215	750	3,289	2,186
Manager and its affiliates	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Base management fees	8,907	5,534	23,112	16,221
Incentive fees	0	0	464	0
Compensation pursuant to secondment agreement	325	314	989	923
Allocated and direct investment-related expenses	765	577	2,114	1,305
Allocated and direct investment-related expenses	890	436	2,300	1,263
Total	$10,887	$6,861	$28,979	$19,712

Related_Party_Transactions_Sum1

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]	'	'
Total amounts due to the manager or its affiliates	$10,153	$7,986
Base management fees	'	'
Related Party Transaction [Line Items]	'	'
Total amounts due to the manager or its affiliates	8,907	6,045
Secondment reimbursement	'	'
Related Party Transaction [Line Items]	'	'
Total amounts due to the manager or its affiliates	680	895
Reimbursement of direct and allocated administrative and investment costs	'	'
Related Party Transaction [Line Items]	'	'
Total amounts due to the manager or its affiliates	$566	$1,046

ShareBased_Payments_Details

Share-Based Payments (Details) (USD $)	0 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	8-May-14	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
	Equity Incentive Plan, 2014	Equity Incentive Plan	Restricted Stock	Restricted Stock
				Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Reserved number of shares (in shares)	'	'	'	100,000
Vesting period	'	'3 years	'	'1 year
Additional shares of common stock authorized	2,500,000	'	'	'
Award granted (in shares)	'	'	515,234	'
Percentage of award vesting rights	'	25.00%	'	'
Aggregate unrecognized compensation cost related to restricted stock granted	'	'	$9.90	'
Weighted average period of expected cost	'	'	'22 years 4 months 24 days	'

Nonvested_Shares_Under_Directo

- Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014		Sep. 30, 2014		Sep. 30, 2013
Weighted Average Grant Date Fair Value [Roll Forward]	'		'		'
Granted	$21.93	[1]	$20.32	[1]	$21.94	[1]
Restricted Stock	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Nonvested shares at December 31, 2013	'		512,768		'
Granted	'		515,234		'
Vested	'		-337,928		'
Forfeited	'		-636		'
Nonvested shares at September 30, 2014	689,438		689,438		'
Weighted Average Grant Date Fair Value [Roll Forward]	'		'		'
Nonvested shares at December 31, 2013	'		$18.28		'
Granted	'		$20.32		'
Vested	'		$18.83		'
Forfeited	'		$16.16		'
Nonvested shares at September 30, 2014	$19.54		$19.54		'
Restricted Stock Grants to Non-Executive Directors | Restricted Stock	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Nonvested shares at December 31, 2013	'		6,837		'
Granted	'		15,234		'
Vested	'		-6,837		'
Forfeited	'		0		'
Nonvested shares at September 30, 2014	15,234		15,234		'
Weighted Average Grant Date Fair Value [Roll Forward]	'		'		'
Granted	'		$22.87		'
Restricted Stock Grants to Employee | Restricted Stock	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Nonvested shares at December 31, 2013	'		17,172		'
Granted	'		0		'
Vested	'		-8,586		'
Forfeited	'		0		'
Nonvested shares at September 30, 2014	8,586		8,586		'
Total | Restricted Stock	'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'
Nonvested shares at December 31, 2013	'		488,759		'
Granted	'		500,000		'
Vested	'		-322,505		'
Forfeited	'		-636		'
Nonvested shares at September 30, 2014	665,618		665,618		'
Weighted Average Grant Date Fair Value [Roll Forward]	'		'		'
Granted	'		$20.24		'
[1]	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.

ShareBased_Payments_Components

Share-Based Payments - Components of Share-Based Compensation (Details) (USD $)	3 Months Ended				9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013		Sep. 30, 2014		Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'		'
Total fair value of share vested	$0	[1]	$0	[1]	$6,855	[1]	$182	[1]
Weighted average grant date fair value per share for shares granted during the period	$21.93	[1]	'		$20.32	[1]	$21.94	[1]
Management Fees	'		'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'		'
Share-based compensation included in management fees	1,810		986		7,791		3,091
General and Administrative Expense	'		'		'		'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'		'		'		'
Share-based compensation included in administrative expenses	$111		$72		$301		$213
[1]	Based on the quoted closing share price of the Company's common stock on the NYSE on grant date or vesting date.

Income_Taxes_Income_Tax_Provis

Income Taxes - Income Tax Provision (Benefit) (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Current	'	'	'	'
Federal	$400	($109)	$1,053	$1,066
State	-846	103	-649	404
Total current tax provision	-446	-6	404	1,470
Deferred	'	'	'	'
Federal	-1,668	43	-2,140	-595
State	-350	-51	-482	-295
Total deferred tax benefit	-2,018	-8	-2,622	-890
Total income tax provision	($2,464)	($14)	($2,218)	$580

Income_Taxes_Details

Income Taxes (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Income Tax Disclosure [Abstract]	'	'
Deferred tax assets	$5,128	$2,391

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 06, 2014	Mar. 06, 2014	Mar. 06, 2014
In Millions, unless otherwise specified	Additional Funding to Unconsolidated Joint Ventures	Unfunded Lending Commitment	Consortium Equity Commitment	Consortium Equity Commitment	Termination Fee	Termination Fee
Other Commitments [Line Items]	'	'	'	'	'	'
Commitments	$61.80	$53.90	'	$100	'	'
Total consortium termination fee	'	'	'	'	400	'
Company's share of termination fee	'	'	'	'	'	17.6
Period in which the consortium is to be completed	'	'	'	'	'15 months	'
Equity commitment assigned to Co-Investment Fund	'	'	$50	'	'	'

Segment_Information_Summary_of

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
			Segment
Segment Reporting Information [Line Items]	'	'	'	'
Number of reportable segments	'	'	3	'
Income:	'	'	'	'
Equity in income (loss) of unconsolidated joint ventures	$9,263	$25,052	$53,016	$69,846
Interest income	62,849	22,122	149,914	54,549
Rental income and tenant reimbursements	4,323	0	10,819	0
Other income	847	296	1,303	984
Total income	77,282	47,470	215,052	125,379
Expenses:	'	'	'	'
Management fees	10,717	6,520	31,367	19,312
Investment and servicing expenses	1,500	720	4,129	1,870
Transaction costs	1,859	0	7,442	0
Interest expense	12,431	5,327	32,080	12,498
Property operating expenses	1,052	0	2,743	0
Depreciation and amortization	1,592	0	4,097	0
Administrative expenses	2,685	1,814	7,851	5,393
Total expenses	31,836	14,381	89,709	39,073
Realized gain on sales of loans receivable, net	0	1,018	0	1,018
Other gain, net	37	-158	1,238	-25
Income (loss) before income taxes	45,483	33,949	126,581	87,299
Income tax (benefit) provision	-2,464	-14	-2,218	580
Net income (loss)	47,947	33,963	128,799	86,719
Net income attributable to noncontrolling interests	8,993	7,514	30,466	15,212
Net income (loss) attributable to Colony Financial, Inc.	38,954	26,449	98,333	71,507
Operating Segments | Real estate debt investments	'	'	'	'
Income:	'	'	'	'
Equity in income (loss) of unconsolidated joint ventures	17,679	19,879	58,106	59,911
Interest income	62,730	22,097	149,734	54,267
Rental income and tenant reimbursements	0	'	0	'
Other income	258	296	714	984
Total income	80,667	42,272	208,554	115,162
Expenses:	'	'	'	'
Management fees	0	0	0	0
Investment and servicing expenses	965	547	2,155	1,341
Transaction costs	816	'	6,081	'
Interest expense	3,317	1,142	8,444	3,926
Property operating expenses	0	'	0	'
Depreciation and amortization	0	'	0	'
Administrative expenses	197	0	577	0
Total expenses	5,295	1,689	17,257	5,267
Realized gain on sales of loans receivable, net	'	1,018	'	1,018
Other gain, net	37	-158	165	-25
Income (loss) before income taxes	75,409	41,443	191,462	110,888
Income tax (benefit) provision	0	0	0	0
Net income (loss)	75,409	41,443	191,462	110,888
Net income attributable to noncontrolling interests	8,413	7,099	28,677	14,572
Net income (loss) attributable to Colony Financial, Inc.	66,996	34,344	162,785	96,316
Operating Segments | Single-family residential rentals	'	'	'	'
Income:	'	'	'	'
Equity in income (loss) of unconsolidated joint ventures	-4,582	-1,576	-11,417	-5,307
Interest income	0	0	0	0
Rental income and tenant reimbursements	0	'	0	'
Other income	0	0	0	0
Total income	-4,582	-1,576	-11,417	-5,307
Expenses:	'	'	'	'
Management fees	0	0	0	0
Investment and servicing expenses	0	0	0	0
Transaction costs	0	'	0	'
Interest expense	0	0	0	0
Property operating expenses	0	'	0	'
Depreciation and amortization	0	'	0	'
Administrative expenses	0	0	0	0
Total expenses	0	0	0	0
Realized gain on sales of loans receivable, net	'	0	'	0
Other gain, net	0	0	0	0
Income (loss) before income taxes	-4,582	-1,576	-11,417	-5,307
Income tax (benefit) provision	0	0	0	0
Net income (loss)	-4,582	-1,576	-11,417	-5,307
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Colony Financial, Inc.	-4,582	-1,576	-11,417	-5,307
Operating Segments | Other assets not allocated to segments	'	'	'	'
Income:	'	'	'	'
Equity in income (loss) of unconsolidated joint ventures	-3,834	6,749	6,327	15,242
Interest income	0	0	0	0
Rental income and tenant reimbursements	4,323	'	10,819	'
Other income	0	0	0	0
Total income	489	6,749	17,146	15,242
Expenses:	'	'	'	'
Management fees	0	0	0	0
Investment and servicing expenses	72	0	75	25
Transaction costs	69	'	137	'
Interest expense	1,098	0	3,257	0
Property operating expenses	1,052	'	2,743	'
Depreciation and amortization	1,592	'	4,097	'
Administrative expenses	0	0	0	0
Total expenses	3,883	0	10,309	25
Realized gain on sales of loans receivable, net	'	0	'	0
Other gain, net	0	0	0	0
Income (loss) before income taxes	-3,394	6,749	6,837	15,217
Income tax (benefit) provision	0	0	0	0
Net income (loss)	-3,394	6,749	6,837	15,217
Net income attributable to noncontrolling interests	580	415	1,789	640
Net income (loss) attributable to Colony Financial, Inc.	-3,974	6,334	5,048	14,577
Amounts Not Allocated to Segments	'	'	'	'
Income:	'	'	'	'
Equity in income (loss) of unconsolidated joint ventures	0	0	0	0
Interest income	119	25	180	282
Rental income and tenant reimbursements	0	'	0	'
Other income	589	0	589	0
Total income	708	25	769	282
Expenses:	'	'	'	'
Management fees	10,717	6,520	31,367	19,312
Investment and servicing expenses	463	173	1,899	504
Transaction costs	974	'	1,224	'
Interest expense	8,016	4,185	20,379	8,572
Property operating expenses	0	'	0	'
Depreciation and amortization	0	'	0	'
Administrative expenses	2,488	1,814	7,274	5,393
Total expenses	22,658	12,692	62,143	33,781
Realized gain on sales of loans receivable, net	'	0	'	0
Other gain, net	0	0	1,073	0
Income (loss) before income taxes	-21,950	-12,667	-60,301	-33,499
Income tax (benefit) provision	-2,464	-14	-2,218	580
Net income (loss)	-19,486	-12,653	-58,083	-34,079
Net income attributable to noncontrolling interests	0	0	0	0
Net income (loss) attributable to Colony Financial, Inc.	($19,486)	($12,653)	($58,083)	($34,079)

Segment_Information_Assets_of_

Segment Information - Assets of Reportable Operating Segments (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'	'
Total consolidated assets	$3,953,650	$2,628,552
Operating Segments | Real estate debt investments	'	'
Assets:	'	'
Total consolidated assets	2,664,566	1,707,228
Operating Segments | Single-family residential rentals	'	'
Assets:	'	'
Total consolidated assets	515,315	530,007
Operating Segments | Other Real Estate Equity Investments	'	'
Assets:	'	'
Total consolidated assets	475,273	344,244
Amounts Not Allocated to Segments	'	'
Assets:	'	'
Total consolidated assets	$298,496	$47,073

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Nov. 07, 2014

Nov. 07, 2014

Sep. 30, 2014

Dec. 31, 2013

Oct. 30, 2014

Oct. 30, 2014

Nov. 04, 2014

Nov. 04, 2014

Nov. 04, 2014

Nov. 04, 2014

Nov. 04, 2014

Nov. 04, 2014

Subsequent Event

Transitional CRE Lending Platform

Performing

Performing

Multifamily Property

Multifamily Property

Colony Capital, Proposed Transaction

Colony Capital, Proposed Transaction

Multi-year Performance Targets

Weighted-average Stock Price

Chief Executive Officer

Officer

Investment

Subsequent Event

Performing

Performing

Subsequent Event

Subsequent Event

Colony Capital, Proposed Transaction

Colony Capital, Proposed Transaction

Colony Capital, Proposed Transaction

Colony Capital, Proposed Transaction

Investment

First Mortgage

First Mortgage

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

SecurityLoan

Class_of_Certificate

Class_of_Certificate

Subsequent Event [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate investment

'

'

'

'

$299,000,000

'

'

'

'

'

'

'

'

'

'

'

Number of investments

'

'

'

'

4

'

'

'

'

'

'

'

'

'

'

'

Loan acquisitions and originations

'

'

'

'

'

209,000,000

'

'

'

'

'

'

'

'

'

'

Number of real estate debt investment

'

'

'

'

'

8

'

'

'

'

'

'

'

'

'

'

Number of loans securitized

'

'

'

'

'

'

'

'

298

'

'

'

'

'

'

'

Loans receivable, net

1,833,801,000

1,028,654,000

646,036,000

333,569,000

'

'

1,589,018,000

854,721,000

'

316,000,000

'

'

'

'

'

'

Number of classes of securitization certificate

'

'

'

'

'

'

'

'

'

7

'

'

'

'

'

'

Available for sale securities bond fixed interest rate (in percent)

'

'

'

'

'

'

'

'

'

2.54%

'

'

'

'

'

'

Proceeds from securitizations of loans

'

'

'

'

'

'

'

'

217,000,000

'

'

'

'

'

'

'

Pending consideration price per share (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

$22.05

'

'

'

'

Pending agreement, aggregate consideration

'

'

'

'

'

'

'

'

'

'

657,500,000

'

'

'

'

'

Pending fixed upfront consideration amount

'

'

'

'

'

'

'

'

'

'

547,500,000

'

'

'

'

'

Pending maximum contingent consideration amount

'

'

'

'

'

'

'

'

'

'

'

'

110,000,000

'

'

'

Pending contingent consideration reallocated to upfront consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,000,000

'

'

Trading days of weighted average of closing price of Company's common stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 days

'

'

Maximum threshold of weighted average stock price for contingent upfront consideration

'

'

'

'

'

'

'

'

'

'

'

'

'

$24.05

'

'

Term of employment agreements for executives (years)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'3 years