Colony Capital 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 05, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		111,676,324
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	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Cash	$ 307,963	$ 141,936
Loans receivable, net	4,048,649	2,131,134
Held for investment	2,686,402	1,643,997
Held for sale	355,645	0
Investments in unconsolidated joint ventures	923,712	1,646,977
Goodwill	685,068	20,000
Deferred leasing costs and intangible assets, net (including $14,160 and $0 held for sale intangible assets, net)	279,521	106,060
Due from affiliates	17,907	0
Other assets (including $5,014 and $0 held for sale)	399,743	181,744
Total assets	9,704,610	5,871,848
Liabilities:
Line of credit	357,500	164,000
Accrued and other liabilities (including $10,427 and $0 held for sale)	356,639	128,119
Due to affiliates—contingent consideration	53,740	0
Due to affiliates—other	0	12,236
Dividends and distributions payable	63,017	47,537
Debt	2,892,788	1,979,665
Convertible senior notes	604,274	604,498
Total liabilities	$ 4,327,958	$ 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	2,993,269	2,512,743
Distributions in excess of earnings	(105,127)	(68,003)
Accumulated other comprehensive loss	(12,645)	(28,491)
Total stockholders’ equity	2,876,870	2,417,480
Noncontrolling interests in investment entities	2,063,654	518,313
Noncontrolling interests in Operating Company	436,128	0
Total equity	5,376,652	2,935,793
Total liabilities and equity	9,704,610	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

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS BALANCE SHEETS OF CONSOLIDATED VIES - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Loans receivable, net	$ 4,048,649	$ 2,131,134
Other assets	399,743	181,744
Total assets	9,704,610	5,871,848
Debt	2,892,788	1,979,665
Accrued and other liabilities	356,639	128,119
Total liabilities	4,327,958	2,936,055
Variable Interest Entity, Primary Beneficiary
Loans receivable, net	1,224,206	807,761
Other assets	105,853	50,074
Total assets	1,330,059	857,835
Debt	824,374	537,268
Accrued and other liabilities	91,601	38,443
Total liabilities	$ 915,975	$ 575,711

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred leasing costs and intangible assets, net	$ 279,521	$ 106,060
Accrued and other liabilities	356,639	128,119
Other assets	$ 399,743	$ 181,744
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	111,696,000	109,634,000
Common stock, shares outstanding	111,696,000	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
Held-for-Sale [Member]
Deferred leasing costs and intangible assets, net	$ 14,160	$ 0
Accrued and other liabilities	10,427	0
Other assets	$ 5,014	$ 0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income
Interest income	$ 142,269	$ 62,849	$ 289,676	$ 149,914
Property operating income	86,435	4,323	213,458	10,819
Equity in income of unconsolidated joint ventures	6,879	9,263	44,184	53,016
Fee income (including $22,506, $0, $44,065 and $0 from affiliates, respectively)	23,070	0	45,068	0
Other income (including $2,054, $258, $4,051 and $714 from affiliates, respectively)	4,325	847	8,108	1,303
Total income	262,978	77,282	600,494	215,052
Expenses
Management fees (including $0, $1,810, $5,897 and $7,791 of share-based payments, respectively)	0	10,717	15,062	31,367
Investment and servicing expenses (including $0, $765, $366 and $2,114 reimbursable to affiliates, respectively)	6,804	1,500	15,383	4,129
Transaction costs	254	1,859	18,152	7,442
Interest expense	38,027	12,431	95,544	32,080
Property operating expenses	35,615	1,052	85,531	2,743
Depreciation and amortization	42,656	1,592	101,609	4,097
Provision for loan losses	26,495	0	30,937	0
Impairment of real estate assets	317	0	767	0
Compensation expense	25,734	499	54,993	1,484
Administrative expenses (including $0, $890, $1,922, and $2,300 reimbursable to affiliates, respectively)	11,154	2,186	26,731	6,367
Total expenses	187,056	31,836	444,709	89,709
Gain on sale of real estate assets, net	5,732	0	6,472	0
Gain on remeasurement of consolidated investment entities, net	0	0	41,486	0
Other (loss) gain, net	(6,491)	37	(8,282)	1,238
Income before income taxes	75,163	45,483	195,461	126,581
Income tax benefit	3,598	2,464	2,599	2,218
Net income	78,761	47,947	198,060	128,799
Net income attributable to noncontrolling interests:
Investment entities	22,264	8,993	62,580	30,466
Operating Company	7,200	0	16,338	0
Net income attributable to Colony Capital, Inc.	49,297	38,954	119,142	98,333
Preferred dividends	12,094	6,972	30,476	17,898
Net income attributable to common stockholders	$ 37,203	$ 31,982	$ 88,666	$ 80,435
Net income per common share:
Basic (in dollars per share)	$ 0.33	$ 0.30	$ 0.79	$ 0.86
Diluted (in dollars per share)	$ 0.32	$ 0.30	$ 0.79	$ 0.85
Weighted average number of common shares outstanding:
Basic (in shares)	111,443	104,810	110,758	92,566
Diluted (in shares)	136,138	121,029	126,976	103,563
Dividends declared per common share (in dollars per share)	$ 0.38	$ 0.36	$ 1.12	$ 1.07

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fee income	$ 23,070	$ 0	$ 45,068	$ 0
Other income	4,325	847	8,108	1,303
Share-based compensation expenses	2,511	1,921	11,246	8,092
Investment and servicing expenses	6,804	1,500	15,383	4,129
Administrative expenses	11,154	2,186	26,731	6,367
Affiliated Entity
Fee income	22,506	0	44,065	0
Other income	2,054	258	4,051	714
Investment and servicing expenses	0	765	366	2,114
Administrative expenses	0	890	1,922	2,300
Management fee receivable
Share-based compensation expenses	$ 0	$ 1,810	$ 5,897	$ 7,791

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 78,761	$ 47,947	$ 198,060	$ 128,799
Other comprehensive income (loss), net of tax:
Equity in other comprehensive income (loss) of unconsolidated joint ventures, net	0	693	(451)	(2,928)
Unrealized loss on beneficial interests in debt securities	0	0	0	(327)
Net change in fair value of cash flow hedges	67	(1)	(277)	(9)
Foreign currency translation adjustments:
Foreign currency translation adjustment gain (loss)	9,018	(41,418)	59,651	(34,869)
Change in fair value of net investment hedges	9,838	22,576	(16,934)	18,014
Net foreign currency translation adjustments	18,856	(18,842)	42,717	(16,855)
Other comprehensive income (loss)	18,923	(18,150)	41,989	(20,119)
Comprehensive income	97,684	29,797	240,049	108,680
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to stockholders	64,088	23,929	134,988	80,922
Noncontrolling Interests in Investment Entities
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests:	23,530	5,868	82,247	27,758
Noncontrolling Interests in Operating Company
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests:	$ 10,066	$ 0	$ 22,814	$ 0

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	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128,799	98,333				98,333		30,466
Other comprehensive (loss) income	(20,119)	(17,411)					(17,411)	(2,708)
Issuance of stock	717,870	717,870		$ 326	717,544					$ 86,250	$ 86,250	$ 34	$ 86,216
Issuance of stock, shares				32,606								3,450
Underwriter discount and offering costs	(3,551)	(3,551)			(3,551)
Issuance of common stock for incentive fees, shares				21
Issuance of common stock for incentive fees	464	464			464
Share-based compensation	8,092	8,092		$ 5	8,087
Share-based compensation, shares				515
Contributions from noncontrolling interests	81,907							81,907
Distributions to noncontrolling interests	(108,524)							(108,524)
Preferred stock dividends	(18,149)	(18,149)				(18,149)
Common stock dividends declared	(105,043)	(105,043)				(105,043)
Ending balance at Sep. 30, 2014	2,722,223	2,451,165	$ 135	$ 1,096	2,510,034	(45,282)	(14,818)	271,058	0
Ending balance, shares at Sep. 30, 2014			13,530	109,634
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	198,060	119,142				119,142		62,580	16,338
Other comprehensive (loss) income	41,989	15,846					15,846	19,667	6,476
Issuance of stock														$ 287,500	$ 287,500	$ 115	$ 287,385	$ 37,389	$ 37,389	$ 14	$ 37,375	$ 14,771	$ 14,771	$ 6	$ 14,765
Issuance of stock, shares																11,500				1,428				564
Issuance of units in Operating Company	568,794								568,794
Underwriter discount and offering costs	(9,406)	(9,406)			(9,406)
Share-based compensation	11,246	11,246		$ 7	11,239
Share-based compensation, shares				634
Consolidation of investment entities	1,700,114							1,700,114
Contributions from noncontrolling interests	225,999							225,999
Distributions to noncontrolling interests	(479,331)							(463,019)	(16,312)
Preferred stock dividends	(31,272)	(31,272)				(31,272)
Common stock dividends declared	(124,994)	(124,994)				(124,994)
Reallocation of equity of Operating Company (Note 15)	0	139,168			139,168				(139,168)
Ending balance at Sep. 30, 2015	$ 5,376,652	$ 2,876,870	$ 250	$ 1,123	$ 2,993,269	$ (105,127)	$ (12,645)	$ 2,063,654	$ 436,128
Ending balance, shares at Sep. 30, 2015			25,030	112,260

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Dividends declared per common share (in dollars per share)		$ 0.38	$ 0.36	$ 1.12	$ 1.07
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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities
Net income	$ 198,060	$ 128,799
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(18,218)	(64,282)
Paid-in-kind interest added to loan principal	(19,639)	(1,539)
Straight-line rents	(8,959)	(426)
Amortization of net above (below)-market lease values	2,560	(5)
Amortization of deferred financing costs	15,575	4,152
Equity in income of unconsolidated joint ventures	(44,184)	(53,016)
Distributions of income from unconsolidated joint ventures	54,469	60,842
Provision for loan losses	30,937	0
Impairment of real estate assets	767	0
Depreciation and amortization	101,609	4,097
Share-based compensation	11,246	8,556
Net gain on remeasurement of net assets of consolidated investment entities	(41,486)	0
Change in fair value of contingent consideration	(15,760)	0
Realized gain on sales of real estate assets	(6,472)	0
Foreign currency loss recognized on repayment of loans receivable	31,179	0
Changes in operating assets and liabilities:
Decrease in due from affiliates	2,359	0
(Decrease) increase in other assets	968	(6,493)
Increase in accrued and other liabilities	47,493	16,782
(Decrease) increase in due to affiliates	(12,236)	2,167
Other adjustments, net	(8,111)	(33)
Net cash provided by operating activities	322,157	99,601
Cash Flows from Investing Activities
Contributions to unconsolidated joint ventures	(339,222)	(325,617)
Distributions from unconsolidated joint ventures	340,157	118,251
Investments in purchased loans receivable, net of seller financing	(2,327)	(412,260)
Net disbursements on originated loans	(823,660)	(886,646)
Repayments of loans receivable	286,030	621,014
Cash receipts in excess of accretion on purchased credit impaired loans	361,156	0
Disbursements on acquisition of real estate assets, related intangibles and leasing commissions	(779,192)	(31,319)
Proceeds from repayment of beneficial interests in debt securities	0	28,000
Proceeds from sales of real estate assets	87,251	0
Acquisition of investment management business, net of cash acquired	(55,885)	0
Proceeds from settlement of derivative instruments	32,567	8,449
Other investing activities, net	(5,717)	(4,554)
Net cash used in investing activities	(898,842)	(884,682)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	277,945	83,533
Proceeds from issuance of common stock, net	0	717,870
Dividends paid to preferred stockholders	(26,151)	(16,064)
Dividends paid to common stockholders	(122,900)	(92,347)
Line of credit borrowings	954,900	861,800
Line of credit repayments	(761,400)	(1,000,300)
Proceeds from secured financing	1,314,192	217,313
Secured financing repayments	(690,346)	(89,990)
Net proceeds from issuance of convertible senior notes	0	394,592
Payment of deferred financing costs	(18,031)	(7,505)
Payment of offering costs	0	(834)
Contributions from noncontrolling interests	225,999	81,907
Distributions to noncontrolling interests	(471,066)	(108,524)
Other financing activities, net	(10,231)	(843)
Net cash provided by financing activities	672,911	1,040,608
Cash held by investment entities consolidated (Note 7)	75,412	0
Effect of exchange rates on cash	(5,611)	(911)
Net increase in cash	166,027	254,616
Cash, beginning of period	141,936	43,167
Cash, end of period	307,963	297,783
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	76,045	22,056
Cash paid for income taxes	1,769	1,528
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	63,017	46,908
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
Interest reserve for seller financing returned to borrower upon resolution of underlying collateral loan	0	1,405
Deferred tax liability assumed in a real estate acquisition	29,987	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	9 Months Ended
	Sep. 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. 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	9 Months Ended
	Sep. 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 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 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 on 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 on the balance sheet. ASU No. 2015-03 is effective for fiscal years and interim periods 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. Measurement-Period Adjustments in Business Combinations —In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement- period adjustment (including impact on prior periods) be recognized in the reporting period in which the adjustment amount is determined and therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. ASU No. 2015-16 is effective for fiscal years and interim periods beginning after December 15, 2015, and is to be applied prospectively to measurement-period adjustments that occur after the effective date. Early adoption is permitted. The Company will comply with the new guidance upon adoption.

Combination with Colony Capital

Combination with Colony Capital	9 Months Ended
	Sep. 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 (1) 69,500 $ 741,354 Identifiable assets acquired and liabilities assumed (2) Cash $ 5,015 Fixed assets 46,396 Other assets 23,039 Intangible asset: Investment management contracts 46,000 Customer relationships 46,800 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) Estimated fair value of the contingent consideration is subject to remeasurement each reporting period, as discussed in Note 13. (2) 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 were $22.7 million and $7.3 million , respectively, for the three months ended September 30, 2015, and $44.5 million and $13.3 million , respectively, for the nine months ended September 30, 2015. 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 additional compensation expense, depreciation and amortization, income tax, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the nine months ended September 30, 2015 were adjusted to exclude acquisition-related expenses of approximately $15.1 million . The unaudited pro forma results are not indicative of future operating results. Nine Months Ended September 30, (In thousands, except per share data) 2015 2014 Pro forma total income $ 631,593 $ 300,641 Pro forma net income attributable to Colony Capital, Inc. 135,372 86,545 Pro forma net income attributable to common stockholders 104,896 68,647 Pro forma net income per common share: Basic $ 0.93 $ 0.71 Diluted $ 0.91 $ 0.71

Securitizations and Variable In

Securitizations and Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Securitizations Variable Interest Entities	Securitizations and Variable Interest Entities The Company consolidates VIEs for which it is deemed to be the primary beneficiary. Securitizations The Company securitizes loans receivable using VIEs as a source of financing. Securitization usually occurs in conjunction with or shortly after the Company's origination or purchase of the commercial mortgage loans. The securitization vehicles are structured as pass through entities that receive principal and interest on the underlying mortgage 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. The Company retains beneficial interests in the securitization vehicles, usually equity tranches or subordinate securities, or in the interim period, senior securities. 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 Company, as the controlling class representative or directing holder who, under certain circumstances, has the right to unilaterally remove the special servicer. The Company's continued involvement in the securitization vehicles as directing holder and controlling class representative allows the Company to maintain effective control over the loans transferred into the securitization trusts. Accordingly, these securitizations did not qualify as sale transactions and are accounted for as secured financing with the underlying mortgage loans pledged as collateral. As the Company’s rights as the directing holder and controlling class representative provide the Company the ability to direct activities that most significantly impact the economic performance of the securitization vehicles, the Company is determined to be the primary beneficiary of the securitization vehicles. All of the underlying assets, liabilities, equity, revenue and expenses of the securitization vehicles are consolidated into the Company's condensed consolidated financial statements. The Company’s exposure to the obligations of the securitization vehicles is generally limited to its investment in these entities. The Company is not obligated to provide any financial support to these securitization vehicles 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 investment in these entities. The secured financing is presented as debt and the underlying loan collateral as loans receivable, net on the condensed consolidated balance sheets attributable to securitization vehicles consolidated as VIEs. The carrying value of the Company's investment in the securitization vehicles was $414.1 million at September 30, 2015 and $282.1 million at December 31, 2014. Other Variable Interest Entities 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	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Loans Receivable	Loans Receivable Below is a summary of the Company’s loans receivable, including purchased credit-impaired ("PCI") loans. Carrying amount of loans receivable are presented gross of allowance for loan losses, except where indicated as net. September 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 $ 828,061 $ 822,596 9.9% 4.1 $ 134,636 $ 126,185 6.4% 8.7 Securitized mortgage loans 139,793 143,043 6.4% 17.1 170,218 174,292 6.5% 17.1 B-notes 143,819 145,859 10.0% 3.2 143,376 140,312 8.5% 3.2 Mezzanine loans 174,198 176,733 11.9% 3.3 125,163 125,163 10.3% 4.6 1,285,871 1,288,231 573,393 565,952 Variable rate Mortgage loans 517,347 515,128 8.0% 1.6 331,192 326,491 6.9% 1.9 Securitized mortgage loans 1,078,694 1,073,934 5.5% 3.7 630,420 625,176 5.7% 6.2 Mezzanine loans 362,625 361,474 10.8% 0.9 367,863 365,825 10.9% 1.5 1,958,666 1,950,536 1,329,475 1,317,492 3,244,537 3,238,767 1,902,868 1,883,444 PCI Loans Mortgage loans 1,280,329 833,357 334,500 239,702 Securitized mortgage loans 8,928 7,366 9,672 8,185 1,289,257 840,723 344,172 247,887 Allowance for loan losses (30,841 ) (197 ) Total loans receivable, net $ 4,533,794 $ 4,048,649 $ 2,247,040 $ 2,131,134 Activity in loans receivable, net is summarized below: Nine Months Ended September 30, (In thousands) 2015 2014 Carrying amount, net at January 1 $ 2,131,134 $ 1,028,654 Loan acquisitions and originations 926,659 1,381,234 Paid-in-kind interest added to loan principal 19,639 1,539 Discount and net loan fee amortization 119,631 62,512 Loan repayments (285,530 ) (612,925 ) Payments received from PCI loans (463,069 ) (6,319 ) Transfer to real estate asset upon foreclosure (4,489 ) — Provision for loan losses, excluding interest receivable (30,716 ) — Consolidation of loans receivable held by investment entities (Note 7) 1,629,496 — Effect of changes in foreign exchange rates 5,894 (20,894 ) Carrying amount, net at September 30 $ 4,048,649 $ 1,833,801 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 loans receivable held by these entities, a majority of which were PCI loans. Loan Maturity and Aging Carrying amount of loans receivable, excluding PCI loans, based on remaining maturities under contractual terms at September 30, 2015, was as follows: (In thousands) At September 30, 2015 Due in one year or less $ 774,471 Due after one year through five years 1,943,092 Due after five years 521,204 $ 3,238,767 The following table provides an aging summary of loans receivable at carrying amount, 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 September 30, 2015 $ 3,212,337 $ 4,456 $ 1,286 $ 20,688 $ 3,238,767 At December 31, 2014 1,864,466 12,002 3,058 3,918 1,883,444 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. For the nine months ended September 30, 2015, there were no new PCI loans acquired other than those acquired through consolidation of the investment entities on April 2, 2015. The following table presents these PCI loans at acquisition date on April 2, 2015: (In thousands) 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: Nine Months Ended September 30, (In thousands) 2015 2014 Beginning accretable yield $ 98,523 $ 130,823 Additions — 3,067 Changes in estimated cash flows (16,519 ) 163 Accretion (105,460 ) (17,108 ) Consolidation of PCI loans held by investment entities (Note 7) 121,130 — Effect of changes in foreign exchange rates (6,639 ) (8,821 ) Ending accretable yield $ 91,035 $ 108,124 The factors that most significantly affect estimates of cash flows expected to be collected, and accordingly the accretable yield, include: (i) estimate of the remaining life of acquired loans which may change the amount of future interest income; (ii) changes to prepayment assumptions; (iii) changes to collateral value assumptions for loans expected to foreclose; and (iv) changes in interest rates on variable rate loans. Nonaccrual Loans Loans receivable, excluding PCI loans, that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including such loans that are identified as impaired, are generally placed on nonaccrual status. Interest receivable is reversed when loans are placed on nonaccrual status. Interest collections on nonaccruing loans for which ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected. For PCI loans, if the cash flows expected to be collected could not be reasonably estimated to calculate the yield on the loans, the Company may consider placing such loans on nonaccrual, with interest income recognized using the cost recovery method or on a cash basis. At September 30, 2015 and December 31, 2014, non-PCI loans with carrying amounts of $20.7 million and $3.9 million , respectively, have been placed on nonaccrual and there were no non-PCI loans past due 90 days or more that continued to accrue interest. At September 30, 2015 and December 31, 2014, no PCI loans were on nonaccrual status. Impairment and Allowance for Loan Losses The Company analyzes the extent and effect of any credit migration from underwriting and the initial investment review associated with the performance of a loan and/or value of its underlying collateral, as well as financial and operating capability of the borrower or sponsor. Specifically, operating results of collateral properties and any cash reserves are analyzed and used to assess whether cash from operations are sufficient to cover debt service requirements currently and into the future, ability of the borrower to refinance the loan, and/or liquidation value of collateral properties. Where applicable, the Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the collateral properties. Such analysis is performed at least quarterly, or more often as needed when impairment indicators are present. Loans receivable are considered to be impaired when it is probable that the Company will not be able to collect all amounts due in accordance with contractual terms of the loans, including consideration of underlying collateral value. 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 certain securitized loans for which the Company may receive interest advances from the servicer. The Company evaluates impairment and allowance for loan losses on loans receivable, excluding PCI loans, on an individual loan basis. Impairment on 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 provision made for loan losses with a corresponding increase in allowance for loan losses. Loans receivable, excluding PCI loans, are charged-off against allowance for loan losses when all or a portion of the principal amount, or interest on certain securitized loans as applicable, are determined to be uncollectible. A PCI loan is removed from its pool if it is sold, foreclosed or the expectation of any future proceeds is remote; and if its foreclosure or recovery value is less than its carrying value, the difference is first applied against the nonaccretable difference of the loan pool until fully utilized, thereafter the allocated basis of the PCI loan, on which there is a valuation reserve, is written-off against the allowance for loan losses. The allowance for loan losses and carrying value of related loans receivable were as follows: At September 30, 2015 At December 31, 2014 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI Loans $ 228 $ 4,891 $ 197 $ 3,438 PCI Loans 30,613 185,316 — — $ 30,841 $ 190,207 $ 197 $ 3,438 Changes in allowance for loan losses for the nine months ended September 30, 2015 is presented below. For the nine months ended September 30, 2014, there was no provision made and no charge-off against the allowance for loan losses. (In thousands) Nine Months Ended September 30, 2015 Allowance for loan losses at January 1 $ 197 Provision for loan losses 30,937 Charge-off (293 ) Allowance for loan losses at September 30 $ 30,841

Real Estate Assets

Real Estate Assets	9 Months Ended
	Sep. 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) September 30, 2015 December 31, 2014 (Amounts in thousands) Real Estate Held for Investment Land NA $ 499,995 $ 265,263 Buildings and improvements 34 2,176,991 1,351,798 Tenant improvements 10 68,699 33,357 Foreclosed properties 39 11,528 — 2,757,213 1,650,418 Less: Accumulated depreciation (70,811 ) (6,421 ) 2,686,402 1,643,997 Real Estate Held for Sale Land, buildings and improvements NA 265,173 — Foreclosed properties NA 90,472 — 355,645 — Real Estate Assets, Net $ 3,042,047 $ 1,643,997 Consolidation of Real Estate Assets Held by Investments Entities On April 2, 2015, the Company consolidated real estate assets, both real estate held for investment and held for sale, including foreclosed properties, held by investment entities which were previously accounted for under the equity method. 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 nine months ended September 30, 2015, the Company made additional acquisitions of light industrial properties in Minnesota, Texas, mid-Atlantic region and Georgia for total purchase price of $248.7 million . The acquisitions were deemed to be business combinations as the properties were acquired with existing leases. The total purchase price was allocated $42.5 million to land, $198.0 million to buildings and improvements and $8.0 million to net lease intangibles. Total transaction costs of $1.9 million were expensed in connection with the acquisitions. In June 2015, the Company acquired a net-leased office complex in 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 $24.4 million and $1.2 million for the three months ended September 30, 2015 and 2014 , respectively, and $58.8 million and $2.9 million , respectively, for the nine months ended September 30, 2015 and 2014 . The Company recorded impairment on real estate assets of $0.3 million and approximately $0.8 million for the three and nine months ended September 30, 2015, respectively, in connection with light industrial properties classified as held for sale and written down to fair value less costs to sell, as well as a write-down in values on foreclosed properties. Real Estate Held for Sale Real estate assets of $355.6 million were classified as held for sale during the nine months ended September 30, 2015 and remain as held for sale at September 30, 2015. Additionally, $109.3 million of certain real estate assets which were consolidated as held for sale on April 2, 2015, were transferred into held for investment in July 2015 as the criteria for classification as held for sale were no longer met. For the three and nine months ended September 30, 2015, the Company recorded gain on sale of real estate, net, of $5.7 million and $6.5 million , respectively. Property Operating Income Property operating income includes rental income, tenant reimbursements and hotel operating income. The components are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2015 2014 2015 2014 Rental income $ 60,333 $ 4,323 $ 150,384 $ 10,819 Tenant reimbursements 6,837 — 21,722 — Hotel operating income 19,265 — 41,352 — $ 86,435 $ 4,323 $ 213,458 $ 10,819 Tenant reimbursements relate to properties owned by the Company and leased to tenants under operating leases which have expiration dates through 2034. Certain leases also provide for additional rents based on real estate taxes, utilities, insurance and other operating expenses. Future Minimum Rents Future contractual minimum rental payments under noncancelable operating leases, excluding tenant reimbursements, as of September 30, 2015 , are as follows: Year Ending December 31, (In thousands) Remaining 2015 $ 48,039 2016 186,341 2017 166,155 2018 142,867 2019 120,147 2020 and after 730,776 Total $ 1,394,325

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, 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) September 30, 2015 December 31, 2014 Investments in unconsolidated joint ventures: Equity method $ 823,844 $ 1,646,977 Cost method 99,868 — $ 923,712 $ 1,646,977 Certain of the Company’s investments in real estate debt and equity are 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 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. Neither the Company nor the other investors are required to provide financial or other support in excess of their capital commitments. The Company’s exposure to the investment entities is limited to its equity method investment balance as of September 30, 2015 and December 31, 2014, respectively. Equity Method Investments Prior to the Combination, a majority of the Company’s investments in real estate debt and equity which were held in joint ventures with Co-Investment Funds 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 consolidated investment entities as of April 2, 2015: (In thousands) April 2, 2015 Assets: Cash $ 75,412 Loans receivable, net 1,629,496 Real estate assets, net 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 September 30, 2015 were $74.0 million and $15.0 million , respectively, and for the nine months ended September 30, 2015 were $163.0 million and $34.0 million , respectively. Activity in the Company’s equity method investment is summarized below: Nine Months Ended September 30, (In thousands) 2015 2014 Balance at January 1 $ 1,646,977 $ 1,369,529 Contributions 241,562 325,617 Distributions (394,625 ) (179,093 ) Equity in net income 44,184 53,016 Equity in other comprehensive (loss) income (612 ) 937 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 (27,760 ) (13,003 ) Balance at September 30 $ 823,844 $ 1,553,138 In July 2015, the Company received total distributions of $77 million , which represented its 23.3% interest in a special distribution and a regular way quarterly distribution from CAH Operating Partnership, LP (“CAH OP”), an equity method investment that represents the Single-Family Residential Rentals segment. No single investment in an unconsolidated joint venture represented greater than 10% of total assets as of September 30, 2015 and December 31, 2014 or generated greater than 10% of net income before tax for the nine months ended September 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 nine months ended September 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 $11.6 million and $27.9 million for the three and nine months ended September 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 $3.0 million and $7.3 million for the three and nine months ended September 30, 2014 , respectively.

Deferred Leasing Costs and Inta

Deferred Leasing Costs and Intangibles	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Deferred Leasing Costs and Intangibles The following table summarizes deferred leasing costs and intangible assets and intangible liabilities arising from acquisitions of operating real estate, including purchase-leaseback transactions, as well as acquisition of the investment management business: September 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 685,068 $ — $ 685,068 $ 20,000 $ — $ 20,000 Deferred Leasing Costs and Intangible Assets Trade name $ 15,500 $ — $ 15,500 $ — $ — $ — In-place lease values 121,916 (21,230 ) 100,686 48,018 (2,295 ) 45,723 Above-market lease values 26,130 (5,813 ) 20,317 23,194 (280 ) 22,914 Below-market ground lease obligations 5,245 (33 ) 5,212 1,420 (14 ) 1,406 Deferred leasing costs 65,695 (9,461 ) 56,234 36,788 (771 ) 36,017 Investment management contracts 46,000 (9,557 ) 36,443 — — — Customer relationships 46,800 (1,671 ) 45,129 — — — Total deferred leasing costs and intangible assets $ 327,286 $ (47,765 ) $ 279,521 $ 109,420 $ (3,360 ) $ 106,060 Intangible Liabilities Below-market lease values $ 20,111 $ (3,305 ) $ 16,806 $ 10,282 $ (114 ) $ 10,168 Above-market ground lease obligations 171 (4 ) 167 171 — 171 Total intangible liabilities $ 20,282 $ (3,309 ) $ 16,973 $ 10,453 $ (114 ) $ 10,339 At September 30, 2015, intangible assets and intangible liabilities related to real estate assets held for sale were approximately $14.2 million and $0.2 million , respectively. There were no intangible assets and intangible liabilities held for sale at December 31, 2014. 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 September 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 September 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 deferred leasing costs and finite-lived intangible assets and intangible liabilities: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2015 2014 2015 2014 Above-market lease values $ (1,911 ) $ — $ (5,701 ) $ — Below-market lease values 1,367 — 3,152 — Decrease to rental income $ (544 ) $ — $ (2,549 ) $ — Net below-market ground lease obligations Increase to rent expense $ 5 $ — $ 15 $ — In-place lease values $ 6,940 $ 339 $ 19,102 $ 915 Deferred leasing costs 3,151 98 8,839 261 Investment management contracts 4,778 — 9,557 — Customer relationships 836 — 1,671 — Amortization expense $ 15,705 $ 437 $ 39,169 $ 1,176 The following table presents the estimated annual amortization of deferred leasing costs and finite-lived intangible assets and intangible 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 Deferred Leasing Costs and Intangible Assets In-place lease values $ 6,111 $ 19,639 $ 14,213 $ 10,716 $ 8,344 $ 41,663 $ 100,686 Above-market lease values 1,856 6,557 4,683 2,893 1,416 2,912 20,317 Below-market ground lease obligations 10 40 40 40 40 5,042 5,212 Deferred leasing costs 2,838 10,552 8,745 7,047 5,354 21,698 56,234 Investment management contracts 4,778 15,003 9,940 4,509 1,555 658 36,443 Customer relationships 836 3,343 3,343 3,343 3,343 30,921 45,129 Intangible Liabilities Below-market lease values $ 1,202 $ 4,385 $ 3,635 $ 2,705 $ 1,306 $ 3,573 $ 16,806 Above-market ground lease obligations 1 6 6 6 6 142 167

Other Assets and Other Liabilit

Other Assets and Other Liabilities	9 Months Ended
	Sep. 30, 2015
Other Assets and Liabilities [Abstract]
Other Assets and Liabilities	Other Assets and Other Liabilities Other Assets The following table summarizes the Company's other assets: (In thousands) September 30, 2015 December 31, 2014 Restricted cash (1) $ 196,495 $ 76,945 Deferred financing costs, net (2) 53,590 51,103 Interest receivable 30,265 11,405 Other receivables, including straight-line rents 30,240 1,378 Derivative assets 22,832 26,479 Deferred tax asset — 6,713 Prepaid expenses and other 21,126 7,721 Fixed assets, net 45,195 — Total (3) $ 399,743 $ 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 $21.7 million and $13.1 million as of September 30, 2015 and December 31, 2014 , respectively. (3) At September 30, 2015, other assets related to real estate held for sale was $5.0 million . There were no other assets held for sale at December 31, 2014. Fixed assets, net consist of the following: (In thousands) September 30, 2015 Furniture, fixtures, equipment and software $ 2,112 Aircraft 45,305 47,417 Less: Accumulated depreciation and amortization (2,222 ) Fixed assets, net (1) $ 45,195 __________ (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 $1.0 million and $2.1 million for the three and nine months ended September 30, 2015 . Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) September 30, 2015 December 31, 2014 Borrower and tenant reserves $ 139,266 $ 74,237 Deferred income 26,239 8,750 Interest payable 15,663 10,990 Intangible liabilities 16,973 10,339 Derivative liabilities 1,479 6,718 Current and deferred tax liabilities 64,770 429 Accrued compensation and other payables 92,249 16,656 Total (1) $ 356,639 $ 128,119 __________ (1) Intangible liabilities, net, of $0.2 million and accrued and other liabilities of $10.2 million were related to real estate assets held for sale at September 30, 2015. There were no accrued and other liabilities held for sale at December 31, 2014.

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2015 , the JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $800 million , which was increased from $645 million on July 8, 2015. The maximum amount available to borrow under the JPM Credit Agreement at any time is limited by a borrowing base of certain investment assets, with the valuation of such investment assets generally determined according to a percentage of net book value or a multiple of Core Earnings (as defined in the management agreement between the Company and the Manager). As of September 30, 2015 , the borrowing base valuation was sufficient to permit borrowings of up to the entire $800 million commitment, of which $442.5 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 September 30, 2015 , the Company had outstanding borrowings bearing weighted average interest at 2.95% . The Company also pays a commitment fee of 0.5% or 0.4% of the unused amount ( 0.5% at September 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 September 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 Payment Terms (1) September 30, 2015 December 31, 2014 Secured Debt: Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I $ 23,621 $ — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I 19,534 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 P&I 7,046 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Jul-2016 P&I 10,379 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 6,442 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 74,977 90,164 Secured financing (3) First mortgage loan secured by residential properties 1-month LIBOR+3.75% Mar-2016 P&I 10,360 — Secured financing (4) Senior participation interest in a first mortgage loan and subordinated loan 1-month LIBOR+2.85% NA P&I — 80,213 Repurchase facility (5) Eligible first mortgage loans originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% Feb-2016 I/O 37,458 85,520 Repurchase facility (5) Eligible first mortgage loans, including any corresponding mezzanine loans, originated within Transitional CRE Lending Platform 1 month LIBOR+2.30% to 2.75% Apr-2018 I/O 70,965 — First mortgage loan (6) Hotel properties 1-month LIBOR+3.50% Dec-2015 I/O 55,017 — First mortgage loan (7) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 13,500 — First mortgage loan (8) Office property in Minnesota 4.84% fixed Jan-2024 (8) 88,000 88,000 First mortgage loan (9) Commercial properties in United Kingdom 3-month LIBOR+2.50% Aug-2018 I/O 90,465 — First mortgage loan (10) Office properties throughout Italy 4.02% fixed Nov-2018 (10) 80,640 — First mortgage loan (11) Warehouse properties in Spain and shares of borrowing entities 3-month Euribor+2.80% Jun-2022 I/O 26,413 — First mortgage loan (12) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 919,561 1,088,500 First mortgage loan Portfolio of light industrial properties across the U.S 3.80% fixed Aug-2025 I/O 165,750 — Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O 11,530 — First mortgage loans (13) Two higher education campuses in Switzerland 2.72% fixed Dec-2029 (13) 125,487 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 187,840 — 2,024,985 1,432,397 Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 I/O 126,239 126,204 CMBS 2014-FL2 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.01% Nov-2031 I/O 203,734 197,655 CMBS 2015-FL3 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.36% Sept-2032 I/O 340,350 — CMBS MF 2014-1 (15) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed (15) I/O 154,051 213,409 824,374 537,268 Unsecured Debt: Unsecured note (16) — — Dec-2017 NA — 10,000 Notes Payable: Promissory notes (17) Corporate aircraft 5.02% fixed Dec-2025 P&I 43,429 — Total $ 2,892,788 $ 1,979,665 __________ (1) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) (2) These non-recourse financings, in connection with the Company's acquisitions of loan portfolios, require 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. The financing arrangements provide for either a single or a multiple 1-year extension option to the initial term. (3) The variable interest rate on the loan was fixed at 4.28% through an interest rate swap. (4) This was a non-recourse financing in connection with a loan portfolio acquisition and was paid off in April 2015. (5) The Company entered into two master repurchase agreements with different commercial banks to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform, which provides up to $150 million under each warehouse facility for financing of eligible assets within the platform. The initial term of each facility is subject to a 1 -year extension option. (6) The loan requires a 0.25% special servicing fee until maturity and a 0.50% workout fee on prepayments. (7) Initial term on the loan is subject to two 1 -year extensions, during which principal and interest payments are required. (8) The loan requires monthly interest payments until January 2016, thereafter principal and interest payments based on a 30 -year amortization schedule. (9) The loan has two 1 -year extensions on its initial term and requires an interest rate cap to be maintained at a 2.25% strike on 3-month LIBOR. (10) Seller provided zero -interest financing on 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) The loan requires an interest rate cap to be maintained at a 1.50% strike on 3-month EURIBOR. (12) This loan was obtained in connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, has three 1 -year extension options, with interest rate increasing to 1-month LIBOR plus 2.5% after the fourth anniversary date, and requires an interest rate cap to be maintained at a 3.0% strike on 1-month LIBOR. (13) Concurrent with the acquisition of two single-tenant net leased properties, the Company obtained two 15 -year, non-recourse, term loans which bear interest at a fixed weighted-average rate of 2.72% . The loans require quarterly interest payments until October 2015, thereafter principal and interest payments based on a 33 -year amortization schedule. (14) The Company, through its indirect Cayman subsidiaries — Colony Mortgage Capital Series 2014-FL1 Ltd, Colony Mortgage Capital Series 2014-FL2 Ltd and Colony Mortgage Capital Series 2015-FL3 Ltd. — securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform. Generally, the senior notes issued by the securitization trusts were sold to third parties and subordinated notes retained by the Company. These 3 securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full, notwithstanding the contractual maturities on the notes. The underlying collateral loans have initial terms of 2 to 3 years. Interest rate spreads on these CMBS debt are presented above on a weighted average basis. (15) The Company transferred acquired loans, secured by multifamily properties, into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, with the most senior certificates issued by the trust sold to third parties and the Company retaining the remaining certificates. The securitization was accounted for as a secured financing with the underlying mortgage loans pledged as collateral. The certificates do not have a contractual maturity date. Notwithstanding, principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full. The underlying collateral loans have initial remaining terms of 1 to 24 years. (16) 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, scheduled to mature on the third anniversary of the acquisition date, 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. In May 2015, CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15). (17) Concurrent with the Combination, the Company assumed two promissory notes bearing interest at a fixed weighted-average rate of 5.02% . 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 scheduled minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of September 30, 2015 : Year Ending December 31, (In thousands) Remaining 2015 $ 117,317 2016 334,551 (1) 2017 457,087 (1) 2018 421,040 (1) 2019 947,953 2020 and after 622,228 Total $ 2,900,176 __________ (1) Amounts include a combined $7.4 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) September 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 402,500 404,274 402,500 404,498 $ 602,500 $ 604,274 $ 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	9 Months Ended
	Sep. 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. 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 changes in fair value on derivatives not designated as accounting hedges are recorded in earnings in other (loss) gain, net. Gross fair value of derivative assets and derivative liabilities included in the condensed consolidated balance sheets are as follows: September 30, 2015 December 31, 2014 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 22,014 $ 138 $ 22,152 $ 25,820 $ — $ 25,820 Interest rate contracts 13 667 680 402 257 659 Included in other assets $ 22,027 $ 805 $ 22,832 $ 26,222 $ 257 $ 26,479 Derivative Liabilities Foreign exchange contracts $ 1,460 $ 3 $ 1,463 $ 6,718 $ — $ 6,718 Interest rate contracts 16 — 16 — — — Included in accrued and other liabilities $ 1,476 $ 3 $ 1,479 $ 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 $100,000 . As of September 30, 2015 , the Company had no amounts on deposit related to these agreements. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place as of September 30, 2015 along with certain key terms: Notional Amount (in thousands) Hedged Currency Instrument Type Designated Non-Designated FX Rates ($ per unit of foreign currency) Range of Expiration Dates EUR FX Collar € 132,785 € 290 Min $1.09 / Max $1.53 December 2015 to November 2020 GBP FX Collar £ 68,000 £ — Min $1.45 / Max $1.82 September 2017 to December 2019 EUR FX Forward € 101,978 € 1,022 Range between $1.10 to $1.40 March 2016 to July 2018 GBP FX Forward £ 14,712 £ 338 Range between $1.51 to $1.52 November 2015 to December 2015 CHF FX Forward CHF 54,447 CHF 1,098 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 923,000 NOK $0.12 November 2015 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures, which hold loans receivable or real estate assets, totaled approximately €226.7 million , £102.8 million , CHF53.0 million and NOK926.4 million , or a total of $572.2 million , as of September 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 investments in foreign subsidiaries or equity-method joint ventures, designated as net investment hedges, 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. Release of AOCI related to net investment hedges occurs upon losing a controlling financial interest in an investment or obtaining control over an equity-method investment. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or partial sale of an equity method investment, the gain or loss on the related net investment hedge is reclassified from AOCI to earnings. For the three months ended September 30, 2015, following substantially complete liquidation of the underlying investments of foreign subsidiaries, a net realized gain of $7.7 million on net investment hedges was reclassified out of AOCI into other (loss) gain, net. For the nine months ended September 30, 2015, including the impact from consolidation of foreign equity-method investments on April 2, 2015, net realized gains of $47.0 million on designated net investment hedges were reclassified out of AOCI, with $39.3 million as a component of gain on remeasurement of consolidated investment entities, net, and $7.7 million included in other (loss) gain, net. There were no realized gains or losses on net investment hedges transferred from equity into earnings during the three and nine months ended September 30, 2014. Non-Designated Hedges At the end of each quarter, the Company reassesses the effectiveness of its net investment hedges and as appropriate, dedesignates the portion of the derivative notional that is in excess of the beginning balance of its net investments as non-designated hedges. For the three and nine months ended September 30, 2015, the Company recognized $0.1 million of net unrealized gain and $0.2 million of net unrealized loss, respectively, on the dedesignated portion of net investment hedges in other (loss) gain, net. For the three and nine months ended September 30, 2014, there were no dedesignations of net investment hedges. Additionally, there were no other foreign exchange contracts that were non-designated at September 30, 2015 and December 31, 2014. Interest Rate Contracts The Company uses various interest rate derivatives, designated as cash flows hedges or otherwise non-designated, to limit the exposure of increases in interest rates on various floating rate debt obligations. As of September 30, 2015, the Company held the following designated and non-designated interest rate contracts: Notional Amount Instrument Type Designated Non-Designated Index Strike Expiration Interest rate swaps $ 10,350 $ — 1-Month LIBOR 4.28% March 2016 Interest rate caps $ 750,000 $ 382,750 1-Month LIBOR 3.00% December 2016 Interest rate caps $ 112,418 $ — 1-Month LIBOR 2.50% November 2015 to August 2016 Interest rate caps € — € 23,751 3-Month EURIBOR 1.50% June 2022 Interest rate caps £ — £ 53,820 3-Month LIBOR 2.25% November 2018 Designated Cash Flow Hedges Unrealized loss of approximately $0.1 million for ineffectiveness related to a cash flow hedge was recorded in earnings for both the three and nine month periods ended September 30, 2015. There was no ineffectiveness on cash flow hedges for the three and nine months ended September 30, 2014. Non-Designated Hedges For the three and nine months ended September 30, 2015 , net unrealized loss associated with non-designated interest rate contracts of $0.2 million and $0.6 million , respectively, were recorded in other (loss) gain, net. For the three and nine months ended September 30, 2014 , unrealized gain on non-designated interest rate contracts of $4,000 and $18,000 , respectively, were included in other (loss) gain, net.

Balance Sheet Offsetting

Balance Sheet Offsetting	9 Months Ended
	Sep. 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 (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) September 30, 2015 Derivative Assets Foreign exchange forwards $ 10,219 $ (964 ) $ — $ 9,255 Foreign exchange collars 11,933 (499 ) — 11,434 Interest rate caps 680 — — 680 $ 22,832 $ (1,463 ) $ — $ 21,369 Derivative Liabilities Foreign exchange forwards $ (964 ) $ 964 $ — $ — Foreign exchange collars (499 ) 499 — — Interest rate swap (16 ) — — (16 ) $ (1,479 ) $ 1,463 $ — $ (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	9 Months Ended
	Sep. 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 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 Level 3 of the fair value hierarchy. At closing of the Combination on April 2, 2015 and at June 30, 2015, 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 ("Benchmark FFO") per share metric and capital raising in the funds management business. 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. At September 30, 2015 , the Company estimated the fair value of contingent consideration tied to Benchmark FFO by using a Monte Carlo simulation technique and considered the volatility of the Company's Class A common stock price against the potential payout, arriving at an estimated fair value of $53.7 million . The change in valuation methodology followed the stock market dislocation in August 2015 and the resulting increase in market volatility. The $16.9 million decrease in the estimated fair value of contingent consideration for the three months ended September 30, 2015 primarily reflected a sustained decline in the Class A common stock price, and was recognized as a component of other gain in the condensed consolidated statements of operations. In addition to the Company's Class A common stock price at September 30, 2015 and projected Benchmark FFO during the contingency period, the fair value of contingent consideration tied to Benchmark FFO was estimated using the following key inputs: September 30, 2015 Benchmark FFO volatility 25.30% Equity volatility 28.00% Risk-free interest rate 0.85% Correlation (1) 80.00% __________ (1) Represents the assumed correlation between Benchmark FFO and the Company's Class A common stock price Nonrecurring Fair Values The Company holds certain assets carried at fair value on a nonrecurring basis, which comprise loans held for sale, foreclosed properties and real estate held for sale carried at the lower of fair value and carrying value less estimated costs to sell. There were no assets carried at nonrecurring fair values at December 31, 2014 . Nonrecurring fair values at September 30, 2015 were $70.1 million and consisted of foreclosed properties classified as held for sale that were written down to fair value. These assets fall under the Level 3 fair value hierarchy and their fair values were determined based on appraised values less estimated costs to sell. For the three and nine months ended September 30, 2015 , $0.3 million and $0.8 million , respectively, were recognized in impairment of real estate assets on the condensed consolidated statements of operations, in connection with foreclosed properties held for sale and additionally, in relation to write down of a real estate asset that was sold in April 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 September 30, 2015 Assets Investments in unconsolidated joint ventures $ — $ — $ 1,293,236 $ 1,293,236 $ 923,712 Loans held for investment — — 4,142,609 4,142,609 4,048,649 Liabilities Line of credit — 357,500 — 357,500 357,500 Secured and unsecured debt — — 2,024,962 2,024,962 2,024,985 CMBS debt — 821,152 — 821,152 824,374 Notes payable — — 43,429 43,429 43,429 Convertible senior notes 600,682 — — 600,682 604,274 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	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock The table below summarizes the preferred stock outstanding as of September 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 Exchange (“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 nine months ended September 30, 2015 , there were no shares of Class A common stock acquired under the DRIP Plan. Accumulated Other Comprehensive Income (Loss) Changes in Components of AOCI—Stockholders and Noncontrolling Interests The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests, net of immaterial tax effect. The changes in AOCI attributable to noncontrolling interests in 2014 were immaterial. (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Unrealized Gain/(Loss) on Beneficial Interests in Debt Securities Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total Balance at December 31, 2013 $ 3,621 $ 325 $ (19 ) $ 1,849 $ (3,183 ) $ 2,593 Other comprehensive income (loss) before reclassifications 937 (2,488 ) (7 ) (32,165 ) 17,761 (15,962 ) Amounts reclassified from accumulated other comprehensive income (3,865 ) 2,163 — — 253 (1,449 ) Net other comprehensive (loss) income (2,928 ) (325 ) (7 ) (32,165 ) 18,014 (17,411 ) Balance at September 30, 2014 $ 693 $ — $ (26 ) $ (30,316 ) $ 14,831 $ (14,818 ) (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total Balance at December 31, 2014 Stockholders $ 451 $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Noncontrolling interests in investment entities — (52 ) (3,616 ) (1 ) (3,669 ) 451 (153 ) (56,259 ) 23,801 (32,160 ) Other comprehensive income (loss) before reclassifications Stockholders (612 ) (221 ) (41,382 ) 30,001 (12,214 ) Noncontrolling interests in investment entities — (144 ) 14,591 — 14,447 Noncontrolling interests in Operating Company — (10 ) 1,185 (107 ) 1,068 Amounts reclassified from accumulated other comprehensive income Stockholders 161 51 67,194 (39,346 ) 28,060 Noncontrolling interests in investment entities — 37 5,183 — 5,220 Noncontrolling interests in Operating Company — 10 12,880 (7,482 ) 5,408 Net other comprehensive (loss) income (451 ) (277 ) 59,651 (16,934 ) 41,989 Balance at September 30, 2015 Stockholders — (271 ) (26,831 ) 14,457 (12,645 ) Noncontrolling interests in investment entities — (159 ) 16,158 (1 ) 15,998 Noncontrolling interests in Operating Company — — 14,065 (7,589 ) 6,476 $ — $ (430 ) $ 3,392 $ 6,867 $ 9,829 Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Component of AOCI reclassified into earnings Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Condensed Consolidated Statements of Operations 2015 2014 2015 2014 Equity in realized (loss) 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 ) Other (loss) gain, net Release of cumulative translation adjustments — — (45,407 ) — Gain on remeasurement of consolidated investment entities, net Release of cumulative translation adjustments (21,787 ) (254 ) (21,787 ) (253 ) Other (loss) gain, net Realization of net gain on net investment hedges — — 32,965 — Gain on remeasurement of consolidated investment entities, net Realization of net gain on net investment hedges 6,492 — 6,492 — Other (loss) gain, net Unrealized gain (loss) on dedesignated net investment hedges 88 — (111 ) — Other (loss) gain, net Unrealized (loss) on ineffective cash flow hedge (51 ) — (51 ) — Other (loss) gain, net

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 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 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2015 2014 2015 2014 Net income allocated to common stockholders Net income $ 78,761 $ 47,947 $ 198,060 $ 128,799 Net income attributable to noncontrolling interests: Investment entities (22,264 ) (8,993 ) (62,580 ) (30,466 ) Operating Company (7,200 ) — (16,338 ) — Net income attributable to Colony Capital, Inc. 49,297 38,954 119,142 98,333 Preferred dividends (12,094 ) (6,972 ) (30,476 ) (17,898 ) Net income attributable to common stockholders 37,203 31,982 88,666 80,435 Net income allocated to participating securities (nonvested shares) (310 ) (248 ) (918 ) (735 ) Net income allocated to common stockholders—basic 36,893 31,734 87,748 79,700 Interest expense attributable to convertible notes (1) 6,819 4,172 12,541 8,554 Net income allocated to common stockholders—diluted $ 43,712 $ 35,906 $ 100,289 $ 88,254 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 111,443 104,810 110,758 92,566 Weighted average effect of dilutive shares (1) 24,695 16,219 16,218 10,997 Weighted average number of common shares outstanding—diluted 136,138 121,029 126,976 103,563 Earnings per share Basic $ 0.33 $ 0.30 $ 0.79 $ 0.86 Diluted $ 0.32 $ 0.30 $ 0.79 $ 0.85 __________ (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 September 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 nine months ended September 30, 2015 . For the nine months ended September 30, 2015 , excluded from the calculation of diluted net income per share is the effect of adding back $7.9 million of interest expense and 8,476,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive. Also excluded from the calculation of diluted income per share is the effect of adding back $280,000 of interest expense and 251,000 weighted average dilutive common share equivalents for the assumed repayment of the $10 million unsecured note issued to CCM (see Note 10) in shares of the Company's common stock as its inclusion would be antidilutive. For the three and nine months ended September 30, 2014 , excluded from the calculation of diluted net income per share is the effect of adding back $2.6 million and $7.9 million , respectively, of interest expense and 8,476,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 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) September 30, 2015 December 31, 2014 Due from Affiliates Management fee receivable $ 10,776 $ — Due from funds and unconsolidated joint ventures 3,852 — Other 3,279 — $ 17,907 $ — Due to Affiliates Contingent consideration $ 53,740 $ — 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 $ 53,740 $ 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 September 30, 2014 Nine Months Ended September 30, (In thousands) 2015 2014 Base management fee expense $ 8,907 $ 9,165 $ 23,112 Incentive fees — — 464 Compensation pursuant to secondment agreement 325 450 989 Direct and allocated investment-related expenses 765 366 2,114 Direct and allocated administrative expenses 890 1,922 2,300 $ 10,887 $ 11,903 $ 28,979 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 $22.5 million and $44.1 million for the three and nine months ended September 30, 2015 , respectively. 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 $2.1 million and $4.0 million for the three and nine months ended September 30, 2015 , respectively, 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. Such amounts due from funds was $1.5 million at September 30, 2015. 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 September 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 costs of operating the flights. These reimbursements were immaterial for the three months ended September 30, 2015 and amounted to $0.1 million for the nine months ended September 30, 2015, included in other income. Contingent Consideration Liability— The contingent consideration in connection with the Combination is payable to certain senior executives of the Company, if prescribed performance targets are met, as described in Note 3.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 The 2014 Equity Incentive Plan (the “Equity Incentive Plan”), an amendment and restatement of the Company’s 2011 Equity Incentive Plan (the “2011 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 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. Amortization of stock grants to non-executive directors 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 September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Stock grants to the Manager and employees (1) $ 2,414 $ 1,810 $ 10,719 $ 7,791 Stock grants to non-executive directors 97 111 527 301 $ 2,511 $ 1,921 $ 11,246 $ 8,092 Changes in the Company’s nonvested share awards are 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 (23,532 ) (484,947 ) (508,479 ) 20.71 Forfeited — (6,905 ) (6,905 ) 26.06 Nonvested shares at September 30, 2015 14,928 800,433 815,361 22.59 Weighted average grant-date fair value for shares granted during the period $ 25.24 $ 24.39 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015. Fair value of shares vested were $65,400 for three months ended September 30, 2015 , and $12.4 million and $6.9 million for the nine months ended September 30, 2015 and 2014 , respectively. There were no shares vested for the three months ended September 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 September 30, 2015 , aggregate unrecognized compensation cost related to nonvested restricted stock grants was approximately $13.8 million and is expected to be fully recognized over a weighted-average period of approximately 23 months.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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. Our current primary sources of income subject to tax are income from loan resolutions in some of our loan portfolios, income from our interests in asset management companies which manage some of our loan portfolios, hotel operations from our real estate equity portfolio and fee income from our investment management business. 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 benefit is presented below: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Current Federal $ (218 ) $ 400 $ 354 $ 1,053 State (41 ) (846 ) 370 (649 ) Foreign 704 — 1,187 — Total current tax expense (benefit) 445 (446 ) 1,911 404 Deferred Federal (3,214 ) (1,668 ) (3,699 ) (2,140 ) State (712 ) (350 ) (694 ) (482 ) Foreign (117 ) — (117 ) — Total deferred tax (benefit) (4,043 ) (2,018 ) (4,510 ) (2,622 ) Total income tax (benefit) $ (3,598 ) $ (2,464 ) $ (2,599 ) $ (2,218 ) 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. At September 30, 2015 , the Company had a net deferred tax liability of $62.8 million , included in accrued and other liabilities. This included deferred tax liabilities of $43.7 million and $3.5 million , respectively, related to 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 $30.0 million of deferred tax liability during the nine months ended September 30, 2015 related to tax basis difference on a sale-leaseback transaction. 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	9 Months Ended
	Sep. 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 September 30, 2015 , the Company’s share of those commitments was $221.1 million . Consolidated Real Estate Debt Investments— The Company, through its real estate debt investment entities, may be required to fund additional amounts to borrowers pursuant to certain loan agreements. As of September 30, 2015 , combined unfunded lending commitments totaled $135.5 million , of which the Company's share, net of noncontrolling interests, was $108.1 million . Consolidated Real Estate Equity Investments— As of September 30, 2015 , the Company, through a wholly-owned real estate equity investment entity, had a $35.0 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 September 30, 2015 , the unfunded commitment to ColFin Industrial Partnership was $231.6 million , representing $144.4 million for the Company and $87.2 million for the limited partners. As of September 30, 2015, the light industrial platform had a commitment of $10.3 million to acquire an additional building in Atlanta. New Real Estate Equity Investments— In September 2015, the Company entered into a purchase agreement to acquire a triple-net property in a sale-leaseback transaction in Europe, and made a deposit of approximately $1.8 million . As of September 30, 2015, the unfunded purchase commitment was $32.9 million . Lease Commitments Ground Leases— In connection with property acquisitions, the Company may assume noncancelable operating ground leases as lessee or sublessee. At September 30, 2015, the ground leases assumed expire at various dates through 2078. Certain leases require contingent rent payments based on a percentage of gross rental receipts, net of operating expenses, as defined in the lease. For the three and nine months ended September 30, 2015 , ground rent expense was $61,000 and $236,000 , 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 $1.5 million and $2.8 million , respectively, for the three and nine months ended September 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 September 30, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Remaining 2015 $ 63 $ 1,042 2016 255 4,690 2017 255 4,247 2018 255 3,219 2019 255 1,983 2020 and after 12,360 8,908 Total $ 13,443 $ 24,089 Contingent Consideration 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 September 30, 2015 , the estimated fair value of the contingent consideration was $53.7 million , as discussed in Note 13. 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 September 30, 2015 , the Company was not involved in any such litigation.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts its business through the following reportable 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, corporate level administrative and overhead costs, contingent consideration in connection with the Combination as well as non-real estate investments and related revenues and expenses. 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 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 September 30, 2015 Income: Interest income $ — $ — $ — $ 142,158 $ — $ 111 $ 142,269 Property operating income 41,706 — 43,585 1,144 — — 86,435 Equity in (loss) income of unconsolidated joint ventures — (4,140 ) 2,433 9,121 (389 ) (146 ) 6,879 Fee income — — — — 23,070 — 23,070 Other income 313 — — 2,006 — 2,006 4,325 Total income (loss) 42,019 (4,140 ) 46,018 154,429 22,681 1,971 262,978 Expenses: Transaction, investment and servicing costs 274 — 63 6,508 — 213 7,058 Interest expense 11,917 — 5,920 7,784 — 12,406 38,027 Property operating expenses 14,442 — 19,516 1,657 — — 35,615 Depreciation and amortization 21,233 — 14,728 31 5,620 1,044 42,656 Provision for loan losses — — — 26,495 — — 26,495 Impairment of real estate assets — — — 317 — — 317 Compensation expense 1,334 — 753 3,361 10,756 9,530 25,734 Administrative expenses 525 — 245 1,076 706 8,602 11,154 Total expenses 49,725 — 41,225 47,229 17,082 31,795 187,056 Gain on sale of real estate assets, net 661 — 4,931 140 — — 5,732 Other (loss) gain, net (113 ) — (88 ) (23,170 ) (23 ) 16,903 (6,491 ) Income tax benefit (expense) 22 — (212 ) 733 3,082 (27 ) 3,598 Net (loss) income (7,136 ) (4,140 ) 9,424 84,903 8,658 (12,948 ) 78,761 Net (loss) income attributable to noncontrolling interests: Investment entities (2,353 ) — 3,923 20,694 — — 22,264 Operating Company (776 ) (671 ) 893 10,411 1,404 (4,061 ) 7,200 Net (loss) income attributable to Colony Capital, Inc. $ (4,007 ) $ (3,469 ) $ 4,608 $ 53,798 $ 7,254 $ (8,887 ) $ 49,297 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Three Months Ended September 30, 2014 Income: Interest income $ — $ — $ 62,730 $ 119 $ 62,849 Property operating income — 4,323 — — 4,323 Equity in (loss) income of unconsolidated joint ventures (4,582 ) (3,834 ) 17,679 — 9,263 Other income — — 258 589 847 Total (loss) income (4,582 ) 489 80,667 708 77,282 Expenses: Management fees — — — 10,717 10,717 Transaction, investment and servicing costs — 141 1,781 1,437 3,359 Interest expense — 1,098 3,317 8,016 12,431 Property operating expenses — 1,052 — — 1,052 Depreciation and amortization — 1,592 — — 1,592 Compensation expense — — — 499 499 Administrative expenses — — 197 1,989 2,186 Total expenses — 3,883 5,295 22,658 31,836 Other gain, net — — 37 — 37 Income tax benefit — 1,897 497 70 2,464 Net (loss) income (4,582 ) (1,497 ) 75,906 (21,880 ) 47,947 Net income attributable to noncontrolling interests — 580 8,413 — 8,993 Net (loss) income attributable to Colony Capital, Inc. $ (4,582 ) $ (2,077 ) $ 67,493 $ (21,880 ) $ 38,954 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Nine Months Ended September 30, 2015 Income: Interest income $ 7 $ — $ 8 $ 289,550 $ — $ 111 $ 289,676 Property operating income 117,057 — 93,791 2,610 — — 213,458 Equity in (loss) income of unconsolidated joint ventures — (9,701 ) 13,483 40,937 (389 ) (146 ) 44,184 Fee income — — — 219 44,849 — 45,068 Other income 313 — — 4,325 — 3,470 8,108 Total income (loss) 117,377 (9,701 ) 107,282 337,641 44,460 3,435 600,494 Expenses: Management fees — — — — — 15,062 15,062 Transaction, investment and servicing costs 3,712 — 1,735 12,552 — 15,536 33,535 Interest expense 27,756 — 11,936 22,066 — 33,786 95,544 Property operating expenses 40,818 — 41,186 3,527 — — 85,531 Depreciation and amortization 61,220 — 26,843 190 11,234 2,122 101,609 Provision for loan losses — — — 30,937 — — 30,937 Impairment on real estate assets 450 — — 317 — — 767 Compensation expense 2,286 — 1,225 6,986 22,266 22,230 54,993 Administrative expenses 1,122 — 1,537 3,601 1,759 18,712 26,731 Total expenses 137,364 — 84,462 80,176 35,259 107,448 444,709 Gain on sale of real estate assets, net 669 — 4,931 864 — 8 6,472 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other (loss) gain, net (180 ) — (882 ) (23,174 ) (23 ) 15,977 (8,282 ) Income tax benefit (expense) 440 — (3,264 ) (1,262 ) 6,732 (47 ) 2,599 Net (loss) income (19,058 ) (9,701 ) 33,828 265,156 15,910 (88,075 ) 198,060 Net (loss) income attributable to noncontrolling interests: Investment entities (6,783 ) — 8,283 61,080 — — 62,580 Operating Company (1,409 ) (935 ) 3,114 23,966 2,566 (10,964 ) 16,338 Net (loss) income attributable to Colony Capital, Inc. $ (10,866 ) $ (8,766 ) $ 22,431 $ 180,110 $ 13,344 $ (77,111 ) $ 119,142 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Nine Months Ended September 30, 2014 Income: Interest income $ — $ — $ 149,734 $ 180 $ 149,914 Property operating income — 10,819 — — 10,819 Equity in (loss) income of unconsolidated joint ventures (11,417 ) 6,327 58,106 — 53,016 Other income — — 714 589 1,303 Total (loss) income (11,417 ) 17,146 208,554 769 215,052 Expenses: Management fees — — — 31,367 31,367 Transaction, investment and servicing costs — 212 8,236 3,123 11,571 Interest expense — 3,257 8,444 20,379 32,080 Property operating expenses — 2,743 — — 2,743 Depreciation and amortization — 4,097 — — 4,097 Compensation expense — — — 1,484 1,484 Administrative expenses — — 577 5,790 6,367 Total expenses — 10,309 17,257 62,143 89,709 Other gain, net — — 165 1,073 1,238 Income tax benefit (expense) — 2,622 (367 ) (37 ) 2,218 Net (loss) income (11,417 ) 9,459 191,095 (60,338 ) 128,799 Net income attributable to noncontrolling interests — 1,789 28,677 — 30,466 Net (loss) income attributable to Colony Capital, Inc. $ (11,417 ) $ 7,670 $ 162,418 $ (60,338 ) $ 98,333 The assets of each of segment are summarized as follows. (In thousands) September 30, 2015 December 31, 2014 Light industrial platform $ 1,867,389 $ 1,693,282 Single-family residential rentals 405,524 494,613 Other real estate equity 1,722,971 558,630 Real estate debt 4,650,484 3,022,355 Investment management 830,039 — Amounts not allocated to segments 228,203 102,968 Total assets (1) $ 9,704,610 $ 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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	22. Subsequent Events The Company has evaluated subsequent events and transactions through the date these condensed consolidated financial statements were issued and determined that no subsequent events have occurred that would require recognition in the accompanying consolidated financial statements or disclosure in the notes to the consolidated financial statements.

Significant Accounting Polici33

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 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 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 on 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 on the balance sheet. ASU No. 2015-03 is effective for fiscal years and interim periods 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. Measurement-Period Adjustments in Business Combinations —In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement- period adjustment (including impact on prior periods) be recognized in the reporting period in which the adjustment amount is determined and therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. ASU No. 2015-16 is effective for fiscal years and interim periods beginning after December 15, 2015, and is to be applied prospectively to measurement-period adjustments that occur after the effective date. Early adoption is permitted. The Company will comply with the new guidance upon adoption.

Combination with Colony Capit34

Combination with Colony Capital (Tables)	9 Months Ended
	Sep. 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 (1) 69,500 $ 741,354 Identifiable assets acquired and liabilities assumed (2) Cash $ 5,015 Fixed assets 46,396 Other assets 23,039 Intangible asset: Investment management contracts 46,000 Customer relationships 46,800 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) Estimated fair value of the contingent consideration is subject to remeasurement each reporting period, as discussed in Note 13. (2) 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 additional compensation expense, depreciation and amortization, income tax, and after eliminating intercompany transactions of the combined entities and allocation of net income to OP Units. The pro forma results for the nine months ended September 30, 2015 were adjusted to exclude acquisition-related expenses of approximately $15.1 million . The unaudited pro forma results are not indicative of future operating results. Nine Months Ended September 30, (In thousands, except per share data) 2015 2014 Pro forma total income $ 631,593 $ 300,641 Pro forma net income attributable to Colony Capital, Inc. 135,372 86,545 Pro forma net income attributable to common stockholders 104,896 68,647 Pro forma net income per common share: Basic $ 0.93 $ 0.71 Diluted $ 0.91 $ 0.71

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Company Loans Receivable	Below is a summary of the Company’s loans receivable, including purchased credit-impaired ("PCI") loans. Carrying amount of loans receivable are presented gross of allowance for loan losses, except where indicated as net. September 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 $ 828,061 $ 822,596 9.9% 4.1 $ 134,636 $ 126,185 6.4% 8.7 Securitized mortgage loans 139,793 143,043 6.4% 17.1 170,218 174,292 6.5% 17.1 B-notes 143,819 145,859 10.0% 3.2 143,376 140,312 8.5% 3.2 Mezzanine loans 174,198 176,733 11.9% 3.3 125,163 125,163 10.3% 4.6 1,285,871 1,288,231 573,393 565,952 Variable rate Mortgage loans 517,347 515,128 8.0% 1.6 331,192 326,491 6.9% 1.9 Securitized mortgage loans 1,078,694 1,073,934 5.5% 3.7 630,420 625,176 5.7% 6.2 Mezzanine loans 362,625 361,474 10.8% 0.9 367,863 365,825 10.9% 1.5 1,958,666 1,950,536 1,329,475 1,317,492 3,244,537 3,238,767 1,902,868 1,883,444 PCI Loans Mortgage loans 1,280,329 833,357 334,500 239,702 Securitized mortgage loans 8,928 7,366 9,672 8,185 1,289,257 840,723 344,172 247,887 Allowance for loan losses (30,841 ) (197 ) Total loans receivable, net $ 4,533,794 $ 4,048,649 $ 2,247,040 $ 2,131,134
Activity in Loans Receivable	Activity in loans receivable, net is summarized below: Nine Months Ended September 30, (In thousands) 2015 2014 Carrying amount, net at January 1 $ 2,131,134 $ 1,028,654 Loan acquisitions and originations 926,659 1,381,234 Paid-in-kind interest added to loan principal 19,639 1,539 Discount and net loan fee amortization 119,631 62,512 Loan repayments (285,530 ) (612,925 ) Payments received from PCI loans (463,069 ) (6,319 ) Transfer to real estate asset upon foreclosure (4,489 ) — Provision for loan losses, excluding interest receivable (30,716 ) — Consolidation of loans receivable held by investment entities (Note 7) 1,629,496 — Effect of changes in foreign exchange rates 5,894 (20,894 ) Carrying amount, net at September 30 $ 4,048,649 $ 1,833,801
Schedule of Loans Receivable Remaining Maturities	Carrying amount of loans receivable, excluding PCI loans, based on remaining maturities under contractual terms at September 30, 2015, was as follows: (In thousands) At September 30, 2015 Due in one year or less $ 774,471 Due after one year through five years 1,943,092 Due after five years 521,204 $ 3,238,767
Summary of Past Due Loans	The following table provides an aging summary of loans receivable at carrying amount, 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 September 30, 2015 $ 3,212,337 $ 4,456 $ 1,286 $ 20,688 $ 3,238,767 At December 31, 2014 1,864,466 12,002 3,058 3,918 1,883,444
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of all PCI loans during the period were as follows: Nine Months Ended September 30, (In thousands) 2015 2014 Beginning accretable yield $ 98,523 $ 130,823 Additions — 3,067 Changes in estimated cash flows (16,519 ) 163 Accretion (105,460 ) (17,108 ) Consolidation of PCI loans held by investment entities (Note 7) 121,130 — Effect of changes in foreign exchange rates (6,639 ) (8,821 ) Ending accretable yield $ 91,035 $ 108,124 The following table presents these PCI loans at acquisition date on April 2, 2015: (In thousands) 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
Impairment and Allowance for Loan Losses	The allowance for loan losses and carrying value of related loans receivable were as follows: At September 30, 2015 At December 31, 2014 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI Loans $ 228 $ 4,891 $ 197 $ 3,438 PCI Loans 30,613 185,316 — — $ 30,841 $ 190,207 $ 197 $ 3,438 Changes in allowance for loan losses for the nine months ended September 30, 2015 is presented below. For the nine months ended September 30, 2014, there was no provision made and no charge-off against the allowance for loan losses. (In thousands) Nine Months Ended September 30, 2015 Allowance for loan losses at January 1 $ 197 Provision for loan losses 30,937 Charge-off (293 ) Allowance for loan losses at September 30 $ 30,841

Real Estate Assets (Tables)

Real Estate Assets (Tables)	9 Months Ended
	Sep. 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) September 30, 2015 December 31, 2014 (Amounts in thousands) Real Estate Held for Investment Land NA $ 499,995 $ 265,263 Buildings and improvements 34 2,176,991 1,351,798 Tenant improvements 10 68,699 33,357 Foreclosed properties 39 11,528 — 2,757,213 1,650,418 Less: Accumulated depreciation (70,811 ) (6,421 ) 2,686,402 1,643,997 Real Estate Held for Sale Land, buildings and improvements NA 265,173 — Foreclosed properties NA 90,472 — 355,645 — Real Estate Assets, Net $ 3,042,047 $ 1,643,997
Schedule of Components of Property Operating Income	Property operating income includes rental income, tenant reimbursements and hotel operating income. The components are summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2015 2014 2015 2014 Rental income $ 60,333 $ 4,323 $ 150,384 $ 10,819 Tenant reimbursements 6,837 — 21,722 — Hotel operating income 19,265 — 41,352 — $ 86,435 $ 4,323 $ 213,458 $ 10,819
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments under noncancelable operating leases, excluding tenant reimbursements, as of September 30, 2015 , are as follows: Year Ending December 31, (In thousands) Remaining 2015 $ 48,039 2016 186,341 2017 166,155 2018 142,867 2019 120,147 2020 and after 730,776 Total $ 1,394,325 As of September 30, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Remaining 2015 $ 63 $ 1,042 2016 255 4,690 2017 255 4,247 2018 255 3,219 2019 255 1,983 2020 and after 12,360 8,908 Total $ 13,443 $ 24,089

Investments in Unconsolidated37

Investments in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, 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) September 30, 2015 December 31, 2014 Investments in unconsolidated joint ventures: Equity method $ 823,844 $ 1,646,977 Cost method 99,868 — $ 923,712 $ 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 consolidated investment entities as of April 2, 2015: (In thousands) April 2, 2015 Assets: Cash $ 75,412 Loans receivable, net 1,629,496 Real estate assets, net 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: Nine Months Ended September 30, (In thousands) 2015 2014 Balance at January 1 $ 1,646,977 $ 1,369,529 Contributions 241,562 325,617 Distributions (394,625 ) (179,093 ) Equity in net income 44,184 53,016 Equity in other comprehensive (loss) income (612 ) 937 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 (27,760 ) (13,003 ) Balance at September 30 $ 823,844 $ 1,553,138

Deferred Leasing Costs and In38

Deferred Leasing Costs and Intangibles (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets from Acquisitions	The following table summarizes deferred leasing costs and intangible assets and intangible liabilities arising from acquisitions of operating real estate, including purchase-leaseback transactions, as well as acquisition of the investment management business: September 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 685,068 $ — $ 685,068 $ 20,000 $ — $ 20,000 Deferred Leasing Costs and Intangible Assets Trade name $ 15,500 $ — $ 15,500 $ — $ — $ — In-place lease values 121,916 (21,230 ) 100,686 48,018 (2,295 ) 45,723 Above-market lease values 26,130 (5,813 ) 20,317 23,194 (280 ) 22,914 Below-market ground lease obligations 5,245 (33 ) 5,212 1,420 (14 ) 1,406 Deferred leasing costs 65,695 (9,461 ) 56,234 36,788 (771 ) 36,017 Investment management contracts 46,000 (9,557 ) 36,443 — — — Customer relationships 46,800 (1,671 ) 45,129 — — — Total deferred leasing costs and intangible assets $ 327,286 $ (47,765 ) $ 279,521 $ 109,420 $ (3,360 ) $ 106,060 Intangible Liabilities Below-market lease values $ 20,111 $ (3,305 ) $ 16,806 $ 10,282 $ (114 ) $ 10,168 Above-market ground lease obligations 171 (4 ) 167 171 — 171 Total intangible liabilities $ 20,282 $ (3,309 ) $ 16,973 $ 10,453 $ (114 ) $ 10,339
Schedule of Expected Annual Amortization Expenses	The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Three Months Ended September 30, Nine Months Ended September 30, (Amounts in thousands) 2015 2014 2015 2014 Above-market lease values $ (1,911 ) $ — $ (5,701 ) $ — Below-market lease values 1,367 — 3,152 — Decrease to rental income $ (544 ) $ — $ (2,549 ) $ — Net below-market ground lease obligations Increase to rent expense $ 5 $ — $ 15 $ — In-place lease values $ 6,940 $ 339 $ 19,102 $ 915 Deferred leasing costs 3,151 98 8,839 261 Investment management contracts 4,778 — 9,557 — Customer relationships 836 — 1,671 — Amortization expense $ 15,705 $ 437 $ 39,169 $ 1,176
Schedule of Estimated Annual Amortization Expense	The following table presents the estimated annual amortization of deferred leasing costs and finite-lived intangible assets and intangible 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 Deferred Leasing Costs and Intangible Assets In-place lease values $ 6,111 $ 19,639 $ 14,213 $ 10,716 $ 8,344 $ 41,663 $ 100,686 Above-market lease values 1,856 6,557 4,683 2,893 1,416 2,912 20,317 Below-market ground lease obligations 10 40 40 40 40 5,042 5,212 Deferred leasing costs 2,838 10,552 8,745 7,047 5,354 21,698 56,234 Investment management contracts 4,778 15,003 9,940 4,509 1,555 658 36,443 Customer relationships 836 3,343 3,343 3,343 3,343 30,921 45,129 Intangible Liabilities Below-market lease values $ 1,202 $ 4,385 $ 3,635 $ 2,705 $ 1,306 $ 3,573 $ 16,806 Above-market ground lease obligations 1 6 6 6 6 142 167

Other Assets and Other Liabil39

Other Assets and Other Liabilities (Tables)	9 Months Ended
	Sep. 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) September 30, 2015 December 31, 2014 Restricted cash (1) $ 196,495 $ 76,945 Deferred financing costs, net (2) 53,590 51,103 Interest receivable 30,265 11,405 Other receivables, including straight-line rents 30,240 1,378 Derivative assets 22,832 26,479 Deferred tax asset — 6,713 Prepaid expenses and other 21,126 7,721 Fixed assets, net 45,195 — Total (3) $ 399,743 $ 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 $21.7 million and $13.1 million as of September 30, 2015 and December 31, 2014 , respectively. (3) At September 30, 2015, other assets related to real estate held for sale was $5.0 million . There were no other assets held for sale at December 31, 2014.
Schedule of Fixed Assets, Net	Fixed assets, net consist of the following: (In thousands) September 30, 2015 Furniture, fixtures, equipment and software $ 2,112 Aircraft 45,305 47,417 Less: Accumulated depreciation and amortization (2,222 ) Fixed assets, net (1) $ 45,195 __________ (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 $1.0 million and $2.1 million for the three and nine months ended September 30, 2015 .
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) September 30, 2015 December 31, 2014 Borrower and tenant reserves $ 139,266 $ 74,237 Deferred income 26,239 8,750 Interest payable 15,663 10,990 Intangible liabilities 16,973 10,339 Derivative liabilities 1,479 6,718 Current and deferred tax liabilities 64,770 429 Accrued compensation and other payables 92,249 16,656 Total (1) $ 356,639 $ 128,119 __________ (1) Intangible liabilities, net, of $0.2 million and accrued and other liabilities of $10.2 million were related to real estate assets held for sale at September 30, 2015. There were no accrued and other liabilities held for sale at December 31, 2014.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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 Payment Terms (1) September 30, 2015 December 31, 2014 Secured Debt: Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I $ 23,621 $ — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I 19,534 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 P&I 7,046 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Jul-2016 P&I 10,379 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 6,442 — Secured financing (2) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 74,977 90,164 Secured financing (3) First mortgage loan secured by residential properties 1-month LIBOR+3.75% Mar-2016 P&I 10,360 — Secured financing (4) Senior participation interest in a first mortgage loan and subordinated loan 1-month LIBOR+2.85% NA P&I — 80,213 Repurchase facility (5) Eligible first mortgage loans originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% Feb-2016 I/O 37,458 85,520 Repurchase facility (5) Eligible first mortgage loans, including any corresponding mezzanine loans, originated within Transitional CRE Lending Platform 1 month LIBOR+2.30% to 2.75% Apr-2018 I/O 70,965 — First mortgage loan (6) Hotel properties 1-month LIBOR+3.50% Dec-2015 I/O 55,017 — First mortgage loan (7) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 13,500 — First mortgage loan (8) Office property in Minnesota 4.84% fixed Jan-2024 (8) 88,000 88,000 First mortgage loan (9) Commercial properties in United Kingdom 3-month LIBOR+2.50% Aug-2018 I/O 90,465 — First mortgage loan (10) Office properties throughout Italy 4.02% fixed Nov-2018 (10) 80,640 — First mortgage loan (11) Warehouse properties in Spain and shares of borrowing entities 3-month Euribor+2.80% Jun-2022 I/O 26,413 — First mortgage loan (12) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 919,561 1,088,500 First mortgage loan Portfolio of light industrial properties across the U.S 3.80% fixed Aug-2025 I/O 165,750 — Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O 11,530 — First mortgage loans (13) Two higher education campuses in Switzerland 2.72% fixed Dec-2029 (13) 125,487 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 187,840 — 2,024,985 1,432,397 Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 I/O 126,239 126,204 CMBS 2014-FL2 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.01% Nov-2031 I/O 203,734 197,655 CMBS 2015-FL3 (14) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.36% Sept-2032 I/O 340,350 — CMBS MF 2014-1 (15) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed (15) I/O 154,051 213,409 824,374 537,268 Unsecured Debt: Unsecured note (16) — — Dec-2017 NA — 10,000 Notes Payable: Promissory notes (17) Corporate aircraft 5.02% fixed Dec-2025 P&I 43,429 — Total $ 2,892,788 $ 1,979,665 __________ (1) Payment terms: P&I = Periodic payment of principal and interest; I/O = Periodic payment of interest only with principal at maturity (except for principal repayments to release collateral properties disposed) (2) These non-recourse financings, in connection with the Company's acquisitions of loan portfolios, require 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. The financing arrangements provide for either a single or a multiple 1-year extension option to the initial term. (3) The variable interest rate on the loan was fixed at 4.28% through an interest rate swap. (4) This was a non-recourse financing in connection with a loan portfolio acquisition and was paid off in April 2015. (5) The Company entered into two master repurchase agreements with different commercial banks to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform, which provides up to $150 million under each warehouse facility for financing of eligible assets within the platform. The initial term of each facility is subject to a 1 -year extension option. (6) The loan requires a 0.25% special servicing fee until maturity and a 0.50% workout fee on prepayments. (7) Initial term on the loan is subject to two 1 -year extensions, during which principal and interest payments are required. (8) The loan requires monthly interest payments until January 2016, thereafter principal and interest payments based on a 30 -year amortization schedule. (9) The loan has two 1 -year extensions on its initial term and requires an interest rate cap to be maintained at a 2.25% strike on 3-month LIBOR. (10) Seller provided zero -interest financing on 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) The loan requires an interest rate cap to be maintained at a 1.50% strike on 3-month EURIBOR. (12) This loan was obtained in connection with the acquisition of the portfolio of light industrial real estate assets and operating platform in December 2014, has three 1 -year extension options, with interest rate increasing to 1-month LIBOR plus 2.5% after the fourth anniversary date, and requires an interest rate cap to be maintained at a 3.0% strike on 1-month LIBOR. (13) Concurrent with the acquisition of two single-tenant net leased properties, the Company obtained two 15 -year, non-recourse, term loans which bear interest at a fixed weighted-average rate of 2.72% . The loans require quarterly interest payments until October 2015, thereafter principal and interest payments based on a 33 -year amortization schedule. (14) The Company, through its indirect Cayman subsidiaries — Colony Mortgage Capital Series 2014-FL1 Ltd, Colony Mortgage Capital Series 2014-FL2 Ltd and Colony Mortgage Capital Series 2015-FL3 Ltd. — securitized commercial mortgage loans originated within the Company’s Transitional CRE Lending Platform. Generally, the senior notes issued by the securitization trusts were sold to third parties and subordinated notes retained by the Company. These 3 securitizations are accounted for as secured financing with the underlying mortgage loans pledged as collateral. Principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full, notwithstanding the contractual maturities on the notes. The underlying collateral loans have initial terms of 2 to 3 years. Interest rate spreads on these CMBS debt are presented above on a weighted average basis. (15) The Company transferred acquired loans, secured by multifamily properties, into a securitization trust, Colony Multifamily Mortgage Trust 2014-1, with the most senior certificates issued by the trust sold to third parties and the Company retaining the remaining certificates. The securitization was accounted for as a secured financing with the underlying mortgage loans pledged as collateral. The certificates do not have a contractual maturity date. Notwithstanding, principal repayments from the underlying collateral loans must be applied to repay the debt until the balance is paid in full. The underlying collateral loans have initial remaining terms of 1 to 24 years. (16) 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, scheduled to mature on the third anniversary of the acquisition date, 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. In May 2015, CCM exercised its rights pursuant to provisions under the note and contributed the note to OP in exchange for OP Units (Note 15). (17) Concurrent with the Combination, the Company assumed two promissory notes bearing interest at a fixed weighted-average rate of 5.02% .
Schedule of Future Minimum and Estimated Prinicipal Payments Due Under Financing Agreements	The following table summarizes such future scheduled minimum principal payments and estimated principal payments based upon reasonable expectations of cash flows from the underlying collateral assets as of September 30, 2015 : Year Ending December 31, (In thousands) Remaining 2015 $ 117,317 2016 334,551 (1) 2017 457,087 (1) 2018 421,040 (1) 2019 947,953 2020 and after 622,228 Total $ 2,900,176 __________ (1) Amounts include a combined $7.4 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) September 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 402,500 404,274 402,500 404,498 $ 602,500 $ 604,274 $ 602,500 $ 604,498

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 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: September 30, 2015 December 31, 2014 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 22,014 $ 138 $ 22,152 $ 25,820 $ — $ 25,820 Interest rate contracts 13 667 680 402 257 659 Included in other assets $ 22,027 $ 805 $ 22,832 $ 26,222 $ 257 $ 26,479 Derivative Liabilities Foreign exchange contracts $ 1,460 $ 3 $ 1,463 $ 6,718 $ — $ 6,718 Interest rate contracts 16 — 16 — — — Included in accrued and other liabilities $ 1,476 $ 3 $ 1,479 $ 6,718 $ — $ 6,718
Schedule of Foreign Exchange Contracts	The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place as of September 30, 2015 along with certain key terms: Notional Amount (in thousands) Hedged Currency Instrument Type Designated Non-Designated FX Rates ($ per unit of foreign currency) Range of Expiration Dates EUR FX Collar € 132,785 € 290 Min $1.09 / Max $1.53 December 2015 to November 2020 GBP FX Collar £ 68,000 £ — Min $1.45 / Max $1.82 September 2017 to December 2019 EUR FX Forward € 101,978 € 1,022 Range between $1.10 to $1.40 March 2016 to July 2018 GBP FX Forward £ 14,712 £ 338 Range between $1.51 to $1.52 November 2015 to December 2015 CHF FX Forward CHF 54,447 CHF 1,098 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 923,000 NOK $0.12 November 2015
Schedule of Interest Rate Derivatives	As of September 30, 2015, the Company held the following designated and non-designated interest rate contracts: Notional Amount Instrument Type Designated Non-Designated Index Strike Expiration Interest rate swaps $ 10,350 $ — 1-Month LIBOR 4.28% March 2016 Interest rate caps $ 750,000 $ 382,750 1-Month LIBOR 3.00% December 2016 Interest rate caps $ 112,418 $ — 1-Month LIBOR 2.50% November 2015 to August 2016 Interest rate caps € — € 23,751 3-Month EURIBOR 1.50% June 2022 Interest rate caps £ — £ 53,820 3-Month LIBOR 2.25% November 2018

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	9 Months Ended
	Sep. 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 (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) September 30, 2015 Derivative Assets Foreign exchange forwards $ 10,219 $ (964 ) $ — $ 9,255 Foreign exchange collars 11,933 (499 ) — 11,434 Interest rate caps 680 — — 680 $ 22,832 $ (1,463 ) $ — $ 21,369 Derivative Liabilities Foreign exchange forwards $ (964 ) $ 964 $ — $ — Foreign exchange collars (499 ) 499 — — Interest rate swap (16 ) — — (16 ) $ (1,479 ) $ 1,463 $ — $ (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 (Assets) Liabilities Cash Collateral Received (Pledged) Net Amounts of Assets (Liabilities) September 30, 2015 Derivative Assets Foreign exchange forwards $ 10,219 $ (964 ) $ — $ 9,255 Foreign exchange collars 11,933 (499 ) — 11,434 Interest rate caps 680 — — 680 $ 22,832 $ (1,463 ) $ — $ 21,369 Derivative Liabilities Foreign exchange forwards $ (964 ) $ 964 $ — $ — Foreign exchange collars (499 ) 499 — — Interest rate swap (16 ) — — (16 ) $ (1,479 ) $ 1,463 $ — $ (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)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions Related to Contingent Consideration	In addition to the Company's Class A common stock price at September 30, 2015 and projected Benchmark FFO during the contingency period, the fair value of contingent consideration tied to Benchmark FFO was estimated using the following key inputs: September 30, 2015 Benchmark FFO volatility 25.30% Equity volatility 28.00% Risk-free interest rate 0.85% Correlation (1) 80.00% __________ (1) Represents the assumed correlation between Benchmark FFO and the Company's Class A common stock price
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 September 30, 2015 Assets Investments in unconsolidated joint ventures $ — $ — $ 1,293,236 $ 1,293,236 $ 923,712 Loans held for investment — — 4,142,609 4,142,609 4,048,649 Liabilities Line of credit — 357,500 — 357,500 357,500 Secured and unsecured debt — — 2,024,962 2,024,962 2,024,985 CMBS debt — 821,152 — 821,152 824,374 Notes payable — — 43,429 43,429 43,429 Convertible senior notes 600,682 — — 600,682 604,274 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)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Summary of Preferred Stock Outstanding	The table below summarizes the preferred stock outstanding as of September 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 AOCI attributable to stockholders and noncontrolling interests, net of immaterial tax effect. The changes in AOCI attributable to noncontrolling interests in 2014 were immaterial. (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Unrealized Gain/(Loss) on Beneficial Interests in Debt Securities Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total Balance at December 31, 2013 $ 3,621 $ 325 $ (19 ) $ 1,849 $ (3,183 ) $ 2,593 Other comprehensive income (loss) before reclassifications 937 (2,488 ) (7 ) (32,165 ) 17,761 (15,962 ) Amounts reclassified from accumulated other comprehensive income (3,865 ) 2,163 — — 253 (1,449 ) Net other comprehensive (loss) income (2,928 ) (325 ) (7 ) (32,165 ) 18,014 (17,411 ) Balance at September 30, 2014 $ 693 $ — $ (26 ) $ (30,316 ) $ 14,831 $ (14,818 ) (In thousands) Equity in AOCI of Unconsolidated Joint Ventures Gain (Loss) on Cash Flow Hedges Foreign Currency Translation Gain (Loss) Gain (Loss) on Net Investment Hedges Total Balance at December 31, 2014 Stockholders $ 451 $ (101 ) $ (52,643 ) $ 23,802 $ (28,491 ) Noncontrolling interests in investment entities — (52 ) (3,616 ) (1 ) (3,669 ) 451 (153 ) (56,259 ) 23,801 (32,160 ) Other comprehensive income (loss) before reclassifications Stockholders (612 ) (221 ) (41,382 ) 30,001 (12,214 ) Noncontrolling interests in investment entities — (144 ) 14,591 — 14,447 Noncontrolling interests in Operating Company — (10 ) 1,185 (107 ) 1,068 Amounts reclassified from accumulated other comprehensive income Stockholders 161 51 67,194 (39,346 ) 28,060 Noncontrolling interests in investment entities — 37 5,183 — 5,220 Noncontrolling interests in Operating Company — 10 12,880 (7,482 ) 5,408 Net other comprehensive (loss) income (451 ) (277 ) 59,651 (16,934 ) 41,989 Balance at September 30, 2015 Stockholders — (271 ) (26,831 ) 14,457 (12,645 ) Noncontrolling interests in investment entities — (159 ) 16,158 (1 ) 15,998 Noncontrolling interests in Operating Company — — 14,065 (7,589 ) 6,476 $ — $ (430 ) $ 3,392 $ 6,867 $ 9,829
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Component of AOCI reclassified into earnings Three Months Ended September 30, Nine Months Ended September 30, Affected Line Item in the Condensed Consolidated Statements of Operations 2015 2014 2015 2014 Equity in realized (loss) 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 ) Other (loss) gain, net Release of cumulative translation adjustments — — (45,407 ) — Gain on remeasurement of consolidated investment entities, net Release of cumulative translation adjustments (21,787 ) (254 ) (21,787 ) (253 ) Other (loss) gain, net Realization of net gain on net investment hedges — — 32,965 — Gain on remeasurement of consolidated investment entities, net Realization of net gain on net investment hedges 6,492 — 6,492 — Other (loss) gain, net Unrealized gain (loss) on dedesignated net investment hedges 88 — (111 ) — Other (loss) gain, net Unrealized (loss) on ineffective cash flow hedge (51 ) — (51 ) — Other (loss) gain, net

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2015 2014 2015 2014 Net income allocated to common stockholders Net income $ 78,761 $ 47,947 $ 198,060 $ 128,799 Net income attributable to noncontrolling interests: Investment entities (22,264 ) (8,993 ) (62,580 ) (30,466 ) Operating Company (7,200 ) — (16,338 ) — Net income attributable to Colony Capital, Inc. 49,297 38,954 119,142 98,333 Preferred dividends (12,094 ) (6,972 ) (30,476 ) (17,898 ) Net income attributable to common stockholders 37,203 31,982 88,666 80,435 Net income allocated to participating securities (nonvested shares) (310 ) (248 ) (918 ) (735 ) Net income allocated to common stockholders—basic 36,893 31,734 87,748 79,700 Interest expense attributable to convertible notes (1) 6,819 4,172 12,541 8,554 Net income allocated to common stockholders—diluted $ 43,712 $ 35,906 $ 100,289 $ 88,254 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 111,443 104,810 110,758 92,566 Weighted average effect of dilutive shares (1) 24,695 16,219 16,218 10,997 Weighted average number of common shares outstanding—diluted 136,138 121,029 126,976 103,563 Earnings per share Basic $ 0.33 $ 0.30 $ 0.79 $ 0.86 Diluted $ 0.32 $ 0.30 $ 0.79 $ 0.85 __________ (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 September 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 nine months ended September 30, 2015 . For the nine months ended September 30, 2015 , excluded from the calculation of diluted net income per share is the effect of adding back $7.9 million of interest expense and 8,476,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive. Also excluded from the calculation of diluted income per share is the effect of adding back $280,000 of interest expense and 251,000 weighted average dilutive common share equivalents for the assumed repayment of the $10 million unsecured note issued to CCM (see Note 10) in shares of the Company's common stock as its inclusion would be antidilutive. For the three and nine months ended September 30, 2014 , excluded from the calculation of diluted net income per share is the effect of adding back $2.6 million and $7.9 million , respectively, of interest expense and 8,476,400 weighted average dilutive common share equivalents for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 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) September 30, 2015 December 31, 2014 Due from Affiliates Management fee receivable $ 10,776 $ — Due from funds and unconsolidated joint ventures 3,852 — Other 3,279 — $ 17,907 $ — Due to Affiliates Contingent consideration $ 53,740 $ — 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 $ 53,740 $ 12,236 Amounts incurred and payable to the Manager or its affiliates for periods prior to the Combination were as follows: Three Months Ended September 30, 2014 Nine Months Ended September 30, (In thousands) 2015 2014 Base management fee expense $ 8,907 $ 9,165 $ 23,112 Incentive fees — — 464 Compensation pursuant to secondment agreement 325 450 989 Direct and allocated investment-related expenses 765 366 2,114 Direct and allocated administrative expenses 890 1,922 2,300 $ 10,887 $ 11,903 $ 28,979

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Stock grants to the Manager and employees (1) $ 2,414 $ 1,810 $ 10,719 $ 7,791 Stock grants to non-executive directors 97 111 527 301 $ 2,511 $ 1,921 $ 11,246 $ 8,092
Nonvested Shares Under Director Stock Plan and Equity Incentive Plan	Changes in the Company’s nonvested share awards are 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 (23,532 ) (484,947 ) (508,479 ) 20.71 Forfeited — (6,905 ) (6,905 ) 26.06 Nonvested shares at September 30, 2015 14,928 800,433 815,361 22.59 Weighted average grant-date fair value for shares granted during the period $ 25.24 $ 24.39 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Provision (Benefit)	Components of the Company’s income tax benefit is presented below: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2015 2014 2015 2014 Current Federal $ (218 ) $ 400 $ 354 $ 1,053 State (41 ) (846 ) 370 (649 ) Foreign 704 — 1,187 — Total current tax expense (benefit) 445 (446 ) 1,911 404 Deferred Federal (3,214 ) (1,668 ) (3,699 ) (2,140 ) State (712 ) (350 ) (694 ) (482 ) Foreign (117 ) — (117 ) — Total deferred tax (benefit) (4,043 ) (2,018 ) (4,510 ) (2,622 ) Total income tax (benefit) $ (3,598 ) $ (2,464 ) $ (2,599 ) $ (2,218 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 , are as follows: Year Ending December 31, (In thousands) Remaining 2015 $ 48,039 2016 186,341 2017 166,155 2018 142,867 2019 120,147 2020 and after 730,776 Total $ 1,394,325 As of September 30, 2015 , future minimum rental payments on noncancellable operating ground leases and office leases were as follows: (In thousands) Year Ending December 31, Ground Leases Office Leases Remaining 2015 $ 63 $ 1,042 2016 255 4,690 2017 255 4,247 2018 255 3,219 2019 255 1,983 2020 and after 12,360 8,908 Total $ 13,443 $ 24,089

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 Income: Interest income $ — $ — $ — $ 142,158 $ — $ 111 $ 142,269 Property operating income 41,706 — 43,585 1,144 — — 86,435 Equity in (loss) income of unconsolidated joint ventures — (4,140 ) 2,433 9,121 (389 ) (146 ) 6,879 Fee income — — — — 23,070 — 23,070 Other income 313 — — 2,006 — 2,006 4,325 Total income (loss) 42,019 (4,140 ) 46,018 154,429 22,681 1,971 262,978 Expenses: Transaction, investment and servicing costs 274 — 63 6,508 — 213 7,058 Interest expense 11,917 — 5,920 7,784 — 12,406 38,027 Property operating expenses 14,442 — 19,516 1,657 — — 35,615 Depreciation and amortization 21,233 — 14,728 31 5,620 1,044 42,656 Provision for loan losses — — — 26,495 — — 26,495 Impairment of real estate assets — — — 317 — — 317 Compensation expense 1,334 — 753 3,361 10,756 9,530 25,734 Administrative expenses 525 — 245 1,076 706 8,602 11,154 Total expenses 49,725 — 41,225 47,229 17,082 31,795 187,056 Gain on sale of real estate assets, net 661 — 4,931 140 — — 5,732 Other (loss) gain, net (113 ) — (88 ) (23,170 ) (23 ) 16,903 (6,491 ) Income tax benefit (expense) 22 — (212 ) 733 3,082 (27 ) 3,598 Net (loss) income (7,136 ) (4,140 ) 9,424 84,903 8,658 (12,948 ) 78,761 Net (loss) income attributable to noncontrolling interests: Investment entities (2,353 ) — 3,923 20,694 — — 22,264 Operating Company (776 ) (671 ) 893 10,411 1,404 (4,061 ) 7,200 Net (loss) income attributable to Colony Capital, Inc. $ (4,007 ) $ (3,469 ) $ 4,608 $ 53,798 $ 7,254 $ (8,887 ) $ 49,297 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Three Months Ended September 30, 2014 Income: Interest income $ — $ — $ 62,730 $ 119 $ 62,849 Property operating income — 4,323 — — 4,323 Equity in (loss) income of unconsolidated joint ventures (4,582 ) (3,834 ) 17,679 — 9,263 Other income — — 258 589 847 Total (loss) income (4,582 ) 489 80,667 708 77,282 Expenses: Management fees — — — 10,717 10,717 Transaction, investment and servicing costs — 141 1,781 1,437 3,359 Interest expense — 1,098 3,317 8,016 12,431 Property operating expenses — 1,052 — — 1,052 Depreciation and amortization — 1,592 — — 1,592 Compensation expense — — — 499 499 Administrative expenses — — 197 1,989 2,186 Total expenses — 3,883 5,295 22,658 31,836 Other gain, net — — 37 — 37 Income tax benefit — 1,897 497 70 2,464 Net (loss) income (4,582 ) (1,497 ) 75,906 (21,880 ) 47,947 Net income attributable to noncontrolling interests — 580 8,413 — 8,993 Net (loss) income attributable to Colony Capital, Inc. $ (4,582 ) $ (2,077 ) $ 67,493 $ (21,880 ) $ 38,954 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Nine Months Ended September 30, 2015 Income: Interest income $ 7 $ — $ 8 $ 289,550 $ — $ 111 $ 289,676 Property operating income 117,057 — 93,791 2,610 — — 213,458 Equity in (loss) income of unconsolidated joint ventures — (9,701 ) 13,483 40,937 (389 ) (146 ) 44,184 Fee income — — — 219 44,849 — 45,068 Other income 313 — — 4,325 — 3,470 8,108 Total income (loss) 117,377 (9,701 ) 107,282 337,641 44,460 3,435 600,494 Expenses: Management fees — — — — — 15,062 15,062 Transaction, investment and servicing costs 3,712 — 1,735 12,552 — 15,536 33,535 Interest expense 27,756 — 11,936 22,066 — 33,786 95,544 Property operating expenses 40,818 — 41,186 3,527 — — 85,531 Depreciation and amortization 61,220 — 26,843 190 11,234 2,122 101,609 Provision for loan losses — — — 30,937 — — 30,937 Impairment on real estate assets 450 — — 317 — — 767 Compensation expense 2,286 — 1,225 6,986 22,266 22,230 54,993 Administrative expenses 1,122 — 1,537 3,601 1,759 18,712 26,731 Total expenses 137,364 — 84,462 80,176 35,259 107,448 444,709 Gain on sale of real estate assets, net 669 — 4,931 864 — 8 6,472 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other (loss) gain, net (180 ) — (882 ) (23,174 ) (23 ) 15,977 (8,282 ) Income tax benefit (expense) 440 — (3,264 ) (1,262 ) 6,732 (47 ) 2,599 Net (loss) income (19,058 ) (9,701 ) 33,828 265,156 15,910 (88,075 ) 198,060 Net (loss) income attributable to noncontrolling interests: Investment entities (6,783 ) — 8,283 61,080 — — 62,580 Operating Company (1,409 ) (935 ) 3,114 23,966 2,566 (10,964 ) 16,338 Net (loss) income attributable to Colony Capital, Inc. $ (10,866 ) $ (8,766 ) $ 22,431 $ 180,110 $ 13,344 $ (77,111 ) $ 119,142 Real Estate Equity (In thousands) Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Nine Months Ended September 30, 2014 Income: Interest income $ — $ — $ 149,734 $ 180 $ 149,914 Property operating income — 10,819 — — 10,819 Equity in (loss) income of unconsolidated joint ventures (11,417 ) 6,327 58,106 — 53,016 Other income — — 714 589 1,303 Total (loss) income (11,417 ) 17,146 208,554 769 215,052 Expenses: Management fees — — — 31,367 31,367 Transaction, investment and servicing costs — 212 8,236 3,123 11,571 Interest expense — 3,257 8,444 20,379 32,080 Property operating expenses — 2,743 — — 2,743 Depreciation and amortization — 4,097 — — 4,097 Compensation expense — — — 1,484 1,484 Administrative expenses — — 577 5,790 6,367 Total expenses — 10,309 17,257 62,143 89,709 Other gain, net — — 165 1,073 1,238 Income tax benefit (expense) — 2,622 (367 ) (37 ) 2,218 Net (loss) income (11,417 ) 9,459 191,095 (60,338 ) 128,799 Net income attributable to noncontrolling interests — 1,789 28,677 — 30,466 Net (loss) income attributable to Colony Capital, Inc. $ (11,417 ) $ 7,670 $ 162,418 $ (60,338 ) $ 98,333
Assets of Reportable Segments	The assets of each of segment are summarized as follows. (In thousands) September 30, 2015 December 31, 2014 Light industrial platform $ 1,867,389 $ 1,693,282 Single-family residential rentals 405,524 494,613 Other real estate equity 1,722,971 558,630 Real estate debt 4,650,484 3,022,355 Investment management 830,039 — Amounts not allocated to segments 228,203 102,968 Total assets (1) $ 9,704,610 $ 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)	9 Months Ended
	Sep. 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	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Apr. 01, 2015
Business Acquisition [Line Items]
Total income		$ 262,978	$ 77,282	$ 600,494	$ 215,052
Net income attributable to common stockholders		49,297	$ 38,954	119,142	$ 98,333
Colony Capital
Business Acquisition [Line Items]
Consideration transferred	$ 60,900
Aggregate upfront consideration transferred	$ 741,354
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
Aggregate upfront consideration transferred	$ 671,900
Affiliated Entity | Colony Capital | Common Class A
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination	1,430,000
Affiliated Entity | Colony Capital | Common Class B
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination	563,987
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 | 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 | 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		22,700		44,500
Net income attributable to common stockholders		$ 7,300		$ 13,300

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	Sep. 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 (1)	69,500
Total consideration transferred	741,354
Cash	5,015
Fixed assets	46,396
Other assets	23,039
Notes payable	(44,337)
Deferred tax liability	(43,673)
Other liabilities	(18,454)
Assets acquired and liabilities assumed, net	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
Trade Names | Colony Capital
Business Acquisition [Line Items]
Trade name	15,500
Investment management contracts | Colony Capital
Business Acquisition [Line Items]
Business combination: finite-lived intangibles	46,000
Customer relationships | Colony Capital
Business Acquisition [Line Items]
Business combination: finite-lived intangibles	$ 46,800

Combination with Colony Capit54

Combination with Colony Capital - Schedule of Pro Forma (Details) - Colony Capital Operating Company, LLC - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Pro forma total income	$ 631,593	$ 300,641
Pro forma net income attributable to Colony Capital, Inc.	135,372	86,545
Pro forma net income attributable to common stockholders	$ 104,896	$ 68,647
Pro forma net income per common share, basic (in dollars per share)	$ 0.93	$ 0.71
Pro forma net income per common share, diluted (in dollars per share)	$ 0.91	$ 0.71

Securitizations and Variable 55

Securitizations and Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Carrying value of investment in securitization vehicles	$ 414.1	$ 282.1

Loans Receivable - Company Loa

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 4,533,794	$ 2,247,040
Loans receivable, net	4,048,649	2,131,134	$ 1,833,801	$ 1,028,654
Allowance for loan losses	(30,841)	(197)
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	3,244,537	1,902,868
Loans receivable, net	3,238,767	1,883,444
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,289,257	344,172
Loans receivable, net	840,723	247,887
PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,280,329	334,500
Loans receivable, net	833,357	239,702
PCI Loans | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	8,928	9,672
Loans receivable, net	7,366	8,185
Fixed Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,285,871	573,393
Loans receivable, net	1,288,231	565,952
Fixed Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	828,061	134,636
Loans receivable, net	$ 822,596	$ 126,185
Performing loans, weighted average coupon	9.90%	6.40%
Performing loans, weighted average maturity in years	4 years 1 month 6 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	$ 139,793	$ 170,218
Loans receivable, net	$ 143,043	$ 174,292
Performing loans, weighted average coupon	6.40%	6.50%
Performing loans, weighted average maturity in years	17 years 1 month 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	$ 143,819	$ 143,376
Loans receivable, net	$ 145,859	$ 140,312
Performing loans, weighted average coupon	10.00%	8.50%
Performing loans, weighted average maturity in years	3 years 2 months 12 days	3 years 2 months 12 days
Fixed Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 174,198	$ 125,163
Loans receivable, net	$ 176,733	$ 125,163
Performing loans, weighted average coupon	11.90%	10.30%
Performing loans, weighted average maturity in years	3 years 3 months 18 days	4 years 7 months 6 days
Adjustable Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 1,958,666	$ 1,329,475
Loans receivable, net	1,950,536	1,317,492
Adjustable Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	517,347	331,192
Loans receivable, net	$ 515,128	$ 326,491
Performing loans, weighted average coupon	8.00%	6.90%
Performing loans, weighted average maturity in years	1 year 7 months 6 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	$ 1,078,694	$ 630,420
Loans receivable, net	$ 1,073,934	$ 625,176
Performing loans, weighted average coupon	5.50%	5.70%
Performing loans, weighted average maturity in years	3 years 8 months 12 days	6 years 2 months 12 days
Adjustable Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 362,625	$ 367,863
Loans receivable, net	$ 361,474	$ 365,825
Performing loans, weighted average coupon	10.80%	10.90%
Performing loans, weighted average maturity in years	10 months 24 days	1 year 6 months

Loans Receivable - Activity in

Loans Receivable - Activity in Loan Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Loans Receivable [Roll Forward]
Carrying amount, net at January 1	$ 2,131,134	$ 1,028,654
Loan acquisitions and originations	926,659	1,381,234
Paid-in-kind interest added to loan principal	19,639	1,539
Discount and net loan fee amortization	119,631	62,512
Loan repayments	(285,530)	(612,925)
Payments received from PCI loans	(463,069)	(6,319)
Transfer to real estate asset upon foreclosure	(4,489)	0
Provision for loan losses, excluding interest receivable	(30,716)	0
Consolidation of loans receivable held by investment entities	1,629,496	0
Effect of changes in foreign exchange rates	5,894	(20,894)
Carrying amount, net at September 30	$ 4,048,649	$ 1,833,801

Loans Receivable - Loan Maturi

Loans Receivable - Loan Maturity and Aging (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	$ 4,048,649	$ 2,131,134	$ 1,833,801	$ 1,028,654
Loans Receivable Excluding PCI Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Due in one year or less	774,471
Due after one year through five years	1,943,092
Due after five years	521,204
Loans receivable, net	3,238,767
Performing
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	3,238,767	1,883,444
Performing | Loans Receivable Excluding PCI Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,238,767	1,883,444
Performing | Current or Less Than 30 Days Past Due | Loans Receivable Excluding PCI Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,212,337	1,864,466
Performing | 30-59 Days Past Due | Loans Receivable Excluding PCI Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	4,456	12,002
Performing | 60-89 Days Past Due | Loans Receivable Excluding PCI Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	1,286	3,058
Performing | 90 Days or More Past Due | Loans Receivable Excluding PCI Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 20,688	$ 3,918

Loans Receivable - PCI Loans Ac

Loans Receivable - PCI Loans Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 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

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 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	3,067
Changes in estimated cash flows	(16,519)	163
Accretion	(105,460)	(17,108)
Fair value of loans acquired	121,130	0
Effect of changes in foreign exchange rates	(6,639)	(8,821)
Ending accretable yield	$ 91,035	$ 108,124

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Non-performing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 20.7	$ 3.9

Loans Receivable - Impairment a

Loans Receivable - Impairment and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,048,649	$ 1,833,801	$ 4,048,649	$ 1,833,801	$ 2,131,134	$ 1,028,654
Allowance for loan losses			197
Provision for loan losses	26,495	$ 0	30,937	0
Charge-off			(293)	$ 0
Allowance for loan losses	30,841		30,841
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	840,723		840,723		247,887
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	190,207		190,207		3,438
Allowance for loan losses			197
Allowance for loan losses	30,841		30,841
Loans held for investment, net | Non-PCI Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	4,891		4,891		3,438
Allowance for loan losses			197
Allowance for loan losses	228		228
Loans held for investment, net | PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	185,316		185,316		$ 0
Allowance for loan losses			0
Allowance for loan losses	$ 30,613		$ 30,613

Real Estate Assets - Components

Real Estate Assets - Components of Real Estate (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Land	$ 499,995	$ 265,263
Buildings and improvements	2,176,991	1,351,798
Tenant improvements	68,699	33,357
Foreclosed properties	11,528	0
Real estate held for investment at cost	2,757,213	1,650,418
Less: Accumulated depreciation	(70,811)	(6,421)
Net carrying amount	2,686,402	1,643,997
Held for sale	355,645	0
Real Estate Assets, Net	$ 3,042,047	1,643,997
Buildings and improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life	34 years
Tenant improvements
Business Acquisition [Line Items]
Real estate assets estimated useful life	10 years
Foreclosed properties
Business Acquisition [Line Items]
Real estate assets estimated useful life	39 years
Held for sale	$ 90,472	0
Land, buildings and improvements
Business Acquisition [Line Items]
Held for sale	$ 265,173	$ 0

Real Estate Assets (Details)

Real Estate Assets (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)campus	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Real estate assets		$ 3,042,047		$ 3,042,047		$ 1,643,997
Depreciation		24,400	$ 1,200	58,800	$ 2,900
Impairment of real estate assets		317	0	767	0
Real estate held for sale transferred to held for investment	$ 109,300
Held for sale		355,645		355,645		0
Gain on sale of real estate from disposition of foreclosed properties		5,700		6,500
Tenant reimbursements		6,837	$ 0	21,722	$ 0
Foreclosed properties
Business Acquisition [Line Items]
Held for sale		90,472		$ 90,472		$ 0
Switzerland | Higher Education Campuses
Business Acquisition [Line Items]
Number of businesses acquired | campus				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				248,700
Business combination: land		42,500		42,500
Business combination: buildings and improvements		198,000		198,000
Business combination: finite-lived intangibles		8,000		8,000
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
Held-for-Sale [Member]
Business Acquisition [Line Items]
Impairment of real estate assets		300		800
Held for sale		$ 355,600		$ 355,600

Real Estate Assets - Componen65

Real Estate Assets - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Real Estate [Abstract]
Rental income	$ 60,333	$ 4,323	$ 150,384	$ 10,819
Tenant reimbursements	6,837	0	21,722	0
Hotel operating income	19,265	0	41,352	0
Property operating income	$ 86,435	$ 4,323	$ 213,458	$ 10,819

Real Estate Assets - Future Min

Real Estate Assets - Future Minimum Rental Payments (Details) $ in Thousands	Sep. 30, 2015USD ($)
Real Estate [Abstract]
Remaining 2,015	$ 48,039
2,016	186,341
2,017	166,155
2,018	142,867
2,019	120,147
2020 and after	730,776
Total	$ 1,394,325

Investments in Unconsolidated67

Investments in Unconsolidated Joint Ventures - Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Equity method	$ 823,844	$ 1,646,977	$ 1,553,138	$ 1,369,529
Cost method	99,868	0
Investments in unconsolidated joint ventures	$ 923,712	$ 1,646,977

Investments in Unconsolidated68

Investments in Unconsolidated Joint Ventures (Details)	Jan. 30, 2015USD ($)	Jul. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Investment	Sep. 30, 2014USD ($)	Dec. 31, 2014Investment	Apr. 02, 2015USD ($)Investment
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint ventures		$ 77,000,000				$ 340,157,000	$ 118,251,000
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			0		$ 0	41,486,000	0
Total income from consolidated investment entities			262,978,000		77,282,000	600,494,000	215,052,000
Dividend income from cost method investment			0			$ 0
CAH Operating Partnership Lp
Schedule of Equity Method Investments [Line Items]
Percentage of joint venture ownership		23.30%
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 assets or income | Investment						0		0
Expenses allocated from affiliates related to unconsolidated joint ventures				$ 2,300,000	11,600,000		27,900,000
Entity's share of other expenses reimbursed to affiliates				$ 800,000	$ 3,000,000		$ 7,300,000
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			74,000,000			$ 163,000,000
Net income of consolidated investment entities			$ 15,000,000			$ 34,000,000

Investments in Unconsolidated69

Investments in Unconsolidated Joint Ventures - Schedule of Assets, Liabilities and Noncontrolling Interest in Investment Entities (Details) $ in Thousands	Sep. 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, net		1,629,496
Real estate assets, net		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 Unconsolidated70

Investments in Unconsolidated Joint Ventures - Activity in the Company's Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Method Investments and Joint Ventures [Roll Forward]
Balance at January 1			$ 1,646,977	$ 1,369,529
Contributions			241,562	325,617
Distributions			(394,625)	(179,093)
Equity in net income	$ 6,879	$ 9,263	44,184	53,016
Equity in other comprehensive (loss) income			(612)	937
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			(27,760)	(13,003)
Balance at September 30	$ 823,844	$ 1,553,138	$ 823,844	$ 1,553,138

Deferred Leasing Costs and In71

Deferred Leasing Costs and Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($)	9 Months Ended
	Sep. 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		0
Finite-Lived Intangible Assets, Net [Abstract]
Deferred Leasing Costs and Intangible Assets, Gross (Including Goodwill)	327,286,000		109,420,000
Deferred Leasing Costs and Intangible Assets, Accumulated Amortization (Including Goodwill)	(47,765,000)		(3,360,000)
Deferred Leasing Costs and Intangible Assets, Net (Including Goodwill)	279,521,000		106,060,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Below Market Lease, Gross	20,111,000		10,282,000
Below Market Lease, Accumulated Amortization	(3,305,000)		(114,000)
Below Market Lease, Net	16,806,000		10,168,000
Above-Market Ground Lease Obligations, Gross	171,000		171,000
Above-Market Ground Lease Obligations, Accumulated Amortization	(4,000)		0
Ground Lease Obligations, Net	167,000		171,000
Finite-Lived Intangible Liabilities, Gross	20,282,000		10,453,000
Finite-Lived Intangible Liabilities, Accumulated Amortization	(3,309,000)		(114,000)
Finite-Lived Intangible Liabilities, Net	16,973,000		10,339,000
Intangible assets, net held for sale	14,160,000		0
Intangible liabilities, net held for sale	200,000		0
In-place lease value
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	121,916,000		48,018,000
Accumulated Amortization	(21,230,000)		(2,295,000)
Net Carrying Amount	100,686,000		45,723,000
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	26,130,000		23,194,000
Accumulated Amortization	(5,813,000)		(280,000)
Net Carrying Amount	20,317,000		22,914,000
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	5,245,000		1,420,000
Accumulated Amortization	(33,000)		(14,000)
Net Carrying Amount	5,212,000		1,406,000
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	65,695,000		36,788,000
Accumulated Amortization	(9,461,000)		(771,000)
Net Carrying Amount	56,234,000		36,017,000
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,000,000		0
Accumulated Amortization	(9,557,000)		0
Net Carrying Amount	36,443,000		0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,800,000		0
Accumulated Amortization	(1,671,000)		0
Net Carrying Amount	45,129,000		$ 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

Deferred Leasing Costs and In72

Deferred Leasing Costs and Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Finite-Lived Intangible Assets [Line Items]
Decrease to rental income	$ (544)	$ 0	$ (2,549)	$ 0
Below-market lease values	1,367	0	3,152	0
Increase to rent expense	5	0	15	0
Amortization of Intangible Assets	15,705	437	39,169	1,176
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Decrease to rental income	(1,911)	0	(5,701)	0
In-place lease value
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	6,940	339	19,102	915
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	3,151	98	8,839	261
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	4,778	0	9,557	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 836	$ 0	$ 1,671	$ 0

Deferred Leasing Costs and In73

Deferred Leasing Costs and Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Below Market Lease, Net [Abstract]
Remaining 2,015	$ 1,202
2,016	4,385
2,017	3,635
2,018	2,705
2,019	1,306
2020 and after	3,573
Below Market Lease, Net	16,806	$ 10,168
Above-market Ground Lease Obligations, Net [Abstract]
Remaining 2,015	1
2,016	6
2,017	6
2,018	6
2,019	6
2020 and after	142
Ground Lease Obligations, Net	167	171
In-place lease value
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	6,111
2,016	19,639
2,017	14,213
2,018	10,716
2,019	8,344
2020 and after	41,663
Net Carrying Amount	100,686	45,723
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	1,856
2,016	6,557
2,017	4,683
2,018	2,893
2,019	1,416
2020 and after	2,912
Net Carrying Amount	20,317	22,914
Below-market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	10
2,016	40
2,017	40
2,018	40
2,019	40
2020 and after	5,042
Net Carrying Amount	5,212	1,406
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	2,838
2,016	10,552
2,017	8,745
2,018	7,047
2,019	5,354
2020 and after	21,698
Net Carrying Amount	56,234	36,017
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	4,778
2,016	15,003
2,017	9,940
2,018	4,509
2,019	1,555
2020 and after	658
Net Carrying Amount	36,443	0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Remaining 2,015	836
2,016	3,343
2,017	3,343
2,018	3,343
2,019	3,343
2020 and after	30,921
Net Carrying Amount	$ 45,129	$ 0

Other Assets and Other Liabil74

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Summary of Company's other assets
Restricted cash	$ 196,495	$ 76,945
Deferred financing costs, net	53,590	51,103
Interest receivable	30,265	11,405
Other receivables, including straight-line rents	30,240	1,378
Derivative assets	22,832	26,479
Deferred tax asset	0	6,713
Prepaid expenses and other	21,126	7,721
Fixed assets, net	45,195	0
Other assets	399,743	181,744
Accumulated amortization of deferred financing costs	21,700	13,100
Held-for-Sale [Member]
Summary of Company's other assets
Other assets	$ 5,014	$ 0

Other Assets and Other Liabil75

Other Assets and Other Liabilities - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 47,417	$ 47,417
Less: Accumulated depreciation and amortization	(2,222)	(2,222)
Fixed assets, net	45,195	45,195	$ 0
Depreciation and amortization	1,000	2,100
Furniture, fixtures, equipment and software
Property, Plant and Equipment [Line Items]
Fixed assets, gross	2,112	2,112
Aircraft
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 45,305	$ 45,305

Other Assets and Other Liabil76

Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Other Liabilities [Line Items]
Borrower and tenant reserves	$ 139,266	$ 74,237
Deferred Revenue	26,239	8,750
Interest payable	15,663	10,990
Intangible liabilities	16,973	10,339
Derivative liabilities	1,479	6,718
Current and deferred tax liabilities	64,770	429
Accrued compensation and other payables	92,249	16,656
Accrued and other liabilities	356,639	128,119
Accrued and other liabilities held for sale, net of intangible assets held for sale	10,200
Held-for-Sale [Member]
Schedule of Other Liabilities [Line Items]
Accrued and other liabilities	10,427	$ 0
Other Intangible Liabilities Held-for-Sale [Member]
Schedule of Other Liabilities [Line Items]
Accrued and other liabilities	$ 200

Debt - Line of Credits (Detail

Debt - Line of Credits (Details) - JPMorgan Chase Bank, N.A. - USD ($)	9 Months Ended
	Sep. 30, 2015	Jul. 08, 2015
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 800,000,000	$ 645,000,000
Maximum amount available for draw	800,000,000
Remaining borrowing capacity	$ 442,500,000
Debt instrument term	2 years
Line of Credit
Line of Credit Facility [Line Items]
Weighted average interest rate	2.95%
Percentage of unused amount	0.50%
Line of Credit | Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount	0.40%
Line of Credit | Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount	0.50%
Line of Credit | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate for credit agreement (in percent)	2.75%

Debt - Schedule of Secured and

Debt - Schedule of Secured and Unsecured Debts (Details)	Dec. 18, 2014Extension_Option	Nov. 30, 2018EUR (€)	Nov. 30, 2017EUR (€)	Nov. 30, 2016EUR (€)	Sep. 30, 2015USD ($)Extension_OptionSecurityLoanDebtProperty	Dec. 31, 2014USD ($)	Feb. 28, 2014USD ($)
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 2,892,788,000	$ 1,979,665,000
Seller-Provided Financing
Debt Instrument [Line Items]
Interest Rate					0.00%
First Mortgage | Secured Debt, Maturing December 2015
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 55,017,000	0
Monthly special servicing fee percentage					0.25%
Workout fee percentage for prepayment					0.50%
First Mortgage | Secured Debt, Maturing December 2015 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.50%
First Mortgage | Secured Debt, Maturing July 2018
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 13,500,000	0
Repurchase facility extension term					1 year
Debt instrument term extension option | Extension_Option					2
First Mortgage | Secured Debt, Maturing July 2018 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.65%
First Mortgage | Secured Debt, Maturing January 2024
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 88,000,000	88,000,000
Debt instrument term					30 years
Interest Rate					4.84%
First Mortgage | Secured Debt, Maturing August 2018 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 90,465,000	0
Repurchase facility extension term					1 year
Debt instrument term extension option | Extension_Option					2
First Mortgage | Secured Debt, Maturing August 2018 [Member] | Three-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.50%
Cap interest rate					2.25%
First Mortgage | Secured Debt, Maturing November 2018
Debt Instrument [Line Items]
Imputed interest rate					4.02%
Outstanding balance on the debt					$ 80,640,000	0
Interest Rate					4.02%
First Mortgage | Secured Debt, Maturing November 2018 | Scenario, Forecast
Debt Instrument [Line Items]
Principal payments | €		€ 27,562,000	€ 35,437,500	€ 15,750,000
First Mortgage | Secured Debt, Maturing December 2029
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 125,487,000	0
Debt instrument term					15 years
Amortization term					33 years
Number of businesses acquired | Property					2
Number of loans acquired | SecurityLoan					2
Interest Rate					2.72%
Weighted average interest rate					2.72%
First Mortgage | Secured Debt, Maturing December 2029 | Switzerland
Debt Instrument [Line Items]
Number of businesses acquired | Property					2
First Mortgage | Secured Debt, Maturing December 2019
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 919,561,000	1,088,500,000
Repurchase facility extension term	1 year
Debt instrument term extension option | Extension_Option	3
First Mortgage | Secured Debt, Maturing December 2019 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	2.50%
First Mortgage | Secured Debt, Maturing December 2019 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.25%
Cap interest rate					3.00%
First Mortgage | Secured Debt, Maturing August 2025 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 165,750,000	0
Interest Rate					3.80%
First Mortgage | Secured Debt, Maturing June 2022
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 26,413,000	0
First Mortgage | Secured Debt, Maturing June 2022 | Three-Month Euribor
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.80%
Cap interest rate					1.50%
Secured Debt
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 2,024,985,000	1,432,397,000
Secured Debt | Secured Debt, Maturing March 2016
Debt Instrument [Line Items]
Fixed interest rate on long-term debt					4.28%
Outstanding balance on the debt					$ 10,360,000	0
Secured Debt | Secured Debt, Maturing March 2016 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, Maturing December 2017
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 74,977,000	90,164,000
Secured Debt | Secured Debt, Maturing December 2017 | Minimum
Debt Instrument [Line Items]
Principal curtailment, percentage of net cash flow from the underling loan portfolio					65.00%
Secured Debt | Secured Debt, Maturing December 2017 | Maximum
Debt Instrument [Line Items]
Principal curtailment, percentage of net cash flow from the underling loan portfolio					80.00%
Secured Debt | Secured Debt, Maturing December 2017 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.85%
Secured Debt | Secured Debt, Maturity April 2016, One [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 23,621,000	0
Secured Debt | Secured Debt, Maturity April 2016, One [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, Maturing April 2016, Two [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 19,534,000	0
Secured Debt | Secured Debt, Maturing April 2016, Two [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, Maturing June 2016 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 7,046,000	0
Secured Debt | Secured Debt, Maturing June 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					4.00%
Secured Debt | Secured Debt, Maturing July 2016 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 10,379,000	0
Secured Debt | Secured Debt, Maturing July 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.75%
Secured Debt | Secured Debt, September 2016 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 6,442,000	0
Secured Debt | Secured Debt, September 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					3.25%
Secured Debt | Secured Debt, Senior Participation Interest in Loans
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 0	80,213,000
Secured Debt | Secured Debt, Senior Participation Interest in Loans | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.85%
Secured Debt | Repurchase Facility, Maturing February 2016 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 37,458,000	85,520,000
Secured Debt | Repurchase Facility, Maturing February 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.50%
Secured Debt | Repurchase Facility, Maturing February 2016 [Member] | One-Month LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)
Secured Debt | Repurchase Facility, Maturing April 2018
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 70,965,000	0
Maximum principal amount of repurchase facility							$ 150,000,000
Repurchase facility extension term					1 year
Secured Debt | Repurchase Facility, Maturing April 2018 | One-Month LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.30%
Secured Debt | Repurchase Facility, Maturing April 2018 | One-Month LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.75%
Revolving Credit Facility | Facility Maturing July 2016 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 11,530,000	0
Revolving Credit Facility | Facility Maturing July 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.25%
Commercial Mortgage Backed Securities
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 824,374,000	537,268,000
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 | 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 | First Mortgage | Minimum | MF 2014-1 | Loans held for investment, net
Debt Instrument [Line Items]
Initial terms on loans receivable					1 year
Commercial Mortgage Backed Securities | First Mortgage | Maximum | MF 2014-1 | Loans held for investment, net
Debt Instrument [Line Items]
Initial terms on loans receivable					24 years
Commercial Mortgage Backed Securities | CMBS, Maturing September 2032 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.36%
Outstanding balance on the debt					$ 340,350,000	0
Commercial Mortgage Backed Securities | Commercial Mortgage Backed Securitization Debt, Maturity April 2031 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					1.78%
Outstanding balance on the debt					$ 126,239,000	126,204,000
Commercial Mortgage Backed Securities | Commercial Mortgage Backed Securitization Debt, Maturity November 2031 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)					2.01%
Outstanding balance on the debt					$ 203,734,000	197,655,000
Commercial Mortgage Backed Securities | CMBS, First Mortgage Portfolio
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 154,051,000	213,409,000
Interest Rate					2.54%
Unsecured Debt | Unsecured note, mature 2017
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 0	10,000,000
Loans Payable | Bond payable, Maturing June 2025
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 187,840,000	0
Interest Rate					3.91%
Notes Payable | 5.02% Note, Mature December 2025
Debt Instrument [Line Items]
Number of secured debt | Debt					2
Weighted average interest rate					5.02%
Notes Payable | Promissory Note Maturing December 2025 [Member]
Debt Instrument [Line Items]
Outstanding balance on the debt					$ 43,429,000	$ 0
Interest Rate					5.02%

Debt - Schedule of Future Mini

Debt - Schedule of Future Minimum and Estimated Prinicipal Payments Due Under Financing Agreements (Details) $ in Thousands	Sep. 30, 2015USD ($)
Minimum scheduled principal payments due under the secured financing arrangements
Remaining 2,015	$ 117,317
2,016	334,551
2,017	457,087
2,018	421,040
2,019	947,953
2020 and after	622,228
Total	2,900,176
Seller-Provided Financing
Debt Instrument [Line Items]
Discount on seller-provided	$ 7,400
Interest Rate	0.00%
Secured Debt, Maturing November 2018 | First Mortgage
Debt Instrument [Line Items]
Interest Rate	4.02%

Debt - Convertible Senior Note

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)d$ / shares	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding balance on the debt	$ 2,892,788	$ 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	$ 604,274	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	$ 404,274	$ 404,498

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) € in Thousands, £ in Thousands, SFr in Millions, NOK in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015NOK	Sep. 30, 2015GBP (£)	Sep. 30, 2015EUR (€)	Sep. 30, 2015CHF (SFr)	Dec. 31, 2014USD ($)	Dec. 31, 2014GBP (£)	Dec. 31, 2014EUR (€)
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	923,712,000		923,712,000						$ 1,646,977,000
Derivative liabilities	1,479,000		1,479,000						6,718,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	572,200,000		572,200,000		NOK 926.4	£ 102,800	€ 226,700	SFr 53	$ 581,700,000	£ 128,000	€ 315,900
Gain on remeasurement of consolidated investment entities, net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	0	$ 0	32,965,000	$ 0
Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	6,492,000	0	6,492,000	0
Gain (loss) on dedesignation of net investment hedges	88,000	0	(111,000)	0
Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						0	0
Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	10,350,000		10,350,000
Not Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						£ 53,820	€ 23,751
Not Designated as Hedging Instrument | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	0		0
Not Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on dedesignation of net investment hedges	100,000	0	(200,000)	0
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	(200,000)	4,000	(600,000)	18,000
Net Investment Hedging [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges	7,700,000	0	47,000,000	0
Net Investment Hedging [Member] | Designated as Hedging Instrument | Gain on remeasurement of consolidated investment entities, net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges			39,300,000
Net Investment Hedging [Member] | Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain or loss on net investment hedges			7,700,000
Cash Flow Hedging [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss for ineffectiveness on cash flow hedge	$ 100,000	$ 0	$ 100,000	$ 0

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 22,832	$ 26,479
Derivative Liabilities	1,479	6,718
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	22,152	25,820
Derivative Liabilities	1,463	6,718
Foreign exchange contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	22,014	25,820
Derivative Liabilities	1,460	6,718
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	138	0
Derivative Liabilities	3	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	680	659
Derivative Liabilities	16	0
Interest rate contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	13	402
Derivative Liabilities	16	0
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	667	257
Derivative Liabilities	0	0
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	22,832	26,479
Other assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	22,027	26,222
Other assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	805	257
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1,479	6,718
Accrued and other liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1,476	6,718
Accrued and other liabilities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 3	$ 0

Derivatives and Hedging - Sche

Derivatives and Hedging - Schedule of Net Investment Hedge (Details) - Sep. 30, 2015 € in Thousands, SFr in Thousands	NOK / $	NOK	GBP (£)	£ / $	EUR (€)	CHF (SFr)	SFr / $	€ / $
Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor				0.69				0.92
Exchange rate cap				0.55				0.65
Foreign exchange forwards | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate	8.33			0.66			0.67	0.71
Foreign exchange forwards | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate	8.33			0.66			0.68	0.91
Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			£ 68,000,000		€ 132,785
Designated as Hedging Instrument | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		NOK 923,000,000	14,712,000		101,978	SFr 54,447
Not Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			0		290
Not Designated as Hedging Instrument | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		NOK 0	£ 338,000		€ 1,022	SFr 1,098

Derivatives and Hedging - Sc84

Derivatives and Hedging - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)	Sep. 30, 2015EUR (€)
Interest rate swap | One-Month LIBOR
Derivative [Line Items]
Strike	4.28%	4.28%	4.28%
Interest rate caps | Three-Month Euribor
Derivative [Line Items]
Strike	1.50%	1.50%	1.50%
Interest rate caps | Three-Month LIBOR
Derivative [Line Items]
Strike	2.25%	2.25%	2.25%
Interest rate cap 1 | One-Month LIBOR
Derivative [Line Items]
Strike	3.00%	3.00%	3.00%
Interest rate cap 2 | One-Month LIBOR
Derivative [Line Items]
Strike	2.50%	2.50%	2.50%
Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Notional amount	$ 10,350
Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount		£ 0	€ 0
Designated as Hedging Instrument | Interest rate cap 1
Derivative [Line Items]
Notional amount	750,000
Designated as Hedging Instrument | Interest rate cap 2
Derivative [Line Items]
Notional amount	112,418
Not Designated as Hedging Instrument | Interest rate swap
Derivative [Line Items]
Notional amount	0
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount		£ 53,820	€ 23,751
Not Designated as Hedging Instrument | Interest rate cap 1
Derivative [Line Items]
Notional amount	382,750
Not Designated as Hedging Instrument | Interest rate cap 2
Derivative [Line Items]
Notional amount	$ 0

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ (1,479)	$ (6,718)
(Assets) Liabilities	1,463	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	22,832	26,479
(Assets) Liabilities	(1,463)	(6,718)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	21,369	19,761
Foreign exchange forwards
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(964)
(Assets) Liabilities	964
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	10,219	10,667
(Assets) Liabilities	(964)	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	9,255	10,667
Foreign exchange collars
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(499)	(6,718)
(Assets) Liabilities	499	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	11,933	15,153
(Assets) Liabilities	(499)	(6,718)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	11,434	8,435
Interest rate caps
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	680	480
(Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	680	480
Interest rate swap
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(16)
(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
(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 ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration	$ 53,700,000			$ 53,700,000
Change in fair value of contingent consideration				15,760,000	$ 0
Impairment of real estate assets	317,000		$ 0	767,000	$ 0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration	53,700,000			$ 53,700,000
Change in fair value of contingent consideration		$ 16,900,000
Benchmark FFO volatility				25.30%
Equity volatility				28.00%
Risk-free interest rate				0.85%
Correlation				80.00%
Nonrecurring fair value of assets	70,100,000			$ 70,100,000		$ 0
Level 3 | Other gain (loss), net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate assets	$ 300,000			$ 800,000

Fair Value Measurements - Esti

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 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	600,682	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	357,500	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	821,152	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	1,293,236	1,963,965
Loans held for investment	4,142,609	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	2,024,962	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	43,429
Fair Value Measurement [Domain] | Level 3 | Convertible Debt
Liabilities
Secured financing	0	0
Fair Value
Assets
Investments in unconsolidated joint ventures	1,293,236	1,963,965
Loans held for investment	4,142,609	2,163,500
Fair Value | Line of Credit
Liabilities
Line of credit	357,500	164,000
Fair Value | Secured and Unsecured Debt
Liabilities
Secured financing	2,024,962	1,442,397
Fair Value | CMBS debt
Liabilities
Secured financing	821,152	536,927
Fair Value | Loans Payable
Liabilities
Secured financing	43,429
Fair Value | Convertible Debt
Liabilities
Secured financing	600,682	617,763
Carrying Value
Assets
Investments in unconsolidated joint ventures	923,712	1,646,977
Loans held for investment	4,048,649	2,131,134
Carrying Value | Line of Credit
Liabilities
Line of credit	357,500	164,000
Carrying Value | Secured and Unsecured Debt
Liabilities
Line of credit	2,024,985
Secured financing		1,442,397
Carrying Value | CMBS debt
Liabilities
Secured financing	824,374	537,268
Carrying Value | Loans Payable
Liabilities
Secured financing	43,429
Carrying Value | Convertible Debt
Liabilities
Secured financing	$ 604,274	$ 604,498

Stockholders' Equity (Details)

Stockholders' Equity (Details)	Apr. 02, 2015USD ($)	May. 30, 2015USD ($)	Apr. 30, 2015USD ($)shares	Sep. 30, 2015voteDirectors$ / 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				six or more quarterly periods
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 - Preferr

Stockholders' Equity - Preferred Stock Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Apr. 30, 2015	Sep. 30, 2015	Sep. 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 - Compone

Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 2,935,793	$ 1,954,227
Other comprehensive income (loss)	$ 18,923	$ (18,150)	41,989	(20,119)
Ending balance	5,376,652	2,722,223	5,376,652	2,722,223
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(28,491)	2,593
Other comprehensive income (loss) before reclassifications			(12,214)	(15,962)
Amounts reclassified from accumulated other comprehensive income			28,060	(1,449)
Other comprehensive income (loss)				(17,411)
Ending balance	(12,645)	(14,818)	(12,645)	(14,818)
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			451	3,621
Other comprehensive income (loss) before reclassifications			(612)	937
Amounts reclassified from accumulated other comprehensive income			161	(3,865)
Other comprehensive income (loss)				(2,928)
Ending balance	0	693	0	693
Unrealized Gain/(Loss) on Beneficial Interests in Debt Securities Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance				325
Other comprehensive income (loss) before reclassifications				(2,488)
Amounts reclassified from accumulated other comprehensive income				2,163
Other comprehensive income (loss)				(325)
Ending balance		0		0
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(101)	(19)
Other comprehensive income (loss) before reclassifications			(221)	(7)
Amounts reclassified from accumulated other comprehensive income			51	0
Other comprehensive income (loss)				(7)
Ending balance	(271)	(26)	(271)	(26)
Foreign Currency Translation Gain/(Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(52,643)	1,849
Other comprehensive income (loss) before reclassifications			(41,382)	(32,165)
Amounts reclassified from accumulated other comprehensive income			67,194	0
Other comprehensive income (loss)				(32,165)
Ending balance	(26,831)	(30,316)	(26,831)	(30,316)
Gain/(Loss) on Net Investment Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			23,802	(3,183)
Other comprehensive income (loss) before reclassifications			30,001	17,761
Amounts reclassified from accumulated other comprehensive income			(39,346)	253
Other comprehensive income (loss)				18,014
Ending balance	14,457	$ 14,831	14,457	$ 14,831
AOCI Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(3,669)
Other comprehensive income (loss) before reclassifications			14,447
Amounts reclassified from accumulated other comprehensive income			5,220
Ending balance	15,998		15,998
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Noncontrolling Interest In Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			0
Other comprehensive income (loss) before reclassifications			0
Amounts reclassified from accumulated other comprehensive income			0
Ending balance	0		0
Gain/(Loss) on Cash Flow Hedges Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(52)
Other comprehensive income (loss) before reclassifications			(144)
Amounts reclassified from accumulated other comprehensive income			37
Ending balance	(159)		(159)
Foreign Currency Translation Gain/(Loss) Attributable to Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(3,616)
Other comprehensive income (loss) before reclassifications			14,591
Amounts reclassified from accumulated other comprehensive income			5,183
Ending balance	16,158		16,158
Gain/(Loss) on Net Investment Hedges Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(1)
Other comprehensive income (loss) before reclassifications			0
Amounts reclassified from accumulated other comprehensive income			0
Ending balance	(1)		(1)
AOCI Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications			1,068
Amounts reclassified from accumulated other comprehensive income			5,408
Ending balance	6,476		6,476
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Noncontrolling Interest In Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications			0
Amounts reclassified from accumulated other comprehensive income			0
Ending balance	0		0
Gain/(Loss) on Cash Flow Hedges Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications			(10)
Amounts reclassified from accumulated other comprehensive income			10
Ending balance	0		0
Foreign Currency Translation Gain/(Loss) Attributable to Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications			1,185
Amounts reclassified from accumulated other comprehensive income			12,880
Ending balance	14,065		14,065
Gain/(Loss) on Net Investment Hedges Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Other comprehensive income (loss) before reclassifications			(107)
Amounts reclassified from accumulated other comprehensive income			(7,482)
Ending balance	(7,589)		(7,589)
AOCI Attributable to Parent and Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(32,160)
Other comprehensive income (loss)			41,989
Ending balance	9,829		9,829
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			451
Other comprehensive income (loss)			(451)
Ending balance	0		0
Gain/(Loss) on Cash Flow Hedges Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(153)
Other comprehensive income (loss)			(277)
Ending balance	(430)		(430)
Foreign Currency Translation Gain/(Loss) Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(56,259)
Other comprehensive income (loss)			59,651
Ending balance	3,392		3,392
Gain/(Loss) on Net Investment Hedges Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			23,801
Other comprehensive income (loss)			(16,934)
Ending balance	$ 6,867		$ 6,867

Stockholders' Equity - Reclass

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity in income of unconsolidated joint ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in realized (loss) 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	0	0	(2,163)
Release of cumulative translation adjustments	(21,787)	(254)	(21,787)	(253)
Realized gain or loss on net investment hedges	6,492	0	6,492	0
Unrealized gain (loss) on dedesignated net investment hedges	88	0	(111)	0
Unrealized (loss) on ineffective cash flow hedge	(51)	0	(51)	0
Gain on remeasurement of consolidated investment entities, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of cumulative translation adjustments	0	0	(45,407)	0
Realized gain or loss on net investment hedges	$ 0	$ 0	$ 32,965	$ 0

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Outstanding balance on the debt	$ 2,892,788	$ 1,979,665
Unsecured Debt | Unsecured note, mature 2017
Noncontrolling Interest [Line Items]
Outstanding balance on the debt	$ 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

Earnings per Share - Reconcil

Earnings per Share - Reconciles Numerator and Denominator of Basic and Diluted per-Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income	$ 78,761	$ 47,947	$ 198,060	$ 128,799
Net income attributable to noncontrolling interests:
Investment entities	(22,264)	(8,993)	(62,580)	(30,466)
Operating Company	(7,200)	0	(16,338)	0
Net income attributable to Colony Capital, Inc.	49,297	38,954	119,142	98,333
Preferred dividends	(12,094)	(6,972)	(30,476)	(17,898)
Net income attributable to common stockholders	37,203	31,982	88,666	80,435
Net income allocated to participating securities (nonvested shares)	(310)	(248)	(918)	(735)
Net income allocated to common stockholders—basic	36,893	31,734	87,748	79,700
Interest expense attributable to convertible senior notes	6,819	4,172	12,541	8,554
Net income allocated to common stockholders—diluted	$ 43,712	$ 35,906	$ 100,289	$ 88,254
Denominator:
Basic weighted average number of common shares outstanding (in shares)	111,443,000	104,810,000	110,758,000	92,566,000
Weighted average effect of dilutive shares (in shares)	24,695,000	16,219,000	16,218,000	10,997,000
Diluted weighted average number of common shares outstanding (in shares)	136,138,000	121,029,000	126,976,000	103,563,000
Earnings per share:
Basic (in dollars per share)	$ 0.33	$ 0.30	$ 0.79	$ 0.86
Diluted (in dollars per share)	$ 0.32	$ 0.30	$ 0.79	$ 0.85
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS		$ 2,600	$ 7,900	$ 7,900
Weighted average dilutive common share		8,476,400	8,476,400	8,476,400
Assumed Repayment of Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS			$ 280
Weighted average dilutive common share			251,000
Assumed Repayment of Unsecured Debt | Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Assumed repayment of debt			$ 10,000
Operating Partnership Unit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Operating Partnership unit outstanding	21,749,000		21,749,000

Related Party Transactions - S

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due from affiliates	$ 17,907	$ 0
Total amounts due to the manager or its affiliates	53,740	12,236
Management fee receivable
Related Party Transaction [Line Items]
Due from affiliates	10,776	0
Due from funds and unconsolidated joint ventures
Related Party Transaction [Line Items]
Due from affiliates	3,852	0
Other
Related Party Transaction [Line Items]
Due from affiliates	3,279	0
Contingent consideration
Related Party Transaction [Line Items]
Total amounts due to the manager or its affiliates	53,740	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) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Direct and allocated investment-related expenses	$ 6,804	$ 1,500	$ 15,383	$ 4,129
Direct and allocated administrative expenses	11,154	2,186	26,731	6,367
Manager and its affiliates
Related Party Transaction [Line Items]
Base management fee expense		8,907	9,165	23,112
Incentive fees		0	0	464
Compensation pursuant to secondment agreement		325	450	989
Amounts incurred and payable to manager or affiliates		10,887	11,903	28,979
Affiliated Entity
Related Party Transaction [Line Items]
Direct and allocated investment-related expenses	0	765	366	2,114
Direct and allocated administrative expenses	$ 0	$ 890	$ 1,922	$ 2,300

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Base management fee per annum of stockholders' equity			1.50%
Fee income	$ 23,070	$ 0	$ 45,068	$ 0
Base management fee expense
Related Party Transaction [Line Items]
Fee income	22,500		44,100
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Other income	2,100		4,000
Colony-sponsored funds
Related Party Transaction [Line Items]
Due from funds	$ 1,500		$ 1,500
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	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
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		$ 65,400	$ 0	$ 12,400,000	$ 6,900,000
Aggregate unrecognized compensation cost related to restricted stock granted		$ 13,800,000		$ 13,800,000
Weighted average period of expected cost				23 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
Common Class A | Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares of common stock authorized	2,500,000

Share-Based Compensation - Com

Share-Based Compensation - Components of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 2,511	$ 1,921	$ 11,246	$ 8,092
Manager and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	2,414	1,810	10,719	7,791
Non-Executive Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 97	$ 111	$ 527	$ 301

Share-Based Compensation - Non

Share-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of Shares [Roll Forward]
Nonvested shares at beginning period	689,438
Granted	641,307
Vested	(508,479)
Forfeited	(6,905)
Nonvested shares at period end	815,361
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share) | $ / shares	$ 19.54
Granted (USD per share) | $ / shares	24.42
Vested (USD per share) | $ / shares	20.71
Forfeited (USD per share) | $ / shares	26.06
Nonvested shares at period end (USD per share) | $ / shares	$ 22.59
Non-Executive Directors
Number of Shares [Roll Forward]
Nonvested shares at beginning period	15,234
Granted	23,226
Vested	(23,532)
Forfeited	0
Nonvested shares at period end	14,928
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share) | $ / shares	$ 25.24
Manager and Employees
Number of Shares [Roll Forward]
Nonvested shares at beginning period	674,204
Granted	618,081
Vested	(484,947)
Forfeited	(6,905)
Nonvested shares at period end	800,433
Weighted Average Grant Date Fair Value [Roll Forward]
Granted (USD per share) | $ / shares	$ 24.39

Income Taxes - Income Tax Prov

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Current
Federal	$ (218)	$ 400	$ 354	$ 1,053
State	(41)	(846)	370	(649)
Foreign	704	0	1,187	0
Total current tax expense (benefit)	445	(446)	1,911	404
Deferred
Federal	(3,214)	(1,668)	(3,699)	(2,140)
State	(712)	(350)	(694)	(482)
Foreign	(117)	0	(117)	0
Total deferred tax (benefit)	(4,043)	(2,018)	(4,510)	(2,622)
Total income tax (benefit)	$ (3,598)	$ (2,464)	$ (2,599)	$ (2,218)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Apr. 02, 2015	Sep. 30, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Deferred tax liabilities, net		$ 62.8
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		$ 30
Deferred tax assets, net			$ 6.5

Commitments and Contingencie102

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Other Commitments [Line Items]
Rent expense with lease of office space		$ 1,500	$ 2,800
Fair value of contingent consideration	$ 53,700	53,700	53,700
New Real Estate Equity Investments
Other Commitments [Line Items]
Sale leaseback transaction deposit	1,800
Sale leaseback transaction, unfunded purchase commitment	32,900	32,900	32,900
Additional Funding to Unconsolidated Joint Ventures
Other Commitments [Line Items]
Other Commitment	221,100	221,100	221,100
ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment	231,600	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	144,400
General Partner | Light Industrial Platform | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment	10,300	10,300	10,300
Limited Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other Commitment	87,200	87,200	87,200
Ground Leases
Other Commitments [Line Items]
Ground lease rent expense		61	236
Consolidated Real Estate Debt Investments | Investment Commitments
Other Commitments [Line Items]
Other Commitment	135,500	135,500	135,500
Consolidated Real Estate Debt Investments | Parent | Investment Commitments
Other Commitments [Line Items]
Other Commitment	108,100	108,100	108,100
Consolidated Real Estate Equity Investments | Corporate Joint Venture | Investment Commitments
Other Commitments [Line Items]
Other Commitment	$ 35,000	$ 35,000	$ 35,000

Commitments and Contingencies -

Commitments and Contingencies - Future Rental Commitment (Details) $ in Thousands	Sep. 30, 2015USD ($)
Operating Leased Assets [Line Items]
Remaining 2,015	$ 48,039
2,016	186,341
2,017	166,155
2,018	142,867
2,019	120,147
2020 and after	730,776
Total	1,394,325
Ground Leases
Operating Leased Assets [Line Items]
Remaining 2,015	63
2,016	255
2,017	255
2,018	255
2,019	255
2020 and after	12,360
Total	13,443
Office Leases
Operating Leased Assets [Line Items]
Remaining 2,015	1,042
2,016	4,690
2,017	4,247
2,018	3,219
2,019	1,983
2020 and after	8,908
Total	$ 24,089

Segment Information - Summary

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income:
Interest income	$ 142,269	$ 62,849	$ 289,676	$ 149,914
Property operating income	86,435	4,323	213,458	10,819
Equity in income of unconsolidated joint ventures	6,879	9,263	44,184	53,016
Fee income	23,070	0	45,068	0
Other income	4,325	847	8,108	1,303
Total income	262,978	77,282	600,494	215,052
Expenses:
Management fees	0	10,717	15,062	31,367
Transaction, investment and servicing costs	7,058	3,359	33,535	11,571
Interest expense	38,027	12,431	95,544	32,080
Property operating expenses	35,615	1,052	85,531	2,743
Depreciation and amortization	42,656	1,592	101,609	4,097
Provision for loan losses	26,495	0	30,937	0
Impairment of real estate assets	317	0	767	0
Compensation expense	25,734	499	54,993	1,484
Administrative expenses	11,154	2,186	26,731	6,367
Total expenses	187,056	31,836	444,709	89,709
Gain on sale of real estate assets, net	5,732	0	6,472	0
Gain on remeasurement of consolidated investment entities, net	0	0	41,486	0
Other (loss) gain, net	(6,491)	37	(8,282)	1,238
Income tax benefit (expense)	3,598	2,464	2,599	2,218
Net income	78,761	47,947	198,060	128,799
Investment entities	22,264	8,993	62,580	30,466
Operating Company	7,200	0	16,338	0
Net income attributable to Colony Capital, Inc.	49,297	38,954	119,142	98,333
Investment Management
Income:
Total income	22,700		44,500
Expenses:
Net income attributable to Colony Capital, Inc.	7,300		13,300
Operating Segments | Light Industrial Platform
Income:
Interest income	0		7
Property operating income	41,706		117,057
Equity in income of unconsolidated joint ventures	0		0
Fee income	0		0
Other income	313		313
Total income	42,019		117,377
Expenses:
Management fees			0
Transaction, investment and servicing costs	274		3,712
Interest expense	11,917		27,756
Property operating expenses	14,442		40,818
Depreciation and amortization	21,233		61,220
Provision for loan losses	0		0
Impairment of real estate assets	0		450
Compensation expense	1,334		2,286
Administrative expenses	525		1,122
Total expenses	49,725		137,364
Gain on sale of real estate assets, net	661		669
Gain on remeasurement of consolidated investment entities, net			0
Other (loss) gain, net	(113)		(180)
Income tax benefit (expense)	22		440
Net income	(7,136)		(19,058)
Investment entities	(2,353)		(6,783)
Operating Company	(776)		(1,409)
Net income attributable to Colony Capital, Inc.	(4,007)		(10,866)
Operating Segments | Single-Family Residential Rentals
Income:
Interest income	0	0	0	0
Property operating income	0	0	0	0
Equity in income of unconsolidated joint ventures	(4,140)	(4,582)	(9,701)	(11,417)
Fee income	0		0
Other income	0	0	0	0
Total income	(4,140)	(4,582)	(9,701)	(11,417)
Expenses:
Management fees		0	0	0
Transaction, investment and servicing costs	0	0	0	0
Interest expense	0	0	0	0
Property 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		0
Compensation expense	0	0	0	0
Administrative expenses	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
Other (loss) gain, net	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Net income	(4,140)	(4,582)	(9,701)	(11,417)
Investment entities	0	0	0	0
Operating Company	(671)		(935)
Net income attributable to Colony Capital, Inc.	(3,469)	(4,582)	(8,766)	(11,417)
Operating Segments | Other
Income:
Interest income	0	0	8	0
Property operating income	43,585	4,323	93,791	10,819
Equity in income of unconsolidated joint ventures	2,433	(3,834)	13,483	6,327
Fee income	0		0
Other income	0	0	0	0
Total income	46,018	489	107,282	17,146
Expenses:
Management fees		0	0	0
Transaction, investment and servicing costs	63	141	1,735	212
Interest expense	5,920	1,098	11,936	3,257
Property operating expenses	19,516	1,052	41,186	2,743
Depreciation and amortization	14,728	1,592	26,843	4,097
Provision for loan losses	0		0
Impairment of real estate assets	0		0
Compensation expense	753	0	1,225	0
Administrative expenses	245	0	1,537	0
Total expenses	41,225	3,883	84,462	10,309
Gain on sale of real estate assets, net	4,931		4,931
Gain on remeasurement of consolidated investment entities, net			10,223
Other (loss) gain, net	(88)	0	(882)	0
Income tax benefit (expense)	(212)	1,897	(3,264)	2,622
Net income	9,424	(1,497)	33,828	9,459
Investment entities	3,923	580	8,283	1,789
Operating Company	893		3,114
Net income attributable to Colony Capital, Inc.	4,608	(2,077)	22,431	7,670
Operating Segments | Real Estate Debt
Income:
Interest income	142,158	62,730	289,550	149,734
Property operating income	1,144	0	2,610	0
Equity in income of unconsolidated joint ventures	9,121	17,679	40,937	58,106
Fee income	0		219
Other income	2,006	258	4,325	714
Total income	154,429	80,667	337,641	208,554
Expenses:
Management fees		0	0	0
Transaction, investment and servicing costs	6,508	1,781	12,552	8,236
Interest expense	7,784	3,317	22,066	8,444
Property operating expenses	1,657	0	3,527	0
Depreciation and amortization	31	0	190	0
Provision for loan losses	26,495		30,937
Impairment of real estate assets	317		317
Compensation expense	3,361	0	6,986	0
Administrative expenses	1,076	197	3,601	577
Total expenses	47,229	5,295	80,176	17,257
Gain on sale of real estate assets, net	140		864
Gain on remeasurement of consolidated investment entities, net			31,263
Other (loss) gain, net	(23,170)	37	(23,174)	165
Income tax benefit (expense)	733	497	(1,262)	(367)
Net income	84,903	75,906	265,156	191,095
Investment entities	20,694	8,413	61,080	28,677
Operating Company	10,411		23,966
Net income attributable to Colony Capital, Inc.	53,798	67,493	180,110	162,418
Operating Segments | Investment Management
Income:
Interest income	0		0
Property operating income	0		0
Equity in income of unconsolidated joint ventures	(389)		(389)
Fee income	23,070		44,849
Other income	0		0
Total income	22,681		44,460
Expenses:
Management fees			0
Transaction, investment and servicing costs	0		0
Interest expense	0		0
Property operating expenses	0		0
Depreciation and amortization	5,620		11,234
Provision for loan losses	0		0
Impairment of real estate assets	0		0
Compensation expense	10,756		22,266
Administrative expenses	706		1,759
Total expenses	17,082		35,259
Gain on sale of real estate assets, net	0		0
Gain on remeasurement of consolidated investment entities, net			0
Other (loss) gain, net	(23)		(23)
Income tax benefit (expense)	3,082		6,732
Net income	8,658		15,910
Investment entities	0		0
Operating Company	1,404		2,566
Net income attributable to Colony Capital, Inc.	7,254		13,344
Amounts not allocated to segments
Income:
Interest income	111	119	111	180
Property operating income	0	0	0	0
Equity in income of unconsolidated joint ventures	(146)	0	(146)	0
Fee income	0		0
Other income	2,006	589	3,470	589
Total income	1,971	708	3,435	769
Expenses:
Management fees		10,717	15,062	31,367
Transaction, investment and servicing costs	213	1,437	15,536	3,123
Interest expense	12,406	8,016	33,786	20,379
Property operating expenses	0	0	0	0
Depreciation and amortization	1,044	0	2,122	0
Provision for loan losses	0		0
Impairment of real estate assets	0		0
Compensation expense	9,530	499	22,230	1,484
Administrative expenses	8,602	1,989	18,712	5,790
Total expenses	31,795	22,658	107,448	62,143
Gain on sale of real estate assets, net	0		8
Gain on remeasurement of consolidated investment entities, net			0
Other (loss) gain, net	16,903	0	15,977	1,073
Income tax benefit (expense)	(27)	70	(47)	(37)
Net income	(12,948)	(21,880)	(88,075)	(60,338)
Investment entities	0	0	0	0
Operating Company	(4,061)		(10,964)
Net income attributable to Colony Capital, Inc.	$ (8,887)	$ (21,880)	$ (77,111)	$ (60,338)

Segment Information - Assets o

Segment Information - Assets of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets:
Total consolidated assets	$ 9,704,610	$ 5,871,848
Cash	307,963	141,936	$ 297,783	$ 43,167
Operating Segments
Assets:
Cash		63,400
Operating Segments | Light Industrial Platform
Assets:
Total consolidated assets	1,867,389	1,693,282
Operating Segments | Single-family residential rentals
Assets:
Total consolidated assets	405,524	494,613
Operating Segments | Other Real Estate Equity Investments
Assets:
Total consolidated assets	1,722,971	558,630
Operating Segments | Real estate debt investments
Assets:
Total consolidated assets	4,650,484	3,022,355
Operating Segments | Investment Management
Assets:
Total consolidated assets	830,039	0
Amounts not allocated to segments
Assets:
Total consolidated assets	$ 228,203	$ 102,968