Colony Capital 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		113,206,171
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		527,131

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash	$ 171,300	$ 185,854
Loans receivable, net
Held for investment	4,067,544	4,048,477
Held for sale	0	75,002
Real estate assets, net
Held for investment	3,256,474	3,132,218
Held for sale	153,416	297,887
Investments in unconsolidated joint ventures	914,715	924,465
Goodwill	680,127	678,267
Deferred leasing costs and intangible assets, net (including $5,036 and $9,872 held for sale intangible assets, net)	328,120	325,513
Due from affiliates	7,020	11,713
Other assets (including $3,709 and $3,704 held for sale)	350,440	359,914
Total assets	9,929,156	10,039,310
Liabilities:
Accrued and other liabilities (including $7,953 and $9,101 related to real estate held for sale)	316,288	325,589
Due to Affiliate	46,190	52,990
Dividends and distributions payable	66,037	65,688
Debt, net (including $32,098 and $8,769 related to real estate held for sale)	3,595,723	3,587,724
Convertible senior notes, net	591,508	591,079
Total liabilities	$ 4,615,746	$ 4,623,070
Commitments and contingencies (Note 20)
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $625,750 liquidation preference; 50,000 shares authorized; 25,030 shares issued and outstanding	$ 250	$ 250
Additional paid-in capital	2,998,378	2,995,243
Distributions in excess of earnings	(158,387)	(131,278)
Accumulated other comprehensive loss	(16,579)	(18,422)
Total stockholders’ equity	2,824,793	2,846,916
Noncontrolling interests in investment entities	2,065,728	2,138,925
Noncontrolling interests in Operating Company	422,889	430,399
Total equity	5,313,410	5,416,240
Total liabilities and equity	9,929,156	10,039,310
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share	1,126	1,118
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share	5	5
Contingent consideration
Liabilities:
Due to Affiliate	43,211	52,990
Due to funds
Liabilities:
Due to Affiliate	$ 2,979	$ 0

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS BALANCE SHEETS OF CONSOLIDATED VIES - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash	$ 171,300	$ 185,854
Loans receivable, net	4,067,544	4,048,477
Real estate assets	3,256,474	3,132,218
Other assets	350,440	359,914
Total assets	9,929,156	10,039,310
Liabilities:
Outstanding balance of debt	3,595,723	3,587,724
Accrued and other liabilities	316,288	325,589
Total liabilities	4,615,746	4,623,070
Variable Interest Entity, Primary Beneficiary | Securitization Vehicles
ASSETS
Cash	881	2,453
Loans receivable, net	1,171,833	1,193,859
Real estate assets	8,953	9,016
Other assets	72,653	94,796
Total assets	1,254,320	1,300,124
Liabilities:
Outstanding balance of debt		806,728
Accrued and other liabilities	68,927	80,619
Total liabilities	$ 844,571	$ 887,347

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred leasing costs and intangible assets, net	$ 328,120	$ 325,513
Accrued and other liabilities	316,288	325,589
Other assets	350,440	359,914
Outstanding balance of debt	$ 3,595,723	$ 3,587,724
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Liquidation Preference (in thousands)	$ 625,750	$ 625,750
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	25,030,000	25,030,000
Preferred stock, shares outstanding (in shares)	25,030,000	25,030,000
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 (in shares)	112,550,000	111,694,000
Common stock, shares outstanding (in shares)	112,550,000	111,694,000
Common Class B
Common stock, par value (in dollars per shares)	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued (in shares)	546,000	546,000
Common stock, shares outstanding (in shares)	546,000	546,000
Held-for-Sale
Deferred leasing costs and intangible assets, net	$ 5,036	$ 9,872
Accrued and other liabilities	7,953	9,101
Other assets	3,709	3,704
Outstanding balance of debt	$ 32,098	$ 8,769

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income
Interest income	$ 89,361	$ 46,137
Property operating income	91,617	43,793
Equity in income of unconsolidated joint ventures	2,429	26,349
Fee income from affiliates	16,609	0
Other income (including $1,255 and $63 from affiliates, respectively)	3,202	333
Total income	203,218	116,612
Expenses
Management fees (including $0 and $5,897 of share-based payments, respectively)	0	14,961
Investment and servicing expenses (including $0 and $366 reimbursed to affiliates, respectively)	6,931	2,253
Transaction costs	4,490	14,190
Interest expense	41,871	26,593
Property operating expenses	30,786	14,011
Depreciation and amortization	46,142	22,308
Provision for loan losses	4,630	364
Impairment loss	2,079	450
Compensation expense (including $0 and $450 reimbursed to affiliates, respectively)	26,867	615
Administrative expenses (including $0 and $1,922 reimbursed to affiliates, respectively)	12,771	4,166
Total expenses	176,567	99,911
Gain on sale of real estate assets, net	51,119	0
Other gain, net	14,045	164
Income before income taxes	91,815	16,865
Income tax expense	(784)	(650)
Net income	91,031	16,215
Net income attributable to noncontrolling interests:
Investment entities	57,595	5,686
Operating Company	3,421	0
Net income attributable to Colony Capital, Inc.	30,015	10,529
Preferred dividends	11,880	6,972
Net income attributable to common stockholders	$ 18,135	$ 3,557
Net income per common share:
Basic (in dollars per share)	$ 0.16	$ 0.03
Diluted (in dollars per share)	$ 0.16	$ 0.03
Weighted average number of common shares outstanding:
Basic (in shares)	111,660	109,415
Diluted (in shares)	111,660	109,415

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fee income	$ 16,609	$ 0
Other income	3,202	333
Share-based compensation expenses	3,419	5,986
Investment and servicing expenses	6,931	2,253
Compensation expense	26,867	615
Administrative expenses	12,771	4,166
Affiliated Entity
Fee income	16,600
Other income	1,255	63
Investment and servicing expenses	0	366
Compensation expense	0	450
Administrative expenses	0	1,922
Management fees
Share-based compensation expenses	$ 0	$ 5,897

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 91,031	$ 16,215
Other comprehensive income (loss), net of tax:
Equity in other comprehensive income (loss) of unconsolidated joint ventures, net	11	(451)
Net change in fair value of cash flow hedges	(44)	(270)
Foreign currency translation adjustments:
Foreign currency translation adjustment gain (loss)	29,568	(51,331)
Change in fair value of net investment hedges	(17,716)	30,583
Net foreign currency translation adjustments	11,852	(20,748)
Other comprehensive income (loss)	11,819	(21,469)
Comprehensive income (loss)	102,850	(5,254)
Comprehensive income attributable to noncontrolling interests:
Comprehensive income (loss) attributable to stockholders	31,858	(7,350)
Noncontrolling Interests in Investment Entities
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests:	67,217	2,096
Noncontrolling Interests in Operating Company
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to noncontrolling interests:	$ 3,775	$ 0

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ 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
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	16,215	10,529				10,529
Investment entities	5,686
Operating Company	0
Other comprehensive (loss) income	(21,469)	(17,879)					(17,879)	(3,590)
Share-based compensation	5,986	5,986		7	5,979
Contributions from noncontrolling interests	7,574							7,574
Distributions to noncontrolling interests	(8,160)							(8,160)
Preferred stock dividends	(6,972)	(6,972)				(6,972)
Common stock dividends declared	(40,798)	(40,798)				(40,798)
Ending balance at Mar. 31, 2015	2,888,169	2,368,346	135	1,103	2,518,722	(105,244)	(46,370)	519,823	0
Beginning balance at Dec. 31, 2015	5,416,240	2,846,916	250	1,123	2,995,243	(131,278)	(18,422)	2,138,925	430,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	91,031	30,015				30,015
Investment entities	57,595
Operating Company	3,421
Other comprehensive (loss) income	11,819	1,843					1,843	9,622	354
Repurchase of preferred stock	(19,998)	(19,998)	(10)		(19,988)
Reissuance of preferred stock to an equity method investee	19,998	19,998	10		19,988
Share-based compensation	3,419	3,419		10	3,409
Shares canceled for tax withholding on vested stock awards	(2,862)	(2,862)		(2)	(2,860)
Contributions from noncontrolling interests	44,363							44,363
Distributions to noncontrolling interests	(193,476)							(184,777)	(8,699)
Preferred stock dividends	(11,880)	(11,880)				(11,880)
Common stock dividends declared	(45,244)	(45,244)				(45,244)
Reallocation of equity of Operating Company (Note 15)		2,586			2,586				(2,586)
Ending balance at Mar. 31, 2016	$ 5,313,410	$ 2,824,793	$ 250	$ 1,131	$ 2,998,378	$ (158,387)	$ (16,579)	$ 2,065,728	$ 422,889

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 25, 2016	Mar. 31, 2016	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.40	$ 0.40	$ 0.37

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net income	$ 91,031	$ 16,215
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(2,155)	(5,073)
Paid-in-kind interest added to loan principal	(9,435)	(1,547)
Straight-line rents	(3,645)	(2,978)
Amortization of above and below market lease values, net	967	1,023
Amortization of deferred financing costs	5,959	4,416
Equity in income of unconsolidated joint ventures	(2,429)	(26,349)
Distributions of income from unconsolidated joint ventures	6,736	24,393
Provision for loan losses	4,630	364
Impairment of real estate and intangible assets	2,079	450
Depreciation and amortization	46,142	22,308
Share-based compensation	3,419	5,986
Change in fair value of contingent consideration	(9,779)	0
Gain on sales of real estate assets, net	(51,119)	0
Changes in operating assets and liabilities:
Decrease in due from affiliates	2,430	0
Decrease (increase) in other assets	1,409	(4,409)
(Decrease) increase in accrued and other liabilities	(6,988)	25,935
Increase (decrease) in due to affiliates	2,979	(1,808)
Other adjustments, net	(4,554)	(1,005)
Net cash provided by operating activities	77,677	57,921
Cash Flows from Investing Activities
Contributions to unconsolidated joint ventures	(14,278)	(207,297)
Distributions from unconsolidated joint ventures	20,242	71,632
Net disbursements on originated loans	(73,056)	(121,463)
Repayments of loans receivable	57,383	26,842
Proceeds from sales of loans receivable	75,000	0
Cash receipts in excess of accretion on purchased credit impaired loans	20,738	62,823
Disbursements on acquisition of real estate assets, related intangibles and leasing commissions	(119,934)	(225,655)
Proceeds from sales of real estate assets	168,715	0
Other investing activities, net	(1,421)	1,793
Net cash provided by (used in) investing activities	133,389	(391,325)
Cash Flows from Financing Activities
Dividends paid to preferred stockholders	(12,093)	(6,972)
Dividends paid to common stockholders	(44,896)	(40,565)
Line of credit borrowings	152,000	297,400
Line of credit repayments	(163,400)	(63,000)
Proceeds from secured financing	227,372	165,521
Secured financing repayments	(226,945)	(91,778)
Payment of deferred financing costs	(10,298)	(2,848)
Contributions from noncontrolling interests	44,363	7,574
Distributions to noncontrolling interests	(193,476)	(8,160)
Repurchase of preferred stock	(19,998)	0
Reissuance of preferred stock to an equity method investee	19,998	0
Other financing activities, net	0	(1,539)
Net cash (used in) provided by financing activities	(227,373)	255,633
Effect of exchange rates on cash	1,753	131
Net decrease in cash	(14,554)	(77,640)
Cash, beginning of period	185,854	141,936
Cash, end of period	171,300	64,296
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	31,914	20,506
Cash paid for income taxes	944	428
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends and distributions payable	66,037	47,770
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	$ 0	$ 407

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Colony Capital, Inc. (formerly, Colony Financial, Inc.) (the “Company”) is a leading global real estate and investment management firm that targets attractive risk-adjusted returns for its investors by investing primarily in real estate and real estate-related assets. The Company manages capital on behalf of both its shareholders and limited partners in private investment funds under its management where the Company may earn management fees and carried interests. The Company's portfolio is composed primarily of: (i) real estate equity; (ii) real estate and real estate-related debt; and (iii) investment management of Company-sponsored private equity funds and vehicles. The Company was organized on June 23, 2009 as a Maryland corporation and 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. As a result of the Combination, the Company is able to sponsor new investment vehicles as general partner under the Colony name. 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	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies of the Company are described below. 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, 2016 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, 2015 , as amended. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, including consolidated variable interest entities. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company ("Co-Investment Funds") and membership interests in OP held by affiliates and senior executives. The Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or otherwise, if the Company controls an entity through a majority of voting interest. Variable Interest —A variable interest in an entity is an economic arrangement that absorbs economic risks and rewards of the entity. 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. 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. 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. Voting Interest —Unlike VIEs, voting interest entities have sufficient equity and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has a controlling financial interest through ownership of a majority of the entities' voting equity interests. 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 if there is a change in the Company's ability to control through a majority voting interest. Changes in consolidation status are applied prospectively. An entity 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. Foreign Currency Assets and liabilities of non-U.S. dollar functional currency investments and subsidiaries are translated 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. Gains and losses related to translation of these non-U.S dollar functional currency items are included in other comprehensive income or loss within stockholders’ equity. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or upon partial sale of an equity method investment, the translation adjustment associated with the investment, or the proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Gains and losses resulting from nonfunctional currency transactions are recognized in the income statement in other gain (loss), net. Disclosures of non-US dollar amounts to be recorded in the future are translated using exchange rates in effect at balance sheet date. 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 the 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 a 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 the acquisition. Real estate acquisitions, which are considered as either business combinations or asset 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. Reclassification Certain immaterial prior period amounts on the condensed consolidated statement of operations have been reclassified to conform to current period presentation. 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 amends existing revenue recognition standards, by establishing 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. The new revenue standard 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 No. 2014-09 was originally effective for fiscal years beginning after December 15, 2016 and interim periods therein. 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. In March 2016, the FASB issued amendments to clarify the principal versus agent assessment in the new revenue guidance, which affects whether revenue is recorded on a gross or net basis. The amendments have the same effective date and transition requirements as the new standard. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements. Financial Instruments —In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which affects accounting for investments in equity securities and financial liabilities under fair value option as well as presentation and disclosures, but does not affect accounting for investments in debt securities and loans . Key provisions include elimination of available for sale classification and cost method accounting, requiring investments in equity securities to be measured at fair value through earnings, unless an election is made to measure equity securities without readily determinable fair values at cost less impairment. ASU No. 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is limited to specific provisions. ASU 2016-01 is to be applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for amendments related to equity investments without readily determinable fair values and disclosure requirements, which are to be applied prospectively. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements. Leases —In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet through a right-of-use asset and a lease liability, as well as making targeted changes to lessor accounting, including a new model for sale-leaseback transactions that is applicable to both lessors and lessees. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 31, 2018. Early adoption is permitted. The new leases standard requires adoption using a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, and provides for certain practical expedients. Full retrospective application is prohibited. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. Derivative Novation —In March 2016, the FASB issued ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the derivative counterparty does not, in and of itself, represent a termination of the original derivative or a change in critical terms of the hedging relationship. As a result, a hedging relationship would not be dedesignated as long as all of the other hedge accounting criteria are met when considering the credit worthiness of the new counterparty. ASU No. 2016-05 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted, including interim periods. The new guidance may be adopted prospectively or on a modified retrospective basis to derivatives outstanding in the periods presented that were previously dedesignated due to a novation. The Company adopted the new guidance effective March 31, 2016 on a prospective basis. The adoption did not have an impact on the consolidated financial statements. Equity Method —In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting , which eliminates retrospective application of the equity method to prior periods that the investment was held before the investor obtained significant influence over the investee. ASU No. 2016-07 is effective for fiscal years beginning after December 15, 2016 and interim periods therein, to be applied prospectively. Early adoption is permitted, including interim periods. The Company adopted the new guidance effective March 31, 2016. The adoption did not have an impact on the consolidated financial statements. Share-Based Compensation —In March 2016, the FASB issued ASU No. 2016-09, Improvements to Share-Based Payment Accounting , which amends certain aspects of accounting for share-based payments to employees. This includes accounting for income tax effects in the income statement, increasing the fair value of shares applied for income tax withholding without triggering liability accounting, allowing forfeitures related to service condition to be recognized upon occurrence, as well as changes in cash flow classifications. This guidance may be adopted prospectively or on a modified retrospective transition basis depending on the requirements of each provision. ASU No. 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted, with all provisions within the guidance to be adopted in the same period. If early adopted in an interim period, adjustments are to be reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

Combination with Colony Capital

Combination with Colony Capital	3 Months Ended
	Mar. 31, 2016
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 then Colony American Homes, Inc. (now Colony Starwood Homes — see Note 21). 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, 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 $61.4 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 $672.3 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 a contractually-defined funds from operations per share target and capital-raising thresholds from 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. Each share of Class B Common Stock and each OP Unit is, 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 table summarizes the total consideration and allocation to assets acquired and liabilities assumed. In the first quarter of 2016, measurement period adjustments were identified that impacted provisional accounting, specifically adjustments to payroll accrual, valuation of investment management contract intangible asset and related impact to deferred tax liability, which increased goodwill by approximately $1.9 million , as presented in the table below. (In thousands) As Reported At December 31, 2015 Measurement Period Adjustments (1) Final Adjusted Amounts At March 31, 2016 Consideration Cash $ 61,350 $ — $ 61,350 Class A and Class B common stock issued 52,160 — 52,160 OP Units issued 558,794 — 558,794 Estimated fair value of contingent consideration (2) 69,500 — 69,500 $ 741,804 $ — $ 741,804 Identifiable assets acquired and liabilities assumed Cash $ 5,015 $ — $ 5,015 Fixed assets 46,396 — 46,396 Other assets 23,300 — 23,300 Intangible asset: Investment management contracts 46,000 (1,900 ) 44,100 Customer relationships 46,800 — 46,800 Trade name 15,500 — 15,500 Notes payable (44,337 ) — (44,337 ) Deferred tax liability (35,920 ) 729 (35,191 ) Other liabilities (19,217 ) (689 ) (19,906 ) 83,537 (1,860 ) 81,677 Goodwill 658,267 1,860 660,127 $ 741,804 $ — $ 741,804 __________ (1) The estimated fair values and purchase price allocation on April 2, 2015 were subject to retrospective adjustments during the measurement period, which ended on April 1, 2016, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (2) Estimated fair value of contingent consideration is subject to remeasurement each reporting period, as discussed in Note 13. See Note 8 for discussions related to identifiable intangible assets and goodwill, and Note 13 for fair value measurement of contingent consideration. Pro Forma Results (Unaudited) 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 three months ended March 31, 2015 were adjusted to exclude acquisition-related expenses of approximately $14.1 million . The pro forma results are not indicative of future operating results. (In thousands, except per share data) Three Months Ended March 31, 2015 Pro forma: Total income $ 147,711 Net income attributable to Colony Capital, Inc. 23,238 Net income attributable to common stockholders 16,266 Net income per common share: Basic $ 0.14 Diluted $ 0.14

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Variable Interest Entities	Variable Interest Entities 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. 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, for example, responsibility over decisions related to loan modifications and workouts, the Company maintains effective control over the loans transferred into the securitization trusts. Considering the positions retained by the Company in the securitization vehicles together with its role as controlling class representative or directing holder, the Company is deemed to be the primary beneficiary and consolidates these securitization vehicles. Accordingly, these securitizations did not qualify as sale transactions and are accounted for as secured financing with the underlying mortgage loans pledged as collateral. All of the underlying assets, liabilities, equity, revenues and expenses of the securitization vehicles are consolidated within the Company's consolidated financial statements. The Company’s exposure to the obligations of the securitization vehicles is generally limited to its investment in these entities, which was $409.7 million and $412.8 million at March 31, 2016 and December 31, 2015 , respectively. The Company is not obligated to provide any financial support to these securitization vehicles and did not do so in the periods reported. Operating Subsidiary The Company's operating subsidiary under the UPREIT structure, OP, is a limited liability company that 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. Sponsored Funds The Company sponsors funds and other similar investment vehicles as general partner ("Sponsored Funds"), for the purpose of providing investment management services in exchange for management fees and performance-based fees. Sponsored Funds are established as limited partnerships or equivalent structures. The limited partners of Sponsored Funds 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 limited partners or by a single limited partner. The absence of such rights, which represent voting rights in a limited partnership, results in the Sponsored Fund being considered a VIE. The Company invests alongside its Sponsored Funds through joint ventures between the Company and the Sponsored Funds. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to the Sponsored Funds and as an affiliate of the general partner, capital commitments satisfied directly through the co-investment joint ventures. The nature of the Company's involvement with the Sponsored Funds comprise fee arrangements and equity interests. The fee arrangements are commensurate with the level of management services provided by the Company, and contain terms and conditions that are customary to similar at-market fee arrangements. The Company's equity interests in the Sponsored Funds absorb insignificant variability. As the Company acts in the capacity of an agent of the Sponsored Funds, the Company is not the primary beneficiary and does not consolidate the Sponsored Funds. The Company accounts for its equity interest in the Sponsored Funds under the equity method. At March 31, 2016 and December 31, 2015 , the Company had one Sponsored Fund and its equity method investment balance in the Sponsored Fund was approximately $0.3 million .

Loans Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Loans Receivable	Loans Receivable Loans Held For Investment The following table provides a summary of the Company’s loans held for investment. March 31, 2016 December 31, 2015 (Amounts in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 917,545 $ 907,278 9.2 % 3.7 $ 882,935 $ 880,519 9.3 % 3.9 Securitized mortgage loans 131,782 134,579 6.4 % 16.6 135,519 138,366 6.4 % 16.9 Mezzanine loans 332,670 333,596 12.3 % 3.3 338,856 340,260 12.3 % 3.5 1,381,997 1,375,453 1,357,310 1,359,145 Variable rate Mortgage loans 689,765 674,704 7.3 % 1.5 643,013 627,374 7.2 % 1.7 Securitized mortgage loans 1,034,262 1,031,768 5.7 % 3.1 1,051,822 1,048,522 5.5 % 3.4 Mezzanine loans 348,035 347,538 11.0 % 0.5 348,091 347,267 10.8 % 0.7 2,072,062 2,054,010 2,042,926 2,023,163 3,454,059 3,429,463 3,400,236 3,382,308 PCI Loans Mortgage loans 966,388 670,321 1,008,839 693,934 Securitized mortgage loans 8,816 7,436 8,871 7,422 975,204 677,757 1,017,710 701,356 Allowance for loan losses — (39,676 ) — (35,187 ) Loans held for investment, net $ 4,429,263 $ 4,067,544 $ 4,417,946 $ 4,048,477 Activity in loans held for investment is summarized below: Three Months Ended March 31, (In thousands) 2016 2015 Carrying value at January 1 $ 4,048,477 $ 2,131,134 Loan acquisitions and originations 63,356 121,463 Paid-in-kind interest added to loan principal 9,435 1,547 Discount and net loan fee amortization 2,155 3,179 Loan repayments (46,083 ) (26,842 ) Payments received from PCI loans (34,825 ) (66,907 ) Accretion on PCI loans 14,087 5,978 Transfer to real estate assets upon foreclosure (1,374 ) — Provision for loan losses, excluding interest receivable (4,489 ) (112 ) Effect of changes in foreign exchange rates 16,805 (22,543 ) Carrying value at March 31 $ 4,067,544 $ 2,146,897 Loan Maturity and Aging Carrying values of loans held for investment before allowance for loan losses, excluding PCI loans, based on remaining maturities under contractual terms at March 31, 2016 , was as follows: (In thousands) Due in one year or less $ 933,040 Due after one year through five years 2,063,844 Due after five years 432,579 $ 3,429,463 The following table provides an aging summary of loans held for investment at carrying values before allowance for loan losses, 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 March 31, 2016 $ 3,399,889 $ 4,869 $ 13,713 $ 10,992 $ 3,429,463 At December 31, 2015 3,357,454 14,628 1,509 8,717 3,382,308 Troubled Debt Restructuring ("TDR") The following table provides a summary of loan modifications, excluding purchased credit-impaired loans, classified as TDRs, in which the Company provided the borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. Three Months Ended March 31, (Dollars in thousands) 2016 2015 Loans modified in TDRs during the period: Number of loans 1 — Carrying value of loans before allowance for loan losses $ 37,611 $ — Loss incurred 1,687 — At March 31, 2016 and December 31, 2015 , carrying values of TDR loans before allowance for loan losses were $66.0 million and $26.7 million , respectively, and the TDR loans were not in default post-modification. There were no additional commitments to lend to borrowers whose loans have been modified in TDRs. Purchased Credit-Impaired Loans ("PCI") PCI loans are acquired loans with evidence of credit quality deterioration for which it is probable at acquisition that the Company will collect less than the contractually required payments. PCI loans are recorded at the initial investment in the loans and accreted to the estimated cash flows expected to be collected as measured at acquisition date. The excess of cash flows expected to be collected, measured as of 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 ("nonaccretable difference") is not recognized as an adjustment of yield, loss accrual or valuation allowance. 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. There were no acquisitions of new PCI loans during the three months ended March 31, 2016 and 2015. Changes in accretable yield of PCI loans were as follows: Three Months Ended March 31, (In thousands) 2016 2015 Beginning accretable yield $ 66,639 $ 98,523 Changes in accretable yield 6,510 2,024 Accretion (14,087 ) (5,978 ) Effect of changes in foreign exchange rates 156 (10,492 ) Ending accretable yield $ 59,218 $ 84,077 Nonaccrual Loans Non-PCI loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, are generally considered nonperforming and placed on nonaccrual status. For PCI loans, if the cash flows expected to be collected cannot be reasonably estimated, the Company may consider placing such PCI loans on nonaccrual. Interest collection on nonaccruing loans for which ultimate collectability of principal is uncertain is recognized using a cost recovery method by applying interest collected as a reduction to loan principal; otherwise, interest collected is recognized on a cash basis by crediting to income when received. Carrying values of loans, before allowance for loan losses, that have been placed on nonaccrual were as follows: (In thousands) March 31, 2016 December 31, 2015 Non-PCI loans $ 24,705 $ 10,226 PCI loans 117,443 116,647 $ 142,148 $ 126,873 At March 31, 2016 and December 31, 2015 , there were no non-PCI loans past due 90 days or more that continued to accrue interest. For the three months ended March 31, 2016 , interest income of $0.3 million was recognized on a cash basis related to PCI loans with carrying values before allowance for loan losses of $37.9 million at March 31, 2016 . There was no cash basis interest income recognized for the three months ended March 31, 2015 . Allowance for Loan Losses On a periodic basis, 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. For PCI loans, the Company records a provision for loan losses if decreases in expected cash flows result in a decrease in the estimated fair value of the loan below its amortized cost. Subsequent increases in cash flows expected to be collected are first applied to reverse any previously recorded allowance for loan losses, with any remaining increases recognized prospectively through an adjustment to yield over its remaining life. The allowance for loan losses and related carrying values of loans held for investment were as follows: March 31, 2016 December 31, 2015 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 3,656 $ 57,531 $ 472 $ 7,827 PCI loans 36,020 203,766 34,715 203,527 $ 39,676 $ 261,297 $ 35,187 $ 211,354 Changes in allowance for loan losses are presented below: Three Months Ended March 31, (In thousands) 2016 2015 Allowance for loan losses at January 1 $ 35,187 $ 197 Provision for loan losses 4,489 364 Allowance for loan losses at March 31 $ 39,676 $ 561 Loans Held For Sale In December 2015, the Company acquired and classified a loan with carrying value of $75.0 million as held for sale. In February 2016, the loan was sold at approximately its carrying value.

Real Estate Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets The Company's real estate assets comprise the following: (In thousands) March 31, 2016 December 31, 2015 Real Estate Held for Investment Land $ 631,325 $ 578,577 Buildings and improvements 2,726,749 2,619,872 Foreclosed properties 20,192 19,989 3,378,266 3,218,438 Less: Accumulated depreciation (121,792 ) (86,220 ) 3,256,474 3,132,218 Real Estate Held for Sale Land, buildings and improvements 73,772 203,970 Foreclosed properties 79,644 93,917 153,416 297,887 Real Estate Assets, Net $ 3,409,890 $ 3,430,105 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 the real estate assets, both real estate held for investment and held for sale, including foreclosed properties, held by these investment entities. Real Estate Held for Sale and Dispositions For the three months ended March 31, 2016 , an additional $27.9 million of real estate assets, including $1.4 million of properties foreclosed during the quarter, were classified as held for sale. Additionally, real estate assets with carrying values of $65.7 million that were previously classified as held for sale were transferred into held for investment during the three months ended March 31, 2016 as it is no longer probable that these properties would be sold within a year. For the three months ended March 31, 2015 , a real estate asset at $16.2 million was classified as held for sale. For the three months ended March 31, 2016 , real estate assets with total carrying values of $118.4 million were sold for aggregate net gains of $51.1 million . There were no real estate dispositions for the three months ended March 31, 2015. Real estate classified as held for sale or sold during the three months ended March 31, 2016 and 2015 did not constitute discontinued operations. Real estate held for sale as of March 31, 2016 and December 31, 2015 include $10.9 million and $20.3 million , respectively, that have been written down to fair value, estimated based on either broker price opinions or comparable market information, less estimated selling costs of 5% to 8% of fair value. Depreciation and Impairment Depreciation expense on real estate held for investment was $27.5 million and $14.6 million for the three months ended March 31, 2016 and 2015 , respectively. For the three months ended March 31, 2016 and 2015 , the Company recognized impairment losses on real estate held for sale of $1.8 million and $0.5 million , respectively. Real Estate Acquisitions The following table summarizes the Company's real estate acquisitions: ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Properties Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets Lease Intangible Liabilities Other Liabilities Three Months Ended March 31, 2016 (2) Business Combinations (3) (4) January Industrial—Spain 23 $ 94,403 $ 30,451 $ 59,399 $ 5,318 $ (765 ) $ — February Light industrial—Maryland, U.S. 1 17,625 3,294 13,324 1,178 (171 ) — 24 $ 112,028 $ 33,745 $ 72,723 $ 6,496 $ (936 ) $ — Year Ended December 31, 2015 Asset Acquisitions (5) January Education—Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — June Office—Norway (6) 1 322,231 69,350 257,541 28,235 — (32,895 ) November Office—France 1 31,000 3,936 24,096 3,661 (693 ) — Business Combinations (3) (4) — Various Light industrial—Various in U.S. 34 345,463 53,257 280,380 17,724 (5,898 ) — December Mixed use—United Kingdom (7) 24 440,999 54,005 316,405 79,282 (8,693 ) — 62 $ 1,307,604 $ 196,998 $ 1,008,868 $ 149,917 $ (15,284 ) $ (32,895 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Purchase price excludes transaction costs. (2) Useful life of real estate assets acquired in 2016 ranges from 26 to 35 years for buildings, 4 to 6 years for improvements, 33 years for below-market ground lease obligations and 4 to 7 years for other lease intangibles. (3) Acquisitions of real estate assets with existing leases where the sellers are not the lessees are classified as business combinations. Transaction costs associated with business combinations are expensed, totaling $4.0 million for the three months ended March 31, 2016. (4) The estimated fair values and purchase price allocation are provisional and subject to retrospective adjustments 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. (5) These asset acquisitions are net lease properties in which the Company entered into sale-leaseback transactions with the sellers. Transaction costs associated with asset acquisitions are capitalized, totaling approximately $4.1 million for the three months ended March 31, 2015. (6) The Company acquired equity in a subsidiary of the seller, partially financed by a non-callable bond, and assumed the liabilities of the entity acquired of $2.1 million , as well as the entity's tax basis, resulting in a tax basis difference recorded as a deferred tax liability of $30.8 million upon acquisition. (7) In the first quarter of 2016, certain measurement period adjustments were identified which impacted provisional accounting, primarily below-market operating ground leases assumed by the Company in connection with the properties acquired. These adjustments resulted in an increase to lease intangible assets with a corresponding decrease to land of $18.6 million , an increase to buildings and improvements of $1.1 million and a decrease to lease intangible liabilities of $1.1 million . Included in the condensed consolidated statement of operations for the three months ended March 31, 2016 was a $0.3 million increase in depreciation and amortization expense as well as immaterial adjustments to increase rent expense and decrease rental income to reflect the effects of the measurement period adjustment as of the acquisition date in December 2015. Pro Forma Results (Unaudited) The following table presents pro forma results of the Company as if all 2015 real estate business combinations above had been completed on January 1, 2014. The pro forma results for the three months ended March 31, 2015 have been adjusted to exclude non-recurring acquisition-related expenses of approximately $93,000 . These pro forma results are not necessarily indicative of future operating results. Real estate business combinations for the three months ended March 31, 2016 were not material to the Company's consolidated results of operations. (In thousands, except per share data) Three Months Ended March 31, 2015 Pro forma: Total income $ 138,296 Net income 10,993 Net income attributable to common stockholders 2,550 Net income per common share: Basic $ 0.02 Diluted $ 0.02 Property Operating Income The components of property operating income are as follows: Three Months Ended March 31, (In thousands) 2016 2015 Rental income $ 67,221 $ 33,346 Tenant reimbursements 14,745 10,447 Hotel operating income 9,651 — $ 91,617 $ 43,793 Future Minimum Rents The Company has operating leases with tenants that expire at various dates through 2042. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of March 31, 2016 are as follows: Year Ending December 31, (In thousands) Remaining 2016 $ 179,273 2017 217,538 2018 188,666 2019 157,581 2020 133,829 2021 and after 737,068 Total $ 1,613,955

Investments in Unconsolidated J

Investments in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2016
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) March 31, 2016 December 31, 2015 Equity method investments $ 814,979 $ 824,597 Cost method investment 99,736 99,868 $ 914,715 $ 924,465 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, 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. Subsequent to the Combination, the Company sponsors funds and other similar investment vehicles under the Colony name as general partner and the Company continues to invest alongside its Sponsored Funds through joint ventures between the Company and the Sponsored Funds. 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 March 31, 2016 and December 31, 2015 , respectively. Equity Method Investments Activity in the Company’s equity method investment is summarized below: Three Months Ended March 31, (In thousands) 2016 2015 Balance at January 1 $ 824,597 $ 1,646,977 Contributions 14,278 107,429 Distributions (26,846 ) (96,025 ) Equity in net income 2,429 26,349 Equity in other comprehensive income (loss) 11 (612 ) Equity in realized loss reclassified from accumulated other comprehensive income — 161 Foreign currency translation gain (loss) and other 510 (28,803 ) Balance at March 31 $ 814,979 $ 1,655,476 No single investment in an unconsolidated joint venture represented greater than 10% of total assets as of March 31, 2016 and December 31, 2015 or generated greater than 10% of net income before tax for the three months ended March 31, 2016 and 2015 . Consolidation of Previous Equity-Method Investments Prior to the Combination, a majority of the Company’s investments in real estate debt and equity that 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 that 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 estimated fair values as of April 2, 2015. The following table presents the combined assets, liabilities and noncontrolling interests of the consolidated investment entities as of April 2, 2015: (In thousands) 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 At April 2, 2015, 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 upon consolidation of these investment entities in April 2015. Cost Method Investment In January 2015, OP 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. Dividends received from cost-method investments are recorded as dividend income to the extent they are not considered a return of capital, otherwise such amounts are recorded as a reduction to the cost of investment. For the three months ended March 31, 2016 , dividends of $0.1 million were received as return of capital and applied to reduce the cost of investment. No dividends were received during the three months ended March 31, 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 . 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 .

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Deferred Leasing Costs and Other Intangibles	Deferred Leasing Costs and Other Intangibles The following table summarizes goodwill, deferred leasing costs, other intangible assets and intangible liabilities arising from acquisitions of operating real estate and the investment management business: March 31, 2016 December 31, 2015 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 680,127 NA $ 680,127 $ 678,267 NA $ 678,267 Deferred Leasing Costs and Intangible Assets Trade name $ 15,500 NA $ 15,500 $ 15,500 NA $ 15,500 In-place lease values 150,065 (37,542 ) 112,523 144,863 (27,780 ) 117,083 Above-market lease values 33,502 (10,501 ) 23,001 32,774 (7,708 ) 25,066 Below-market ground lease obligations 50,965 (184 ) 50,781 36,635 (39 ) 36,596 Deferred leasing costs 76,173 (16,098 ) 60,075 71,710 (12,647 ) 59,063 Investment management contracts 39,646 (16,864 ) 22,782 41,897 (13,985 ) 27,912 Customer relationships 46,800 (3,342 ) 43,458 46,800 (2,507 ) 44,293 Total deferred leasing costs and intangible assets $ 412,651 $ (84,531 ) $ 328,120 $ 390,179 $ (64,666 ) $ 325,513 Intangible Liabilities Below-market lease values $ 30,677 $ (6,445 ) $ 24,232 $ 28,879 $ (4,523 ) $ 24,356 Above-market ground lease obligations 172 (7 ) 165 171 (5 ) 166 Total intangible liabilities $ 30,849 $ (6,452 ) $ 24,397 $ 29,050 $ (4,528 ) $ 24,522 __________ (1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed one year from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Carrying amounts at March 31, 2016 were presented net of measurement period adjustments, where applicable (see Note 3 and Note 6). Held for Sale Lease intangible assets and intangible liabilities related to real estate assets held for sale were approximately $5.0 million and $15,000 at March 31, 2016 , and approximately $9.9 million and $ 35,000 at December 31, 2015 , respectively. Acquisitions of Operating Real Estate Goodwill — 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 March 31, 2016 , no indications of potential impairment to goodwill were identified. Lease Intangibles — 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 Goodwill of $660.1 million was recognized in connection with the acquisition of the investment management business through the Combination. This goodwill reflects, in part, the expected cost savings resulting from the internalization through direct incurrence of operating costs relative to a management fee charge, the ability to raise additional equity without a proportionate increase in the cost of managing the Company and control over key functions critical to the growth of the business. 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 March 31, 2016 , no indications of impairment to goodwill were identified. Identifiable Intangible Assets 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 fee income from in-place investment management contracts and customer relationships with institutional clients of private funds. Investment management contracts are amortized in accordance with their expected future cash flows over the remaining contractual period of the agreements ranging between 3 to 5 years. Customer relationships 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 is determined to have an indefinite useful life and is not subject to amortization. In the first quarter of 2016, an impairment of $0.3 million on investment management contracts was recognized in impairment loss resulting from a change in fee basis of a liquidating fund. Amortization The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Three Months Ended March 31, (Amounts in thousands) 2016 2015 Above-market lease values $ (2,766 ) $ (1,670 ) Below-market lease values 1,939 647 Net decrease to rental income $ (827 ) $ (1,023 ) Net below-market ground lease obligations Increase to rent expense $ 140 $ 5 In-place lease values $ 10,416 $ 5,128 Deferred leasing costs 3,348 2,572 Investment management contracts 2,909 — Customer relationships 836 — Amortization expense $ 17,509 $ 7,700 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, Remaining2016 2017 2018 2019 2020 2021 and after Total Above-market lease values $ (7,199 ) $ (6,088 ) $ (3,770 ) $ (1,819 ) $ (1,258 ) $ (2,867 ) $ (23,001 ) Below-market lease values 4,823 5,186 3,756 2,108 1,379 6,980 24,232 (Decrease) increase to rental income $ (2,376 ) $ (902 ) $ (14 ) $ 289 $ 121 $ 4,113 $ 1,231 Net below-market ground lease obligations Increase to rent expense $ 380 $ 506 $ 506 $ 506 $ 506 $ 48,212 $ 50,616 In-place lease values $ 23,374 $ 20,120 $ 13,941 $ 10,097 $ 8,030 $ 36,961 $ 112,523 Deferred leasing costs 9,550 10,611 8,616 6,468 4,802 20,028 60,075 Investment management contracts 7,360 6,320 3,636 2,906 1,818 742 22,782 Customer relationships 2,507 3,343 3,343 3,343 3,343 27,579 43,458 Amortization expense $ 42,791 $ 40,394 $ 29,536 $ 22,814 $ 17,993 $ 85,310 $ 238,838

Other Assets and Other Liabilit

Other Assets and Other Liabilities	3 Months Ended
	Mar. 31, 2016
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) March 31, 2016 December 31, 2015 Restricted cash (1) $ 171,168 $ 187,208 Deferred financing costs, net (2) 9,711 4,083 Interest receivable 39,272 34,074 Other receivables, including straight-line rents 36,958 43,130 Derivative assets 22,425 21,636 Prepaid expenses and other 23,267 21,320 Fixed assets, net (3) 47,639 48,463 Total (4) $ 350,440 $ 359,914 __________ (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 relate to revolving credit arrangements and are shown net of accumulated amortization of $8.1 million and $6.8 million as of March 31, 2016 and December 31, 2015 , respectively. (3) Fixed assets are shown net of accumulated depreciation of $4.4 million and $3.3 million as of March 31, 2016 and December 31, 2015 , respectively. Depreciation for the three months ended March 31, 2016 was $1.1 million . The Company did not hold any fixed assets prior to and as of March 31, 2015. (4) At March 31, 2016 and December 31, 2015 , other assets related to real estate held for sale was $3.7 million . Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) March 31, 2016 December 31, 2015 Borrower and tenant reserves $ 103,026 $ 116,800 Deferred income 29,310 41,671 Interest payable 21,727 18,071 Intangible liabilities, net 24,397 24,522 Derivative liabilities 13,117 507 Current and deferred tax liabilities 43,804 44,951 Accrued compensation 12,727 11,495 Accounts payable and other liabilities 68,180 67,572 Total (1) $ 316,288 $ 325,589 __________ (1) Intangible liabilities and accrued and other liabilities related to real estate assets held for sale were $15,000 and $7.9 million at March 31, 2016 , and $35,000 and $9.1 million at December 31, 2015 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Components of debt are summarized as follows: (In Thousands) March 31, 2016 December 31, 2015 Line of credit $ 303,600 $ 315,000 Secured debt 3,332,272 3,313,550 Less: Debt issuance costs, net (40,149 ) (40,826 ) $ 3,595,723 $ 3,587,724 Line of Credit On March 31, 2016 , the Company entered into an amended and restated credit agreement (the “JPM Credit Agreement”) with several lenders and JPMorgan Chase Bank, N.A. as administrative agent, and Bank of America, N.A. as syndication agent. The JPM Credit Agreement provides a secured revolving credit facility in the maximum principal amount of $850 million , an increase of $50 million from the previous credit facility. The maximum principal amount may be increased up to $1.275 billion , subject to customary conditions, including agreement of existing or substitute lenders to provide additional commitments for the increased amount. The maximum amount available 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 adjusted net book value or a multiple of base management fee EBITDA (as defined in the JPM Credit Agreement). As of March 31, 2016 , the borrowing base valuation was sufficient to permit borrowings up to the full $850 million commitment. The JPM Credit Agreement matures on March 31, 2020, with two 6 -month extension options, each subject to a fee of 0.10% of the commitment amount upon exercise. Advances under the JPM Credit Agreement accrue interest at a per annum rate equal to the sum of one-month LIBOR plus 2.25% or a base rate determined according to a prime rate or federal funds rate plus a margin of 1.25% . At March 31, 2016 , the Company had outstanding borrowings bearing weighted average interest at 2.74% per annum. The Company also pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.35% at March 31, 2016 ), depending upon the amount of facility utilization. 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 March 31, 2016 , the Company was in compliance with all of the 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 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 debt: (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) March 31, 2016 December 31, 2015 Investment level financing: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I $ 22,549 $ 23,123 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I 10,002 10,965 (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) March 31, 2016 December 31, 2015 Investment level financing: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 P&I 3,448 5,869 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 P&I 7,446 8,579 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 3,856 4,351 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 62,401 73,543 Secured financing First mortgage loan secured by residential properties 1-month LIBOR+3.75% Jun-2016 P&I 10,268 10,314 Warehouse facility (4) Eligible first mortgage loans originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% Feb-2017 I/O 48,198 48,198 Warehouse facility (4) Eligible first mortgage loans, including any corresponding mezzanine loans, originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% to 2.75% Apr-2018 I/O 131,328 114,433 First mortgage loan (5) Hotel properties 1-month LIBOR+4.65% Jan-2019 (5) 94,000 94,000 First mortgage loan (6) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 13,500 13,500 First mortgage loan Office property in Minnesota 4.84% fixed Jan-2024 P&I 87,782 88,000 First mortgage loan (7) Commercial properties in United Kingdom 3-month GBP LIBOR+2.50% Aug-2018 I/O 85,873 88,121 First mortgage loan (8) Office properties throughout Italy 4.02% fixed Nov-2018 (8) 83,739 79,133 First mortgage loan (9) Warehouse properties in Spain 3-month Euribor+2.80% Jun-2022 I/O 26,623 25,540 First mortgage loan (10) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 894,740 917,469 First mortgage loan Portfolio of light industrial properties across the U.S 3.80% fixed Aug-2025 I/O 165,750 165,750 First mortgage loan Portfolio of light industrial properties across the U.S. 4.04% fixed Apr-2028 (11) 93,450 — First mortgage loans Two higher education campuses in Switzerland 2.72% fixed Dec-2029 P&I 125,085 120,947 First mortgage loan (12) Office property in United Kingdom 3-month GBP LIBOR+2.35% Feb-2020 I/O 13,642 — First mortgage loan Office property in France 1.89% fixed Nov-2022 I/O 17,867 17,050 First mortgage loan (13) Portfolio of office, retail and other commercial properties in United Kingdom 3-month GBP LIBOR+3.28% Nov-2018 I/O 230,866 236,911 First mortgage loan (14) Portfolio of industrial properties in Spain 3-month Euribor+3.00% Jan-2021 I/O 51,360 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 193,440 180,960 Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O — 23,730 Revolving credit facility Partner capital commitments 1-month LIBOR+1.60% Sept-2016 I/O 29,400 104,400 2,506,613 2,454,886 (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) March 31, 2016 December 31, 2015 Investment level financing: Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (15) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 I/O 105,548 126,248 CMBS 2014-FL2 (15) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.01% Nov-2031 I/O 203,734 203,734 CMBS 2015-FL3 (15) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.36% Sept-2032 I/O 340,350 340,350 CMBS MF 2014-1 (16) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed (15) I/O 133,497 145,349 783,129 815,681 Notes Payable: Promissory notes (17) Corporate aircraft 5.02% fixed Dec-2025 P&I 42,530 42,983 Total $ 3,332,272 $ 3,313,550 __________ (1) All secured debt presented in the table are non-recourse unless otherwise stated as recourse debt. (2) 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) (3) These financings in connection with loan portfolio acquisitions 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 multiple 1-year extension options to the initial term. (4) The Company entered into two warehouse facilities with different commercial banks to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The initial term of each facility is subject to a 1 -year extension option. The facility maturing in February 2017 is full recourse to OP and provides up to $150 million in financing. The facility maturing in April 2018 is partial recourse and provides up to $250 million in financing. (5) Initial term on the loan is subject to two 1 -year extensions. Payment terms is interest only through January 2017, followed by periodic principal and interest for the remaining term of the loan. An interest rate cap is required to be maintained at a maximum strike rate of 3.00% on 1-month LIBOR. Interest rate spread is presented as a weighted average across different tranches of the loan. At March 31, 2016, $23.6 million of outstanding principal balance was related to real estate held for sale. (6) Initial term on the loan is subject to two 1 -year extensions, during which payment terms require periodic principal and interest. (7) The loan has two 1 -year extensions on its initial term and requires an interest rate cap to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. At March 31, 2016, $0.6 million of outstanding principal balance was related to a real estate held for sale (8) 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. (9) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3-month Euribor. (10) This loan was obtained in connection with the acquisition of the light industrial properties portfolio and operating platform in December 2014, has three 1 -year extension options, with interest rate margin increasing to 2.50% effective December 2018, and requires an interest rate cap to be maintained at a strike rate of 3.00% on 1-month LIBOR. At March 31, 2016 and December 31, 2015 , $3.7 million and $4.9 million , respectively, of outstanding principal balance were related to real estate held for sale. (11) Payment terms is interest only through April 2021, followed by periodic principal and interest for remaining term of the loan. (12) The loan requires an interest rate cap to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. (13) Interest rate spread was 2.75% at inception and amended to a weighted average of 3.28% in January 2016. Initial term on the loan is subject to two 1 -year extensions. Payment terms changes from interest only to periodic principal and interest if specific loan-to-value threshold is exceeded at any time effective August 2016. An interest rate cap is required to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. Interest rate spread is presented as a weighted average of the facility amount across two tranches of the loan. At March 31, 2016 and December 31, 2015 , $4.2 million and $4.1 million , respectively, of outstanding principal balance was related to a real estate held for sale. (14) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3-month Euribor. (15) 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. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These three securitizations are accounted for as secured financing with underlying mortgage loans pledged as collateral. Principal repayments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the notes. Underlying collateral loans have initial terms of 2 to 3 years. Interest rate spreads on these CMBS debt are presented on a weighted average basis as of the date of the respective securitizations. (16) 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 remaining certificates. The securitization was accounted for as a secured financing with underlying mortgage loans pledged as collateral. Although the certificates do not have a contractual maturity date, principal repayments from underlying collateral loans must be applied to repay the debt until fully paid off. Underlying collateral loans have initial remaining terms of 1 to 24 years. Interest rate is presented on a weighted average basis as of the date of the securitization. (17) In connection with the Combination, the Company assumed two promissory notes, with full recourse, 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, excluding CMBS debt, as of March 31, 2016 . Year Ending December 31, (In thousands) Remaining 2016 $ 163,069 (1) 2017 108,231 (1) 2018 502,726 (1) 2019 994,343 2020 22,287 2021 and after 764,365 Total $ 2,555,021 __________ (1) Amounts include a combined $5.9 million of discount on seller-provided zero -interest financing being accreted to debt principal. CMBS debt obligations are estimated to be repaid earlier than the contractual maturity only if proceeds from the underlying loans are repaid by the borrowers. Future principal payments based on contractual maturity or otherwise based on reasonable expectations of cash flows from the underlying loans as of March 31, 2016 are as follows: (In thousands) Year Ending December 31, Contractual Maturity Expectations of Cash Flows Remaining 2016 $ — $ 101,312 2017 — 438,129 2018 — 206,556 2019 — 21,975 2020 — 15,157 2021 and after 783,129 — Total $ 783,129 $ 783,129 Convertible Senior Notes Convertible Senior Notes issued by the Company and outstanding are as follows: Conversion Price (per share of common stock) March 31, 2016 December 31, 2015 Description Issuance Date Due Date Interest Rate Redemption Date Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) 5% Convertible Senior Notes April 2013 April 15, 2023 5.00% fixed $ 23.35 On or after April 22, 2020 $ 200,000 $ 195,208 $ 200,000 $ 195,069 3.875% Convertible Senior Notes January and June 2014 January 15, 2021 3.875% fixed 24.56 On or after January 22, 2019 402,500 396,300 402,500 396,010 $ 602,500 $ 591,508 $ 602,500 $ 591,079 __________ (1) Carrying amounts include $1.6 million and $1.7 million of premium and are shown net of debt issuance costs of $12.6 million and $13.1 million at March 31, 2016 and December 31, 2015 , respectively. 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. On February 25, 2016, the Company declared a dividend of $0.40 per share of its Class A and Class B common stock for the first quarter of 2016 to be paid on April 15, 2016 to stockholders on record on March 31, 2016. The payment of this cash dividend resulted in adjustments to the conversion rate of the Company's outstanding 5.00% Convertible Senior Notes due 2023 from 42.3819 to 42.8183 and the 3.875% Convertible Senior Notes due 2021 from 40.2941 to 40.7089 , in each case effective March 29, 2016 and subject to further adjustment as provided in the applicable governing indenture. The adjustments were made pursuant to the terms of the Convertible Notes and recognition of carried-forward adjustments relating to cash dividends paid on July 15, 2014 to January 15, 2016, which adjustments were deferred and carried forward as permitted under the indenture.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2016
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”). Gross fair value of derivative assets and derivative liabilities are as follows: March 31, 2016 December 31, 2015 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 21,417 $ 374 $ 21,791 $ 19,773 $ 426 $ 20,199 Interest rate contracts 1 633 634 5 1,432 1,437 Included in other assets $ 21,418 $ 1,007 $ 22,425 $ 19,778 $ 1,858 $ 21,636 Derivative Liabilities Foreign exchange contracts $ 12,815 $ 302 $ 13,117 $ 505 $ — $ 505 Interest rate contracts — — — 2 — 2 Included in accrued and other liabilities $ 12,815 $ 302 $ 13,117 $ 507 $ — $ 507 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral for derivative financial liabilities exceeding $100,000 . As of March 31, 2016 and December 31, 2015 , the Company had no amounts on deposit related to these agreements. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place as of March 31, 2016 along with certain key terms: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates Designated Non-Designated EUR FX Collar € 140,970 € 1,455 Min $1.09 / Max $1.53 July 2017 to January 2021 GBP FX Collar £ 130,900 £ 3,100 Min $1.40 / Max $1.82 September 2017 to December 2020 EUR FX Forward € 119,146 € 2,004 Range between $1.07 to $1.27 May 2016 to January 2019 GBP FX Forward £ 75,150 £ — Range between $1.49 to $1.51 June 2016 to December 2018 CHF FX Forward CHF 54,383 CHF 1,162 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 895,454 NOK 27,546 $0.12 May 2016 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures totaled approximately €306.6 million , £120.8 million , CHF55.1 million and NOK898.8 million , or a total of $688.4 million , as of March 31, 2016 , and €311.2 million , £126.4 million , CHF54.4 million and NOK895.5 million , or a total of $679.9 million , as of December 31, 2015 . 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, with notional amounts and termination dates based upon the anticipated return of capital from the investments. Release of accumulated other comprehensive income 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 accumulated other comprehensive income to earnings. There were no such transfers from accumulated other comprehensive income into other gain (loss), net for the three months ended March 31, 2016 and 2015 . 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 months ended March 31, 2016 and 2015 , $0.3 million of net unrealized loss and $0.2 million of net unrealized gain on the dedesignated portion of net investment hedges were transferred out of accumulated other comprehensive income into other gain (loss), net, respectively. 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 March 31, 2016 , the Company held the following designated and non-designated interest rate contracts: Notional Amount Instrument Type Designated Non-Designated Index Strike Expiration Interest rate caps $ 750,000 $ 476,750 1-Month LIBOR 3.00% December 2016 to January 2019 Interest rate caps $ — $ 95,387 1-Month LIBOR 2.50% April 2016 to December 2016 Interest rate caps € — € 53,751 3-Month EURIBOR 1.50% February 2021 to June 2022 Interest rate caps £ — £ 60,945 3-Month GBP LIBOR 2.25% November 2018 to February 2020 Interest rate caps £ — £ 152,732 3-Month GBP LIBOR 2.00% December 2018 Designated Cash Flow Hedges Unrealized gain of $33,000 on cash flow hedge ineffectiveness was recorded in other gain (loss), net for the three months ended March 31, 2016 . There was no cash flow hedge ineffectiveness for the three months ended March 31, 2015 . Non-Designated Hedges For the three months ended March 31, 2016 and 2015 , net unrealized loss associated with non-designated interest rate contracts of $1.0 million and $52,000 , respectively, were recorded in other gain (loss), net.

Balance Sheet Offsetting

Balance Sheet Offsetting	3 Months Ended
	Mar. 31, 2016
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 has elected not to net derivative asset and liability positions, notwithstanding the conditions for right of offset may have been met. The Company presents derivative assets and liabilities with the same counterparty on a gross basis on the 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) March 31, 2016 Derivative Assets Foreign exchange forwards $ 4,641 $ (893 ) $ — $ 3,748 Foreign exchange collars 17,150 (2,262 ) — 14,888 Interest rate caps 634 — — 634 $ 22,425 $ (3,155 ) $ — $ 19,270 Derivative Liabilities Foreign exchange forwards $ (10,855 ) $ 893 $ — $ (9,962 ) Foreign exchange collars (2,262 ) 2,262 — — $ (13,117 ) $ 3,155 $ — $ (9,962 ) December 31, 2015 Derivative Assets Foreign exchange forwards $ 5,907 $ (58 ) $ — $ 5,849 Foreign exchange collars 14,292 (66 ) — 14,226 Interest rate caps 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange forwards $ (439 ) $ 58 $ — $ (381 ) Foreign exchange collars (66 ) 66 — — Interest rate swap (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Recurring Fair Values Derivatives — 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 — Contingent consideration payable in connection with the Combination, included in due to affiliates, is remeasured at fair value each reporting period using a third party valuation service provider and classified under Level 3 of the fair value hierarchy. The contingent consideration is subject to achievement of multi-year performance targets, specifically a contractually-defined funds from operations ("Benchmark FFO") per share metric and capital raising targets in the funds management business. If the minimum 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. Fair value of the contingent consideration was measured using a Monte Carlo probability simulation model for the Benchmark FFO component and a discounted payout analysis based on probabilities of achieving prescribed targets for the capital raising component. The valuation methodology considered the Company's Class A common stock price and related equity volatilities to convert the contingent consideration payout into shares. At March 31, 2016 and December 31, 2015 , the contingent consideration was estimated at a fair value of $43.2 million and $53.0 million , respectively. The $9.8 million decrease in fair value resulted in part from the decrease in the Class A common stock price and was recognized in other gain (loss), net. The following table presents additional information on the significant unobservable inputs used to measure the fair value of contingent consideration: Significant Input Input Value at March 31, 2016 Input Value at December 31, 2015 Impact to Fair Value from Increase in Input (2) Class A common stock price $16.77 $19.48 Increase Benchmark FFO volatility 22.9% 20.6% Increase Equity volatility 29.9% 28.1% Increase Correlation (1) 80.0% 80.0% Increase __________ (1) Represents the assumed correlation between Benchmark FFO and the Company's Class A common stock price (2) This is the directional change in fair value of the contingent consideration that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measure of the contingent consideration. Nonrecurring Fair Values The Company holds certain assets carried at fair value on a nonrecurring basis, which comprise loans held for sale, foreclosed properties and real estate held for sale carried at the lower of carrying value and fair value less estimated costs to sell. Nonrecurring fair values at March 31, 2016 and December 31, 2015 consisted of real estate held for sale that were written down to fair value less disposal costs, classified under Level 3 hierarchy, as discussed in Note 6. 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 March 31, 2016 Assets Loans held for investment $ — $ — $ 4,106,743 $ 4,106,743 $ 4,067,544 Investments in unconsolidated joint ventures 374,200 2,670 741,787 1,118,657 914,715 Liabilities Line of credit — 303,600 — 303,600 303,600 Secured and unsecured debt — — 2,512,491 2,512,491 2,473,949 CMBS debt — 763,300 — 763,300 775,644 Notes payable — — 42,530 42,530 42,530 Convertible senior notes 539,375 — — 539,375 591,508 December 31, 2015 Assets Loans held for investment $ — $ — $ 4,073,075 $ 4,073,075 $ 4,048,477 Loans held for sale — — 75,002 75,002 75,002 Investments in unconsolidated joint ventures 1,087,850 1,087,850 924,465 Liabilities Line of credit — 315,000 — 315,000 315,000 Secured and unsecured debt — — 2,423,013 2,423,013 2,423,013 CMBS debt — 794,982 — 794,982 806,728 Notes payable — — 42,983 42,983 42,983 Convertible senior notes 574,359 — — 574,359 591,079 Loans Held for Investment — Loans held for investment, consisting of first mortgages and subordinated mortgages, were valued based on discounted cash flow projections of principal and interest expected to be collected, which includes consideration of the financial standing of the borrower or sponsor as well as operating results of the underlying collateral. Carrying values of loans held for investment are presented net of allowances for loan losses, where applicable. Investments in Unconsolidated Joint Ventures — Fair values of investments in unconsolidated joint ventures were derived by applying the Company’s ownership interest to the fair value of 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 received by the Company from the joint venture. Beginning in 2016, the Company's investment in Colony Starwood Homes is valued based upon the closing price of its publicly traded common stock (see Note 21). Debt — 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 at March 31, 2016. Fair values of the secured financing were estimated by discounting expected future cash outlays at current interest rates available for similar instruments, which approximated carrying value for floating rate debt with credit spreads that approximate market rates. 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. Other — The carrying values of cash, interest receivable, due from affiliates and accrued and other liabilities approximate fair values due to their short term nature and credit risk, if any, are negligible.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The table below summarizes the share activities of the Company's preferred and common stock: Number of Shares Preferred Stock Common Stock (In thousands) Series A, B and C Class A Class B Shares outstanding at December 31, 2014 13,530 109,634 — Share-based compensation, net of forfeitures — 632 — Shares outstanding at March 31, 2015 13,530 110,266 — Shares outstanding at December 31, 2015 25,030 111,694 546 Repurchase of preferred stock (964 ) — — Reissuance of preferred stock 964 — — Share-based compensation, net of forfeitures — 1,003 — Shares canceled for tax withholding on vested stock awards — (147 ) — Shares outstanding at March 31, 2016 25,030 112,550 546 In January 2016, the Company repurchased 963,718 shares in aggregate of its Series A, B and C preferred stock from institutional shareholders for approximately $20.0 million . In March 2016, the Company reissued the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture and accounts for its investment under the equity method, which had a carrying value of $2.5 million as of March 31, 2016. The REIT Securities Venture targets for investment purposes the common stock and preferred stock of publicly traded U.S. real estate investment trusts, including securities of the Company. Preferred Stock The table below summarizes the preferred stock outstanding as of March 31, 2016 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series A 8.5% Cumulative Redeemable Perpetual 8.5% March 2012 10,080 $ 101 $ 252,000 March 27, 2017 Series B 7.5% Cumulative Redeemable Perpetual 7.5% June 2014 3,450 34 86,250 June 19, 2019 Series C 7.125% Cumulative Redeemable Perpetual 7.125% April 2015 11,500 115 287,500 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 for proceeds of approximately $277.9 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. In December 2015, 17,712 shares of Class B common stock were converted into an equivalent number of Class A common stock following a charitable contribution of the Executive Chairman's interests in 628,773 OP Units. 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 three months ended March 31, 2016 , there were no shares of Class A common stock acquired under the DRIP Plan. Accumulated Other Comprehensive Income (Loss) ("AOCI") The following tables present the changes in each component of AOCI attributable to stockholders and noncontrolling interests, net of immaterial tax effect. Changes in Components of AOCI Attributable to Stockholders and Noncontrolling Interests (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 AOCI at December 31, 2014 attributable to: 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 attributable to: Stockholders (612 ) (170 ) (47,840 ) 30,797 (17,825 ) Noncontrolling interests in investment entities — (100 ) (3,490 ) — (3,590 ) Amounts reclassified from AOCI attributable to: Stockholders 161 — — (215 ) (54 ) Net other comprehensive (loss) income (451 ) (270 ) (51,330 ) 30,582 (21,469 ) AOCI at March 31, 2015 attributable to: Stockholders — (271 ) (100,483 ) 54,384 (46,370 ) Noncontrolling interests in investment entities — (152 ) (7,106 ) (1 ) (7,259 ) $ — $ (423 ) $ (107,589 ) $ 54,383 $ (53,629 ) AOCI at December 31, 2015 attributable to: Stockholders $ — $ (245 ) $ (42,125 ) $ 23,948 $ (18,422 ) Noncontrolling interests in investment entities — (149 ) 51 (1 ) (99 ) Noncontrolling interests in Operating Company — 5 11,102 (5,750 ) 5,357 — (389 ) (30,972 ) 18,197 (13,164 ) Other comprehensive income (loss) before reclassifications attributable to: Stockholders 9 7 16,326 (14,395 ) 1,947 Noncontrolling interests in investment entities — — 11,282 (875 ) 10,407 Noncontrolling interests in Operating Company 2 1 3,140 (2,769 ) 374 Amounts reclassified from AOCI attributable to: Stockholders — (44 ) (331 ) 271 (104 ) Noncontrolling interests in investment entities — — (785 ) — (785 ) Noncontrolling interests in Operating Company — (8 ) (64 ) 52 (20 ) Net other comprehensive (loss) income 11 (44 ) 29,568 (17,716 ) 11,819 AOCI at March 31, 2016 attributable to: Stockholders 9 (282 ) (26,130 ) 9,824 (16,579 ) Noncontrolling interests in investment entities — (149 ) 10,548 (876 ) 9,523 Noncontrolling interests in Operating Company 2 (2 ) 14,178 (8,467 ) 5,711 $ 11 $ (433 ) $ (1,404 ) $ 481 $ (1,345 ) Reclassifications out of AOCI—Stockholders Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended March 31, Affected Line Item in the Consolidated Statements of Operations Component of AOCI reclassified into earnings 2016 2015 Equity in realized loss on sale of marketable securities of unconsolidated joint ventures $ — $ (161 ) Equity in income of unconsolidated joint ventures Unrealized gain on ineffective cash flow hedge 44 — Other gain (loss), net Release of cumulative translation adjustments 331 — Other gain (loss), net Unrealized (loss) gain on dedesignated net investment hedges (271 ) 215 Other gain (loss), net

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling Interests in Investment Entities Noncontrolling interests in investment entities represent 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 generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including hypothetical liquidation at book value, when applicable and substantive. Noncontrolling Interests in Operating Company Noncontrolling interests in Operating Company represent membership interests in OP held directly or indirectly by senior executives of the Company. A majority of the OP Units held by noncontrolling interests were issued as 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 for cash based on the market value of an equivalent number of shares of Class A common stock at the time of redemption, or at the Company's election, through issuance of shares of Class A common stock (registered or unregistered) on a one-for-one basis. In June 2015, OP issued an additional 412,865 common OP Units to Cobalt Capital Management, L.P. ("CCM"), in exchange for redemption of a $10 million unsecured note that the Company previously issued to CCM in connection with its acquisition of the light industrial portfolio and operating platform in December 2014.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, (In thousands, except per share data) 2016 2015 Net income allocated to common stockholders Net income $ 91,031 $ 16,215 Net income attributable to noncontrolling interests: Investment entities (57,595 ) (5,686 ) Operating Company (3,421 ) — Net income attributable to Colony Capital, Inc. 30,015 10,529 Preferred dividends (11,880 ) (6,972 ) Net income attributable to common stockholders 18,135 3,557 Net income allocated to participating securities (nonvested shares) (568 ) (305 ) Net income allocated to common stockholders—basic 17,567 3,252 Interest expense attributable to convertible notes (1) — — Net income allocated to common stockholders—diluted $ 17,567 $ 3,252 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 111,660 109,415 Weighted average effect of dilutive shares (2) — — Weighted average number of common shares outstanding—diluted 111,660 109,415 Earnings per share Basic $ 0.16 $ 0.03 Diluted $ 0.16 $ 0.03 __________ (1) For the three months ended March 31, 2016 and 2015 , excluded from the calculation of diluted net income per share is the effect of adding back $6.8 million and $6.8 million of interest expense and 24,949,000 and 24,694,800 weighted average dilutive common share equivalents, respectively, for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive. Also excluded from the calculation of diluted income per share for the three months ended March 31, 2015 is the effect of adding back $169,000 of interest expense and 412,900 weighted average dilutive common share equivalents for the assumed repayment of a $10 million unsecured note issued to CCM in shares of the Company's common stock (see Note 15), as its inclusion would be antidilutive. (2) 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 March 31, 2016 , there were 21,749,000 redeemable OP Units. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for the three months ended March 31, 2016 .

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
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 consist of the following: (In thousands) March 31, 2016 December 31, 2015 Due from Affiliates Due from funds and unconsolidated joint ventures: Management fees $ 5,578 $ 5,734 Other 928 3,952 Due from CCLLC — 1,559 Due from employees and other affiliated entities 514 468 $ 7,020 $ 11,713 Due to Affiliates Contingent consideration (Note 3) $ 43,211 $ 52,990 Due to funds 2,979 — $ 46,190 $ 52,990 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; ▪ 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: (In thousands) Three Months Ended March 31, 2015 Base management fee expense $ 9,064 Compensation pursuant to secondment agreement 450 Direct and allocated investment-related expenses 366 Direct and allocated administrative expenses 1,922 $ 11,802 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: Management Fees— Pursuant to management and advisory agreements, the Company earns base and asset management fee income from managing private funds and their underlying investments. For the three months ended March 31, 2016 , base and asset management fees from affiliates, included in fee income, totaled $16.6 million . At March 31, 2016 , $1.8 million of fees received from a fund during the quarter became payable to the fund following a retrospective change in fee basis effective January 1, 2016. Cost Reimbursements— The Company received cost reimbursements for administrative services provided to affiliates, including property management services on behalf of the Company's investment entities. Cost reimbursements, included in other income, was $1.3 million for the three months ended March 31, 2016 , of which $0.4 million was receivable at March 31, 2016 . Recoverable Expenses— In the normal course of business, the Company pays certain expenses on behalf of managed funds, for which the Company recovers from the funds. Such amounts due from funds were $0.4 million at March 31, 2016 . Arrangements with Sponsored Fund— In December 2015, the Company sponsored a fund as general partner and co-invests alongside the Sponsored Fund through joint ventures between the Company and the Sponsored Fund. These co-investment joint ventures are consolidated by the Company. As general partner, the Company has capital commitments directly to the Sponsored Fund and as an affiliate of the general partner, capital commitments satisfied through the co-investment joint ventures. In connection with the Company's commitments as an affiliate of the general partner, the Company is allocated a proportionate share of the general and administrative costs of the Sponsored Fund. At March 31, 2016 , $1.2 million of advances made by the Sponsored Fund to the consolidated co-investment joint ventures was outstanding. As permitted by the limited partnership agreement of the Sponsored Fund, the Company may make interest bearing advances to the Sponsored Fund as general partner. There were no such advances outstanding at March 31, 2016 and December 31, 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 at the prime rate with varying terms and repayment conditions. At March 31, 2016 , outstanding advances were approximately $0.2 million and related interest amounts 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, included in other income, amounted to approximately $0.1 million for the three months ended March 31, 2016 and was outstanding at March 31, 2016 . Contingent Consideration— At March 31, 2016 , the contingent consideration in connection with the Combination that is payable to certain senior executives of the Company was estimated at $43.2 million , as discussed in Note 13.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 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 was as follows: Three Months Ended March 31, (In thousands) 2016 2015 Stock grants to the Manager and employees (1) $ 3,361 $ 5,897 Stock grants to non-executive directors 58 89 $ 3,419 $ 5,986 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, 2015 14,928 780,906 795,834 $ 22.51 Granted — 1,038,312 1,038,312 19.27 Vested (13,928 ) (363,970 ) (377,898 ) 26.02 Forfeited — (35,479 ) (35,479 ) 20.93 Nonvested shares at March 31, 2016 1,000 1,419,769 1,420,769 21.22 _________ (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 was $9.8 million and $12.1 million for the three months ended March 31, 2016 and 2015 , respectively. Fair value of shares vested was determined based on the closing price of the Company's Class A common stock on the respective dates of grant for director awards, on respective vesting dates for non-employee awards and on the date of closing of the Combination for employee awards. The weighted average grant-date fair value per share was $19.27 and $24.40 for the shares granted during the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , aggregate unrecognized compensation cost related to nonvested restricted stock grants was approximately $26.8 million and is expected to be fully recognized over a weighted-average period of approximately 28 months.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local and non-U.S. jurisdictions, primarily in Europe. The Company has elected or may elect to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS may perform non-customary services for tenants of the REIT, hold assets that the REIT cannot or does not intend to hold directly and, subject to certain exceptions related to hotels and healthcare properties, may engage in any real estate or non-real estate related business. The Company uses TRS entities to conduct certain activities that cannot be conducted directly by a REIT, including investment management, property management including hotel operations as well as loan servicing and workout activities. A TRS is treated as a regular, taxable corporation for U.S income tax purposes and therefore, is subject to U.S federal corporate tax on its income and property. The Company's current primary sources of income subject to tax are income from loan resolutions in some of the loan portfolios, income from interests in asset management companies which manage some of the loan portfolios, hotel operations from the real estate equity portfolio and fee income from the investment management business. Income Tax (Benefit) Expense Three Months Ended March 31, (In thousands) 2016 2015 Current Federal $ (28 ) $ 268 State and local 403 210 Foreign 3,509 — Total current tax expense 3,884 478 Deferred Federal (2,673 ) 114 State and local (419 ) 58 Foreign (8 ) — Total deferred tax benefit (3,100 ) 172 Total income tax expense $ 784 $ 650 Deferred Income Tax Assets and Liabilities The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows: (In thousands) March 31, 2016 December 31, 2015 Deferred tax assets Net operating loss carry forwards $ 11,640 $ 9,814 Stock-based compensation 1,349 2,890 Investment in partnerships 33 843 Deferred income 1,268 — Foreign tax credits 419 — Other 2,576 2,262 Total deferred tax assets 17,285 15,809 Deferred tax liabilities Intangible assets from Combination 26,478 28,875 Gain from remeasurement of consolidated investment entities, net 3,237 3,237 Assumption of tax basis from real estate acquisition (Note 6) 28,726 26,880 Other 1,555 1,504 Total deferred tax liabilities 59,996 60,496 Net deferred tax liability $ (42,711 ) $ (44,687 ) As of March 31, 2016 and December 31, 2015 , the Company has assessed that it is more likely than not that the benefits of its deferred tax assets will be realized and therefore, no valuation allowance was necessary.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , the Company’s share of those commitments was $37.7 million . Consolidated Real Estate Debt Investments— The Company has lending commitments to borrowers pursuant to certain loan agreements in which the borrower may submit a request for funding based on the achievement of certain criteria, which must be approved by the Company as lender, such as leasing, performance of capital expenditures and construction in progress with an approved budget. As of March 31, 2016 , total unfunded lending commitments was $417.4 million , of which the Company's share was $245.3 million , net of amounts attributable to noncontrolling interests. Consolidated Real Estate Equity Investments— As of March 31, 2016 , the Company, through a wholly-owned real estate equity investment entity, had a $34.0 million commitment to acquire an operating property upon completion of construction, which is being undertaken as a build-to-suit for a signed long term net lease. In January 2016, the Company, through an investment entity, partially-owned with its Sponsored Fund, entered into a purchase agreement to acquire an office property in France and made a deposit of $0.9 million . As of March 31, 2016 , total unfunded purchase commitment was $ 17.6 million . As general partner and general partner affiliate of the Sponsored Fund, the Company's share of the deposit and unfunded purchase commitment was approximately $0.2 million and $3.5 million , respectively. 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 March 31, 2016 , the unfunded commitment to ColFin Industrial Partnership was $163.2 million , representing $101.9 million for the Company and $61.3 million for the limited partners. Sponsored Fund Commitments— In December 2015, the Company, through wholly-owned subsidiaries of OP, held a closing of a global real estate credit fund (the “Global Credit Fund") with total callable capital commitments of $688.6 million , inclusive of capital commitment by certain wholly-owned subsidiaries of the OP. The Company's co-investment activities alongside the Global Credit Fund are conducted through joint ventures between the Company and the Global Credit Fund. As of March 31, 2016 , the Company committed capital of $1.0 million as general partner to be funded directly into the Global Credit Fund and an additional $136.7 million as an affiliate of the general partner ("GP Affiliate"), which commitments can be satisfied by funding certain joint ventures between the Company and the Global Credit Fund. At March 31, 2016 , the Company has unfunded commitments of $0.7 million as general partner and $92.8 million as GP Affiliate. In subsequent closings, the Company's cumulative capital commitments to the Global Credit Fund will be determined as the lower of $500.0 million or 20% of total capital commitments. Lease Commitments 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 for the three months ended March 31, 2016 was $1.4 million , included in administrative expenses. Prior to the Combination on April 2, 2015, such administrative cost was incurred directly by the Manager. Ground Leases— In connection with real estate acquisitions, the Company assumed certain noncancelable operating ground leases as lessee or sublessee with expiration dates through year 2996. Many ground leases require only nominal annual payments and are excluded from the table below. Certain leases require contingent rent payments based on a percentage of gross rental receipts, net of operating expenses, as defined in the lease. Rents paid under the ground leases are recoverable from tenants. For the three months ended March 31, 2016 and 2015 , ground rent expense was $106,000 and $77,000 , respectively, including contingent rent. As of March 31, 2016 , future minimum rental payments on noncancellable operating ground leases were as follows: (In thousands) Year Ending December 31, Ground Leases Remaining 2016 $ 290 2017 387 2018 387 2019 387 2020 398 2021 and after 30,218 Total $ 32,067 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 March 31, 2016 , the estimated fair value of the contingent consideration was $43.2 million , as discussed in Note 13. Litigation The Company may be involved in litigations and claims in the ordinary course of business. As of March 31, 2016 , the Company was not involved in any material legal proceedings.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information The Company conducts its business through the following reportable segments: Real Estate Equity • Light industrial real estate assets and operating platform; • Single-family residential rentals through equity method investments in Colony Starwood Homes subsequent to the merger described below (formerly Colony American Homes, or "CAH" ) and in Colony American Finance, LLC (formerly a subsidiary of CAH); • Other real estate equity investments; Real Estate Debt • Loan originations and acquisitions; and Investment Management • Investment management of Company-sponsored funds and other investment vehicles. 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. On January 5, 2016, pursuant to a merger agreement in September 2015, CAH and Starwood Waypoint Residential Trust (“SWAY”) completed a merger of the two companies into Colony Starwood Homes, in a stock-for-stock transaction. Colony Starwood Homes continues to trade on the New York Stock Exchange under the ticker symbol "SFR." Upon completion of the merger, based on each company’s net asset value, existing SWAY shareholders and the former owner of the SWAY manager own approximately 41% of the shares of the combined company, while former CAH shareholders own approximately 59% . At closing, the Company received approximately 15.1 million shares of Colony Starwood Homes, representing 13.8% of the combined company. At March 31, 2016 , the Company's interest in Colony Starwood Homes increased to 14.0% following a stock repurchase by Colony Starwood Homes of approximately 2 million shares in the first quarter of 2016. The Company's holdings of SFR stock are subject to lock-up for up to nine months after the closing of the merger. Immediately prior to completion of the merger, CAH effected an internal reorganization to exclude CAH’s residential specialty finance company, Colony American Finance, LLC ("CAF"), from the merger. As a result of the reorganization, the Company retained its 19.0% ownership interest in CAF. The Company accounts for its investment in Colony Starwood Homes under the equity method as it continues to have a significant influence over operating and financial policies of Colony Starwood Homes through its voting interest and board representation. The Company also continues to account for its investment in CAF under the equity method. 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 March 31, 2016 Income: Interest income $ — $ — $ 3 $ 89,347 $ — $ 11 $ 89,361 Property operating income 45,313 — 44,852 1,452 — — 91,617 Equity in (loss) income of unconsolidated joint ventures — (6,637 ) 3,391 5,624 (349 ) 400 2,429 Fee income — — — — 16,609 — 16,609 Other income 486 — 14 1,428 — 1,274 3,202 Total income (loss) 45,799 (6,637 ) 48,260 97,851 16,260 1,685 203,218 Expenses: Transaction, investment and servicing costs 270 — 4,558 4,280 45 2,268 11,421 Interest expense 9,418 — 10,676 10,289 — 11,488 41,871 Property operating expenses 13,969 — 14,886 1,931 — — 30,786 Depreciation and amortization 21,348 — 19,798 139 3,745 1,112 46,142 Provision for loan losses — — — 4,630 — — 4,630 Impairment loss — — — 1,759 320 — 2,079 Compensation expense 1,868 — 824 3,166 9,287 11,722 26,867 Administrative expenses 407 — 936 1,535 774 9,119 12,771 Total expenses 47,280 — 51,678 27,729 14,171 35,709 176,567 Gain on sale of real estate assets, net 781 — 49,430 908 — — 51,119 Other (loss) gain, net 31 — 3,897 308 (38 ) 9,847 14,045 Income tax benefit (expense) (65 ) — (3,733 ) (295 ) 3,426 (117 ) (784 ) Net (loss) income (734 ) (6,637 ) 46,176 71,043 5,477 (24,294 ) 91,031 Net (loss) income attributable to noncontrolling interests: Investment entities (901 ) — 31,381 27,115 — — 57,595 Operating Company 27 (1,054 ) 2,348 6,973 869 (5,742 ) 3,421 Net (loss) income attributable to Colony Capital, Inc. $ 140 $ (5,583 ) $ 12,447 $ 36,955 $ 4,608 $ (18,552 ) $ 30,015 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Three Months Ended March 31, 2015 Income: Interest income $ 7 $ — $ 6 $ 46,124 $ — $ 46,137 Property operating income 36,318 — 7,475 — — 43,793 Equity in (loss) income of unconsolidated joint ventures — (3,912 ) 5,527 24,734 — 26,349 Other income — — — 226 107 333 Total income (loss) 36,325 (3,912 ) 13,008 71,084 107 116,612 Expenses: Management fees — — — — 14,961 14,961 Transaction, investment and servicing costs 694 — 162 839 14,748 16,443 Interest expense 7,875 — 1,807 6,700 10,211 26,593 Property operating expenses 12,760 — 1,251 — — 14,011 Depreciation and amortization 19,620 — 2,688 — — 22,308 Provision for loan losses — — — 364 — 364 Impairment loss 450 — — — — 450 Compensation expense — — — — 615 615 Administrative expenses 502 — 112 332 3,220 4,166 Total expenses 41,901 — 6,020 8,235 43,755 99,911 Other (loss) gain, net (52 ) — — — 216 164 Income tax benefit (expense) (1) 122 — 49 (821 ) — (650 ) Net (loss) income (5,506 ) (3,912 ) 7,037 62,028 (43,432 ) 16,215 Net (loss) income attributable to noncontrolling interests—Investment entities (1,969 ) — 869 6,786 — 5,686 Net (loss) income attributable to Colony Capital, Inc. $ (3,537 ) $ (3,912 ) $ 6,168 $ 55,242 $ (43,432 ) $ 10,529 Total assets and equity method investments of each of segment are summarized as follows: March 31, 2016 December 31, 2015 (In thousands) Segment Assets Equity Method Investments Segment Assets Equity Method Investments Light industrial platform $ 1,928,140 $ — $ 1,926,002 $ — Single-family residential rentals 387,979 387,979 394,783 394,783 Other real estate equity 2,112,701 189,692 2,094,794 195,353 Real estate debt 4,627,929 216,548 4,734,547 214,218 Investment management 790,849 9,911 798,213 9,794 Amounts not allocated to segments 81,558 10,849 90,971 10,449 Total $ 9,929,156 $ 814,979 $ 10,039,310 $ 824,597

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 4, 2016, the Company redeemed 796,194 OP Units upon receipt of redemption notice from OP unitholders, with 153,150 OP units settled for cash of approximately $2.6 million , and at the Company's election, 643,044 OP units exchanged for shares of Class A common stock on a one -for-one basis. Additionally, in connection with such redemption of OP Units, 19,144 shares of Class B common stock held by the Executive Chairman were converted into an equivalent number of shares of Class A common stock on the same date. On May 9, 2016, the Company issued 28,525 shares of Class A common stock upon redemption of an equal number of OP Units by four different charitable organizations that had, prior to the redemption, received such OP Units as a charitable contribution from certain OP unitholders.

Significant Accounting Polici33

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	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, 2016 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, 2015 , as amended.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its controlled subsidiaries, including consolidated variable interest entities. All significant intercompany accounts and transactions have been eliminated. The portions of the equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represent interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company ("Co-Investment Funds") and membership interests in OP held by affiliates and senior executives. The Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or otherwise, if the Company controls an entity through a majority of voting interest. Variable Interest —A variable interest in an entity is an economic arrangement that absorbs economic risks and rewards of the entity. 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. 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. 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. Voting Interest —Unlike VIEs, voting interest entities have sufficient equity and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has a controlling financial interest through ownership of a majority of the entities' voting equity interests. 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 if there is a change in the Company's ability to control through a majority voting interest. Changes in consolidation status are applied prospectively. An entity 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.
Foreign Currency	Foreign Currency Assets and liabilities of non-U.S. dollar functional currency investments and subsidiaries are translated 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. Gains and losses related to translation of these non-U.S dollar functional currency items are included in other comprehensive income or loss within stockholders’ equity. Upon sale, complete or substantially complete liquidation of an investment in a foreign subsidiary, or upon partial sale of an equity method investment, the translation adjustment associated with the investment, or the proportionate share related to the portion of equity method investment sold, is reclassified from accumulated other comprehensive income or loss into earnings. Gains and losses resulting from nonfunctional currency transactions are recognized in the income statement in other gain (loss), net. Disclosures of non-US dollar amounts to be recorded in the future are translated using exchange rates in effect at balance sheet date.
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 the 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 a 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 the acquisition. Real estate acquisitions, which are considered as either business combinations or asset 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.
Reclassification	Reclassification Certain immaterial prior period amounts on the condensed consolidated statement of operations have been reclassified to conform to current period presentation.
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 amends existing revenue recognition standards, by establishing 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. The new revenue standard 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 No. 2014-09 was originally effective for fiscal years beginning after December 15, 2016 and interim periods therein. 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. In March 2016, the FASB issued amendments to clarify the principal versus agent assessment in the new revenue guidance, which affects whether revenue is recorded on a gross or net basis. The amendments have the same effective date and transition requirements as the new standard. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements. Financial Instruments —In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which affects accounting for investments in equity securities and financial liabilities under fair value option as well as presentation and disclosures, but does not affect accounting for investments in debt securities and loans . Key provisions include elimination of available for sale classification and cost method accounting, requiring investments in equity securities to be measured at fair value through earnings, unless an election is made to measure equity securities without readily determinable fair values at cost less impairment. ASU No. 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is limited to specific provisions. ASU 2016-01 is to be applied retrospectively with cumulative effect as of the beginning of the first reporting period adopted recognized in retained earnings, except for amendments related to equity investments without readily determinable fair values and disclosure requirements, which are to be applied prospectively. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements. Leases —In February 2016, the FASB issued ASU No. 2016-02, Leases , which amends existing lease accounting standards, primarily requiring lessees to recognize most leases on balance sheet through a right-of-use asset and a lease liability, as well as making targeted changes to lessor accounting, including a new model for sale-leaseback transactions that is applicable to both lessors and lessees. ASU No. 2016-02 is effective for fiscal years and interim periods beginning after December 31, 2018. Early adoption is permitted. The new leases standard requires adoption using a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, and provides for certain practical expedients. Full retrospective application is prohibited. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. Derivative Novation —In March 2016, the FASB issued ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships , which clarifies that a change in the derivative counterparty does not, in and of itself, represent a termination of the original derivative or a change in critical terms of the hedging relationship. As a result, a hedging relationship would not be dedesignated as long as all of the other hedge accounting criteria are met when considering the credit worthiness of the new counterparty. ASU No. 2016-05 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted, including interim periods. The new guidance may be adopted prospectively or on a modified retrospective basis to derivatives outstanding in the periods presented that were previously dedesignated due to a novation. The Company adopted the new guidance effective March 31, 2016 on a prospective basis. The adoption did not have an impact on the consolidated financial statements. Equity Method —In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting , which eliminates retrospective application of the equity method to prior periods that the investment was held before the investor obtained significant influence over the investee. ASU No. 2016-07 is effective for fiscal years beginning after December 15, 2016 and interim periods therein, to be applied prospectively. Early adoption is permitted, including interim periods. The Company adopted the new guidance effective March 31, 2016. The adoption did not have an impact on the consolidated financial statements. Share-Based Compensation —In March 2016, the FASB issued ASU No. 2016-09, Improvements to Share-Based Payment Accounting , which amends certain aspects of accounting for share-based payments to employees. This includes accounting for income tax effects in the income statement, increasing the fair value of shares applied for income tax withholding without triggering liability accounting, allowing forfeitures related to service condition to be recognized upon occurrence, as well as changes in cash flow classifications. This guidance may be adopted prospectively or on a modified retrospective transition basis depending on the requirements of each provision. ASU No. 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted, with all provisions within the guidance to be adopted in the same period. If early adopted in an interim period, adjustments are to be reflected as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

Combination with Colony Capit34

Combination with Colony Capital (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of consideration transferred, assets acquired and liabilities assumed	The following table summarizes the total consideration and allocation to assets acquired and liabilities assumed. In the first quarter of 2016, measurement period adjustments were identified that impacted provisional accounting, specifically adjustments to payroll accrual, valuation of investment management contract intangible asset and related impact to deferred tax liability, which increased goodwill by approximately $1.9 million , as presented in the table below. (In thousands) As Reported At December 31, 2015 Measurement Period Adjustments (1) Final Adjusted Amounts At March 31, 2016 Consideration Cash $ 61,350 $ — $ 61,350 Class A and Class B common stock issued 52,160 — 52,160 OP Units issued 558,794 — 558,794 Estimated fair value of contingent consideration (2) 69,500 — 69,500 $ 741,804 $ — $ 741,804 Identifiable assets acquired and liabilities assumed Cash $ 5,015 $ — $ 5,015 Fixed assets 46,396 — 46,396 Other assets 23,300 — 23,300 Intangible asset: Investment management contracts 46,000 (1,900 ) 44,100 Customer relationships 46,800 — 46,800 Trade name 15,500 — 15,500 Notes payable (44,337 ) — (44,337 ) Deferred tax liability (35,920 ) 729 (35,191 ) Other liabilities (19,217 ) (689 ) (19,906 ) 83,537 (1,860 ) 81,677 Goodwill 658,267 1,860 660,127 $ 741,804 $ — $ 741,804 __________ (1) The estimated fair values and purchase price allocation on April 2, 2015 were subject to retrospective adjustments during the measurement period, which ended on April 1, 2016, based upon new information obtained about facts and circumstances that existed as of the date of acquisition. (2) Estimated fair value of contingent consideration is subject to remeasurement each reporting period, as discussed in Note 13.
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 three months ended March 31, 2015 were adjusted to exclude acquisition-related expenses of approximately $14.1 million . The pro forma results are not indicative of future operating results. (In thousands, except per share data) Three Months Ended March 31, 2015 Pro forma: Total income $ 147,711 Net income attributable to Colony Capital, Inc. 23,238 Net income attributable to common stockholders 16,266 Net income per common share: Basic $ 0.14 Diluted $ 0.14 The following table presents pro forma results of the Company as if all 2015 real estate business combinations above had been completed on January 1, 2014. The pro forma results for the three months ended March 31, 2015 have been adjusted to exclude non-recurring acquisition-related expenses of approximately $93,000 . These pro forma results are not necessarily indicative of future operating results. Real estate business combinations for the three months ended March 31, 2016 were not material to the Company's consolidated results of operations. (In thousands, except per share data) Three Months Ended March 31, 2015 Pro forma: Total income $ 138,296 Net income 10,993 Net income attributable to common stockholders 2,550 Net income per common share: Basic $ 0.02 Diluted $ 0.02

Loans Receivable (Tables)

Loans Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment. March 31, 2016 December 31, 2015 (Amounts in thousands) Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Maturity in Years Non-PCI Loans Fixed rate Mortgage loans $ 917,545 $ 907,278 9.2 % 3.7 $ 882,935 $ 880,519 9.3 % 3.9 Securitized mortgage loans 131,782 134,579 6.4 % 16.6 135,519 138,366 6.4 % 16.9 Mezzanine loans 332,670 333,596 12.3 % 3.3 338,856 340,260 12.3 % 3.5 1,381,997 1,375,453 1,357,310 1,359,145 Variable rate Mortgage loans 689,765 674,704 7.3 % 1.5 643,013 627,374 7.2 % 1.7 Securitized mortgage loans 1,034,262 1,031,768 5.7 % 3.1 1,051,822 1,048,522 5.5 % 3.4 Mezzanine loans 348,035 347,538 11.0 % 0.5 348,091 347,267 10.8 % 0.7 2,072,062 2,054,010 2,042,926 2,023,163 3,454,059 3,429,463 3,400,236 3,382,308 PCI Loans Mortgage loans 966,388 670,321 1,008,839 693,934 Securitized mortgage loans 8,816 7,436 8,871 7,422 975,204 677,757 1,017,710 701,356 Allowance for loan losses — (39,676 ) — (35,187 ) Loans held for investment, net $ 4,429,263 $ 4,067,544 $ 4,417,946 $ 4,048,477
Activity in Loans Receivable	Activity in loans held for investment is summarized below: Three Months Ended March 31, (In thousands) 2016 2015 Carrying value at January 1 $ 4,048,477 $ 2,131,134 Loan acquisitions and originations 63,356 121,463 Paid-in-kind interest added to loan principal 9,435 1,547 Discount and net loan fee amortization 2,155 3,179 Loan repayments (46,083 ) (26,842 ) Payments received from PCI loans (34,825 ) (66,907 ) Accretion on PCI loans 14,087 5,978 Transfer to real estate assets upon foreclosure (1,374 ) — Provision for loan losses, excluding interest receivable (4,489 ) (112 ) Effect of changes in foreign exchange rates 16,805 (22,543 ) Carrying value at March 31 $ 4,067,544 $ 2,146,897
Schedule of Loans Receivable Remaining Maturities	Carrying values of loans held for investment before allowance for loan losses, excluding PCI loans, based on remaining maturities under contractual terms at March 31, 2016 , was as follows: (In thousands) Due in one year or less $ 933,040 Due after one year through five years 2,063,844 Due after five years 432,579 $ 3,429,463
Summary of Past Due Loans	The following table provides an aging summary of loans held for investment at carrying values before allowance for loan losses, 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 March 31, 2016 $ 3,399,889 $ 4,869 $ 13,713 $ 10,992 $ 3,429,463 At December 31, 2015 3,357,454 14,628 1,509 8,717 3,382,308
Schedule of Troubled Debt Restructuring	The following table provides a summary of loan modifications, excluding purchased credit-impaired loans, classified as TDRs, in which the Company provided the borrowers, who are experiencing financial difficulties, with various concessions in interest rates, payment terms or default waivers. Three Months Ended March 31, (Dollars in thousands) 2016 2015 Loans modified in TDRs during the period: Number of loans 1 — Carrying value of loans before allowance for loan losses $ 37,611 $ — Loss incurred 1,687 —
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans were as follows: Three Months Ended March 31, (In thousands) 2016 2015 Beginning accretable yield $ 66,639 $ 98,523 Changes in accretable yield 6,510 2,024 Accretion (14,087 ) (5,978 ) Effect of changes in foreign exchange rates 156 (10,492 ) Ending accretable yield $ 59,218 $ 84,077
Schedule of Nonaccrual Loans	Carrying values of loans, before allowance for loan losses, that have been placed on nonaccrual were as follows: (In thousands) March 31, 2016 December 31, 2015 Non-PCI loans $ 24,705 $ 10,226 PCI loans 117,443 116,647 $ 142,148 $ 126,873
Impairment and Allowance for Loan Losses	The allowance for loan losses and related carrying values of loans held for investment were as follows: March 31, 2016 December 31, 2015 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 3,656 $ 57,531 $ 472 $ 7,827 PCI loans 36,020 203,766 34,715 203,527 $ 39,676 $ 261,297 $ 35,187 $ 211,354 Changes in allowance for loan losses are presented below: Three Months Ended March 31, (In thousands) 2016 2015 Allowance for loan losses at January 1 $ 35,187 $ 197 Provision for loan losses 4,489 364 Allowance for loan losses at March 31 $ 39,676 $ 561

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of Components of Real Estates	The Company's real estate assets comprise the following: (In thousands) March 31, 2016 December 31, 2015 Real Estate Held for Investment Land $ 631,325 $ 578,577 Buildings and improvements 2,726,749 2,619,872 Foreclosed properties 20,192 19,989 3,378,266 3,218,438 Less: Accumulated depreciation (121,792 ) (86,220 ) 3,256,474 3,132,218 Real Estate Held for Sale Land, buildings and improvements 73,772 203,970 Foreclosed properties 79,644 93,917 153,416 297,887 Real Estate Assets, Net $ 3,409,890 $ 3,430,105
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the Company's real estate acquisitions: ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Properties Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets Lease Intangible Liabilities Other Liabilities Three Months Ended March 31, 2016 (2) Business Combinations (3) (4) January Industrial—Spain 23 $ 94,403 $ 30,451 $ 59,399 $ 5,318 $ (765 ) $ — February Light industrial—Maryland, U.S. 1 17,625 3,294 13,324 1,178 (171 ) — 24 $ 112,028 $ 33,745 $ 72,723 $ 6,496 $ (936 ) $ — Year Ended December 31, 2015 Asset Acquisitions (5) January Education—Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — June Office—Norway (6) 1 322,231 69,350 257,541 28,235 — (32,895 ) November Office—France 1 31,000 3,936 24,096 3,661 (693 ) — Business Combinations (3) (4) — Various Light industrial—Various in U.S. 34 345,463 53,257 280,380 17,724 (5,898 ) — December Mixed use—United Kingdom (7) 24 440,999 54,005 316,405 79,282 (8,693 ) — 62 $ 1,307,604 $ 196,998 $ 1,008,868 $ 149,917 $ (15,284 ) $ (32,895 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Purchase price excludes transaction costs. (2) Useful life of real estate assets acquired in 2016 ranges from 26 to 35 years for buildings, 4 to 6 years for improvements, 33 years for below-market ground lease obligations and 4 to 7 years for other lease intangibles. (3) Acquisitions of real estate assets with existing leases where the sellers are not the lessees are classified as business combinations. Transaction costs associated with business combinations are expensed, totaling $4.0 million for the three months ended March 31, 2016. (4) The estimated fair values and purchase price allocation are provisional and subject to retrospective adjustments 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. (5) These asset acquisitions are net lease properties in which the Company entered into sale-leaseback transactions with the sellers. Transaction costs associated with asset acquisitions are capitalized, totaling approximately $4.1 million for the three months ended March 31, 2015. (6) The Company acquired equity in a subsidiary of the seller, partially financed by a non-callable bond, and assumed the liabilities of the entity acquired of $2.1 million , as well as the entity's tax basis, resulting in a tax basis difference recorded as a deferred tax liability of $30.8 million upon acquisition. (7) In the first quarter of 2016, certain measurement period adjustments were identified which impacted provisional accounting, primarily below-market operating ground leases assumed by the Company in connection with the properties acquired. These adjustments resulted in an increase to lease intangible assets with a corresponding decrease to land of $18.6 million , an increase to buildings and improvements of $1.1 million and a decrease to lease intangible liabilities of $1.1 million . Included in the condensed consolidated statement of operations for the three months ended March 31, 2016 was a $0.3 million increase in depreciation and amortization expense as well as immaterial adjustments to increase rent expense and decrease rental income to reflect the effects of the measurement period adjustment as of the acquisition date in December 2015. The following table presents the combined assets, liabilities and noncontrolling interests of the consolidated investment entities as of April 2, 2015: (In thousands) 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
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 three months ended March 31, 2015 were adjusted to exclude acquisition-related expenses of approximately $14.1 million . The pro forma results are not indicative of future operating results. (In thousands, except per share data) Three Months Ended March 31, 2015 Pro forma: Total income $ 147,711 Net income attributable to Colony Capital, Inc. 23,238 Net income attributable to common stockholders 16,266 Net income per common share: Basic $ 0.14 Diluted $ 0.14 The following table presents pro forma results of the Company as if all 2015 real estate business combinations above had been completed on January 1, 2014. The pro forma results for the three months ended March 31, 2015 have been adjusted to exclude non-recurring acquisition-related expenses of approximately $93,000 . These pro forma results are not necessarily indicative of future operating results. Real estate business combinations for the three months ended March 31, 2016 were not material to the Company's consolidated results of operations. (In thousands, except per share data) Three Months Ended March 31, 2015 Pro forma: Total income $ 138,296 Net income 10,993 Net income attributable to common stockholders 2,550 Net income per common share: Basic $ 0.02 Diluted $ 0.02
Schedule of Components of Property Operating Income	The components of property operating income are as follows: Three Months Ended March 31, (In thousands) 2016 2015 Rental income $ 67,221 $ 33,346 Tenant reimbursements 14,745 10,447 Hotel operating income 9,651 — $ 91,617 $ 43,793
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of March 31, 2016 are as follows: Year Ending December 31, (In thousands) Remaining 2016 $ 179,273 2017 217,538 2018 188,666 2019 157,581 2020 133,829 2021 and after 737,068 Total $ 1,613,955 As of March 31, 2016 , future minimum rental payments on noncancellable operating ground leases were as follows: (In thousands) Year Ending December 31, Ground Leases Remaining 2016 $ 290 2017 387 2018 387 2019 387 2020 398 2021 and after 30,218 Total $ 32,067

Investments in Unconsolidated37

Investments in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2016
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) March 31, 2016 December 31, 2015 Equity method investments $ 814,979 $ 824,597 Cost method investment 99,736 99,868 $ 914,715 $ 924,465
Schedule of Combined Assets, Liabilities and Noncontrolling Interest of Consolidated Investment Entities	The following table summarizes the Company's real estate acquisitions: ($ in thousands) Purchase Price Allocation Acquisition Date Property Type and Location Number of Properties Purchase Price (1) Land Buildings and Improvements Lease Intangible Assets Lease Intangible Liabilities Other Liabilities Three Months Ended March 31, 2016 (2) Business Combinations (3) (4) January Industrial—Spain 23 $ 94,403 $ 30,451 $ 59,399 $ 5,318 $ (765 ) $ — February Light industrial—Maryland, U.S. 1 17,625 3,294 13,324 1,178 (171 ) — 24 $ 112,028 $ 33,745 $ 72,723 $ 6,496 $ (936 ) $ — Year Ended December 31, 2015 Asset Acquisitions (5) January Education—Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — June Office—Norway (6) 1 322,231 69,350 257,541 28,235 — (32,895 ) November Office—France 1 31,000 3,936 24,096 3,661 (693 ) — Business Combinations (3) (4) — Various Light industrial—Various in U.S. 34 345,463 53,257 280,380 17,724 (5,898 ) — December Mixed use—United Kingdom (7) 24 440,999 54,005 316,405 79,282 (8,693 ) — 62 $ 1,307,604 $ 196,998 $ 1,008,868 $ 149,917 $ (15,284 ) $ (32,895 ) __________ (1) Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated based on foreign exchange rates as of respective dates of acquisition, where applicable. Purchase price excludes transaction costs. (2) Useful life of real estate assets acquired in 2016 ranges from 26 to 35 years for buildings, 4 to 6 years for improvements, 33 years for below-market ground lease obligations and 4 to 7 years for other lease intangibles. (3) Acquisitions of real estate assets with existing leases where the sellers are not the lessees are classified as business combinations. Transaction costs associated with business combinations are expensed, totaling $4.0 million for the three months ended March 31, 2016. (4) The estimated fair values and purchase price allocation are provisional and subject to retrospective adjustments 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. (5) These asset acquisitions are net lease properties in which the Company entered into sale-leaseback transactions with the sellers. Transaction costs associated with asset acquisitions are capitalized, totaling approximately $4.1 million for the three months ended March 31, 2015. (6) The Company acquired equity in a subsidiary of the seller, partially financed by a non-callable bond, and assumed the liabilities of the entity acquired of $2.1 million , as well as the entity's tax basis, resulting in a tax basis difference recorded as a deferred tax liability of $30.8 million upon acquisition. (7) In the first quarter of 2016, certain measurement period adjustments were identified which impacted provisional accounting, primarily below-market operating ground leases assumed by the Company in connection with the properties acquired. These adjustments resulted in an increase to lease intangible assets with a corresponding decrease to land of $18.6 million , an increase to buildings and improvements of $1.1 million and a decrease to lease intangible liabilities of $1.1 million . Included in the condensed consolidated statement of operations for the three months ended March 31, 2016 was a $0.3 million increase in depreciation and amortization expense as well as immaterial adjustments to increase rent expense and decrease rental income to reflect the effects of the measurement period adjustment as of the acquisition date in December 2015. The following table presents the combined assets, liabilities and noncontrolling interests of the consolidated investment entities as of April 2, 2015: (In thousands) 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: Three Months Ended March 31, (In thousands) 2016 2015 Balance at January 1 $ 824,597 $ 1,646,977 Contributions 14,278 107,429 Distributions (26,846 ) (96,025 ) Equity in net income 2,429 26,349 Equity in other comprehensive income (loss) 11 (612 ) Equity in realized loss reclassified from accumulated other comprehensive income — 161 Foreign currency translation gain (loss) and other 510 (28,803 ) Balance at March 31 $ 814,979 $ 1,655,476

Goodwill, Deferred Leasing Co38

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets from Acquisitions	The following table summarizes goodwill, deferred leasing costs, other intangible assets and intangible liabilities arising from acquisitions of operating real estate and the investment management business: March 31, 2016 December 31, 2015 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount Accumulated Amortization Net Carrying Amount Goodwill $ 680,127 NA $ 680,127 $ 678,267 NA $ 678,267 Deferred Leasing Costs and Intangible Assets Trade name $ 15,500 NA $ 15,500 $ 15,500 NA $ 15,500 In-place lease values 150,065 (37,542 ) 112,523 144,863 (27,780 ) 117,083 Above-market lease values 33,502 (10,501 ) 23,001 32,774 (7,708 ) 25,066 Below-market ground lease obligations 50,965 (184 ) 50,781 36,635 (39 ) 36,596 Deferred leasing costs 76,173 (16,098 ) 60,075 71,710 (12,647 ) 59,063 Investment management contracts 39,646 (16,864 ) 22,782 41,897 (13,985 ) 27,912 Customer relationships 46,800 (3,342 ) 43,458 46,800 (2,507 ) 44,293 Total deferred leasing costs and intangible assets $ 412,651 $ (84,531 ) $ 328,120 $ 390,179 $ (64,666 ) $ 325,513 Intangible Liabilities Below-market lease values $ 30,677 $ (6,445 ) $ 24,232 $ 28,879 $ (4,523 ) $ 24,356 Above-market ground lease obligations 172 (7 ) 165 171 (5 ) 166 Total intangible liabilities $ 30,849 $ (6,452 ) $ 24,397 $ 29,050 $ (4,528 ) $ 24,522 __________ (1) For intangible assets and intangible liabilities recognized in connection with business combinations, purchase price allocations may be subject to adjustments during the measurement period, not to exceed one year from date of acquisition, based upon new information obtained about facts and circumstances that existed at time of acquisition. Carrying amounts at March 31, 2016 were presented net of measurement period adjustments, where applicable (see Note 3 and Note 6).
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 March 31, (Amounts in thousands) 2016 2015 Above-market lease values $ (2,766 ) $ (1,670 ) Below-market lease values 1,939 647 Net decrease to rental income $ (827 ) $ (1,023 ) Net below-market ground lease obligations Increase to rent expense $ 140 $ 5 In-place lease values $ 10,416 $ 5,128 Deferred leasing costs 3,348 2,572 Investment management contracts 2,909 — Customer relationships 836 — Amortization expense $ 17,509 $ 7,700
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, Remaining2016 2017 2018 2019 2020 2021 and after Total Above-market lease values $ (7,199 ) $ (6,088 ) $ (3,770 ) $ (1,819 ) $ (1,258 ) $ (2,867 ) $ (23,001 ) Below-market lease values 4,823 5,186 3,756 2,108 1,379 6,980 24,232 (Decrease) increase to rental income $ (2,376 ) $ (902 ) $ (14 ) $ 289 $ 121 $ 4,113 $ 1,231 Net below-market ground lease obligations Increase to rent expense $ 380 $ 506 $ 506 $ 506 $ 506 $ 48,212 $ 50,616 In-place lease values $ 23,374 $ 20,120 $ 13,941 $ 10,097 $ 8,030 $ 36,961 $ 112,523 Deferred leasing costs 9,550 10,611 8,616 6,468 4,802 20,028 60,075 Investment management contracts 7,360 6,320 3,636 2,906 1,818 742 22,782 Customer relationships 2,507 3,343 3,343 3,343 3,343 27,579 43,458 Amortization expense $ 42,791 $ 40,394 $ 29,536 $ 22,814 $ 17,993 $ 85,310 $ 238,838

Other Assets and Other Liabil39

Other Assets and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Other Assets and Liabilities [Abstract]
Schedule of the Company's Other Assets, Net	The following table summarizes the Company's other assets: (In thousands) March 31, 2016 December 31, 2015 Restricted cash (1) $ 171,168 $ 187,208 Deferred financing costs, net (2) 9,711 4,083 Interest receivable 39,272 34,074 Other receivables, including straight-line rents 36,958 43,130 Derivative assets 22,425 21,636 Prepaid expenses and other 23,267 21,320 Fixed assets, net (3) 47,639 48,463 Total (4) $ 350,440 $ 359,914 __________ (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 relate to revolving credit arrangements and are shown net of accumulated amortization of $8.1 million and $6.8 million as of March 31, 2016 and December 31, 2015 , respectively. (3) Fixed assets are shown net of accumulated depreciation of $4.4 million and $3.3 million as of March 31, 2016 and December 31, 2015 , respectively. Depreciation for the three months ended March 31, 2016 was $1.1 million . The Company did not hold any fixed assets prior to and as of March 31, 2015. (4) At March 31, 2016 and December 31, 2015 , other assets related to real estate held for sale was $3.7 million
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) March 31, 2016 December 31, 2015 Borrower and tenant reserves $ 103,026 $ 116,800 Deferred income 29,310 41,671 Interest payable 21,727 18,071 Intangible liabilities, net 24,397 24,522 Derivative liabilities 13,117 507 Current and deferred tax liabilities 43,804 44,951 Accrued compensation 12,727 11,495 Accounts payable and other liabilities 68,180 67,572 Total (1) $ 316,288 $ 325,589 __________ (1) Intangible liabilities and accrued and other liabilities related to real estate assets held for sale were $15,000 and $7.9 million at March 31, 2016 , and $35,000 and $9.1 million at December 31, 2015 , respectively.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debts	Components of debt are summarized as follows: (In Thousands) March 31, 2016 December 31, 2015 Line of credit $ 303,600 $ 315,000 Secured debt 3,332,272 3,313,550 Less: Debt issuance costs, net (40,149 ) (40,826 ) $ 3,595,723 $ 3,587,724 The following table summarizes certain information about the Company's secured debt: (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) March 31, 2016 December 31, 2015 Investment level financing: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I $ 22,549 $ 23,123 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2016 P&I 10,002 10,965 (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) March 31, 2016 December 31, 2015 Investment level financing: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2016 P&I 3,448 5,869 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 P&I 7,446 8,579 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 3,856 4,351 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 62,401 73,543 Secured financing First mortgage loan secured by residential properties 1-month LIBOR+3.75% Jun-2016 P&I 10,268 10,314 Warehouse facility (4) Eligible first mortgage loans originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% Feb-2017 I/O 48,198 48,198 Warehouse facility (4) Eligible first mortgage loans, including any corresponding mezzanine loans, originated within Transitional CRE Lending Platform 1 month LIBOR+2.50% to 2.75% Apr-2018 I/O 131,328 114,433 First mortgage loan (5) Hotel properties 1-month LIBOR+4.65% Jan-2019 (5) 94,000 94,000 First mortgage loan (6) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 13,500 13,500 First mortgage loan Office property in Minnesota 4.84% fixed Jan-2024 P&I 87,782 88,000 First mortgage loan (7) Commercial properties in United Kingdom 3-month GBP LIBOR+2.50% Aug-2018 I/O 85,873 88,121 First mortgage loan (8) Office properties throughout Italy 4.02% fixed Nov-2018 (8) 83,739 79,133 First mortgage loan (9) Warehouse properties in Spain 3-month Euribor+2.80% Jun-2022 I/O 26,623 25,540 First mortgage loan (10) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 894,740 917,469 First mortgage loan Portfolio of light industrial properties across the U.S 3.80% fixed Aug-2025 I/O 165,750 165,750 First mortgage loan Portfolio of light industrial properties across the U.S. 4.04% fixed Apr-2028 (11) 93,450 — First mortgage loans Two higher education campuses in Switzerland 2.72% fixed Dec-2029 P&I 125,085 120,947 First mortgage loan (12) Office property in United Kingdom 3-month GBP LIBOR+2.35% Feb-2020 I/O 13,642 — First mortgage loan Office property in France 1.89% fixed Nov-2022 I/O 17,867 17,050 First mortgage loan (13) Portfolio of office, retail and other commercial properties in United Kingdom 3-month GBP LIBOR+3.28% Nov-2018 I/O 230,866 236,911 First mortgage loan (14) Portfolio of industrial properties in Spain 3-month Euribor+3.00% Jan-2021 I/O 51,360 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 193,440 180,960 Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O — 23,730 Revolving credit facility Partner capital commitments 1-month LIBOR+1.60% Sept-2016 I/O 29,400 104,400 2,506,613 2,454,886 (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) March 31, 2016 December 31, 2015 Investment level financing: Commercial Mortgage-Backed Securitization ("CMBS") Debt: CMBS 2014-FL1 (15) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+1.78% Apr-2031 I/O 105,548 126,248 CMBS 2014-FL2 (15) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.01% Nov-2031 I/O 203,734 203,734 CMBS 2015-FL3 (15) Portfolio of first mortgage loans originated within Transitional CRE Lending Platform 1-month LIBOR+2.36% Sept-2032 I/O 340,350 340,350 CMBS MF 2014-1 (16) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed (15) I/O 133,497 145,349 783,129 815,681 Notes Payable: Promissory notes (17) Corporate aircraft 5.02% fixed Dec-2025 P&I 42,530 42,983 Total $ 3,332,272 $ 3,313,550 __________ (1) All secured debt presented in the table are non-recourse unless otherwise stated as recourse debt. (2) 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) (3) These financings in connection with loan portfolio acquisitions 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 multiple 1-year extension options to the initial term. (4) The Company entered into two warehouse facilities with different commercial banks to partially finance loans within its Transitional Commercial Real Estate ("CRE") Lending Platform. The initial term of each facility is subject to a 1 -year extension option. The facility maturing in February 2017 is full recourse to OP and provides up to $150 million in financing. The facility maturing in April 2018 is partial recourse and provides up to $250 million in financing. (5) Initial term on the loan is subject to two 1 -year extensions. Payment terms is interest only through January 2017, followed by periodic principal and interest for the remaining term of the loan. An interest rate cap is required to be maintained at a maximum strike rate of 3.00% on 1-month LIBOR. Interest rate spread is presented as a weighted average across different tranches of the loan. At March 31, 2016, $23.6 million of outstanding principal balance was related to real estate held for sale. (6) Initial term on the loan is subject to two 1 -year extensions, during which payment terms require periodic principal and interest. (7) The loan has two 1 -year extensions on its initial term and requires an interest rate cap to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. At March 31, 2016, $0.6 million of outstanding principal balance was related to a real estate held for sale (8) 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. (9) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3-month Euribor. (10) This loan was obtained in connection with the acquisition of the light industrial properties portfolio and operating platform in December 2014, has three 1 -year extension options, with interest rate margin increasing to 2.50% effective December 2018, and requires an interest rate cap to be maintained at a strike rate of 3.00% on 1-month LIBOR. At March 31, 2016 and December 31, 2015 , $3.7 million and $4.9 million , respectively, of outstanding principal balance were related to real estate held for sale. (11) Payment terms is interest only through April 2021, followed by periodic principal and interest for remaining term of the loan. (12) The loan requires an interest rate cap to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. (13) Interest rate spread was 2.75% at inception and amended to a weighted average of 3.28% in January 2016. Initial term on the loan is subject to two 1 -year extensions. Payment terms changes from interest only to periodic principal and interest if specific loan-to-value threshold is exceeded at any time effective August 2016. An interest rate cap is required to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. Interest rate spread is presented as a weighted average of the facility amount across two tranches of the loan. At March 31, 2016 and December 31, 2015 , $4.2 million and $4.1 million , respectively, of outstanding principal balance was related to a real estate held for sale. (14) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3-month Euribor. (15) 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. Senior notes issued by the securitization trusts were generally sold to third parties and subordinated notes retained by the Company. These three securitizations are accounted for as secured financing with underlying mortgage loans pledged as collateral. Principal repayments from underlying collateral loans must be applied to repay the notes until fully paid off, irrespective of the contractual maturities of the notes. Underlying collateral loans have initial terms of 2 to 3 years. Interest rate spreads on these CMBS debt are presented on a weighted average basis as of the date of the respective securitizations. (16) 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 remaining certificates. The securitization was accounted for as a secured financing with underlying mortgage loans pledged as collateral. Although the certificates do not have a contractual maturity date, principal repayments from underlying collateral loans must be applied to repay the debt until fully paid off. Underlying collateral loans have initial remaining terms of 1 to 24 years. Interest rate is presented on a weighted average basis as of the date of the securitization. (17) In connection with the Combination, the Company assumed two promissory notes, with full recourse, bearing interest at a fixed weighted-average rate of 5.02% .
Schedule of Principal Payments Due Under Financing Agreements	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, excluding CMBS debt, as of March 31, 2016 . Year Ending December 31, (In thousands) Remaining 2016 $ 163,069 (1) 2017 108,231 (1) 2018 502,726 (1) 2019 994,343 2020 22,287 2021 and after 764,365 Total $ 2,555,021 __________ (1) Amounts include a combined $5.9 million of discount on seller-provided zero -interest financing being accreted to debt principal. CMBS debt obligations are estimated to be repaid earlier than the contractual maturity only if proceeds from the underlying loans are repaid by the borrowers. Future principal payments based on contractual maturity or otherwise based on reasonable expectations of cash flows from the underlying loans as of March 31, 2016 are as follows: (In thousands) Year Ending December 31, Contractual Maturity Expectations of Cash Flows Remaining 2016 $ — $ 101,312 2017 — 438,129 2018 — 206,556 2019 — 21,975 2020 — 15,157 2021 and after 783,129 — Total $ 783,129 $ 783,129
Convertible Senior Notes Issued	Convertible Senior Notes issued by the Company and outstanding are as follows: Conversion Price (per share of common stock) March 31, 2016 December 31, 2015 Description Issuance Date Due Date Interest Rate Redemption Date Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) Outstanding Principal (in thousands) Carrying Amount (in thousands) (1) 5% Convertible Senior Notes April 2013 April 15, 2023 5.00% fixed $ 23.35 On or after April 22, 2020 $ 200,000 $ 195,208 $ 200,000 $ 195,069 3.875% Convertible Senior Notes January and June 2014 January 15, 2021 3.875% fixed 24.56 On or after January 22, 2019 402,500 396,300 402,500 396,010 $ 602,500 $ 591,508 $ 602,500 $ 591,079 __________ (1) Carrying amounts include $1.6 million and $1.7 million of premium and are shown net of debt issuance costs of $12.6 million and $13.1 million at March 31, 2016 and December 31, 2015 , respectively.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value of Derivative Instruments	Gross fair value of derivative assets and derivative liabilities are as follows: March 31, 2016 December 31, 2015 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 21,417 $ 374 $ 21,791 $ 19,773 $ 426 $ 20,199 Interest rate contracts 1 633 634 5 1,432 1,437 Included in other assets $ 21,418 $ 1,007 $ 22,425 $ 19,778 $ 1,858 $ 21,636 Derivative Liabilities Foreign exchange contracts $ 12,815 $ 302 $ 13,117 $ 505 $ — $ 505 Interest rate contracts — — — 2 — 2 Included in accrued and other liabilities $ 12,815 $ 302 $ 13,117 $ 507 $ — $ 507
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 March 31, 2016 along with certain key terms: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates Designated Non-Designated EUR FX Collar € 140,970 € 1,455 Min $1.09 / Max $1.53 July 2017 to January 2021 GBP FX Collar £ 130,900 £ 3,100 Min $1.40 / Max $1.82 September 2017 to December 2020 EUR FX Forward € 119,146 € 2,004 Range between $1.07 to $1.27 May 2016 to January 2019 GBP FX Forward £ 75,150 £ — Range between $1.49 to $1.51 June 2016 to December 2018 CHF FX Forward CHF 54,383 CHF 1,162 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 895,454 NOK 27,546 $0.12 May 2016
Schedule of Interest Rate Derivatives	As of March 31, 2016 , the Company held the following designated and non-designated interest rate contracts: Notional Amount Instrument Type Designated Non-Designated Index Strike Expiration Interest rate caps $ 750,000 $ 476,750 1-Month LIBOR 3.00% December 2016 to January 2019 Interest rate caps $ — $ 95,387 1-Month LIBOR 2.50% April 2016 to December 2016 Interest rate caps € — € 53,751 3-Month EURIBOR 1.50% February 2021 to June 2022 Interest rate caps £ — £ 60,945 3-Month GBP LIBOR 2.25% November 2018 to February 2020 Interest rate caps £ — £ 152,732 3-Month GBP LIBOR 2.00% December 2018

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	3 Months Ended
	Mar. 31, 2016
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) March 31, 2016 Derivative Assets Foreign exchange forwards $ 4,641 $ (893 ) $ — $ 3,748 Foreign exchange collars 17,150 (2,262 ) — 14,888 Interest rate caps 634 — — 634 $ 22,425 $ (3,155 ) $ — $ 19,270 Derivative Liabilities Foreign exchange forwards $ (10,855 ) $ 893 $ — $ (9,962 ) Foreign exchange collars (2,262 ) 2,262 — — $ (13,117 ) $ 3,155 $ — $ (9,962 ) December 31, 2015 Derivative Assets Foreign exchange forwards $ 5,907 $ (58 ) $ — $ 5,849 Foreign exchange collars 14,292 (66 ) — 14,226 Interest rate caps 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange forwards $ (439 ) $ 58 $ — $ (381 ) Foreign exchange collars (66 ) 66 — — Interest rate swap (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 )
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) March 31, 2016 Derivative Assets Foreign exchange forwards $ 4,641 $ (893 ) $ — $ 3,748 Foreign exchange collars 17,150 (2,262 ) — 14,888 Interest rate caps 634 — — 634 $ 22,425 $ (3,155 ) $ — $ 19,270 Derivative Liabilities Foreign exchange forwards $ (10,855 ) $ 893 $ — $ (9,962 ) Foreign exchange collars (2,262 ) 2,262 — — $ (13,117 ) $ 3,155 $ — $ (9,962 ) December 31, 2015 Derivative Assets Foreign exchange forwards $ 5,907 $ (58 ) $ — $ 5,849 Foreign exchange collars 14,292 (66 ) — 14,226 Interest rate caps 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange forwards $ (439 ) $ 58 $ — $ (381 ) Foreign exchange collars (66 ) 66 — — Interest rate swap (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assumptions Related to Contingent Consideration	The following table presents additional information on the significant unobservable inputs used to measure the fair value of contingent consideration: Significant Input Input Value at March 31, 2016 Input Value at December 31, 2015 Impact to Fair Value from Increase in Input (2) Class A common stock price $16.77 $19.48 Increase Benchmark FFO volatility 22.9% 20.6% Increase Equity volatility 29.9% 28.1% Increase Correlation (1) 80.0% 80.0% Increase __________ (1) Represents the assumed correlation between Benchmark FFO and the Company's Class A common stock price (2) This is the directional change in fair value of the contingent consideration that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the reverse effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measure of the contingent consideration.
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 March 31, 2016 Assets Loans held for investment $ — $ — $ 4,106,743 $ 4,106,743 $ 4,067,544 Investments in unconsolidated joint ventures 374,200 2,670 741,787 1,118,657 914,715 Liabilities Line of credit — 303,600 — 303,600 303,600 Secured and unsecured debt — — 2,512,491 2,512,491 2,473,949 CMBS debt — 763,300 — 763,300 775,644 Notes payable — — 42,530 42,530 42,530 Convertible senior notes 539,375 — — 539,375 591,508 December 31, 2015 Assets Loans held for investment $ — $ — $ 4,073,075 $ 4,073,075 $ 4,048,477 Loans held for sale — — 75,002 75,002 75,002 Investments in unconsolidated joint ventures 1,087,850 1,087,850 924,465 Liabilities Line of credit — 315,000 — 315,000 315,000 Secured and unsecured debt — — 2,423,013 2,423,013 2,423,013 CMBS debt — 794,982 — 794,982 806,728 Notes payable — — 42,983 42,983 42,983 Convertible senior notes 574,359 — — 574,359 591,079

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Activity of Preferred and Common Stock	The table below summarizes the share activities of the Company's preferred and common stock: Number of Shares Preferred Stock Common Stock (In thousands) Series A, B and C Class A Class B Shares outstanding at December 31, 2014 13,530 109,634 — Share-based compensation, net of forfeitures — 632 — Shares outstanding at March 31, 2015 13,530 110,266 — Shares outstanding at December 31, 2015 25,030 111,694 546 Repurchase of preferred stock (964 ) — — Reissuance of preferred stock 964 — — Share-based compensation, net of forfeitures — 1,003 — Shares canceled for tax withholding on vested stock awards — (147 ) — Shares outstanding at March 31, 2016 25,030 112,550 546 In January 2016, the Company repurchased 963,718 shares in aggregate of its Series A, B and C preferred stock from institutional shareholders for approximately $20.0 million . In March 2016, the Company reissued the preferred stock at its purchase price to an investment vehicle (the "REIT Securities Venture"), which is a joint venture with a private fund managed by the Company. The Company holds an approximate 4.4% interest in the REIT Securities Venture and accounts for its investment under the equity method, which had a carrying value of $2.5 million as of March 31, 2016. The REIT Securities Venture targets for investment purposes the common stock and preferred stock of publicly traded U.S. real estate investment trusts, including securities of the Company. Preferred Stock The table below summarizes the preferred stock outstanding as of March 31, 2016 : Description Dividend Rate Per Annum Initial Issuance Date Shares Outstanding (in thousands) Par Value (in thousands) Liquidation Preference (in thousands) Earliest Redemption Date Series A 8.5% Cumulative Redeemable Perpetual 8.5% March 2012 10,080 $ 101 $ 252,000 March 27, 2017 Series B 7.5% Cumulative Redeemable Perpetual 7.5% June 2014 3,450 34 86,250 June 19, 2019 Series C 7.125% Cumulative Redeemable Perpetual 7.125% April 2015 11,500 115 287,500 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. Changes in Components of AOCI Attributable to Stockholders and Noncontrolling Interests (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 AOCI at December 31, 2014 attributable to: 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 attributable to: Stockholders (612 ) (170 ) (47,840 ) 30,797 (17,825 ) Noncontrolling interests in investment entities — (100 ) (3,490 ) — (3,590 ) Amounts reclassified from AOCI attributable to: Stockholders 161 — — (215 ) (54 ) Net other comprehensive (loss) income (451 ) (270 ) (51,330 ) 30,582 (21,469 ) AOCI at March 31, 2015 attributable to: Stockholders — (271 ) (100,483 ) 54,384 (46,370 ) Noncontrolling interests in investment entities — (152 ) (7,106 ) (1 ) (7,259 ) $ — $ (423 ) $ (107,589 ) $ 54,383 $ (53,629 ) AOCI at December 31, 2015 attributable to: Stockholders $ — $ (245 ) $ (42,125 ) $ 23,948 $ (18,422 ) Noncontrolling interests in investment entities — (149 ) 51 (1 ) (99 ) Noncontrolling interests in Operating Company — 5 11,102 (5,750 ) 5,357 — (389 ) (30,972 ) 18,197 (13,164 ) Other comprehensive income (loss) before reclassifications attributable to: Stockholders 9 7 16,326 (14,395 ) 1,947 Noncontrolling interests in investment entities — — 11,282 (875 ) 10,407 Noncontrolling interests in Operating Company 2 1 3,140 (2,769 ) 374 Amounts reclassified from AOCI attributable to: Stockholders — (44 ) (331 ) 271 (104 ) Noncontrolling interests in investment entities — — (785 ) — (785 ) Noncontrolling interests in Operating Company — (8 ) (64 ) 52 (20 ) Net other comprehensive (loss) income 11 (44 ) 29,568 (17,716 ) 11,819 AOCI at March 31, 2016 attributable to: Stockholders 9 (282 ) (26,130 ) 9,824 (16,579 ) Noncontrolling interests in investment entities — (149 ) 10,548 (876 ) 9,523 Noncontrolling interests in Operating Company 2 (2 ) 14,178 (8,467 ) 5,711 $ 11 $ (433 ) $ (1,404 ) $ 481 $ (1,345 )
Reclassification out of Accumulated Other Comprehensive Income	Information about amounts reclassified out of AOCI attributable to stockholders by component is presented below: (In thousands) Three Months Ended March 31, Affected Line Item in the Consolidated Statements of Operations Component of AOCI reclassified into earnings 2016 2015 Equity in realized loss on sale of marketable securities of unconsolidated joint ventures $ — $ (161 ) Equity in income of unconsolidated joint ventures Unrealized gain on ineffective cash flow hedge 44 — Other gain (loss), net Release of cumulative translation adjustments 331 — Other gain (loss), net Unrealized (loss) gain on dedesignated net investment hedges (271 ) 215 Other gain (loss), net

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, (In thousands, except per share data) 2016 2015 Net income allocated to common stockholders Net income $ 91,031 $ 16,215 Net income attributable to noncontrolling interests: Investment entities (57,595 ) (5,686 ) Operating Company (3,421 ) — Net income attributable to Colony Capital, Inc. 30,015 10,529 Preferred dividends (11,880 ) (6,972 ) Net income attributable to common stockholders 18,135 3,557 Net income allocated to participating securities (nonvested shares) (568 ) (305 ) Net income allocated to common stockholders—basic 17,567 3,252 Interest expense attributable to convertible notes (1) — — Net income allocated to common stockholders—diluted $ 17,567 $ 3,252 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 111,660 109,415 Weighted average effect of dilutive shares (2) — — Weighted average number of common shares outstanding—diluted 111,660 109,415 Earnings per share Basic $ 0.16 $ 0.03 Diluted $ 0.16 $ 0.03 __________ (1) For the three months ended March 31, 2016 and 2015 , excluded from the calculation of diluted net income per share is the effect of adding back $6.8 million and $6.8 million of interest expense and 24,949,000 and 24,694,800 weighted average dilutive common share equivalents, respectively, for the assumed conversion of the Convertible Notes, as their inclusion would be antidilutive. Also excluded from the calculation of diluted income per share for the three months ended March 31, 2015 is the effect of adding back $169,000 of interest expense and 412,900 weighted average dilutive common share equivalents for the assumed repayment of a $10 million unsecured note issued to CCM in shares of the Company's common stock (see Note 15), as its inclusion would be antidilutive. (2) 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 March 31, 2016 , there were 21,749,000 redeemable OP Units. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for the three months ended March 31, 2016 .

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Summary of Amounts Due to Manager or its Affiliates	Amounts incurred and payable to the Manager or its affiliates for periods prior to the Combination were as follows: (In thousands) Three Months Ended March 31, 2015 Base management fee expense $ 9,064 Compensation pursuant to secondment agreement 450 Direct and allocated investment-related expenses 366 Direct and allocated administrative expenses 1,922 $ 11,802 Amounts due from and due to affiliates consist of the following: (In thousands) March 31, 2016 December 31, 2015 Due from Affiliates Due from funds and unconsolidated joint ventures: Management fees $ 5,578 $ 5,734 Other 928 3,952 Due from CCLLC — 1,559 Due from employees and other affiliated entities 514 468 $ 7,020 $ 11,713 Due to Affiliates Contingent consideration (Note 3) $ 43,211 $ 52,990 Due to funds 2,979 — $ 46,190 $ 52,990

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Components of Share-Based Compensation	Share-based compensation expense recognized was as follows: Three Months Ended March 31, (In thousands) 2016 2015 Stock grants to the Manager and employees (1) $ 3,361 $ 5,897 Stock grants to non-executive directors 58 89 $ 3,419 $ 5,986
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, 2015 14,928 780,906 795,834 $ 22.51 Granted — 1,038,312 1,038,312 19.27 Vested (13,928 ) (363,970 ) (377,898 ) 26.02 Forfeited — (35,479 ) (35,479 ) 20.93 Nonvested shares at March 31, 2016 1,000 1,419,769 1,420,769 21.22 _________ (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)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Provision (Benefit)	Income Tax (Benefit) Expense Three Months Ended March 31, (In thousands) 2016 2015 Current Federal $ (28 ) $ 268 State and local 403 210 Foreign 3,509 — Total current tax expense 3,884 478 Deferred Federal (2,673 ) 114 State and local (419 ) 58 Foreign (8 ) — Total deferred tax benefit (3,100 ) 172 Total income tax expense $ 784 $ 650
Schedule of Deferred Tax Assets and Liabilities	The components of deferred tax assets and deferred tax liabilities arising from temporary differences are as follows: (In thousands) March 31, 2016 December 31, 2015 Deferred tax assets Net operating loss carry forwards $ 11,640 $ 9,814 Stock-based compensation 1,349 2,890 Investment in partnerships 33 843 Deferred income 1,268 — Foreign tax credits 419 — Other 2,576 2,262 Total deferred tax assets 17,285 15,809 Deferred tax liabilities Intangible assets from Combination 26,478 28,875 Gain from remeasurement of consolidated investment entities, net 3,237 3,237 Assumption of tax basis from real estate acquisition (Note 6) 28,726 26,880 Other 1,555 1,504 Total deferred tax liabilities 59,996 60,496 Net deferred tax liability $ (42,711 ) $ (44,687 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of March 31, 2016 are as follows: Year Ending December 31, (In thousands) Remaining 2016 $ 179,273 2017 217,538 2018 188,666 2019 157,581 2020 133,829 2021 and after 737,068 Total $ 1,613,955 As of March 31, 2016 , future minimum rental payments on noncancellable operating ground leases were as follows: (In thousands) Year Ending December 31, Ground Leases Remaining 2016 $ 290 2017 387 2018 387 2019 387 2020 398 2021 and after 30,218 Total $ 32,067

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Income: Interest income $ — $ — $ 3 $ 89,347 $ — $ 11 $ 89,361 Property operating income 45,313 — 44,852 1,452 — — 91,617 Equity in (loss) income of unconsolidated joint ventures — (6,637 ) 3,391 5,624 (349 ) 400 2,429 Fee income — — — — 16,609 — 16,609 Other income 486 — 14 1,428 — 1,274 3,202 Total income (loss) 45,799 (6,637 ) 48,260 97,851 16,260 1,685 203,218 Expenses: Transaction, investment and servicing costs 270 — 4,558 4,280 45 2,268 11,421 Interest expense 9,418 — 10,676 10,289 — 11,488 41,871 Property operating expenses 13,969 — 14,886 1,931 — — 30,786 Depreciation and amortization 21,348 — 19,798 139 3,745 1,112 46,142 Provision for loan losses — — — 4,630 — — 4,630 Impairment loss — — — 1,759 320 — 2,079 Compensation expense 1,868 — 824 3,166 9,287 11,722 26,867 Administrative expenses 407 — 936 1,535 774 9,119 12,771 Total expenses 47,280 — 51,678 27,729 14,171 35,709 176,567 Gain on sale of real estate assets, net 781 — 49,430 908 — — 51,119 Other (loss) gain, net 31 — 3,897 308 (38 ) 9,847 14,045 Income tax benefit (expense) (65 ) — (3,733 ) (295 ) 3,426 (117 ) (784 ) Net (loss) income (734 ) (6,637 ) 46,176 71,043 5,477 (24,294 ) 91,031 Net (loss) income attributable to noncontrolling interests: Investment entities (901 ) — 31,381 27,115 — — 57,595 Operating Company 27 (1,054 ) 2,348 6,973 869 (5,742 ) 3,421 Net (loss) income attributable to Colony Capital, Inc. $ 140 $ (5,583 ) $ 12,447 $ 36,955 $ 4,608 $ (18,552 ) $ 30,015 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Amounts Not Allocated to Segments Total Three Months Ended March 31, 2015 Income: Interest income $ 7 $ — $ 6 $ 46,124 $ — $ 46,137 Property operating income 36,318 — 7,475 — — 43,793 Equity in (loss) income of unconsolidated joint ventures — (3,912 ) 5,527 24,734 — 26,349 Other income — — — 226 107 333 Total income (loss) 36,325 (3,912 ) 13,008 71,084 107 116,612 Expenses: Management fees — — — — 14,961 14,961 Transaction, investment and servicing costs 694 — 162 839 14,748 16,443 Interest expense 7,875 — 1,807 6,700 10,211 26,593 Property operating expenses 12,760 — 1,251 — — 14,011 Depreciation and amortization 19,620 — 2,688 — — 22,308 Provision for loan losses — — — 364 — 364 Impairment loss 450 — — — — 450 Compensation expense — — — — 615 615 Administrative expenses 502 — 112 332 3,220 4,166 Total expenses 41,901 — 6,020 8,235 43,755 99,911 Other (loss) gain, net (52 ) — — — 216 164 Income tax benefit (expense) (1) 122 — 49 (821 ) — (650 ) Net (loss) income (5,506 ) (3,912 ) 7,037 62,028 (43,432 ) 16,215 Net (loss) income attributable to noncontrolling interests—Investment entities (1,969 ) — 869 6,786 — 5,686 Net (loss) income attributable to Colony Capital, Inc. $ (3,537 ) $ (3,912 ) $ 6,168 $ 55,242 $ (43,432 ) $ 10,529
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments of each of segment are summarized as follows: March 31, 2016 December 31, 2015 (In thousands) Segment Assets Equity Method Investments Segment Assets Equity Method Investments Light industrial platform $ 1,928,140 $ — $ 1,926,002 $ — Single-family residential rentals 387,979 387,979 394,783 394,783 Other real estate equity 2,112,701 189,692 2,094,794 195,353 Real estate debt 4,627,929 216,548 4,734,547 214,218 Investment management 790,849 9,911 798,213 9,794 Amounts not allocated to segments 81,558 10,849 90,971 10,449 Total $ 9,929,156 $ 814,979 $ 10,039,310 $ 824,597

Combination with Colony Capit51

Combination with Colony Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 02, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Apr. 01, 2015
Business Acquisition [Line Items]
Total consideration transferred		$ 112,028				$ 1,307,604
Colony Capital
Business Acquisition [Line Items]
Consideration transferred	$ 61,400			$ 61,350	$ 61,350
Total consideration transferred				$ 741,804	$ 741,804
Measurement Period Adjustments, Goodwill		$ 1,860
Colony Capital | Acquisition-related Costs
Business Acquisition [Line Items]
Pro forma total income			$ 14,100
Affiliated Entity | Colony Capital
Business Acquisition [Line Items]
Employment term under management agreement	5 years
Share price in business acquisition							$ 26.19
Total consideration transferred	$ 672,300
Affiliated Entity | Colony Capital | Common Class A
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination (in shares)	1,430,000
Affiliated Entity | Colony Capital | Common Class B
Business Acquisition [Line Items]
Number of shares issued or issuable in a combination (in shares)	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 (in shares)	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

Combination with Colony Capit52

Combination with Colony Capital - Schedule of Consideration Transferred and Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Apr. 02, 2015	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Total consideration transferred		$ 112,028			$ 1,307,604
Lease Intangible Assets		6,496	$ 149,917	$ 6,496	149,917
Goodwill		680,127	678,267	680,127	678,267
Colony Capital
Business Acquisition [Line Items]
Cash	$ 61,400		61,350	61,350
Estimated fair value of contingent consideration (2)			69,500	69,500
Total consideration transferred			741,804	741,804
Cash		5,015	5,015	5,015	5,015
Fixed assets		46,396	46,396	46,396	46,396
Other assets		23,300	23,300	23,300	23,300
Notes payable		(44,337)	(44,337)	(44,337)	(44,337)
Deferred tax liability		(35,191)	(35,920)	(35,191)	(35,920)
Lease Intangible (Liabilities)		(19,906)	(19,217)	(19,906)	(19,217)
Assets acquired and liabilities assumed, net		81,677	83,537	81,677	83,537
Goodwill		660,127	658,267	660,127	658,267
Assets, goodwill and liabilities assumed, net		741,804	741,804	741,804	741,804
Measurement Period Adjustments (1)
Measurement Period Adjustments, Total Consideration		0
Measurement Period Adjustments, Other Assets		(1,900)
Measurement Period Adjustments, Deferred tax liability		729
Measurement Period Adjustments, Other liabilities		(689)
Measurement Period Adjustments, Assets and Liabilities, Net		(1,860)
Measurement Period Adjustments, Goodwill		1,860
Measurement Period Adjustments, Assets, Goodwill, and Liabilities		0
Partnership Interest | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)			558,794	558,794
Common Stock | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued (in shares)			52,160	52,160
Trade Names | Colony Capital
Business Acquisition [Line Items]
Trade name		15,500	15,500	15,500	15,500
Investment management contracts | Colony Capital
Business Acquisition [Line Items]
Lease Intangible Assets		44,100	46,000	44,100	46,000
Customer relationships | Colony Capital
Business Acquisition [Line Items]
Lease Intangible Assets		$ 46,800	$ 46,800	$ 46,800	$ 46,800

Combination with Colony Capit53

Combination with Colony Capital - Schedule of Pro Forma (Details) - Colony Capital $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)$ / shares
Business Acquisition [Line Items]
Total income	$ 147,711
Net income attributable to Colony Capital, Inc.	23,238
Net income attributable to common stockholders	$ 16,266
Pro forma net income per common share, basic (in dollars per share) | $ / shares	$ 0.14
Pro forma net income per common share, diluted (in dollars per share) | $ / shares	$ 0.14

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2016USD ($)Investment	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Investment [Line Items]
Equity method investments	$ 814,979	$ 824,597	$ 1,655,476	$ 1,646,977
Securitization Vehicles
Investment [Line Items]
Exposure to the obligations of the investment entities	$ 409,700	$ 412,800
Colony-sponsored funds | Variable Interest Entity, Not Primary Beneficiary
Investment [Line Items]
Number of sponsored funds | Investment	1
Equity method investments	$ 300

Loans Receivable - Company Loa

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 4,429,263		$ 4,417,946
Loans receivable, net	4,067,544	$ 2,146,897	4,048,477	$ 2,131,134
Allowance for loan losses	(39,676)	$ (561)	(35,187)	$ (197)
Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	3,454,059		3,400,236
Loans receivable, net	3,429,463		3,382,308
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	975,204		1,017,710
Loans receivable, net	677,757		701,356
PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	966,388		1,008,839
Loans receivable, net	670,321		693,934
PCI Loans | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	8,816		8,871
Loans receivable, net	7,436		7,422
Fixed Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	1,381,997		1,357,310
Loans receivable, net	1,375,453		1,359,145
Fixed Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	917,545		882,935
Loans receivable, net	$ 907,278		$ 880,519
Performing loans, weighted average coupon	9.20%		9.30%
Performing loans, weighted average maturity in years	3 years 8 months 12 days	3 years 10 months 24 days
Fixed Rate Residential Mortgage | Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 131,782		$ 135,519
Loans receivable, net	$ 134,579		$ 138,366
Performing loans, weighted average coupon	6.40%		6.40%
Performing loans, weighted average maturity in years	16 years 7 months 6 days	16 years 10 months 24 days
Fixed Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 332,670		$ 338,856
Loans receivable, net	$ 333,596		$ 340,260
Performing loans, weighted average coupon	12.30%		12.30%
Performing loans, weighted average maturity in years	3 years 3 months 18 days	3 years 6 months
Adjustable Rate Residential Mortgage | Performing
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 2,072,062		$ 2,042,926
Loans receivable, net	2,054,010		2,023,163
Adjustable Rate Residential Mortgage | Performing | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	689,765		643,013
Loans receivable, net	$ 674,704		$ 627,374
Performing loans, weighted average coupon	7.30%		7.20%
Performing loans, weighted average maturity in years	1 year 6 months	1 year 8 months 12 days
Adjustable Rate Residential Mortgage | Performing | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 1,034,262		$ 1,051,822
Loans receivable, net	$ 1,031,768		$ 1,048,522
Performing loans, weighted average coupon	5.70%		5.50%
Performing loans, weighted average maturity in years	3 years 1 month 6 days	3 years 4 months 24 days
Adjustable Rate Residential Mortgage | Performing | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Loans principal amount outstanding	$ 348,035		$ 348,091
Loans receivable, net	$ 347,538		$ 347,267
Performing loans, weighted average coupon	11.00%		10.80%
Performing loans, weighted average maturity in years	6 months	8 months 12 days

Loans Receivable - Activity in

Loans Receivable - Activity in Loan Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Loans Receivable [Roll Forward]
Carrying value at January 1	$ 4,048,477	$ 2,131,134
Loan acquisitions and originations	63,356	121,463
Paid-in-kind interest added to loan principal	(9,435)	(1,547)
Discount and net loan fee amortization	2,155	3,179
Loan repayments	(46,083)	(26,842)
Payments received from PCI loans	(34,825)	(66,907)
Accretion on PCI loans	14,087	5,978
Transfer to real estate assets upon foreclosure	(1,374)	0
Provision for loan losses, excluding interest receivable	(4,489)	(112)
Effect of changes in foreign exchange rates	16,805	(22,543)
Carrying value at March 31	$ 4,067,544	$ 2,146,897

Loans Receivable - Loan Maturi

Loans Receivable - Loan Maturity and Aging (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	$ 4,067,544	$ 4,048,477	$ 2,146,897	$ 2,131,134
Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Due in one year or less	933,040
Due after one year through five years	2,063,844
Due after five years	432,579
Loans receivable, net	3,429,463
Performing
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	3,429,463	3,382,308
Performing | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,429,463	3,382,308
Performing | Current or Less Than 30 Days Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,399,889	3,357,454
Performing | 30-59 Days Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	4,869	14,628
Performing | 60-89 Days Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	13,713	1,509
Performing | 90 Days or More Past Due | Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 10,992	$ 8,717

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) - Performing $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)contract	Mar. 31, 2015USD ($)contract	Dec. 31, 2015USD ($)
Financing Receivable, Modifications [Line Items]
Number of loans | contract	1	0
Carrying value of loans before allowance for loan losses	$ 37,611	$ 0
Loss incurred	1,687	$ 0
Performing Modified TDRs [Member]
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses	$ 66,000		$ 26,700

Loans Receivable - Changes in

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning accretable yield	$ 66,639	$ 98,523
Changes in accretable yield	6,510	2,024
Accretion	(14,087)	(5,978)
Effect of changes in foreign exchange rates	156	(10,492)
Ending accretable yield	$ 59,218	$ 84,077

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,067,544	$ 2,146,897	$ 4,048,477	$ 2,131,134
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	261,297		211,354
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	24,705		10,226
Loans receivable, net	57,531		7,827
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	677,757		701,356
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	117,443		116,647
Interest income recognized on a cash basis	300	$ 0
Loans receivable, net	203,766		203,527
PCI Loans | Nonaccrual Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	37,900
Non-performing | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	$ 142,148		$ 126,873

Loans Receivable - Impairment a

Loans Receivable - Impairment and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 4,067,544	$ 2,146,897	$ 4,048,477	$ 2,131,134
Allowance for loan losses	35,187	197
Provision for loan losses	4,489	364
Allowance for loan losses	39,676	$ 561
Loans held for sale	0		75,002
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	677,757		701,356
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	261,297		211,354
Allowance for loan losses	35,187
Allowance for loan losses	39,676
Loans held for investment, net | Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	57,531		7,827
Allowance for loan losses	472
Allowance for loan losses	3,656
Loans held for investment, net | PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	203,766		203,527
Allowance for loan losses	34,715
Allowance for loan losses	$ 36,020
Held-for-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale			$ 75,000

Real Estate Assets - Components

Real Estate Assets - Components of Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Land	$ 631,325	$ 578,577
Buildings and improvements	2,726,749	2,619,872
Foreclosed properties	20,192	19,989
Real estate held for investment at cost	3,378,266	3,218,438
Less: Accumulated depreciation	(121,792)	(86,220)
Net carrying amount	3,256,474	3,132,218
Held for sale	153,416	297,887
Real Estate Assets, Net	3,409,890	3,430,105
Land, buildings and improvements
Business Acquisition [Line Items]
Held for sale	73,772	203,970
Foreclosed properties
Business Acquisition [Line Items]
Held for sale	$ 79,644	$ 93,917

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Real estate classified as held-for-sale transfered to held-for investment		$ 65,700,000
Real estate disposed during period		118,400,000	$ 0
Gain on sale of real estate from disposition		51,100,000
Impairment loss		2,079,000	450,000
Transaction costs associated with business combination		4,000,000	93,000
Depreciation and amortization		$ 46,142,000	22,308,000
2016 Real Estate Acquisitions [Member] | Lease Intangibles [Member] | Minimum
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets		4 years
2016 Real Estate Acquisitions [Member] | Lease Intangibles [Member] | Maximum
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets		7 years
Asset Acquisitions [Member]
Business Acquisition [Line Items]
Transaction costs capitalized			4,100,000
Office - Norway [Member]
Business Acquisition [Line Items]
Liabilities assumed in business combination	$ 2,100,000
Deferred tax liability	$ 30,800,000
Mixed Use - United Kingdom [Member]
Business Acquisition [Line Items]
Decrease to land		$ 18,600,000
Increase to buildings and improvements		1,100,000
Decrease to lease intangible assets		1,100,000
Depreciation and amortization		$ 300,000
Building [Member] | 2016 Real Estate Acquisitions [Member] | Minimum
Business Acquisition [Line Items]
Real estate assets estimated useful life		26 years
Building [Member] | 2016 Real Estate Acquisitions [Member] | Maximum
Business Acquisition [Line Items]
Real estate assets estimated useful life		35 years
Building Improvements [Member] | 2016 Real Estate Acquisitions [Member] | Minimum
Business Acquisition [Line Items]
Real estate assets estimated useful life		4 years
Building Improvements [Member] | 2016 Real Estate Acquisitions [Member] | Maximum
Business Acquisition [Line Items]
Real estate assets estimated useful life		6 years
Below market ground lease obligation | 2016 Real Estate Acquisitions [Member]
Business Acquisition [Line Items]
Real estate assets estimated useful life		33 years
Real Estate Held-for-Sale
Business Acquisition [Line Items]
Real estate classified as held-for-sale		$ 27,900,000	16,200,000
Real estate carried at fair value less selling costs		10,900,000		$ 20,300,000
Impairment loss		$ 1,800,000	500,000
Real Estate Held-for-Sale | Minimum
Business Acquisition [Line Items]
Selling costs percent		5.00%		5.00%
Real Estate Held-for-Sale | Maximum
Business Acquisition [Line Items]
Selling costs percent		8.00%		8.00%
Foreclosed Properties
Business Acquisition [Line Items]
Real estate classified as held-for-sale		$ 1,400,000
Real Estate Held for Investment
Business Acquisition [Line Items]
Depreciation		$ 27,500,000	$ 14,600,000

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Acqusitions (Details) $ in Thousands	1 Months Ended						3 Months Ended	12 Months Ended
	Feb. 29, 2016USD ($)Property	Jan. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property	Nov. 30, 2015USD ($)Property	Jun. 30, 2015USD ($)Property	Jan. 31, 2015USD ($)Property	Mar. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Business Acquisition [Line Items]
Number of Properties | Property							24,000	62
Purchase Price							$ 112,028	$ 1,307,604
Land			$ 196,998				33,745	196,998
Buildings and Improvements			1,008,868				72,723	1,008,868
Lease Intangible Assets			149,917				6,496	149,917
Lease Intangible (Liabilities)			(15,284)				(936)	(15,284)
Other (Liabilities)			$ (32,895)				$ 0	(32,895)
Other Property | SWITZERLAND
Business Acquisition [Line Items]
Number of Properties | Property						2
Purchase Price						$ 167,911
Land						16,450
Buildings and Improvements						130,446
Lease Intangible Assets						21,015
Lease Intangible (Liabilities)						0
Other (Liabilities)						$ 0
Other Property | UNITED KINGDOM
Business Acquisition [Line Items]
Number of Properties | Property			24
Purchase Price			$ 440,999
Land			54,005					54,005
Buildings and Improvements			316,405					316,405
Lease Intangible Assets			79,282					79,282
Lease Intangible (Liabilities)			(8,693)					(8,693)
Other (Liabilities)			0					$ 0
Office | NORWAY
Business Acquisition [Line Items]
Number of Properties | Property					1
Purchase Price					$ 322,231
Land					69,350
Buildings and Improvements					257,541
Lease Intangible Assets					28,235
Lease Intangible (Liabilities)					0
Other (Liabilities)					$ (32,895)
Office | FRANCE
Business Acquisition [Line Items]
Number of Properties | Property				1
Purchase Price				$ 31,000
Land				3,936
Buildings and Improvements				24,096
Lease Intangible Assets				3,661
Lease Intangible (Liabilities)				(693)
Other (Liabilities)				$ 0
Industrial | SPAIN
Business Acquisition [Line Items]
Number of Properties | Property		23,000
Purchase Price		$ 94,403
Land		30,451
Buildings and Improvements		59,399
Lease Intangible Assets		5,318
Lease Intangible (Liabilities)		(765)
Other (Liabilities)		$ 0
Industrial | UNITED STATES
Business Acquisition [Line Items]
Number of Properties | Property								34
Purchase Price								$ 345,463
Land			53,257					53,257
Buildings and Improvements			280,380					280,380
Lease Intangible Assets			17,724					17,724
Lease Intangible (Liabilities)			(5,898)					(5,898)
Other (Liabilities)			$ 0					$ 0
Industrial | MARYLAND
Business Acquisition [Line Items]
Number of Properties | Property	1,000
Purchase Price	$ 17,625
Land	3,294
Buildings and Improvements	13,324
Lease Intangible Assets	1,178
Lease Intangible (Liabilities)	(171)
Other (Liabilities)	$ 0

Real Estate Assets - Pro Forma

Real Estate Assets - Pro Forma Results (Unaudited) (Details) - 2015 Business Combinations $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)$ / shares
Pro forma:
Total income	$ 138,296
Net income attributable to Colony Capital, Inc.	10,993
Net income attributable to common stockholders	$ 2,550
Pro forma net income per common share, basic (in dollars per share) | $ / shares	$ 0.02
Pro forma net income per common share, diluted (in dollars per share) | $ / shares	$ 0.02

Real Estate Assets - Componen66

Real Estate Assets - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Real Estate [Abstract]
Rental income	$ 67,221	$ 33,346
Tenant reimbursements	14,745	10,447
Hotel operating income	9,651	0
Property operating income	$ 91,617	$ 43,793

Real Estate Assets - Future Min

Real Estate Assets - Future Minimum Rental Payments (Details) $ in Thousands	Mar. 31, 2016USD ($)
Real Estate [Abstract]
Remaining 2,016	$ 179,273
2,017	217,538
2,018	188,666
2,019	157,581
2,020	133,829
2021 and after	737,068
Total	$ 1,613,955

Investments in Unconsolidated68

Investments in Unconsolidated Joint Ventures - Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Equity method investments	$ 814,979	$ 824,597	$ 1,655,476	$ 1,646,977
Cost method investment	99,736	99,868
Investments in unconsolidated joint ventures	$ 914,715	$ 924,465

Investments in Unconsolidated69

Investments in Unconsolidated Joint Ventures (Details)	Apr. 02, 2015USD ($)Investment	Jan. 30, 2015USD ($)	Mar. 31, 2016USD ($)Investment	Mar. 31, 2015USD ($)Investment
Schedule of Equity Method Investments [Line Items]
Number of consolidated investment entities | Investment	52
Equity attributable to Colony Capital, Inc.	$ 1,000,000,000
Gain on remeasurement of consolidated investment entities, net	41,500,000
Dividend income from cost method investment			$ 100,000	$ 0
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Number of single investment in an unconsolidated joint venture generated greater than 10% of total assets or income | Investment			0	0
Expenses allocated from affiliates related to unconsolidated joint ventures				$ 2,300,000
Entity's share of other expenses reimbursed to affiliates				$ 800,000
Consortium Equity Commitment
Schedule of Equity Method Investments [Line Items]
Payment to fund equity commitment		$ 50,000,000
Consortium Equity Commitment | Co-Investment Partner [Member]
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

Investments in Unconsolidated70

Investments in Unconsolidated Joint Ventures - Schedule of Assets, Liabilities and Noncontrolling Interest in Investment Entities (Details) $ in Thousands	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 Unconsolidated71

Investments in Unconsolidated Joint Ventures - Activity in the Company's Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Roll Forward]
Balance at January 1	$ 824,597	$ 1,646,977
Contributions	14,278	107,429
Distributions	(26,846)	(96,025)
Equity in net income	2,429	26,349
Equity in other comprehensive (loss) income	11	(612)
Equity in realized loss (gain) reclassified from accumulated other comprehensive income	0	161
Balance at December 31	814,979	1,655,476
Foreign currency translation loss	$ 510	$ (28,803)

Goodwill, Deferred Leasing Co72

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 18, 2014
Goodwill
Goodwill	$ 680,127,000		$ 678,267,000
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Trade name	15,500,000		15,500,000
Finite-Lived Intangible Assets, Net [Abstract]
Net Carrying Amount	238,838,000
Deferred Leasing Costs and Intangible Assets, Gross (Including Goodwill)	412,651,000		390,179,000
Deferred Leasing Costs and Intangible Assets, Accumulated Amortization (Including Goodwill)	(84,531,000)		(64,666,000)
Deferred Leasing Costs and Intangible Assets, Net (Including Goodwill)	328,120,000		325,513,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Below Market Lease, Gross	30,677,000		28,879,000
Below Market Lease, Accumulated Amortization	(6,445,000)		(4,523,000)
Below Market Lease, Net	24,232,000		24,356,000
Above-Market Ground Lease Obligations, Gross	172,000		171,000
Above-Market Ground Lease Obligations, Accumulated Amortization	(7,000)		(5,000)
Ground Lease Obligations, Net	165,000		166,000
Finite-Lived Intangible Liabilities, Gross	30,849,000		29,050,000
Finite-Lived Intangible Liabilities, Accumulated Amortization	(6,452,000)		(4,528,000)
Finite-Lived Intangible Liabilities, Net	24,397,000		24,522,000
Intangible assets, net held for sale	5,000,000		9,900,000
Intangible liabilities, net held for sale	15,000		35,000
Impairment of intangibles	2,079,000	$ 450,000
In-place lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	150,065,000		144,863,000
Accumulated Amortization	(37,542,000)		(27,780,000)
Net Carrying Amount	112,523,000		117,083,000
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	33,502,000		32,774,000
Accumulated Amortization	(10,501,000)		(7,708,000)
Net Carrying Amount	23,001,000		25,066,000
Below market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	50,965,000		36,635,000
Accumulated Amortization	(184,000)		(39,000)
Net Carrying Amount	50,781,000		36,596,000
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	76,173,000		71,710,000
Accumulated Amortization	(16,098,000)		(12,647,000)
Net Carrying Amount	60,075,000		59,063,000
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	39,646,000		41,897,000
Accumulated Amortization	(16,864,000)		(13,985,000)
Net Carrying Amount	22,782,000		27,912,000
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,800,000		46,800,000
Accumulated Amortization	(3,342,000)		(2,507,000)
Net Carrying Amount	43,458,000		$ 44,293,000
Light Industrial Platform
Goodwill
Goodwill				$ 20,000,000
Investment Management
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

Goodwill, Deferred Leasing Co73

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Net decrease to rental income	$ (827)	$ (1,023)
Below-market lease values	1,939	647
Increase to rent expense	140	5
Amortization of Intangible Assets	17,509	7,700
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Net decrease to rental income	(2,766)	(1,670)
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	10,416	5,128
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	3,348	2,572
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	2,909	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 836	$ 0

Goodwill, Deferred Leasing Co74

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Above Market Lease, Amortization Expense [Abstract]
2,016	$ (7,199)
2,017	(6,088)
2,018	(3,770)
2,019	(1,819)
2,020	(1,258)
2021 and after	(2,867)
Total	(23,001)
Below-market lease values
2,016	4,823
2,017	5,186
2,018	3,756
2,019	2,108
2,020	1,379
2021 and after	6,980
Below Market Lease, Net	24,232	$ 24,356
(Decrease) Increase to rental income
2,016	(2,376)
2,017	(902)
2,018	(14)
2,019	289
2,020	121
2021 and after	4,113
(Decrease) increase to rental income	1,231
Finite-Lived Intangible Assets, Net [Abstract]
2,016	42,791
2,017	40,394
2,018	29,536
2,019	22,814
2,020	17,993
2020 and after	85,310
Net Carrying Amount	238,838
Net below-market ground lease obligations
Finite-Lived Intangible Assets, Net [Abstract]
2,016	380
2,017	506
2,018	506
2,019	506
2,020	506
2020 and after	48,212
Net Carrying Amount	50,616
In-place lease values
Finite-Lived Intangible Assets, Net [Abstract]
2,016	23,374
2,017	20,120
2,018	13,941
2,019	10,097
2,020	8,030
2020 and after	36,961
Net Carrying Amount	112,523	117,083
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
2,016	9,550
2,017	10,611
2,018	8,616
2,019	6,468
2,020	4,802
2020 and after	20,028
Net Carrying Amount	60,075	59,063
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
2,016	7,360
2,017	6,320
2,018	3,636
2,019	2,906
2,020	1,818
2020 and after	742
Net Carrying Amount	22,782
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
2,016	2,507
2,017	3,343
2,018	3,343
2,019	3,343
2,020	3,343
2020 and after	27,579
Net Carrying Amount	$ 43,458	$ 44,293

Other Assets and Other Liabil75

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Summary of Company's other assets
Restricted cash	$ 171,168	$ 187,208
Deferred financing costs, net	9,711	4,083
Interest receivable	39,272	34,074
Other receivables, including straight-line rents	36,958	43,130
Derivative assets	22,425	21,636
Prepaid expenses and other	23,267	21,320
Fixed assets, net (3)	47,639	48,463
Total	350,440	359,914
Accumulated amortization of deferred financing costs	8,100	6,800
Accumulated depreciation and amortization	4,400	3,300
Depreciation	1,100
Held-for-Sale
Summary of Company's other assets
Total	$ 3,709	$ 3,704

Other Assets and Other Liabil76

Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Other Liabilities [Line Items]
Borrower and tenant reserves	$ 103,026	$ 116,800
Deferred income	29,310	41,671
Interest payable	21,727	18,071
Intangible liabilities, net	24,397	24,522
Derivative liabilities	13,117	507
Current and deferred tax liabilities	43,804	44,951
Accrued compensation	12,727	11,495
Accounts payable and other liabilities	68,180	67,572
Total	316,288	325,589
Accrued and other liabilities held for sale, net of intangible assets held for sale	7,900	9,100
Held-for-Sale
Schedule of Other Liabilities [Line Items]
Total	7,953	9,101
Other Intangible Liabilities Held-for-Sale [Member]
Schedule of Other Liabilities [Line Items]
Total	$ 15	$ 35

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Line of credit	$ 303,600	$ 315,000
Secured debt	3,332,272	3,313,550
Less: Debt issuance costs, net	(40,149)	(40,826)
Outstanding balance of debt	$ 3,595,723	$ 3,587,724

Debt - Line of Credit (Details

Debt - Line of Credit (Details) - JPMorgan Chase Bank, N.A.	3 Months Ended
	Mar. 31, 2016USD ($)Extension_Option
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 850,000,000
Increase in maximum borrowing capacity	50,000,000
Maximum principal amount increase	1,275,000,000
Maximum amount available for draw	$ 850,000,000
Debt instrument term extension option | Extension_Option	2
Facility extension term	6 months
Extension commitment fee	0.10%
Line of Credit
Line of Credit Facility [Line Items]
Interest rate at period end	2.74%
Percentage of unused amount	0.35%
Line of Credit | Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount	0.25%
Line of Credit | Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount	0.35%
Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Line of Credit | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%

Debt - Schedule of Secured Deb

Debt - Schedule of Secured Debt (Details) $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Nov. 30, 2018EUR (€)	Nov. 30, 2017EUR (€)	Nov. 30, 2016EUR (€)	Dec. 31, 2015USD ($)	Mar. 31, 2016USD ($)PropertyExtension_OptionDebt	Dec. 31, 2015USD ($)Property	Jan. 31, 2016
Debt Instrument [Line Items]
Secured debt				$ 3,313,550	$ 3,332,272	$ 3,313,550
Number of Properties | Property					24,000	62
Seller-Provided Financing
Debt Instrument [Line Items]
Interest Rate					0.00%
First Mortgage | Secured Debt, Maturity January 2019 [Member]
Debt Instrument [Line Items]
Secured debt				94,000	$ 94,000	$ 94,000
Cap interest rate					3.00%
First Mortgage | Secured Debt, Maturity January 2019 [Member] | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured debt					$ 23,600
First Mortgage | Secured Debt, Maturity January 2019 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					4.65%
First Mortgage | Secured Debt, Maturing July 2018
Debt Instrument [Line Items]
Secured debt				13,500	$ 13,500	13,500
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					2.65%
First Mortgage | Secured Debt, Maturing January 2024
Debt Instrument [Line Items]
Secured debt				88,000	$ 87,782	88,000
Interest Rate					4.84%
First Mortgage | Secured Debt, Maturing August 2018 [Member]
Debt Instrument [Line Items]
Secured debt				88,121	$ 85,873	88,121
Facility extension term					1 year
Cap interest rate					2.25%
Debt instrument term extension option | Extension_Option					2
First Mortgage | Secured Debt, Maturing August 2018 [Member] | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured debt					$ 600
First Mortgage | Secured Debt, Maturing August 2018 [Member] | Three-Month GBP LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
First Mortgage | Secured Debt, Fixed Rate, Maturing November 2018 [Member]
Debt Instrument [Line Items]
Secured debt				79,133	$ 83,739	79,133
Imputed interest rate					4.02%
Interest Rate					4.02%
First Mortgage | Secured Debt, Fixed Rate, Maturing November 2018 [Member] | Scenario, Forecast
Debt Instrument [Line Items]
Principal payments | €	€ 27,562,000	€ 35,437,500	€ 15,750,000
First Mortgage | Secured Debt, Maturing November 2018
Debt Instrument [Line Items]
Secured debt				236,911	$ 230,866	$ 236,911
Basis spread on variable rate						2.75%
Imputed interest rate							3.28%
Facility extension term					1 year
Cap interest rate					2.25%
Debt instrument term extension option | Extension_Option					2
First Mortgage | Secured Debt, Maturing November 2018 | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured debt				4,100	$ 4,200	$ 4,100
First Mortgage | Secured Debt, Maturing November 2018 | Three-Month GBP LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					3.28%
First Mortgage | Secured Debt, Maturing January 2021 [Member]
Debt Instrument [Line Items]
Secured debt				0	$ 51,360	0
First Mortgage | Secured Debt, Maturing January 2021 [Member] | Three-Month Euribor
Debt Instrument [Line Items]
Basis spread on variable rate					3.00%
Cap interest rate					1.50%
First Mortgage | Secured Debt, Maturing June 2022
Debt Instrument [Line Items]
Secured debt				25,540	$ 26,623	25,540
First Mortgage | Secured Debt, Maturing June 2022 | Three-Month Euribor
Debt Instrument [Line Items]
Basis spread on variable rate					2.80%
First Mortgage | Secured Debt, Maturing December 2019
Debt Instrument [Line Items]
Secured debt				$ 917,469	$ 894,740	917,469
Facility extension term				1 year
Debt instrument term extension option | Extension_Option					3
First Mortgage | Secured Debt, Maturing December 2019 | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured debt				$ 4,900	$ 3,700	4,900
First Mortgage | Secured Debt, Maturing December 2019 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				2.50%
First Mortgage | Secured Debt, Maturing December 2019 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Cap interest rate					3.00%
First Mortgage | Secured Debt, Maturing August 2025 [Member]
Debt Instrument [Line Items]
Secured debt				$ 165,750	$ 165,750	165,750
Interest Rate					3.80%
First Mortgage | Secured Debt, Maturing April 2028 [Member]
Debt Instrument [Line Items]
Secured debt				0	$ 93,450	0
Interest Rate					4.04%
First Mortgage | Secured Debt, Maturing December 2029
Debt Instrument [Line Items]
Secured debt				120,947	$ 125,085	120,947
Interest Rate					2.72%
First Mortgage | Secured Debt, Maturing December 2029 | SWITZERLAND
Debt Instrument [Line Items]
Number of Properties | Property					2
First Mortgage | Secured Debt, Maturing February 2020 [Member]
Debt Instrument [Line Items]
Secured debt				0	$ 13,642	0
First Mortgage | Secured Debt, Maturing February 2020 [Member] | Three-Month GBP LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.35%
First Mortgage | Secured Debt, Maturing November 2022 [Member]
Debt Instrument [Line Items]
Secured debt				17,050	$ 17,867	17,050
Interest Rate					1.89%
Secured Debt
Debt Instrument [Line Items]
Secured debt				2,454,886	$ 2,506,613	2,454,886
Secured Debt | Minimum
Debt Instrument [Line Items]
Principal curtailment, percentage of net cash flow from the underling loan portfolio					65.00%
Secured Debt | Maximum
Debt Instrument [Line Items]
Principal curtailment, percentage of net cash flow from the underling loan portfolio					80.00%
Secured Debt | Secured Debt, Maturity April 2016, One [Member]
Debt Instrument [Line Items]
Secured debt				23,123	$ 22,549	23,123
Secured Debt | Secured Debt, Maturity April 2016, One [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.75%
Secured Debt | Secured Debt, Maturing April 2016, Two [Member]
Debt Instrument [Line Items]
Secured debt				10,965	$ 10,002	10,965
Secured Debt | Secured Debt, Maturing April 2016, Two [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.75%
Secured Debt | Secured Debt, Maturing June 2016 [Member]
Debt Instrument [Line Items]
Secured debt				5,869	$ 3,448	5,869
Secured Debt | Secured Debt, Maturing June 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					4.00%
Secured Debt | Secured Debt, Maturing August 2016 [Member]
Debt Instrument [Line Items]
Secured debt				8,579	$ 7,446	8,579
Secured Debt | Secured Debt, Maturing August 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.75%
Secured Debt | Secured Debt, September 2016 [Member]
Debt Instrument [Line Items]
Secured debt				4,351	$ 3,856	4,351
Secured Debt | Secured Debt, September 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.25%
Secured Debt | Secured Debt, Maturing December 2017
Debt Instrument [Line Items]
Secured debt				73,543	$ 62,401	73,543
Secured Debt | Secured Debt, Maturing December 2017 | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.85%
Secured Debt | Secured Debt Residential, Maturing June 2016 [Member]
Debt Instrument [Line Items]
Secured debt				10,314	$ 10,268	10,314
Secured Debt | Secured Debt Residential, Maturing June 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					3.75%
Secured Debt | Repurchase Facility, Maturing February 2017 [Member]
Debt Instrument [Line Items]
Secured debt				48,198	$ 48,198	48,198
Maximum principal amount of repurchase facility					$ 150,000
Secured Debt | Repurchase Facility, Maturing February 2017 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.50%
Secured Debt | Repurchase Facility, Maturing April 2018
Debt Instrument [Line Items]
Secured debt				114,433	$ 131,328	114,433
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					2.50%
Secured Debt | Repurchase Facility, Maturing April 2018 | One-Month LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
Revolving Credit Facility | Facility Maturing July 2016 [Member]
Debt Instrument [Line Items]
Secured debt				23,730	$ 0	23,730
Revolving Credit Facility | Facility Maturing July 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Revolving Credit Facility | Facility Maturing September 2016 [Member]
Debt Instrument [Line Items]
Secured debt				104,400	$ 29,400	104,400
Revolving Credit Facility | Facility Maturing September 2016 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate					1.60%
Commercial Mortgage Backed Securities
Debt Instrument [Line Items]
Secured debt				815,681	$ 783,129	815,681
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]
Secured debt				340,350	$ 340,350	340,350
Basis spread on variable rate					2.36%
Commercial Mortgage Backed Securities | Commercial Mortgage Backed Securitization Debt, Maturity April 2031 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Secured debt				126,248	$ 105,548	126,248
Basis spread on variable rate					1.78%
Commercial Mortgage Backed Securities | Commercial Mortgage Backed Securitization Debt, Maturity November 2031 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Secured debt				203,734	$ 203,734	203,734
Basis spread on variable rate					2.01%
Commercial Mortgage Backed Securities | CMBS, First Mortgage Portfolio
Debt Instrument [Line Items]
Secured debt				145,349	$ 133,497	145,349
Interest Rate					2.54%
Loans Payable | Bond payable, Maturing June 2025
Debt Instrument [Line Items]
Secured debt				180,960	$ 193,440	180,960
Interest Rate					3.91%
Notes Payable | Promissory Note Maturing December 2025 [Member]
Debt Instrument [Line Items]
Secured debt				$ 42,983	$ 42,530	$ 42,983
Interest Rate					5.02%
Number of secured debt | Debt					2
Weighted average interest rate					5.02%
Partial Recourse Debt [Member] | Repurchase Facility, Maturing April 2018
Debt Instrument [Line Items]
Maximum principal amount of repurchase facility					$ 250,000

Debt - Schedule of Future Mini

Debt - Schedule of Future Minimum and Estimated Prinicipal Payments Due Under Financing Agreements (Details) $ in Thousands	Mar. 31, 2016USD ($)
Future scheduled minimum principal payments
2,016	$ 163,069
2,017	108,231
2,018	502,726
2,019	994,343
2,020	22,287
2021 and after	764,365
Total	2,555,021
Seller-Provided Financing
Debt Instrument [Line Items]
Discount on seller-provided	$ 5,900
Interest Rate	0.00%
Commercial Mortgage-Backed Securitization (CMBS) [Member]
Estimated Principal Payments
2,016	$ 101,312
2,017	438,129
2,018	206,556
2,019	21,975
2,020	15,157
2021 and after	0
Estimated Principal Payments	783,129
Future scheduled minimum principal payments
2,016	0
2,017	0
2,018	0
2,019	0
2,020	0
2021 and after	783,129
Total	$ 783,129

Debt - Convertible Senior Note

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	Mar. 29, 2016	Mar. 28, 2016	Feb. 25, 2016$ / shares	Mar. 31, 2016USD ($)d$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Convertible senior notes, net				$ 591,508		$ 591,079
Dividends declared per common share (in dollars per share) | $ / shares			$ 0.40	$ 0.40	$ 0.37
Convertible senior notes
Debt Instrument [Line Items]
Amount of loan financed to acquire property				$ 602,500		602,500
Convertible senior notes, net						591,079
Unamortized premium				1,600		1,700
Debt issuance costs				$ 12,600		13,100
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
Debt Instrument [Line Items]
Convertible senior notes, net				$ 195,208
Convertible Senior Notes due 2023 | Convertible senior notes
Debt Instrument [Line Items]
Interest Rate				5.00%
Conversion Rate (per share of common stock) | $ / shares				$ 23.35
Amount of loan financed to acquire property				$ 200,000		200,000
Convertible senior notes, net						195,069
Conversion rate	42.8183	42.3819
Convertible Senior Note Due 2021
Debt Instrument [Line Items]
Convertible senior notes, net				$ 396,300
Convertible Senior Note Due 2021 | Convertible senior notes
Debt Instrument [Line Items]
Interest Rate				3.875%
Conversion Rate (per share of common stock) | $ / shares				$ 24.56
Amount of loan financed to acquire property				$ 402,500		402,500
Convertible senior notes, net						$ 396,010
Conversion rate	40.7089	40.2941

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) € in Thousands, £ in Millions, SFr in Millions, NOK in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016NOK	Mar. 31, 2016EUR (€)	Mar. 31, 2016CHF (SFr)	Mar. 31, 2016GBP (£)	Dec. 31, 2015USD ($)	Dec. 31, 2015NOK	Dec. 31, 2015EUR (€)	Dec. 31, 2015CHF (SFr)	Dec. 31, 2015GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Minimum threshold of derivative liabilities require cash deposit	$ 100,000
Deposits related to agreements included in other assets	0						$ 0
Investments in unconsolidated joint ventures	914,715,000						924,465,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	688,400,000		NOK 898.8	€ 306,600	SFr 55.1	£ 120.8	$ 679,900,000	NOK 895.5	€ 311,200	SFr 54.4	£ 126.4
Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on dedesignation of net investment hedges	(271,000)	$ 215,000
Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount | €				0
Not Designated as Hedging Instrument | Interest rate contracts designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount | €				€ 53,751
Not Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on dedesignation of net investment hedges	(300,000)	200,000
Not Designated as Hedging Instrument | Other gain (loss), net | Interest rate swap and cap
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	1,000,000	52,000
Net Investment Hedging [Member] | Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges	0	0
Cash Flow Hedging [Member] | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss for ineffectiveness on cash flow hedge	$ 33,000	$ 0

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 22,425	$ 21,636
Derivative Liabilities	13,117	507
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	21,791	20,199
Derivative Liabilities	13,117	505
Foreign exchange contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	21,417	19,773
Derivative Liabilities	12,815	505
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	374	426
Derivative Liabilities	302	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	634	1,437
Derivative Liabilities	0	2
Interest rate contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	1	5
Derivative Liabilities	0	2
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	633	1,432
Derivative Liabilities	0	0
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	22,425	21,636
Other assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	21,418	19,778
Other assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	1,007	1,858
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	13,117	507
Accrued and other liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	12,815	507
Accrued and other liabilities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 302	$ 0

Derivatives and Hedging - Sche

Derivatives and Hedging - Schedule of Net Investment Hedge (Details) - Mar. 31, 2016 € in Thousands, £ in Thousands, SFr in Thousands, NOK in Thousands	NOK / $	NOK	£ / $	EUR (€)	CHF (SFr)	GBP (£)	SFr / $	€ / $
Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Exchange rate floor			0.71					0.92
Exchange rate cap			0.55					0.65
Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate	8.33
Foreign exchange forwards | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate			0.66				0.67	0.79
Foreign exchange forwards | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate			0.67				0.68	0.93
Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				€ 140,970		£ 130,900
Designated as Hedging Instrument | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		NOK 895,454		119,146	SFr 54,383	75,150
Not Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount				1,455		3,100
Not Designated as Hedging Instrument | Foreign exchange forwards
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount		NOK 27,546		€ 2,004	SFr 1,162	£ 0

Derivatives and Hedging - Sc85

Derivatives and Hedging - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)	Mar. 31, 2016GBP (£)
Interest rate caps | Three-Month Euribor
Derivative [Line Items]
Strike	1.50%	1.50%	1.50%
Interest rate cap 1 | One-Month LIBOR
Derivative [Line Items]
Strike	3.00%	3.00%	3.00%
Interest rate cap 1 | Three-Month GBP LIBOR [Member]
Derivative [Line Items]
Strike	2.25%	2.25%	2.25%
Interest rate cap 2 | One-Month LIBOR
Derivative [Line Items]
Strike	2.50%	2.50%	2.50%
Interest rate cap 2 | Three-Month GBP LIBOR [Member]
Derivative [Line Items]
Strike	2.00%	2.00%	2.00%
Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount		€ 0
Designated as Hedging Instrument | Interest rate cap 1
Derivative [Line Items]
Notional amount	$ 750,000		£ 0
Designated as Hedging Instrument | Interest rate cap 2
Derivative [Line Items]
Notional amount	0		0
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Notional amount		€ 53,751
Not Designated as Hedging Instrument | Interest rate cap 1
Derivative [Line Items]
Notional amount	476,750		60,945
Not Designated as Hedging Instrument | Interest rate cap 2
Derivative [Line Items]
Notional amount	$ 95,387		£ 152,732

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ (13,117)	$ (507)
(Assets) Liabilities	3,155	124
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(9,962)	(383)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	22,425	21,636
(Assets) Liabilities	(3,155)	(124)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	19,270	21,512
Foreign exchange forwards
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(10,855)	(439)
(Assets) Liabilities	893	58
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	(9,962)	(381)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	4,641	5,907
(Assets) Liabilities	(893)	(58)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	3,748	5,849
Foreign exchange collars
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(2,262)	(66)
(Assets) Liabilities	2,262	66
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	17,150	14,292
(Assets) Liabilities	(2,262)	(66)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	14,888	14,226
Interest rate caps
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	634	1,437
(Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	$ 634	1,437
Interest rate swap
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets		(2)
(Assets) Liabilities		0
Cash Collateral Received (Pledged)		0
Net Amounts of Assets (Liabilities)		$ (2)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration	$ (9,779)	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class A common stock price	$ 16.77		$ 19.48
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration	$ 43,200		$ 53,000
Benchmark FFO volatility	22.90%		20.60%
Equity volatility	29.90%		28.10%
Correlation	80.00%		80.00%
Level 3 | Other gain (loss), net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration	$ (9,800)

Fair Value Measurements - Esti

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Fair Value Measurement [Domain] | Level 1
Assets
Held for investment	$ 0	$ 0
Loans held for sale		0
Investments in unconsolidated joint ventures	374,200
Liabilities
Notes payable	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 and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 1 | CMBS debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 1 | Convertible senior notes
Liabilities
Secured and unsecured debt	539,375	574,359
Fair Value Measurement [Domain] | Level 2
Assets
Held for investment	0	0
Loans held for sale		0
Investments in unconsolidated joint ventures	2,670
Liabilities
Notes payable	0	0
Fair Value Measurement [Domain] | Level 2 | Line of Credit
Liabilities
Line of credit	303,600	315,000
Fair Value Measurement [Domain] | Level 2 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 2 | CMBS debt
Liabilities
Secured and unsecured debt	763,300	794,982
Fair Value Measurement [Domain] | Level 2 | Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 3
Assets
Held for investment	4,106,743	4,073,075
Loans held for sale		75,002
Investments in unconsolidated joint ventures	741,787	1,087,850
Liabilities
Notes payable	42,530	42,983
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 and unsecured debt	2,512,491	2,423,013
Fair Value Measurement [Domain] | Level 3 | CMBS debt
Liabilities
Secured and unsecured debt	0	0
Fair Value Measurement [Domain] | Level 3 | Convertible senior notes
Liabilities
Secured and unsecured debt	0	0
Held for investment	4,067,544	4,048,477	$ 2,146,897	$ 2,131,134
Loans held for sale	0	75,002
Investments in unconsolidated joint ventures	914,715	924,465
Convertible senior notes, net	591,508	591,079
Convertible senior notes
Liabilities
Convertible senior notes, net		591,079
Fair Value
Assets
Held for investment	4,106,743	4,073,075
Loans held for sale		75,002
Investments in unconsolidated joint ventures	1,118,657	1,087,850
Liabilities
Notes payable	42,530	42,983
Fair Value | Line of Credit
Liabilities
Line of credit	303,600	315,000
Fair Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	2,512,491	2,423,013
Fair Value | CMBS debt
Liabilities
Secured and unsecured debt	763,300	794,982
Fair Value | Convertible senior notes
Liabilities
Secured and unsecured debt	539,375	574,359
Carrying Value
Assets
Held for investment		4,048,477
Loans held for sale		75,002
Liabilities
Notes payable		42,983
Carrying Value | Line of Credit
Liabilities
Line of credit		315,000
Carrying Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	2,473,949	2,423,013
Carrying Value | CMBS debt
Liabilities
Secured and unsecured debt	$ 775,644	806,728
Carrying Value | Convertible senior notes
Liabilities
Secured and unsecured debt		$ 591,079

Stockholders' Equity - Preferr

Stockholders' Equity - Preferred and Common Stock Outstanding (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2016	Apr. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			25,030,000	13,530,000	25,030,000	13,530,000
Preferred stock, shares issued (in shares)			25,030,000		25,030,000
Par Value (in thousands)			$ 250
Liquidation Preference (in thousands)			625,750		$ 625,750
Repurchase of preferred stock			19,998
Equity method investments			814,979	$ 1,655,476	$ 824,597	$ 1,646,977
REIT Securities Venture [Member]
Class of Stock [Line Items]
Ownership percentage				4.40%
Equity method investments			$ 2,500
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			112,550,000	110,266,000	111,694,000	109,634,000
Share-based compensation, net of forfeitures (in shares)			1,003,000	632,000
Shares canceled for tax withholding on vested stock awards			(147,000)
Common Class B
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			546,000	0	546,000	0
Preferred Stock [Member]
Class of Stock [Line Items]
Repurchase of preferred stock	(963,718)		(964,000)
Reissuance of preferred stock			964,000
Repurchase of preferred stock	$ 20,000
Series A 8.5% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			10,080,000
Dividend Rate Per Annum			8.50%
Par Value (in thousands)			$ 101
Liquidation Preference (in thousands)			$ 252,000
Series B 7.5% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			3,450,000
Dividend Rate Per Annum			7.50%
Par Value (in thousands)			$ 34
Liquidation Preference (in thousands)			$ 86,250
Series C 7.125% Cumulative Redeemable Perpetual
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			11,500,000
Preferred stock, shares issued (in shares)		11,500,000
Dividend Rate Per Annum		7.125%	7.125%
Par Value (in thousands)			$ 115
Liquidation Preference (in thousands)			$ 287,500
Proceeds from issuance of redeemable preferred stock		$ 277,900

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Apr. 02, 2015USD ($)	Dec. 31, 2015shares	May. 30, 2015USD ($)	Mar. 31, 2016voteDirectors$ / sharesshares
Class of Stock [Line Items]
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
Common stock conversion ratio for Class A to Class B / OP Units	1
Number of Directors vote entitles | Directors				2
Minimum affirmative vote required for changes to any series of preferred stock				66.667%
Number of OP units per Common class B				35.5
Class A common stock acquired under the DRIP Plan				0
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
Conversion of Class B common stock, shares converted (in shares)		17,712
OP Units [Member]
Class of Stock [Line Items]
OP units converted to common stock (in shares)		628,773
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 - Compone

Stockholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 5,416,240	$ 2,935,793
Other comprehensive income (loss)	11,819	(21,469)
Ending balance	5,313,410	2,888,169
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(18,422)	(28,491)
Other comprehensive income (loss) before reclassifications	1,947	(17,825)
Amounts reclassified from accumulated other comprehensive income	(104)	(54)
Ending balance	(16,579)	(46,370)
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	451
Other comprehensive income (loss) before reclassifications	9	(612)
Amounts reclassified from accumulated other comprehensive income	0	161
Ending balance	9	0
Gain/(Loss) on Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(245)	(101)
Other comprehensive income (loss) before reclassifications	7	(170)
Amounts reclassified from accumulated other comprehensive income	(44)	0
Ending balance	(282)	(271)
Foreign Currency Translation Gain/(Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(42,125)	(52,643)
Other comprehensive income (loss) before reclassifications	16,326	(47,840)
Amounts reclassified from accumulated other comprehensive income	(331)	0
Ending balance	(26,130)	(100,483)
Gain/(Loss) on Net Investment Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	23,948	23,802
Other comprehensive income (loss) before reclassifications	(14,395)	30,797
Amounts reclassified from accumulated other comprehensive income	271	(215)
Ending balance	9,824	54,384
AOCI Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(99)	(3,669)
Other comprehensive income (loss) before reclassifications	10,407	(3,590)
Amounts reclassified from accumulated other comprehensive income	(785)
Ending balance	9,523	(7,259)
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Noncontrolling Interest In Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	0
Other comprehensive income (loss) before reclassifications	0	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	(149)	(52)
Other comprehensive income (loss) before reclassifications	0	(100)
Amounts reclassified from accumulated other comprehensive income	0
Ending balance	(149)	(152)
Foreign Currency Translation Gain/(Loss) Attributable to Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	51	(3,616)
Other comprehensive income (loss) before reclassifications	11,282	(3,490)
Amounts reclassified from accumulated other comprehensive income	(785)
Ending balance	10,548	(7,106)
Gain/(Loss) on Net Investment Hedges Attributable to Noncontrolling Interest in Investment Entities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1)	(1)
Other comprehensive income (loss) before reclassifications	(875)	0
Amounts reclassified from accumulated other comprehensive income	0
Ending balance	(876)	(1)
AOCI Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	5,357
Other comprehensive income (loss) before reclassifications	374
Amounts reclassified from accumulated other comprehensive income	(20)
Ending balance	5,711
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Noncontrolling Interest In Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0
Other comprehensive income (loss) before reclassifications	2
Amounts reclassified from accumulated other comprehensive income	0
Ending balance	2
Gain/(Loss) on Cash Flow Hedges Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	5
Other comprehensive income (loss) before reclassifications	1
Amounts reclassified from accumulated other comprehensive income	(8)
Ending balance	(2)
Foreign Currency Translation Gain/(Loss) Attributable to Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	11,102
Other comprehensive income (loss) before reclassifications	3,140
Amounts reclassified from accumulated other comprehensive income	(64)
Ending balance	14,178
Gain/(Loss) on Net Investment Hedges Attributable to Noncontrolling Interest in Operating Company
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,750)
Other comprehensive income (loss) before reclassifications	(2,769)
Amounts reclassified from accumulated other comprehensive income	52
Ending balance	(8,467)
AOCI Attributable to Parent and Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(13,164)	(32,160)
Other comprehensive income (loss)	11,819	(21,469)
Ending balance	(1,345)	(53,629)
Equity in AOCI of Unconsolidated Joint Ventures Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	451
Other comprehensive income (loss)	11	(451)
Ending balance	11	0
Gain/(Loss) on Cash Flow Hedges Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(389)	(153)
Other comprehensive income (loss)	(44)	(270)
Ending balance	(433)	(423)
Foreign Currency Translation Gain/(Loss) Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(30,972)	(56,259)
Other comprehensive income (loss)	29,568	(51,330)
Ending balance	(1,404)	(107,589)
Gain/(Loss) on Net Investment Hedges Attributable to Parent and Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	18,197	23,801
Other comprehensive income (loss)	(17,716)	30,582
Ending balance	$ 481	$ 54,383

Stockholders' Equity - Reclass

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity in income of unconsolidated joint ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in realized loss on sale of marketable securities of unconsolidated joint ventures	$ 0	$ (161)
Other gain (loss), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gain on ineffective cash flow hedge	44	0
Release of cumulative translation adjustments	331	0
Unrealized (loss) gain on dedesignated net investment hedges	$ (271)	$ 215

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015
Noncontrolling Interest [Line Items]
Outstanding balance of debt	$ 3,595,723	$ 3,587,724
CCM | Unsecured Debt | Unsecured note, mature 2017
Noncontrolling Interest [Line Items]
Outstanding balance of 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
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 91,031	$ 16,215
Net income attributable to noncontrolling interests:
Investment entities	(57,595)	(5,686)
Operating Company	(3,421)	0
Net income attributable to Colony Capital, Inc.	30,015	10,529
Preferred dividends	(11,880)	(6,972)
Net income attributable to common stockholders	18,135	3,557
Net income allocated to participating securities (nonvested shares)	(568)	(305)
Net income allocated to common stockholders—basic	17,567	3,252
Interest expense attributable to convertible senior notes	0	0
Net income allocated to common stockholders—diluted	$ 17,567	$ 3,252
Denominator:
Basic weighted average number of common shares outstanding (in shares)	111,660,000	109,415,000
Weighted average effect of dilutive shares (in shares)	0	0
Diluted weighted average number of common shares outstanding (in shares)	111,660,000	109,415,000
Earnings per share:
Basic (in dollars per share)	$ 0.16	$ 0.03
Diluted (in dollars per share)	$ 0.16	$ 0.03
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS	$ 6,800	$ 6,800
Weighted average dilutive common share	24,949,000	24,694,800
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		$ 169
Weighted average dilutive common share		412,900
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

Related Party Transactions - S

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from affiliates	$ 7,020	$ 11,713
Due to Affiliates	46,190	52,990
Base management fee expense
Related Party Transaction [Line Items]
Due from affiliates	5,578	5,734
Other
Related Party Transaction [Line Items]
Due from affiliates	928	3,952
Due from CCLLC
Related Party Transaction [Line Items]
Due from affiliates	0	1,559
Due from employees and other affiliated entities
Related Party Transaction [Line Items]
Due from affiliates	514	468
Contingent consideration
Related Party Transaction [Line Items]
Due to Affiliates	43,211	52,990
Due to funds
Related Party Transaction [Line Items]
Due to Affiliates	$ 2,979	$ 0

Related Party Transactions -96

Related Party Transactions - Summary of Amounts Incurred and Payable to Manager or its Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Direct and allocated investment-related expenses	$ 6,931	$ 2,253
Direct and allocated administrative expenses	12,771	4,166
Affiliated Entity
Related Party Transaction [Line Items]
Base management fee expense		9,064
Compensation pursuant to secondment agreement		450
Direct and allocated investment-related expenses	0	366
Direct and allocated administrative expenses	$ 0	1,922
Amounts incurred and payable to manager or affiliates		$ 11,802

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Base management fee per annum of stockholders' equity	1.50%
Fee income	$ 16,609	$ 0
Due from affiliates	7,020		$ 11,713
Due to Affiliate	46,190		52,990
Base management fee expense
Related Party Transaction [Line Items]
Due from affiliates	5,578		5,734
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Other income	1,300
Due from affiliates	400
Recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	400
Colony-sponsored funds
Related Party Transaction [Line Items]
Due from funds	1,200
Advances
Related Party Transaction [Line Items]
Due from employees	200
Cost Reimbursements
Related Party Transaction [Line Items]
Other income	100
Contingent consideration
Related Party Transaction [Line Items]
Due to Affiliate	43,211		52,990
Affiliated Entity
Related Party Transaction [Line Items]
Fee income	16,600
Fee payable	1,800
Level 3
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration	$ 43,200		$ 53,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	May. 08, 2014	Mar. 31, 2016	Mar. 31, 2015
Equity Incentive Plan, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested		$ 9.8	$ 12.1
Granted (USD per share)		$ 19.27	$ 24.40
Aggregate unrecognized compensation cost related to restricted stock granted		$ 26.8
Weighted average period of expected cost		28 months
Restricted Stock | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		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
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 3,419	$ 5,986
Manager and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	3,361	5,897
Non-Executive Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 58	$ 89

Share-Based Compensation - Non

Share-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Number of Shares [Roll Forward]
Nonvested shares at beginning period	795,834
Granted	1,038,312
Vested	(377,898)
Forfeited	(35,479)
Nonvested shares at period end	1,420,769
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)	$ 22.51
Granted (USD per share)	19.27	$ 24.40
Vested (USD per share)	26.02
Forfeited (USD per share)	20.93
Nonvested shares at period end (USD per share)	$ 21.22
Non-Executive Directors
Number of Shares [Roll Forward]
Nonvested shares at beginning period	14,928
Granted	0
Vested	(13,928)
Forfeited	0
Nonvested shares at period end	1,000
Manager and Employees
Number of Shares [Roll Forward]
Nonvested shares at beginning period	780,906
Granted	1,038,312
Vested	(363,970)
Forfeited	(35,479)
Nonvested shares at period end	1,419,769

Income Taxes - Income Tax Prov

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Current
Federal	$ (28)	$ 268
State and local	403	210
Foreign	3,509	0
Total current tax expense	3,884	478
Deferred
Federal	(2,673)	114
State and local	(419)	58
Foreign	(8)	0
Total deferred tax benefit	(3,100)	172
Total income tax expense	$ 784	$ 650

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred tax assets
Net operating loss carry forwards	$ 11,640	$ 9,814
Stock-based compensation	1,349	2,890
Investment in partnerships	33	843
Deferred income	1,268	0
Foreign tax credits	419	0
Other	2,576	2,262
Deferred Tax Assets, Gross	17,285	15,809
Deferred tax liabilities
Intangible assets from Combination	26,478	28,875
Gain from remeasurement of consolidated investment entities, net	3,237	3,237
Assumption of tax basis from real estate acquisition (Note 6)	28,726	26,880
Other	1,555	1,504
Deferred Tax Liabilities, Gross	59,996	60,496
Total deferred tax liabilities	$ (42,711)	$ (44,687)

Commitments and Contingencie103

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Other Commitments [Line Items]
Deposit for real estate acquisition	$ 900
Additional Funding to Unconsolidated Joint Ventures
Other Commitments [Line Items]
Other commitments		$ 37,700
Unfunded Purchase Commitment
Other Commitments [Line Items]
Other commitments		17,600
Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments		688,600
Maximum future cumulative capital commitments		$ 500,000
Maximum future cumulative capital commitments, percent		20.00%
ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments		$ 163,200
GP Affiliate [Member] | Unfunded Purchase Commitment
Other Commitments [Line Items]
Other commitments		3,500
GP Affiliate [Member] | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments		136,700
Unfunded lending commitment		92,800
Light Industrial Platform | Cobalt Capital Partners, L.P. | Industrial
Other Commitments [Line Items]
Ownership interest of limited partners (percent)				38.00%
General Partner
Other Commitments [Line Items]
Other commitments		200
General Partner | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments		1,000
Unfunded lending commitment		700
General Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments		101,900
Limited Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments		61,300
Office Leases
Other Commitments [Line Items]
Rent expense		1,400
Ground Leases
Other Commitments [Line Items]
Rent expense		106	$ 77
Consolidated Real Estate Debt Investments | Investment Commitments
Other Commitments [Line Items]
Other commitments		417,400
Consolidated Real Estate Debt Investments | Parent | Investment Commitments
Other Commitments [Line Items]
Other commitments		245,300
Consolidated Real Estate Equity Investments | Investment Commitments
Other Commitments [Line Items]
Other commitments		34,000
Level 3
Other Commitments [Line Items]
Due to affiliates—contingent consideration		$ 43,200		$ 53,000

Commitments and Contingencies -

Commitments and Contingencies - Future Rental Commitment (Details) - Ground Leases $ in Thousands	Mar. 31, 2016USD ($)
Operating Leased Assets [Line Items]
Remaining 2,016	$ 290
2,017	387
2,018	387
2,019	387
2,020	398
2021 and after	30,218
Total	$ 32,067

Segment Information (Details)

Segment Information (Details) shares in Millions	Jan. 05, 2016companyshares	Mar. 31, 2016shares
Colony Starwood Homes Merger [Member]
Business Acquisition [Line Items]
Number of companies in merger | company	2
Voting interest acquired	13.80%	14.00%
Stock Repurchased During Period, Shares		2
Number of shares issued or issuable in a combination (in shares)	15.1
Starwood Waypoint Residential Trust (“SWAY”) [Member] | Colony Starwood Homes Merger [Member]
Business Acquisition [Line Items]
Voting interest acquired	41.00%
Former CAH [Member] | Colony Starwood Homes Merger [Member]
Business Acquisition [Line Items]
Voting interest acquired	59.00%
Colony American Finance, LLC (“CAF”) [Member]
Business Acquisition [Line Items]
Ownership percentage	19.00%

Segment Information - Summary

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income:
Interest income	$ 89,361	$ 46,137
Property operating income	91,617	43,793
Equity in income of unconsolidated joint ventures	2,429	26,349
Fee income	16,609	0
Other income	3,202	333
Total income	203,218	116,612
Expenses:
Management fees	0	14,961
Transaction, investment and servicing costs	11,421	16,443
Interest expense	41,871	26,593
Property operating expenses	30,786	14,011
Depreciation and amortization	46,142	22,308
Provision for loan losses	4,630	364
Impairment of intangibles	2,079	450
Compensation expense	26,867	615
Administrative expenses	12,771	4,166
Total expenses	176,567	99,911
Gain on sale of real estate assets, net	51,119	0
Other (loss) gain, net	14,045	164
Income tax benefit (expense)	(784)	(650)
Net income	91,031	16,215
Net (loss) income attributable to noncontrolling interests:
Investment entities	57,595	5,686
Operating Company	3,421	0
Net income attributable to Colony Capital, Inc.	30,015	10,529
Operating Segments | Light Industrial Platform
Income:
Interest income	0	7
Property operating income	45,313	36,318
Equity in income of unconsolidated joint ventures	0	0
Fee income	0
Other income	486	0
Total income	45,799	36,325
Expenses:
Management fees		0
Transaction, investment and servicing costs	270	694
Interest expense	9,418	7,875
Property operating expenses	13,969	12,760
Depreciation and amortization	21,348	19,620
Provision for loan losses	0	0
Impairment of intangibles	0	450
Compensation expense	1,868	0
Administrative expenses	407	502
Total expenses	47,280	41,901
Gain on sale of real estate assets, net	781
Other (loss) gain, net	31	(52)
Income tax benefit (expense)	(65)	122
Net income	(734)	(5,506)
Net (loss) income attributable to noncontrolling interests:
Investment entities	(901)	(1,969)
Operating Company	27
Net income attributable to Colony Capital, Inc.	140	(3,537)
Operating Segments | Single-Family Residential Rentals
Income:
Interest income	0	0
Property operating income	0	0
Equity in income of unconsolidated joint ventures	(6,637)	(3,912)
Fee income	0
Other income	0	0
Total income	(6,637)	(3,912)
Expenses:
Management fees		0
Transaction, investment and servicing costs	0	0
Interest expense	0	0
Property operating expenses	0	0
Depreciation and amortization	0	0
Provision for loan losses	0	0
Impairment of intangibles	0	0
Compensation expense	0	0
Administrative expenses	0	0
Total expenses	0	0
Gain on sale of real estate assets, net	0
Other (loss) gain, net	0	0
Income tax benefit (expense)	0	0
Net income	(6,637)	(3,912)
Net (loss) income attributable to noncontrolling interests:
Investment entities	0	0
Operating Company	(1,054)
Net income attributable to Colony Capital, Inc.	(5,583)	(3,912)
Operating Segments | Other Real Estate Equity Investments
Income:
Interest income	3	6
Property operating income	44,852	7,475
Equity in income of unconsolidated joint ventures	3,391	5,527
Fee income	0
Other income	14	0
Total income	48,260	13,008
Expenses:
Management fees		0
Transaction, investment and servicing costs	4,558	162
Interest expense	10,676	1,807
Property operating expenses	14,886	1,251
Depreciation and amortization	19,798	2,688
Provision for loan losses	0	0
Impairment of intangibles	0	0
Compensation expense	824	0
Administrative expenses	936	112
Total expenses	51,678	6,020
Gain on sale of real estate assets, net	49,430
Other (loss) gain, net	3,897	0
Income tax benefit (expense)	(3,733)	49
Net income	46,176	7,037
Net (loss) income attributable to noncontrolling interests:
Investment entities	31,381	869
Operating Company	2,348
Net income attributable to Colony Capital, Inc.	12,447	6,168
Operating Segments | Real Estate Debt
Income:
Interest income	89,347	46,124
Property operating income	1,452	0
Equity in income of unconsolidated joint ventures	5,624	24,734
Fee income	0
Other income	1,428	226
Total income	97,851	71,084
Expenses:
Management fees		0
Transaction, investment and servicing costs	4,280	839
Interest expense	10,289	6,700
Property operating expenses	1,931	0
Depreciation and amortization	139	0
Provision for loan losses	4,630	364
Impairment of intangibles	1,759	0
Compensation expense	3,166	0
Administrative expenses	1,535	332
Total expenses	27,729	8,235
Gain on sale of real estate assets, net	908
Other (loss) gain, net	308	0
Income tax benefit (expense)	(295)	(821)
Net income	71,043	62,028
Net (loss) income attributable to noncontrolling interests:
Investment entities	27,115	6,786
Operating Company	6,973
Net income attributable to Colony Capital, Inc.	36,955	55,242
Operating Segments | Investment Management
Income:
Interest income	0
Property operating income	0
Equity in income of unconsolidated joint ventures	(349)
Fee income	16,609
Other income	0
Total income	16,260
Expenses:
Transaction, investment and servicing costs	45
Interest expense	0
Property operating expenses	0
Depreciation and amortization	3,745
Provision for loan losses	0
Impairment of intangibles	320
Compensation expense	9,287
Administrative expenses	774
Total expenses	14,171
Gain on sale of real estate assets, net	0
Other (loss) gain, net	(38)
Income tax benefit (expense)	3,426
Net income	5,477
Net (loss) income attributable to noncontrolling interests:
Investment entities	0
Operating Company	869
Net income attributable to Colony Capital, Inc.	4,608
Amounts not allocated to segments
Income:
Interest income	11	0
Property operating income	0	0
Equity in income of unconsolidated joint ventures	400	0
Fee income	0
Other income	1,274	107
Total income	1,685	107
Expenses:
Management fees		14,961
Transaction, investment and servicing costs	2,268	14,748
Interest expense	11,488	10,211
Property operating expenses	0	0
Depreciation and amortization	1,112	0
Provision for loan losses	0	0
Impairment of intangibles	0	0
Compensation expense	11,722	615
Administrative expenses	9,119	3,220
Total expenses	35,709	43,755
Gain on sale of real estate assets, net	0
Other (loss) gain, net	9,847	216
Income tax benefit (expense)	(117)	0
Net income	(24,294)	(43,432)
Net (loss) income attributable to noncontrolling interests:
Investment entities	0	0
Operating Company	(5,742)
Net income attributable to Colony Capital, Inc.	$ (18,552)	$ (43,432)

Segment Information - Assets a

Segment Information - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
ASSETS
Total consolidated assets	$ 9,929,156	$ 10,039,310
Equity method investments	814,979	824,597	$ 1,655,476	$ 1,646,977
Operating Segments | Light Industrial Platform
ASSETS
Total consolidated assets	1,928,140	1,926,002
Equity method investments	0	0
Operating Segments | Single-family residential rentals
ASSETS
Total consolidated assets	387,979	394,783
Equity method investments	387,979	394,783
Operating Segments | Other Real Estate Equity Investments
ASSETS
Total consolidated assets	2,112,701	2,094,794
Equity method investments	189,692	195,353
Operating Segments | Real estate debt investments
ASSETS
Total consolidated assets	4,627,929	4,734,547
Equity method investments	216,548	214,218
Operating Segments | Investment Management
ASSETS
Total consolidated assets	790,849	798,213
Equity method investments	9,911	9,794
Amounts not allocated to segments
ASSETS
Total consolidated assets	81,558	90,971
Equity method investments	$ 10,849	$ 10,449

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May. 09, 2016organizationshares	Apr. 04, 2016USD ($)shares	Dec. 31, 2015shares
Subsequent Event
Subsequent Event [Line Items]
Number of charitable organizations receiving contributions | organization	4
OP Units [Member]
Subsequent Event [Line Items]
OP units converted to common stock (in shares)			628,773
OP Units [Member] | Subsequent Event
Subsequent Event [Line Items]
OP units converted to common stock (in shares)		643,044
OP Units to common stock, conversion ratio		1
OP Units Settled for Cash [Member] | Subsequent Event
Subsequent Event [Line Items]
OP units redeemed (in shares)		153,150
OP units redeemed (in shares) | $		$ 2.6
Common Class A | Subsequent Event
Subsequent Event [Line Items]
OP units redeemed (in shares)	28,525	796,194
Common Class B
Subsequent Event [Line Items]
Conversion of Class B common stock, shares converted (in shares)			17,712
Common Class B | Subsequent Event
Subsequent Event [Line Items]
Conversion of Class B common stock, shares converted (in shares)		19,144