Colony Capital 10-Q/A 14 Aug 15 2015 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Class of Stock [Line Items]
Entity Registrant Name	Colony Capital, Inc.
Trading Symbol	CLNY
Entity Central Index Key	1,467,076
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		111,695,851
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		563,987

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
ASSETS
Cash		$ 195,989	$ 141,936
Loans receivable, net		4,045,627	2,131,134
Held for investment		2,679,857	1,643,997
Held for sale		410,755	0
Investments in unconsolidated joint ventures		1,126,873	1,646,977
Goodwill		685,068	20,000
Intangible assets, net		290,203	106,060
Due from affiliates		18,811	0
Other assets		406,877	181,744
Total assets	[1]	9,860,060	5,871,848
Liabilities:
Line of credit		495,400	164,000
Accrued and other liabilities		332,497	128,119
Due to affiliates		70,640	12,236
Dividends payable		61,791	47,537
Debt		2,669,222	1,979,665
Convertible senior notes		604,349	604,498
Total liabilities		$ 4,233,899	$ 2,936,055
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $625,750 and $338,250 liquidation preference; 50,000 shares authorized; 25,030 and 13,530 shares issued and outstanding		$ 250	$ 135
Additional paid-in capital		2,991,178	2,512,743
Distributions in excess of earnings		(99,671)	(68,003)
Accumulated other comprehensive loss		(27,436)	(28,491)
Total stockholders’ equity		2,865,444	2,417,480
Noncontrolling interests in investment entities		2,326,808	518,313
Noncontrolling interests in Operating Company		433,909	0
Total equity		5,626,161	2,935,793
Total liabilities and equity		9,860,060	5,871,848
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share		1,117	1,096
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share		$ 6	$ 0
[1]	Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS BALANCE SHEETS OF CONSOLIDATED VIES - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Loans receivable, net		$ 4,045,627	$ 2,131,134
Other assets		406,877	181,744
Total assets	[1]	9,860,060	5,871,848
Debt		2,669,222	1,979,665
Accrued and other liabilities		332,497	128,119
Total liabilities		4,233,899	2,936,055
Variable Interest Entity, Primary Beneficiary
Loans receivable, net		766,148	807,761
Other assets		51,173	50,074
Total assets		817,321	857,835
Debt		501,251	537,268
Accrued and other liabilities		42,557	38,443
Total liabilities		$ 543,808	$ 575,711
[1]	Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Liquidation Preference (in thousands)	$ 625,750	$ 338,250
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	25,030,000	13,530,000
Shares Outstanding (in thousands)	25,030,000	13,530,000
Common Class A
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized	449,000,000	449,000,000
Common stock, shares issued	111,697,000	109,634,000
Common stock, shares outstanding	111,697,000	109,634,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	0
Common stock, shares issued	564,000	0
Common stock, shares outstanding	564,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income
Interest income		$ 101,270	$ 53,963	$ 147,407	$ 87,065
Rental income and tenant reimbursements		61,143	3,255	104,936	6,496
Hotel operating income		22,087	0	22,087	0
Equity in income of unconsolidated joint ventures		10,956	21,114	37,305	43,753
Fee income (including $21,559, $0, $21,559 and $0 from affiliates, respectively)		21,928	0	21,998	0
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		3,520	231	3,783	456
Total income		220,904	78,563	337,516	137,770
Expenses
Management fees (including $0, $1,910, $5,897 and $5,981 of share-based payments, respectively)		101	9,937	15,062	20,650
Investment and servicing expenses (including $0, $603, $366 and $1,349 reimbursable to affiliates, respectively)		6,326	1,368	8,579	2,629
Transaction costs		3,708	1,033	17,898	5,583
Interest expense		30,924	10,700	57,517	19,649
Property operating expenses		29,335	843	43,346	1,691
Hotel operating expenses		6,570	0	6,570	0
Depreciation and amortization		36,645	1,253	58,953	2,505
Provision for loan losses		4,078	0	4,442	0
Impairment of real estate assets		0	0	450	0
Compensation expense		28,644	501	29,259	985
Administrative expenses (including $0, $743, $1,922, and $1,410 reimbursable to affiliates, respectively)		11,411	2,146	15,577	4,181
Total expenses		157,742	27,781	257,653	57,873
Gain on sale of real estate assets, net		740	0	740	0
Gain on remeasurement of consolidated investment entities, net		41,486	0	41,486	0
Other (loss) gain, net		(1,955)	221	(1,791)	1,201
Income before income taxes		103,433	51,003	120,298	81,098
Income tax expense	[1]	349	1	999	246
Net income		103,084	51,002	119,299	80,852
Net income attributable to noncontrolling interests:
Investment entities		34,630	13,353	40,316	21,473
Operating Company		9,138	0	9,138	0
Net income attributable to Colony Capital, Inc.		59,316	37,649	69,845	59,379
Preferred dividends		11,410	5,571	18,382	10,926
Net income attributable to common stockholders		$ 47,906	$ 32,078	$ 51,463	$ 48,453
Net income per common share:
Basic (in dollars per share)		$ 0.43	$ 0.35	$ 0.46	$ 0.56
Diluted (in dollars per share)		$ 0.40	$ 0.34	$ 0.46	$ 0.56
Weighted average number of common shares outstanding:
Basic (in shares)		111,394	91,673	110,410	86,342
Diluted (in shares)		136,434	110,430	110,410	86,352
Dividends declared per common share (in dollars per share)		$ 0.37	$ 0.36	$ 0.74	$ 0.71
[1]	Beginning in 2015, income tax expense or benefit related to specific investments within each segment were allocated to the respective segments. Income tax expense was previously immaterial.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fee income	$ 21,928	$ 0	$ 21,998	$ 0
Other income	3,520	231	3,783	456
Share-based compensation expenses	2,749	2,011	8,735	6,171
Investment and servicing expenses	6,326	1,368	8,579	2,629
Administrative expenses	11,411	2,146	15,577	4,181
Affiliated Entity
Fee income	21,559	0	21,559	0
Other income	1,934	231	1,997	456
Investment and servicing expenses	0	603	366	1,349
Administrative expenses	0	743	1,922	1,410
Management fee receivable
Share-based compensation expenses	$ 0	$ 1,910	$ 5,897	$ 5,981

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 103,084	$ 51,002	$ 119,299	$ 80,852
Other comprehensive income (loss), net of tax:
Equity in other comprehensive loss of unconsolidated joint ventures, net	0	0	(451)	(3,621)
Unrealized loss on beneficial interests in debt securities	0	(300)	0	(327)
Net change in fair value of cash flow hedges	(74)	(13)	(344)	(8)
Foreign currency translation adjustments:
Foreign currency translation adjustment gain	101,964	6,285	50,633	6,549
Change in fair value of net investment hedges	(57,355)	(4,890)	(26,772)	(4,562)
Net foreign currency translation adjustments	44,609	1,395	23,861	1,987
Other comprehensive income (loss)	44,535	1,082	23,066	(1,969)
Comprehensive income	147,619	52,084	142,365	78,883
Comprehensive income attributable to noncontrolling interests: Investment entities	56,621	13,706	58,717	21,890
Comprehensive income attributable to noncontrolling interests: Operating Company	12,748	0	12,748	0
Comprehensive income attributable to stockholders	$ 78,250	$ 38,378	$ 70,900	$ 56,993

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Series B Preferred Stock	Series B Preferred StockTotal Stockholders’ Equity	Series B Preferred StockPreferred Stock	Series B Preferred StockAdditional Paid-in Capital	Series C Preferred Stock	Series C Preferred StockTotal Stockholders’ Equity	Series C Preferred StockPreferred Stock	Series C Preferred StockAdditional Paid-in Capital	Common Class A	Common Class ATotal Stockholders’ Equity	Common Class ACommon Stock	Common Class AAdditional Paid-in Capital	Common Class B	Common Class BTotal Stockholders’ Equity	Common Class BCommon Stock	Common Class BAdditional Paid-in Capital
Beginning balance, shares at Dec. 31, 2013			10,080	76,492
Beginning balance at Dec. 31, 2013	$ 1,954,227	$ 1,684,310	$ 101	$ 765	$ 1,701,274	$ (20,423)	$ 2,593	$ 269,917
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80,852	59,379				59,379		21,473
Other comprehensive (loss) income	(1,969)	(2,386)					(2,386)	417
Issuance of common stock	335,956	335,956		$ 154	335,802					$ 86,250	$ 86,250	$ 34	$ 86,216
Common stock offering, shares				15,356								3,450
Underwriter discount and offering costs	(3,182)	(3,182)			(3,182)
Share-based compensation	6,171	6,171		$ 5	6,166
Share-based compensation, shares				511
Contributions from noncontrolling interests	81,750							81,750
Distributions to noncontrolling interests	(46,879)							(46,879)
Preferred stock dividends	(10,710)	(10,710)				(10,710)
Common stock dividends declared	(65,575)	(65,575)				(65,575)
Ending balance at Jun. 30, 2014	2,416,891	2,090,213	$ 135	$ 924	2,126,276	(37,329)	207	326,678
Ending balance, shares at Jun. 30, 2014			13,530	92,359
Beginning balance, shares at Dec. 31, 2014			13,530	109,634
Beginning balance at Dec. 31, 2014	2,935,793	2,417,480	$ 135	$ 1,096	2,512,743	(68,003)	(28,491)	518,313	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119,299	69,845				69,845		40,316	9,138
Other comprehensive (loss) income	23,066	1,055					1,055	18,401	3,610
Issuance of common stock														$ 287,500	$ 287,500	$ 115	$ 287,385	$ 37,389	$ 37,389	$ 14	$ 37,375	$ 14,771	$ 14,771	$ 6	$ 14,765
Common stock offering, shares																11,500				1,428				564
Issuance of units in Operating Company	568,794								568,794
Underwriter discount and offering costs	(9,404)	(9,404)			(9,404)
Share-based compensation	8,735	8,735		$ 7	8,728
Share-based compensation, shares				635
Consolidation of investment entities	1,700,114							1,700,114
Contributions from noncontrolling interests	190,563							190,563
Distributions to noncontrolling interests	(148,946)							(140,899)	(8,047)
Preferred stock dividends	(19,179)	(19,179)				(19,179)
Common stock dividends declared	(82,334)	(82,334)				(82,334)
Reallocation of equity of Operating Company (Note 15)	0	139,586			139,586				(139,586)
Ending balance at Jun. 30, 2015	$ 5,626,161	$ 2,865,444	$ 250	$ 1,123	$ 2,991,178	$ (99,671)	$ (27,436)	$ 2,326,808	$ 433,909
Ending balance, shares at Jun. 30, 2015			25,030	112,261

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Dividends declared per common share (in dollars per share)		$ 0.37	$ 0.36	$ 0.74	$ 0.71
Series B Preferred Stock
Preferred stock, dividend percentage				7.50%	7.50%
Series C Preferred Stock
Preferred stock, dividend percentage	7.125%			7.125%

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net income	$ 119,299	$ 80,852
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(13,617)	(38,330)
Paid-in-kind interest added to loan principal	(14,141)	(416)
Straight-line rents	(5,928)	187
Amortization of net above-market lease values	2,011	0
Amortization of deferred financing costs	8,546	2,494
Equity in income of unconsolidated joint ventures	(37,305)	(43,753)
Distributions of income from unconsolidated joint ventures	37,137	47,275
Provision for loan losses	4,442	0
Impairment of real estate assets	450	0
Depreciation and amortization	58,953	2,505
Share-based compensation	8,735	6,171
Net gain on remeasurement of net assets of consolidated investment entities	(41,486)	0
Change in fair value of contingent consideration	1,140	0
Realized gain on sales of real estate assets	(740)	0
Changes in operating assets and liabilities:
Decrease in due from affiliates	1,455	0
Increase in other assets	(14,750)	(3,963)
Increase in accrued and other liabilities	26,770	14,910
(Decrease) increase in due to affiliates	(12,236)	1,197
Other adjustments, net	(739)	217
Net cash provided by operating activities	127,996	69,346
Cash Flows from Investing Activities
Contributions to unconsolidated joint ventures	(301,222)	(67,338)
Distributions from unconsolidated joint ventures	109,293	77,286
Investments in purchased loans receivable, net of seller financing	0	(319,747)
Net disbursements on originated loans	(474,562)	(762,689)
Repayments of loans receivable	199,535	182,129
Cash receipts in excess of accretion on purchased credit impaired loans	116,867	0
Disbursements on acquisition of real estate assets, related intangibles and leasing commissions	(720,944)	(15,675)
Proceeds from sales of real estate assets	40,070	0
Acquisition of investment management business, net of cash acquired	(55,885)	0
Increase in restricted cash	0	(47,991)
Other investing activities, net	5,076	(1,051)
Net cash used in investing activities	(1,081,772)	(955,076)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	277,945	83,533
Proceeds from issuance of common stock, net	0	335,956
Dividends paid to preferred stockholders	(13,944)	(10,710)
Dividends paid to common stockholders	(81,363)	(59,098)
Line of credit borrowings	739,400	794,000
Line of credit repayments	(408,000)	(723,500)
Proceeds from secured financing	530,428	126,181
Secured financing repayments	(151,749)	(87,544)
Net proceeds from issuance of convertible senior notes	0	394,582
Payment of deferred financing costs	(6,260)	(6,893)
Payment of offering costs	0	(465)
Contributions from noncontrolling interests	190,563	81,750
Distributions to noncontrolling interests	(140,899)	(46,879)
Other financing activities, net	(4,968)	(640)
Net cash provided by financing activities	931,153	880,273
Cash held by investment entities consolidated	75,412	0
Effect of exchange rates on cash	1,264	704
Net (decrease) increase in cash	54,053	(4,753)
Cash, beginning of period	141,936	43,167
Cash, end of period	195,989	38,414
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	45,451	10,376
Cash paid for income taxes	1,455	936
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends payable	61,791	38,604
Seller-provided secured financing on purchased loans	0	82,328
Deferred financing costs deducted from convertible debt issuance proceeds	0	10,063
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	407	0
Payment on settlement of derivative instruments in accrued liabilities	7,386	4,134
Interest reserve for seller financing funded by borrower of purchased loan	0	1,405
Deferred tax liability assumed in a real estate acquisition	23,977	0
Settlement of debt through issuance of units in Operating Company	10,000	0
Issuance of common stock for acquisition of investment management business	52,160	0
Issuance of units in Operating Company for acquisition of investment management business	558,794	0
Net assets of investment entities consolidated, net of cash assumed (Note 7)	$ 2,637,278	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Colony Capital, Inc. (prior to April 2, 2015, Colony Financial, Inc.) (the “Company”) was organized on June 23, 2009 as a Maryland corporation. The Company is a leading global real estate and investment management firm that targets attractive risk-adjusted investment returns and its portfolio is primarily composed of: (i) general partner interests in Company-sponsored private equity funds and vehicles; (ii) real estate equity; and (iii) real estate and real estate-related debt. The Company has elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code, for U.S. federal income tax purposes. Prior to April 2, 2015, the Company was externally managed and advised by Colony Financial Manager, LLC (the "Manager"), which was a wholly-owned subsidiary of Colony Capital, LLC ("CCLLC"), a privately held global real estate investment firm. On April 2, 2015, Colony Capital Operating Company, LLC ("Operating Company" or “OP”), an operating subsidiary of the Company, acquired substantially all of the real estate investment management business and operations of CCLLC (the "Combination") and the Company became a self-managed REIT. The Company will use the Colony name as general partner to sponsor new investment vehicles. Details of the Combination are described more fully in Note 3 . In connection with the Combination, the Company reorganized into an umbrella partnership real estate investment trust ("UPREIT"). As part of the restructuring, the Company contributed to OP and its subsidiaries substantially all of the Company's other subsidiaries, assets and liabilities, other than certain indebtedness, in exchange for membership interests in OP ("OP Units"). Following the Combination, OP conducts all of the activities and owns substantially all of the assets and liabilities of the combined business.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies These interim financial statements include the Company's significant accounting policies as well as new accounting policies adopted upon the Combination. The accounting policies of the Company's unconsolidated joint ventures are substantially similar to those of the Company. Basis of Presentation 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, 2015 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, 2014 , as amended. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled 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. The Company consolidates entities that meet the definition of a VIE for which the Company is deemed to be the primary beneficiary or otherwise, entities in which the Company controls through a majority voting interest. For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. Fees paid to the Company that are commensurate with both services provided and prevailing market rates for such services are generally not, in and of themselves, considered variable interests and are excluded from assessment of the Company's economic exposure to a VIE. In performing the analysis of whether the Company is the primary beneficiary of a VIE, 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 interests held by its related parties, including de facto agents, specifically interests in the VIE held by related parties under common control and the Company's indirect exposure to the VIE through its interests in other related parties on a proportionate basis. The Company assesses 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 performing its analysis, 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 Company’s and the other investors’ ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or other investors to fund operating losses of 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 judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. At each reporting period, the Company reassesses the status of an entity as a VIE and the determination of the Company as the primary beneficiary, or otherwise, if there is a change to the Company's ability to control through majority voting interest. Changes in consolidation status are applied prospectively. A business may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any retained interests. 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. Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows. The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Contingent consideration is classified as an asset, liability, or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of acquisition. Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information. Intangibles In a business combination, the Company recognizes identifiable intangibles that meet either the contractual-legal criterion or the separability criterion. Indefinite-lived intangibles are not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable such as expected cash flows, otherwise on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Finite-lived intangibles will be periodically reviewed for impairment and an impairment loss will be recognized if the carrying amount of the intangible is not recoverable and exceeds its fair value. Once recognized an impairment loss is not subject to subsequent reversal. Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of lost rental income and tenant reimbursements that would be incurred to lease a hypothetically vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. Deferred leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease. Goodwill is an unidentifiable intangible asset and recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired and liabilities assumed, including any noncontrolling interest in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. Goodwill impairment tests require judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements. Fee Income Fee income consists of base management fees, asset management fees, advisory fees and servicing fees. The Company earns base management fees for the day-to-day operations and administration of its managed funds, generally as a percentage of the limited partners' committed capital or net funded capital. Base management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying management and advisory agreements. Base management fees are generally accrued from the date of the first closing of commitments or the first investment of the fund through the last day of the term of the fund. The Company may receive a one-time asset management fee upon closing of each investment made by its managed funds. In accordance with contractual terms of the underlying management and advisory agreements, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment in which the related services are performed for each investment. Asset management fees are calculated as a fixed percentage of the limited partners' net funded capital on each investment. The Company provides investment advisory services for real estate acquisitions to an unaffiliated party and receives a one-time advisory fee upon closing of the investment, calculated as a fixed percentage of the cost of investment. The earnings process is complete upon closing of an investment, at which time, advisory fees are recognized in full. The Company has no obligation to provide further services subsequent to closing of an investment and does not earn fees on unconsummated transactions. Certain subsidiaries of the Company (each an asset management company or "AMC") were established to service and manage loan portfolios, including foreclosed properties, held by the Company's real estate investment entities for a servicing fee equal to a percentage of the outstanding unpaid principal balance of each loan portfolio. Servicing fees earned from investment entities that are consolidated by the Company are eliminated upon consolidation. Hotel Operating Income Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms and consummation of sales and provision of services. Other Income Other income includes expense recoveries from borrowers and cost reimbursements from affiliates. Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured. Based on an arrangement assumed from the Manager through the Combination, the Company provides administrative services to certain of its affiliates, including property management on behalf of the Company's real estate investment entities. The Company is entitled to receive reimbursements of expenses incurred, generally based on expenses incurred that are directly attributable to the affiliates and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period administrative services are rendered and costs are incurred. Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, as well as benefits. Bonus is accrued over the employment period to which it relates. Share-Based Compensation Equity classified share-based awards that are granted to employees are measured at fair value at date of grant and remeasured at fair value only upon a modification to the terms of the award, while share-based awards granted to non-employees are remeasured at fair value at the end of each reporting period until the award is fully vested. Fair value is determined based on the closing price of the Company's listed Class A common stock at date of grant or remeasurement. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award, with the amount of compensation expense recognized at the end of any reporting period at least equal to the fair value of the portion of the award that has vested through that date. An expected forfeiture rate estimated based upon the Company's historical experience is applied against compensation expense during the year and adjusted for actual forfeitures at year end. Gain on Remeasurement of Consolidated Investment Entities, Net Gain on remeasurement of consolidated investment entities, net is the fair value remeasurement of the Company's proportional share of investments in joint ventures which were consolidated upon a reconsideration event in connection with the Combination (Note 7), net of cumulative translation adjustments reclassified to earnings. Other Gain, Net Other gain, net includes fair value changes related to derivatives not designated as accounting hedges, fair value changes on the contingent consideration arising from the Combination and gain (loss) from remeasurement of foreign currency transactions and translation of foreign currency balances. Foreign Currency Translation The Company translates the assets and liabilities of its non-U.S. dollar functional currency investments and subsidiaries into U.S. dollars using exchange rates in effect at the balance sheet date. Income and expenses from these investments and subsidiaries are translated at the average rate of exchange prevailing during the period such income was earned or expenses were incurred. Translation adjustments resulting from changes in exchange rates are recorded as other comprehensive income or loss. Accumulated other comprehensive income or loss from foreign currency translation from such investments and subsidiaries is recognized upon sale or upon complete or substantially complete liquidation of the underlying investment in a foreign entity, and is included in other gain or loss in the accompanying statements of operations. When the Company sells part of its ownership interest in an equity method investment in a foreign entity, a proportionate share of the accumulated translation adjustment associated with the investment is reclassified into earnings. For purposes of presenting required disclosures of amounts to be recorded in the future as of balance sheet date, the Company uses the exchange rate in effect at the balance sheet date to translate such amounts that are denominated in foreign currencies. Reclassification Certain prior period amounts on the condensed consolidated statement of operations have been reclassified to conform to 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 and the occurrence of an early repayment resulted only in an acceleration of interest income recognized. Such amounts had been previously presented as realized gain or loss on resolution of loans receivable. 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 as of the date of initial application recognized in retained earnings. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. In July 2015, the FASB deferred the effective date of the new standard by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements. Consolidation —In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis, which amended the existing accounting standards for consolidation under both the variable interest model and the voting model . Under ASU No. 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a VIE, whether companies still meet the definition of primary beneficiaries, and whether an entity needs to be consolidated under the voting model. ASU No. 2015-02 may be applied using a modified retrospective or full retrospective approach, and is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted in any interim reporting period. On April 1, 2015, the Company adopted ASU No. 2015-02 on a full retrospective basis and re-evaluated its consolidation assessment, concluding that such adoption did not result in a consolidation of entities not previously consolidated nor a deconsolidation of entities previously consolidated. Debt Issuance Costs —In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability, rather than deferring the charges as an asset. This aligns the presentation of debt issuance costs and debt discounts in the balance sheet. ASU No. 2015-03 is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and will be applied retrospectively to each prior period presented. Early adoption is permitted. The Company will comply with the new presentation requirements upon adoption.

Combination with Colony Capital

Combination with Colony Capital	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Combination with Colony Capital	Combination with Colony Capital On April 2, 2015, pursuant to agreements dated December 23, 2014, OP completed its acquisition of the CCLLC trademark name and substantially all of its real estate investment management business and operations, excluding those conducted exclusively in connection with Colony American Homes, Inc. (“CAH”), which is now an internally managed company. The Combination was subject to approval of two-thirds of the Company’s non-affiliated shareholders, which was received at a special meeting of shareholders held on March 31, 2015. Upon consummation of the Combination, CCLLC's personnel became employees of the Company and the Company became an internally managed REIT. The Company plans to sponsor new investment vehicles as general partner under the Colony name. In addition, the Company changed its name from Colony Financial, Inc. to Colony Capital, Inc. The Company’s common stock, which was reclassified as Class A Common Stock, continues to be listed on the NYSE under the ticker symbol “CLNY.” Mr. Thomas J. Barrack, Jr., Executive Chairman, and Mr. Richard B. Saltzman, Chief Executive Officer and President, have entered into 5 -year employment agreements and related lock-up arrangements with the Company, which, subject to certain exceptions for estate planning, partial share pledges and tax-related sales, will generally restrict them from transferring their respective interests in OP Units and/or shares received in connection with the Combination over the same period as their respective employment agreement terms, which restriction would be ratably reduced over such period. Messrs. Barrack and Saltzman also have entered into non-competition arrangements with the Company, each of which will provide for clawback as to a material portion of consideration in the event such individuals violate the non-compete restrictions during the same period as their respective lock-ups. The employment agreements, and related lock-ups and non-competition arrangements became effective at the closing of the Combination. The consideration for the Combination consisted of an upfront and a contingent portion, as follows: • Upfront consideration paid in a combination of 1.43 million shares of Class A Common Stock, 563,987 shares of newly created Class B Common Stock and 21.34 million of OP Units, measured based upon the closing price of the Company’s common stock of $26.19 on April 1, 2015, as well as $60.9 million of cash payments made for working capital, transaction costs incurred on behalf of CCLLC and tax withholding on behalf of Mr. Saltzman. The aggregate upfront consideration was valued at $671.9 million . • Contingent consideration to be paid in a combination of up to approximately 1.02 million shares of Class A Common Stock, 90,991 shares of Class B Common Stock and approximately 3.47 million OP Units, subject to multi-year performance targets for achievement of certain funds from operations 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, a portion of the contingent consideration paid in respect of the other metric would not be paid out in full. Each share of Class B Common Stock and each OP Unit will be, at the holder’s option, convertible into one share of Class A Common Stock, subject, in the case of OP Units, to the terms and conditions set forth in the operating agreement of OP. The following is a summary of the consideration transferred, assets acquired and liabilities assumed on date of acquisition. See Note 8 for further discussions around intangible assets identified, including goodwill, and Note 13 for fair value measurement of contingent consideration. (In thousands) Consideration transferred Cash paid $ 60,900 Class A and Class B common stock issued 52,160 OP Units issued 558,794 Estimated fair value of contingent consideration 69,500 $ 741,354 Identifiable assets acquired and liabilities assumed (1) Cash $ 5,015 Fixed assets 46,396 Other assets 23,039 Intangible asset—Investment management contracts 46,000 Intangible asset—Customer relationships 46,800 Intangible asset—Trade name 15,500 Notes payable (44,337 ) Deferred tax liability (43,673 ) Other liabilities (18,454 ) 76,286 Goodwill 665,068 $ 741,354 __________ (1) The estimated fair values and purchase price allocation are subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. Total income and net income attributable to Colony Capital, Inc. from the investment management segment, as included in the condensed consolidated statement of operations for the three months ended June 30, 2015, were $21.8 million and $6.1 million , respectively. The following table presents pro forma results of the Company as if the Combination had been consummated on January 1, 2014. The amounts have been calculated pursuant to the application of the Company’s accounting policies and adjusting the results of CCLLC's operations to reflect the additional depreciation and amortization, tax and compensation expense, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the six months ended June 30, 2015 were adjusted to exclude acquisition-related expenses of approximately $15.1 million . The unaudited pro forma results are not necessarily indicative of future operating results. Six Months Ended June 30, (In thousands, except per share data) 2015 2014 Pro forma total income $ 368,615 $ 191,878 Pro forma net income attributable to Colony Capital, Inc. 85,452 48,825 Pro forma net income attributable to common stockholders 67,070 37,899 Pro forma net income per common share: Basic $ 0.60 $ 0.42 Diluted $ 0.59 $ 0.42

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company consolidates VIEs for which it is deemed to be the primary beneficiary. Securitization Vehicles The Company securitizes loans receivable using VIEs as a source of financing and as a means of transferring the economic risk of the loans receivable to third parties. Securitization usually occurs in conjunction with or shortly after the Company's origination or purchase of the loans. The securitization vehicles are structured as pass through entities that receive principal and interest on the underlying loan collateral and distribute those payments to the holders of the notes or certificates issued by the securitization vehicles. The loans are transferred into securitization vehicles such that these assets are restricted and legally isolated from the creditors of the Company, and therefore are not available to satisfy the Company's obligations but only obligations of the securitization vehicles. The obligations of the securitization vehicles do not have any recourse to the general credit of any other consolidated entities, nor to the Company. These securitizations did not qualify as sale transactions and are accounted for as secured financing. The Company retains beneficial interests in the securitization vehicles including senior and subordinate securities and equity tranches issued by the securitization vehicles. Affiliates of the Company or appointed third parties act as special servicer of the underlying collateral mortgage loans. The special servicer 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 controlling class representative or directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. The Company’s rights as the directing holder and controlling class representative give the Company the ability to direct activities that most significantly impact the economic performance of the securitization vehicles. Based on these factors, the Company is determined to be the primary beneficiary of the securitization vehicles; thus, all of the underlying assets, liabilities, equity, revenue and expenses of these entities are consolidated into the Company's condensed consolidated financial statements. The inclusion of the assets and liabilities of the securitization vehicles 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 securitization vehicles is generally limited to its investments in these entities. The Company is not obligated to provide any financial support to these consolidated structures and did not do so in the periods reported. As such, the risk associated with the Company’s involvement in the securitization vehicles is limited to the carrying value of its investments in the entities. Operating Company The Company's operating subsidiary under the UPREIT structure, OP, is a limited liability company which has governing provisions that are the functional equivalent of a limited partnership. The Company holds the majority of membership interest in OP, acts as the managing member of OP and exercises full responsibility, discretion and control over the day-to-day management of OP. The noncontrolling interests in OP do not have either substantive liquidation rights, or substantive kick-out rights without cause, or substantive participating rights that could be exercised by a simple majority of noncontrolling interest members (including by such a member unilaterally). The absence of such rights, which represent voting rights in a limited partnership equivalent structure, would render OP to be a VIE. The Company, as managing member, has the power to direct the core activities of OP that most significantly affect OP's performance, and through its majority interest in OP, has both the right to receive benefits from and the obligation to absorb losses of OP. Accordingly, the Company is the primary beneficiary of OP and consolidates OP. As the Company conducts its business and holds its assets and liabilities through OP, the total assets and liabilities of OP comprise substantially all of the total consolidated assets and liabilities of the Company.

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Loans Receivable	Loans Receivable Below is a summary of the Company’s loans held for investment and purchased credit-impaired ("PCI") loans. Carrying amounts of loans held for investment are presented net of allowances for loan losses. June 30, 2015 December 31, 2014 (Amounts in thousands) Unpaid Principal Balance Carrying Amount Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Amount Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 885,288 $ 877,471 10.2 % 4.4 $ 134,636 $ 126,114 6.4 % 8.7 Securitized mortgage loans 152,509 155,713 6.5 % 16.6 170,218 174,292 6.5 % 17.1 B-notes 144,162 146,257 10.0 % 3.5 143,376 140,312 8.5 % 3.2 Mezzanine loans 124,633 126,824 12.2 % 3.0 125,163 125,163 10.3 % 4.6 1,306,592 1,306,265 573,393 565,881 Variable rate Mortgage loans 695,958 690,945 7.1 % 1.9 331,192 326,491 6.9 % 1.9 Securitized mortgage loans 604,892 602,373 5.8 % 5.1 630,420 625,050 5.7 % 6.2 Mezzanine loans 365,189 363,720 10.9 % 1.2 367,863 365,825 10.9 % 1.5 1,666,039 1,657,038 1,329,475 1,317,366 2,972,631 2,963,303 1,902,868 1,883,247 PCI Loans Mortgage loans 1,696,805 1,074,262 334,500 239,702 Securitized mortgage loans 9,564 8,062 9,672 8,185 1,706,369 1,082,324 344,172 247,887 Total loans receivable $ 4,679,000 $ 4,045,627 $ 2,247,040 $ 2,131,134 Details of the Company's loans held for investment with variable interest rates, excluding PCI loans, are as follows: (Amounts in thousands) Index Weighted Average Spread Weighted Average Rate Unpaid Principal Balance Carrying Amount June 30, 2015 Mortgage loans 1-Month LIBOR (1) 6.7% 7.1% (2) $ 692,411 $ 687,525 Mortgage loans 6-Month LIBOR (1) 2.5% 5.4% (2) 3,547 3,420 Securitized mortgage loans 1-Month LIBOR (1) 5.7% 5.9% (2) 498,428 496,780 Securitized mortgage loans 6-Month LIBOR (1) 2.8% 5.8% (2) 91,450 91,586 Securitized mortgage loans 12-Month Treasury Average 2.4% 3.2% (3) 15,014 14,007 Mezzanine loans 1-Month LIBOR (1) 10.6% 10.9% 365,189 363,720 $ 1,666,039 $ 1,657,038 December 31, 2014 Mortgage loans 1-Month LIBOR (1) 6.8% 6.9% (2) $ 326,563 $ 321,997 Mortgage loans 6-Month LIBOR (1) 2.4% 5.3% (2) 4,629 4,494 Securitized mortgage loans 1-Month LIBOR (1) 5.7% 5.8% (2) 499,668 496,394 Securitized mortgage loans 6-Month LIBOR (1) 2.5% 5.8% (2) 105,684 105,743 Securitized mortgage loans 12-Month Treasury Average 2.5% 2.8% (3) 25,068 22,913 Mezzanine loans 1-Month LIBOR (1) 10.7% 10.9% 367,863 365,825 $ 1,329,475 $ 1,317,366 __________ (1) LIBOR = London Interbank Offered Rate (2) Certain loans are subject to a LIBOR floor which was higher than the actual LIBOR at June 30, 2015 and December 31, 2014 . (3) Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor, which was higher than the actual 12MTA at June 30, 2015 and December 31, 2014 . Activity in loans receivable is summarized below: Six Months Ended June 30, (In thousands) 2015 2014 Carrying amount at January 1 $ 2,131,134 $ 1,028,654 Loan acquisitions and originations 575,234 1,164,765 Paid-in-kind interest added to loan principal 14,141 416 Discount and net loan fee amortization 47,109 41,290 Loan repayments (199,035 ) (181,240 ) Payments received from PCI loans (150,859 ) (3,850 ) Transfer to real estate asset upon foreclosure (3,217 ) — Provision for loan losses, excluding interest receivable (4,071 ) — Consolidation of loans receivable held by investment entities (Note 7) 1,629,496 — Effect of changes in foreign exchange rates 5,695 5,903 Carrying amount at June 30 $ 4,045,627 $ 2,055,938 Aging of Loans The following table provides an aging summary of loans receivable, excluding PCI loans. (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total At June 30, 2015 $ 2,935,950 $ 5,954 $ 2,030 $ 19,369 $ 2,963,303 At December 31, 2014 1,864,466 12,002 3,058 3,721 1,883,247 Purchased Credit-Impaired Loans PCI loans are acquired loans with evidence of credit quality deterioration since origination for which it is probable at acquisition that the Company will collect less than the contractually required payments. The excess of cash flows expected to be collected on PCI loans, measured as of the acquisition date, over the estimated fair value represents the accretable yield and is recognized in interest income over the remaining life of the loan using the effective interest method. The difference between contractually required payments as of the acquisition date and the cash flows expected to be collected represents the nonaccretable difference. As discussed in Note 7, effective April 2, 2015, the Company was deemed to have a controlling financial interest in a number of its real estate investment entities, previously accounted for under the equity method. As a result, the Company consolidated these investment entities, including PCI loans held by these entities. The following table presents PCI loans at acquisition date: (In thousands) Six Months Ended June 30, 2015 Contractually required payments including interest $ 1,936,499 Less: Nonaccretable difference (850,212 ) Cash flows expected to be collected 1,086,287 Less: Accretable yield (121,130 ) Fair value of loans acquired $ 965,157 Changes in accretable yield of all PCI loans during the period were as follows: Six Months Ended June 30, (In thousands) 2015 2014 Beginning accretable yield $ 98,523 $ 130,823 Additions — 773 Changes in estimated cash flows (16,802 ) 441 Accretion (37,800 ) (11,189 ) Consolidation of PCI loans held by investment entities (Note 7) 121,130 — Effect of changes in foreign exchange rates (5,355 ) (455 ) Ending accretable yield $ 159,696 $ 120,393 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. Allowance for Loan Losses Loans held for investment are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loans. Allowance for loan losses generally excludes interest receivable as accrued interest receivable is reversed when a loan is placed on nonaccrual status, other than interest receivable on securitized loans for which the Company may receive interest advances from the servicer. The Company evaluates impairment and allowance for loan losses on loans held for investment, excluding PCI loans, on an individual loan basis. PCI loans are evaluated on a pool basis based on loans with similar risk characteristics. The Company continues to estimate cash flows expected to be collected over the life of the PCI loans, and if, upon subsequent evaluation, the Company determines it is probable that the present value of the expected cash flows has decreased, the PCI loan is considered to be further impaired resulting in a charge to the provision for loan losses and a corresponding charge to allowance for loan losses. At June 30, 2015 , allowance for loan losses was $4.6 million , against $43.4 million of carrying value of impaired loans. At December 31, 2014 , allowance for loan losses was $0.2 million , against $3.4 million of carrying value of impaired loans. Provision for loan losses was $4.1 million and $4.4 million for the three and six month periods ended June 30, 2015, respectively, of which $4.0 million in both periods relate to PCI loans. There were no charges made against the allowance for loan losses for the three and six month periods ended June 30, 2015.

Real Estate Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets The Company's real estate assets comprise the following: Estimated Useful Life (in weighted average years) June 30, 2015 December 31, 2014 (Amounts in thousands) Real Estate Held for Investment Land NA $ 504,579 $ 265,263 Buildings and improvements 37 2,121,044 1,351,798 Tenant improvements 6 80,614 33,357 Foreclosed properties 39 14,236 — 2,720,473 1,650,418 Less: Accumulated depreciation (40,616 ) (6,421 ) 2,679,857 1,643,997 Real Estate Held for Sale Land, buildings and improvements NA 314,277 — Foreclosed properties NA 96,478 — 410,755 — Real Estate Assets, Net $ 3,090,612 $ 1,643,997 Consolidation of Real Estate Assets Held by Investments Entities As discussed in Note 7, effective April 2, 2015, the Company consolidated a number of its real estate investment entities, which were previously accounted for under the equity method. This resulted in the consolidation of $816.7 million of total real estate assets, including all foreclosed properties consolidated as of June 30, 2015. Real Estate Acquisitions In January 2015, the Company acquired two higher education campuses in Switzerland. The acquisitions were deemed to be real estate asset acquisitions because the Company acquired the sellers’ properties and concurrently entered into new leases with the sellers in a purchase-leaseback transaction. The total cost of approximately $181 million , including capitalized acquisition costs of approximately $4.1 million , included land of $17.9 million , buildings and improvements of $140.5 million and net lease intangibles of $22.6 million . During the six months ended June 30, 2015, the Company made additional acquisitions of light industrial properties in Minnesota, Texas and the mid-Atlantic region for total purchase price of $191.6 million . The acquisitions were deemed to be business combinations as the properties were acquired subject to existing leases. The purchase price was allocated $37.4 million to land, $148.6 million to buildings and improvements and $5.7 million to net lease intangibles. Total transaction costs of $1.9 million was expensed in connection with the acquisitions. In June 2015, the Company acquired a net-leased office complex in Stavanger, Norway, partially financed with a non-callable bond. The acquisition is a sale-leaseback transaction and deemed to be a real estate asset acquisition. The purchase price of approximately $327.0 million , including capitalized transaction costs of $2.8 million , was allocated $68.3 million to land, $256.0 million to buildings and improvements and $27.8 million to lease intangibles. Depreciation and Impairment Depreciation expense on real estate held for investment was $19.8 million and $0.9 million for the three months ended June 30, 2015 and 2014 , respectively, and $34.4 million and $1.8 million , respectively, for the six months ended June 30, 2015 and 2014 . The Company recorded an impairment of approximately $0.5 million for the six months ended June 30, 2015 in connection with light industrial properties classified as held for sale and written down to fair value less costs to sell in March 2015. These properties were subsequently sold in April 2015. Real Estate Held for Sale Real estate held for sale at June 30, 2015 included $17.5 million classified as held for sale during the period and an additional $393.3 million of real estate held for sale from consolidated investment entities. For the three and six months ended June 30, 2015, the Company recorded gain on sale of real estate, net, of $0.7 million , primarily from disposition of foreclosed properties. Tenant Leases The Company owns properties which are leased to tenants under operating leases with expiration dates through 2034. Certain leases also provide for additional rents based on real estate taxes, utilities, insurance and other operating expenses. Such reimbursements from tenants for the three months ended June 30, 2015 and 2014 were $13.5 million and $0.9 million , respectively, and for the six months ended June 30, 2015 and 2014 were $23.9 million and $1.7 million , respectively, and included in rental income and tenant reimbursements in the accompanying condensed consolidated statements of operations. Future Minimum Rents Future contractual minimum rental payments under noncancelable operating leases, excluding tenant reimbursements, as of June 30, 2015 are as follows: Year Ending December 31, (In thousands) Remaining 2015 $ 93,811 2016 178,861 2017 158,430 2018 136,527 2019 114,749 2020 and after 763,398 Total $ 1,445,776

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures The Company's investments in unconsolidated joint ventures comprise the following: (In thousands) June 30, 2015 December 31, 2014 Investments in unconsolidated joint ventures: Equity method $ 1,027,005 $ 1,646,977 Cost method 99,868 — $ 1,126,873 $ 1,646,977 The Company’s investments in real estate debt and equity are generally structured as joint ventures with one or more private investment funds or other investment vehicles managed by CCLLC or its affiliates prior to the Combination ("Co-Investment Funds"), or to a lesser extent, with unaffiliated third parties. These investment entities are generally capitalized through equity contributions from the members, although certain investments are leveraged through various financing arrangements. The Company’s exposure to the investment entities is limited to its equity method investment balance as of June 30, 2015 and December 31, 2014, respectively. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The assets of the investment entities may only be used to settle the liabilities of these entities and there is no recourse to the general credit of the Company nor the other investors for the obligations of these investment entities. Equity Method Investments Prior to the Combination, a majority of the Company’s investments in real estate debt and equity were accounted for under the equity method as the Company did not have a controlling financial interest but exercised significant influence over these investment entities. Upon closing of the Combination on April 2, 2015, the Company became the investment manager of the Co-Investment Funds and employees of CCLLC, including those who are directors or officers of the investment entities, became employees of the Company. For real estate investment entities structured as joint ventures with Co-Investment Funds, combining the Company's interests with those held by the Co-Investment Funds, to which the Company now acts as investment manager, the Company is considered to have a controlling financial interest in these investment entities post-Combination. Therefore, the Combination represents a reconsideration event which resulted in a shift in controlling financial interest over these investment entities in favor of the Company. Accordingly, the Company consolidated 52 investment entities effective April 2, 2015. The Company did not acquire any economic interests in the Co-Investment Funds nor any additional economic interests in these investment entities as a result of the Combination. Upon initial consolidation of the investment entities, the Company recorded the assets, liabilities, and noncontrolling interests of these entities at fair value. Loan receivables held by the investment entities were valued based on cash flow projections of principal and interest expected to be collected, discounted using interest rates available for borrowers with similar credit metrics, and considering any available market comparables or dealer quotes, if applicable. The fair value of real estate assets held by the investment entities were estimated using a combination of appraised values, broker quotes or market comparables. The carrying value of debt obligations of the investment entities approximated their fair values due to their short term nature or resulting yields that approximate market rates. The following table presents the combined assets, liabilities and noncontrolling interests of the 52 consolidated investment entities as of April 2, 2015: (In thousands) April 2, 2015 Assets: Cash $ 75,412 Loans receivable 1,629,496 Real estate assets 812,672 Other assets 543,404 Total assets $ 3,060,984 Liabilities: Debt $ 282,555 Accrued and other liabilities 65,739 Total liabilities 348,294 Noncontrolling interests 1,700,114 Equity attributable to Colony Capital, Inc. $ 1,012,576 The fair value of the Company's proportionate share of equity interest in the investment entities was $1.0 billion . The excess of fair value over carrying value of the Company's equity interest in these investment entities, net of cumulative translation adjustments reclassified to earnings, resulted in a remeasurement gain of $41.5 million . Total income and net income attributable to OP from these consolidated investment entities included in the condensed consolidated statement of operations for the three months ended June 30, 2015 were $89.0 million and $19.0 million , respectively. Activity in the Company’s equity method investment is summarized below: Six Months Ended June 30, (In thousands) 2015 2014 Balance at January 1 $ 1,646,977 $ 1,369,529 Contributions 203,562 67,338 Distributions (146,429 ) (124,561 ) Equity in net income 37,305 43,753 Equity in other comprehensive (loss) income (612 ) 244 Equity in realized loss (gain) reclassified from accumulated other comprehensive income 161 (3,865 ) Equity method investment entities derecognized and consolidated (957,009 ) — Equity method investments of newly consolidated investment entities 270,966 — Foreign currency translation (loss) gain (27,916 ) 77 Balance at June 30 $ 1,027,005 $ 1,352,515 No single investment in an unconsolidated joint venture represented greater than 20% of total assets as of June 30, 2015 and December 31, 2014 or generated greater than 20% of net income before tax for the six months ended June 30, 2015 and 2014 . Cost Method Investment In January 2015, the Company funded its equity commitment of $50 million to an investor consortium, alongside $50 million from a passive co-investment partner, for the acquisition of common stock in an investee. The Company uses the cost method to account for this non-marketable equity investment as it has neither a controlling interest nor significant influence over the underlying investee. Under the cost method, dividends received from the investment are recorded as dividend income to the extent they are not considered a return of capital, which is recorded as a reduction to the cost of investment. No dividend income was recorded for the three and six months ended June 30, 2015 . Related Party Transactions of Unconsolidated Joint Ventures Prior to the Combination, CCLLC and its affiliates incurred compensation, overhead and direct costs, as well as costs of property management on behalf of the joint ventures and AMCs, for which they were reimbursed by the joint ventures for amounts allocated. Subsequent to the Combination, the Company has assumed the activities of the Manager and has consolidated all of the AMCs and a majority of the joint ventures. Therefore, such costs and corresponding reimbursements have been eliminated upon consolidation. Total costs from such affiliates allocated to the joint ventures were $2.3 million for the three months ended March 31, 2015, and $8.5 million and $16.3 million for the three and six months ended June 30, 2014, respectively. The Company’s proportionate share, based upon its percentage interests in the joint ventures, were $0.8 million for the three months ended March 31, 2015, and $2.3 million and $4.3 million for the three and six months ended June 30, 2014, respectively.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles The following table summarizes intangible assets and liabilities arising from acquisitions of operating real estate, including purchase-leaseback transactions, as well as acquisition of the investment management business: June 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Goodwill $ 685,068 NA $ 685,068 $ 20,000 NA $ 20,000 Trade name 15,500 NA 15,500 — $ — — In-place lease values 121,150 $ (14,272 ) 106,878 48,018 (2,295 ) 45,723 Above-market lease values 25,696 (3,912 ) 21,784 23,194 (280 ) 22,914 Below-market ground lease obligations 1,420 (26 ) 1,394 1,420 (14 ) 1,406 Deferred leasing costs 63,895 (6,434 ) 57,461 36,788 (771 ) 36,017 Investment management contracts 46,000 (4,778 ) 41,222 — — — Customer relationships 46,800 (836 ) 45,964 — — — Total intangible assets $ 1,005,529 $ (30,258 ) $ 975,271 $ 129,420 $ (3,360 ) $ 126,060 Intangible Liabilities Below-market lease values $ 19,705 $ (1,905 ) $ 17,800 $ 10,282 $ (114 ) $ 10,168 Above-market ground lease obligations 171 (3 ) 168 171 — 171 Total intangible liabilities $ 19,876 $ (1,908 ) $ 17,968 $ 10,453 $ (114 ) $ 10,339 Acquisitions of Operating Real Estate Goodwill of $20.0 million arising from the acquisition of a light industrial operating platform on December 18, 2014 represents the value of the acquired operating platform, which primarily consists of its work force and business processes. The goodwill amount recognized is not expected to be deductible for income tax purposes. This goodwill is assigned and reported under the light industrial platform segment. As of June 30, 2015 , no indications of potential impairment to goodwill were identified. Lease intangibles are amortized on a straight-line basis over the remaining term of the respective lease contracts assumed upon acquisition. Acquisition of Investment Management Business Goodwill of $665.1 million was recognized in connection with the acquisition of the investment management business through the Combination on April 2, 2015, and includes the fair value of the assembled workforce acquired. The goodwill amount recognized is not expected to be deductible for income tax purposes. This goodwill is assigned and reported under the investment management segment. As of June 30, 2015 , no indications of potential impairment to goodwill were identified. As a result of the acquisition of the investment management business, the Company recognized identifiable intangible assets which include the Colony trade name as well as contractual rights to earn future management fee income from in-place investment management contracts and customer relationships with institutional clients of private funds. Th e i nvestment management contracts and customer relationships were valued using the income approach and represent the discounted incremental after tax cash flows or excess earnings that are attributable to these intangible assets over their remaining useful life. The discount rates applied were adjusted to reflect the relative risk of the respective fee income streams underlying each intangible asset. The value of the customer relationships also contemplated a retention rate based on the Company's historical rate of reinvestments by existing customers. The value of the trade name was calculated based upon the discounted savings of royalty fees and is derived by applying a hypothetical royalty rate against expected fee income. Contractual rights from investment management contracts are amortized in accordance with their expected future cash flows over their estimated useful lives based on the remaining contractual period of the in-place investment management agreements acquired ranging between 3 to 5 years. Customer relationships with institutional clients of private funds are amortized on a straight-line basis over the estimated life of future funds to be sponsored by the Company ranging between 11 to 14 years. The trade name acquired is not currently subject to amortization as it is determined to have an indefinite useful life at time of acquisition. The following table summarizes the amortization of finite-lived intangible assets and liabilities: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2015 2014 2015 2014 Above-market lease values $ (2,120 ) $ — $ (3,790 ) $ — Below-market lease values 1,138 — 1,779 — Decrease to rental income $ (982 ) $ — $ (2,011 ) $ — Net below-market ground lease obligations Increase to rent expense $ 5 $ — $ 10 $ — In-place lease values $ 7,035 $ 288 $ 12,163 $ 576 Deferred leasing costs 3,115 81 5,688 163 Investment management contracts 4,778 — 4,778 — Customer relationships 836 — 836 — Amortization expense $ 15,764 $ 369 $ 23,465 $ 739 The table below presents the estimated annual amortization of finite-lived intangible assets and liabilities for each of the next five years and thereafter: (In thousands) Year Ending December 31, Remaining 2015 2016 2017 2018 2019 2020 and after Total Intangible Assets In-place lease values $ 12,368 $ 19,238 $ 14,022 $ 10,582 $ 8,348 $ 42,320 $ 106,878 Above-market lease values 3,724 6,485 4,609 2,816 1,333 2,817 21,784 Below-market ground lease obligations 13 26 26 26 26 1,277 1,394 Deferred leasing costs 5,643 10,182 8,460 6,716 5,106 21,354 57,461 Investment management contracts 9,557 15,003 9,940 4,509 1,555 658 41,222 Customer relationships 1,671 3,343 3,343 3,343 3,343 30,921 45,964 Intangible Liabilities — Below-market lease values $ 2,371 $ 4,358 $ 3,614 $ 2,695 $ 1,359 $ 3,403 $ 17,800 Above-market ground lease obligations 3 6 6 6 6 141 168

Other Assets and Liabilities

Other Assets and Liabilities	6 Months Ended
	Jun. 30, 2015
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities	Other Assets and Liabilities Other Assets The following table summarizes the Company's other assets: (In thousands) June 30, 2015 December 31, 2014 Restricted cash (1) $ 185,833 $ 76,945 Deferred financing costs, net (2) 49,055 51,103 Interest receivable 33,443 11,405 Other receivables, including straight-line rents 41,657 1,378 Derivative assets 34,821 26,479 Deferred tax asset — 6,713 Prepaid expenses and other 16,608 7,721 Fixed assets, net 45,460 — Total $ 406,877 $ 181,744 __________ (1) Restricted cash includes borrower escrow accounts, tenant security deposits and escrow accounts for interest, property taxes and capital expenditure reserves required under secured financing agreements. (2) Deferred financing costs are shown net of accumulated amortization of $14.7 million and $13.1 million as of June 30, 2015 and December 31, 2014 , respectively. Fixed assets, net consist of the following: (In thousands) June 30, 2015 Furniture, fixtures, equipment and software $ 1,314 Aircraft 45,305 46,619 Less: Accumulated depreciation and amortization (1,159 ) Fixed assets, net (1) $ 45,460 __________ (1) The Company did not hold any fixed assets prior to and as of March 31, 2015. Fixed assets were acquired through the Combination. Depreciation and amortization expense included in the condensed consolidated statement of operations related to fixed assets was $1.2 million for the three months ended June 30, 2015. Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2015 December 31, 2014 Borrower and tenant reserves $ 123,055 $ 74,237 Deferred income 27,867 8,750 Interest payable 15,123 10,990 Intangible liabilities 17,968 10,339 Derivative liabilities 6,989 6,718 Current and deferred tax liabilities 61,455 429 Accrued compensation and other payables 80,040 16,656 Total $ 332,497 $ 128,119

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Line of Credit The Company has a credit facility (the “JPM Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and certain lenders. As of June 30, 2015 , the JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $645 million . On July 8, 2015, the lenders agreed to increase the principal amount on the revolving credit facility to $800 million . 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 June 30, 2015 , the borrowing base valuation was sufficient to permit borrowings of up to the entire $645 million commitment, of which $149.6 million remained available. Advances under the amended and restated JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.75% . At June 30, 2015 , the Company had outstanding borrowings bearing weighted average interest at 2.94% . The Company also pays a commitment fee of 0.5% or 0.4% of the unused amount ( 0.4% at June 30, 2015 ), depending upon usage. The 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 June 30, 2015 , 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. Secured and Unsecured Debt A number of financing arrangements at previously unconsolidated investment entities are now consolidated as a result of the Combination (Note 7). The following table summarizes certain information about the Company's secured and unsecured debt: (Amounts in thousands) Carrying Amount Type Collateral Interest Rate (per annum) Maturity Date June 30, 2015 December 31, 2014 Secured Debt: Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 $ 24,135 $ — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 7,700 — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 20,413 — Secured financing (2) First mortgage loan secured by residential properties 4.28% fixed Mar-2016 10,405 — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 14,673 — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 83,756 90,164 Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sep-2016 6,701 — Secured financing (3) Participation interest in a first mortgage loan 17.5% fixed Jul-2019 2,289 — Secured financing (4) Senior participation interest in a portfolio of first mortgage loan and subordinated loan 1-month LIBOR+2.85% — — 80,213 Repurchase facility (5) Eligible first mortgage loans originated within the Transitional CRE Lending Platform 1 month LIBOR+2.25% to 2.5% Feb-2016 118,355 85,520 Repurchase facility (6) Eligible first mortgage loans originated within the Transitional CRE Lending Platform 1 month LIBOR+2.5% to 2.75% Apr-2018 117,337 — First mortgage loans (7) Hotel properties 1-month LIBOR+3.5% Dec-2015 97,794 — First mortgage loans (8) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 13,500 — First mortgage loans (9) Office property in Minnesota 4.84% fixed Jan-2024 88,000 88,000 First mortgage loans (10) Office properties throughout Italy 4.02% Nov-2018 79,630 — First mortgage loans (11) Two higher education campuses in Switzerland 2.72% fixed Dec-2029 130,556 — First mortgage loans (12) Portfolio of light industrial real estate assets across the U.S. 1-month LIBOR+2.25% Dec-2019 1,078,704 1,088,500 First mortgage loans (13) Warehouse properties in Spain and shares of borrowing entities 3-month Euribor+2.80% Jun-2022 26,479 — Bond payable (14) Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 203,680 — 2,124,107 1,432,397 Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (15) Portfolio of first mortgage loans originated within the Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 126,228 126,204 CMBS 2014-FL2 (16) Portfolio of first mortgage loans originated within the Transitional CRE Lending Platform 1-month LIBOR+1.96% Nov-2031 203,734 197,655 CMBS MF 2014-1 (17) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed NA 171,289 213,409 (Amounts in thousands) Carrying Amount Type Collateral Interest Rate (per annum) Maturity Date June 30, 2015 December 31, 2014 501,251 537,268 Unsecured Debt: Unsecured note (18) — — Dec-2017 — 10,000 Notes Payable: Promissory note (19) Corporate aircraft 5.02% fixed Dec-2025 43,864 — Total $ 2,669,222 $ 1,979,665 __________ (1) The non-recourse financing is secured by a loan portfolio and requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement ranges from 65% to 80% of all excess cash flow from the underlying loan portfolios, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future. Certain financing arrangements provide extension options. (2) The loan requires monthly interest and principal payments and a balloon repayment at maturity. An interest rate swap was used to fix the interest rate at 4.28% . (3) Participation interest in a secured land acquisition loan on pari passu terms. (4) In connection with the acquisition of a loan portfolio in March 2014, a lender provided concurrent non-recourse financing for $82.3 million , or 65% of the aggregate purchase price. The financing was paid off in April 2015. (5) The Company entered into a master repurchase agreement (“February 2014 Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The February 2014 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. (6) The Company entered into a master repurchase agreement (“April 2015 Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The April 2015 Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 3 years, plus a 1 -year extension option. (7) The loan is secured by hotel properties and matures in December 2015 and bears interest at 1-month LIBOR plus 3.5% . The loan requires monthly interest payments, plus a 0.25% special servicing fee until maturity, as well as a 0.50% workout fee of any prepayment resulting from sales of collateral. (8) The $20 million financing, of which $13.5 million was drawn, requires interest-only monthly payments until maturity with balloon payment at maturity. The note is subject to two one -year extensions. Principal and interest payments are required during the extension period. (9) The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30 -year amortization schedule. 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. (10) Seller provided zero-interest financing on an acquired portfolio of properties with imputed interest of 4.02% , requiring principal payments of €15,750,000 , €35,437,500 and €27,562,000 in November 2016, November 2017 and November 2018, respectively. A discount was established at inception and is being accreted to debt principal as interest expense. (11) Concurrent with the acquisition of two single-tenant net leased properties in January 2015, the Company obtained two 15 -year term, non-recourse, loans with aggregate principal amount of CHF 122.1 million from a financial institution. These loans are secured by the acquired real estate properties and bear interest at a fixed weighted-average rate of 2.72% . The loan agreements require quarterly interest payments until October 10, 2015, then principal and interest payments based on a 33 -year amortization schedule. (12) In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company obtained a $1.13 billion mortgage loan, which was partially drawn at closing. This loan is secured by the acquired real estate portfolio, has an initial term of 2 years, plus three 1 -year extension options, and bears interest at one-month LIBOR plus 2.25% . The interest rate will increase to one-month LIBOR plus 2.5% after the fourth anniversary date. The loan requires interest-only monthly payments, plus a 0.05% administration fee, until maturity, and principal payments upon sales of collateral properties. (13) Loan requires quarterly interest and principal payments of approximately $132,000 with a balloon payment at maturity. (14) The bond requires annual interest payments starting June 2016 and balloon payment at maturity. (15) In April 2014, an indirect Cayman subsidiary of the Company, Colony Mortgage Capital Series 2014-FL1, Ltd. (“FL1 Issuer”) securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform and issued several classes of secured notes and income notes (the "2014-FL1 Notes"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the notes have 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. (16) In November 2014, an indirect Cayman subsidiary of the Company, Colony Mortgage Capital Series 2014-FL2 Ltd. (“FL2 Issuer”) securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform and issued several classes of secured notes and income notes (the "2014-FL2 Notes"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the notes have a contractual maturity date of November 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. (17) In October 2014, the Company transferred loans previously acquired from third parties and secured by multifamily properties into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, which issued several classes of certificates (collectively, "MF 2014-1 Certificates"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the certificates do not have a contractual maturity date, 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 remaining terms of 1 to 24 years. (18) In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P. ("CCM"), an affiliate of Cobalt Capital Partners, L.P. and a service provider that continues to manage the light industrial portfolio and its day-to-day operations. The note was to mature on the third anniversary of the date of acquisition. In May 2015, the CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15). (19) Concurrent with the Combination, the Company assumed two promissory notes secured by the corporate aircraft bearing interest at a fixed weighted-average rate of 5.02% . The promissory notes are payable in monthly installments with a balloon payment of the remaining balance at maturity. 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 future minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of June 30, 2015 : Year Ending December 31, (In thousands) Remaining 2015 $ 337,619 2016 256,463 (1) 2017 303,738 (1) 2018 185,075 (1) 2019 1,188,274 2020 and after 406,207 Total $ 2,677,376 __________ (1) Amounts include a combined $8.2 million of discount on seller-provided zero -interest financing being accreted to debt principal. Convertible Senior Notes Convertible Senior Notes issued by the Company and outstanding as of balance sheet dates are as follows: Conversion Price (per share of common stock) June 30, 2015 December 31, 2014 Description Issuance Date Due Date Interest Rate Redemption Date Outstanding Principal (in thousands) Carrying Amount (in thousands) Outstanding Principal (in thousands) Carrying Amount (in thousands) 5% Convertible Senior Notes April 2013 April 15, 2023 5.00% fixed $ 23.60 On or after April 22, 2020 $ 200,000 $ 200,000 $ 200,000 $ 200,000 3.875% Convertible Senior Notes January and June 2014 January 15, 2021 3.875% fixed 24.82 On or after January 22, 2019 402,500 404,349 402,500 404,498 $ 602,500 $ 604,349 $ 602,500 $ 604,498 The Company may redeem the Convertible Senior Notes at its option at any time on or after the respective redemption dates of the Convertible Notes if the last reported sale price of the Company's 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.

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company uses derivative instruments to manage the risk of changes in interest rates and foreign exchange rates, arising from both its business operations and economic conditions. Specifically, the Company enters into derivative instruments to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and cash payments, the values of which are driven by interest rates, principally relating to the Company’s investments and borrowings. Additionally, the Company’s foreign operations expose the Company to fluctuations in foreign interest rates and exchange rates. The Company enters into derivative instruments to protect the value or fix certain of these foreign denominated amounts in terms of its functional currency, the U.S. dollar. Derivative instruments used in the Company’s risk management activities may be designated as qualifying hedge accounting relationships (“designated hedges”) or otherwise used for economic hedging purposes (“non-designated hedges”). The Company does not use derivative instruments for speculative or trading purposes. Gross fair value of derivative assets and derivative liabilities included in the condensed consolidated balance sheets are as follows: June 30, 2015 December 31, 2014 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 33,783 $ 490 $ 34,273 $ 25,820 $ — $ 25,820 Interest rate contracts 55 493 548 402 257 659 Included in other assets $ 33,838 $ 983 $ 34,821 $ 26,222 $ 257 $ 26,479 Derivative Liabilities Foreign exchange contracts $ 6,778 $ 195 $ 6,973 $ 6,718 $ — $ 6,718 Interest rate contracts 16 — 16 — — — Included in accrued and other liabilities $ 6,794 $ 195 $ 6,989 $ 6,718 $ — $ 6,718 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 June 30, 2015 , the Company had no amounts on deposit related to these agreements. Designated Hedges Changes in fair value of derivatives designated as accounting hedges are recorded in accumulated other comprehensive income (“AOCI”) and reclassified into the line item in the income statement in which the hedged item is recorded in the same period the hedged item affects earnings. Hedge ineffectiveness as well as gains and losses on any non-designated portion of a derivative instrument are recorded in earnings in other gain (loss), net. Net Investment Hedges The Company’s foreign denominated net investments in joint ventures, loans receivable and real estate totaled approximately €368.2 million , £135.9 million , CHF54.4 million and NOK924.5 million , or a total of $799.6 million , as of June 30, 2015 and €315.9 million and £128.0 million , or a total of $581.7 million , as of December 31, 2014 . The Company entered into foreign exchange contracts to hedge the foreign currency exposure of its net investments, designated as accounting hedges of net investments, as follows: • forward contracts whereby the Company agrees to sell an amount of foreign currency for an agreed upon amount of U.S. dollars; and • foreign exchange collars (caps and floors) without upfront premium costs, which consist of a combination of currency options with single date expirations, whereby the Company gains protection against foreign currency weakening below a specified level and pays for that protection by giving up gains from foreign currency appreciation above a specified level. These foreign exchange contracts are used to protect certain of the Company’s foreign denominated investments and receivables from adverse foreign currency fluctuations. The following table summarizes the aggregate notional amount of the foreign exchange contracts in place along with various key terms as of June 30, 2015 : Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates EUR Collar € 228,825 Min $1.09 / Max $1.57 July 2015 to May 2020 GBP Collar £ 71,685 Min $1.45 / Max $1.82 September 2017 to December 2019 EUR Forward € 87,977 Range between $1.10 to $1.40 September 2015 to July 2018 GBP Forward £ 39,680 Range between $1.49 to $1.57 September 2015 to November 2015 CHF Forward CHF 53,184 Range between $1.47 to $1.50 January 2030 NOK Forward NOK 923,000 Range between $0.129 to $0.131 August 2015 Cash Flow Hedges The Company uses various interest rate derivatives designated as cash flows hedges to limit the exposure of increases in interest rates on various LIBOR-indexed debts. As of June 30, 2015 and 2014, the Company held the following interest rate derivatives: Instrument Type Notional Amount Index Strike Expiration Interest rate caps $ 1,084,575 1-Month LIBOR 2.50% to 3.00% July 2015 to December 2016 Interest rate swap 10,405 1-Month LIBOR 4.28% March 2016 No gains or loss was recognized in earnings related to these cash flow hedges for the three and six months ended June 30, 2015 and 2014. For the three and six months ended June 30, 2015, $0.5 million and $0.3 million , respectively, of unrealized loss for ineffectiveness related to net investment hedges was recorded in earnings. There was no hedge ineffectiveness for the three and six months ended June 30, 2014 . 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 accounting hedges. Changes in the fair value of derivatives not designated as hedges are recorded in other gain or loss in the condensed consolidated statements of operations. Interest Rate Derivatives The Company entered into an interest rate cap in connection with the $1.1 billion first mortgage debt obtained from a financial institution to finance its acquisition of a light industrial portfolio in December 2014. A portion of this cap in the notional amount of $182.8 million with a 3.0% strike on one-month LIBOR and expiring in December 2016 was not designated as an accounting hedge. The Company entered into interest rate caps in connection with a first mortgage debt in June 2015, with aggregate notional amount of €23.8 million , a 1.50% strike on 3-Month Euro Interbank Offered Rate ("Euribor") and expiration in June 2022. For the three months and six months ended June 30, 2015, net fair value loss associated with non-designated hedges of $0.3 million and $0.4 million , respectively, were included in other gain (loss), net in the condensed consolidated statements of operations. For the three and six months ended June 30, 2014, a mark-to-market gain of $11,000 and $14,000 , respectively, were included in other gain, net in the condensed consolidated statements of operations Concurrently with the acquisition of beneficial interests in debt securities in June 2011, 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 June 30, 2014). 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 the accrued amount of $140,000 at June 30, 2014. For the three months ended June 30, 2014, a gain of $2.4 million was recognized to reflect the settlement at this lower amount, which was partially offset by the loss of $2.2 million on the settlement of the bonds. For the six months ended June 30, 2014, $2.3 million was included in other gain, net in the condensed statements of operations. Foreign Exchange Derivatives As of June 30, 2015, portions of the foreign exchange contracts previously designated as accounting hedges of net investments were de-designated due to the excess of the original notional amount over the hedged net investments. Changes in the fair value of the de-designated derivatives are recorded in other gain, net in the condensed statements of operations. The following table represents the aggregate notional amount of the de-designated foreign exchange contracts: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates GBP Collar £ 3,315 $1.50 September 2019 EUR Forward € 3,523 Range between $1.15 and $1.27 December 2016 GBP Forward £ 370 $1.51 November 2015 CHF Forward CHF 2,361 $1.47 January 2030

Balance Sheet Offsetting

Balance Sheet Offsetting	6 Months Ended
	Jun. 30, 2015
Offsetting [Abstract]
Balance Sheet Offsetting	Balance Sheet Offsetting The Company enters into agreements subject to enforceable master netting arrangements with its derivative counterparties that allow the Company to offset the settlement of derivative assets and liabilities in the same currency by derivative instrument type or, in the event of default by the counterparty, to offset all derivative assets and liabilities with the same counterparty. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the condensed consolidated balance sheets. The table below sets forth derivative positions where the Company has a right of set off under netting arrangements with the same counterparty. Gross Amounts Not Offset on Consolidated Balance Sheets (In thousands) Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Derivative (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) June 30, 2015 Derivative Assets Foreign exchange forwards $ 12,759 $ (5,866 ) $ — $ 6,893 Foreign exchange collars 21,514 (1,107 ) — 20,407 Interest rate caps 548 — — 548 $ 34,821 $ (6,973 ) $ — $ 27,848 Derivative Liabilities Foreign exchange forwards $ (5,877 ) $ 5,877 $ — $ — Foreign exchange collars (1,096 ) 1,096 — — Interest rate swap (16 ) — — (16 ) $ (6,989 ) $ 6,973 $ — $ (16 ) December 31, 2014 Derivative Assets Foreign exchange forwards $ 10,667 $ — $ — $ 10,667 Foreign exchange collars 15,153 (6,718 ) — 8,435 Interest rate caps 480 — — 480 Interest rate swap 179 — — 179 $ 26,479 $ (6,718 ) $ — $ 19,761 Derivative Liabilities Foreign exchange collars $ (6,718 ) $ 6,718 $ — $ — $ (6,718 ) $ 6,718 $ — $ —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Level 1 fair values are based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair values use quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or valuation techniques utilizing inputs that are observable directly or indirectly. Level 3 fair values are determined based on valuation techniques using at least one significant assumption or input that is unobservable and requires significant management judgment or estimate. Recurring Fair Values As of June 30, 2015 and December 31, 2014, derivative assets and derivative liabilities are carried at fair value on a recurring basis and classified under Level 2 fair value hierarchy, as presented in Note 11, Derivatives and Hedging . These interest rate contracts and foreign exchange contracts are traded over-the-counter and valued based on observable inputs such as contractual cash flows, yield curve, foreign currency rates and credit spreads, taking into consideration any credit valuation adjustments, as applicable. 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. Contingent consideration payable in connection with the Combination, included in due to affiliates, is remeasured at fair value each reporting period and classified under the Level 3 fair value hierarchy. At date of acquisition on April 2, 2015, the contingent consideration had an estimated fair value of $69.5 million . The fair value was measured using a discounted payout analysis that was based on probability-weighted average estimates of achieving prescribed multi-year performance targets. These targets include a contractually defined funds from operations per share metric and capital raising in the funds management business. Discount rates applied to probability-weighted payouts for each performance target scenario analogize to the Company's payment risk and approximate the Company's pre-tax cost of debt, ranging between 6.6% and 6.9% per annum. At June 30, 2015, the fair value of the contingent consideration was $70.6 million . The $1.1 million increase in fair value reflects the accretion between April 2, 2015 and June 30, 2015 of the discount applied to estimate fair value, and was recognized as a loss in other gain, net on the condensed consolidated statements of operations. There was otherwise no change in the range of outcomes and assumptions used to estimate the fair value of the contingent consideration. Nonrecurring Fair Values The Company holds certain assets carried at fair value on a nonrecurring basis, which comprise loans held for sale and real estate held for sale carried at the lower of fair value and carrying value less estimated selling costs. There were no assets at June 30, 2015 and December 31, 2014 that were written down and carried at nonrecurring fair values. An impairment of approximately $0.5 million was recognized in impairment of real estate assets on the condensed consolidated statements of operations for the six months ended June 30, 2015 in connection with real estate assets classified as held for sale and written down to fair value less costs to sell in March 2015. Fair Value Disclosure of Financial Instruments Reported at Cost Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below: Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2015 Assets Investments in unconsolidated joint ventures $ — $ — $ 1,510,101 $ 1,510,101 $ 1,126,873 Loans held for investment — — 4,100,248 4,100,248 4,045,627 Liabilities Line of credit — 495,400 — 495,400 495,400 Secured and unsecured debt — — 2,131,761 2,131,761 2,124,107 CMBS debt — 500,625 — 500,625 501,251 Notes payable — — 43,864 43,864 43,864 Convertible senior notes 620,692 — — 620,692 604,349 December 31, 2014 Assets Investments in unconsolidated joint ventures $ — $ — $ 1,963,965 $ 1,963,965 $ 1,646,977 Loans held for investment — — 2,163,500 2,163,500 2,131,134 Liabilities Line of credit — 164,000 — 164,000 164,000 Secured and unsecured debt — — 1,442,397 1,442,397 1,442,397 CMBS debt — 536,927 — 536,927 537,268 Convertible senior notes 617,763 — — 617,763 604,498 Fair values of loans held for investment are estimated based on cash flow projections of principal and interest expected to be collected, discounted using interest rates available for borrowers with similar credit metrics, and considering any available market comparables or dealer quotes, if applicable. Carrying values of loans held for investment are presented net of allowances for loan losses, where applicable. 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. Fair value of the line of credit approximated carrying value as its prevailing interest rate and applicable terms were recently renegotiated and agreed upon with the Company's lender in December 2014. Fair values of the secured and unsecured financing were estimated by discounting expected future cash outlays at current interest rates available for similar instruments. Fair value of CMBS debt was determined using the last trade price of similar instruments in active markets, and for recent securitizations, fair value approximates carrying value. Fair value of notes payable approximated carrying values based on market rate for debt with similar underlying collateral. Fair value of convertible senior notes was determined using the last trade price in active markets. The carrying values of cash, interest receivable, due from affiliates and accrued and other liabilities approximate fair values due to their short term nature.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock The table below summarizes the preferred stock outstanding as of June 30, 2015: Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Redemption Period Series A 8.5% Cumulative Redeemable Perpetual 8.5% March 2012 10,080 $ 101 $ 252,000 On or after March 27, 2017 Series B 7.5% Cumulative Redeemable Perpetual 7.5% June 2014 3,450 34 86,250 On or after June 19, 2019 Series C 7.125% Cumulative Redeemable Perpetual 7.125% April 2015 11,500 115 287,500 On or after April 13, 2020 25,030 $ 250 $ 625,750 In April 2015, the Company issued 11.5 million shares of its 7.125% Series C Cumulative Redeemable Perpetual Preferred Stock through an underwritten public offering and received proceeds of approximately $278 million , net of underwriting discounts, commissions and offering costs payable by the Company. Each series of the Company's preferred stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not declared) exclusively at the Company’s option. The redemption period for each series of preferred stock is subject to the Company’s right under limited circumstances to redeem the 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 each series of preferred stock). All series of preferred stock are at parity with respect to dividends and distributions, including distributions upon liquidation, dissolution or winding up, and all preferred stock are senior to the Company’s common stock. Dividends of each series of preferred stock are payable quarterly in arrears in January, April, July and October. Each series of preferred stock generally does not have any voting rights, except if the Company fails to pay the preferred dividends for six or more quarterly periods (whether or not consecutive). Under such circumstances, the 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 any series of preferred stock cannot be made without the affirmative vote of holders of at least two-thirds of the outstanding shares voting separately as a class for each series of preferred stock. Common Stock At the closing of the Combination on April 2, 2015, all outstanding common stock at that time was reclassified on a one-for-one basis to Class A common stock, with equivalent terms, and a new class of common stock, Class B, was created. As discussed in Note 3 , 1.43 million shares of Class A Common Stock and 563,987 shares of Class B Common Stock were issued as part of the upfront consideration for the Combination. Except with respect to voting rights, Class A and Class B common stock have the same rights and privileges and rank equally, share ratably in dividends and distributions, and are identical in all respects as to all matters. Class B common stock may only be issued in conjunction with the issuance of OP Units, which are membership interests in the Operating Company, in a ratio of no more than one share of Class B common stock for every thirty-five and one-half OP Units. Class A common stock has one vote per share and Class B common stock has thirty-six and one-half votes per share. This gives the holders of Class B common stock a right to vote that reflects the aggregate outstanding non-voting economic interest in the Company attributable to Class B common stock holders and therefore, does not provide any disproportionate voting rights. Each share of Class B common stock shall convert automatically into one share of Class A common stock if the Executive Chairman or his beneficiaries directly or indirectly transfer beneficial ownership of Class B common stock or OP Units held by them, other than to certain qualified transferees, which generally includes affiliates and employees. In addition, each holder of Class B common stock has the right, at the holder’s option, to convert all or a portion of such holder’s Class B common stock into an equal number of shares of Class A common stock. At-The-Market Stock Offering Program ("ATM Program") In May 2015, 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 $300 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 Exchang (“NYSE”), or sales made to or through a market maker other than on an exchange. The Company pays each sales agent a commission not to exceed 2% 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 Class A common stock by reinvesting some or all of the cash dividends received on their shares of the Company’s Class A common stock or making optional cash purchases within specified parameters. The DRIP Plan involves acquisition of Class A common stock either in the open market, directly from the Company as newly issued common stock, or in privately negotiated transactions with third parties. For the six months ended June 30, 2015, there were no shares of Class A common stock acquired under the DRIP Plan. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in each component of accumulated other comprehensive income (loss) 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 244 (2,488 ) (6 ) 6,129 (4,562 ) (683 ) Amounts reclassified from accumulated other comprehensive income (3,865 ) 2,163 — (1 ) — (1,703 ) Net other comprehensive (loss) income (3,621 ) (325 ) (6 ) 6,128 (4,562 ) (2,386 ) Balance at June 30, 2014 $ — $ — $ (25 ) $ 7,977 $ (7,745 ) $ 207 Balance at December 31, 2014 $ 451 $ — $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Other comprehensive income (loss) before reclassifications (612 ) — (205 ) (26,109 ) 15,179 (11,747 ) Amounts reclassified from accumulated other comprehensive income 161 — — 45,407 (32,766 ) 12,802 Net other comprehensive (loss) income (451 ) — (205 ) 19,298 (17,587 ) 1,055 Balance at June 30, 2015 $ — $ — $ (306 ) $ (33,345 ) $ 6,215 $ (27,436 ) Information about amounts reclassified out of accumulated other comprehensive income attributable to stockholders by component is presented below: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Condensed Consolidated Statements of Operations Component of AOCI with reclassification into earnings 2015 2014 2015 2014 Equity in realized gain on sale of marketable securities of unconsolidated joint ventures $ — $ — $ (161 ) $ 3,865 Equity in income of unconsolidated joint ventures Settlement loss on beneficial interests in debt securities — (2,163 ) — (2,163 ) Other gain (loss), net Realized foreign exchange gain (loss) (12,856 ) — (12,641 ) 1 Other gain (loss), net Ineffectiveness on net investment hedges — — — — Other gain (loss), net Changes in accumulated other comprehensive income attributable to noncontrolling interests for the six months ended June 30, 2015 is presented below. Such amounts for the corresponding period in 2014 were inconsequential. (In thousands) 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, 2014 $ (52 ) $ (3,616 ) $ (1 ) $ (3,669 ) Other comprehensive income (loss) before reclassifications (139 ) 22,677 (2,978 ) 19,560 Amounts reclassified from accumulated other comprehensive income — 8,658 (6,207 ) 2,451 Net other comprehensive (loss) income (139 ) 31,335 (9,185 ) 22,011 Balance at June 30, 2015 $ (191 ) $ 27,719 $ (9,186 ) $ 18,342

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests in Investment Entities This represents interests in consolidated real estate investment entities held primarily by private investment funds or other investment vehicles managed by the Company ("Co-Investment Funds"), which prior to the Combination, were managed by CCLLC or its affiliates, and to a lesser extent, held by unaffiliated third parties. Allocation of net income or loss is based on contractual arrangements that govern sharing of economic returns from the investment entities, absence of which, allocation of net income or loss is made in accordance with relative ownership interests held by equity owners in each investment entity. Noncontrolling Interests in Operating Company This represents membership interests in OP held by affiliates and senior executives. A majority of the OP Units held by noncontrolling interests were issued as part of the consideration for the Combination. Noncontrolling interests in OP are attributed a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. At the end of each period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable. Noncontrolling interests in OP, subject to lock-up agreements, have the right to require OP to redeem part or all of such member’s OP Units. OP can redeem the noncontrolling interests either through issuance of the Company's Class A common stock on a one-for-one basis, in the form of registered or unregistered shares, or make a cash payment based on the market value of an equivalent number of shares of the Company’s common stock at the time of redemption. In June 2015, OP issued an additional 412,865 common OP Units to an affiliate, CCM. As discussed in Note 10, the Company issued a $10 million unsecured note to CCM in connection with the acquisition of a portfolio of light industrial real estate assets and operating platform in December 2014. In May 2015, CCM exercised its rights under the note and contributed the note to OP in exchange for OP Units.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2015 2014 2015 2014 Net income allocated to common stockholders Net income $ 103,084 $ 51,002 $ 119,299 $ 80,852 Net income attributable to noncontrolling interests: Investment entities (34,630 ) (13,353 ) (40,316 ) (21,473 ) Operating Company (9,138 ) — (9,138 ) — Net income attributable to Colony Capital, Inc. 59,316 37,649 69,845 59,379 Preferred dividends (11,410 ) (5,571 ) (18,382 ) (10,926 ) Net income attributable to common stockholders 47,906 32,078 51,463 48,453 Net income allocated to participating securities (nonvested shares) (350 ) (247 ) (609 ) (487 ) Net income allocated to common stockholders—basic 47,556 31,831 50,854 47,966 Interest expense attributable to convertible senior notes (1) 6,925 5,347 — — Net income allocated to common stockholders—diluted $ 54,481 $ 37,178 $ 50,854 $ 47,966 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 111,394 91,673 110,410 86,342 Weighted average effect of dilutive shares (1) 25,040 18,757 — 10 Weighted average number of common shares outstanding—diluted 136,434 110,430 110,410 86,352 Earnings per share Basic $ 0.43 $ 0.35 $ 0.46 $ 0.56 Diluted $ 0.40 $ 0.34 $ 0.46 $ 0.56 __________ (1) OP units, subject to lock-up agreements, may be redeemed for registered or unregistered Class A common shares on a one-for-one basis. At June 30, 2015, there were 21,749,000 OP units outstanding that may be redeemed into 21,749,000 Class A common shares. These OP units would not be dilutive and were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2015. For the six months ended June 30, 2015, excluded from the calculation of diluted net income per share is the effect of adding back $13.9 million of interest expense and 25,073,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive. For the six months ended June 30, 2014, excluded from the calculation of diluted net income per share is the effect of adding back $9.7 million of interest expense and 16,809,600 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Affiliates include funds and other investment vehicles managed by the Company, directors, senior executives, and employees, and prior to the Combination, the Manager and its affiliates. Amounts due from and due to affiliates, as presented on the condensed consolidated balance sheets, consist of the following: (In thousands) June 30, 2015 December 31, 2014 Due from Affiliates Management fee receivable $ 11,833 $ — Due from funds and unconsolidated joint ventures 3,946 — Other 3,032 — $ 18,811 $ — Due to Affiliates Contingent consideration $ 70,640 $ — Amounts due to the Manager or its affiliates: Base management fee expense — 9,173 Secondment reimbursement — 1,393 Reimbursement of direct and allocated administrative and investment costs — 1,670 $ 70,640 $ 12,236 Prior to the Combination, the Company was externally managed by an affiliate. Amounts payable to the Manager under this arrangement included: ▪ Base management fee of 1.5% per annum of stockholders' equity, as defined; ▪ Incentive fee each quarter, measured based on a core earning metric, as defined in the management agreement, payable in shares of the Company's common stock; ▪ Reimbursement of certain expenditures incurred by the Manager, including allocation of overhead costs; and ▪ Cost of employment for the Company's chief financial officer pursuant to a secondment agreement with an affiliate of the Manager. Amounts incurred and payable to the Manager or its affiliates for periods prior to the Combination were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Base management fee expense $ 101 $ 7,563 $ 9,165 $ 14,205 Incentive fees — 464 — 464 Compensation pursuant to secondment agreement — 340 450 664 Direct and allocated investment-related expenses — 603 366 1,349 Direct and allocated administrative expenses — 743 1,922 1,410 $ 101 $ 9,713 $ 11,903 $ 18,092 Subsequent to the Combination which closed on April 2, 2015, the Company is internally managed and incurs all costs directly. Additionally, the management and investment personnel of the Manager became employees of the Company. Transactions with affiliates post-Combination include the following: Base and Asset Management Fees— Pursuant to management and advisory agreements, the Company earns base and asset management fee income from managing Colony-sponsored funds and their respective investments. Base and asset management fees from affiliates, included in fee income, totaled $21.6 million for the three months ended June 30, 2015. Other Income— The Company received cost reimbursement for administrative services provided to affiliates, including property management services on behalf of the Company's real estate investment entities, of approximately $1.3 million for the three months ended June 30, 2015, included in other income. Due from Funds— The Company pays certain expenses on behalf of Colony-sponsored funds in the normal course of business, for which it is reimbursed. Advances— Certain employees are permitted to participate in co-investment vehicles which generally invest in Colony-sponsored funds alongside third party investors. Additionally, the Company grants loans to certain employees in the form of promissory notes bearing interest rates of up to 7% per annum with varying terms and repayment conditions. At June 30, 2015, such outstanding advances were immaterial. Corporate Aircraft— The Company's corporate aircraft may occasionally be used for business purposes by affiliated entities or for personal use by certain senior executives of the Company. Affiliated entities and senior executives reimburse the Company for their usage based on the incremental cost to the Company of making the aircraft available for such use, and includes direct and indirect variable cost of operating the flights. Reimbursements for the three months ended June 30, 2015 amounted to $0.1 million , included in other income. Contingent Consideration Liability— The contingent consideration in connection with the Combination, as described in Note 3, is payable to certain senior executives of the Company, if prescribed performance targets are met.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation 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 one year from the date of grant. Equity Incentive Plan On May 8, 2014, the Company’s stockholders approved the Colony Capital, 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 Class A 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 as well as service providers are eligible to receive awards under the Equity Incentive Plan. The Company has reserved a total of 2,500,000 additional shares of Class A common stock for issuance pursuant to the Equity Incentive Plan, in addition to (i) the number of shares of Class A common stock available for issuance under the 2011 Plan as of May 8, 2014 and (ii) the number of shares of Class A 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 Class A 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. Prior to the Combination, stock grants made to the Manager and its employees were considered non-employee awards and were remeasured at fair value at each period end until the awards fully vested, with such costs forming part of management fee expense. Following the Combination in which the management and investment personnel of the Manager became employed by the Company, these stock grants are treated as equity classified employee awards. The outstanding awards as of the date of closing of the Combination were remeasured at fair value based on the closing price of the Company's Class A common stock on that date and compensation cost recognized on a straight-line basis over the remaining vesting period of the awards, presented within compensation expense. There were no changes to the existing service requirement or any other terms of the awards, nor new conditions attached to the awards in connection with the Combination. Stock grants made to non-executive directors of the Company continue to be classified as employee awards and such costs are included in compensation expense subsequent to the Combination, previously in administrative expense. Share-based compensation expense recognized in the condensed consolidated statements of operations is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Stock grants to the Manager and employees (1) $ 2,407 $ 1,945 $ 8,305 $ 6,050 Stock grants to non-executive directors 342 66 430 121 $ 2,749 $ 2,011 $ 8,735 $ 6,171 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015. Changes in the Company’s nonvested share awards is summarized below: Restricted Stock Grants Non-Executive Directors Manager and Employees (1) Total Weighted Average Grant Date Fair Value Nonvested shares at December 31, 2014 15,234 674,204 689,438 $ 19.54 Granted 23,226 618,081 641,307 24.42 Vested (20,548 ) (484,947 ) (505,495 ) 20.71 Forfeited — (5,547 ) (5,547 ) 26.06 Nonvested shares at June 30, 2015 17,912 801,791 819,703 22.60 Weighted average grant-date fair value for shares granted during the period $ 25.24 $ 24.39 Fair value of shares vested were $0.2 million for three months ended June 30, 2015, and $12.3 million and $6.9 million for the six months ended June 30, 2015 and 2014 , respectively. There were no shares vested for the three months ended June 30, 2014. Fair value of shares vested was determined based on the closing price of the Company's Class A common stock on respective vesting dates for non-employee awards and on the date of closing of the Combination for employee awards. As of June 30, 2015 , aggregate unrecognized compensation cost related to nonvested restricted stock grants was approximately $16.3 million and is expected to be fully recognized over a weighted-average period of 25 months.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”), which may hold assets that the REIT cannot (or does not intend to) hold directly, or to engage in certain real estate or non-real estate related business activities. The investment management business that was acquired in the Combination is generally conducted directly through a TRS. Each TRS entity is treated as a regular corporation for income tax purposes and may be subject to federal, state, local and foreign taxes on its income and/or property. Components of the Company’s income tax expense is presented below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Current Federal $ 305 $ 306 $ 573 $ 653 State 201 95 411 197 Foreign 483 — 483 — Total current tax expense 989 401 1,467 850 Deferred Federal (600 ) (296 ) (486 ) (472 ) State (40 ) (104 ) 18 (132 ) Total deferred tax benefit (640 ) (400 ) (468 ) (604 ) Total income tax expense $ 349 $ 1 $ 999 $ 246 Deferred tax assets and liabilities arise from temporary differences in recognition for GAAP and income tax purposes, the carrying values of intangible assets and income from investments conducted through TRSs, primarily due to timing of discount amortization on purchased loans, accelerated depreciation methods used for income tax purposes and accelerated impairment or remeasurement gain recognized under GAAP. On April 2, 2015, deferred tax liabilities of $43.7 million and $3.5 million , respectively, were recognized for the tax effect on the carrying values of identifiable intangible assets arising from the Combination and on the remeasurement gain recognized upon consolidation of investment entities previously accounted for under the equity method. The Company also recorded a $24.0 million deferred tax liability related to tax basis difference on a sale-leaseback transaction during the second quarter of 2015. At June 30, 2015, the Company had a net deferred tax liability of $60.7 million , included in accrued and other liabilities. At December 31, 2014, the Company had a net deferred tax asset of $6.5 million , included in other assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Investment Commitments Investments in Unconsolidated Joint Ventures— 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 June 30, 2015 , the Company’s share of those commitments was $88.7 million . Consolidated Real Estate Debt Investments— The Company may be required to fund additional amounts to borrowers pursuant to certain loan agreements. As of June 30, 2015 , combined unfunded lending commitments totaled $500.2 million , of which the Company's share, net of noncontrolling interests, was $288.7 million . Consolidated Real Estate Equity Investments— As of June 30, 2015, the Company, through a wholly-owned consolidated investment entity, has a $34.0 million commitment to acquire an operating property. In connection with the Company's acquisition of a light industrial portfolio and operating platform in December 2014, the Company, together with 38% third-party limited partners, may be required to fund additional amounts for future real estate acquisitions and operating costs through ColFin Industrial Partnership, as directed by the general partner of this entity, which is a controlled affiliate of the Company. As of June 30, 2015 , such unfunded commitment was $231.6 million , representing $144.4 million for the Company and $87.2 million for the limited partners. Lease Commitments Ground Leases— In connection with certain property acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee. The ground leases expire at various dates through 2078. Certain leases require contingent rent payments based on a percentage of gross rental receipts, net of certain operating expenses, as defined in the lease. For the three and six months ended June 30, 2015 , ground rent expense was $103,000 and $175,000 , respectively, including contingent rent. Rents paid under the ground leases are recoverable from tenants. Office Leases— The Company leases office space under noncancellable operating leases with expiration dates through 2025. The lease agreements provide for payment of various operating expenses, with certain operating costs incurred by the landlord subject to escalation clauses. Rent expense in connection with leases of office space was $1.3 million for the three months ended June 30, 2015, included in administrative expenses. Prior to the Combination on April 2, 2015, such administrative cost was incurred directly by the Manager. As of June 30, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases are as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Remaining 2015 $ 126 $ 2,354 2016 255 3,850 2017 255 3,551 2018 255 2,844 2019 255 1,952 2020 and after 12,360 8,650 Total $ 13,506 $ 23,201 Contingent Consideration As discussed in Note 3, the consideration for the Combination included a contingent portion payable in shares of Class A and Class B common stock as well as OP Units, subject to multi-year performance targets. At June 30, 2015, the fair value of the contingent consideration was $70.6 million . Guarantees In connection with financing arrangements for certain unconsolidated joint ventures, the Company provided customary non-recourse carve-out guarantees. The Company believes that the likelihood of making any payments under the guarantees is remote, and has not accrued for a guaranty liability as of June 30, 2015 . Litigation In the ordinary course of business, the Company may be involved in litigation and claims which may result in legal costs and liability that could have a material effect on the Company’s financial position and results of operations. As of June 30, 2015 , the Company was not involved in any such litigation.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts its business through the following segments: Real Estate Equity (1) Light industrial real estate assets and operating platform; (2) Single-family residential rentals through an equity method investment; (3) Other real estate equity investments; Real Estate Debt (4) Loan originations and acquisitions; and Investment Management (5) Investment management of Company-sponsored funds and other investment vehicles. The Company's acquisition of a portfolio of light industrial real estate properties and associated operating platform in December 2014 represented a new segment, Light Industrial Platform, within its real estate equity business. Following the closing of the Combination on April 2, 2015, the acquired investment management business formed a new segment, Investment Management . Additionally, costs previously borne and allocated by its Manager are now incurred directly by the Company and certain assets held by the Manager were transferred to the Company as part of the Combination. Amounts not allocated to specific segments include corporate level cash and corresponding interest income, fixed assets, corporate level financing and related interest expense, income and expense in relation to cost reimbursement arrangements with affiliates, costs in connection with unconsummated deals, compensation expense not directly attributable to other segments, as well as corporate level administrative and overhead costs. The chief operating decision maker assesses the performance of the business based on net income (loss) of each of the reportable segments, after attribution to noncontrolling interests at segment level, where applicable. The various real estate equity, real estate debt and investment management segments represent distinct revenue streams to the Company, consisting of rental and property operating income, interest income and fee income, respectively. Costs which are directly attributable, or otherwise can be subjected to a reasonable and systematic allocation, have been allocated to each of the reportable segments. The following tables present the operating results of the Company’s reportable segments: Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2015 Income: Interest income $ — $ — $ — $ 101,270 $ — $ — $ 101,270 Property and hotel operating income 39,034 — 42,726 1,470 — — 83,230 Equity in (loss) income of unconsolidated joint ventures — (1,649 ) 5,523 7,082 — — 10,956 Fee income — — — 149 21,779 — 21,928 Other income — — — 2,163 — 1,357 3,520 Total income (loss) 39,034 (1,649 ) 48,249 112,134 21,779 1,357 220,904 Expenses: Transaction, investment and servicing costs 2,743 — 1,510 5,230 — 551 10,034 Interest expense 7,964 — 4,208 7,582 — 11,170 30,924 Property and hotel operating expenses 13,615 — 20,420 1,870 — — 35,905 Depreciation and amortization 20,367 — 9,427 159 5,614 1,078 36,645 Provision for loan losses — — — 4,078 — — 4,078 Compensation expense 952 — 472 3,601 11,510 12,109 28,644 Other 95 — 1,178 2,191 1,053 6,995 11,512 Total expenses 45,736 — 37,215 24,711 18,177 31,903 157,742 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (15 ) — (794 ) (5 ) — (1,141 ) (1,955 ) Income tax benefit (expense) (1) 295 — (3,101 ) (1,175 ) 3,650 (18 ) (349 ) Net (loss) income (6,414 ) (1,649 ) 17,362 118,230 7,252 (31,697 ) 103,084 Net (loss) income attributable to noncontrolling interests: Investment entities (2,461 ) — 3,493 33,598 — — 34,630 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (3,320 ) $ (1,385 ) $ 11,648 $ 71,077 $ 6,090 $ (24,794 ) $ 59,316 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Three Months Ended June 30, 2014 Income: Interest income $ — $ — $ 53,940 $ 23 $ 53,963 Property operating income — 3,255 — — 3,255 Equity in (loss) income of unconsolidated joint ventures (3,640 ) 3,143 21,611 — 21,114 Other income — — 231 — 231 Total (loss) income (3,640 ) 6,398 75,782 23 78,563 Expenses: Transaction, investment and servicing costs — 71 1,398 932 2,401 Interest expense — 1,085 3,054 6,561 10,700 Property operating expenses — 843 — — 843 Depreciation and amortization — 1,253 — — 1,253 Compensation expense — — — 501 501 Other — — 210 11,873 12,083 Total expenses — 3,252 4,662 19,867 27,781 Other gain, net — — 221 — 221 Income tax expense (1) — — — 1 1 Net (loss) income (3,640 ) 3,146 71,341 (19,845 ) 51,002 Net income attributable to noncontrolling interests — 680 12,673 — 13,353 Net (loss) income attributable to Colony Capital, Inc. $ (3,640 ) $ 2,466 $ 58,668 $ (19,845 ) $ 37,649 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2015 Income: Interest income $ 7 $ — $ 8 $ 147,392 $ — $ — $ 147,407 Property and hotel operating income 75,351 — 50,206 1,466 — — 127,023 Equity in (loss) income of unconsolidated joint ventures — (5,561 ) 11,050 31,816 — — 37,305 Fee income — — — 219 21,779 — 21,998 Other income — — — 2,319 — 1,464 3,783 Total income (loss) 75,358 (5,561 ) 61,264 183,212 21,779 1,464 337,516 Expenses: Transaction, investment and servicing costs 3,438 — 1,672 6,044 — 15,323 26,477 Interest expense 15,839 — 6,016 14,282 — 21,380 57,517 Property and hotel operating expenses 26,376 — 21,670 1,870 — — 49,916 Depreciation and amortization 39,987 — 12,115 159 5,614 1,078 58,953 Provision for loan losses — — — 4,442 — — 4,442 Impairment on real estate assets 450 — — — — — 450 Compensation expense 952 — 472 3,625 11,510 12,700 29,259 Other 597 — 1,292 2,525 1,053 25,172 30,639 Total expenses 87,639 — 43,237 32,947 18,177 75,653 257,653 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (67 ) — (794 ) (4 ) — (926 ) (1,791 ) Income tax benefit (expense) (1) 418 — (3,052 ) (1,995 ) 3,650 (20 ) (999 ) Net (loss) income (11,922 ) (5,561 ) 24,404 180,253 7,252 (75,127 ) 119,299 Net (loss) income attributable to noncontrolling interests: Investment entities (4,430 ) — 4,360 40,386 — — 40,316 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (6,859 ) $ (5,297 ) $ 17,823 $ 126,312 $ 6,090 $ (68,224 ) $ 69,845 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Six Months Ended June 30, 2014 Income: Interest income $ — $ — $ 87,004 $ 61 $ 87,065 Property operating income — 6,496 — — 6,496 Equity in (loss) income of unconsolidated joint ventures (6,835 ) 10,161 40,427 — 43,753 Other income — — 456 — 456 Total (loss) income (6,835 ) 16,657 127,887 61 137,770 Expenses: Transaction, investment and servicing costs — 71 6,456 1,685 8,212 Interest expense — 2,159 5,127 12,363 19,649 Property operating expenses — 1,691 — — 1,691 Depreciation and amortization — 2,505 — — 2,505 Compensation expense — — — 985 985 Other — — 380 24,451 24,831 Total expenses — 6,426 11,963 39,484 57,873 Other gain, net — — 128 1,073 1,201 Income tax benefit (expense) (1) — — — 246 246 Net (loss) income (6,835 ) 10,231 116,052 (38,596 ) 80,852 Net income attributable to noncontrolling interests — 1,209 20,264 — 21,473 Net (loss) income attributable to Colony Capital, Inc. $ (6,835 ) $ 9,022 $ 95,788 $ (38,596 ) $ 59,379 _________ (1) Beginning in 2015, income tax expense or benefit related to specific investments within each segment were allocated to the respective segments. Income tax expense was previously immaterial. The assets of each of segment are summarized as follows. (In thousands) June 30, 2015 December 31, 2014 Light industrial platform $ 1,848,875 $ 1,693,282 Single-family residential rentals 487,161 494,613 Other real estate equity 1,840,802 558,630 Real estate debt 4,738,078 3,022,355 Investment management 820,917 — Corporate 124,227 102,968 Total assets (1) $ 9,860,060 $ 5,871,848 _________ (1) Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2015, the Company received special dividends of $75.0 million , which represented its 23% interest in a $325.0 million special distribution and $7.2 million regular way quarterly dividend distributed by CAH Operating Partnership, LP (“CAH OP”), an equity method investment that represents the Single-Family Residential Rentals segment. In July 2015, in connection with the Light Industrial Platform segment, the Company refinanced $151.1 million of short-term floating rate bridge debt with $165.8 million of 10 -year interest-only fixed rate debt, maturing August 2025, at a 3.8% per annum coupon, on assets identified for longer term hold. The Company also closed on a $100.0 million revolving credit facility to pursue additional acquisitions. The revolving credit facility matures in July 2016 and borrowings under the facility bear interest at a per annum rate equal to one-month LIBOR plus 2.25% . As of August 6, 2015, the Company has outstanding borrowings of $56.5 million drawn on the facility.

Significant Accounting Polici33

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled 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. The Company consolidates entities that meet the definition of a VIE for which the Company is deemed to be the primary beneficiary or otherwise, entities in which the Company controls through a majority voting interest. For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. Fees paid to the Company that are commensurate with both services provided and prevailing market rates for such services are generally not, in and of themselves, considered variable interests and are excluded from assessment of the Company's economic exposure to a VIE. In performing the analysis of whether the Company is the primary beneficiary of a VIE, 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 interests held by its related parties, including de facto agents, specifically interests in the VIE held by related parties under common control and the Company's indirect exposure to the VIE through its interests in other related parties on a proportionate basis. The Company assesses 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 performing its analysis, 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 Company’s and the other investors’ ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or other investors to fund operating losses of 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 judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. At each reporting period, the Company reassesses the status of an entity as a VIE and the determination of the Company as the primary beneficiary, or otherwise, if there is a change to the Company's ability to control through majority voting interest. Changes in consolidation status are applied prospectively. A business may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any retained interests.
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.
Business Combinations	Business Combinations The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Net cash paid to acquire a business or assets is classified as investing activities on the accompanying statements of cash flows. The Company accounts for business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests in acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized unless the fair value of non-cash assets given as consideration differs from the carrying amount of the assets acquired. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired. Contingent consideration is classified as an asset, liability, or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. For contingent consideration in connection with the acquisition of assets, subsequent changes to the recorded amount are adjusted against the cost of acquisition. Real estate acquisitions are recorded at the fair values of the acquired components at the time of acquisition, allocated among land, building, improvements, equipment, lease-related tangible and identifiable intangible assets and liabilities, such as tenant improvements, deferred leasing costs, in-place lease values, above- and below-market lease values. The estimated fair value of acquired land is derived from recent comparable sales of land and listings within the same local region based on available market data. The estimated fair value of acquired buildings and building improvements is derived from comparable sales, discounted cash flow analysis using market-based assumptions, or replacement cost, as appropriate. The fair value of site and tenant improvements is estimated based upon current market replacement costs and other relevant market rate information.
Intangibles	Intangibles In a business combination, the Company recognizes identifiable intangibles that meet either the contractual-legal criterion or the separability criterion. Indefinite-lived intangibles are not subject to amortization until such time that its useful life is determined to no longer be indefinite, at which point, it will be assessed for impairment and its adjusted carrying amount amortized over its remaining useful life. Finite-lived intangibles are amortized over their useful life in a manner that reflects the pattern in which the intangible is being consumed if readily determinable such as expected cash flows, otherwise on a straight-line basis. The useful life of all identified intangibles will be periodically reassessed and if useful life changes, the carrying amount of the intangible will be amortized prospectively over the revised useful life. Finite-lived intangibles will be periodically reviewed for impairment and an impairment loss will be recognized if the carrying amount of the intangible is not recoverable and exceeds its fair value. Once recognized an impairment loss is not subject to subsequent reversal. Identifiable intangibles recognized in acquisitions of operating real estate properties generally include in-place leases, above- or below-market leases and deferred leasing costs. In-place leases generate value over and above the tangible real estate because a property that is occupied with leased space is typically worth more than a vacant building without an operating lease contract in place. The estimated fair value of acquired in-place leases is derived based on management's assessment of lost rental income and tenant reimbursements that would be incurred to lease a hypothetically vacant building to its actual existing occupancy level on the valuation date. The net amount recorded for acquired in-place leases is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable leases. The estimated fair value of the above- or below-market component of acquired leases represents the present value of the difference between contractual rents of acquired leases and market rents at the time of the acquisition for the remaining lease term, discounted for tenant credit risks. Above- or below-market operating lease values are amortized on a straight-line basis as a decrease or increase to rental income, respectively, over the applicable lease terms. Above- or below-market ground lease obligations are amortized on a straight-line basis as a decrease or increase to rent expense, respectively, over the applicable lease terms. Deferred leasing costs represent management's estimation of the avoided leasing commissions and legal fees associated with an existing in-place lease. The net amount is included in intangible assets and amortized on a straight-line basis as an increase to depreciation and amortization expense over the remaining term of the applicable lease. Goodwill is an unidentifiable intangible asset and recognized as a residual, generally measured as the excess of consideration transferred in a business combination over the identifiable assets acquired and liabilities assumed, including any noncontrolling interest in the acquiree. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is tested for impairment at the reporting units to which it is assigned at least on an annual basis, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. Goodwill impairment tests require judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit.
Fixed Assets	Fixed Assets Fixed assets of the Company are presented within other assets and carried at cost less accumulated depreciation and amortization. Depreciation and amortization is recognized on a straight-line basis over the estimated useful life of the assets which range between 3 to 5 years for furniture, fixtures, equipment and capitalized software, 15 years for aircraft and over the shorter of the lease term or useful life for leasehold improvements.
Fee Income, Hotel Operating Income and Other Income	Fee Income Fee income consists of base management fees, asset management fees, advisory fees and servicing fees. The Company earns base management fees for the day-to-day operations and administration of its managed funds, generally as a percentage of the limited partners' committed capital or net funded capital. Base management fees are recognized over the period in which the related services are performed in accordance with contractual terms of the underlying management and advisory agreements. Base management fees are generally accrued from the date of the first closing of commitments or the first investment of the fund through the last day of the term of the fund. The Company may receive a one-time asset management fee upon closing of each investment made by its managed funds. In accordance with contractual terms of the underlying management and advisory agreements, a portion of asset management fees is recognized upon completion of initial underwriting, with remaining fees deferred and recognized over the holding period of each investment in which the related services are performed for each investment. Asset management fees are calculated as a fixed percentage of the limited partners' net funded capital on each investment. The Company provides investment advisory services for real estate acquisitions to an unaffiliated party and receives a one-time advisory fee upon closing of the investment, calculated as a fixed percentage of the cost of investment. The earnings process is complete upon closing of an investment, at which time, advisory fees are recognized in full. The Company has no obligation to provide further services subsequent to closing of an investment and does not earn fees on unconsummated transactions. Certain subsidiaries of the Company (each an asset management company or "AMC") were established to service and manage loan portfolios, including foreclosed properties, held by the Company's real estate investment entities for a servicing fee equal to a percentage of the outstanding unpaid principal balance of each loan portfolio. Servicing fees earned from investment entities that are consolidated by the Company are eliminated upon consolidation. Hotel Operating Income Hotel operating income includes room revenue, food and beverage sales and other ancillary services. Revenue is recognized upon occupancy of rooms and consummation of sales and provision of services. Other Income Other income includes expense recoveries from borrowers and cost reimbursements from affiliates. Expenses, primarily legal costs incurred in administering non-performing loans and foreclosed properties held by investment entities, may be subsequently recovered through payments received when these investments are resolved. The Company recognizes income when the cost recoveries are determinable and repayment is assured. Based on an arrangement assumed from the Manager through the Combination, the Company provides administrative services to certain of its affiliates, including property management on behalf of the Company's real estate investment entities. The Company is entitled to receive reimbursements of expenses incurred, generally based on expenses incurred that are directly attributable to the affiliates and/or a portion of overhead costs. The Company acts in the capacity of a principal under these arrangements. Accordingly, the Company records the expenses and corresponding reimbursement income on a gross basis in the period administrative services are rendered and costs are incurred.
Compensation	Compensation Compensation comprises salaries, bonus including discretionary awards and contractual amounts for certain senior executives, as well as benefits. Bonus is accrued over the employment period to which it relates.
Share-Based Compensation	Share-Based Compensation Equity classified share-based awards that are granted to employees are measured at fair value at date of grant and remeasured at fair value only upon a modification to the terms of the award, while share-based awards granted to non-employees are remeasured at fair value at the end of each reporting period until the award is fully vested. Fair value is determined based on the closing price of the Company's listed Class A common stock at date of grant or remeasurement. The Company recognizes compensation expense on a straight-line basis over the requisite service period of the award, with the amount of compensation expense recognized at the end of any reporting period at least equal to the fair value of the portion of the award that has vested through that date. An expected forfeiture rate estimated based upon the Company's historical experience is applied against compensation expense during the year and adjusted for actual forfeitures at year end.
Gain on Remeasurement of Consolidated Investment Entities, Net	Gain on Remeasurement of Consolidated Investment Entities, Net Gain on remeasurement of consolidated investment entities, net is the fair value remeasurement of the Company's proportional share of investments in joint ventures which were consolidated upon a reconsideration event in connection with the Combination (Note 7), net of cumulative translation adjustments reclassified to earnings.
Other Gain, Net	Other Gain, Net Other gain, net includes fair value changes related to derivatives not designated as accounting hedges, fair value changes on the contingent consideration arising from the Combination and gain (loss) from remeasurement of foreign currency transactions and translation of foreign currency balances.
Foreign Currency Translation	Foreign Currency Translation The Company translates the assets and liabilities of its non-U.S. dollar functional currency investments and subsidiaries into U.S. dollars using exchange rates in effect at the balance sheet date. Income and expenses from these investments and subsidiaries are translated at the average rate of exchange prevailing during the period such income was earned or expenses were incurred. Translation adjustments resulting from changes in exchange rates are recorded as other comprehensive income or loss. Accumulated other comprehensive income or loss from foreign currency translation from such investments and subsidiaries is recognized upon sale or upon complete or substantially complete liquidation of the underlying investment in a foreign entity, and is included in other gain or loss in the accompanying statements of operations. When the Company sells part of its ownership interest in an equity method investment in a foreign entity, a proportionate share of the accumulated translation adjustment associated with the investment is reclassified into earnings. For purposes of presenting required disclosures of amounts to be recorded in the future as of balance sheet date, the Company uses the exchange rate in effect at the balance sheet date to translate such amounts that are denominated in foreign currencies.
Reclassification	Reclassification Certain prior period amounts on the condensed consolidated statement of operations have been reclassified to conform to 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 and the occurrence of an early repayment resulted only in an acceleration of interest income recognized. Such amounts had been previously presented as realized gain or loss on resolution of loans receivable.
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 as of the date of initial application recognized in retained earnings. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. In July 2015, the FASB deferred the effective date of the new standard by one year to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not before the original effective date. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements. Consolidation —In February 2015, the FASB issued ASU No. 2015-02, Consolidation: Amendments to the Consolidation Analysis, which amended the existing accounting standards for consolidation under both the variable interest model and the voting model . Under ASU No. 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a VIE, whether companies still meet the definition of primary beneficiaries, and whether an entity needs to be consolidated under the voting model. ASU No. 2015-02 may be applied using a modified retrospective or full retrospective approach, and is effective for reporting periods beginning after December 15, 2015. Early adoption is permitted in any interim reporting period. On April 1, 2015, the Company adopted ASU No. 2015-02 on a full retrospective basis and re-evaluated its consolidation assessment, concluding that such adoption did not result in a consolidation of entities not previously consolidated nor a deconsolidation of entities previously consolidated. Debt Issuance Costs —In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability, rather than deferring the charges as an asset. This aligns the presentation of debt issuance costs and debt discounts in the balance sheet. ASU No. 2015-03 is effective for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, and will be applied retrospectively to each prior period presented. Early adoption is permitted. The Company will comply with the new presentation requirements upon adoption.

Combination with Colony Capit34

Combination with Colony Capital (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of consideration transferred, assets acquired and liabilities assumed	The following is a summary of the consideration transferred, assets acquired and liabilities assumed on date of acquisition. See Note 8 for further discussions around intangible assets identified, including goodwill, and Note 13 for fair value measurement of contingent consideration. (In thousands) Consideration transferred Cash paid $ 60,900 Class A and Class B common stock issued 52,160 OP Units issued 558,794 Estimated fair value of contingent consideration 69,500 $ 741,354 Identifiable assets acquired and liabilities assumed (1) Cash $ 5,015 Fixed assets 46,396 Other assets 23,039 Intangible asset—Investment management contracts 46,000 Intangible asset—Customer relationships 46,800 Intangible asset—Trade name 15,500 Notes payable (44,337 ) Deferred tax liability (43,673 ) Other liabilities (18,454 ) 76,286 Goodwill 665,068 $ 741,354 __________ (1) The estimated fair values and purchase price allocation are subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition.
Schedule of Pro Forma Information	The following table presents pro forma results of the Company as if the Combination had been consummated on January 1, 2014. The amounts have been calculated pursuant to the application of the Company’s accounting policies and adjusting the results of CCLLC's operations to reflect the additional depreciation and amortization, tax and compensation expense, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the six months ended June 30, 2015 were adjusted to exclude acquisition-related expenses of approximately $15.1 million . The unaudited pro forma results are not necessarily indicative of future operating results. Six Months Ended June 30, (In thousands, except per share data) 2015 2014 Pro forma total income $ 368,615 $ 191,878 Pro forma net income attributable to Colony Capital, Inc. 85,452 48,825 Pro forma net income attributable to common stockholders 67,070 37,899 Pro forma net income per common share: Basic $ 0.60 $ 0.42 Diluted $ 0.59 $ 0.42

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Company Loans Receivable	Below is a summary of the Company’s loans held for investment and purchased credit-impaired ("PCI") loans. Carrying amounts of loans held for investment are presented net of allowances for loan losses. June 30, 2015 December 31, 2014 (Amounts in thousands) Unpaid Principal Balance Carrying Amount Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Amount Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 885,288 $ 877,471 10.2 % 4.4 $ 134,636 $ 126,114 6.4 % 8.7 Securitized mortgage loans 152,509 155,713 6.5 % 16.6 170,218 174,292 6.5 % 17.1 B-notes 144,162 146,257 10.0 % 3.5 143,376 140,312 8.5 % 3.2 Mezzanine loans 124,633 126,824 12.2 % 3.0 125,163 125,163 10.3 % 4.6 1,306,592 1,306,265 573,393 565,881 Variable rate Mortgage loans 695,958 690,945 7.1 % 1.9 331,192 326,491 6.9 % 1.9 Securitized mortgage loans 604,892 602,373 5.8 % 5.1 630,420 625,050 5.7 % 6.2 Mezzanine loans 365,189 363,720 10.9 % 1.2 367,863 365,825 10.9 % 1.5 1,666,039 1,657,038 1,329,475 1,317,366 2,972,631 2,963,303 1,902,868 1,883,247 PCI Loans Mortgage loans 1,696,805 1,074,262 334,500 239,702 Securitized mortgage loans 9,564 8,062 9,672 8,185 1,706,369 1,082,324 344,172 247,887 Total loans receivable $ 4,679,000 $ 4,045,627 $ 2,247,040 $ 2,131,134
Table Summarizing the Companys' non-PCI Loans with Variable Interest Rates	Details of the Company's loans held for investment with variable interest rates, excluding PCI loans, are as follows: (Amounts in thousands) Index Weighted Average Spread Weighted Average Rate Unpaid Principal Balance Carrying Amount June 30, 2015 Mortgage loans 1-Month LIBOR (1) 6.7% 7.1% (2) $ 692,411 $ 687,525 Mortgage loans 6-Month LIBOR (1) 2.5% 5.4% (2) 3,547 3,420 Securitized mortgage loans 1-Month LIBOR (1) 5.7% 5.9% (2) 498,428 496,780 Securitized mortgage loans 6-Month LIBOR (1) 2.8% 5.8% (2) 91,450 91,586 Securitized mortgage loans 12-Month Treasury Average 2.4% 3.2% (3) 15,014 14,007 Mezzanine loans 1-Month LIBOR (1) 10.6% 10.9% 365,189 363,720 $ 1,666,039 $ 1,657,038 December 31, 2014 Mortgage loans 1-Month LIBOR (1) 6.8% 6.9% (2) $ 326,563 $ 321,997 Mortgage loans 6-Month LIBOR (1) 2.4% 5.3% (2) 4,629 4,494 Securitized mortgage loans 1-Month LIBOR (1) 5.7% 5.8% (2) 499,668 496,394 Securitized mortgage loans 6-Month LIBOR (1) 2.5% 5.8% (2) 105,684 105,743 Securitized mortgage loans 12-Month Treasury Average 2.5% 2.8% (3) 25,068 22,913 Mezzanine loans 1-Month LIBOR (1) 10.7% 10.9% 367,863 365,825 $ 1,329,475 $ 1,317,366 __________ (1) LIBOR = London Interbank Offered Rate (2) Certain loans are subject to a LIBOR floor which was higher than the actual LIBOR at June 30, 2015 and December 31, 2014 . (3) Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor, which was higher than the actual 12MTA at June 30, 2015 and December 31, 2014 .
Activity in Loans Receivable	Activity in loans receivable is summarized below: Six Months Ended June 30, (In thousands) 2015 2014 Carrying amount at January 1 $ 2,131,134 $ 1,028,654 Loan acquisitions and originations 575,234 1,164,765 Paid-in-kind interest added to loan principal 14,141 416 Discount and net loan fee amortization 47,109 41,290 Loan repayments (199,035 ) (181,240 ) Payments received from PCI loans (150,859 ) (3,850 ) Transfer to real estate asset upon foreclosure (3,217 ) — Provision for loan losses, excluding interest receivable (4,071 ) — Consolidation of loans receivable held by investment entities (Note 7) 1,629,496 — Effect of changes in foreign exchange rates 5,695 5,903 Carrying amount at June 30 $ 4,045,627 $ 2,055,938
Summary of Past Due Loans	The following table provides an aging summary of loans receivable, excluding PCI loans. (In thousands) Current or Less Than 30 Days Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total At June 30, 2015 $ 2,935,950 $ 5,954 $ 2,030 $ 19,369 $ 2,963,303 At December 31, 2014 1,864,466 12,002 3,058 3,721 1,883,247
Changes in Accretable Yield for the PCI loans	The following table presents PCI loans at acquisition date: (In thousands) Six Months Ended June 30, 2015 Contractually required payments including interest $ 1,936,499 Less: Nonaccretable difference (850,212 ) Cash flows expected to be collected 1,086,287 Less: Accretable yield (121,130 ) Fair value of loans acquired $ 965,157 Changes in accretable yield of all PCI loans during the period were as follows: Six Months Ended June 30, (In thousands) 2015 2014 Beginning accretable yield $ 98,523 $ 130,823 Additions — 773 Changes in estimated cash flows (16,802 ) 441 Accretion (37,800 ) (11,189 ) Consolidation of PCI loans held by investment entities (Note 7) 121,130 — Effect of changes in foreign exchange rates (5,355 ) (455 ) Ending accretable yield $ 159,696 $ 120,393

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Schedule of Components of Real Estates	The Company's real estate assets comprise the following: Estimated Useful Life (in weighted average years) June 30, 2015 December 31, 2014 (Amounts in thousands) Real Estate Held for Investment Land NA $ 504,579 $ 265,263 Buildings and improvements 37 2,121,044 1,351,798 Tenant improvements 6 80,614 33,357 Foreclosed properties 39 14,236 — 2,720,473 1,650,418 Less: Accumulated depreciation (40,616 ) (6,421 ) 2,679,857 1,643,997 Real Estate Held for Sale Land, buildings and improvements NA 314,277 — Foreclosed properties NA 96,478 — 410,755 — Real Estate Assets, Net $ 3,090,612 $ 1,643,997
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments under noncancelable operating leases, excluding tenant reimbursements, as of June 30, 2015 are as follows: Year Ending December 31, (In thousands) Remaining 2015 $ 93,811 2016 178,861 2017 158,430 2018 136,527 2019 114,749 2020 and after 763,398 Total $ 1,445,776 As of June 30, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases are as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Remaining 2015 $ 126 $ 2,354 2016 255 3,850 2017 255 3,551 2018 255 2,844 2019 255 1,952 2020 and after 12,360 8,650 Total $ 13,506 $ 23,201

Investments in Unconsolidated37

Investments in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	The Company's investments in unconsolidated joint ventures comprise the following: (In thousands) June 30, 2015 December 31, 2014 Investments in unconsolidated joint ventures: Equity method $ 1,027,005 $ 1,646,977 Cost method 99,868 — $ 1,126,873 $ 1,646,977
Schedule of Combined Assets, Liabilities and Noncontrolling Interest of Consolidated Investment Entities	The following table presents the combined assets, liabilities and noncontrolling interests of the 52 consolidated investment entities as of April 2, 2015: (In thousands) April 2, 2015 Assets: Cash $ 75,412 Loans receivable 1,629,496 Real estate assets 812,672 Other assets 543,404 Total assets $ 3,060,984 Liabilities: Debt $ 282,555 Accrued and other liabilities 65,739 Total liabilities 348,294 Noncontrolling interests 1,700,114 Equity attributable to Colony Capital, Inc. $ 1,012,576
Activity in Company Investments In Unconsolidated Joint Ventures	Activity in the Company’s equity method investment is summarized below: Six Months Ended June 30, (In thousands) 2015 2014 Balance at January 1 $ 1,646,977 $ 1,369,529 Contributions 203,562 67,338 Distributions (146,429 ) (124,561 ) Equity in net income 37,305 43,753 Equity in other comprehensive (loss) income (612 ) 244 Equity in realized loss (gain) reclassified from accumulated other comprehensive income 161 (3,865 ) Equity method investment entities derecognized and consolidated (957,009 ) — Equity method investments of newly consolidated investment entities 270,966 — Foreign currency translation (loss) gain (27,916 ) 77 Balance at June 30 $ 1,027,005 $ 1,352,515

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets from Acquisitions	The following table summarizes intangible assets and liabilities arising from acquisitions of operating real estate, including purchase-leaseback transactions, as well as acquisition of the investment management business: June 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Goodwill $ 685,068 NA $ 685,068 $ 20,000 NA $ 20,000 Trade name 15,500 NA 15,500 — $ — — In-place lease values 121,150 $ (14,272 ) 106,878 48,018 (2,295 ) 45,723 Above-market lease values 25,696 (3,912 ) 21,784 23,194 (280 ) 22,914 Below-market ground lease obligations 1,420 (26 ) 1,394 1,420 (14 ) 1,406 Deferred leasing costs 63,895 (6,434 ) 57,461 36,788 (771 ) 36,017 Investment management contracts 46,000 (4,778 ) 41,222 — — — Customer relationships 46,800 (836 ) 45,964 — — — Total intangible assets $ 1,005,529 $ (30,258 ) $ 975,271 $ 129,420 $ (3,360 ) $ 126,060 Intangible Liabilities Below-market lease values $ 19,705 $ (1,905 ) $ 17,800 $ 10,282 $ (114 ) $ 10,168 Above-market ground lease obligations 171 (3 ) 168 171 — 171 Total intangible liabilities $ 19,876 $ (1,908 ) $ 17,968 $ 10,453 $ (114 ) $ 10,339
Schedule of Expected Annual Amortization Expenses	The following table summarizes the amortization of finite-lived intangible assets and liabilities: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2015 2014 2015 2014 Above-market lease values $ (2,120 ) $ — $ (3,790 ) $ — Below-market lease values 1,138 — 1,779 — Decrease to rental income $ (982 ) $ — $ (2,011 ) $ — Net below-market ground lease obligations Increase to rent expense $ 5 $ — $ 10 $ — In-place lease values $ 7,035 $ 288 $ 12,163 $ 576 Deferred leasing costs 3,115 81 5,688 163 Investment management contracts 4,778 — 4,778 — Customer relationships 836 — 836 — Amortization expense $ 15,764 $ 369 $ 23,465 $ 739
Schedule of Estimated Annual Amortization Expense	The table below presents the estimated annual amortization of finite-lived intangible assets and liabilities for each of the next five years and thereafter: (In thousands) Year Ending December 31, Remaining 2015 2016 2017 2018 2019 2020 and after Total Intangible Assets In-place lease values $ 12,368 $ 19,238 $ 14,022 $ 10,582 $ 8,348 $ 42,320 $ 106,878 Above-market lease values 3,724 6,485 4,609 2,816 1,333 2,817 21,784 Below-market ground lease obligations 13 26 26 26 26 1,277 1,394 Deferred leasing costs 5,643 10,182 8,460 6,716 5,106 21,354 57,461 Investment management contracts 9,557 15,003 9,940 4,509 1,555 658 41,222 Customer relationships 1,671 3,343 3,343 3,343 3,343 30,921 45,964 Intangible Liabilities — Below-market lease values $ 2,371 $ 4,358 $ 3,614 $ 2,695 $ 1,359 $ 3,403 $ 17,800 Above-market ground lease obligations 3 6 6 6 6 141 168

Other Assets and Liabilities (T

Other Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Assets and Liabilities [Abstract]
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) June 30, 2015 December 31, 2014 Restricted cash (1) $ 185,833 $ 76,945 Deferred financing costs, net (2) 49,055 51,103 Interest receivable 33,443 11,405 Other receivables, including straight-line rents 41,657 1,378 Derivative assets 34,821 26,479 Deferred tax asset — 6,713 Prepaid expenses and other 16,608 7,721 Fixed assets, net 45,460 — Total $ 406,877 $ 181,744 __________ (1) Restricted cash includes borrower escrow accounts, tenant security deposits and escrow accounts for interest, property taxes and capital expenditure reserves required under secured financing agreements. (2) Deferred financing costs are shown net of accumulated amortization of $14.7 million and $13.1 million as of June 30, 2015 and December 31, 2014 , respectively.
Schedule of Fixed Assets, Net	Fixed assets, net consist of the following: (In thousands) June 30, 2015 Furniture, fixtures, equipment and software $ 1,314 Aircraft 45,305 46,619 Less: Accumulated depreciation and amortization (1,159 ) Fixed assets, net (1) $ 45,460 __________ (1) The Company did not hold any fixed assets prior to and as of March 31, 2015. Fixed assets were acquired through the Combination. Depreciation and amortization expense included in the condensed consolidated statement of operations related to fixed assets was $1.2 million for the three months ended June 30, 2015.
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2015 December 31, 2014 Borrower and tenant reserves $ 123,055 $ 74,237 Deferred income 27,867 8,750 Interest payable 15,123 10,990 Intangible liabilities 17,968 10,339 Derivative liabilities 6,989 6,718 Current and deferred tax liabilities 61,455 429 Accrued compensation and other payables 80,040 16,656 Total $ 332,497 $ 128,119

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of Debts	The following table summarizes certain information about the Company's secured and unsecured debt: (Amounts in thousands) Carrying Amount Type Collateral Interest Rate (per annum) Maturity Date June 30, 2015 December 31, 2014 Secured Debt: Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 $ 24,135 $ — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 7,700 — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 20,413 — Secured financing (2) First mortgage loan secured by residential properties 4.28% fixed Mar-2016 10,405 — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 14,673 — Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 83,756 90,164 Secured financing (1) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sep-2016 6,701 — Secured financing (3) Participation interest in a first mortgage loan 17.5% fixed Jul-2019 2,289 — Secured financing (4) Senior participation interest in a portfolio of first mortgage loan and subordinated loan 1-month LIBOR+2.85% — — 80,213 Repurchase facility (5) Eligible first mortgage loans originated within the Transitional CRE Lending Platform 1 month LIBOR+2.25% to 2.5% Feb-2016 118,355 85,520 Repurchase facility (6) Eligible first mortgage loans originated within the Transitional CRE Lending Platform 1 month LIBOR+2.5% to 2.75% Apr-2018 117,337 — First mortgage loans (7) Hotel properties 1-month LIBOR+3.5% Dec-2015 97,794 — First mortgage loans (8) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 13,500 — First mortgage loans (9) Office property in Minnesota 4.84% fixed Jan-2024 88,000 88,000 First mortgage loans (10) Office properties throughout Italy 4.02% Nov-2018 79,630 — First mortgage loans (11) Two higher education campuses in Switzerland 2.72% fixed Dec-2029 130,556 — First mortgage loans (12) Portfolio of light industrial real estate assets across the U.S. 1-month LIBOR+2.25% Dec-2019 1,078,704 1,088,500 First mortgage loans (13) Warehouse properties in Spain and shares of borrowing entities 3-month Euribor+2.80% Jun-2022 26,479 — Bond payable (14) Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 203,680 — 2,124,107 1,432,397 Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (15) Portfolio of first mortgage loans originated within the Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 126,228 126,204 CMBS 2014-FL2 (16) Portfolio of first mortgage loans originated within the Transitional CRE Lending Platform 1-month LIBOR+1.96% Nov-2031 203,734 197,655 CMBS MF 2014-1 (17) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed NA 171,289 213,409 (Amounts in thousands) Carrying Amount Type Collateral Interest Rate (per annum) Maturity Date June 30, 2015 December 31, 2014 501,251 537,268 Unsecured Debt: Unsecured note (18) — — Dec-2017 — 10,000 Notes Payable: Promissory note (19) Corporate aircraft 5.02% fixed Dec-2025 43,864 — Total $ 2,669,222 $ 1,979,665 __________ (1) The non-recourse financing is secured by a loan portfolio and requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement ranges from 65% to 80% of all excess cash flow from the underlying loan portfolios, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future. Certain financing arrangements provide extension options. (2) The loan requires monthly interest and principal payments and a balloon repayment at maturity. An interest rate swap was used to fix the interest rate at 4.28% . (3) Participation interest in a secured land acquisition loan on pari passu terms. (4) In connection with the acquisition of a loan portfolio in March 2014, a lender provided concurrent non-recourse financing for $82.3 million , or 65% of the aggregate purchase price. The financing was paid off in April 2015. (5) The Company entered into a master repurchase agreement (“February 2014 Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The February 2014 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. (6) The Company entered into a master repurchase agreement (“April 2015 Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The April 2015 Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 3 years, plus a 1 -year extension option. (7) The loan is secured by hotel properties and matures in December 2015 and bears interest at 1-month LIBOR plus 3.5% . The loan requires monthly interest payments, plus a 0.25% special servicing fee until maturity, as well as a 0.50% workout fee of any prepayment resulting from sales of collateral. (8) The $20 million financing, of which $13.5 million was drawn, requires interest-only monthly payments until maturity with balloon payment at maturity. The note is subject to two one -year extensions. Principal and interest payments are required during the extension period. (9) The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30 -year amortization schedule. 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. (10) Seller provided zero-interest financing on an acquired portfolio of properties with imputed interest of 4.02% , requiring principal payments of €15,750,000 , €35,437,500 and €27,562,000 in November 2016, November 2017 and November 2018, respectively. A discount was established at inception and is being accreted to debt principal as interest expense. (11) Concurrent with the acquisition of two single-tenant net leased properties in January 2015, the Company obtained two 15 -year term, non-recourse, loans with aggregate principal amount of CHF 122.1 million from a financial institution. These loans are secured by the acquired real estate properties and bear interest at a fixed weighted-average rate of 2.72% . The loan agreements require quarterly interest payments until October 10, 2015, then principal and interest payments based on a 33 -year amortization schedule. (12) In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company obtained a $1.13 billion mortgage loan, which was partially drawn at closing. This loan is secured by the acquired real estate portfolio, has an initial term of 2 years, plus three 1 -year extension options, and bears interest at one-month LIBOR plus 2.25% . The interest rate will increase to one-month LIBOR plus 2.5% after the fourth anniversary date. The loan requires interest-only monthly payments, plus a 0.05% administration fee, until maturity, and principal payments upon sales of collateral properties. (13) Loan requires quarterly interest and principal payments of approximately $132,000 with a balloon payment at maturity. (14) The bond requires annual interest payments starting June 2016 and balloon payment at maturity. (15) In April 2014, an indirect Cayman subsidiary of the Company, Colony Mortgage Capital Series 2014-FL1, Ltd. (“FL1 Issuer”) securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform and issued several classes of secured notes and income notes (the "2014-FL1 Notes"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the notes have 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. (16) In November 2014, an indirect Cayman subsidiary of the Company, Colony Mortgage Capital Series 2014-FL2 Ltd. (“FL2 Issuer”) securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform and issued several classes of secured notes and income notes (the "2014-FL2 Notes"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the notes have a contractual maturity date of November 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. (17) In October 2014, the Company transferred loans previously acquired from third parties and secured by multifamily properties into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, which issued several classes of certificates (collectively, "MF 2014-1 Certificates"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the certificates do not have a contractual maturity date, 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 remaining terms of 1 to 24 years. (18) In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P. ("CCM"), an affiliate of Cobalt Capital Partners, L.P. and a service provider that continues to manage the light industrial portfolio and its day-to-day operations. The note was to mature on the third anniversary of the date of acquisition. In May 2015, the CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15). (19) Concurrent with the Combination, the Company assumed two promissory notes secured by the corporate aircraft bearing interest at a fixed weighted-average rate of 5.02% . The promissory notes are payable in monthly installments with a balloon payment of the remaining balance at maturity.
Schedule Principal Payments Due Under the Secured Financing Arrangements	The following table summarizes such future minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of June 30, 2015 : Year Ending December 31, (In thousands) Remaining 2015 $ 337,619 2016 256,463 (1) 2017 303,738 (1) 2018 185,075 (1) 2019 1,188,274 2020 and after 406,207 Total $ 2,677,376 __________ (1) Amounts include a combined $8.2 million of discount on seller-provided zero -interest financing being accreted to debt principal.
Convertible Senior Notes Issued	Convertible Senior Notes issued by the Company and outstanding as of balance sheet dates are as follows: Conversion Price (per share of common stock) June 30, 2015 December 31, 2014 Description Issuance Date Due Date Interest Rate Redemption Date Outstanding Principal (in thousands) Carrying Amount (in thousands) Outstanding Principal (in thousands) Carrying Amount (in thousands) 5% Convertible Senior Notes April 2013 April 15, 2023 5.00% fixed $ 23.60 On or after April 22, 2020 $ 200,000 $ 200,000 $ 200,000 $ 200,000 3.875% Convertible Senior Notes January and June 2014 January 15, 2021 3.875% fixed 24.82 On or after January 22, 2019 402,500 404,349 402,500 404,498 $ 602,500 $ 604,349 $ 602,500 $ 604,498

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	Gross fair value of derivative assets and derivative liabilities included in the condensed consolidated balance sheets are as follows: June 30, 2015 December 31, 2014 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 33,783 $ 490 $ 34,273 $ 25,820 $ — $ 25,820 Interest rate contracts 55 493 548 402 257 659 Included in other assets $ 33,838 $ 983 $ 34,821 $ 26,222 $ 257 $ 26,479 Derivative Liabilities Foreign exchange contracts $ 6,778 $ 195 $ 6,973 $ 6,718 $ — $ 6,718 Interest rate contracts 16 — 16 — — — Included in accrued and other liabilities $ 6,794 $ 195 $ 6,989 $ 6,718 $ — $ 6,718
Schedule of Foreign Exchange Contracts	The following table summarizes the aggregate notional amount of the foreign exchange contracts in place along with various key terms as of June 30, 2015 : Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates EUR Collar € 228,825 Min $1.09 / Max $1.57 July 2015 to May 2020 GBP Collar £ 71,685 Min $1.45 / Max $1.82 September 2017 to December 2019 EUR Forward € 87,977 Range between $1.10 to $1.40 September 2015 to July 2018 GBP Forward £ 39,680 Range between $1.49 to $1.57 September 2015 to November 2015 CHF Forward CHF 53,184 Range between $1.47 to $1.50 January 2030 NOK Forward NOK 923,000 Range between $0.129 to $0.131 August 2015 The following table represents the aggregate notional amount of the de-designated foreign exchange contracts: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates GBP Collar £ 3,315 $1.50 September 2019 EUR Forward € 3,523 Range between $1.15 and $1.27 December 2016 GBP Forward £ 370 $1.51 November 2015 CHF Forward CHF 2,361 $1.47 January 2030
Schedule of Interest Rate Derivatives	As of June 30, 2015 and 2014, the Company held the following interest rate derivatives: Instrument Type Notional Amount Index Strike Expiration Interest rate caps $ 1,084,575 1-Month LIBOR 2.50% to 3.00% July 2015 to December 2016 Interest rate swap 10,405 1-Month LIBOR 4.28% March 2016

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	6 Months Ended
	Jun. 30, 2015
Offsetting [Abstract]
Offsetting derivative liabilities	The table below sets forth derivative positions where the Company has a right of set off under netting arrangements with the same counterparty. Gross Amounts Not Offset on Consolidated Balance Sheets (In thousands) Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Derivative (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) June 30, 2015 Derivative Assets Foreign exchange forwards $ 12,759 $ (5,866 ) $ — $ 6,893 Foreign exchange collars 21,514 (1,107 ) — 20,407 Interest rate caps 548 — — 548 $ 34,821 $ (6,973 ) $ — $ 27,848 Derivative Liabilities Foreign exchange forwards $ (5,877 ) $ 5,877 $ — $ — Foreign exchange collars (1,096 ) 1,096 — — Interest rate swap (16 ) — — (16 ) $ (6,989 ) $ 6,973 $ — $ (16 ) December 31, 2014 Derivative Assets Foreign exchange forwards $ 10,667 $ — $ — $ 10,667 Foreign exchange collars 15,153 (6,718 ) — 8,435 Interest rate caps 480 — — 480 Interest rate swap 179 — — 179 $ 26,479 $ (6,718 ) $ — $ 19,761 Derivative Liabilities Foreign exchange collars $ (6,718 ) $ 6,718 $ — $ — $ (6,718 ) $ 6,718 $ — $ —
Offsetting derivative assets	The table below sets forth derivative positions where the Company has a right of set off under netting arrangements with the same counterparty. Gross Amounts Not Offset on Consolidated Balance Sheets (In thousands) Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets Derivative (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) June 30, 2015 Derivative Assets Foreign exchange forwards $ 12,759 $ (5,866 ) $ — $ 6,893 Foreign exchange collars 21,514 (1,107 ) — 20,407 Interest rate caps 548 — — 548 $ 34,821 $ (6,973 ) $ — $ 27,848 Derivative Liabilities Foreign exchange forwards $ (5,877 ) $ 5,877 $ — $ — Foreign exchange collars (1,096 ) 1,096 — — Interest rate swap (16 ) — — (16 ) $ (6,989 ) $ 6,973 $ — $ (16 ) December 31, 2014 Derivative Assets Foreign exchange forwards $ 10,667 $ — $ — $ 10,667 Foreign exchange collars 15,153 (6,718 ) — 8,435 Interest rate caps 480 — — 480 Interest rate swap 179 — — 179 $ 26,479 $ (6,718 ) $ — $ 19,761 Derivative Liabilities Foreign exchange collars $ (6,718 ) $ 6,718 $ — $ — $ (6,718 ) $ 6,718 $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair and Carrying Values of Assets and Liabilities by the Level in the Fair Value Hierarchy by Balance Sheet Grouping	Carrying amounts and estimated fair values of financial instruments reported at amortized cost are presented below: Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total June 30, 2015 Assets Investments in unconsolidated joint ventures $ — $ — $ 1,510,101 $ 1,510,101 $ 1,126,873 Loans held for investment — — 4,100,248 4,100,248 4,045,627 Liabilities Line of credit — 495,400 — 495,400 495,400 Secured and unsecured debt — — 2,131,761 2,131,761 2,124,107 CMBS debt — 500,625 — 500,625 501,251 Notes payable — — 43,864 43,864 43,864 Convertible senior notes 620,692 — — 620,692 604,349 December 31, 2014 Assets Investments in unconsolidated joint ventures $ — $ — $ 1,963,965 $ 1,963,965 $ 1,646,977 Loans held for investment — — 2,163,500 2,163,500 2,131,134 Liabilities Line of credit — 164,000 — 164,000 164,000 Secured and unsecured debt — — 1,442,397 1,442,397 1,442,397 CMBS debt — 536,927 — 536,927 537,268 Convertible senior notes 617,763 — — 617,763 604,498

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Summary of Preferred Stock Outstanding	The table below summarizes the preferred stock outstanding as of June 30, 2015: Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Redemption Period Series A 8.5% Cumulative Redeemable Perpetual 8.5% March 2012 10,080 $ 101 $ 252,000 On or after March 27, 2017 Series B 7.5% Cumulative Redeemable Perpetual 7.5% June 2014 3,450 34 86,250 On or after June 19, 2019 Series C 7.125% Cumulative Redeemable Perpetual 7.125% April 2015 11,500 115 287,500 On or after April 13, 2020 25,030 $ 250 $ 625,750
Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders	The following tables present the changes in each component of accumulated other comprehensive income (loss) 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 244 (2,488 ) (6 ) 6,129 (4,562 ) (683 ) Amounts reclassified from accumulated other comprehensive income (3,865 ) 2,163 — (1 ) — (1,703 ) Net other comprehensive (loss) income (3,621 ) (325 ) (6 ) 6,128 (4,562 ) (2,386 ) Balance at June 30, 2014 $ — $ — $ (25 ) $ 7,977 $ (7,745 ) $ 207 Balance at December 31, 2014 $ 451 $ — $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Other comprehensive income (loss) before reclassifications (612 ) — (205 ) (26,109 ) 15,179 (11,747 ) Amounts reclassified from accumulated other comprehensive income 161 — — 45,407 (32,766 ) 12,802 Net other comprehensive (loss) income (451 ) — (205 ) 19,298 (17,587 ) 1,055 Balance at June 30, 2015 $ — $ — $ (306 ) $ (33,345 ) $ 6,215 $ (27,436 )
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of accumulated other comprehensive income attributable to stockholders by component is presented below: (In thousands) Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Condensed Consolidated Statements of Operations Component of AOCI with reclassification into earnings 2015 2014 2015 2014 Equity in realized gain on sale of marketable securities of unconsolidated joint ventures $ — $ — $ (161 ) $ 3,865 Equity in income of unconsolidated joint ventures Settlement loss on beneficial interests in debt securities — (2,163 ) — (2,163 ) Other gain (loss), net Realized foreign exchange gain (loss) (12,856 ) — (12,641 ) 1 Other gain (loss), net Ineffectiveness on net investment hedges — — — — Other gain (loss), net Changes in accumulated other comprehensive income attributable to noncontrolling interests for the six months ended June 30, 2015 is presented below. Such amounts for the corresponding period in 2014 were inconsequential. (In thousands) 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, 2014 $ (52 ) $ (3,616 ) $ (1 ) $ (3,669 ) Other comprehensive income (loss) before reclassifications (139 ) 22,677 (2,978 ) 19,560 Amounts reclassified from accumulated other comprehensive income — 8,658 (6,207 ) 2,451 Net other comprehensive (loss) income (139 ) 31,335 (9,185 ) 22,011 Balance at June 30, 2015 $ (191 ) $ 27,719 $ (9,186 ) $ 18,342

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2015 2014 2015 2014 Net income allocated to common stockholders Net income $ 103,084 $ 51,002 $ 119,299 $ 80,852 Net income attributable to noncontrolling interests: Investment entities (34,630 ) (13,353 ) (40,316 ) (21,473 ) Operating Company (9,138 ) — (9,138 ) — Net income attributable to Colony Capital, Inc. 59,316 37,649 69,845 59,379 Preferred dividends (11,410 ) (5,571 ) (18,382 ) (10,926 ) Net income attributable to common stockholders 47,906 32,078 51,463 48,453 Net income allocated to participating securities (nonvested shares) (350 ) (247 ) (609 ) (487 ) Net income allocated to common stockholders—basic 47,556 31,831 50,854 47,966 Interest expense attributable to convertible senior notes (1) 6,925 5,347 — — Net income allocated to common stockholders—diluted $ 54,481 $ 37,178 $ 50,854 $ 47,966 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 111,394 91,673 110,410 86,342 Weighted average effect of dilutive shares (1) 25,040 18,757 — 10 Weighted average number of common shares outstanding—diluted 136,434 110,430 110,410 86,352 Earnings per share Basic $ 0.43 $ 0.35 $ 0.46 $ 0.56 Diluted $ 0.40 $ 0.34 $ 0.46 $ 0.56 __________ (1) OP units, subject to lock-up agreements, may be redeemed for registered or unregistered Class A common shares on a one-for-one basis. At June 30, 2015, there were 21,749,000 OP units outstanding that may be redeemed into 21,749,000 Class A common shares. These OP units would not be dilutive and were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2015. For the six months ended June 30, 2015, excluded from the calculation of diluted net income per share is the effect of adding back $13.9 million of interest expense and 25,073,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive. For the six months ended June 30, 2014, excluded from the calculation of diluted net income per share is the effect of adding back $9.7 million of interest expense and 16,809,600 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Summary of Amounts Due to Manager or its Affiliates	Amounts due from and due to affiliates, as presented on the condensed consolidated balance sheets, consist of the following: (In thousands) June 30, 2015 December 31, 2014 Due from Affiliates Management fee receivable $ 11,833 $ — Due from funds and unconsolidated joint ventures 3,946 — Other 3,032 — $ 18,811 $ — Due to Affiliates Contingent consideration $ 70,640 $ — Amounts due to the Manager or its affiliates: Base management fee expense — 9,173 Secondment reimbursement — 1,393 Reimbursement of direct and allocated administrative and investment costs — 1,670 $ 70,640 $ 12,236 Amounts incurred and payable to the Manager or its affiliates for periods prior to the Combination were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Base management fee expense $ 101 $ 7,563 $ 9,165 $ 14,205 Incentive fees — 464 — 464 Compensation pursuant to secondment agreement — 340 450 664 Direct and allocated investment-related expenses — 603 366 1,349 Direct and allocated administrative expenses — 743 1,922 1,410 $ 101 $ 9,713 $ 11,903 $ 18,092

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Components of Share-Based Compensation	Share-based compensation expense recognized in the condensed consolidated statements of operations is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Stock grants to the Manager and employees (1) $ 2,407 $ 1,945 $ 8,305 $ 6,050 Stock grants to non-executive directors 342 66 430 121 $ 2,749 $ 2,011 $ 8,735 $ 6,171 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015.
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	Changes in the Company’s nonvested share awards is summarized below: Restricted Stock Grants Non-Executive Directors Manager and Employees (1) Total Weighted Average Grant Date Fair Value Nonvested shares at December 31, 2014 15,234 674,204 689,438 $ 19.54 Granted 23,226 618,081 641,307 24.42 Vested (20,548 ) (484,947 ) (505,495 ) 20.71 Forfeited — (5,547 ) (5,547 ) 26.06 Nonvested shares at June 30, 2015 17,912 801,791 819,703 22.60 Weighted average grant-date fair value for shares granted during the period $ 25.24 $ 24.39

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Provision (Benefit)	Components of the Company’s income tax expense is presented below: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Current Federal $ 305 $ 306 $ 573 $ 653 State 201 95 411 197 Foreign 483 — 483 — Total current tax expense 989 401 1,467 850 Deferred Federal (600 ) (296 ) (486 ) (472 ) State (40 ) (104 ) 18 (132 ) Total deferred tax benefit (640 ) (400 ) (468 ) (604 ) Total income tax expense $ 349 $ 1 $ 999 $ 246

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments under noncancelable operating leases, excluding tenant reimbursements, as of June 30, 2015 are as follows: Year Ending December 31, (In thousands) Remaining 2015 $ 93,811 2016 178,861 2017 158,430 2018 136,527 2019 114,749 2020 and after 763,398 Total $ 1,445,776 As of June 30, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases are as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Remaining 2015 $ 126 $ 2,354 2016 255 3,850 2017 255 3,551 2018 255 2,844 2019 255 1,952 2020 and after 12,360 8,650 Total $ 13,506 $ 23,201

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary of Operating Results and Net Investments for Each of Reportable Operating Segment	The following tables present the operating results of the Company’s reportable segments: Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2015 Income: Interest income $ — $ — $ — $ 101,270 $ — $ — $ 101,270 Property and hotel operating income 39,034 — 42,726 1,470 — — 83,230 Equity in (loss) income of unconsolidated joint ventures — (1,649 ) 5,523 7,082 — — 10,956 Fee income — — — 149 21,779 — 21,928 Other income — — — 2,163 — 1,357 3,520 Total income (loss) 39,034 (1,649 ) 48,249 112,134 21,779 1,357 220,904 Expenses: Transaction, investment and servicing costs 2,743 — 1,510 5,230 — 551 10,034 Interest expense 7,964 — 4,208 7,582 — 11,170 30,924 Property and hotel operating expenses 13,615 — 20,420 1,870 — — 35,905 Depreciation and amortization 20,367 — 9,427 159 5,614 1,078 36,645 Provision for loan losses — — — 4,078 — — 4,078 Compensation expense 952 — 472 3,601 11,510 12,109 28,644 Other 95 — 1,178 2,191 1,053 6,995 11,512 Total expenses 45,736 — 37,215 24,711 18,177 31,903 157,742 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (15 ) — (794 ) (5 ) — (1,141 ) (1,955 ) Income tax benefit (expense) (1) 295 — (3,101 ) (1,175 ) 3,650 (18 ) (349 ) Net (loss) income (6,414 ) (1,649 ) 17,362 118,230 7,252 (31,697 ) 103,084 Net (loss) income attributable to noncontrolling interests: Investment entities (2,461 ) — 3,493 33,598 — — 34,630 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (3,320 ) $ (1,385 ) $ 11,648 $ 71,077 $ 6,090 $ (24,794 ) $ 59,316 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Three Months Ended June 30, 2014 Income: Interest income $ — $ — $ 53,940 $ 23 $ 53,963 Property operating income — 3,255 — — 3,255 Equity in (loss) income of unconsolidated joint ventures (3,640 ) 3,143 21,611 — 21,114 Other income — — 231 — 231 Total (loss) income (3,640 ) 6,398 75,782 23 78,563 Expenses: Transaction, investment and servicing costs — 71 1,398 932 2,401 Interest expense — 1,085 3,054 6,561 10,700 Property operating expenses — 843 — — 843 Depreciation and amortization — 1,253 — — 1,253 Compensation expense — — — 501 501 Other — — 210 11,873 12,083 Total expenses — 3,252 4,662 19,867 27,781 Other gain, net — — 221 — 221 Income tax expense (1) — — — 1 1 Net (loss) income (3,640 ) 3,146 71,341 (19,845 ) 51,002 Net income attributable to noncontrolling interests — 680 12,673 — 13,353 Net (loss) income attributable to Colony Capital, Inc. $ (3,640 ) $ 2,466 $ 58,668 $ (19,845 ) $ 37,649 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2015 Income: Interest income $ 7 $ — $ 8 $ 147,392 $ — $ — $ 147,407 Property and hotel operating income 75,351 — 50,206 1,466 — — 127,023 Equity in (loss) income of unconsolidated joint ventures — (5,561 ) 11,050 31,816 — — 37,305 Fee income — — — 219 21,779 — 21,998 Other income — — — 2,319 — 1,464 3,783 Total income (loss) 75,358 (5,561 ) 61,264 183,212 21,779 1,464 337,516 Expenses: Transaction, investment and servicing costs 3,438 — 1,672 6,044 — 15,323 26,477 Interest expense 15,839 — 6,016 14,282 — 21,380 57,517 Property and hotel operating expenses 26,376 — 21,670 1,870 — — 49,916 Depreciation and amortization 39,987 — 12,115 159 5,614 1,078 58,953 Provision for loan losses — — — 4,442 — — 4,442 Impairment on real estate assets 450 — — — — — 450 Compensation expense 952 — 472 3,625 11,510 12,700 29,259 Other 597 — 1,292 2,525 1,053 25,172 30,639 Total expenses 87,639 — 43,237 32,947 18,177 75,653 257,653 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (67 ) — (794 ) (4 ) — (926 ) (1,791 ) Income tax benefit (expense) (1) 418 — (3,052 ) (1,995 ) 3,650 (20 ) (999 ) Net (loss) income (11,922 ) (5,561 ) 24,404 180,253 7,252 (75,127 ) 119,299 Net (loss) income attributable to noncontrolling interests: Investment entities (4,430 ) — 4,360 40,386 — — 40,316 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (6,859 ) $ (5,297 ) $ 17,823 $ 126,312 $ 6,090 $ (68,224 ) $ 69,845 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Six Months Ended June 30, 2014 Income: Interest income $ — $ — $ 87,004 $ 61 $ 87,065 Property operating income — 6,496 — — 6,496 Equity in (loss) income of unconsolidated joint ventures (6,835 ) 10,161 40,427 — 43,753 Other income — — 456 — 456 Total (loss) income (6,835 ) 16,657 127,887 61 137,770 Expenses: Transaction, investment and servicing costs — 71 6,456 1,685 8,212 Interest expense — 2,159 5,127 12,363 19,649 Property operating expenses — 1,691 — — 1,691 Depreciation and amortization — 2,505 — — 2,505 Compensation expense — — — 985 985 Other — — 380 24,451 24,831 Total expenses — 6,426 11,963 39,484 57,873 Other gain, net — — 128 1,073 1,201 Income tax benefit (expense) (1) — — — 246 246 Net (loss) income (6,835 ) 10,231 116,052 (38,596 ) 80,852 Net income attributable to noncontrolling interests — 1,209 20,264 — 21,473 Net (loss) income attributable to Colony Capital, Inc. $ (6,835 ) $ 9,022 $ 95,788 $ (38,596 ) $ 59,379 _________ (1) Beginning in 2015, income tax expense or benefit related to specific investments within each segment were allocated to the respective segments. Income tax expense was previously immaterial.
Assets of Reportable Segments	The assets of each of segment are summarized as follows. (In thousands) June 30, 2015 December 31, 2014 Light industrial platform $ 1,848,875 $ 1,693,282 Single-family residential rentals 487,161 494,613 Other real estate equity 1,840,802 558,630 Real estate debt 4,738,078 3,022,355 Investment management 820,917 — Corporate 124,227 102,968 Total assets (1) $ 9,860,060 $ 5,871,848 _________ (1) Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

Significant Accounting Polici51

Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2015
Furniture, Fixtures, Equipment and Capitalized Software | Minimum
Property, Plant and Equipment [Line Items]
Assets estimated useful life	3 years
Furniture, Fixtures, Equipment and Capitalized Software | Maximum
Property, Plant and Equipment [Line Items]
Assets estimated useful life	5 years
Aircraft
Property, Plant and Equipment [Line Items]
Assets estimated useful life	15 years

Combination with Colony Capit52

Combination with Colony Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 02, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 01, 2015
Business Acquisition [Line Items]
Total income		$ 220,904	$ 78,563	$ 337,516	$ 137,770
Net income attributable to common stockholders		59,316	$ 37,649	69,845	$ 59,379
Colony Capital
Business Acquisition [Line Items]
Consideration transferred	$ 60,900
Colony Capital Operating Company, LLC | Acquisition-related Costs
Business Acquisition [Line Items]
Pro forma total income				$ 15,100
Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Employment term under management agreement	5 years
Share price in business acquisition						$ 26.19
Consideration transferred, equity interested issued (in shares)	$ 671,900
Common Stock | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)	$ 52,160
Common Stock | Affiliated Entity | Colony Capital | Common Class A
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination	1,430,000
Common Stock | Affiliated Entity | Colony Capital | Common Class B
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination	563,987
Partnership Interest | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)	$ 558,794
Colony Capital Operating Company, LLC | Partnership Interest | Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination	21,340,000
Multi-year Performance Targets | Common Stock | Affiliated Entity | Colony Capital | Common Class A
Business Acquisition [Line Items]
Number of shares contingent upon achievement of performance targets	1,020,000
Multi-year Performance Targets | Common Stock | Affiliated Entity | Colony Capital | Common Class B
Business Acquisition [Line Items]
Number of shares contingent upon achievement of performance targets	90,991
Multi-year Performance Targets | Colony Capital Operating Company, LLC | Partnership Interest | Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Number of shares contingent upon achievement of performance targets	3,470,000
Investment Management
Business Acquisition [Line Items]
Total income		21,800
Net income attributable to common stockholders		$ 6,100

Combination with Colony Capit53

Combination with Colony Capital - Schedule of Consideration Transferred and Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		Apr. 02, 2015	Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill			$ 685,068	$ 20,000
Colony Capital
Business Acquisition [Line Items]
Cash paid		$ 60,900
Estimated fair value of contingent consideration		69,500
Total consideration transferred		741,354
Cash	[1]	5,015
Fixed assets	[1]	46,396
Other assets	[1]	23,039
Notes payable	[1]	(44,337)
Deferred tax liability	[1]	(43,673)
Other liabilities	[1]	(18,454)
Assets acquired and liabilities assumed, net	[1]	76,286
Goodwill		665,068
Assets, goodwill and liabilities assumed, net		741,354
Partnership Interest | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)		558,794
Common Stock | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)		52,160
Investment management contracts | Colony Capital
Business Acquisition [Line Items]
Business combination: finite-lived intangibles	[1]	46,000
Customer relationships | Colony Capital
Business Acquisition [Line Items]
Business combination: finite-lived intangibles	[1]	46,800
Trade Names | Colony Capital
Business Acquisition [Line Items]
Intangible asset—Trade name	[1]	$ 15,500
[1]	The estimated fair values and purchase price allocation are subject to retrospective adjustment during the measurement period, not to exceed one year, based upon new information obtained about facts and circumstances that existed as of the date of acquisition.

Combination with Colony Capit54

Combination with Colony Capital - Schedule of Pro Forma (Details) - Colony Capital Operating Company, LLC - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Pro forma total income	$ 368,615	$ 191,878
Pro forma net income attributable to Colony Capital, Inc.	85,452	48,825
Pro forma net income attributable to common stockholders	$ 67,070	$ 37,899
Pro forma net income per common share, basic (in dollars per share)	$ 0.60	$ 0.42
Pro forma net income per common share, diluted (in dollars per share)	$ 0.59	$ 0.42

Loans Receivable - Company Loan

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 4,679,000	$ 2,247,040
Loans receivable, net	4,045,627	2,131,134	$ 2,055,938	$ 1,028,654
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	2,972,631	1,902,868
Loans receivable, net	2,963,303	1,883,247
Non-performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,706,369	344,172
Loans receivable, net	1,082,324	247,887
Non-performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,696,805	334,500
Loans receivable, net	1,074,262	239,702
Non-performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	9,564	9,672
Loans receivable, net	8,062	8,185
Fixed Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,306,592	573,393
Loans receivable, net	1,306,265	565,881
Fixed Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	885,288	134,636
Loans receivable, net	$ 877,471	$ 126,114
Performing loans, weighted average coupon	10.20%	6.40%
Performing loans, weighted average maturity in years	4 years 4 months 24 days	8 years 8 months 12 days
Fixed Rate Residential Mortgage | Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 152,509	$ 170,218
Loans receivable, net	$ 155,713	$ 174,292
Performing loans, weighted average coupon	6.50%	6.50%
Performing loans, weighted average maturity in years	16 years 7 months 6 days	17 years 1 month 6 days
Fixed Rate Residential Mortgage | Performing | B-note
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 144,162	$ 143,376
Loans receivable, net	$ 146,257	$ 140,312
Performing loans, weighted average coupon	10.00%	8.50%
Performing loans, weighted average maturity in years	3 years 6 months	3 years 2 months 12 days
Fixed Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 124,633	$ 125,163
Loans receivable, net	$ 126,824	$ 125,163
Performing loans, weighted average coupon	12.20%	10.30%
Performing loans, weighted average maturity in years	3 years	4 years 7 months 6 days
Adjustable Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 1,666,039	$ 1,329,475
Loans receivable, net	1,657,038	1,317,366
Adjustable Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	695,958	331,192
Loans receivable, net	$ 690,945	$ 326,491
Performing loans, weighted average coupon	7.10%	6.90%
Performing loans, weighted average maturity in years	1 year 10 months 24 days	1 year 10 months 24 days
Adjustable Rate Residential Mortgage | Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 604,892	$ 630,420
Loans receivable, net	$ 602,373	$ 625,050
Performing loans, weighted average coupon	5.80%	5.70%
Performing loans, weighted average maturity in years	5 years 1 month 6 days	6 years 2 months 12 days
Adjustable Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 365,189	$ 367,863
Loans receivable, net	$ 363,720	$ 365,825
Performing loans, weighted average coupon	10.90%	10.90%
Performing loans, weighted average maturity in years	1 year 2 months 12 days	1 year 6 months

Loans Receivable - Schedule of

Loans Receivable - Schedule of Non-PCI Loans with Variable Rates (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		$ 4,679,000	$ 2,247,040
Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		2,972,631	1,902,868
Adjustable Rate Residential Mortgage | Performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance		1,666,039	1,329,475
Carrying Amount		$ 1,657,038	$ 1,317,366
Adjustable Rate Residential Mortgage | Performing | One-Month LIBOR | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	[1]	1-Month LIBOR	1-Month LIBOR
Weighted Average Spread		6.70%	6.80%
Weighted Average Rate	[2]	7.10%	6.90%
Unpaid Principal Balance		$ 692,411	$ 326,563
Carrying Amount		$ 687,525	$ 321,997
Adjustable Rate Residential Mortgage | Performing | One-Month LIBOR | Securitized mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	[1]	1-Month LIBOR	1-Month LIBOR
Weighted Average Spread		5.70%	5.70%
Weighted Average Rate	[2]	5.90%	5.80%
Unpaid Principal Balance		$ 498,428	$ 499,668
Carrying Amount		$ 496,780	$ 496,394
Adjustable Rate Residential Mortgage | Performing | One-Month LIBOR | Mezzanine loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	[1]	1-Month LIBOR	1-Month LIBOR
Weighted Average Spread		10.60%	10.70%
Weighted Average Rate		10.90%	10.90%
Unpaid Principal Balance		$ 365,189	$ 367,863
Carrying Amount		$ 363,720	$ 365,825
Adjustable Rate Residential Mortgage | Performing | 6-Month LIBOR | Mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	[1]	6-Month LIBOR	6-Month LIBOR
Weighted Average Spread		2.50%	2.40%
Weighted Average Rate	[2]	5.40%	5.30%
Unpaid Principal Balance		$ 3,547	$ 4,629
Carrying Amount		$ 3,420	$ 4,494
Adjustable Rate Residential Mortgage | Performing | 6-Month LIBOR | Securitized mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index	[1]	6-Month LIBOR	6-Month LIBOR
Weighted Average Spread		2.80%	2.50%
Weighted Average Rate	[2]	5.80%	5.80%
Unpaid Principal Balance		$ 91,450	$ 105,684
Carrying Amount		$ 91,586	$ 105,743
Adjustable Rate Residential Mortgage | Performing | 12-Month Treasury Average | Securitized mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Index		12-Month Treasury Average	12-Month Treasury Average
Weighted Average Spread		2.40%	2.50%
Weighted Average Rate	[3]	3.20%	2.80%
Unpaid Principal Balance		$ 15,014	$ 25,068
Carrying Amount		$ 14,007	$ 22,913
[1]	LIBOR = London Interbank Offered Rate
[2]	Certain loans are subject to a LIBOR floor which was higher than the actual LIBOR at June 30, 2015 and December 31, 2014.
[3]	Certain loans are subject to a 12-Month Treasury Average ("12MTA") floor, which was higher than the actual 12MTA at June 30, 2015 and December 31, 2014.

Loans Receivable - Activity in

Loans Receivable - Activity in Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Loans Receivable [Roll Forward]
Carrying amount at January 1	$ 2,131,134	$ 1,028,654
Loan acquisitions and originations	575,234	1,164,765
Paid-in-kind interest added to loan principal	14,141	416
Discount and net loan fee amortization	47,109	41,290
Loan repayments	(199,035)	(181,240)
Payments received from PCI loans	(150,859)	(3,850)
Transfer to real estate asset upon foreclosure	(3,217)	0
Provision for loan losses, excluding interest receivable	(4,071)	0
Consolidation of loans receivable held by investment entities	1,629,496	0
Effect of changes in foreign exchange rates	5,695	5,903
Carrying amount at June 30	$ 4,045,627	$ 2,055,938

Loans Receivable - Summary of P

Loans Receivable - Summary of Past Due Loans (Details) - Performing - Real Estate Loan - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 2,963,303	$ 1,883,247
Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	2,935,950	1,864,466
30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	5,954	12,002
60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	2,030	3,058
90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 19,369	$ 3,721

Loans Receivable - PCI Loans Ac

Loans Receivable - PCI Loans Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value of loans acquired	$ 121,130	$ 0
Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest	1,936,499
Less: Nonaccretable difference	(850,212)
Cash flows expected to be collected	1,086,287
Less: Accretable yield	(121,130)
Fair value of loans acquired	$ 965,157

Loans Receivable - Changes in A

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 98,523	$ 130,823
Additions	0	773
Changes in estimated cash flows	(16,802)	441
Accretion	(37,800)	(11,189)
Fair value of loans acquired	121,130	0
Effect of changes in foreign exchange rates	(5,355)	(455)
Ending accretable yield	$ 159,696	$ 120,393

Loans Receivable (Details)

Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,045,627	$ 2,055,938	$ 4,045,627	$ 2,055,938	$ 2,131,134	$ 1,028,654
Provision for loan losses	4,078	$ 0	4,442	$ 0
Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for loan losses	4,600		4,600		200
Loans receivable, net	1,082,324		1,082,324		247,887
Provision for loan losses	4,000		4,000
Loans Receivable Impaired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 43,400		$ 43,400		$ 3,400

Real Estate Assets - Components

Real Estate Assets - Components of Real Estate (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Land	$ 504,579	$ 265,263
Buildings and improvements	2,121,044	1,351,798
Tenant improvements	80,614	33,357
Foreclosed properties	14,236	0
Real estate held for investment at cost	2,720,473	1,650,418
Less: Accumulated depreciation	(40,616)	(6,421)
Net carrying amount	2,679,857	1,643,997
Held for sale	410,755	0
Real Estate Assets, Net	$ 3,090,612	1,643,997
Buildings and improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life	37 years
Tenant improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life	6 years
Foreclosed properties
Business Acquisition [Line Items]
Real estate assets estimated useful life	39 years
Held for sale	$ 96,478	0
Land, buildings and improvements
Business Acquisition [Line Items]
Held for sale	$ 314,277	$ 0

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2015campus	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)campus	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Real estate assets		$ 3,090,612		$ 3,090,612		$ 1,643,997
Depreciation		19,800	$ 900	34,400	$ 1,800
Impairment of real estate assets		0	0	450	0
Held for sale		410,755		410,755		0
Tenant reimbursements		13,500	$ 900	23,900	$ 1,700
Foreclosed properties
Business Acquisition [Line Items]
Held for sale		96,478		96,478		$ 0
Gain on sale of real estate from disposition of foreclosed properties		700		$ 700
SWITZERLAND | Higher Education Campuses
Business Acquisition [Line Items]
Number of businesses acquired | campus	2			2
Total consideration transferred				$ 181,000
Business combination costs capitalized				4,100
Business combination: land		17,900		17,900
Business combination: buildings and improvements		140,500		140,500
Business combination: finite-lived intangibles		22,600		22,600
Minnesota, Texas and Mid-Atlantic Region | Light Industrial Platform
Business Acquisition [Line Items]
Total consideration transferred				191,600
Business combination: land		37,400		37,400
Business combination: buildings and improvements		148,600		148,600
Business combination: finite-lived intangibles		5,700		5,700
Transaction costs		1,900		1,900
Office Building | Stavanger, Norway
Business Acquisition [Line Items]
Purchase price of assets				327,000
Transaction costs capitalized		2,800		2,800
Office Building | Stavanger, Norway | Land
Business Acquisition [Line Items]
Property value		68,300		68,300
Office Building | Stavanger, Norway | Buildings and improvements
Business Acquisition [Line Items]
Property value		256,000		256,000
Office Building | Stavanger, Norway | Lease Intangibles
Business Acquisition [Line Items]
Property value		27,800		27,800
Discontinued Operations, Held-for-sale
Business Acquisition [Line Items]
Impairment of real estate assets				500
52 Consolidated Investment Entities
Business Acquisition [Line Items]
Real estate assets		816,700		816,700
Held for sale		393,300		393,300
Light Industrial Platform
Business Acquisition [Line Items]
Held for sale		$ 17,500		$ 17,500

Real Estate Assets - Future Min

Real Estate Assets - Future Minimum Rental Payments (Details) $ in Thousands	Jun. 30, 2015USD ($)
Real Estate [Abstract]
Remaining 2,015	$ 93,811
2,016	178,861
2,017	158,430
2,018	136,527
2,019	114,749
2020 and after	763,398
Total	$ 1,445,776

Investments in Unconsolidated65

Investments in Unconsolidated Joint Ventures - Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Equity Method Investments and Joint Ventures [Abstract]
Equity method	$ 1,027,005	$ 1,646,977	$ 1,352,515	$ 1,369,529
Cost method	99,868	0
Investments in unconsolidated joint ventures	$ 1,126,873	$ 1,646,977

Investments in Unconsolidated66

Investments in Unconsolidated Joint Ventures (Details)	Jan. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Investment	Jun. 30, 2014USD ($)	Dec. 31, 2014Investment	Apr. 02, 2015USD ($)Investment
Schedule of Equity Method Investments [Line Items]
Number of consolidated investment entities | Investment							52
Equity attributable to Colony Capital, Inc.		$ 1,000,000,000		$ 1,000,000,000
Gain on remeasurement of consolidated investment entities, net		41,486,000	$ 0	41,486,000	$ 0
Total income from consolidated investment entities		220,904,000	78,563,000	337,516,000	137,770,000
Dividend income from cost method investment		0		$ 0
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of single investment in an unconsolidated joint venture generated greater than 10% of total income | Investment				0		0
Expenses allocated from affiliates related to unconsolidated joint ventures			8,500,000	$ 2,300,000	16,300,000
Entity's share of other expenses reimbursed to affiliates			$ 2,300,000	$ 800,000	$ 4,300,000
Consortium Equity Commitment
Schedule of Equity Method Investments [Line Items]
Payment to fund equity commitment	$ 50,000,000
52 Consolidated Investment Entities
Schedule of Equity Method Investments [Line Items]
Equity attributable to Colony Capital, Inc.							$ 1,012,576,000
Total income from consolidated investment entities		89,000,000
Net income of consolidated investment entities		$ 19,000,000

Investments in Unconsolidated67

Investments in Unconsolidated Joint Ventures - Schedule of Assets, Liabilities and Noncontrolling Interest in Investment Entities (Details) $ in Thousands	Jun. 30, 2015USD ($)	Apr. 02, 2015USD ($)Investment
Business Acquisition [Line Items]
Number of consolidated investment entities | Investment		52
Liabilities:
Equity attributable to Colony Capital, Inc.	$ 1,000,000
52 Consolidated Investment Entities
Assets:
Cash		$ 75,412
Loans receivable		1,629,496
Real estate assets		812,672
Other assets		543,404
Total assets		3,060,984
Liabilities:
Debt		282,555
Accrued and other liabilities		65,739
Total liabilities		348,294
Noncontrolling interests		1,700,114
Equity attributable to Colony Capital, Inc.		$ 1,012,576

Investments in Unconsolidated68

Investments in Unconsolidated Joint Ventures - Activity in the Company's Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Roll Forward]
Balance at January 1			$ 1,646,977	$ 1,369,529
Contributions			203,562	67,338
Distributions			(146,429)	(124,561)
Equity in net income	$ 10,956	$ 21,114	37,305	43,753
Equity in other comprehensive (loss) income			(612)	244
Equity in realized loss (gain) reclassified from accumulated other comprehensive income			161	(3,865)
Equity method investment entities derecognized and consolidated			(957,009)	0
Equity method investments of newly consolidated investment entities			270,966	0
Foreign currency translation (loss) gain			(27,916)	77
Balance at June 30	$ 1,027,005	$ 1,352,515	$ 1,027,005	$ 1,352,515

Intangibles - Goodwill, Intangi

Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Apr. 02, 2015	Dec. 31, 2014	Dec. 18, 2014
Goodwill
Goodwill, Gross Carrying Amount	$ 685,068,000		$ 20,000,000
Goodwill	685,068,000		20,000,000
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Trade name	15,500,000
Finite-Lived Intangible Assets, Net [Abstract]
Intangible Assets, Gross (Including Goodwill)	1,005,529,000		129,420,000
Intangible Assets, Accumulated Amortization (Including Goodwill)	(30,258,000)		(3,360,000)
Intangible Assets, Net (Including Goodwill)	975,271,000		126,060,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Below Market Lease, Gross	19,705,000		10,282,000
Below Market Lease, Accumulated Amortization	(1,905,000)		(114,000)
Below Market Lease, Net	17,800,000		10,168,000
Above-Market Ground Lease Obligations, Gross	171,000		171,000
Above-Market Ground Lease Obligations, Accumulated Amortization	(3,000)		0
Ground Lease Obligations, Net	168,000		171,000
Finite-Lived Intangible Liabilities, Gross	19,876,000		10,453,000
Finite-Lived Intangible Liabilities, Accumulated Amortization	(1,908,000)		(114,000)
Finite-Lived Intangible Liabilities, Net	17,968,000		10,339,000
In-place lease value
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	121,150,000		48,018,000
Accumulated Amortization	(14,272,000)		(2,295,000)
Net Carrying Amount	106,878,000		45,723,000
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	25,696,000		23,194,000
Accumulated Amortization	(3,912,000)		(280,000)
Net Carrying Amount	21,784,000		22,914,000
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,420,000		1,420,000
Accumulated Amortization	(26,000)		(14,000)
Net Carrying Amount	1,394,000		1,406,000
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	63,895,000		36,788,000
Accumulated Amortization	(6,434,000)		(771,000)
Net Carrying Amount	57,461,000		36,017,000
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,000,000		0
Accumulated Amortization	(4,778,000)		0
Net Carrying Amount	41,222,000		0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,800,000		0
Accumulated Amortization	(836,000)		0
Net Carrying Amount	45,964,000		$ 0
Light Industrial Platform
Goodwill
Goodwill				$ 20,000,000
Investment Management
Goodwill
Goodwill		$ 665,100,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Impairment of goodwill	$ 0
Minimum | Investment management contracts
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets	3 years
Minimum | Customer relationships
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets	11 years
Maximum | Investment management contracts
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets	5 years
Maximum | Customer relationships
Finite-Lived Intangible Liabilities, Net [Abstract]
Useful life of finite-lived intangible assets	14 years

Intangibles - Remaining Terms o

Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Decrease to rental income	$ (982)	$ 0	$ (2,011)	$ 0
Below-market lease values	1,138	0	1,779	0
Increase to rent expense	5	0	10	0
Amortization of Intangible Assets	15,764	369	23,465	739
Above-market lease values
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Decrease to rental income	(2,120)	0	(3,790)	0
In-place lease value
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	7,035	288	12,163	576
Deferred leasing costs
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	3,115	81	5,688	163
Investment management contracts
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	4,778	0	4,778	0
Customer relationships
Finite-Lived Intangible Assets and Liabilities Amortization [Abstract]
Amortization of Intangible Assets	$ 836	$ 0	$ 836	$ 0

Intangibles - Future Amortizati

Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Below Market Lease, Net [Abstract]
Remaining 2,015	$ 2,371
2,016	4,358
2,017	3,614
2,018	2,695
2,019	1,359
2020 and after	3,403
Below Market Lease, Net	17,800	$ 10,168
Above-market Ground Lease Obligations, Net [Abstract]
Remaining 2,015	3
2,016	6
2,017	6
2,018	6
2,019	6
2020 and after	141
Ground Lease Obligations, Net	168	171
In-place lease value
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	12,368
2,016	19,238
2,017	14,022
2,018	10,582
2,019	8,348
2020 and after	42,320
Net Carrying Amount	106,878	45,723
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	3,724
2,016	6,485
2,017	4,609
2,018	2,816
2,019	1,333
2020 and after	2,817
Net Carrying Amount	21,784	22,914
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	13
2,016	26
2,017	26
2,018	26
2,019	26
2020 and after	1,277
Net Carrying Amount	1,394	1,406
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	5,643
2,016	10,182
2,017	8,460
2,018	6,716
2,019	5,106
2020 and after	21,354
Net Carrying Amount	57,461	36,017
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	9,557
2,016	15,003
2,017	9,940
2,018	4,509
2,019	1,555
2020 and after	658
Net Carrying Amount	41,222	0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	1,671
2,016	3,343
2,017	3,343
2,018	3,343
2,019	3,343
2020 and after	30,921
Net Carrying Amount	$ 45,964	$ 0

Other Assets and Liabilities -

Other Assets and Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Summary of Company's other assets
Restricted cash	[1]	$ 185,833		$ 76,945
Deferred financing costs, net	[2]	49,055		51,103
Interest receivable		33,443		11,405
Other receivables, including straight-line rents		41,657		1,378
Derivative assets		34,821		26,479
Deferred tax asset		0		6,713
Prepaid expenses and other		16,608		7,721
Fixed assets, net		45,460	[3]	0
Other assets		406,877		181,744
Accumulated amortization of deferred financing costs		$ 14,700		$ 13,100
[1]	Restricted cash includes borrower escrow accounts, tenant security deposits and escrow accounts for interest, property taxes and capital expenditure reserves required under secured financing agreements.
[2]	Deferred financing costs are shown net of accumulated amortization of $14.7 million and $13.1 million as of June 30, 2015 and December 31, 2014, respectively.
[3]	The Company did not hold any fixed assets prior to and as of March 31, 2015. Fixed assets were acquired through the Combination. Depreciation and amortization expense included in the condensed consolidated statement of operations related to fixed assets was $1.2 million for the three months ended June 30, 2015.

Other Assets and Liabilities 73

Other Assets and Liabilities - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015		Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 46,619		$ 46,619
Less: Accumulated depreciation and amortization	(1,159)		(1,159)
Fixed assets, net	45,460	[1]	45,460	[1]		$ 0
Depreciation and amortization	1,200		58,953		$ 2,505
Furniture, fixtures, equipment and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	1,314		1,314
Aircraft
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 45,305		$ 45,305
[1]	The Company did not hold any fixed assets prior to and as of March 31, 2015. Fixed assets were acquired through the Combination. Depreciation and amortization expense included in the condensed consolidated statement of operations related to fixed assets was $1.2 million for the three months ended June 30, 2015.

Other Assets and Liabilities 74

Other Assets and Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Assets and Liabilities [Abstract]
Borrower and tenant reserves	$ 123,055	$ 74,237
Deferred Revenue	27,867	8,750
Interest payable	15,123	10,990
Intangible liabilities	17,968	10,339
Derivative liabilities	6,989	6,718
Current and deferred tax liabilities	61,455	429
Accrued compensation and other payables	80,040	16,656
Accrued Liabilities and Other Liabilities	$ 332,497	$ 128,119

Debt - Line of Credits (Details

Debt - Line of Credits (Details) - JPMorgan Chase Bank, N.A. - USD ($)	6 Months Ended
	Jun. 30, 2015	Jul. 08, 2015
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 645,000,000
Maximum amount available for draw	645,000,000
Remaining borrowing capacity	$ 149,600,000
Credit agreement automatically converted to term loan	2 years
Line of Credit
Line of Credit Facility [Line Items]
Variable rate basis	LIBOR
Weighted average interest rate (in percent)	2.94%
Percentage of unused amount	0.40%
Minimum | Line of Credit
Line of Credit Facility [Line Items]
Percentage of unused amount	0.40%
Maximum | Line of Credit
Line of Credit Facility [Line Items]
Percentage of unused amount	0.50%
LIBOR | Minimum | Line of Credit
Line of Credit Facility [Line Items]
Interest rate for credit agreement (in percent)	2.75%
Subsequent Event
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility		$ 800,000,000

Debt - Schedule of Secured and

Debt - Schedule of Secured and Unsecured Debts (Details) SFr in Millions

Oct. 10, 2015

Dec. 18, 2014USD ($)Extension_Option

Nov. 30, 2018EUR (€)

Nov. 30, 2017EUR (€)

Nov. 30, 2016EUR (€)

Apr. 30, 2015USD ($)

Jan. 31, 2015CHF (SFr)campusSecurityLoan

Feb. 28, 2014USD ($)

Jun. 30, 2015USD ($)Extension_OptioncampusDebt

Dec. 31, 2014USD ($)

Mar. 31, 2014USD ($)

Debt Instrument [Line Items]

Outstanding balance on the debt

$ 2,669,222,000

$ 1,979,665,000

First Mortgage

Debt Instrument [Line Items]

Debt instrument term

2 years

Repurchase facility extension term

1 year

Debt instrument term extension option | Extension_Option

3

Debt instrument, frequency of fee

monthly

Administration fee percentage

0.05%

First Mortgage | Secured Debt, Maturing December 2015

Debt Instrument [Line Items]

Outstanding balance on the debt

[1]

$ 97,794,000

0

Monthly special servicing fee percentage

0.25%

Workout fee percentage for prepayment

0.50%

First Mortgage | Secured Debt, Maturing July 2018

Debt Instrument [Line Items]

Outstanding balance on the debt

[2]

$ 13,500,000

0

Maximum principal amount of repurchase facility

$ 20,000,000

Repurchase facility extension term

1 year

Debt instrument term extension option | Extension_Option

2

First Mortgage | Secured Debt, Maturing January 2024

Debt Instrument [Line Items]

Fixed interest rate on long-term debt

[3]

4.84%

Outstanding balance on the debt

[3]

$ 88,000,000

88,000,000

First Mortgage | Secured Debt, Maturing November 2018

Debt Instrument [Line Items]

Imputed interest rate

[4]

4.02%

Outstanding balance on the debt

[4]

$ 79,630,000

0

First Mortgage | Secured Debt, Maturing December 2029

Debt Instrument [Line Items]

Fixed interest rate on long-term debt

[5]

2.72%

Outstanding balance on the debt

[5]

$ 130,556,000

0

First Mortgage | Secured Debt, Maturing December 2019

Debt Instrument [Line Items]

Outstanding balance on the debt

[6]

1,078,704,000

1,088,500,000

First Mortgage | Secured Debt, Maturing June 2022

Debt Instrument [Line Items]

Outstanding balance on the debt

[7]

$ 26,479,000

0

Frequency of periodic payment

quarterly

Periodic interest and principal payment

$ 132,000

First Mortgage | Secured Debt, Maturity 2024

Debt Instrument [Line Items]

Debt instrument term

30 years

First Mortgage | Secured Loan, Maturity 2029

Debt Instrument [Line Items]

Debt instrument term

15 years

Number of loans acquired | SecurityLoan

2

Amount of loan financed to acquire property | SFr

SFr 122.1

Interest Rate

[8]

2.72%

First Mortgage | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

2.50%

First Mortgage | LIBOR | Secured Debt, Maturing December 2015

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[1]

3.50%

First Mortgage | One-Month LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

2.25%

First Mortgage | One-Month LIBOR | Secured Debt, Maturing December 2015

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[1]

3.50%

First Mortgage | One-Month LIBOR | Secured Debt, Maturing July 2018

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[2]

2.65%

First Mortgage | One-Month LIBOR | Secured Debt, Maturing December 2019

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[6]

2.25%

First Mortgage | Three-Month Euribor | Secured Debt, Maturing June 2022

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[7]

2.80%

Secured Debt

Debt Instrument [Line Items]

Outstanding balance on the debt

$ 2,124,107,000

1,432,397,000

Secured Debt | Secured Debt, Maturity April 2016

Debt Instrument [Line Items]

Outstanding balance on the debt

[9]

24,135,000

0

Secured Debt | Secured Debt, Maturing June 2016

Debt Instrument [Line Items]

Outstanding balance on the debt

[9]

7,700,000

0

Secured Debt | Secured Debt, Maturing April 2016

Debt Instrument [Line Items]

Outstanding balance on the debt

[9]

$ 20,413,000

0

Secured Debt | Secured Debt, Maturing March 2016

Debt Instrument [Line Items]

Fixed interest rate on long-term debt

[10]

4.28%

Outstanding balance on the debt

[10]

$ 10,405,000

0

Secured Debt | Secured Debt, Maturing August 2016

Debt Instrument [Line Items]

Outstanding balance on the debt

[9]

14,673,000

0

Secured Debt | Secured Debt, Maturing December 2017

Debt Instrument [Line Items]

Outstanding balance on the debt

[9]

83,756,000

90,164,000

Secured Debt | Secured Debt, September 2016

Debt Instrument [Line Items]

Outstanding balance on the debt

[9]

$ 6,701,000

0

Secured Debt | Secured Debt, Maturing July 2019

Debt Instrument [Line Items]

Fixed interest rate on long-term debt

[11]

17.50%

Outstanding balance on the debt

[11]

$ 2,289,000

0

Secured Debt | Secured financing

Debt Instrument [Line Items]

Outstanding balance on the debt

[8]

0

80,213,000

Concurrent financing provided by seller

$ 82,300,000

Percentage concurrent financing provided by seller

65.00%

Secured Debt | Repurchase Facility, Maturing February 2016

Debt Instrument [Line Items]

Outstanding balance on the debt

[12]

118,355,000

85,520,000

Secured Debt | Repurchase Facility, Maturing April 2018

Debt Instrument [Line Items]

Outstanding balance on the debt

[13]

$ 117,337,000

0

Maximum principal amount of repurchase facility

$ 150,000,000

$ 150,000,000

Debt instrument term

3 years

Repurchase facility extension term

1 year

1 year

Secured Debt | Repurchase Facility, Maturity February 2016

Debt Instrument [Line Items]

Debt instrument term

2 years

Secured Debt | One-Month LIBOR | Secured Debt, Maturity April 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[9]

3.75%

Secured Debt | One-Month LIBOR | Secured Debt, Maturing June 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[9]

4.00%

Secured Debt | One-Month LIBOR | Secured Debt, Maturing April 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[9]

3.75%

Secured Debt | One-Month LIBOR | Secured Debt, Maturing August 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[9]

3.75%

Secured Debt | One-Month LIBOR | Secured Debt, Maturing December 2017

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[9]

2.85%

Secured Debt | One-Month LIBOR | Secured Debt, September 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[9]

3.25%

Secured Debt | One-Month LIBOR | Secured financing

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[8]

2.85%

Secured Debt | Minimum

Debt Instrument [Line Items]

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

65.00%

Secured Debt | Minimum | One-Month LIBOR | Repurchase Facility, Maturing February 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[12]

2.25%

Secured Debt | Minimum | One-Month LIBOR | Repurchase Facility, Maturing April 2018

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[13]

2.50%

Secured Debt | Maximum

Debt Instrument [Line Items]

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

80.00%

Secured Debt | Maximum | One-Month LIBOR | Repurchase Facility, Maturing February 2016

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[12]

2.50%

Secured Debt | Maximum | One-Month LIBOR | Repurchase Facility, Maturing April 2018

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[13]

2.75%

Commercial Mortgage Backed Securities

Debt Instrument [Line Items]

Outstanding balance on the debt

$ 501,251,000

537,268,000

Commercial Mortgage Backed Securities | CMBS 2014-FL1

Debt Instrument [Line Items]

Outstanding balance on the debt

[14]

126,228,000

126,204,000

Commercial Mortgage Backed Securities | CMBS 2014-FL2

Debt Instrument [Line Items]

Outstanding balance on the debt

[15]

$ 203,734,000

197,655,000

Commercial Mortgage Backed Securities | CMBS MF 2014-1

Debt Instrument [Line Items]

Fixed interest rate on long-term debt

[16]

2.54%

Outstanding balance on the debt

[16]

$ 171,289,000

213,409,000

Commercial Mortgage Backed Securities | One-Month LIBOR | CMBS 2014-FL1

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[14]

1.78%

Commercial Mortgage Backed Securities | One-Month LIBOR | CMBS 2014-FL2

Debt Instrument [Line Items]

Basis spread on variable rate (in percent)

[15]

1.96%

Commercial Mortgage Backed Securities | Minimum | Colony Mortgage Capital Series 2014-FL1, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

2 years

Commercial Mortgage Backed Securities | Minimum | Colony Mortgage Capital Series 2014-FL2, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

2 years

Commercial Mortgage Backed Securities | Maximum | Colony Mortgage Capital Series 2014-FL1, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

3 years

Commercial Mortgage Backed Securities | Maximum | Colony Mortgage Capital Series 2014-FL2, Ltd | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

3 years

Unsecured Debt | Unsecured note, mature 2017

Debt Instrument [Line Items]

Outstanding balance on the debt

[17]

$ 0

10,000,000

Loans Payable | Bond payable, Maturing June 2025

Debt Instrument [Line Items]

Fixed interest rate on long-term debt

[18]

3.91%

Outstanding balance on the debt

[18]

$ 203,680,000

0

Notes Payable | Loans Payable

Debt Instrument [Line Items]

Outstanding balance on the debt

[19]

$ 43,864,000

$ 0

Notes Payable | 5.02% Note, Mature December 2025

Debt Instrument [Line Items]

Number of secured debt | Debt

2

Weighted average interest rate (in percent)

[19]

5.02%

Light Industrial Platform | First Mortgage

Debt Instrument [Line Items]

Maximum principal amount of repurchase facility

$ 1,130,000,000

Cobalt Capital Management, L.P. | Light Industrial Platform | Light Industrial Portfolio Notes

Debt Instrument [Line Items]

Proceeds from issuance of unsecured debt

$ 10,000,000

First Mortgage | Commercial Mortgage Backed Securities | Minimum | MF 2014-1 | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

1 year

First Mortgage | Commercial Mortgage Backed Securities | Maximum | MF 2014-1 | Loans held for investment, net

Debt Instrument [Line Items]

Initial terms on loans receivable

24 years

Scenario, Forecast | First Mortgage | Secured Debt, Maturing November 2018

Debt Instrument [Line Items]

Principal payments | €

€ 27,562,000

€ 35,437,500

€ 15,750,000

Scenario, Forecast | First Mortgage | Secured Loan, Maturity 2029

Debt Instrument [Line Items]

Debt instrument term

33 years

SWITZERLAND | Higher Education Campuses

Debt Instrument [Line Items]

Number of businesses acquired | campus

2

2

[1]

The loan is secured by hotel properties and matures in December 2015 and bears interest at 1-month LIBOR plus 3.5%. The loan requires monthly interest payments, plus a 0.25% special servicing fee until maturity, as well as a 0.50% workout fee of any prepayment resulting from sales of collateral.

[2]

The $20 million financing, of which $13.5 million was drawn, requires interest-only monthly payments until maturity with balloon payment at maturity. The note is subject to two one-year extensions. Principal and interest payments are required during the extension period.

[3]

The loan requires monthly interest payments until January 2016, then principal and interest payments based on a 30-year amortization schedule. 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.

[4]

Seller provided zero-interest financing on an acquired portfolio of properties with imputed interest of 4.02%, requiring principal payments of €15,750,000, €35,437,500 and €27,562,000 in November 2016, November 2017 and November 2018, respectively. A discount was established at inception and is being accreted to debt principal as interest expense.

[5]

Concurrent with the acquisition of two single-tenant net leased properties in January 2015, the Company obtained two 15-year term, non-recourse, loans with aggregate principal amount of CHF 122.1 million from a financial institution. These loans are secured by the acquired real estate properties and bear interest at a fixed weighted-average rate of 2.72%. The loan agreements require quarterly interest payments until October 10, 2015, then principal and interest payments based on a 33-year amortization schedule.

[6]

In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company obtained a $1.13 billion mortgage loan, which was partially drawn at closing. This loan is secured by the acquired real estate portfolio, has an initial term of 2 years, plus three 1-year extension options, and bears interest at one-month LIBOR plus 2.25%. The interest rate will increase to one-month LIBOR plus 2.5% after the fourth anniversary date. The loan requires interest-only monthly payments, plus a 0.05% administration fee, until maturity, and principal payments upon sales of collateral properties.

[7]

Loan requires quarterly interest and principal payments of approximately $132,000 with a balloon payment at maturity.

[8]

In connection with the acquisition of a loan portfolio in March 2014, a lender provided concurrent non-recourse financing for $82.3 million, or 65% of the aggregate purchase price. The financing was paid off in April 2015.

[9]

The non-recourse financing is secured by a loan portfolio and requires monthly interest payments and principal curtailment based upon the ratio of principal outstanding to collateral cost basis. The current principal curtailment requirement ranges from 65% to 80% of all excess cash flow from the underlying loan portfolios, after payment of certain loan servicing fees and monthly interest, but may increase or decrease in the future. Certain financing arrangements provide extension options.

[10]

The loan requires monthly interest and principal payments and a balloon repayment at maturity. An interest rate swap was used to fix the interest rate at 4.28%.

[11]

Participation interest in a secured land acquisition loan on pari passu terms.

[12]

The Company entered into a master repurchase agreement (“February 2014 Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The February 2014 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.

[13]

The Company entered into a master repurchase agreement (“April 2015 Repurchase Facility”) with a commercial bank to partially finance loans within its Transitional CRE Lending Platform. The April 2015 Repurchase Facility provides up to $150 million of financing for eligible assets within the Transitional CRE Lending Platform and has an initial term of 3 years, plus a 1-year extension option.

[14]

In April 2014, an indirect Cayman subsidiary of the Company, Colony Mortgage Capital Series 2014-FL1, Ltd. (“FL1 Issuer”) securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform and issued several classes of secured notes and income notes (the "2014-FL1 Notes"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the notes have 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.

[15]

In November 2014, an indirect Cayman subsidiary of the Company, Colony Mortgage Capital Series 2014-FL2 Ltd. (“FL2 Issuer”) securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform and issued several classes of secured notes and income notes (the "2014-FL2 Notes"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the notes have a contractual maturity date of November 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.

[16]

In October 2014, the Company transferred loans previously acquired from third parties and secured by multifamily properties into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, which issued several classes of certificates (collectively, "MF 2014-1 Certificates"). The most senior certificates were sold to third parties and accounted for as a secured financing. Although the certificates do not have a contractual maturity date, 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 remaining terms of 1 to 24 years.

[17]

In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P. ("CCM"), an affiliate of Cobalt Capital Partners, L.P. and a service provider that continues to manage the light industrial portfolio and its day-to-day operations. The note was to mature on the third anniversary of the date of acquisition. In May 2015, the CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15).

[18]

The bond requires annual interest payments starting June 2016 and balloon payment at maturity.

[19]

Concurrent with the Combination, the Company assumed two promissory notes secured by the corporate aircraft bearing interest at a fixed weighted-average rate of 5.02%. The promissory notes are payable in monthly installments with a balloon payment of the remaining balance at maturity.

Debt - Schedule Principal Payme

Debt - Schedule Principal Payments Due Under the Secured Financing Arrangements (Details) $ in Thousands		Jun. 30, 2015USD ($)
Minimum scheduled principal payments due under the secured financing arrangements
Remaining 2,015		$ 337,619
2,016	[1]	256,463
2,017	[1]	303,738
2,018	[1]	185,075
2,019		1,188,274
2020 and after		406,207
Total		2,677,376
Discount on seller-provided		$ 8,200
[1]	Amounts include a combined $8.2 million of discount on seller-provided zero-interest financing being accreted to debt principal.

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)d$ / shares	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding balance on the debt	$ 2,669,222	$ 1,979,665
Convertible Debt
Debt Instrument [Line Items]
Amount of loan financed to acquire property	602,500	602,500
Outstanding balance on the debt	$ 604,349	604,498
Threshold percentage of stock price trigger (in percent)	130.00%
Threshold trading days | d	20
Threshold consecutive trading days	30 days
Redemption price, percentage of principal amount (in percent)	100.00%
Convertible Senior Notes due 2023 | Convertible Debt
Debt Instrument [Line Items]
Interest Rate	5.00%
Conversion Rate (per share of common stock) | $ / shares	$ 23.60
Amount of loan financed to acquire property	$ 200,000	200,000
Outstanding balance on the debt	$ 200,000	200,000
Convertible Senior Note Due 2021 | Convertible Debt
Debt Instrument [Line Items]
Interest Rate	3.875%
Conversion Rate (per share of common stock) | $ / shares	$ 24.82
Amount of loan financed to acquire property	$ 402,500	402,500
Outstanding balance on the debt	$ 404,349	$ 404,498

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) £ in Millions, SFr in Millions, NOK in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015NOK	Jun. 30, 2015CHF (SFr)	Jun. 30, 2015GBP (£)	Jun. 30, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014GBP (£)	Dec. 31, 2014EUR (€)	Jun. 30, 2011USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Minimum threshold of derivative liabilities require cash deposit	$ 100,000		$ 100,000
Deposits related to agreements included in other assets	0		0
Investments in unconsolidated joint ventures	1,126,873,000		1,126,873,000						$ 1,646,977,000
Amount of Ineffectiveness on Net Investment Hedges	500,000	$ 0	300,000	$ 0
Derivative liabilities	6,989,000		6,989,000						6,718,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	799,600,000		799,600,000		NOK 924.5	SFr 54.4	£ 135.9	€ 368,200,000	581,700,000	£ 128	€ 315,900,000
Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount | €								€ 23,800,000
Not Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount									$ 182,800,000
One-month LIBOR rate cap									3.00%	3.00%	3.00%
Not Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities		140,000		140,000								$ 4,100,000
Not Designated as Hedging Instrument | Other gain (loss), net | Interest rate swap and cap
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	(300,000)	11,000	(400,000)	14,000
Not Designated as Hedging Instrument | Other gain (loss), net | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives		2,400,000		2,300,000
Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on cash flow hedges	0
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on cash flow hedges		$ 0	0	$ 0
Notional amount	1,084,575,000		1,084,575,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 10,405,000		$ 10,405,000
Mortgages | Light Industrial Platform
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt									$ 1,100,000,000
Three-Month Euribor | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
One-month LIBOR rate cap	1.50%		1.50%		1.50%	1.50%	1.50%	1.50%
Municipal Swap Index | Not Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative basis spread on variable rate												3.25%
Variable interest rate on derivative		3.31%		3.31%
Debt Securities
Derivative Instruments, Gain (Loss) [Line Items]
Loss on settlement of bonds		$ 2,200,000

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 34,821	$ 26,479
Derivative Liabilities	6,989	6,718
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	34,273	25,820
Derivative Liabilities	6,973	6,718
Foreign exchange contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	33,783	25,820
Derivative Liabilities	6,778	6,718
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	490	0
Derivative Liabilities	195	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	548	659
Derivative Liabilities	16	0
Interest rate contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	55	402
Derivative Liabilities	16	0
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	493	257
Derivative Liabilities	0	0
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	34,821	26,479
Other assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	33,838	26,222
Other assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	983	257
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,989	6,718
Accrued and other liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	6,794	6,718
Accrued and other liabilities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 195	$ 0

Derivatives and Hedging - Sched

Derivatives and Hedging - Schedule of Net Investment Hedge (Details) - Jun. 30, 2015	NOKNOK / $£ / $SFr / $€ / $	CHF (SFr)NOK / $£ / $SFr / $€ / $	GBP (£)NOK / $£ / $SFr / $€ / $	EUR (€)NOK / $£ / $SFr / $€ / $
Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 71,685,000	€ 228,825,000
Derivative, Exchange Rate Floor	0.69	0.69	0.69	0.69
Foreign exchange rate cap	0.55	0.55	0.55	0.55
Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	NOK 923,000,000	SFr 53,184,000	£ 39,680,000	€ 87,977,000
Maximum | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Forward Exchange Rate	0.67	0.67	0.67	0.67
Minimum | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Forward Exchange Rate	0.68	0.68	0.68	0.68

Derivatives and Hedging - Sch82

Derivatives and Hedging - Schedule of Interest Derivative (Details) - Jun. 30, 2015 - Variable Rate [Domain]	USD ($)	EUR (€)
Interest rate caps
Derivative [Line Items]
Notional amount | €		€ 23,800,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount	$ 1,084,575,000
Cash Flow Hedging | Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Notional amount	$ 10,405,000
Derivative basis spread on variable rate	4.28%	4.28%
Cash Flow Hedging | Designated as Hedging Instrument | Minimum | Interest rate caps
Derivative [Line Items]
Derivative, Cap Interest Rate	2.50%	2.50%
Cash Flow Hedging | Designated as Hedging Instrument | Maximum | Interest rate caps
Derivative [Line Items]
Derivative, Cap Interest Rate	3.00%	3.00%

Derivatives and Hedging - Sch83

Derivatives and Hedging - Schedule of De-designated Foreign Exchange Contracts (Details) - Jun. 30, 2015	NOK£ / $SFr / $€ / $	CHF (SFr)£ / $SFr / $€ / $	GBP (£)£ / $SFr / $€ / $	EUR (€)£ / $SFr / $€ / $
Foreign exchange collars
Derivative [Line Items]
Notional amount			£ 71,685,000	€ 228,825,000
Foreign exchange rate cap	0.64	0.64	0.64	0.64
Foreign exchange forwards
Derivative [Line Items]
Notional amount	NOK 923,000,000	SFr 53,184,000	£ 39,680,000	€ 87,977,000
Not Designated as Hedging Instrument | Foreign exchange collars
Derivative [Line Items]
Notional amount | £			£ 3,315,000
Foreign exchange rate cap | £ / $	0.67	0.67	0.67	0.67
Not Designated as Hedging Instrument | Foreign exchange forwards
Derivative [Line Items]
Notional amount		SFr 2,361,000	£ 370,000	€ 3,523,000
Foreign exchange interest rate	66.00%	66.00%	66.00%	66.00%
Minimum | Not Designated as Hedging Instrument | Foreign exchange forwards
Derivative [Line Items]
Foreign exchange interest rate	87.00%	87.00%	87.00%	87.00%
Maximum | Not Designated as Hedging Instrument | Foreign exchange forwards
Derivative [Line Items]
Foreign exchange interest rate	79.00%	79.00%	79.00%	79.00%

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ (6,989)	$ (6,718)
Derivative (Assets) Liabilities	6,973	6,718
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(16)	0
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	34,821	26,479
Derivative (Assets) Liabilities	(6,973)	(6,718)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	27,848	19,761
Foreign exchange forwards
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(5,877)
Derivative (Assets) Liabilities	5,877
Cash Collateral Received (Pledged)	0
Net Amounts of Assets (Liabilities)	0
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	12,759	10,667
Derivative (Assets) Liabilities	(5,866)	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	6,893	10,667
Foreign exchange collars
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(1,096)	(6,718)
Derivative (Assets) Liabilities	1,096	6,718
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	0	0
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	21,514	15,153
Derivative (Assets) Liabilities	(1,107)	(6,718)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	20,407	8,435
Interest rate caps
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	548	480
Derivative (Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	548	480
Interest rate swap
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(16)
Derivative (Assets) Liabilities	0
Cash Collateral Received (Pledged)	0
Net Amounts of Assets (Liabilities)	$ (16)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		179
Derivative (Assets) Liabilities		0
Cash Collateral Received (Pledged)		0
Net Amounts of Assets (Liabilities)		$ 179

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($)	Apr. 02, 2015	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration		$ 70,600,000	$ 70,600,000		$ 70,600,000
Change in fair value of contingent consideration					1,140,000	$ 0
Impairment of real estate assets			0	$ 0	450,000	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration	$ 69,500,000	70,600,000	70,600,000		70,600,000
Change in fair value of contingent consideration		1,100,000
Nonrecurring fair value of assets		$ 0	$ 0		0		$ 0
Other gain (loss), net | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets					$ 500,000
Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rates used to estimate fair value	6.60%
Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rates used to estimate fair value	6.90%

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurement [Domain] | Level 1
Assets
Investments in unconsolidated joint ventures	$ 0	$ 0
Loans held for investment	0	0
Fair Value Measurement [Domain] | Level 1 | Line of Credit
Liabilities
Line of credit	0	0
Fair Value Measurement [Domain] | Level 1 | Secured and Unsecured Debt
Liabilities
Secured financing	0	0
Fair Value Measurement [Domain] | Level 1 | CMBS debt
Liabilities
Secured financing	0	0
Fair Value Measurement [Domain] | Level 1 | Loans Payable
Liabilities
Secured financing	0
Fair Value Measurement [Domain] | Level 1 | Convertible Debt
Liabilities
Secured financing	620,692	617,763
Fair Value Measurement [Domain] | Level 2
Assets
Investments in unconsolidated joint ventures	0	0
Loans held for investment	0	0
Fair Value Measurement [Domain] | Level 2 | Line of Credit
Liabilities
Line of credit	495,400	164,000
Fair Value Measurement [Domain] | Level 2 | Secured and Unsecured Debt
Liabilities
Secured financing	0	0
Fair Value Measurement [Domain] | Level 2 | CMBS debt
Liabilities
Secured financing	500,625	536,927
Fair Value Measurement [Domain] | Level 2 | Loans Payable
Liabilities
Secured financing	0
Fair Value Measurement [Domain] | Level 2 | Convertible Debt
Liabilities
Secured financing	0	0
Fair Value Measurement [Domain] | Level 3
Assets
Investments in unconsolidated joint ventures	1,510,101	1,963,965
Loans held for investment	4,100,248	2,163,500
Fair Value Measurement [Domain] | Level 3 | Line of Credit
Liabilities
Line of credit	0	0
Fair Value Measurement [Domain] | Level 3 | Secured and Unsecured Debt
Liabilities
Secured financing	2,131,761	1,442,397
Fair Value Measurement [Domain] | Level 3 | CMBS debt
Liabilities
Secured financing	0	0
Fair Value Measurement [Domain] | Level 3 | Loans Payable
Liabilities
Secured financing	43,864
Fair Value Measurement [Domain] | Level 3 | Convertible Debt
Liabilities
Secured financing	0	0
Fair Value
Assets
Investments in unconsolidated joint ventures	1,510,101	1,963,965
Loans held for investment	4,100,248	2,163,500
Fair Value | Line of Credit
Liabilities
Line of credit	495,400	164,000
Fair Value | Secured and Unsecured Debt
Liabilities
Secured financing	2,131,761	1,442,397
Fair Value | CMBS debt
Liabilities
Secured financing	500,625	536,927
Fair Value | Loans Payable
Liabilities
Secured financing	43,864
Fair Value | Convertible Debt
Liabilities
Secured financing	620,692	617,763
Carrying Value
Assets
Investments in unconsolidated joint ventures	1,126,873	1,646,977
Loans held for investment	4,045,627	2,131,134
Carrying Value | Line of Credit
Liabilities
Line of credit	495,400	164,000
Carrying Value | Secured and Unsecured Debt
Liabilities
Line of credit	2,124,107
Secured financing		1,442,397
Carrying Value | CMBS debt
Liabilities
Secured financing	501,251	537,268
Carrying Value | Loans Payable
Liabilities
Secured financing	43,864
Carrying Value | Convertible Debt
Liabilities
Secured financing	$ 604,349	$ 604,498

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Apr. 02, 2015USD ($)	May. 30, 2015USD ($)	Apr. 30, 2015USD ($)shares	Jun. 30, 2015voteDirectors$ / sharesshares	Dec. 31, 2014shares
Class of Stock [Line Items]
Preferred stock, shares issued | shares				25,030,000	13,530,000
Redemption amount per share (in dollars per share) | $ / shares				$ 25
Minimum period of dividend defaults providing preferred stockholders to voting rights
Number of Directors vote entitles | Directors				2
Number of OP units per Common class B | shares				35.5
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued | shares			11,500,000
Preferred stock, dividend percentage			7.125%	7.125%
Proceeds from issuance of redeemable preferred stock			$ 278,000,000
Common Class A
Class of Stock [Line Items]
Common stock issued during period as part of the upfront consideration for business combination	$ 1,430,000
Voting rights per share of common stock | vote				1
Common Class B
Class of Stock [Line Items]
Common stock issued during period as part of the upfront consideration for business combination	$ 563,987
Voting rights per share of common stock | vote				36.5
May 2015 At-The-Market Stock Offering
Class of Stock [Line Items]
Aggregate offering price		$ 300,000,000
Sale of stock commission percentage of gross sale proceeds amount		2.00%

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Class of Stock [Line Items]
Shares Outstanding (in thousands)		25,030		13,530
Par Value (in thousands)		$ 250
Liquidation Preference (in thousands)		$ 625,750		$ 338,250
Series A 8.5% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Dividend Rate Per Annum		8.50%
Shares Outstanding (in thousands)		10,080
Par Value (in thousands)		$ 101
Liquidation Preference (in thousands)		$ 252,000
Series B 7.5% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Dividend Rate Per Annum		7.50%	7.50%
Shares Outstanding (in thousands)		3,450
Par Value (in thousands)		$ 34
Liquidation Preference (in thousands)		$ 86,250
Series C 7.125% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Dividend Rate Per Annum	7.125%	7.125%
Shares Outstanding (in thousands)		11,500
Par Value (in thousands)		$ 115
Liquidation Preference (in thousands)		$ 287,500

Stockholders' Equity - Componen

Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,935,793	$ 1,954,227
Ending balance	5,626,161	2,416,891
Total Stockholders’ Equity
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(28,491)	2,593
Other comprehensive income (loss) before reclassifications	(11,747)	(683)
Amounts reclassified from accumulated other comprehensive income	12,802	(1,703)
Net other comprehensive (loss) income	1,055	(2,386)
Ending balance	(27,436)	207
Equity in AOCI of Unconsolidated Joint Ventures
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	451	3,621
Other comprehensive income (loss) before reclassifications	(612)	244
Amounts reclassified from accumulated other comprehensive income	161	(3,865)
Net other comprehensive (loss) income	(451)	(3,621)
Ending balance	0	0
Unrealized Gain/Loss on Beneficial Interests in Debt Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	325
Other comprehensive income (loss) before reclassifications	0	(2,488)
Amounts reclassified from accumulated other comprehensive income	0	2,163
Net other comprehensive (loss) income	0	(325)
Ending balance	0	0
Unrealized Gain/Loss on Fair Value of Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(101)	(19)
Other comprehensive income (loss) before reclassifications	(205)	(6)
Amounts reclassified from accumulated other comprehensive income	0	0
Net other comprehensive (loss) income	(205)	(6)
Ending balance	(306)	(25)
Foreign Currency Translation Gain/Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(52,643)	1,849
Other comprehensive income (loss) before reclassifications	(26,109)	6,129
Amounts reclassified from accumulated other comprehensive income	45,407	(1)
Net other comprehensive (loss) income	19,298	6,128
Ending balance	(33,345)	7,977
Unrealized Gain/Loss on Fair Value of Net Investment Hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	23,802	(3,183)
Other comprehensive income (loss) before reclassifications	15,179	(4,562)
Amounts reclassified from accumulated other comprehensive income	(32,766)	0
Net other comprehensive (loss) income	(17,587)	(4,562)
Ending balance	$ 6,215	$ (7,745)

Stockholders' Equity - Reclassi

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
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	$ 0	$ (161)	$ 3,865
Other gain (loss), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Settlement loss on beneficial interests in debt securities	0	(2,163)	0	(2,163)
Realized foreign exchange gain (loss)	(12,856)	0	(12,641)	1
Ineffectiveness on net investment hedges	$ 0	$ 0	$ 0	$ 0

Stockholders' Equity - Change i

Stockholders' Equity - Change in Accumulated Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 2,935,793	$ 1,954,227
Ending balance	5,626,161	$ 2,416,891
Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(3,669)
Other comprehensive income (loss) before reclassifications	19,560
Amounts reclassified from accumulated other comprehensive income	2,451
Net other comprehensive (loss) income	22,011
Ending balance	18,342
Unrealized Gain/Loss on Fair Value of Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(52)
Other comprehensive income (loss) before reclassifications	(139)
Amounts reclassified from accumulated other comprehensive income	0
Net other comprehensive (loss) income	(139)
Ending balance	(191)
Foreign Currency Translation Gain/Loss
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(3,616)
Other comprehensive income (loss) before reclassifications	22,677
Amounts reclassified from accumulated other comprehensive income	8,658
Net other comprehensive (loss) income	31,335
Ending balance	27,719
Unrealized Gain/Loss on Fair Value of Net Investment Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(1)
Other comprehensive income (loss) before reclassifications	(2,978)
Amounts reclassified from accumulated other comprehensive income	(6,207)
Net other comprehensive (loss) income	(9,185)
Ending balance	$ (9,186)

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Outstanding balance on the debt		$ 2,669,222	$ 1,979,665
Unsecured Debt | Unsecured note, mature 2017
Noncontrolling Interest [Line Items]
Outstanding balance on the debt	[1]	$ 0	10,000
CCM | Unsecured Debt | Unsecured note, mature 2017
Noncontrolling Interest [Line Items]
Outstanding balance on the debt			$ 10,000
Colony Capital Operating Company, LLC | CCM
Noncontrolling Interest [Line Items]
Common units issued		412,865
[1]	In connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, the Company issued an unsecured note in the amount of $10 million to Cobalt Capital Management, L.P. ("CCM"), an affiliate of Cobalt Capital Partners, L.P. and a service provider that continues to manage the light industrial portfolio and its day-to-day operations. The note was to mature on the third anniversary of the date of acquisition. In May 2015, the CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15).

Earnings per Share - Reconciles

Earnings per Share - Reconciles Numerator and Denominator of Basic and Diluted per-Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income		$ 103,084	$ 51,002	$ 119,299	$ 80,852
Net income attributable to noncontrolling interests:
Investment entities		(34,630)	(13,353)	(40,316)	(21,473)
Operating Company		(9,138)	0	(9,138)	0
Net income attributable to Colony Capital, Inc.		59,316	37,649	69,845	59,379
Preferred dividends		(11,410)	(5,571)	(18,382)	(10,926)
Net income attributable to common stockholders		47,906	32,078	51,463	48,453
Net income allocated to participating securities (nonvested shares)		(350)	(247)	(609)	(487)
Net income allocated to common stockholders—basic		47,556	31,831	50,854	47,966
Interest expense attributable to convertible senior notes	[1]	6,925	5,347	0	0
Net income allocated to common stockholders—diluted		$ 54,481	$ 37,178	$ 50,854	$ 47,966
Denominator:
Basic weighted average number of common shares outstanding (in shares)		111,394,000	91,673,000	110,410,000	86,342,000
Weighted average effect of dilutive shares (in shares)	[1]	25,040,000	18,757,000	0	10,000
Diluted weighted average number of common shares outstanding (in shares)		136,434,000	110,430,000	110,410,000	86,352,000
Earnings per share:
Basic (in dollars per share)		$ 0.43	$ 0.35	$ 0.46	$ 0.56
Diluted (in dollars per share)		$ 0.40	$ 0.34	$ 0.46	$ 0.56
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS				$ 13,900	$ 9,700
Weighted average dilutive common share				25,073,400	16,809,600
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Operating Partnership unit outstanding		21,749,000		21,749,000
[1]	OP units, subject to lock-up agreements, may be redeemed for registered or unregistered Class A common shares on a one-for-one basis. At June 30, 2015, there were 21,749,000 OP units outstanding that may be redeemed into 21,749,000 Class A common shares. These OP units would not be dilutive and were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2015.For the six months ended June 30, 2015, excluded from the calculation of diluted net income per share is the effect of adding back $13.9 million of interest expense and 25,073,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive.For the six months ended June 30, 2014, excluded from the calculation of diluted net income per share is the effect of adding back $9.7 million of interest expense and 16,809,600 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive.

Related Party Transactions - Su

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$ 18,811	$ 0
Total amounts due to the manager or its affiliates	70,640	12,236
Management fee receivable
Related Party Transaction [Line Items]
Due from affiliates	11,833	0
Due from funds and unconsolidated joint ventures
Related Party Transaction [Line Items]
Due from affiliates	3,946	0
Other
Related Party Transaction [Line Items]
Due from affiliates	3,032	0
Contingent consideration
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	70,640	0
Base management fee expense
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	0	9,173
Secondment reimbursement
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	0	1,393
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	$ 0	$ 1,670

Related Party Transactions - 95

Related Party Transactions - Summary of Amounts Incurred and Payable to Manager or its Affiliates (Details) - Manager and its affiliates - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Base management fee expense	$ 101	$ 7,563	$ 9,165	$ 14,205
Incentive fees	0	464	0	464
Compensation pursuant to secondment agreement	0	340	450	664
Direct and allocated investment-related expenses	0	603	366	1,349
Direct and allocated investment-related expenses	0	743	1,922	1,410
Total	$ 101	$ 9,713	$ 11,903	$ 18,092

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Base management fee per annum of stockholders' equity			1.50%
Fee income	$ 21,928	$ 0	$ 21,998	$ 0
Base management fee expense
Related Party Transaction [Line Items]
Fee income	21,600
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Other income	1,300
Promissory Notes
Related Party Transaction [Line Items]
Receivable with Imputed Interest, Effective Yield (Interest Rate)			7.00%
Cost Reimbursements
Related Party Transaction [Line Items]
Other income	$ 100

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	May. 08, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Additional shares of common stock authorized	2,500,000
Percentage of award vesting rights				25.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested		$ 200,000	$ 0	$ 12,300,000	$ 6,900,000
Aggregate unrecognized compensation cost related to restricted stock granted		$ 16,300,000		$ 16,300,000
Weighted average period of expected cost				25 months
Restricted Stock | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		100,000		100,000
Vesting period				1 year

Share-Based Compensation - Comp

Share-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses		$ 2,749	$ 2,011	$ 8,735	$ 6,171
Manager and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	[1]	2,407	1,945	8,305	6,050
Non-Executive Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses		$ 342	$ 66	$ 430	$ 121
[1]	All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015.

Share-Based Compensation - Nonv

Share-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock - $ / shares	Total
Number of Shares [Roll Forward]
Nonvested shares at beginning period	689,438
Granted	641,307
Vested	(505,495)
Forfeited	(5,547)
Nonvested shares at period end	819,703
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 19.54
Granted (USD per share)	24.42
Vested (USD per share)	20.71
Forfeited (USD per share)	26.06
Nonvested shares at period end (USD per share)	$ 22.60
Non-Executive Directors
Number of Shares [Roll Forward]
Nonvested shares at beginning period	15,234
Granted	23,226
Vested	(20,548)
Forfeited	0
Nonvested shares at period end	17,912
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share)	$ 25.24
Manager and Employees
Number of Shares [Roll Forward]
Nonvested shares at beginning period	674,204
Granted	618,081
Vested	(484,947)
Forfeited	(5,547)
Nonvested shares at period end	801,791
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share)	$ 24.39

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Current
Federal		$ 305	$ 306	$ 573	$ 653
State		201	95	411	197
Foreign		483	0	483	0
Total current tax expense		989	401	1,467	850
Deferred
Federal		(600)	(296)	(486)	(472)
State		(40)	(104)	18	(132)
Total deferred tax benefit		(640)	(400)	(468)	(604)
Total income tax (benefit) provision	[1]	$ 349	$ 1	$ 999	$ 246
[1]	Beginning in 2015, income tax expense or benefit related to specific investments within each segment were allocated to the respective segments. Income tax expense was previously immaterial.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Apr. 02, 2015	Jun. 30, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred tax expense related to business combination	$ 43.7
Deferred tax expense related to equity method investment in joint ventures	$ 3.5
Deferred tax liability related to tax basis difference on a sale-leaseback		$ 24
Deferred Tax Liabilities, Net		$ 60.7
Deferred tax assets, net			$ 6.5

Commitments and Contingencie102

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Other Commitments [Line Items]
Rent expense with lease of office space	$ 1,300
Fair value of contingent consideration	70,600	$ 70,600
Additional Funding to Unconsolidated Joint Ventures
Other Commitments [Line Items]
Other Commitment	88,700	88,700
ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment	231,600	231,600
Light Industrial Platform | Cobalt Capital Partners, L.P. | Industrial Property
Other Commitments [Line Items]
Ownership interest of limited partners (percent)			38.00%
General Partner | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment	144,400	144,400
Limited Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment	87,200	87,200
Ground Leases
Other Commitments [Line Items]
Ground lease rent expense	103	175
Debt Securities | Unfunded Lending Commitment
Other Commitments [Line Items]
Other Commitment	500,200	500,200
Debt Securities | Parent | Unfunded Lending Commitment
Other Commitments [Line Items]
Other Commitment	288,700	288,700
Equity Securities | Corporate Joint Venture | Unfunded Lending Commitment
Other Commitments [Line Items]
Other Commitment	$ 34,000	$ 34,000

Commitments and Contingencies -

Commitments and Contingencies - Future Rental Commitment (Details) $ in Thousands	Jun. 30, 2015USD ($)
Operating Leased Assets [Line Items]
Remaining 2,015	$ 93,811
2,016	178,861
2,017	158,430
2,018	136,527
2,019	114,749
2020 and after	763,398
Total	1,445,776
Ground Leases
Operating Leased Assets [Line Items]
Remaining 2,015	126
2,016	255
2,017	255
2,018	255
2,019	255
2020 and after	12,360
Total	13,506
Office Leases
Operating Leased Assets [Line Items]
Remaining 2,015	2,354
2,016	3,850
2,017	3,551
2,018	2,844
2,019	1,952
2020 and after	8,650
Total	$ 23,201

Segment Information - Summary o

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income:
Interest income		$ 101,270	$ 53,963	$ 147,407	$ 87,065
Property and hotel operating income		83,230	3,255	127,023	6,496
Equity in income of unconsolidated joint ventures		10,956	21,114	37,305	43,753
Fee income		21,928	0	21,998	0
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		3,520	231	3,783	456
Total income		220,904	78,563	337,516	137,770
Expenses:
Investment and servicing expenses		10,034	2,401	26,477	8,212
Interest expense		30,924	10,700	57,517	19,649
Property and hotel operating expenses		35,905	843	49,916	1,691
Depreciation and amortization		36,645	1,253	58,953	2,505
Provision for loan losses		4,078	0	4,442	0
Impairment of real estate assets		0	0	450	0
Compensation expense		28,644	501	29,259	985
Other		11,512	12,083	30,639	24,831
Total expenses		157,742	27,781	257,653	57,873
Gain on sale of real estate assets, net		740	0	740	0
Gain on remeasurement of consolidated investment entities, net		41,486	0	41,486	0
Other loss, net		(1,955)	221	(1,791)	1,201
Income tax expense	[1]	(349)	(1)	(999)	(246)
Net income		103,084	51,002	119,299	80,852
Investment entities		34,630	13,353	40,316	21,473
Operating Company		9,138	0	9,138	0
Net income attributable to Colony Capital, Inc.		59,316	37,649	69,845	59,379
Investment Management
Income:
Total income		21,800
Expenses:
Net income attributable to Colony Capital, Inc.		6,100
Operating Segments | Light Industrial Platform
Income:
Interest income		0		7
Property and hotel operating income		39,034		75,351
Equity in income of unconsolidated joint ventures		0		0
Fee income		0		0
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		0		0
Total income		39,034		75,358
Expenses:
Investment and servicing expenses		2,743		3,438
Interest expense		7,964		15,839
Property and hotel operating expenses		13,615		26,376
Depreciation and amortization		20,367		39,987
Provision for loan losses		0		0
Impairment of real estate assets				450
Compensation expense		952		952
Other		95		597
Total expenses		45,736		87,639
Gain on sale of real estate assets, net		8		8
Gain on remeasurement of consolidated investment entities, net		0		0
Other loss, net		(15)		(67)
Income tax expense	[1]	295		418
Net income		(6,414)		(11,922)
Investment entities		(2,461)		(4,430)
Operating Company		(633)		(633)
Net income attributable to Colony Capital, Inc.		(3,320)		(6,859)
Operating Segments | Single-family residential rentals
Income:
Interest income		0	0	0	0
Property and hotel operating income		0	0	0	0
Equity in income of unconsolidated joint ventures		(1,649)	(3,640)	(5,561)	(6,835)
Fee income		0		0
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		0	0	0	0
Total income		(1,649)	(3,640)	(5,561)	(6,835)
Expenses:
Investment and servicing expenses		0	0	0	0
Interest expense		0	0	0	0
Property and hotel operating expenses		0	0	0	0
Depreciation and amortization		0	0	0	0
Provision for loan losses		0		0
Impairment of real estate assets				0
Compensation expense		0	0	0	0
Other		0	0	0	0
Total expenses		0	0	0	0
Gain on sale of real estate assets, net		0		0
Gain on remeasurement of consolidated investment entities, net		0		0
Other loss, net		0	0	0	0
Income tax expense	[1]	0	0	0	0
Net income		(1,649)	(3,640)	(5,561)	(6,835)
Investment entities		0	0	0	0
Operating Company		(264)		(264)
Net income attributable to Colony Capital, Inc.		(1,385)	(3,640)	(5,297)	(6,835)
Operating Segments | Other
Income:
Interest income		0	0	8	0
Property and hotel operating income		42,726	3,255	50,206	6,496
Equity in income of unconsolidated joint ventures		5,523	3,143	11,050	10,161
Fee income		0		0
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		0	0	0	0
Total income		48,249	6,398	61,264	16,657
Expenses:
Investment and servicing expenses		1,510	71	1,672	71
Interest expense		4,208	1,085	6,016	2,159
Property and hotel operating expenses		20,420	843	21,670	1,691
Depreciation and amortization		9,427	1,253	12,115	2,505
Provision for loan losses		0		0
Impairment of real estate assets				0
Compensation expense		472	0	472	0
Other		1,178	0	1,292	0
Total expenses		37,215	3,252	43,237	6,426
Gain on sale of real estate assets, net		0		0
Gain on remeasurement of consolidated investment entities, net		10,223		10,223
Other loss, net		(794)	0	(794)	0
Income tax expense	[1]	(3,101)	0	(3,052)	0
Net income		17,362	3,146	24,404	10,231
Investment entities		3,493	680	4,360	1,209
Operating Company		2,221		2,221
Net income attributable to Colony Capital, Inc.		11,648	2,466	17,823	9,022
Operating Segments | Real Estate Debt
Income:
Interest income		101,270	53,940	147,392	87,004
Property and hotel operating income		1,470	0	1,466	0
Equity in income of unconsolidated joint ventures		7,082	21,611	31,816	40,427
Fee income		149		219
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		2,163	231	2,319	456
Total income		112,134	75,782	183,212	127,887
Expenses:
Investment and servicing expenses		5,230	1,398	6,044	6,456
Interest expense		7,582	3,054	14,282	5,127
Property and hotel operating expenses		1,870	0	1,870	0
Depreciation and amortization		159	0	159	0
Provision for loan losses		4,078		4,442
Impairment of real estate assets				0
Compensation expense		3,601	0	3,625	0
Other		2,191	210	2,525	380
Total expenses		24,711	4,662	32,947	11,963
Gain on sale of real estate assets, net		724		724
Gain on remeasurement of consolidated investment entities, net		31,263		31,263
Other loss, net		(5)	221	(4)	128
Income tax expense	[1]	(1,175)	0	(1,995)	0
Net income		118,230	71,341	180,253	116,052
Investment entities		33,598	12,673	40,386	20,264
Operating Company		13,555		13,555
Net income attributable to Colony Capital, Inc.		71,077	58,668	126,312	95,788
Operating Segments | Investment Management
Income:
Interest income		0		0
Property and hotel operating income		0		0
Equity in income of unconsolidated joint ventures		0		0
Fee income		21,779		21,779
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		0		0
Total income		21,779		21,779
Expenses:
Investment and servicing expenses		0		0
Interest expense		0		0
Property and hotel operating expenses		0		0
Depreciation and amortization		5,614		5,614
Provision for loan losses		0		0
Impairment of real estate assets				0
Compensation expense		11,510		11,510
Other		1,053		1,053
Total expenses		18,177		18,177
Gain on sale of real estate assets, net		0		0
Gain on remeasurement of consolidated investment entities, net		0		0
Other loss, net		0		0
Income tax expense	[1]	3,650		3,650
Net income		7,252		7,252
Investment entities		0		0
Operating Company		1,162		1,162
Net income attributable to Colony Capital, Inc.		6,090		6,090
Corporate
Income:
Interest income		0	23	0	61
Property and hotel operating income		0	0	0	0
Equity in income of unconsolidated joint ventures		0	0	0	0
Fee income		0		0
Other income (including $1,934, $231, $1,997 and $456 from affiliates, respectively)		1,357	0	1,464	0
Total income		1,357	23	1,464	61
Expenses:
Investment and servicing expenses		551	932	15,323	1,685
Interest expense		11,170	6,561	21,380	12,363
Property and hotel operating expenses		0	0	0	0
Depreciation and amortization		1,078	0	1,078	0
Provision for loan losses		0		0
Impairment of real estate assets				0
Compensation expense		12,109	501	12,700	985
Other		6,995	11,873	25,172	24,451
Total expenses		31,903	19,867	75,653	39,484
Gain on sale of real estate assets, net		8		8
Gain on remeasurement of consolidated investment entities, net		0		0
Other loss, net		(1,141)	0	(926)	1,073
Income tax expense	[1]	(18)	(1)	(20)	(246)
Net income		(31,697)	(19,845)	(75,127)	(38,596)
Investment entities		0	0	0	0
Operating Company		(6,903)		(6,903)
Net income attributable to Colony Capital, Inc.		$ (24,794)	$ (19,845)	$ (68,224)	$ (38,596)
[1]	Beginning in 2015, income tax expense or benefit related to specific investments within each segment were allocated to the respective segments. Income tax expense was previously immaterial.

Segment Information - Assets of

Segment Information - Assets of Reportable Operating Segments (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets:
Total consolidated assets	[1]	$ 9,860,060	$ 5,871,848
Cash		195,989	141,936	$ 38,414	$ 43,167
Operating Segments
Assets:
Cash			63,400
Operating Segments | Light Industrial Platform
Assets:
Total consolidated assets		1,848,875	1,693,282
Operating Segments | Single-family residential rentals
Assets:
Total consolidated assets		487,161	494,613
Operating Segments | Other Real Estate Equity Investments
Assets:
Total consolidated assets		1,840,802	558,630
Operating Segments | Real estate debt investments
Assets:
Total consolidated assets		4,738,078	3,022,355
Operating Segments | Investment Management
Assets:
Total consolidated assets		820,917	0
Corporate
Assets:
Total consolidated assets		$ 124,227	$ 102,968
[1]	Beginning in 2015, the Company allocated cash and other assets held within investment holding entities that previously had not been allocated to segments. The impact of this change was an additional allocation of $63.4 million to segment assets at December 31, 2014, made up primarily of cash balances that can be directly attributed to the respective segments.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Aug. 06, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Distributions from unconsolidated joint ventures		$ 109,293,000	$ 77,286,000
Short-term bridge debt		151,100,000
Line of credit		$ 495,400,000			$ 164,000,000
Subsequent Event
Subsequent Event [Line Items]
Distributions from unconsolidated joint ventures	$ 75,000,000
CAH Operating Partnership Lp | Subsequent Event
Subsequent Event [Line Items]
Percentage of joint venture ownership	23.00%
3.8% Interest-Only Debt, Mature August 2025 | Subsequent Event
Subsequent Event [Line Items]
Long-term debt	$ 165,800,000
Debt instrument term	10 years
Interest Rate	3.80%
Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Maximum principal amount of credit facility	$ 100,000,000
Line of credit				$ 56,500,000
One-Month LIBOR | Revolving Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate (in percent)	2.25%
CAH Operating Partnership Lp | Subsequent Event
Subsequent Event [Line Items]
Payments of capital distribution	$ 325,000,000
Payments of ordinary dividends	$ 7,200,000