Colony Capital 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		113,263,729
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	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash	$ 227,204	$ 185,854
Loans receivable, net
Held for investment	3,822,195	4,048,477
Held for sale	0	75,002
Real estate assets, net
Held for investment	3,258,050	3,132,218
Held for sale	219,955	297,887
Equity method investments	821,060	824,597
Equity method investments	123,155	99,868
Goodwill	680,127	678,267
Deferred leasing costs and intangible assets, net (including $9,932 and $9,872 held for sale intangible assets, net)	321,424	325,513
Due from affiliates	6,694	11,713
Other assets (including $5,079 and $3,704 held for sale)	403,295	359,914
Total assets	9,883,159	10,039,310
Liabilities:
Accrued and other liabilities (including $8,381 and $9,101 related to real estate held for sale)	299,996	325,589
Due to affiliates—contingent consideration	43,900	52,990
Dividends and distributions payable	65,979	65,688
Debt, net (including $24,889 and $8,769 related to real estate held for sale)	3,601,169	3,587,724
Convertible senior notes, net	591,942	591,079
Total liabilities	4,602,986	4,623,070
Commitments and contingencies (Note 21)
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	3,015,436	2,995,243
Distributions in excess of earnings	(160,947)	(131,278)
Accumulated other comprehensive loss	(21,884)	(18,422)
Total stockholders’ equity	2,833,993	2,846,916
Noncontrolling interests in investment entities	2,040,195	2,138,925
Noncontrolling interests in Operating Company	405,985	430,399
Total equity	5,280,173	5,416,240
Total liabilities and equity	9,883,159	10,039,310
Common Class A
Stockholders’ equity:
Common stock, $0.01 par value per share	1,133	1,118
Common Class B
Stockholders’ equity:
Common stock, $0.01 par value per share	$ 5	$ 5

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS BALANCE SHEETS OF CONSOLIDATED VIES - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash	$ 227,204	$ 185,854
Loans receivable, net	3,822,195	4,048,477
Real estate assets	3,258,050	3,132,218
Other assets	403,295	359,914
Total assets	9,883,159	10,039,310
Liabilities:
Outstanding balance of debt	3,601,169	3,587,724
Accrued and other liabilities	299,996	325,589
Total liabilities	4,602,986	4,623,070
Variable Interest Entity, Primary Beneficiary | Securitization Vehicles
ASSETS
Cash	1,751	2,453
Loans receivable, net	1,062,795	1,193,859
Real estate assets	8,942	9,016
Other assets	81,100	94,796
Total assets	1,154,588	1,300,124
Liabilities:
Outstanding balance of debt		806,728
Accrued and other liabilities	64,653	80,619
Total liabilities	$ 748,083	$ 887,347

CONDENSED CONSOLIDATED BALANCE4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other investments at fair value	$ 23,419	$ 0
Deferred leasing costs and intangible assets, net	321,424	325,513
Accrued and other liabilities	299,996	325,589
Other assets, held for sale	5,100	3,700
Outstanding balance of debt	$ 3,601,169	$ 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)	113,264,000	111,694,000
Common stock, shares outstanding (in shares)	113,264,000	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)	527,000	546,000
Common stock, shares outstanding (in shares)	527,000	546,000
Held-for-Sale
Deferred leasing costs and intangible assets, net	$ 9,932	$ 9,872
Accrued and other liabilities	8,381	9,101
Other assets, held for sale	5,079	3,704
Outstanding balance of debt	$ 24,889	$ 8,769

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income
Interest income	$ 103,860	$ 101,270	$ 193,221	$ 147,407
Property operating income	95,348	83,230	186,965	127,023
Income from equity method investments	53,113	10,956	55,542	37,305
Fee income (including $15,505, $21,559, $32,114 and $21,559 from affiliates, respectively)	15,505	21,928	32,114	21,998
Other income (including $806, $1,934, $2,061 and $1,997 from affiliates, respectively)	2,815	3,520	6,017	3,783
Total income	270,641	220,904	473,859	337,516
Expenses
Management fees (including $0, $0, $0 and $5,897 of share-based payments, respectively)	0	101	0	15,062
Investment and servicing expenses (including $0, $0, $0 and $366 reimbursed to affiliates, respectively)	5,402	6,326	12,333	8,579
Transaction costs	7,958	3,708	12,448	17,898
Interest expense	42,568	30,924	84,439	57,517
Property operating expenses	29,780	35,905	60,566	49,916
Depreciation and amortization	39,541	36,645	85,683	58,953
Provision for loan losses	6,213	4,078	10,843	4,442
Impairment loss	2,441	0	4,520	450
Compensation expense (including $0, $0, $0 and $450 reimbursed to affiliates, respectively)	24,240	28,644	51,107	29,259
Administrative expenses (including $0, $0, $0 and $1,922 reimbursed to affiliates, respectively)	13,098	11,411	25,869	15,577
Total expenses	171,241	157,742	347,808	257,653
Gain on sale of real estate assets, net	5,844	740	56,963	740
Gain on remeasurement of consolidated investment entities, net	0	41,486	0	41,486
Other (loss) gain, net	(348)	(1,955)	13,697	(1,791)
Income before income taxes	104,896	103,433	196,711	120,298
Income tax expense	(1,760)	(349)	(2,544)	(999)
Net income	103,136	103,084	194,167	119,299
Net income attributable to noncontrolling interests:
Investment entities	40,169	34,630	97,764	40,316
Operating Company	7,918	9,138	11,339	9,138
Net income attributable to Colony Capital, Inc.	55,049	59,316	85,064	69,845
Preferred dividends	12,093	11,410	23,973	18,382
Net income attributable to common stockholders	$ 42,956	$ 47,906	$ 61,091	$ 51,463
Earnings per common share:
Basic (in dollars per share)	$ 0.38	$ 0.43	$ 0.54	$ 0.46
Diluted (in dollars per share)	$ 0.36	$ 0.40	$ 0.53	$ 0.46
Weighted average number of common shares outstanding:
Basic (in shares)	112,306	111,394	111,985	110,410
Diluted (in shares)	137,255	136,434	128,370	110,410

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fee income	$ 15,505	$ 21,928	$ 32,114	$ 21,998
Other income	2,815	3,520	6,017	3,783
Share-based compensation expenses	3,423	2,749	6,842	8,735
Investment and servicing expenses	5,402	6,326	12,333	8,579
Compensation expense	24,240	28,644	51,107	29,259
Administrative expenses	13,098	11,411	25,869	15,577
Affiliated Entity
Fee income	15,505	21,559	32,114	21,559
Other income	806	1,934	2,061	1,997
Investment and servicing expenses	0	0	0	366
Compensation expense	0	0	0	450
Administrative expenses	0	0	0	1,922
Management fees
Share-based compensation expenses	$ 0	$ 0	$ 0	$ 5,897

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income	$ 103,136	$ 103,084	$ 194,167	$ 119,299
Other comprehensive income (loss), net of tax:
Equity in other comprehensive income (loss) of unconsolidated joint ventures, net	95	0	106	(451)
Net change in fair value of cash flow hedges	(69)	(74)	(113)	(344)
Foreign currency translation adjustments:
Foreign currency translation (loss) gain	(47,502)	101,964	(17,934)	50,633
Change in fair value of net investment hedges	24,759	(57,355)	7,043	(26,772)
Net foreign currency translation adjustments	(22,743)	44,609	(10,891)	23,861
Other comprehensive (loss) income	(22,717)	44,535	(10,898)	23,066
Comprehensive income	80,419	147,619	183,269	142,365
Comprehensive income attributable to noncontrolling interests:
Comprehensive income attributable to stockholders	49,744	78,250	81,602	70,900
Noncontrolling Interests in Investment Entities
Comprehensive income attributable to noncontrolling interests:
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	23,735	56,621	90,952	58,717
Noncontrolling Interests in Operating Company
Comprehensive income attributable to noncontrolling interests:
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$ 6,940	$ 12,748	$ 10,715	$ 12,748

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	7.125% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]	Common Class A	Common Class B	OP Units	Total Stockholders’ Equity	Total Stockholders’ Equity7.125% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]	Total Stockholders’ EquityCommon Class A	Total Stockholders’ EquityCommon Class B	Preferred Stock	Preferred Stock7.125% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]	Common Stock	Common StockCommon Class A	Common StockCommon Class B	Additional Paid-in Capital	Additional Paid-in Capital7.125% Series C Cumulative Redeemable Perpetual Preferred Stock [Member]	Additional Paid-in CapitalCommon Class A	Additional Paid-in CapitalCommon Class B	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Investment Entities	Noncontrolling Interests in Operating Company	Noncontrolling Interests in Operating CompanyCommon Class A	Noncontrolling Interests in Operating CompanyOP Units
Beginning balance at Dec. 31, 2014	$ 2,935,793					$ 2,417,480				$ 135		$ 1,096			$ 2,512,743				$ (68,003)	$ (28,491)	$ 518,313	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	119,299					69,845													69,845
Investment entities	40,316
Operating Company	9,138
Other comprehensive (loss) income	23,066					1,055														1,055	18,401	3,610
Issuance of shares		$ 287,500	$ 37,389	$ 14,771	$ 568,794		$ 287,500	$ 37,389	$ 14,771		$ 115		$ 14	$ 6		$ 287,385	$ 37,375	$ 14,765						$ 568,794
Offering Costs	(9,404)					(9,404)									(9,404)
Share-based compensation	8,735					8,735						7			8,728
Consolidation of investment entities	1,700,114																				1,700,114
Contributions from noncontrolling interests	190,563																				190,563
Distributions to noncontrolling interests	(148,946)																				(140,899)	(8,047)
Preferred stock dividends	(19,179)					(19,179)													(19,179)
Common stock dividends declared	(82,334)					(82,334)													(82,334)
Reallocation of equity of Operating Company (Note 15)	0					139,586									139,586							(139,586)
Ending balance at Jun. 30, 2015	5,626,161					2,865,444				250		1,123			2,991,178				(99,671)	(27,436)	2,326,808	433,909
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	194,167					85,064													85,064
Investment entities	97,764
Operating Company	11,339
Other comprehensive (loss) income	(10,898)					(3,462)														(3,462)	(6,812)	(624)
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	6,842					6,842						10			6,832
Shares canceled for tax withholding on vested stock awards	(2,862)					(2,862)						(2)			(2,860)
Contributions from noncontrolling interests	93,260																				93,260
Distributions to noncontrolling interests	(295,323)																				(278,254)	(17,069)
Acquisition of noncontrolling interests	(3,963)		$ (2,557)			725		$ 13,476					$ 7		725		$ 13,469		0		(4,688)		$ (16,033)
Preferred stock dividends	(23,973)					(23,973)													(23,973)
Common stock dividends declared	(90,760)					(90,760)													(90,760)
Reallocation of equity of Operating Company (Note 15)	0					2,027									2,027							(2,027)
Ending balance at Jun. 30, 2016	$ 5,280,173					$ 2,833,993				$ 250		$ 1,138			$ 3,015,436				$ (160,947)	$ (21,884)	$ 2,040,195	$ 405,985

CONDENSED CONSOLIDATED STATEME9

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 25, 2016	Apr. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Dividends declared per common share (in dollars per share)	$ 0.40		$ 0.40	$ 0.37	$ 0.80	$ 0.74
Series C Preferred Stock [Member]
Dividend Rate Per Annum		7.125%			7.125%

CONDENSED CONSOLIDATED STATEM10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities
Net income	$ 194,167	$ 119,299
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discount and net origination fees on purchased and originated loans	(9,186)	(13,617)
Accretion in excess of cash receipts on purchased credit impaired loan	(8,515)	0
Paid-in-kind interest added to loan principal	(24,807)	(14,141)
Straight-line rents	(7,185)	(5,928)
Amortization of above- and below-market lease values, net	1,315	2,011
Amortization of deferred financing costs	12,403	8,546
Equity in income of unconsolidated joint ventures	(55,542)	(37,305)
Distributions of income from unconsolidated joint ventures	36,432	37,137
Provision for loan losses	10,843	4,442
Impairment of real estate and intangible assets	4,520	450
Depreciation and amortization	85,683	58,953
Share-based compensation	6,842	8,735
Net gain on remeasurement of net assets of consolidated investment entities	0	(41,486)
Change in fair value of contingent consideration	(9,090)	1,140
Gain on sales of real estate assets, net	(56,963)	(740)
Changes in operating assets and liabilities:
Decrease in due from affiliates	2,756	1,455
Decrease (increase) in other assets	11,577	(14,750)
(Decrease) increase in accrued and other liabilities	(750)	26,770
Decrease in due to affiliates	0	(12,236)
Other adjustments, net	(4,378)	(739)
Net cash provided by operating activities	190,122	127,996
Cash Flows from Investing Activities
Contributions to equity method and cost method investments	(32,532)	(301,222)
Distributions of capital from equity method and cost method investments	36,084	109,293
Net disbursements on originated loans	(154,096)	(474,562)
Repayments of loans receivable	198,268	199,535
Proceeds from sales of loans receivable	75,000	0
Cash receipts in excess of accretion on purchased credit impaired loans	56,470	116,867
Disbursements on acquisition of real estate assets, related intangibles and leasing commissions	(228,932)	(720,944)
Proceeds from sales of real estate assets	224,977	40,070
Investment in debt securities	(23,324)	0
Acquisition of investment management business, net of cash acquired (Note 3)	0	(55,885)
Change in restricted cash	7,963	0
Other investing activities, net	(4,910)	5,076
Net cash provided by (used in) investing activities	154,968	(1,081,772)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock, net	0	277,945
Dividends paid to preferred stockholders	(24,186)	(13,944)
Dividends paid to common stockholders	(90,140)	(81,363)
Line of credit borrowings	325,000	739,400
Line of credit repayments	(211,500)	(408,000)
Proceeds from secured financing	331,778	530,428
Secured financing repayments	(425,050)	(151,749)
Release of escrow deposits for financing	6,968	0
Payment of deferred financing costs	(14,017)	(6,260)
Contributions from noncontrolling interests	93,260	190,563
Distributions to noncontrolling interests	(289,089)	(140,899)
Repurchase of preferred stock	(19,998)	0
Reissuance of preferred stock to an equity method investee	19,998	0
Redemption of units in Operating Company	(2,557)	0
Acquisition of noncontrolling interests	(3,963)	0
Other financing activities, net	0	(4,968)
Net cash (used in) provided by financing activities	(303,496)	931,153
Cash held by investment entities consolidated (Note 7)	0	75,412
Effect of exchange rates on cash	(244)	1,264
Net increase in cash	41,350	54,053
Cash, beginning of period	185,854	141,936
Cash, end of period	227,204	195,989
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	72,040	45,451
Cash paid for income taxes	3,271	1,455
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Dividends payable	65,979	61,791
Loan payoff proceeds held in escrow	46,817	0
Net settlement of redemption and investment in equity method investee	117,241	0
Proceeds from redemption of preferred equity interest in an investee included in other receivable	19,500	0
Foreclosures on collateral assets from originated or acquired debt	113,632	3,217
Accrued and other liabilities assumed in connection with acquisitions, net of cash assumed	0	407
Payment on settlement of derivative instruments in accrued liabilities	0	7,386
Deferred tax liability assumed in a real estate acquisition	0	23,977
Settlement of debt through issuance of units in Operating Company	0	10,000
Issuance of common stock for acquisition of investment management business	0	52,160
Issuance of units in Operating Company for acquisition of investment management business	0	558,794
Net assets of investment entities consolidated, net of cash assumed (Note 7)	$ 0	$ 2,637,278

Organization

Organization	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Colony Capital, 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. Proposed Merger On June 2, 2016, the Company entered into a definitive Agreement and Plans of Merger (the “Merger Agreement”) with NorthStar Asset Management Group Inc. ("NSAM") and NorthStar Realty Finance Corp. (“NRF”) under which the companies will combine in an all-stock merger transaction (the "Merger") to form Colony NorthStar, Inc. ("Colony NorthStar"), which will be the publicly-traded company of the combined organizations. Pursuant to the terms and conditions set forth in the Merger Agreement, each share of common stock of the Company and NRF issued and outstanding immediately prior to the effective time of the Merger will be canceled and converted into the right to receive common stock of Colony NorthStar based on the exchange ratios of 1.4663 shares of Colony NorthStar Class A and Class B common stock for each share of the Company's Class A and Class B common stock, respectively, and 1.0996 shares of Colony NorthStar Class A common stock for each share of NRF common stock. Each share of each series of the preferred stock of the Company and of NRF issued and outstanding immediately prior to the effective time of the Merger will be canceled and converted into the right to receive one share of a corresponding series of Colony NorthStar preferred stock. Concurrently, OP will issue additional partnership units to equal the number of operating partnership units outstanding on the day prior to the closing of the Merger multiplied by the exchange ratio of 1.4663 . Based upon the aforementioned exchange ratios, the Company's stockholders will own approximately 33.25% , NSAM stockholders will own approximately 32.85% and NRF stockholders will own approximately 33.90% of Colony NorthStar, on a fully diluted basis, excluding the effect of certain equity based awards to be issued in connection with the Merger. The Merger is anticipated to close in January 2017, subject to customary closing conditions, including regulatory approvals, and approval by the stockholders of the Company, NSAM and NRF.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 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. Investment in Debt Securities The Company designates its investment in debt securities as available-for-sale (“AFS”), which are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS securities, the cumulative gains or losses in other comprehensive income is recognized in earnings using an average cost method. Interest income —Interest income, including accretion of purchased premiums or amortization of purchased discounts and stated coupon interest payments, is recognized using the effective interest method over the expected lives of the securities. For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method. Impairment —The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS securities is other than temporary. Other-than-temporary impairment ("OTTI") exists when it is probable that the Company will be unable to recover the entire amortized cost basis of the security. For beneficial interests in debt securities that are not of high credit quality or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, OTTI also exists when there has been an adverse change in cash flows expected to be collected from the last measurement date. If the Company intends to sell the impaired security or more likely than not will be required to sell the impaired security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, the Company further evaluates the security for impairment due to credit losses. In determining whether a credit loss exists, an assessment is made of the cash flows expected to be collected from the security. The credit component of OTTI is recognized in earnings, while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the security is written down by the amount of impairment recognized in earnings and will not be adjusted for subsequent recoveries in fair value. The difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income. In assessing OTTI and estimating future expected cash flows, factors considered include, but not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security. Reclassification Certain amounts on the condensed consolidated balance sheets 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 . Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes. This provision eliminates cost method accounting and recognition of unrealized holding gains (losses) on equity investments in other comprehensive income. For financial liabilities under fair value option, changes in fair value due to instrument specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. 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 exit price fair value disclosures for financial instruments measured at amortized cost, 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. Credit Losses —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other-than-temporarily impaired debt securities and purchased credit impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. 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	6 Months Ended
	Jun. 30, 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 Colony American Homes, Inc. (now Colony Starwood Homes — see Note 22). 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. As a result of the Combination, the Company is able to sponsor new investment vehicles as general partner under the Colony name. 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 five -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 14. See Note 9 for discussions related to identifiable intangible assets and goodwill, and Note 14 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) Six Months Ended June 30, 2015 Pro forma: Total income $ 368,615 Net income attributable to Colony Capital, Inc. 85,452 Net income attributable to common stockholders 67,070 Earnings per common share: Basic $ 0.60 Diluted $ 0.59

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [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 $406.5 million and $412.8 million at June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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. June 30, 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 $ 911,135 $ 903,528 9.3 % 3.6 $ 882,935 $ 880,519 9.3 % 3.9 Securitized mortgage loans 122,952 125,492 6.4 % 16.1 135,519 138,366 6.4 % 16.9 Mezzanine loans 349,800 350,391 12.4 % 3.0 338,856 340,260 12.3 % 3.5 1,383,887 1,379,411 1,357,310 1,359,145 Variable rate Mortgage loans 659,961 647,218 7.2 % 1.4 643,013 627,374 7.2 % 1.7 Securitized mortgage loans 934,353 932,810 5.7 % 3.1 1,051,822 1,048,522 5.5 % 3.4 Mezzanine loans 348,035 347,021 11.0 % 1.1 348,091 347,267 10.8 % 0.7 1,942,349 1,927,049 2,042,926 2,023,163 3,326,236 3,306,460 3,400,236 3,382,308 PCI Loans Mortgage loans 803,360 553,154 1,008,839 693,934 Securitized mortgage loans 8,761 7,404 8,871 7,422 812,121 560,558 1,017,710 701,356 Allowance for loan losses — (44,823 ) — (35,187 ) Loans held for investment, net $ 4,138,357 $ 3,822,195 $ 4,417,946 $ 4,048,477 Activity in loans held for investment is summarized below: Six Months Ended June 30, (In thousands) 2016 2015 Carrying value at January 1 $ 4,048,477 $ 2,131,134 Loan acquisitions and originations 144,396 575,234 Paid-in-kind interest added to loan principal 24,807 14,141 Discount and net loan fee amortization 9,186 9,309 Loan repayments (233,785 ) (199,035 ) Payments received from PCI loans (85,714 ) (150,859 ) Accretion on PCI loans 37,759 37,800 Transfer to real estate assets upon foreclosure (113,632 ) (3,217 ) Provision for loan losses, excluding interest receivable (10,702 ) (4,071 ) Consolidation of loans receivable held by investment entities (Note 7) — 1,629,496 Effect of changes in foreign exchange rates 1,403 5,695 Carrying value at June 30 $ 3,822,195 $ 4,045,627 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 June 30, 2016 , was as follows: (In thousands) June 30, 2016 Due in one year or less $ 956,115 Due after one year through five years 1,983,177 Due after five years 367,168 $ 3,306,460 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 June 30, 2016 $ 3,283,136 $ 783 $ 460 $ 22,081 $ 3,306,460 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. (Dollars in thousands) Six Months Ended June 30, 2016 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 There were no loans modified in TDRs during the six months ended June 30, 2015. At June 30, 2016 and December 31, 2015 , carrying values of TDR loans before allowance for loan losses were $66.2 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. For the six months ended June 30, 2016 and 2015 , no new PCI loans were acquired other than those through consolidation of the investment entities on April 2, 2015. The following table presents these PCI loans at acquisition date on April 2, 2015: (In thousands) Contractually required payments including interest $ 1,936,499 Less: Nonaccretable difference (850,212 ) Cash flows expected to be collected 1,086,287 Less: Accretable yield (121,130 ) Fair value of loans acquired $ 965,157 Changes in accretable yield of PCI loans were as follows: Six Months Ended June 30, (In thousands) 2016 2015 Beginning accretable yield $ 66,639 $ 98,523 Changes in accretable yield 19,125 (16,802 ) Accretion (37,759 ) (37,800 ) Consolidation of PCI loans held by investment entities (Note 7) — 121,130 Effect of changes in foreign exchange rates 78 (5,355 ) Ending accretable yield $ 48,083 $ 159,696 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) June 30, 2016 December 31, 2015 Non-PCI loans $ 22,081 $ 10,226 PCI loans 114,714 116,647 $ 136,795 $ 126,873 At June 30, 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 and six months ended June 30, 2016 , interest income of $0.4 million and $0.7 million , respectively, was recognized on a cash basis related to PCI loans with carrying values before allowance for loan losses of $36.8 million at June 30, 2016 . There was no cash basis interest income recognized for the three and six months ended June 30, 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: June 30, 2016 December 31, 2015 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 4,537 $ 58,679 $ 472 $ 7,827 PCI loans 40,286 207,579 34,715 203,527 $ 44,823 $ 266,258 $ 35,187 $ 211,354 Changes in allowance for loan losses are presented below: Six Months Ended June 30, (In thousands) 2016 2015 Allowance for loan losses at January 1 $ 35,187 $ 197 Provision for loan losses 10,702 4,442 Charge-off (1,066 ) — Allowance for loan losses at June 30 $ 44,823 $ 4,639 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	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate Assets	Real Estate Assets The Company's real estate assets, including foreclosed properties, comprise the following: (In thousands) June 30, 2016 December 31, 2015 Real Estate Held for Investment Land $ 646,667 $ 578,577 Buildings and improvements 2,750,644 2,639,861 3,397,311 3,218,438 Less: Accumulated depreciation (139,261 ) (86,220 ) 3,258,050 3,132,218 Real Estate Held for Sale Land, buildings and improvements 219,955 297,887 Real Estate Assets, Net $ 3,478,005 $ 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 Real estate held for sale as of June 30, 2016 and December 31, 2015 included $17.8 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. Real estate, including foreclosed properties, with carrying values totaling $168.0 million and $39.3 million were sold during the six months ended June 30, 2016 and 2015 , resulting in gains on sale of $57.0 million and $0.7 million , respectively. Real estate classified as held for sale or disposed in the six months ended June 30, 2016 and 2015 did not constitute discontinued operations. Depreciation and Impairment Depreciation expense and impairment loss recognized on real estate assets were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Depreciation $ 26,848 $ 19,802 $ 54,368 $ 34,410 Impairment loss on real estate held for sale (1) 2,441 450 4,200 450 __________ (1) There was no impairment on real estate held for investment in the periods presented. 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 Six Months Ended June 30, 2016 (2) Business Combinations (3)(4) January Industrial—Spain 23 $ 94,403 $ 30,451 $ 59,399 $ 5,318 $ (765 ) $ — April Industrial—Massachusetts, U.S. (5) 1 34,900 5,235 27,731 1,934 — — May Office—France 1 18,204 13,041 4,316 997 (150 ) — Various Light industrial—Various in U.S. 2 73,275 10,375 59,364 4,212 (676 ) — 27 $ 220,782 $ 59,102 $ 150,810 $ 12,461 $ (1,591 ) $ — Year Ended December 31, 2015 Asset Acquisitions (6) January Education—Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — June Office—Norway (7) 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 (8) 24 440,999 51,169 320,078 76,016 (6,264 ) — 62 $ 1,307,604 $ 194,162 $ 1,012,541 $ 146,651 $ (12,855 ) $ (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 38 years for buildings, 4 to 10 years for improvements, 33 years for below-market ground lease obligations and 3 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 $6.0 million and $1.8 million for the six months ended June 30, 2016 and 2015 , respectively. (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) Real estate asset classified as held for sale as of June 30, 2016. (6) 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 $6.9 million for the six months ended June 30, 2015 . (7) 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. (8) For the six months ended June 30, 2016 , certain measurement period adjustments were identified which impacted provisional accounting, related to below-market operating ground leases assumed in connection with the properties acquired and lease expirations. These adjustments cumulatively resulted in an increase to lease intangible assets and lease intangible liabilities of $15.4 million and $1.3 million , respectively, with a corresponding decrease to land of $21.4 million and an increase to buildings and improvements of $4.7 million . Included in the condensed consolidated statement of operations for the six months ended June 30, 2016 was a $0.4 million decrease in depreciation and amortization expense as well as immaterial adjustments to increase rent expense and to increase 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 six months ended June 30, 2015 have been adjusted to exclude non-recurring acquisition-related expenses of approximately $1.8 million . These pro forma results are not necessarily indicative of future operating results. Real estate business combinations for the six months ended June 30, 2016 were not material to the Company's consolidated results of operations. (In thousands, except per share data) Six Months Ended June 30, 2015 Pro forma: Total income $ 374,235 Net income 118,204 Net income attributable to common stockholders 51,442 Earnings per common share: Basic $ 0.46 Diluted $ 0.46 Property Operating Income The components of property operating income are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Rental income $ 69,832 $ 47,441 $ 137,053 $ 80,701 Tenant reimbursements 16,085 13,702 30,830 24,235 Hotel operating income 9,431 22,087 19,082 22,087 $ 95,348 $ 83,230 $ 186,965 $ 127,023 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 June 30, 2016 are as follows: Year Ending December 31, (In thousands) Remaining 2016 $ 122,859 2017 227,069 2018 196,463 2019 164,054 2020 139,150 2021 and after 750,377 Total $ 1,599,972

Equity Method Investments

Equity Method Investments	6 Months Ended
	Jun. 30, 2016
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments 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 June 30, 2016 and December 31, 2015 , respectively. Activity in the Company’s equity method investments is summarized below: Six Months Ended June 30, (In thousands) 2016 2015 Balance at January 1 $ 824,597 $ 1,646,977 Contributions 149,773 203,562 Distributions (209,125 ) (146,429 ) Equity in net income 55,542 37,305 Equity in other comprehensive income (loss) 105 (612 ) Equity in realized loss reclassified from accumulated other comprehensive income — 161 Equity method investment entities derecognized and consolidated — (957,009 ) Equity method investments of newly consolidated investment entities — 270,966 Foreign currency translation gain (loss) and other 168 (27,916 ) Balance at June 30 $ 821,060 $ 1,027,005 Included in income from equity method investments for the three and six months ended June 30, 2016 was a gain of $45.0 million from redemption of the Company's preferred equity investment in an equity method investee. In June 2016, in conjunction with a refinancing transaction, the investee restructured the Company's investment by redeeming the original preferred equity and entering into a new preferred equity investment with the Company under amended terms, including a recourse guarantee and a fixed return. As a result of the restructuring, the Company relinquished its profit participation interest in the investee and deferred its ability to exercise certain rights. 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. 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, was $0.8 million for the three months ended March 31, 2015.

Other Investments

Other Investments	6 Months Ended
	Jun. 30, 2016
Other Investments [Abstract]
Other Investments	Other Investments Other investments comprise the following: (In thousands) June 30, 2016 December 31, 2015 Commercial mortgage-backed securities $ 23,419 $ — Cost method investment 99,736 99,868 $ 123,155 $ 99,868 Commercial Mortgage-Backed Securities ("CMBS") These are mezzanine positions in CMBS that are not of high credit quality (credit rating below AA), acquired at a discount in the second quarter of 2016. These mezzanine positions are subordinated by first loss tranches in the securitization trusts. The CMBS investment was made alongside the Company’s Sponsored Fund through co-investment joint ventures that are consolidated by the Company. At June 30, 2016, the CMBS, which are classified as AFS, had amortized cost of $23.4 million with $4,000 of unrealized gain recorded in accumulated other comprehensive income. Contractual maturities of the CMBS, which are longer than the maturities of the underlying loans, range from August 2047 to February 2048. 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 the Albertsons/Safeway supermarket chain. 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 and six months ended June 30, 2016 , dividends of $0.1 million was received as return of capital and applied to reduce the cost of investment. No dividends were received during the three and six months ended June 30, 2015 .

Goodwill, Deferred Leasing Cost

Goodwill, Deferred Leasing Costs and Other Intangibles	6 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Deferred Leasing Costs and Other Intangibles	Goodwill, 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: June 30, 2016 December 31, 2015 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) 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 153,813 (41,503 ) 112,310 144,863 (27,780 ) 117,083 Above-market lease values 31,661 (12,200 ) 19,461 32,774 (7,708 ) 25,066 Below-market ground lease obligations 50,424 (291 ) 50,133 36,635 (39 ) 36,596 Deferred leasing costs 80,836 (19,497 ) 61,339 71,710 (12,647 ) 59,063 Investment management contracts 39,646 (19,586 ) 20,060 41,897 (13,985 ) 27,912 Customer relationships 46,800 (4,179 ) 42,621 46,800 (2,507 ) 44,293 Total deferred leasing costs and intangible assets $ 418,680 $ (97,256 ) $ 321,424 $ 390,179 $ (64,666 ) $ 325,513 Intangible Liabilities Below-market lease values $ 30,353 $ (7,856 ) $ 22,497 $ 28,879 $ (4,523 ) $ 24,356 Above-market ground lease obligations 172 (10 ) 162 171 (5 ) 166 Total intangible liabilities $ 30,525 $ (7,866 ) $ 22,659 $ 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 June 30, 2016 were presented net of measurement period adjustments, where applicable (see Notes 3 and 6). Held for Sale Lease intangible assets and intangible liabilities related to real estate assets held for sale were approximately $9.9 million and $0.7 million at June 30, 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 June 30, 2016 , no indicators of 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. Goodwill is tested for impairment at the reporting unit to which it is assigned at least on an annual basis in the fourth quarter of each year, or more frequently if events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. The assessment of goodwill for impairment may initially be performed based on qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. If so determined, a two-step quantitative assessment is performed to determine if an impairment has occurred and to measure the impairment loss. In the first step, the fair value of the reporting unit is estimated and if less than its carrying value (including goodwill), then the goodwill is considered to be impaired. In the second step, an implied fair value of the goodwill is determined in the same manner as the amount of goodwill recognized in a business combination, which is the excess of the fair value of the reporting unit over the fair value of its net assets, as if the reporting unit was being acquired in a business combination. If the carrying value of the goodwill exceeds its implied fair value, then an impairment charge is recognized for the excess. As of June 30, 2016, the Company performed a qualitative assessment of the value of the investment management segment and determined that goodwill was not impaired. In performing this assessment, the Company considered qualitative factors such as macroeconomic conditions, industry and market conditions, the absence of structural changes in the operations of the investment management business since its acquisition, as well as market valuation and stock performance of comparable companies. While there has been a continued decline in the Company's stock price subsequent to the Combination, the Company concluded that the qualitative factors, taken as a whole, and given the recent volatility in the Company's stock price in light of the proposed Merger transaction, further quantitative analysis would not be necessary at this time. 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 three to five 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. For the six months ended June 30, 2016 , an impairment of $0.3 million on investment management contracts was recognized in impairment loss resulting from a change in the fee base of a liquidating fund. There was no impairment recorded in the three months ended June 30, 2016 as well as the three and six months ended June 30, 2015 . Amortization The following table summarizes the amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities: Three Months Ended June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Above-market lease values $ (1,823 ) $ (2,120 ) $ (4,589 ) $ (3,790 ) Below-market lease values 1,594 1,138 3,533 1,779 Net decrease to rental income $ (229 ) $ (982 ) $ (1,056 ) $ (2,011 ) Net below-market ground lease obligations Increase to rent expense $ 119 $ 5 $ 259 $ 10 In-place lease values $ 4,629 $ 7,035 $ 15,045 $ 12,163 Deferred leasing costs 3,407 3,115 6,755 5,688 Investment management contracts 2,723 4,778 5,632 4,778 Customer relationships 835 836 1,671 836 Amortization expense $ 11,594 $ 15,764 $ 29,103 $ 23,465 The following table presents the annual amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to real estate held for sale, for each of the next five years and thereafter: (In thousands) Year Ending December 31, Remaining 2016 2017 2018 2019 2020 2021 and after Total Above-market lease values $ (4,104 ) $ (5,787 ) $ (3,514 ) $ (1,839 ) $ (1,260 ) $ (2,732 ) $ (19,236 ) Below-market lease values 3,544 5,644 4,111 2,232 1,477 4,772 21,780 (Decrease) increase to rental income $ (560 ) $ (143 ) $ 597 $ 393 $ 217 $ 2,040 $ 2,544 Net below-market ground lease obligations Increase to rent expense $ 239 $ 474 $ 474 $ 474 $ 474 $ 46,469 $ 48,604 In-place lease values $ 13,748 $ 20,358 $ 14,411 $ 10,853 $ 8,850 $ 37,140 $ 105,360 Deferred leasing costs 6,373 11,213 9,275 7,091 5,335 20,528 59,815 Investment management contracts 5,756 5,984 2,560 1,827 1,236 2,697 20,060 Customer relationships 1,671 3,343 3,343 3,343 3,343 27,578 42,621 Amortization expense $ 27,548 $ 40,898 $ 29,589 $ 23,114 $ 18,764 $ 87,943 $ 227,856

Other Assets and Other Liabilit

Other Assets and Other Liabilities	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Restricted cash (1) $ 138,719 $ 187,208 Deferred financing costs, net (2) 12,140 4,083 Interest receivable 32,770 34,074 Other receivables, including straight-line rents 106,375 43,130 Derivative assets 38,824 21,636 Prepaid expenses and other 27,139 21,320 Fixed assets, net (3) 47,328 48,463 Total (4) $ 403,295 $ 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 $9.3 million and $6.8 million as of June 30, 2016 and December 31, 2015 , respectively. (3) Fixed assets are shown net of accumulated depreciation of $5.7 million and $3.3 million as of June 30, 2016 and December 31, 2015 , respectively. Depreciation for the three and six months ended June 30, 2016 was $1.1 million and $2.2 million , respectively. Depreciation for the three and six months ended June 30, 2015 was $1.2 million . The Company did not hold any fixed assets prior to the Combination. (4) At June 30, 2016 and December 31, 2015 , other assets related to real estate held for sale were $5.1 million and $3.7 million . Accrued and Other Liabilities The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2016 December 31, 2015 Borrower and tenant reserves $ 97,870 $ 116,800 Deferred income 28,837 41,671 Interest payable 17,369 18,071 Intangible liabilities, net 22,659 24,522 Derivative liabilities 1,348 507 Current and deferred tax liabilities 44,523 44,951 Accrued compensation 18,924 11,495 Accounts payable and other liabilities 68,466 67,572 Total (1) $ 299,996 $ 325,589 __________ (1) Intangible liabilities and accrued and other liabilities related to real estate assets held for sale were $0.7 million and $7.7 million at June 30, 2016 , and $35,000 and $9.1 million at December 31, 2015 , respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Components of debt are summarized as follows: (In thousands) June 30, 2016 December 31, 2015 Line of credit $ 428,500 $ 315,000 Secured debt 3,207,572 3,313,550 Less: Debt issuance costs, net (34,903 ) (40,826 ) $ 3,601,169 $ 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. ("JPM") as administrative agent, and Bank of America, N.A. ("BofA") 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 June 30, 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 June 30, 2016 , the Company had outstanding borrowings bearing weighted average interest at 2.91% per annum. The Company also pays a commitment fee of 0.25% or 0.35% per annum of the unused amount ( 0.25% at June 30, 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 June 30, 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. On June 2, 2016, the Company entered into a commitment letter with JPM, BofA and the several lenders pursuant to the JPM Credit Agreement, to which the parties agreed to an amendment to the JPM Credit Agreement that establishes a new $400 million bridge loan facility. This bridge facility will be used to fund the refinancing of certain specified borrowings of NSAM, NRF and their affiliates and/or transaction expenses in connection with the consummation of transactions contemplated by the Merger Agreement. The commitments under the commitment letter will terminate automatically on the earliest of: (i) the date of termination of the Merger Agreement; (ii) the closing of the Merger without the use of the bridge facility; and (iii) March 17, 2017, the outside date under the Merger Agreement. Borrowings under the bridge facility will be made in a single drawing on the closing date of the Merger and will mature 364 days from that date. Prepayments and repayments under the bridge loans may not be reborrowed. Any undrawn commitments under the bridge facility will automatically be terminated on the closing date of the Merger. Borrowings under the bridge facility will bear interest at the prevailing rate under the existing terms of the JPM Credit Agreement but with an increase in margin by 25 basis points 90 days after the Merger closing date and every 90 days thereafter. The bridge facility will be subject to the same covenants as the existing revolving credit facility, which will be substantially the same under the amendment as in the existing JPM Credit Agreement. Secured Debt 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) June 30, 2016 December 31, 2015 Investment level financing: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2017 P&I $ 22,054 $ 23,123 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2017 P&I 8,132 10,965 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2017 P&I 3,439 5,869 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 P&I 6,753 8,579 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 3,688 4,351 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 58,428 73,543 Secured financing (4) First mortgage loan secured by residential properties 1-month LIBOR+3.75% NA P&I — 10,314 Warehouse facility (5) Eligible originated first mortgage loans 1 month LIBOR+2.50% Feb-2017 I/O 48,198 48,198 Warehouse facility (5) Eligible originated first mortgage loans, including any corresponding mezzanine loans 1 month LIBOR+2.50% to 2.75% Apr-2018 I/O 131,327 114,433 First mortgage loan (6) Hotel properties 1-month LIBOR+4.65% Jan-2019 (6) 55,722 94,000 First mortgage loan (7) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 14,061 13,500 First mortgage loan Office property in Minnesota 4.84% fixed Jan-2024 P&I 87,474 88,000 First mortgage loan (8) Commercial properties in United Kingdom 3-month GBP LIBOR+2.50% Aug-2018 I/O 79,600 88,121 First mortgage loan (9) Office properties throughout Italy 4.02% fixed Nov-2018 (9) 82,529 79,133 First mortgage loan (10) Warehouse properties in Spain 3-month Euribor+2.80% Jun-2022 I/O 25,850 25,540 First mortgage loan (11) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 893,298 917,469 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 (12) 93,450 — First mortgage loans Two higher education campuses in Switzerland 2.72% fixed Dec-2029 P&I 122,318 120,947 First mortgage loan (13) Office property in United Kingdom 3-month GBP LIBOR+2.35% Feb-2020 I/O 12,645 — First mortgage loan Office property in France 1.89% fixed Nov-2022 I/O 17,436 17,050 First mortgage loan (14) Portfolio of office, retail and other commercial properties in United Kingdom 3-month GBP LIBOR+3.28% Nov-2018 I/O 214,001 236,911 First mortgage loan (15) Portfolio of industrial properties in Spain 3-month Euribor+3.00% Jan-2021 I/O 49,998 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 191,360 180,960 Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O 25,000 23,730 Credit facility Partner capital commitments 1-month LIBOR+1.60% Sept-2016 I/O 63,421 104,400 2,475,932 2,454,886 (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) June 30, 2016 December 31, 2015 Investment level financing: CMBS Debt: CMBS 2014-FL1 (16) Portfolio of originated first mortgage loans 1-month LIBOR+1.78% Apr-2031 I/O 102,777 126,248 CMBS 2014-FL2 (16) Portfolio of originated first mortgage loans 1-month LIBOR+2.01% Nov-2031 I/O 167,921 203,734 CMBS 2015-FL3 (16) Portfolio of originated first mortgage loans 1-month LIBOR+2.36% Sept-2032 I/O 295,350 340,350 CMBS MF 2014-1 (17) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed Apr-2050 I/O 123,515 145,349 689,563 815,681 Notes Payable: Promissory notes (18) Corporate aircraft 5.02% fixed Dec-2025 P&I 42,077 42,983 Total $ 3,207,572 $ 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. An interest rate cap is required to be maintained at a maximum strike rate of 2.50% on 1-month LIBOR. The financing arrangements provide for either a single or multiple 1 -year extension options to the initial term. (4) Loan was paid off in June 2016. (5) 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. (6) Initial term on the loan is subject to two 1 -year extensions. Payment terms are 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 June 30, 2016 , $16.9 million of outstanding principal balance was related to real estate held for sale. (7) Initial term on the loan is subject to two 1 -year extensions, during which payment terms require periodic principal and interest. (8) 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 June 30, 2016 , $0.5 million of outstanding principal balance was related to a real estate held for sale (9) 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. (10) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3 -month Euribor. (11) 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 June 30, 2016 and December 31, 2015 , $7.5 million and $4.9 million , respectively, of outstanding principal balance were related to real estate held for sale. (12) Payment terms is interest only through April 2021, followed by periodic principal and interest for remaining term of the loan. (13) The loan requires an interest rate cap to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. (14) 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. (15) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3-month Euribor. (16) 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 two to three years. Interest rate spreads on these CMBS debt are presented on a weighted average basis as of the date of the respective securitizations. (17) 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. (18) 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 June 30, 2016 . Year Ending December 31, (In thousands) Remaining 2016 $ 222,030 (1) 2017 87,314 (1) 2018 479,313 (1) 2019 954,542 2020 21,209 2021 and after 758,533 Total $ 2,522,941 __________ (1) Amounts include a combined $4.9 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 June 30, 2016 are as follows: (In thousands) Year Ending December 31, Contractual Maturity Expectations of Cash Flows Remaining 2016 $ — $ 92,981 2017 — 339,623 2018 — 221,827 2019 — 21,975 2020 — 13,157 2021 and after 689,563 — Total $ 689,563 $ 689,563 Convertible Senior Notes Convertible Senior Notes issued by the Company and outstanding are as follows: Conversion Price (per share of common stock) June 30, 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 $ 195,349 $ 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 402,500 396,593 402,500 396,010 $ 602,500 $ 591,942 $ 602,500 $ 591,079 __________ (1) Carrying amounts include $1.5 million and $1.7 million of premium and are shown net of debt issuance costs of $12.1 million and $13.1 million at June 30, 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	6 Months Ended
	Jun. 30, 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: June 30, 2016 December 31, 2015 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 37,874 $ 627 $ 38,501 $ 19,773 $ 426 $ 20,199 Interest rate contracts — 323 323 5 1,432 1,437 Included in other assets $ 37,874 $ 950 $ 38,824 $ 19,778 $ 1,858 $ 21,636 Derivative Liabilities Foreign exchange contracts $ 1,299 $ 49 $ 1,348 $ 505 $ — $ 505 Interest rate contracts — — — 2 — 2 Included in accrued and other liabilities $ 1,299 $ 49 $ 1,348 $ 507 $ — $ 507 Certain counterparties to the derivative instruments require the Company to deposit cash or other eligible collateral for derivative financial liabilities exceeding $100,000 . As of June 30, 2016 and December 31, 2015 , the Company had no amounts on deposit related to these agreements. Foreign Exchange Contracts The following table summarizes the aggregate notional amounts of designated and non-designated foreign exchange contracts in place as of June 30, 2016 along with certain key terms: Hedged Currency Instrument Type Notional Amount (in thousands) FX Rates ($ per unit of foreign currency) Range of Expiration Dates Designated Non-Designated EUR FX Collar € 143,800 € 1,825 Min $1.09 / Max $1.53 July 2017 to January 2021 GBP FX Collar £ 130,520 £ 3,480 Min $1.40 / Max $1.82 September 2017 to December 2020 EUR FX Forward € 117,444 € 3,706 Range between $1.10 to $1.27 September 2016 to January 2019 GBP FX Forward £ 75,150 £ — Range between $1.33 to $1.51 July 2016 to December 2018 CHF FX Forward CHF 55,133 CHF 412 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 898,844 NOK 24,156 $0.12 November 2016 Designated Net Investment Hedges The Company’s foreign denominated net investments in subsidiaries or joint ventures totaled approximately €295.5 million , £122.2 million , CHF56.5 million and NOK900.1 million , or a total of $656.5 million , as of June 30, 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. For the three and six months ended June 30, 2016 , following a liquidation of the underlying investments of a foreign subsidiary, realized gain of $62,000 on a net investment hedge was transferred out of accumulated other comprehensive income into other gain (loss), net. For the three and six months ended June 30, 2015 , resulting from the consolidation of foreign equity method investments on April 2, 2015, net realized gains of $39.3 million on net investment hedges were transferred out of accumulated other comprehensive income into gain on remeasurement of consolidated investment entities, net. 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. Any unrealized gain or loss on the dedesignated portion of net investment hedges are transferred into other gain (loss), net, which were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Unrealized gain (loss) on dedesignated net investment hedges $ 375 $ (494 ) $ 52 $ (279 ) Interest Rate Contracts The Company uses various interest rate derivatives, some of which are designated as cash flows hedges, to limit the exposure of increases in interest rates on various floating rate debt obligations. As of June 30, 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 $ — $ 68,862 1-Month LIBOR 2.50% August 2016 to April 2017 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 (loss) on cash flow hedge ineffectiveness recorded in other gain (loss), net, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Unrealized gain on cash flow hedge ineffectiveness $ 68 $ — $ 101 $ — Non-Designated Hedges Net unrealized loss associated with non-designated interest rate contracts recorded in other gain (loss), net, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Unrealized loss on non-designated interest rate contracts $ (330 ) $ (322 ) $ (1,374 ) $ (374 )

Balance Sheet Offsetting

Balance Sheet Offsetting	6 Months Ended
	Jun. 30, 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) June 30, 2016 Derivative Assets Foreign exchange contracts $ 38,501 $ (1,348 ) $ — $ 37,153 Interest rate contracts 323 — — 323 $ 38,824 $ (1,348 ) $ — $ 37,476 Derivative Liabilities Foreign exchange contracts $ (1,348 ) $ 1,348 $ — $ — $ (1,348 ) $ 1,348 $ — $ — December 31, 2015 Derivative Assets Foreign exchange contracts $ 20,199 $ (124 ) $ — $ 20,075 Interest rate contracts 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange contracts $ (505 ) $ 124 $ — $ (381 ) Interest rate contracts (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 )

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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, as presented in Note 12. 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. Real Estate Debt Securities — CMBS, included in other investments, is classified as AFS and carried at fair value. Fair value of CMBS was determined based on broker quotes and classified as Level 2 in 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 in 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 June 30, 2016 and December 31, 2015 , the contingent consideration was estimated at a fair value of $43.9 million and $53.0 million , respectively. The $9.1 million decrease in fair value resulted largely 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: Input Value at Input Value at Impact to Fair Value from Increase in Input Value (2) Significant Input June 30, 2016 December 31, 2015 Class A common stock price $15.35 $19.48 Increase Benchmark FFO volatility 14.3% 20.6% Increase Equity volatility 29.7% 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 June 30, 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 June 30, 2016 Assets Loans held for investment $ — $ — $ 3,866,959 $ 3,866,959 $ 3,822,195 Equity method and cost method investments 459,900 5,400 781,357 1,246,657 920,796 Liabilities Line of credit — 428,500 — 428,500 428,500 Secured and unsecured debt — — 2,497,930 2,497,930 2,447,162 CMBS debt — 673,304 — 673,304 683,430 Notes payable — — 42,077 42,077 42,077 Convertible senior notes 574,875 — — 574,875 591,942 Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2015 Assets Loans held for investment $ — $ — $ 4,073,075 $ 4,073,075 $ 4,048,477 Loan held for sale — — 75,002 75,002 75,002 Equity method and cost method investments — — 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. Equity Method and Cost Method Investments — Fair values of investments in unconsolidated joint ventures and cost method investment were derived by applying the Company’s ownership interest to the fair value of underlying assets and liabilities of each investee. The Company’s proportionate share of each investee’s fair value approximates the Company’s fair value of the investment, as the timing of cash flows of the investee does not deviate materially from the timing of cash flows received by the Company from the investee. 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 22). 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 based on broker quotes. 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	6 Months Ended
	Jun. 30, 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 — Issuance of preferred stock 11,500 — — Issuance of Class A common stock — 1,428 — Issuance of Class B common stock — — 564 Share-based compensation, net of forfeitures — 635 — Shares outstanding at June 30, 2015 25,030 111,697 564 Shares outstanding at December 31, 2015 25,030 111,694 546 Repurchase of preferred stock (964 ) — — Reissuance of preferred stock 964 — — Issuance of Class A common stock upon redemption of OP units — 672 — Conversion of Class B into Class A common stock — 19 (19 ) Share-based compensation, net of forfeitures — 1,026 — Shares canceled for tax withholding on vested stock awards — (147 ) — Shares outstanding at June 30, 2016 25,030 113,264 527 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 $5.2 million as of June 30, 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 June 30, 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. In April 2016, 643,044 shares of Class A common stock were issued upon redemption of an equal number of OP units by OP unitholders on a one -for-one basis. Additionally, in connection with such redemption of OP Units, 19,144 shares of Class B common stock were converted into an equivalent number of shares of Class A common stock. In May 2016, 28,525 shares of Class A common stock were issued 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 OP unitholders. 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 six months ended June 30, 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 ) (205 ) (26,109 ) 15,179 (11,747 ) Noncontrolling interests in investment entities — (132 ) 18,533 — 18,401 Noncontrolling interests in Operating Company — (7 ) 4,144 (2,978 ) 1,159 Amounts reclassified from AOCI attributable to: Stockholders 161 — 45,407 (32,766 ) 12,802 Noncontrolling interests in investment entities — — — — — Noncontrolling interests in Operating Company — — 8,658 (6,207 ) 2,451 Net other comprehensive (loss) income (451 ) (344 ) 50,633 (26,772 ) 23,066 AOCI at June 30, 2015 attributable to: Stockholders — (306 ) (33,345 ) 6,215 (27,436 ) Noncontrolling interests in investment entities — (184 ) 14,917 (1 ) 14,732 Noncontrolling interests in Operating Company — (7 ) 12,802 (9,185 ) 3,610 $ — $ (497 ) $ (5,626 ) $ 6,214 $ (9,094 ) 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 89 7 (3,059 ) (232 ) (3,195 ) Noncontrolling interests in investment entities — — (13,574 ) 7,547 (6,027 ) Noncontrolling interests in Operating Company 17 1 (434 ) (158 ) (574 ) Amounts reclassified from AOCI attributable to: Stockholders — (102 ) (67 ) (98 ) (267 ) Noncontrolling interests in investment entities — — (785 ) — (785 ) Noncontrolling interests in Operating Company — (19 ) (15 ) (16 ) (50 ) Net other comprehensive (loss) income 106 (113 ) (17,934 ) 7,043 (10,898 ) AOCI at June 30, 2016 attributable to: Stockholders 89 (340 ) (45,251 ) 23,618 (21,884 ) Noncontrolling interests in investment entities — (149 ) (14,308 ) 7,546 (6,911 ) Noncontrolling interests in Operating Company 17 (13 ) 10,653 (5,924 ) 4,733 $ 106 $ (502 ) $ (48,906 ) $ 25,240 $ (24,062 ) 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 June 30, Six Months Ended June 30, Affected Line Item in the Consolidated Statements of Operations Component of AOCI reclassified into earnings 2016 2015 2016 2015 Equity in realized (loss) gain on sale of marketable securities of unconsolidated joint ventures $ — $ — $ — $ (161 ) Equity in income of unconsolidated joint ventures Unrealized gain on ineffective cash flow hedge 58 — 102 — Other gain (loss), net Release of cumulative translation adjustments (264 ) — 67 — Other gain (loss), net Release of cumulative translation adjustments — (45,407 ) — (45,407 ) Gain on remeasurement of consolidated investment entities, net Unrealized gain (loss) on dedesignated net investment hedges 369 (414 ) 98 (199 ) Other (loss) gain, net Realization of gain on net investment hedges — 32,965 — 32,965 Gain on remeasurement of consolidated investment entities, net

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 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. In April 2016, the Company acquired the noncontrolling interests in investment entities of three real estate debt investments. The net excess of the carrying value of noncontrolling interests in investment entities acquired over the consideration paid resulted in a $0.7 million increase to additional paid-in capital. 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. In April 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. In May 2016, the Company redeemed 28,525 OP units in exchange for an equal number of shares of Class A common stock. Such OP Units were held by four different charitable organizations that had, prior to the redemption, received such OP Units as a charitable contribution from certain OP unitholders.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2016 2015 2016 2015 Net income allocated to common stockholders Net income $ 103,136 $ 103,084 $ 194,167 $ 119,299 Net income attributable to noncontrolling interests: Investment entities (40,169 ) (34,630 ) (97,764 ) (40,316 ) Operating Company (7,918 ) (9,138 ) (11,339 ) (9,138 ) Net income attributable to Colony Capital, Inc. 55,049 59,316 85,064 69,845 Preferred dividends (12,093 ) (11,410 ) (23,973 ) (18,382 ) Net income attributable to common stockholders 42,956 47,906 61,091 51,463 Net income allocated to participating securities (nonvested shares) (577 ) (350 ) (1,146 ) (609 ) Net income allocated to common stockholders—basic 42,379 47,556 59,945 50,854 Interest expense attributable to convertible notes (1) 6,833 6,925 8,382 — Net income allocated to common stockholders—diluted $ 49,212 $ 54,481 $ 68,327 $ 50,854 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 112,306 111,394 111,985 110,410 Weighted average effect of dilutive shares (2) 24,949 25,040 16,385 — Weighted average number of common shares outstanding—diluted 137,255 136,434 128,370 110,410 Earnings per share Basic $ 0.38 $ 0.43 $ 0.54 $ 0.46 Diluted $ 0.36 $ 0.40 $ 0.53 $ 0.46 __________ (1) For the six months ended June 30, 2016 and 2015 , excluded from the calculation of diluted earnings per share is the effect of adding back $5.3 million and $13.9 million of interest expense and 8,563,700 and 25,073,400 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 six months ended June 30, 2015 is the effect of adding back $280,000 of interest expense and 378,700 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 16), 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 June 30, 2016 and 2015 , there were 20,924,300 and 21,749,000 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Due from Affiliates Due from funds and unconsolidated joint ventures: Management fees $ 6,061 $ 5,734 Other 166 3,952 Due from CCLLC — 1,559 Due from employees and other affiliated entities 467 468 $ 6,694 $ 11,713 Due to Affiliates Contingent consideration (Note 3) $ 43,900 $ 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 June 30, 2015 Six Months Ended June 30, 2015 Base management fee expense $ 101 $ 9,165 Compensation pursuant to secondment agreement — 450 Direct and allocated investment-related expenses — 366 Direct and allocated administrative expenses — 1,922 $ 101 $ 11,903 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. Base and asset management fee income from affiliates, included in fee income, were $15.5 million and $32.1 million for the three and six months ended June 30, 2016 , respectively, and $21.6 million for both the three and six months ended June 30, 2015 . Cost Reimbursements— The Company received cost reimbursements for asset management services provided to the Company's investment entities, as well as administrative services provided to an equity method investee and/or senior executives. Cost reimbursements, included in other income, were $0.8 million and $2.1 million for the three and six months ended June 30, 2016 , respectively, and $1.9 million and $2.0 million for the three and six months ended June 30, 2015 , respectively. At June 30, 2016 and December 31, 2015 , cost reimbursements of $0.3 million and $0.9 million , respectively, were due from affiliates. 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 $0.2 million and $1.1 million at June 30, 2016 and December 31, 2015 , respectively. 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 June 30, 2016 , $0.1 million of advances made by the Sponsored Fund to the consolidated co-investment joint ventures was outstanding. At December 31, 2015 , $1.4 million was due from the Sponsored Fund, which included amounts due from the Sponsored Fund to the co-investment joint ventures as well as the Company's share of costs payable to the Sponsored Fund. 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 June 30, 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. Outstanding advances were approximately $0.2 million as of June 30, 2016 and December 31, 2015 , with immaterial interest amounts. 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 and $0.2 million for the three and six months ended June 30, 2016 , respectively, and $0.1 million for both the three and six months ended June 30, 2015 . At June 30, 2016 and December 31, 2015 , $0.1 million of such reimbursements were outstanding. Contingent Consideration— Contingent consideration in connection with the Combination is payable to certain senior executives of the Company, as discussed in Notes 3 and 14.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Stock grants to the Manager and employees (1) $ 3,323 $ 2,407 $ 6,684 $ 8,305 Stock grants to non-executive directors 100 342 158 430 $ 3,423 $ 2,749 $ 6,842 $ 8,735 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 30,324 1,038,312 1,068,636 19.26 Vested (13,928 ) (363,970 ) (377,898 ) 26.02 Forfeited — (42,481 ) (42,481 ) 21.09 Nonvested shares at June 30, 2016 31,324 1,412,767 1,444,091 21.17 _________ (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 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, as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Fair value of shares vested $ — $ 238 $ 9,833 $ 12,304 The weighted average grant-date fair value per share was $19.26 and $24.42 for the shares granted during the six months ended June 30, 2016 and 2015 , respectively. As of June 30, 2016 , aggregate unrecognized compensation cost related to nonvested restricted stock grants was approximately $23.8 million and is expected to be fully recognized over a weighted-average period of approximately 25 months.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 Expense (Benefit) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Current Federal $ 316 $ 305 $ 288 $ 573 State and local 159 201 562 411 Foreign 1,809 483 5,318 483 Total current tax expense 2,284 989 6,168 1,467 Deferred Federal (425 ) (600 ) (3,098 ) (486 ) State and local (492 ) (40 ) (500 ) 18 Foreign 393 — (26 ) — Total deferred tax benefit (524 ) (640 ) (3,624 ) (468 ) Total income tax expense $ 1,760 $ 349 $ 2,544 $ 999 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) June 30, 2016 December 31, 2015 Deferred tax assets Net operating loss carry forwards $ 9,000 $ 9,814 Stock-based compensation 2,684 2,890 Investment in partnerships 310 843 Deferred income 677 — Foreign tax credits 504 — Other 3,257 2,262 Total deferred tax assets 16,432 15,809 Deferred tax liabilities Intangible assets from Combination 25,002 28,875 Gain from remeasurement of consolidated investment entities, net 3,237 3,237 Assumption of tax basis from real estate acquisition (Note 6) 28,399 26,880 Other 1,672 1,504 Total deferred tax liabilities 58,310 60,496 Net deferred tax liability $ (41,878 ) $ (44,687 ) As of June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 , the Company’s share of those commitments was $28.5 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 June 30, 2016 , total unfunded lending commitments was $354.9 million , of which the Company's share was $199.8 million , net of amounts attributable to noncontrolling interests. This included a $4.0 million commitment to lend to an investment entity that is partially owned with its Sponsored Fund, of which the Company's share of the commitment as general partner and general partner affiliate of the Sponsored Fund was $0.8 million . Consolidated Real Estate Equity Investments— In connection with the Company's acquisition of a light industrial portfolio and operating platform in December 2014, the Company, together with 38% third-party limited partners, may be required to fund additional amounts for future real estate acquisitions and operating costs through ColFin Industrial Partnership, as directed by the general partner of this entity, which is a controlled affiliate of the Company. As of June 30, 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. As of June 30, 2016, the light industrial platform made a deposit of $0.1 million with a remaining unfunded purchase commitment of $4.2 million for the acquisition of a property in Arizona. 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. 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 June 30, 2016 , the Company has unfunded commitments of $0.6 million as general partner and approximately $87.0 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 on office leases, included in administrative expenses, was $1.4 million and $2.8 million for the three and six months ended June 30, 2016 , respectively, and $1.3 million for both the three and six months ended June 30, 2015 . 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 2252. Ground leases which require only nominal annual payments and ground leases associated with real estate held for sale 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. Ground rent expense, including contingent rent, was $0.1 million and $0.2 million for the three and six months ended June 30, 2016 , respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2015 , respectively. As of June 30, 2016 , future minimum rental payments on noncancellable operating ground leases on real estate held for investment, were as follows: (In thousands) Year Ending December 31, Ground Leases Remaining 2016 $ 105 2017 210 2018 210 2019 210 2020 222 2021 and after 19,168 Total $ 20,125 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, as discussed in Notes 3 and 14. Litigation The Company may be involved in litigations and claims in the ordinary course of business. As of June 30, 2016 , the Company was not involved in any material legal proceedings. Merger Related Arrangements and Costs The Company entered into fee arrangements with service providers and advisors pursuant to which certain fees incurred by the Company in connection with the Merger will become payable only if the Company consummates the Merger. Further, the Company may be required to pay a termination fee or reimburse the other parties for costs under certain circumstances as described in the Merger Agreement. The Company has and will incur other professional fees related to the Merger. There can be no assurances that the Company will complete this or any other transaction. For the three months ended June 30, 2016, the Company recorded approximately $6.4 million in transaction costs in the consolidated statements of operations. To the extent the Merger is consummated, the Company anticipates incurring a significant amount of additional costs.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 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. In June 2016, CAF received additional capital previously committed by its third party investors, which resulted in a decrease in the Company's interest in CAF to 17.5% as of June 30, 2016 . 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 June 30, 2016 Income: Interest income $ — $ — $ 11 $ 103,831 $ — $ 18 $ 103,860 Property operating income 48,124 — 45,656 1,568 — — 95,348 Income (loss) from equity method investments — (2,026 ) 47,663 6,072 (493 ) 1,897 53,113 Fee income — — — — 15,505 — 15,505 Other income 539 — 105 1,505 — 666 2,815 Total income (loss) 48,663 (2,026 ) 93,435 112,976 15,012 2,581 270,641 Expenses: Transaction, investment and servicing costs 170 — 1,947 4,096 22 7,125 13,360 Interest expense 9,956 — 11,968 9,695 — 10,949 42,568 Property operating expenses 13,746 — 14,367 1,667 — — 29,780 Depreciation and amortization 21,818 — 12,927 137 3,559 1,100 39,541 Provision for loan losses — — — 6,213 — — 6,213 Impairment loss 137 — — 2,304 — — 2,441 Compensation expense 1,558 — 732 2,559 7,880 11,511 24,240 Administrative expenses 477 — 1,317 2,051 692 8,561 13,098 Total expenses 47,862 — 43,258 28,722 12,153 39,246 171,241 Gain on sale of real estate assets, net 19 — 4,103 1,722 — — 5,844 Other gain (loss), net 68 — 532 (155 ) 44 (837 ) (348 ) Income tax benefit (expense) 59 — (1,653 ) (226 ) 227 (167 ) (1,760 ) Net (loss) income 947 (2,026 ) 53,159 85,595 3,130 (37,669 ) 103,136 Net (loss) income attributable to noncontrolling interests: Investment entities (2,599 ) — 9,935 32,833 — — 40,169 Operating Company 551 (314 ) 6,447 8,213 491 (7,470 ) 7,918 Net income (loss) attributable to Colony Capital, Inc. $ 2,995 $ (1,712 ) $ 36,777 $ 44,549 $ 2,639 $ (30,199 ) $ 55,049 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2015 Income: Interest income $ — $ — $ — $ 101,270 $ — $ — $ 101,270 Property operating income 39,034 — 42,726 1,470 — — 83,230 Income (loss) from equity method investments — (1,649 ) 5,523 7,082 — — 10,956 Fee income — — — 149 21,779 — 21,928 Other income — — — 2,163 — 1,357 3,520 Total income (loss) 39,034 (1,649 ) 48,249 112,134 21,779 1,357 220,904 Expenses: Transaction, investment and servicing costs 2,743 — 1,510 5,230 — 551 10,034 Interest expense 7,964 — 4,208 7,582 — 11,170 30,924 Property operating expenses 13,615 — 20,420 1,870 — — 35,905 Depreciation and amortization 20,367 — 9,427 159 5,614 1,078 36,645 Provision for loan losses — — — 4,078 — — 4,078 Compensation expense 952 — 472 3,601 11,510 12,109 28,644 Other 95 — 1,178 2,191 1,053 6,995 11,512 Total expenses 45,736 — 37,215 24,711 18,177 31,903 157,742 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (15 ) — (794 ) (5 ) — (1,141 ) (1,955 ) Income tax benefit (expense) (1) 295 — (3,101 ) (1,175 ) 3,650 (18 ) (349 ) Net (loss) income (6,414 ) (1,649 ) 17,362 118,230 7,252 (31,697 ) 103,084 Net (loss) income attributable to noncontrolling interests: Investment entities (2,461 ) — 3,493 33,598 — — 34,630 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (3,320 ) $ (1,385 ) $ 11,648 $ 71,077 $ 6,090 $ (24,794 ) $ 59,316 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2016 Income: Interest income $ — $ — $ 14 $ 193,178 $ — $ 29 $ 193,221 Property operating income 93,437 — 90,508 3,020 — — 186,965 Equity in (loss) income of unconsolidated joint ventures — (8,663 ) 51,054 11,696 (842 ) 2,297 55,542 Fee income — — — — 32,114 — 32,114 Other income 1,025 — 119 2,933 — 1,940 6,017 Total income (loss) 94,462 (8,663 ) 141,695 210,827 31,272 4,266 473,859 Expenses: Transaction, investment and servicing costs 440 — 6,505 8,376 67 9,393 24,781 Interest expense 19,374 — 22,644 19,984 — 22,437 84,439 Property operating expenses 27,715 — 29,253 3,598 — — 60,566 Depreciation and amortization 43,166 — 32,725 276 7,304 2,212 85,683 Provision for loan losses — — — 10,843 — — 10,843 Impairment loss 137 — — 4,063 320 — 4,520 Compensation expense 3,426 — 1,556 5,725 17,167 23,233 51,107 Administrative expenses 884 — 2,253 3,586 1,466 17,680 25,869 Total expenses 95,142 — 94,936 56,451 26,324 74,955 347,808 Gain on sale of real estate assets, net 800 — 53,533 2,630 — — 56,963 Other gain, net 99 — 4,429 153 6 9,010 13,697 Income tax (expense) benefit (6 ) — (5,386 ) (521 ) 3,653 (284 ) (2,544 ) Net income (loss) 213 (8,663 ) 99,335 156,638 8,607 (61,963 ) 194,167 Net (loss) income attributable to noncontrolling interests: Investment entities (3,500 ) — 41,316 59,948 — — 97,764 Operating Company 578 (1,368 ) 8,795 15,186 1,360 (13,212 ) 11,339 Net income (loss) attributable to Colony Capital, Inc. $ 3,135 $ (7,295 ) $ 49,224 $ 81,504 $ 7,247 $ (48,751 ) $ 85,064 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2015 Income: Interest income $ 7 $ — $ 8 $ 147,392 $ — $ — $ 147,407 Property operating income 75,351 — 50,206 1,466 — — 127,023 Equity in (loss) income of unconsolidated joint ventures — (5,561 ) 11,050 31,816 — — 37,305 Fee income — — — 219 21,779 — 21,998 Other income — — — 2,319 — 1,464 3,783 Total income (loss) 75,358 (5,561 ) 61,264 183,212 21,779 1,464 337,516 Expenses: Management fees — — — — — 15,062 15,062 Transaction, investment and servicing costs 3,438 — 1,672 6,044 — 15,323 26,477 Interest expense 15,839 — 6,016 14,282 — 21,380 57,517 Property operating expenses 26,376 — 21,670 1,870 — — 49,916 Depreciation and amortization 39,987 — 12,115 159 5,614 1,078 58,953 Provision for loan losses — — — 4,442 — — 4,442 Impairment loss 450 — — — — — 450 Compensation expense 952 — 472 3,625 11,510 12,700 29,259 Administrative expenses 597 — 1,292 2,525 1,053 10,110 15,577 Total expenses 87,639 — 43,237 32,947 18,177 75,653 257,653 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (67 ) — (794 ) (4 ) — (926 ) (1,791 ) Income tax benefit (expense) 418 — (3,052 ) (1,995 ) 3,650 (20 ) (999 ) Net (loss) income (11,922 ) (5,561 ) 24,404 180,253 7,252 (75,127 ) 119,299 Net (loss) income attributable to noncontrolling interests: Investment entities (4,430 ) — 4,360 40,386 — — 40,316 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (6,859 ) $ (5,297 ) $ 17,823 $ 126,312 $ 6,090 $ (68,224 ) $ 69,845 Total assets and equity method investments of each of segment are summarized as follows: June 30, 2016 December 31, 2015 (In thousands) Segment Assets Equity Method Investments Segment Assets Equity Method Investments Light industrial platform $ 1,945,427 $ — $ 1,926,002 $ — Single-family residential rentals 382,626 382,626 394,783 394,783 Other real estate equity 2,185,138 196,059 2,094,794 195,353 Real estate debt 4,448,557 218,227 4,734,547 214,218 Investment management 781,040 9,187 798,213 9,794 Amounts not allocated to segments 140,371 14,961 90,971 10,449 Total $ 9,883,159 $ 821,060 $ 10,039,310 $ 824,597 Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Total income by geography: United States $ 214,316 $ 175,499 $ 372,591 $ 283,025 Europe 53,363 41,148 96,142 49,644 Other 2,157 2,900 3,066 3,490 Total (1) $ 269,836 $ 219,547 $ 471,799 $ 336,159 (In thousands) June 30, 2016 December 31, 2015 Long-lived assets by geography: United States $ 2,836,002 $ 2,887,893 Europe 1,408,246 1,224,363 Total (2) $ 4,244,248 $ 4,112,256 __________ (1) Total income excludes cost reimbursement income from affiliates. (2) Long-lived assets exclude financial instruments, investment management contract and customer relationship intangible assets, as well as real estate held for sale.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events and transactions through the date these condensed consolidated financial statements were issued and determined that no subsequent events have occurred that would require recognition in the accompanying consolidated financial statements or disclosure in the notes to the consolidated financial statements.

Significant Accounting Polici34

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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.
Investments in Debt and Equity Securities	Investment in Debt Securities The Company designates its investment in debt securities as available-for-sale (“AFS”), which are carried at fair value with unrealized gains or losses included as a component of other comprehensive income. Upon disposition of AFS securities, the cumulative gains or losses in other comprehensive income is recognized in earnings using an average cost method. Interest income —Interest income, including accretion of purchased premiums or amortization of purchased discounts and stated coupon interest payments, is recognized using the effective interest method over the expected lives of the securities. For beneficial interests in debt securities that are not of high credit quality (generally credit rating below AA) or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, interest income is recognized as the accretable yield over the life of the securities using the effective yield method. The accretable yield is the excess of current expected cash flows to be collected over the net investment in the security, including the yield accreted to date. The Company evaluates estimated future cash flows expected to be collected on a quarterly basis, starting with the first full quarter after acquisition, or earlier if conditions indicating impairment are present. If the cash flows expected to be collected cannot be reasonably estimated, either at acquisition or in subsequent evaluation, the Company may consider placing the securities on nonaccrual, with interest income recognized using the cost recovery method. Impairment —The Company performs an assessment, at least quarterly, to determine whether a decline in fair value below amortized cost of AFS securities is other than temporary. Other-than-temporary impairment ("OTTI") exists when it is probable that the Company will be unable to recover the entire amortized cost basis of the security. For beneficial interests in debt securities that are not of high credit quality or that can be contractually settled such that the Company would not recover substantially all of its recorded investment, OTTI also exists when there has been an adverse change in cash flows expected to be collected from the last measurement date. If the Company intends to sell the impaired security or more likely than not will be required to sell the impaired security before recovery of its amortized cost, the entire impairment amount is recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, the Company further evaluates the security for impairment due to credit losses. In determining whether a credit loss exists, an assessment is made of the cash flows expected to be collected from the security. The credit component of OTTI is recognized in earnings, while the remaining non-credit component is recognized in other comprehensive income. The amortized cost basis of the security is written down by the amount of impairment recognized in earnings and will not be adjusted for subsequent recoveries in fair value. The difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income. In assessing OTTI and estimating future expected cash flows, factors considered include, but not limited to, credit rating of the security, financial condition of the issuer, defaults for similar securities, performance and value of assets underlying an asset-backed security.
Reclassification	Reclassification Certain amounts on the condensed consolidated balance sheets 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 . Investments in equity securities, other than equity method investments, will be measured at fair value through earnings, except for equity securities without readily determinable fair values which may be measured at cost less impairment and adjusted for observable price changes. This provision eliminates cost method accounting and recognition of unrealized holding gains (losses) on equity investments in other comprehensive income. For financial liabilities under fair value option, changes in fair value due to instrument specific credit risk will be recorded separately in other comprehensive income. Fair value disclosures of financial instruments measured at amortized cost will be based on exit price and corresponding disclosures of valuation methodology and significant inputs will no longer be required. 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 exit price fair value disclosures for financial instruments measured at amortized cost, 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. Credit Losses —In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses , which amends the credit impairment model for financial instruments. The existing incurred loss model will be replaced with a lifetime current expected credit loss ("CECL") model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity ("HTM") debt securities, financial guarantees, net investment in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For AFS debt securities, unrealized credit losses will be recognized as allowances rather than reductions in amortized cost basis and elimination of the OTTI concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities will be simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The existing model for beneficial interests that are not of high credit quality will be amended to conform to the new impairment models for HTM and AFS debt securities. Expanded disclosures on credit risk include credit quality indicators by vintage for financing receivables and net investment in leases. Transition will generally be on a modified retrospective basis, with prospective application for other-than-temporarily impaired debt securities and purchased credit impaired assets. ASU No. 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted for annual and interim periods beginning after December 15, 2018. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements.

Combination with Colony Capit35

Combination with Colony Capital (Tables)	6 Months Ended
	Jun. 30, 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 14.
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) Six Months Ended June 30, 2015 Pro forma: Total income $ 368,615 Net income attributable to Colony Capital, Inc. 85,452 Net income attributable to common stockholders 67,070 Earnings per common share: Basic $ 0.60 Diluted $ 0.59 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 six months ended June 30, 2015 have been adjusted to exclude non-recurring acquisition-related expenses of approximately $1.8 million . These pro forma results are not necessarily indicative of future operating results. Real estate business combinations for the six months ended June 30, 2016 were not material to the Company's consolidated results of operations. (In thousands, except per share data) Six Months Ended June 30, 2015 Pro forma: Total income $ 374,235 Net income 118,204 Net income attributable to common stockholders 51,442 Earnings per common share: Basic $ 0.46 Diluted $ 0.46

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Company Loans Receivable	The following table provides a summary of the Company’s loans held for investment. June 30, 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 $ 911,135 $ 903,528 9.3 % 3.6 $ 882,935 $ 880,519 9.3 % 3.9 Securitized mortgage loans 122,952 125,492 6.4 % 16.1 135,519 138,366 6.4 % 16.9 Mezzanine loans 349,800 350,391 12.4 % 3.0 338,856 340,260 12.3 % 3.5 1,383,887 1,379,411 1,357,310 1,359,145 Variable rate Mortgage loans 659,961 647,218 7.2 % 1.4 643,013 627,374 7.2 % 1.7 Securitized mortgage loans 934,353 932,810 5.7 % 3.1 1,051,822 1,048,522 5.5 % 3.4 Mezzanine loans 348,035 347,021 11.0 % 1.1 348,091 347,267 10.8 % 0.7 1,942,349 1,927,049 2,042,926 2,023,163 3,326,236 3,306,460 3,400,236 3,382,308 PCI Loans Mortgage loans 803,360 553,154 1,008,839 693,934 Securitized mortgage loans 8,761 7,404 8,871 7,422 812,121 560,558 1,017,710 701,356 Allowance for loan losses — (44,823 ) — (35,187 ) Loans held for investment, net $ 4,138,357 $ 3,822,195 $ 4,417,946 $ 4,048,477
Activity in Loans Receivable	Activity in loans held for investment is summarized below: Six Months Ended June 30, (In thousands) 2016 2015 Carrying value at January 1 $ 4,048,477 $ 2,131,134 Loan acquisitions and originations 144,396 575,234 Paid-in-kind interest added to loan principal 24,807 14,141 Discount and net loan fee amortization 9,186 9,309 Loan repayments (233,785 ) (199,035 ) Payments received from PCI loans (85,714 ) (150,859 ) Accretion on PCI loans 37,759 37,800 Transfer to real estate assets upon foreclosure (113,632 ) (3,217 ) Provision for loan losses, excluding interest receivable (10,702 ) (4,071 ) Consolidation of loans receivable held by investment entities (Note 7) — 1,629,496 Effect of changes in foreign exchange rates 1,403 5,695 Carrying value at June 30 $ 3,822,195 $ 4,045,627
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 June 30, 2016 , was as follows: (In thousands) June 30, 2016 Due in one year or less $ 956,115 Due after one year through five years 1,983,177 Due after five years 367,168 $ 3,306,460
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 June 30, 2016 $ 3,283,136 $ 783 $ 460 $ 22,081 $ 3,306,460 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. (Dollars in thousands) Six Months Ended June 30, 2016 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
Loans Acquired Through Consolidation of Investment Entities	For the six months ended June 30, 2016 and 2015 , no new PCI loans were acquired other than those through consolidation of the investment entities on April 2, 2015. The following table presents these PCI loans at acquisition date on April 2, 2015: (In thousands) Contractually required payments including interest $ 1,936,499 Less: Nonaccretable difference (850,212 ) Cash flows expected to be collected 1,086,287 Less: Accretable yield (121,130 ) Fair value of loans acquired $ 965,157
Changes in Accretable Yield for the PCI loans	Changes in accretable yield of PCI loans were as follows: Six Months Ended June 30, (In thousands) 2016 2015 Beginning accretable yield $ 66,639 $ 98,523 Changes in accretable yield 19,125 (16,802 ) Accretion (37,759 ) (37,800 ) Consolidation of PCI loans held by investment entities (Note 7) — 121,130 Effect of changes in foreign exchange rates 78 (5,355 ) Ending accretable yield $ 48,083 $ 159,696
Schedule of Nonaccrual Loans	Carrying values of loans, before allowance for loan losses, that have been placed on nonaccrual were as follows: (In thousands) June 30, 2016 December 31, 2015 Non-PCI loans $ 22,081 $ 10,226 PCI loans 114,714 116,647 $ 136,795 $ 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: June 30, 2016 December 31, 2015 (In thousands) Allowance for Loan Losses Carrying Value Allowance for Loan Losses Carrying Value Non-PCI loans $ 4,537 $ 58,679 $ 472 $ 7,827 PCI loans 40,286 207,579 34,715 203,527 $ 44,823 $ 266,258 $ 35,187 $ 211,354 Changes in allowance for loan losses are presented below: Six Months Ended June 30, (In thousands) 2016 2015 Allowance for loan losses at January 1 $ 35,187 $ 197 Provision for loan losses 10,702 4,442 Charge-off (1,066 ) — Allowance for loan losses at June 30 $ 44,823 $ 4,639

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Schedule of Components of Real Estates	The Company's real estate assets, including foreclosed properties, comprise the following: (In thousands) June 30, 2016 December 31, 2015 Real Estate Held for Investment Land $ 646,667 $ 578,577 Buildings and improvements 2,750,644 2,639,861 3,397,311 3,218,438 Less: Accumulated depreciation (139,261 ) (86,220 ) 3,258,050 3,132,218 Real Estate Held for Sale Land, buildings and improvements 219,955 297,887 Real Estate Assets, Net $ 3,478,005 $ 3,430,105
Schedule of Depreciation Expense and Impairment Loss on Real Estate Assets	Depreciation expense and impairment loss recognized on real estate assets were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Depreciation $ 26,848 $ 19,802 $ 54,368 $ 34,410 Impairment loss on real estate held for sale (1) 2,441 450 4,200 450 __________ (1) There was no impairment on real estate held for investment in the periods presented.
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 Six Months Ended June 30, 2016 (2) Business Combinations (3)(4) January Industrial—Spain 23 $ 94,403 $ 30,451 $ 59,399 $ 5,318 $ (765 ) $ — April Industrial—Massachusetts, U.S. (5) 1 34,900 5,235 27,731 1,934 — — May Office—France 1 18,204 13,041 4,316 997 (150 ) — Various Light industrial—Various in U.S. 2 73,275 10,375 59,364 4,212 (676 ) — 27 $ 220,782 $ 59,102 $ 150,810 $ 12,461 $ (1,591 ) $ — Year Ended December 31, 2015 Asset Acquisitions (6) January Education—Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — June Office—Norway (7) 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 (8) 24 440,999 51,169 320,078 76,016 (6,264 ) — 62 $ 1,307,604 $ 194,162 $ 1,012,541 $ 146,651 $ (12,855 ) $ (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 38 years for buildings, 4 to 10 years for improvements, 33 years for below-market ground lease obligations and 3 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 $6.0 million and $1.8 million for the six months ended June 30, 2016 and 2015 , respectively. (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) Real estate asset classified as held for sale as of June 30, 2016. (6) 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 $6.9 million for the six months ended June 30, 2015 . (7) 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. (8) For the six months ended June 30, 2016 , certain measurement period adjustments were identified which impacted provisional accounting, related to below-market operating ground leases assumed in connection with the properties acquired and lease expirations. These adjustments cumulatively resulted in an increase to lease intangible assets and lease intangible liabilities of $15.4 million and $1.3 million , respectively, with a corresponding decrease to land of $21.4 million and an increase to buildings and improvements of $4.7 million . Included in the condensed consolidated statement of operations for the six months ended June 30, 2016 was a $0.4 million decrease in depreciation and amortization expense as well as immaterial adjustments to increase rent expense and to increase 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) Six Months Ended June 30, 2015 Pro forma: Total income $ 368,615 Net income attributable to Colony Capital, Inc. 85,452 Net income attributable to common stockholders 67,070 Earnings per common share: Basic $ 0.60 Diluted $ 0.59 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 six months ended June 30, 2015 have been adjusted to exclude non-recurring acquisition-related expenses of approximately $1.8 million . These pro forma results are not necessarily indicative of future operating results. Real estate business combinations for the six months ended June 30, 2016 were not material to the Company's consolidated results of operations. (In thousands, except per share data) Six Months Ended June 30, 2015 Pro forma: Total income $ 374,235 Net income 118,204 Net income attributable to common stockholders 51,442 Earnings per common share: Basic $ 0.46 Diluted $ 0.46
Schedule of Components of Property Operating Income	The components of property operating income are as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Rental income $ 69,832 $ 47,441 $ 137,053 $ 80,701 Tenant reimbursements 16,085 13,702 30,830 24,235 Hotel operating income 9,431 22,087 19,082 22,087 $ 95,348 $ 83,230 $ 186,965 $ 127,023
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 June 30, 2016 are as follows: Year Ending December 31, (In thousands) Remaining 2016 $ 122,859 2017 227,069 2018 196,463 2019 164,054 2020 139,150 2021 and after 750,377 Total $ 1,599,972 As of June 30, 2016 , future minimum rental payments on noncancellable operating ground leases on real estate held for investment, were as follows: (In thousands) Year Ending December 31, Ground Leases Remaining 2016 $ 105 2017 210 2018 210 2019 210 2020 222 2021 and after 19,168 Total $ 20,125

Equity Method Investments (Tabl

Equity Method Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
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 Six Months Ended June 30, 2016 (2) Business Combinations (3)(4) January Industrial—Spain 23 $ 94,403 $ 30,451 $ 59,399 $ 5,318 $ (765 ) $ — April Industrial—Massachusetts, U.S. (5) 1 34,900 5,235 27,731 1,934 — — May Office—France 1 18,204 13,041 4,316 997 (150 ) — Various Light industrial—Various in U.S. 2 73,275 10,375 59,364 4,212 (676 ) — 27 $ 220,782 $ 59,102 $ 150,810 $ 12,461 $ (1,591 ) $ — Year Ended December 31, 2015 Asset Acquisitions (6) January Education—Switzerland 2 $ 167,911 $ 16,450 $ 130,446 $ 21,015 $ — $ — June Office—Norway (7) 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 (8) 24 440,999 51,169 320,078 76,016 (6,264 ) — 62 $ 1,307,604 $ 194,162 $ 1,012,541 $ 146,651 $ (12,855 ) $ (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 38 years for buildings, 4 to 10 years for improvements, 33 years for below-market ground lease obligations and 3 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 $6.0 million and $1.8 million for the six months ended June 30, 2016 and 2015 , respectively. (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) Real estate asset classified as held for sale as of June 30, 2016. (6) 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 $6.9 million for the six months ended June 30, 2015 . (7) 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. (8) For the six months ended June 30, 2016 , certain measurement period adjustments were identified which impacted provisional accounting, related to below-market operating ground leases assumed in connection with the properties acquired and lease expirations. These adjustments cumulatively resulted in an increase to lease intangible assets and lease intangible liabilities of $15.4 million and $1.3 million , respectively, with a corresponding decrease to land of $21.4 million and an increase to buildings and improvements of $4.7 million . Included in the condensed consolidated statement of operations for the six months ended June 30, 2016 was a $0.4 million decrease in depreciation and amortization expense as well as immaterial adjustments to increase rent expense and to increase 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 investments is summarized below: Six Months Ended June 30, (In thousands) 2016 2015 Balance at January 1 $ 824,597 $ 1,646,977 Contributions 149,773 203,562 Distributions (209,125 ) (146,429 ) Equity in net income 55,542 37,305 Equity in other comprehensive income (loss) 105 (612 ) Equity in realized loss reclassified from accumulated other comprehensive income — 161 Equity method investment entities derecognized and consolidated — (957,009 ) Equity method investments of newly consolidated investment entities — 270,966 Foreign currency translation gain (loss) and other 168 (27,916 ) Balance at June 30 $ 821,060 $ 1,027,005

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Other Investments [Abstract]
Schedule of Other Investments	Other investments comprise the following: (In thousands) June 30, 2016 December 31, 2015 Commercial mortgage-backed securities $ 23,419 $ — Cost method investment 99,736 99,868 $ 123,155 $ 99,868

Goodwill, Deferred Leasing Co40

Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2016 December 31, 2015 (In thousands) Carrying Amount (Net of Impairment) (1) Accumulated Amortization Net Carrying Amount Carrying Amount (Net of Impairment) (1) 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 153,813 (41,503 ) 112,310 144,863 (27,780 ) 117,083 Above-market lease values 31,661 (12,200 ) 19,461 32,774 (7,708 ) 25,066 Below-market ground lease obligations 50,424 (291 ) 50,133 36,635 (39 ) 36,596 Deferred leasing costs 80,836 (19,497 ) 61,339 71,710 (12,647 ) 59,063 Investment management contracts 39,646 (19,586 ) 20,060 41,897 (13,985 ) 27,912 Customer relationships 46,800 (4,179 ) 42,621 46,800 (2,507 ) 44,293 Total deferred leasing costs and intangible assets $ 418,680 $ (97,256 ) $ 321,424 $ 390,179 $ (64,666 ) $ 325,513 Intangible Liabilities Below-market lease values $ 30,353 $ (7,856 ) $ 22,497 $ 28,879 $ (4,523 ) $ 24,356 Above-market ground lease obligations 172 (10 ) 162 171 (5 ) 166 Total intangible liabilities $ 30,525 $ (7,866 ) $ 22,659 $ 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 June 30, 2016 were presented net of measurement period adjustments, where applicable (see Notes 3 and 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 June 30, Six Months Ended June 30, (Amounts in thousands) 2016 2015 2016 2015 Above-market lease values $ (1,823 ) $ (2,120 ) $ (4,589 ) $ (3,790 ) Below-market lease values 1,594 1,138 3,533 1,779 Net decrease to rental income $ (229 ) $ (982 ) $ (1,056 ) $ (2,011 ) Net below-market ground lease obligations Increase to rent expense $ 119 $ 5 $ 259 $ 10 In-place lease values $ 4,629 $ 7,035 $ 15,045 $ 12,163 Deferred leasing costs 3,407 3,115 6,755 5,688 Investment management contracts 2,723 4,778 5,632 4,778 Customer relationships 835 836 1,671 836 Amortization expense $ 11,594 $ 15,764 $ 29,103 $ 23,465
Schedule of Estimated Annual Amortization Expense	The following table presents the annual amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to real estate held for sale, for each of the next five years and thereafter: (In thousands) Year Ending December 31, Remaining 2016 2017 2018 2019 2020 2021 and after Total Above-market lease values $ (4,104 ) $ (5,787 ) $ (3,514 ) $ (1,839 ) $ (1,260 ) $ (2,732 ) $ (19,236 ) Below-market lease values 3,544 5,644 4,111 2,232 1,477 4,772 21,780 (Decrease) increase to rental income $ (560 ) $ (143 ) $ 597 $ 393 $ 217 $ 2,040 $ 2,544 Net below-market ground lease obligations Increase to rent expense $ 239 $ 474 $ 474 $ 474 $ 474 $ 46,469 $ 48,604 In-place lease values $ 13,748 $ 20,358 $ 14,411 $ 10,853 $ 8,850 $ 37,140 $ 105,360 Deferred leasing costs 6,373 11,213 9,275 7,091 5,335 20,528 59,815 Investment management contracts 5,756 5,984 2,560 1,827 1,236 2,697 20,060 Customer relationships 1,671 3,343 3,343 3,343 3,343 27,578 42,621 Amortization expense $ 27,548 $ 40,898 $ 29,589 $ 23,114 $ 18,764 $ 87,943 $ 227,856

Other Assets and Other Liabil41

Other Assets and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2016 December 31, 2015 Restricted cash (1) $ 138,719 $ 187,208 Deferred financing costs, net (2) 12,140 4,083 Interest receivable 32,770 34,074 Other receivables, including straight-line rents 106,375 43,130 Derivative assets 38,824 21,636 Prepaid expenses and other 27,139 21,320 Fixed assets, net (3) 47,328 48,463 Total (4) $ 403,295 $ 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 $9.3 million and $6.8 million as of June 30, 2016 and December 31, 2015 , respectively. (3) Fixed assets are shown net of accumulated depreciation of $5.7 million and $3.3 million as of June 30, 2016 and December 31, 2015 , respectively. Depreciation for the three and six months ended June 30, 2016 was $1.1 million and $2.2 million , respectively. Depreciation for the three and six months ended June 30, 2015 was $1.2 million . The Company did not hold any fixed assets prior to the Combination. (4) At June 30, 2016 and December 31, 2015 , other assets related to real estate held for sale were $5.1 million and $3.7 million
Schedule of Accrued and Other Liabilities	The following table summarizes the Company's accrued and other liabilities: (In thousands) June 30, 2016 December 31, 2015 Borrower and tenant reserves $ 97,870 $ 116,800 Deferred income 28,837 41,671 Interest payable 17,369 18,071 Intangible liabilities, net 22,659 24,522 Derivative liabilities 1,348 507 Current and deferred tax liabilities 44,523 44,951 Accrued compensation 18,924 11,495 Accounts payable and other liabilities 68,466 67,572 Total (1) $ 299,996 $ 325,589 __________ (1) Intangible liabilities and accrued and other liabilities related to real estate assets held for sale were $0.7 million and $7.7 million at June 30, 2016 , and $35,000 and $9.1 million at December 31, 2015 , respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debts	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) June 30, 2016 December 31, 2015 Investment level financing: Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2017 P&I $ 22,054 $ 23,123 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Apr-2017 P&I 8,132 10,965 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+4.0% Jun-2017 P&I 3,439 5,869 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.75% Aug-2016 P&I 6,753 8,579 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+3.25% Sept-2016 P&I 3,688 4,351 Secured financing (3) Portfolio of first mortgage loans and subordinated loan 1-month LIBOR+2.85% Dec-2017 P&I 58,428 73,543 Secured financing (4) First mortgage loan secured by residential properties 1-month LIBOR+3.75% NA P&I — 10,314 Warehouse facility (5) Eligible originated first mortgage loans 1 month LIBOR+2.50% Feb-2017 I/O 48,198 48,198 Warehouse facility (5) Eligible originated first mortgage loans, including any corresponding mezzanine loans 1 month LIBOR+2.50% to 2.75% Apr-2018 I/O 131,327 114,433 First mortgage loan (6) Hotel properties 1-month LIBOR+4.65% Jan-2019 (6) 55,722 94,000 First mortgage loan (7) Office property in Phoenix 1-month LIBOR+2.65% Jul-2018 I/O 14,061 13,500 First mortgage loan Office property in Minnesota 4.84% fixed Jan-2024 P&I 87,474 88,000 First mortgage loan (8) Commercial properties in United Kingdom 3-month GBP LIBOR+2.50% Aug-2018 I/O 79,600 88,121 First mortgage loan (9) Office properties throughout Italy 4.02% fixed Nov-2018 (9) 82,529 79,133 First mortgage loan (10) Warehouse properties in Spain 3-month Euribor+2.80% Jun-2022 I/O 25,850 25,540 First mortgage loan (11) Portfolio of light industrial properties across the U.S. 1-month LIBOR+2.25% Dec-2019 I/O 893,298 917,469 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 (12) 93,450 — First mortgage loans Two higher education campuses in Switzerland 2.72% fixed Dec-2029 P&I 122,318 120,947 First mortgage loan (13) Office property in United Kingdom 3-month GBP LIBOR+2.35% Feb-2020 I/O 12,645 — First mortgage loan Office property in France 1.89% fixed Nov-2022 I/O 17,436 17,050 First mortgage loan (14) Portfolio of office, retail and other commercial properties in United Kingdom 3-month GBP LIBOR+3.28% Nov-2018 I/O 214,001 236,911 First mortgage loan (15) Portfolio of industrial properties in Spain 3-month Euribor+3.00% Jan-2021 I/O 49,998 — Bond payable Office property in Norway and shares of borrowing entity 3.91% fixed Jun-2025 I/O 191,360 180,960 Revolving credit facility Portfolio of light industrial properties across the U.S 1-month LIBOR+2.25% Jul-2016 I/O 25,000 23,730 Credit facility Partner capital commitments 1-month LIBOR+1.60% Sept-2016 I/O 63,421 104,400 2,475,932 2,454,886 (Amounts in thousands) Outstanding Principal at Type (1) Collateral Interest Rate Maturity Date Payment Terms (2) June 30, 2016 December 31, 2015 Investment level financing: CMBS Debt: CMBS 2014-FL1 (16) Portfolio of originated first mortgage loans 1-month LIBOR+1.78% Apr-2031 I/O 102,777 126,248 CMBS 2014-FL2 (16) Portfolio of originated first mortgage loans 1-month LIBOR+2.01% Nov-2031 I/O 167,921 203,734 CMBS 2015-FL3 (16) Portfolio of originated first mortgage loans 1-month LIBOR+2.36% Sept-2032 I/O 295,350 340,350 CMBS MF 2014-1 (17) Portfolio of first mortgage loans secured by multifamily properties 2.54% fixed Apr-2050 I/O 123,515 145,349 689,563 815,681 Notes Payable: Promissory notes (18) Corporate aircraft 5.02% fixed Dec-2025 P&I 42,077 42,983 Total $ 3,207,572 $ 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. An interest rate cap is required to be maintained at a maximum strike rate of 2.50% on 1-month LIBOR. The financing arrangements provide for either a single or multiple 1 -year extension options to the initial term. (4) Loan was paid off in June 2016. (5) 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. (6) Initial term on the loan is subject to two 1 -year extensions. Payment terms are 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 June 30, 2016 , $16.9 million of outstanding principal balance was related to real estate held for sale. (7) Initial term on the loan is subject to two 1 -year extensions, during which payment terms require periodic principal and interest. (8) 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 June 30, 2016 , $0.5 million of outstanding principal balance was related to a real estate held for sale (9) 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. (10) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3 -month Euribor. (11) 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 June 30, 2016 and December 31, 2015 , $7.5 million and $4.9 million , respectively, of outstanding principal balance were related to real estate held for sale. (12) Payment terms is interest only through April 2021, followed by periodic principal and interest for remaining term of the loan. (13) The loan requires an interest rate cap to be maintained at a maximum strike rate of 2.25% on 3-month GBP LIBOR. (14) 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. (15) The loan requires an interest rate cap to be maintained at a maximum strike rate of 1.50% on 3-month Euribor. (16) 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 two to three years. Interest rate spreads on these CMBS debt are presented on a weighted average basis as of the date of the respective securitizations. (17) 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. (18) 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% . Components of debt are summarized as follows: (In thousands) June 30, 2016 December 31, 2015 Line of credit $ 428,500 $ 315,000 Secured debt 3,207,572 3,313,550 Less: Debt issuance costs, net (34,903 ) (40,826 ) $ 3,601,169 $ 3,587,724
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 June 30, 2016 . Year Ending December 31, (In thousands) Remaining 2016 $ 222,030 (1) 2017 87,314 (1) 2018 479,313 (1) 2019 954,542 2020 21,209 2021 and after 758,533 Total $ 2,522,941 __________ (1) Amounts include a combined $4.9 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 June 30, 2016 are as follows: (In thousands) Year Ending December 31, Contractual Maturity Expectations of Cash Flows Remaining 2016 $ — $ 92,981 2017 — 339,623 2018 — 221,827 2019 — 21,975 2020 — 13,157 2021 and after 689,563 — Total $ 689,563 $ 689,563
Convertible Senior Notes Issued	Convertible Senior Notes issued by the Company and outstanding are as follows: Conversion Price (per share of common stock) June 30, 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 $ 195,349 $ 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 402,500 396,593 402,500 396,010 $ 602,500 $ 591,942 $ 602,500 $ 591,079 __________ (1) Carrying amounts include $1.5 million and $1.7 million of premium and are shown net of debt issuance costs of $12.1 million and $13.1 million at June 30, 2016 and December 31, 2015 , respectively.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2016 December 31, 2015 (In thousands) Designated Hedges Non-Designated Hedges Total Designated Hedges Non-Designated Hedges Total Derivative Assets Foreign exchange contracts $ 37,874 $ 627 $ 38,501 $ 19,773 $ 426 $ 20,199 Interest rate contracts — 323 323 5 1,432 1,437 Included in other assets $ 37,874 $ 950 $ 38,824 $ 19,778 $ 1,858 $ 21,636 Derivative Liabilities Foreign exchange contracts $ 1,299 $ 49 $ 1,348 $ 505 $ — $ 505 Interest rate contracts — — — 2 — 2 Included in accrued and other liabilities $ 1,299 $ 49 $ 1,348 $ 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 June 30, 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 € 143,800 € 1,825 Min $1.09 / Max $1.53 July 2017 to January 2021 GBP FX Collar £ 130,520 £ 3,480 Min $1.40 / Max $1.82 September 2017 to December 2020 EUR FX Forward € 117,444 € 3,706 Range between $1.10 to $1.27 September 2016 to January 2019 GBP FX Forward £ 75,150 £ — Range between $1.33 to $1.51 July 2016 to December 2018 CHF FX Forward CHF 55,133 CHF 412 Range between $1.47 to $1.50 January 2030 NOK FX Forward NOK 898,844 NOK 24,156 $0.12 November 2016 Any unrealized gain or loss on the dedesignated portion of net investment hedges are transferred into other gain (loss), net, which were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Unrealized gain (loss) on dedesignated net investment hedges $ 375 $ (494 ) $ 52 $ (279 )
Schedule of Interest Rate Derivatives	As of June 30, 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 $ — $ 68,862 1-Month LIBOR 2.50% August 2016 to April 2017 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 (loss) on cash flow hedge ineffectiveness recorded in other gain (loss), net, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Unrealized gain on cash flow hedge ineffectiveness $ 68 $ — $ 101 $ — Non-Designated Hedges Net unrealized loss associated with non-designated interest rate contracts recorded in other gain (loss), net, were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Unrealized loss on non-designated interest rate contracts $ (330 ) $ (322 ) $ (1,374 ) $ (374 )

Balance Sheet Offsetting (Table

Balance Sheet Offsetting (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2016 Derivative Assets Foreign exchange contracts $ 38,501 $ (1,348 ) $ — $ 37,153 Interest rate contracts 323 — — 323 $ 38,824 $ (1,348 ) $ — $ 37,476 Derivative Liabilities Foreign exchange contracts $ (1,348 ) $ 1,348 $ — $ — $ (1,348 ) $ 1,348 $ — $ — December 31, 2015 Derivative Assets Foreign exchange contracts $ 20,199 $ (124 ) $ — $ 20,075 Interest rate contracts 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange contracts $ (505 ) $ 124 $ — $ (381 ) Interest rate contracts (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) June 30, 2016 Derivative Assets Foreign exchange contracts $ 38,501 $ (1,348 ) $ — $ 37,153 Interest rate contracts 323 — — 323 $ 38,824 $ (1,348 ) $ — $ 37,476 Derivative Liabilities Foreign exchange contracts $ (1,348 ) $ 1,348 $ — $ — $ (1,348 ) $ 1,348 $ — $ — December 31, 2015 Derivative Assets Foreign exchange contracts $ 20,199 $ (124 ) $ — $ 20,075 Interest rate contracts 1,437 — — 1,437 $ 21,636 $ (124 ) $ — $ 21,512 Derivative Liabilities Foreign exchange contracts $ (505 ) $ 124 $ — $ (381 ) Interest rate contracts (2 ) — — (2 ) $ (507 ) $ 124 $ — $ (383 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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: Input Value at Input Value at Impact to Fair Value from Increase in Input Value (2) Significant Input June 30, 2016 December 31, 2015 Class A common stock price $15.35 $19.48 Increase Benchmark FFO volatility 14.3% 20.6% Increase Equity volatility 29.7% 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 June 30, 2016 Assets Loans held for investment $ — $ — $ 3,866,959 $ 3,866,959 $ 3,822,195 Equity method and cost method investments 459,900 5,400 781,357 1,246,657 920,796 Liabilities Line of credit — 428,500 — 428,500 428,500 Secured and unsecured debt — — 2,497,930 2,497,930 2,447,162 CMBS debt — 673,304 — 673,304 683,430 Notes payable — — 42,077 42,077 42,077 Convertible senior notes 574,875 — — 574,875 591,942 Fair Value Measurements Carrying Value (In thousands) Level 1 Level 2 Level 3 Total December 31, 2015 Assets Loans held for investment $ — $ — $ 4,073,075 $ 4,073,075 $ 4,048,477 Loan held for sale — — 75,002 75,002 75,002 Equity method and cost method investments — — 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)	6 Months Ended
	Jun. 30, 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 — Issuance of preferred stock 11,500 — — Issuance of Class A common stock — 1,428 — Issuance of Class B common stock — — 564 Share-based compensation, net of forfeitures — 635 — Shares outstanding at June 30, 2015 25,030 111,697 564 Shares outstanding at December 31, 2015 25,030 111,694 546 Repurchase of preferred stock (964 ) — — Reissuance of preferred stock 964 — — Issuance of Class A common stock upon redemption of OP units — 672 — Conversion of Class B into Class A common stock — 19 (19 ) Share-based compensation, net of forfeitures — 1,026 — Shares canceled for tax withholding on vested stock awards — (147 ) — Shares outstanding at June 30, 2016 25,030 113,264 527 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 $5.2 million as of June 30, 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 June 30, 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 ) (205 ) (26,109 ) 15,179 (11,747 ) Noncontrolling interests in investment entities — (132 ) 18,533 — 18,401 Noncontrolling interests in Operating Company — (7 ) 4,144 (2,978 ) 1,159 Amounts reclassified from AOCI attributable to: Stockholders 161 — 45,407 (32,766 ) 12,802 Noncontrolling interests in investment entities — — — — — Noncontrolling interests in Operating Company — — 8,658 (6,207 ) 2,451 Net other comprehensive (loss) income (451 ) (344 ) 50,633 (26,772 ) 23,066 AOCI at June 30, 2015 attributable to: Stockholders — (306 ) (33,345 ) 6,215 (27,436 ) Noncontrolling interests in investment entities — (184 ) 14,917 (1 ) 14,732 Noncontrolling interests in Operating Company — (7 ) 12,802 (9,185 ) 3,610 $ — $ (497 ) $ (5,626 ) $ 6,214 $ (9,094 ) 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 89 7 (3,059 ) (232 ) (3,195 ) Noncontrolling interests in investment entities — — (13,574 ) 7,547 (6,027 ) Noncontrolling interests in Operating Company 17 1 (434 ) (158 ) (574 ) Amounts reclassified from AOCI attributable to: Stockholders — (102 ) (67 ) (98 ) (267 ) Noncontrolling interests in investment entities — — (785 ) — (785 ) Noncontrolling interests in Operating Company — (19 ) (15 ) (16 ) (50 ) Net other comprehensive (loss) income 106 (113 ) (17,934 ) 7,043 (10,898 ) AOCI at June 30, 2016 attributable to: Stockholders 89 (340 ) (45,251 ) 23,618 (21,884 ) Noncontrolling interests in investment entities — (149 ) (14,308 ) 7,546 (6,911 ) Noncontrolling interests in Operating Company 17 (13 ) 10,653 (5,924 ) 4,733 $ 106 $ (502 ) $ (48,906 ) $ 25,240 $ (24,062 )
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 June 30, Six Months Ended June 30, Affected Line Item in the Consolidated Statements of Operations Component of AOCI reclassified into earnings 2016 2015 2016 2015 Equity in realized (loss) gain on sale of marketable securities of unconsolidated joint ventures $ — $ — $ — $ (161 ) Equity in income of unconsolidated joint ventures Unrealized gain on ineffective cash flow hedge 58 — 102 — Other gain (loss), net Release of cumulative translation adjustments (264 ) — 67 — Other gain (loss), net Release of cumulative translation adjustments — (45,407 ) — (45,407 ) Gain on remeasurement of consolidated investment entities, net Unrealized gain (loss) on dedesignated net investment hedges 369 (414 ) 98 (199 ) Other (loss) gain, net Realization of gain on net investment hedges — 32,965 — 32,965 Gain on remeasurement of consolidated investment entities, net

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2016 2015 2016 2015 Net income allocated to common stockholders Net income $ 103,136 $ 103,084 $ 194,167 $ 119,299 Net income attributable to noncontrolling interests: Investment entities (40,169 ) (34,630 ) (97,764 ) (40,316 ) Operating Company (7,918 ) (9,138 ) (11,339 ) (9,138 ) Net income attributable to Colony Capital, Inc. 55,049 59,316 85,064 69,845 Preferred dividends (12,093 ) (11,410 ) (23,973 ) (18,382 ) Net income attributable to common stockholders 42,956 47,906 61,091 51,463 Net income allocated to participating securities (nonvested shares) (577 ) (350 ) (1,146 ) (609 ) Net income allocated to common stockholders—basic 42,379 47,556 59,945 50,854 Interest expense attributable to convertible notes (1) 6,833 6,925 8,382 — Net income allocated to common stockholders—diluted $ 49,212 $ 54,481 $ 68,327 $ 50,854 Weighted average common shares outstanding Weighted average number of common shares outstanding—basic 112,306 111,394 111,985 110,410 Weighted average effect of dilutive shares (2) 24,949 25,040 16,385 — Weighted average number of common shares outstanding—diluted 137,255 136,434 128,370 110,410 Earnings per share Basic $ 0.38 $ 0.43 $ 0.54 $ 0.46 Diluted $ 0.36 $ 0.40 $ 0.53 $ 0.46 __________ (1) For the six months ended June 30, 2016 and 2015 , excluded from the calculation of diluted earnings per share is the effect of adding back $5.3 million and $13.9 million of interest expense and 8,563,700 and 25,073,400 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 six months ended June 30, 2015 is the effect of adding back $280,000 of interest expense and 378,700 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 16), 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 June 30, 2016 and 2015 , there were 20,924,300 and 21,749,000 redeemable OP Units, respectively. These OP Units would not be dilutive and were not included in the computation of diluted earnings per share for all periods presented.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 Six Months Ended June 30, 2015 Base management fee expense $ 101 $ 9,165 Compensation pursuant to secondment agreement — 450 Direct and allocated investment-related expenses — 366 Direct and allocated administrative expenses — 1,922 $ 101 $ 11,903 Amounts due from and due to affiliates consist of the following: (In thousands) June 30, 2016 December 31, 2015 Due from Affiliates Due from funds and unconsolidated joint ventures: Management fees $ 6,061 $ 5,734 Other 166 3,952 Due from CCLLC — 1,559 Due from employees and other affiliated entities 467 468 $ 6,694 $ 11,713 Due to Affiliates Contingent consideration (Note 3) $ 43,900 $ 52,990

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Stock grants to the Manager and employees (1) $ 3,323 $ 2,407 $ 6,684 $ 8,305 Stock grants to non-executive directors 100 342 158 430 $ 3,423 $ 2,749 $ 6,842 $ 8,735
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 30,324 1,038,312 1,068,636 19.26 Vested (13,928 ) (363,970 ) (377,898 ) 26.02 Forfeited — (42,481 ) (42,481 ) 21.09 Nonvested shares at June 30, 2016 31,324 1,412,767 1,444,091 21.17 _________ (1) All outstanding stock grants made to the Manager prior to the Combination became employee awards effective April 2, 2015.
Schedule of Fair Value of Restricted Stock	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, as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Fair value of shares vested $ — $ 238 $ 9,833 $ 12,304

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Tax Provision (Benefit)	Income Tax Expense (Benefit) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Current Federal $ 316 $ 305 $ 288 $ 573 State and local 159 201 562 411 Foreign 1,809 483 5,318 483 Total current tax expense 2,284 989 6,168 1,467 Deferred Federal (425 ) (600 ) (3,098 ) (486 ) State and local (492 ) (40 ) (500 ) 18 Foreign 393 — (26 ) — Total deferred tax benefit (524 ) (640 ) (3,624 ) (468 ) Total income tax expense $ 1,760 $ 349 $ 2,544 $ 999
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) June 30, 2016 December 31, 2015 Deferred tax assets Net operating loss carry forwards $ 9,000 $ 9,814 Stock-based compensation 2,684 2,890 Investment in partnerships 310 843 Deferred income 677 — Foreign tax credits 504 — Other 3,257 2,262 Total deferred tax assets 16,432 15,809 Deferred tax liabilities Intangible assets from Combination 25,002 28,875 Gain from remeasurement of consolidated investment entities, net 3,237 3,237 Assumption of tax basis from real estate acquisition (Note 6) 28,399 26,880 Other 1,672 1,504 Total deferred tax liabilities 58,310 60,496 Net deferred tax liability $ (41,878 ) $ (44,687 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 are as follows: Year Ending December 31, (In thousands) Remaining 2016 $ 122,859 2017 227,069 2018 196,463 2019 164,054 2020 139,150 2021 and after 750,377 Total $ 1,599,972 As of June 30, 2016 , future minimum rental payments on noncancellable operating ground leases on real estate held for investment, were as follows: (In thousands) Year Ending December 31, Ground Leases Remaining 2016 $ 105 2017 210 2018 210 2019 210 2020 222 2021 and after 19,168 Total $ 20,125

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 Income: Interest income $ — $ — $ 11 $ 103,831 $ — $ 18 $ 103,860 Property operating income 48,124 — 45,656 1,568 — — 95,348 Income (loss) from equity method investments — (2,026 ) 47,663 6,072 (493 ) 1,897 53,113 Fee income — — — — 15,505 — 15,505 Other income 539 — 105 1,505 — 666 2,815 Total income (loss) 48,663 (2,026 ) 93,435 112,976 15,012 2,581 270,641 Expenses: Transaction, investment and servicing costs 170 — 1,947 4,096 22 7,125 13,360 Interest expense 9,956 — 11,968 9,695 — 10,949 42,568 Property operating expenses 13,746 — 14,367 1,667 — — 29,780 Depreciation and amortization 21,818 — 12,927 137 3,559 1,100 39,541 Provision for loan losses — — — 6,213 — — 6,213 Impairment loss 137 — — 2,304 — — 2,441 Compensation expense 1,558 — 732 2,559 7,880 11,511 24,240 Administrative expenses 477 — 1,317 2,051 692 8,561 13,098 Total expenses 47,862 — 43,258 28,722 12,153 39,246 171,241 Gain on sale of real estate assets, net 19 — 4,103 1,722 — — 5,844 Other gain (loss), net 68 — 532 (155 ) 44 (837 ) (348 ) Income tax benefit (expense) 59 — (1,653 ) (226 ) 227 (167 ) (1,760 ) Net (loss) income 947 (2,026 ) 53,159 85,595 3,130 (37,669 ) 103,136 Net (loss) income attributable to noncontrolling interests: Investment entities (2,599 ) — 9,935 32,833 — — 40,169 Operating Company 551 (314 ) 6,447 8,213 491 (7,470 ) 7,918 Net income (loss) attributable to Colony Capital, Inc. $ 2,995 $ (1,712 ) $ 36,777 $ 44,549 $ 2,639 $ (30,199 ) $ 55,049 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Three Months Ended June 30, 2015 Income: Interest income $ — $ — $ — $ 101,270 $ — $ — $ 101,270 Property operating income 39,034 — 42,726 1,470 — — 83,230 Income (loss) from equity method investments — (1,649 ) 5,523 7,082 — — 10,956 Fee income — — — 149 21,779 — 21,928 Other income — — — 2,163 — 1,357 3,520 Total income (loss) 39,034 (1,649 ) 48,249 112,134 21,779 1,357 220,904 Expenses: Transaction, investment and servicing costs 2,743 — 1,510 5,230 — 551 10,034 Interest expense 7,964 — 4,208 7,582 — 11,170 30,924 Property operating expenses 13,615 — 20,420 1,870 — — 35,905 Depreciation and amortization 20,367 — 9,427 159 5,614 1,078 36,645 Provision for loan losses — — — 4,078 — — 4,078 Compensation expense 952 — 472 3,601 11,510 12,109 28,644 Other 95 — 1,178 2,191 1,053 6,995 11,512 Total expenses 45,736 — 37,215 24,711 18,177 31,903 157,742 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (15 ) — (794 ) (5 ) — (1,141 ) (1,955 ) Income tax benefit (expense) (1) 295 — (3,101 ) (1,175 ) 3,650 (18 ) (349 ) Net (loss) income (6,414 ) (1,649 ) 17,362 118,230 7,252 (31,697 ) 103,084 Net (loss) income attributable to noncontrolling interests: Investment entities (2,461 ) — 3,493 33,598 — — 34,630 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (3,320 ) $ (1,385 ) $ 11,648 $ 71,077 $ 6,090 $ (24,794 ) $ 59,316 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2016 Income: Interest income $ — $ — $ 14 $ 193,178 $ — $ 29 $ 193,221 Property operating income 93,437 — 90,508 3,020 — — 186,965 Equity in (loss) income of unconsolidated joint ventures — (8,663 ) 51,054 11,696 (842 ) 2,297 55,542 Fee income — — — — 32,114 — 32,114 Other income 1,025 — 119 2,933 — 1,940 6,017 Total income (loss) 94,462 (8,663 ) 141,695 210,827 31,272 4,266 473,859 Expenses: Transaction, investment and servicing costs 440 — 6,505 8,376 67 9,393 24,781 Interest expense 19,374 — 22,644 19,984 — 22,437 84,439 Property operating expenses 27,715 — 29,253 3,598 — — 60,566 Depreciation and amortization 43,166 — 32,725 276 7,304 2,212 85,683 Provision for loan losses — — — 10,843 — — 10,843 Impairment loss 137 — — 4,063 320 — 4,520 Compensation expense 3,426 — 1,556 5,725 17,167 23,233 51,107 Administrative expenses 884 — 2,253 3,586 1,466 17,680 25,869 Total expenses 95,142 — 94,936 56,451 26,324 74,955 347,808 Gain on sale of real estate assets, net 800 — 53,533 2,630 — — 56,963 Other gain, net 99 — 4,429 153 6 9,010 13,697 Income tax (expense) benefit (6 ) — (5,386 ) (521 ) 3,653 (284 ) (2,544 ) Net income (loss) 213 (8,663 ) 99,335 156,638 8,607 (61,963 ) 194,167 Net (loss) income attributable to noncontrolling interests: Investment entities (3,500 ) — 41,316 59,948 — — 97,764 Operating Company 578 (1,368 ) 8,795 15,186 1,360 (13,212 ) 11,339 Net income (loss) attributable to Colony Capital, Inc. $ 3,135 $ (7,295 ) $ 49,224 $ 81,504 $ 7,247 $ (48,751 ) $ 85,064 Real Estate Equity (In thousands) Light Industrial Platform Single-Family Other Real Estate Debt Investment Management Amounts Not Allocated to Segments Total Six Months Ended June 30, 2015 Income: Interest income $ 7 $ — $ 8 $ 147,392 $ — $ — $ 147,407 Property operating income 75,351 — 50,206 1,466 — — 127,023 Equity in (loss) income of unconsolidated joint ventures — (5,561 ) 11,050 31,816 — — 37,305 Fee income — — — 219 21,779 — 21,998 Other income — — — 2,319 — 1,464 3,783 Total income (loss) 75,358 (5,561 ) 61,264 183,212 21,779 1,464 337,516 Expenses: Management fees — — — — — 15,062 15,062 Transaction, investment and servicing costs 3,438 — 1,672 6,044 — 15,323 26,477 Interest expense 15,839 — 6,016 14,282 — 21,380 57,517 Property operating expenses 26,376 — 21,670 1,870 — — 49,916 Depreciation and amortization 39,987 — 12,115 159 5,614 1,078 58,953 Provision for loan losses — — — 4,442 — — 4,442 Impairment loss 450 — — — — — 450 Compensation expense 952 — 472 3,625 11,510 12,700 29,259 Administrative expenses 597 — 1,292 2,525 1,053 10,110 15,577 Total expenses 87,639 — 43,237 32,947 18,177 75,653 257,653 Gain on sale of real estate assets, net 8 — — 724 — 8 740 Gain on remeasurement of consolidated investment entities, net — — 10,223 31,263 — — 41,486 Other loss, net (67 ) — (794 ) (4 ) — (926 ) (1,791 ) Income tax benefit (expense) 418 — (3,052 ) (1,995 ) 3,650 (20 ) (999 ) Net (loss) income (11,922 ) (5,561 ) 24,404 180,253 7,252 (75,127 ) 119,299 Net (loss) income attributable to noncontrolling interests: Investment entities (4,430 ) — 4,360 40,386 — — 40,316 Operating Company (633 ) (264 ) 2,221 13,555 1,162 (6,903 ) 9,138 Net (loss) income attributable to Colony Capital, Inc. $ (6,859 ) $ (5,297 ) $ 17,823 $ 126,312 $ 6,090 $ (68,224 ) $ 69,845
Assets and Equity Method Investments of Reportable Segments	Total assets and equity method investments of each of segment are summarized as follows: June 30, 2016 December 31, 2015 (In thousands) Segment Assets Equity Method Investments Segment Assets Equity Method Investments Light industrial platform $ 1,945,427 $ — $ 1,926,002 $ — Single-family residential rentals 382,626 382,626 394,783 394,783 Other real estate equity 2,185,138 196,059 2,094,794 195,353 Real estate debt 4,448,557 218,227 4,734,547 214,218 Investment management 781,040 9,187 798,213 9,794 Amounts not allocated to segments 140,371 14,961 90,971 10,449 Total $ 9,883,159 $ 821,060 $ 10,039,310 $ 824,597
Revenue by Geographic Areas	Total income excludes cost reimbursement income from affiliates. Geographic information about the Company's total income and long-lived assets are as follows. Geography is generally presented as the location in which the income producing assets reside or the location in which income generating services are performed. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2016 2015 2016 2015 Total income by geography: United States $ 214,316 $ 175,499 $ 372,591 $ 283,025 Europe 53,363 41,148 96,142 49,644 Other 2,157 2,900 3,066 3,490 Total (1) $ 269,836 $ 219,547 $ 471,799 $ 336,159
Long-lived Assets by Geographic Areas	(In thousands) June 30, 2016 December 31, 2015 Long-lived assets by geography: United States $ 2,836,002 $ 2,887,893 Europe 1,408,246 1,224,363 Total (2) $ 4,244,248 $ 4,112,256 Long-lived assets exclude financial instruments, investment management contract and customer relationship intangible assets, as well as real estate held for sale.

Organization - Proposed Merger

Organization - Proposed Merger (Details) - Colony NorthStar	Jun. 02, 2016
Business Acquisition [Line Items]
Ownership interest acquired	33.25%
NorthStar Realty Finance Corp.
Business Acquisition [Line Items]
Ownership interest acquired	33.90%
NorthStar Asset Management Group Inc.
Business Acquisition [Line Items]
Ownership interest acquired	32.85%
Common Class A
Business Acquisition [Line Items]
Exchange ratio	1.4663
Common Class A | NorthStar Realty Finance Corp.
Business Acquisition [Line Items]
Exchange ratio	1.0996
Common Class B
Business Acquisition [Line Items]
Exchange ratio	1.4663
Preferred Stock
Business Acquisition [Line Items]
Exchange ratio	1
Preferred Stock | NorthStar Realty Finance Corp.
Business Acquisition [Line Items]
Exchange ratio	1
OP Units
Business Acquisition [Line Items]
Exchange ratio	1.4663

Combination with Colony Capit54

Combination with Colony Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 02, 2015	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2016	Dec. 31, 2015	Apr. 01, 2015
Business Acquisition [Line Items]
Total consideration transferred				$ 220,782	$ 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 Capit55

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	Jun. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Total consideration transferred			$ 220,782	$ 1,307,604
Lease Intangible Assets			12,461	146,651
Goodwill			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
Fixed assets		46,396		46,396
Other assets		23,300		23,300
Notes payable		(44,337)		(44,337)
Deferred tax liability		(35,191)		(35,920)
Lease Intangible (Liabilities)		(19,906)		(19,217)
Assets acquired and liabilities assumed, net		81,677		83,537
Goodwill			$ 660,127	658,267
Assets, goodwill and liabilities assumed, net		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		558,794		558,794
Common Stock | Colony Capital
Business Acquisition [Line Items]
Consideration transferred, equity interested issued		52,160		52,160
Trade Names | Colony Capital
Business Acquisition [Line Items]
Trade name		15,500		15,500
Investment management contracts | Colony Capital
Business Acquisition [Line Items]
Lease Intangible Assets		44,100		46,000
Customer relationships | Colony Capital
Business Acquisition [Line Items]
Lease Intangible Assets		$ 46,800		$ 46,800

Combination with Colony Capit56

Combination with Colony Capital - Schedule of Pro Forma (Details) - Colony Capital $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)$ / shares
Business Acquisition [Line Items]
Total income	$ 368,615
Net income attributable to Colony Capital, Inc.	85,452
Net income attributable to common stockholders	$ 67,070
Pro forma net income per common share, basic (in dollars per share) | $ / shares	$ 0.60
Pro forma net income per common share, diluted (in dollars per share) | $ / shares	$ 0.59

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2016USD ($)Investment	Dec. 31, 2015USD ($)Investment	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Equity method investments	$ 821,060	$ 824,597	$ 1,027,005	$ 1,646,977
Securitization Vehicles
Variable Interest Entity [Line Items]
Exposure to the obligations of the investment entities	$ 406,500	$ 412,800
Colony-sponsored funds | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Number of sponsored funds | Investment	1	1
Equity method investments	$ 300	$ 300

Loans Receivable - Company Loa

Loans Receivable - Company Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 4,138,357	$ 4,417,946
Carrying Value	3,822,195	4,048,477
Allowance for loan losses	(44,823)	(35,187)	$ (4,639)	$ (197)
PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	812,121	1,017,710
Carrying Value	560,558	701,356
PCI Loans | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	803,360	1,008,839
Carrying Value	553,154	693,934
PCI Loans | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	8,761	8,871
Carrying Value	7,404	7,422
Non-PCI Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	3,326,236	3,400,236
Carrying Value	3,306,460	3,382,308
Non-PCI Loans | Fixed Rate Residential Mortgage
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,383,887	1,357,310
Carrying Value	1,379,411	1,359,145
Non-PCI Loans | Fixed Rate Residential Mortgage | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	911,135	882,935
Carrying Value	$ 903,528	$ 880,519
Performing loans, weighted average coupon	9.30%	9.30%
Performing loans, weighted average maturity in years	3 years 7 months 6 days	3 years 10 months 24 days
Non-PCI Loans | Fixed Rate Residential Mortgage | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 122,952	$ 135,519
Carrying Value	$ 125,492	$ 138,366
Performing loans, weighted average coupon	6.40%	6.40%
Performing loans, weighted average maturity in years	16 years 1 month 6 days	16 years 10 months 24 days
Non-PCI Loans | Fixed Rate Residential Mortgage | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 349,800	$ 338,856
Carrying Value	$ 350,391	$ 340,260
Performing loans, weighted average coupon	12.40%	12.30%
Performing loans, weighted average maturity in years	3 years	3 years 6 months
Non-PCI Loans | Adjustable Rate Residential Mortgage
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,942,349	$ 2,042,926
Carrying Value	1,927,049	2,023,163
Non-PCI Loans | Adjustable Rate Residential Mortgage | Mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	659,961	643,013
Carrying Value	$ 647,218	$ 627,374
Performing loans, weighted average coupon	7.20%	7.20%
Performing loans, weighted average maturity in years	1 year 4 months 24 days	1 year 8 months 12 days
Non-PCI Loans | Adjustable Rate Residential Mortgage | Securitized mortgage loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 934,353	$ 1,051,822
Carrying Value	$ 932,810	$ 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
Non-PCI Loans | Adjustable Rate Residential Mortgage | Mezzanine loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 348,035	$ 348,091
Carrying Value	$ 347,021	$ 347,267
Performing loans, weighted average coupon	11.00%	10.80%
Performing loans, weighted average maturity in years	1 year 1 month 6 days	8 months 12 days

Loans Receivable - Activity in

Loans Receivable - Activity in Loan Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Loans Receivable [Roll Forward]
Carrying value at January 1	$ 4,048,477	$ 2,131,134
Loan acquisitions and originations	144,396	575,234
Paid-in-kind interest added to loan principal	(24,807)	(14,141)
Discount and net loan fee amortization	9,186	9,309
Loan repayments	(233,785)	(199,035)
Payments received from PCI loans	(85,714)	(150,859)
Accretion on PCI loans	37,759	37,800
Transfer to real estate assets upon foreclosure	(113,632)	(3,217)
Provision for loan losses, excluding interest receivable	(10,702)	(4,071)
Consolidation of loans receivable held by investment entities (Note 7)	0	1,629,496
Effect of changes in foreign exchange rates	1,403	5,695
Carrying value at June 30	$ 3,822,195	$ 4,045,627

Loans Receivable - Loan Maturi

Loans Receivable - Loan Maturity and Aging (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans receivable, net	$ 3,822,195	$ 4,048,477	$ 4,045,627	$ 2,131,134
Non-PCI Loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,306,460	3,382,308
Due in one year or less	956,115
Due after one year through five years	1,983,177
Due after five years	367,168
Loans receivable, net	3,306,460
Non-PCI Loans | Current or Less Than 30 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	3,283,136	3,357,454
Non-PCI Loans | 30-59 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	783	14,628
Non-PCI Loans | 60-89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	460	1,509
Non-PCI Loans | 90 Days or More Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan receivable past due	$ 22,081	$ 8,717

Loans Receivable - Troubled Deb

Loans Receivable - Troubled Debt Restructuring (Details) - Non-PCI Loans $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)contract	Jun. 30, 2015contract	Dec. 31, 2015USD ($)
Financing Receivable, Modifications [Line Items]
Number of loans | contract	1	0
Carrying value of loans before allowance for loan losses	$ 37,611
Loss incurred	1,687
Performing Modified TDRs [Member]
Financing Receivable, Modifications [Line Items]
Carrying value of loans before allowance for loan losses	$ 66,200		$ 26,700

Loans Receivable - PCI Loans Ac

Loans Receivable - PCI Loans Acquired (Details) - loan	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans Acquired	0	0
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans Past Due 90 Days or More and Still Accruing Interest	0		0

Loans Receivable - Fair Value o

Loans Receivable - Fair Value of Loans Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Apr. 02, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Accretable yield	$ (48,083)		$ (66,639)	$ (159,696)	$ (98,523)
PCI Loans | Loans Acquired through Consolidation [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractually required payments including interest		$ 1,936,499
Less: Nonaccretable difference		(850,212)
Cash flows expected to be collected		1,086,287
Less: Accretable yield		(121,130)
Fair value of loans acquired		$ 965,157

Loans Receivable - Changes in

Loans Receivable - Changes in Accretable Yield (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 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	19,125	(16,802)
Accretion	(37,759)	(37,800)
Consolidation of PCI loans held by investment entities (Note 7)	0	121,130
Effect of changes in foreign exchange rates	78	(5,355)
Ending accretable yield	$ 48,083	$ 159,696

Loans Receivable - Nonaccrual L

Loans Receivable - Nonaccrual Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 3,822,195	$ 4,045,627	$ 3,822,195	$ 4,045,627	$ 4,048,477	$ 2,131,134
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	136,795		136,795		126,873
Loans receivable, net	266,258		266,258		211,354
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	114,714		114,714		116,647
Interest income recognized on a cash basis	400	$ 0	700	$ 0
Loans receivable, net	207,579		207,579		203,527
PCI Loans | Nonaccrual Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	36,800		36,800
Non-PCI Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	3,306,460		3,306,460
Non-PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual loans	22,081		22,081		10,226
Loans receivable, net	$ 58,679		$ 58,679		$ 7,827

Loans Receivable - Impairment a

Loans Receivable - Impairment and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	$ 3,822,195	$ 4,045,627	$ 4,048,477	$ 2,131,134
Allowance for loan losses	35,187	197
Provision for loan losses	10,702	4,442
Charge-off	(1,066)	0
Allowance for loan losses	44,823	$ 4,639
Loans held for sale	0		75,002
Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	266,258		211,354
Allowance for loan losses	35,187
Allowance for loan losses	44,823
PCI Loans | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	207,579		203,527
Allowance for loan losses	34,715
Allowance for loan losses	40,286
Performing Financial Instruments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	3,306,460
Performing Financial Instruments [Member] | Loans held for investment, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable, net	58,679		$ 7,827
Allowance for loan losses	472
Allowance for loan losses	$ 4,537

Real Estate Assets - Components

Real Estate Assets - Components of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real Estate [Line Items]
Land	$ 646,667	$ 578,577
Buildings and improvements	2,750,644	2,639,861
Real estate held for investment at cost	3,397,311	3,218,438
Less: Accumulated depreciation	(139,261)	(86,220)
Net carrying amount	3,258,050	3,132,218
Real Estate Held for Sale - Land buildings and improvements	219,955	297,887
Real Estate Assets, Net	3,478,005	3,430,105
Land, buildings and improvements (1)
Real Estate [Line Items]
Real Estate Held for Sale - Land buildings and improvements	$ 219,955	$ 297,887

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Real estate disposed during period				$ 168,000	$ 39,300
Transaction costs associated with business combination				6,000	1,800
Depreciation and amortization		$ 39,541	$ 36,645	85,683	58,953
Gain on sale of real estate assets, net		5,844	740	$ 56,963	740
2016 Real Estate Acquisitions [Member] | Lease Intangibles [Member] | Minimum
Business Acquisition [Line Items]
Useful life of finite-lived intangible assets				3 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	$ 6,900		6,900		6,900
Office - Norway [Member]
Business Acquisition [Line Items]
Liabilities assumed in business combination	2,100
Deferred tax liability	$ 30,800		$ 30,800		$ 30,800
Mixed Use - United Kingdom [Member]
Business Acquisition [Line Items]
Decrease to land				$ 21,400
Increase to buildings and improvements				4,700
Depreciation and amortization				400
Mixed Use - United Kingdom [Member] | Lease Intangible Assets [Member]
Business Acquisition [Line Items]
Increase to intangibles				15,400
Mixed Use - United Kingdom [Member] | Lease Intangible Liabilities [Member]
Business Acquisition [Line Items]
Increase to intangibles				$ 1,300
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				38 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				10 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 carried at fair value less selling costs		$ 17,800		$ 17,800		$ 20,300
Real Estate Held-for-Sale | Minimum
Business Acquisition [Line Items]
Selling costs percent		5.00%		5.00%		5.00%
Real Estate Held-for-Sale | Maximum
Business Acquisition [Line Items]
Selling costs percent		8.00%		8.00%		8.00%

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate [Line Items]
Impairment loss			$ 4,520	$ 450
Real Estate Held for Investment
Real Estate [Line Items]
Depreciation	$ 26,848	$ 19,802	54,368	34,410
Real Estate Held-for-Sale
Real Estate [Line Items]
Impairment loss	$ 2,441	$ 450	$ 4,200	$ 450

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Acqusitions (Details) $ in Thousands	1 Months Ended							6 Months Ended	12 Months Ended
	May 31, 2016USD ($)Property	Apr. 30, 2016USD ($)Property	Jan. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property	Nov. 30, 2015USD ($)Property	Jun. 30, 2015USD ($)Property	Jan. 31, 2015USD ($)Property	Jun. 30, 2016USD ($)Property	Dec. 31, 2015USD ($)Property
Business Acquisition [Line Items]
Number of Properties | Property								27,000	62
Purchase Price								$ 220,782	$ 1,307,604
Land				$ 194,162				59,102	194,162
Buildings and Improvements				1,012,541				150,810	1,012,541
Lease Intangible Assets				146,651				12,461	146,651
Lease Intangible Liabilities				(12,855)				(1,591)	(12,855)
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				51,169					51,169
Buildings and Improvements				320,078					320,078
Lease Intangible Assets				76,016					76,016
Lease Intangible Liabilities				(6,264)					(6,264)
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	1,000				1
Purchase Price	$ 18,204				$ 31,000
Land	13,041				3,936
Buildings and Improvements	4,316				24,096
Lease Intangible Assets	997				3,661
Lease Intangible Liabilities	150				(693)
Other Liabilities	$ 0				$ 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 | Untied States
Business Acquisition [Line Items]
Number of Properties | Property								2,000	34
Purchase Price								$ 73,275	$ 345,463
Land				53,257				10,375	53,257
Buildings and Improvements				280,380				59,364	280,380
Lease Intangible Assets				17,724				4,212	17,724
Lease Intangible Liabilities				(5,898)				(676)	(5,898)
Other Liabilities				$ 0				$ 0	$ 0
Industrial | MASSACHUSETTS
Business Acquisition [Line Items]
Number of Properties | Property		1,000
Purchase Price		$ 34,900
Land		5,235
Buildings and Improvements		27,731
Lease Intangible Assets		1,934
Lease Intangible Liabilities		0
Other Liabilities		$ 0

Real Estate Assets - Pro Forma

Real Estate Assets - Pro Forma Results (Unaudited) (Details) - 2015 Business Combinations $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)$ / shares
Pro forma:
Total income	$ 374,235
Net income attributable to Colony Capital, Inc.	118,204
Net income attributable to common stockholders	$ 51,442
Pro forma net income per common share, basic (in dollars per share) | $ / shares	$ 0.46
Pro forma net income per common share, diluted (in dollars per share) | $ / shares	$ 0.46

Real Estate Assets - Componen72

Real Estate Assets - Components of Property Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate [Abstract]
Rental income	$ 69,832	$ 47,441	$ 137,053	$ 80,701
Tenant reimbursements	16,085	13,702	30,830	24,235
Hotel operating income	9,431	22,087	19,082	22,087
Property operating income	$ 95,348	$ 83,230	$ 186,965	$ 127,023

Real Estate Assets - Future Min

Real Estate Assets - Future Minimum Rental Payments (Details) $ in Thousands	Jun. 30, 2016USD ($)
Real Estate [Abstract]
Remaining 2,016	$ 122,859
2,017	227,069
2,018	196,463
2,019	164,054
2,020	139,150
2021 and after	750,377
Total	$ 1,599,972

Equity Method Investments (Deta

Equity Method Investments (Details) $ in Thousands	Apr. 02, 2015USD ($)Investment	Jan. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Income from equity method investments			$ 53,113	$ 10,956		$ 55,542	$ 37,305
Number of consolidated investment entities | Investment	52
Equity attributable to Colony Capital, Inc.	$ 1,000,000
Gain on remeasurement of consolidated investment entities, net	41,500		0	$ 41,486		0	$ 41,486
Preferred Equity Investee [Member]
Schedule of Equity Method Investments [Line Items]
Income from equity method investments			$ 45,000			$ 45,000
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Expenses allocated from affiliates related to unconsolidated joint ventures					$ 2,300
Entity's share of other expenses reimbursed to affiliates					$ 800
Consortium Equity Commitment
Schedule of Equity Method Investments [Line Items]
Payment to fund equity commitment		$ 50,000
Consortium Equity Commitment | Co-Investment Partner [Member]
Schedule of Equity Method Investments [Line Items]
Payment to fund equity commitment		$ 50,000
52 Consolidated Investment Entities
Schedule of Equity Method Investments [Line Items]
Equity attributable to Colony Capital, Inc.	$ 1,012,576

Equity Method Investments - Sch

Equity Method Investments - 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

Equity Method Investments - Act

Equity Method Investments - Activity in the Company's Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Roll Forward]
Balance at January 1			$ 824,597	$ 1,646,977
Contributions			149,773	203,562
Distributions			209,125	(146,429)
Equity in net income	$ 53,113	$ 10,956	55,542	37,305
Equity in other comprehensive (loss) income			105	(612)
Equity in realized loss (gain) reclassified from accumulated other comprehensive income			0	161
Equity method investment entities derecognized and consolidated			0	(957,009)
Equity method investments of newly consolidated investment entities			0	270,966
Foreign currency translation loss			168	(27,916)
Balance at December 31	$ 821,060	$ 1,027,005	$ 821,060	$ 1,027,005

Other Investments (Details)

Other Investments (Details) - USD ($)	Jan. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Investments [Line Items]
Cost method investment		$ 99,736,000		$ 99,736,000		$ 99,868,000
Other investments		123,155,000		123,155,000		99,868,000
Dividend income from cost method investment		100,000	$ 0	100,000	$ 0
Consortium Equity Commitment
Schedule of Investments [Line Items]
Payment to fund equity commitment	$ 50,000,000
Co-Investment Partner [Member] | Consortium Equity Commitment
Schedule of Investments [Line Items]
Payment to fund equity commitment	$ 50,000,000
Commercial Mortgage Backed Securities [Member]
Schedule of Investments [Line Items]
Commercial mortgage-backed securities		23,419,000		23,419,000		$ 0
Amortized cost		23,400,000		23,400,000
Unrealized gain		$ 4,000		$ 4,000

Goodwill, Deferred Leasing Co78

Goodwill, Deferred Leasing Costs and Other Intangibles - Goodwill, Intangible Assets and Liabilities Acquired (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 18, 2014
Goodwill
Goodwill	$ 680,127,000		$ 680,127,000		$ 678,267,000
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract]
Trade name	15,500,000		15,500,000		15,500,000
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(97,256,000)		(97,256,000)		(64,666,000)
Deferred Leasing Costs and Intangible Assets, Gross (Including Goodwill)	418,680,000		418,680,000		390,179,000
Deferred Leasing Costs and Intangible Assets, Net (Including Goodwill)	321,424,000		321,424,000		325,513,000
Finite-Lived Intangible Liabilities, Net [Abstract]
Below Market Lease, Gross	30,353,000		30,353,000		28,879,000
Below Market Lease, Accumulated Amortization	(7,856,000)		(7,856,000)		(4,523,000)
Below Market Lease, Net	22,497,000		22,497,000		24,356,000
Above-Market Ground Lease Obligations, Gross	172,000		172,000		171,000
Above-Market Ground Lease Obligations, Accumulated Amortization	(10,000)		(10,000)		(5,000)
Ground Lease Obligations, Net	162,000		162,000		166,000
Finite-Lived Intangible Liabilities, Gross	30,525,000		30,525,000		29,050,000
Finite-Lived Intangible Liabilities, Accumulated Amortization	(7,866,000)		(7,866,000)		(4,528,000)
Finite-Lived Intangible Liabilities, Net	22,659,000		22,659,000		24,522,000
Intangible assets, net held for sale	9,900,000		9,900,000		9,900,000
Intangible liabilities, net held for sale	700,000		700,000		35,000
Operating Segments | Investment Management
Finite-Lived Intangible Liabilities, Net [Abstract]
Impairment of intangibles	0	$ 0	0	$ 0
In-place lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	153,813,000		153,813,000		144,863,000
Accumulated Amortization	(41,503,000)		(41,503,000)		(27,780,000)
Net Carrying Amount	112,310,000		112,310,000		117,083,000
Above-market lease values
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	31,661,000		31,661,000		32,774,000
Accumulated Amortization	(12,200,000)		(12,200,000)		(7,708,000)
Net Carrying Amount	19,461,000		19,461,000		25,066,000
Below market ground lease obligation
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	50,424,000		50,424,000		36,635,000
Accumulated Amortization	(291,000)		(291,000)		(39,000)
Net Carrying Amount	50,133,000		50,133,000		36,596,000
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	80,836,000		80,836,000		71,710,000
Accumulated Amortization	(19,497,000)		(19,497,000)		(12,647,000)
Net Carrying Amount	61,339,000		61,339,000		59,063,000
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	39,646,000		39,646,000		41,897,000
Accumulated Amortization	(19,586,000)		(19,586,000)		(13,985,000)
Net Carrying Amount	20,060,000		20,060,000		27,912,000
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	46,800,000		46,800,000		46,800,000
Accumulated Amortization	(4,179,000)		(4,179,000)		(2,507,000)
Net Carrying Amount	$ 42,621,000		$ 42,621,000		$ 44,293,000
Light Industrial Platform
Goodwill
Goodwill						$ 20,000,000
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 Co79

Goodwill, Deferred Leasing Costs and Other Intangibles - Remaining Terms of Acquired Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Finite-Lived Intangible Assets [Line Items]
Above-market lease values			$ (1,315)	$ (2,011)
Below-market lease values	$ 1,594	$ 1,138	3,533	1,779
Net decrease to rental income	(229)	(982)	(1,056)	(2,011)
Increase to rent expense	119	5	259	10
Amortization expense	11,594	15,764	29,103	23,465
Above-market lease values
Finite-Lived Intangible Assets [Line Items]
Above-market lease values	(1,823)	(2,120)	(4,589)	(3,790)
In-place lease values
Finite-Lived Intangible Assets [Line Items]
Amortization expense	4,629	7,035	15,045	12,163
Deferred leasing costs
Finite-Lived Intangible Assets [Line Items]
Amortization expense	3,407	3,115	6,755	5,688
Investment management contracts
Finite-Lived Intangible Assets [Line Items]
Amortization expense	2,723	4,778	5,632	4,778
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 835	$ 836	$ 1,671	$ 836

Goodwill, Deferred Leasing Co80

Goodwill, Deferred Leasing Costs and Other Intangibles - Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Above Market Lease, Amortization Expense [Abstract]
2,016		$ (4,104)
2,017		(5,787)
2,018		(3,514)
2,019		(1,839)
2,020		(1,260)
2021 and after		(2,732)
Total		(19,236)
Below-market lease values
Below Market Lease, Net	$ 22,497	24,356
(Decrease) Increase to rental income
2,016		(560)
2,017		(143)
2,018		597
2,019		393
2,020		217
2021 and after		2,040
(Decrease) increase to rental income		2,544
Finite-Lived Intangible Assets, Net [Abstract]
2,016		27,548
2,017		40,898
2,018		29,589
2,019		23,114
2,020		18,764
2020 and after		87,943
Net Carrying Amount		227,856
Net below-market ground lease obligations
Finite-Lived Intangible Assets, Net [Abstract]
2,016		239
2,017		474
2,018		474
2,019		474
2,020		474
2020 and after		46,469
Net Carrying Amount		48,604
Below-market lease values
Below-market lease values
2,016		3,544
2,017		5,644
2,018		4,111
2,019		2,232
2,020		1,477
2021 and after		4,772
Below Market Lease, Net		21,780
In-place lease values
Finite-Lived Intangible Assets, Net [Abstract]
2,016		13,748
2,017		20,358
2,018		14,411
2,019		10,853
2,020		8,850
2020 and after		37,140
Net Carrying Amount		105,360
Deferred leasing costs
Finite-Lived Intangible Assets, Net [Abstract]
2,016		6,373
2,017		11,213
2,018		9,275
2,019		7,091
2,020		5,335
2020 and after		20,528
Net Carrying Amount		59,815
Investment management contracts
Finite-Lived Intangible Assets, Net [Abstract]
2,016		5,756
2,017		5,984
2,018		2,560
2,019		1,827
2,020		1,236
2020 and after		2,697
Net Carrying Amount		20,060
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
2,016		1,671
2,017		3,343
2,018		3,343
2,019		3,343
2,020		3,343
2020 and after		27,578
Net Carrying Amount		$ 42,621

Other Assets and Other Liabil81

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Other Assets and Liabilities [Abstract]
Restricted cash	$ 138,719		$ 138,719		$ 187,208
Deferred financing costs, net	12,140		12,140		4,083
Interest receivable	32,770		32,770		34,074
Other receivables, including straight-line rents	106,375		106,375		43,130
Derivative assets	38,824		38,824		21,636
Prepaid expenses and other	27,139		27,139		21,320
Fixed assets, net	47,328		47,328		48,463
Other assets	403,295		403,295		359,914
Total	5,100		5,100		3,700
Accumulated amortization of deferred financing costs	9,300		9,300		6,800
Accumulated depreciation and amortization	5,700		5,700		$ 3,300
Depreciation	$ 1,100	$ 1,200	$ 2,200	$ 1,200

Other Assets and Other Liabil82

Other Assets and Other Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Other Liabilities [Line Items]
Borrower and tenant reserves	$ 97,870	$ 116,800
Deferred income	28,837	41,671
Interest payable	17,369	18,071
Intangible liabilities, net	22,659	24,522
Derivative liabilities	1,348	507
Current and deferred tax liabilities	44,523	44,951
Accrued compensation	18,924	11,495
Accounts payable and other liabilities	68,466	67,572
Total	299,996	325,589
Real Estate Held-for-Sale
Schedule of Other Liabilities [Line Items]
Total	7,700	9,100
Other intangible liabilities held-for-sale	$ 700	$ 35

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Line of credit	$ 428,500	$ 315,000
Secured debt	3,207,572	3,313,550
Less: Debt issuance costs, net	(34,903)	(40,826)
Outstanding balance of debt	$ 3,601,169	$ 3,587,724

Debt - Line of Credit (Details

Debt - Line of Credit (Details)	Jun. 02, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)Extension_Option
JPMorgan Chase Bank, N.A.
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 | JPMorgan Chase Bank, N.A.
Line of Credit Facility [Line Items]
Interest rate at period end			2.91%
Percentage of unused amount			0.25%
Line of Credit | JPMorgan Chase Bank, N.A. | Minimum
Line of Credit Facility [Line Items]
Percentage of unused amount			0.25%
Line of Credit | JPMorgan Chase Bank, N.A. | Maximum
Line of Credit Facility [Line Items]
Percentage of unused amount			0.35%
Line of Credit | JPMorgan Chase Bank, N.A. | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.25%
Line of Credit | JPMorgan Chase Bank, N.A. | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.25%
Bridge Loan [Member]
Line of Credit Facility [Line Items]
Debt term	364 days
Bridge Loan [Member] | Additional Margin Every 90 Days [Member]
Line of Credit Facility [Line Items]
Margin increase term	90 days
Basis spread on variable rate			0.25%
Bridge Loan [Member] | JPMorgan Chase Bank, N.A.
Line of Credit Facility [Line Items]
Maximum principal amount of credit facility	$ 400,000,000

Debt - Schedule of Secured Deb

Debt - Schedule of Secured Debt (Details) $ in Thousands	1 Months Ended					6 Months Ended	12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018EUR (€)	Nov. 30, 2017EUR (€)	Nov. 30, 2016EUR (€)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)Extension_OptionDebtProperty	Dec. 31, 2015USD ($)Property	Jan. 31, 2016
Debt Instrument [Line Items]
Secured debt					$ 3,313,550	$ 3,207,572	$ 3,313,550
Number of Properties | Property						27,000	62
Seller-Provided Financing
Debt Instrument [Line Items]
Interest Rate						0.00%
First Mortgage | Secured Debt, Various Maturities [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Cap interest rate						2.50%
First Mortgage | Secured Debt, Maturity January 2019 [Member]
Debt Instrument [Line Items]
Secured debt					94,000	$ 55,722	$ 94,000
First Mortgage | Secured Debt, Maturity January 2019 [Member] | Real Estate Held-for-Sale
Debt Instrument [Line Items]
Secured debt						$ 16,900
First Mortgage | Secured Debt, Maturity January 2019 [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						4.65%
Cap interest rate						3.00%
First Mortgage | Secured Debt, Maturing July 2018
Debt Instrument [Line Items]
Secured debt					13,500	$ 14,061	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	$ 87,474	88,000
Interest Rate						4.84%
First Mortgage | Secured Debt, Maturing August 2018 [Member]
Debt Instrument [Line Items]
Secured debt					88,121	$ 79,600	88,121
Facility extension term						1 year
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						$ 500
First Mortgage | Secured Debt, Maturing August 2018 [Member] | Three-Month GBP LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate						2.50%
Cap interest rate						2.25%
First Mortgage | Secured Debt, Fixed Rate, Maturing November 2018 [Member]
Debt Instrument [Line Items]
Secured debt					79,133	$ 82,529	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	$ 214,001	$ 236,911
Basis spread on variable rate							2.75%
Imputed interest rate								3.28%
Facility extension term						1 year
Debt instrument term extension option | Extension_Option						2
First Mortgage | Secured Debt, Maturing November 2018 | Three-Month GBP LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate						3.28%
Cap interest rate						2.25%
First Mortgage | Secured Debt, Maturing January 2021 [Member]
Debt Instrument [Line Items]
Secured debt					0	$ 49,998	$ 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	$ 25,850	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	$ 893,298	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	$ 7,500	4,900
First Mortgage | Secured Debt, Maturing December 2019 | LIBOR | Scenario, Forecast
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	$ 122,318	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	$ 12,645	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	$ 17,436	17,050
Interest Rate						1.89%
Secured Debt
Debt Instrument [Line Items]
Secured debt					2,454,886	$ 2,475,932	2,454,886
Facility extension term						1 year
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 2017, One [Member]
Debt Instrument [Line Items]
Secured debt					23,123	$ 22,054	23,123
Secured Debt | Secured Debt, Maturity April 2017, One [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						3.75%
Secured Debt | Secured Debt, Maturing April 2017, Two [Member]
Debt Instrument [Line Items]
Secured debt					10,965	$ 8,132	10,965
Secured Debt | Secured Debt, Maturing April 2017, Two [Member] | One-Month LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						3.75%
Secured Debt | Secured Debt, Maturing June 2017 [Member]
Debt Instrument [Line Items]
Secured debt					5,869	$ 3,439	5,869
Secured Debt | Secured Debt, Maturing June 2017 [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	$ 6,753	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	$ 3,688	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	$ 58,428	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	$ 0	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	$ 131,327	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	$ 25,000	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	$ 63,421	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		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	$ 295,350	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	$ 102,777	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	$ 167,921	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	$ 123,515	145,349
Interest Rate						2.54%
Loans Payable | Bond payable, Maturing June 2025
Debt Instrument [Line Items]
Secured debt					180,960	$ 191,360	180,960
Interest Rate						3.91%
Notes Payable | Promissory Note Maturing December 2025 [Member]
Debt Instrument [Line Items]
Secured debt					$ 42,983	$ 42,077	$ 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	Jun. 30, 2016USD ($)
Excluding CMBS Debt [Member]
Future scheduled minimum principal payments
2,016	$ 222,030
2,017	87,314
2,018	479,313
2,019	954,542
2,020	21,209
2021 and after	758,533
Total	2,522,941
Seller-Provided Financing
Debt Instrument [Line Items]
Discount on seller-provided	$ 4,900
Interest Rate	0.00%
Commercial Mortgage Backed Securities
Estimated Principal Payments
2,016	$ 92,981
2,017	339,623
2,018	221,827
2,019	21,975
2,020	13,157
2021 and after	0
Estimated Principal Payments	689,563
Future scheduled minimum principal payments
2,016	0
2,017	0
2,018	0
2,019	0
2,020	0
2021 and after	689,563
Total	$ 689,563

Debt - Convertible Senior Note

Debt - Convertible Senior Notes (Details) $ / shares in Units, $ in Thousands	Mar. 29, 2016	Mar. 28, 2016	Feb. 25, 2016$ / shares	Jun. 30, 2016USD ($)$ / shares	Jun. 30, 2015$ / shares	Jun. 30, 2016USD ($)d$ / shares	Jun. 30, 2015$ / shares	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Convertible senior notes, net				$ 591,942		$ 591,942		$ 591,079
Dividends declared per common share (in dollars per share) | $ / shares			$ 0.40	$ 0.40	$ 0.37	$ 0.80	$ 0.74
Convertible senior notes
Debt Instrument [Line Items]
Amount of loan financed to acquire property				$ 602,500		$ 602,500		602,500
Convertible senior notes, net								591,079
Unamortized premium				1,500		1,500		1,700
Debt issuance costs				12,100		$ 12,100		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				$ 195,349		$ 195,349
Convertible Senior Notes due 2023 | Convertible senior notes
Debt Instrument [Line Items]
Interest Rate				5.00%		5.00%
Conversion Rate (per share of common stock) | $ / shares				$ 23.35		$ 23.35
Amount of loan financed to acquire property				$ 200,000		$ 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				$ 396,593		$ 396,593
Convertible Senior Note Due 2021 | Convertible senior notes
Debt Instrument [Line Items]
Interest Rate				3.875%		3.875%
Conversion Rate (per share of common stock) | $ / shares				$ 24.56		$ 24.56
Amount of loan financed to acquire property				$ 402,500		$ 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		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016NOK	Jun. 30, 2016CHF (SFr)	Jun. 30, 2016EUR (€)	Jun. 30, 2016GBP (£)	Dec. 31, 2015USD ($)	Dec. 31, 2015NOK	Dec. 31, 2015CHF (SFr)	Dec. 31, 2015EUR (€)	Dec. 31, 2015GBP (£)
Derivative Instruments, Gain (Loss) [Line Items]
Minimum threshold of derivative liabilities require cash deposit	$ 100,000		$ 100,000
Deposits related to agreements included in other assets	0		0						$ 0
Investments in unconsolidated joint ventures	123,155,000		123,155,000						99,868,000
Foreign currency risk
Derivative Instruments, Gain (Loss) [Line Items]
Investments in unconsolidated joint ventures	656,500,000		656,500,000		NOK 900.1	SFr 56.5	€ 295,500	£ 122.2	$ 679,900,000	NOK 895.5	SFr 54.4	€ 311,200	£ 126.4
Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on de-designation of net investment hedges	369,000	$ (414,000)	98,000	$ (199,000)
Designated as Hedging Instrument | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount | €							0
Not Designated as Hedging Instrument | Interest rate contracts
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 de-designation of net investment hedges	375,000	(494,000)	52,000	(279,000)
Not Designated as Hedging Instrument | Other gain (loss), net | Interest rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	330,000	322,000	1,374,000	374,000
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	62,000		62,000
Net Investment Hedging [Member] | Designated as Hedging Instrument | Gain on remeasurement of consolidated investment entities, net
Derivative Instruments, Gain (Loss) [Line Items]
Realization of net gain on net investment hedges		39,300,000		39,300,000
Cash Flow Hedging [Member] | Designated as Hedging Instrument | Other gain (loss), net
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized loss for ineffectiveness on cash flow hedge	$ 68,000	$ 0	$ 101,000	$ 0

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 38,824	$ 21,636
Derivative Liabilities	1,348	507
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	38,501	20,199
Derivative Liabilities	1,348	505
Foreign exchange contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	37,874	19,773
Derivative Liabilities	1,299	505
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	627	426
Derivative Liabilities	49	0
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	323	1,437
Derivative Liabilities	0	2
Interest rate contracts | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	0	5
Derivative Liabilities	0	2
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	323	1,432
Derivative Liabilities	0	0
Other assets
Derivatives, Fair Value [Line Items]
Derivative Assets	38,824	21,636
Other assets | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	37,874	19,778
Other assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	950	1,858
Accrued and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1,348	507
Accrued and other liabilities | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	1,299	507
Accrued and other liabilities | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 49	$ 0

Derivatives and Hedging - Sche

Derivatives and Hedging - Schedule of Net Investment Hedge (Details) - Jun. 30, 2016 € in Thousands, £ in Thousands, SFr in Thousands, NOK in Thousands	NOK	CHF (SFr)	EUR (€)	GBP (£)	NOK / $	£ / $	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 contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate					8.33
Foreign exchange contracts | Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate						0.66	0.67	0.79
Foreign exchange contracts | Minimum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Forward exchange rate						0.75	0.68	0.91
Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			€ 143,800	£ 130,520
Designated as Hedging Instrument | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	NOK 898,844	SFr 55,133	117,444	75,150
Not Designated as Hedging Instrument | Foreign exchange collars
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount			1,825	3,480
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	NOK 24,156	SFr 412	€ 3,706	£ 0

Derivatives and Hedging - Sc91

Derivatives and Hedging - Schedule of Interest Derivative (Details) € in Thousands, £ in Thousands, $ in Thousands	Jun. 30, 2016USD ($)	Jun. 30, 2016EUR (€)	Jun. 30, 2016GBP (£)
Interest rate contracts | 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 contracts
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 contracts
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	$ 68,862		£ 152,732

Balance Sheet Offsetting (Detai

Balance Sheet Offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	$ (1,348)	$ (507)
(Assets) Liabilities	1,348	124
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	0	(383)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	38,824	21,636
(Assets) Liabilities	(1,348)	(124)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	37,476	21,512
Foreign exchange contracts
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	(1,348)	(505)
(Assets) Liabilities	1,348	124
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	0	(381)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	38,501	20,199
(Assets) Liabilities	(1,348)	(124)
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	37,153	20,075
Interest rate contracts
Offsetting Liabilities [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	0	(2)
(Assets) Liabilities		0
Cash Collateral Received (Pledged)		0
Net Amounts of Assets (Liabilities)		(2)
Offsetting Assets [Line Items]
Gross Amounts of Assets (Liabilities) Included on Consolidated Balance Sheets	323	1,437
(Assets) Liabilities	0	0
Cash Collateral Received (Pledged)	0	0
Net Amounts of Assets (Liabilities)	$ 323	$ 1,437

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration	$ (9,090)	$ 1,140
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class A common stock price	$ 15.35		$ 19.48
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Due to affiliates—contingent consideration	$ 43,900		$ 53,000
Benchmark FFO volatility	14.30%		20.60%
Equity volatility	29.70%		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	$ (9,100)

Fair Value Measurements - Esti

Fair Value Measurements - Estimated Fair Values and Carrying Values of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Held for investment	$ 3,822,195	$ 4,048,477	$ 4,045,627	$ 2,131,134
Liabilities
Line of credit	428,500	315,000
Convertible senior notes, net	591,942	591,079
Secured debt	3,207,572	3,313,550
Commercial Mortgage Backed Securities
Liabilities
Secured debt		815,681
Notes Payable | Promissory Note Maturing December 2025 [Member]
Liabilities
Secured debt	42,077	42,983
Convertible senior notes
Liabilities
Convertible senior notes, net		591,079
Level 1
Assets
Held for investment	0	0
Loan held for sale		0
Equity method and cost method investments	459,900	0
Liabilities
Convertible senior notes	574,875
Notes payable	0	0
Level 1 | Line of Credit
Liabilities
Line of credit	0	0
Level 1 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 1 | Commercial Mortgage Backed Securities
Liabilities
Secured and unsecured debt	0	0
Level 1 | Convertible senior notes
Liabilities
Secured and unsecured debt		574,359
Level 2
Assets
Held for investment	0	0
Loan held for sale		0
Equity method and cost method investments	5,400	0
Liabilities
Convertible senior notes	0
Notes payable	0	0
Level 2 | Line of Credit
Liabilities
Line of credit	428,500	315,000
Level 2 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	0	0
Level 2 | Commercial Mortgage Backed Securities
Liabilities
Secured and unsecured debt	673,304	794,982
Level 2 | Convertible senior notes
Liabilities
Secured and unsecured debt		0
Level 3
Assets
Held for investment	3,866,959	4,073,075
Loan held for sale		75,002
Equity method and cost method investments	781,357	1,087,850
Liabilities
Convertible senior notes	0
Notes payable	42,077	42,983
Level 3 | Line of Credit
Liabilities
Line of credit	0	0
Level 3 | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	2,497,930	2,423,013
Level 3 | Commercial Mortgage Backed Securities
Liabilities
Secured and unsecured debt	0	0
Level 3 | Convertible senior notes
Liabilities
Secured and unsecured debt		0
Fair Value
Assets
Held for investment	3,866,959	4,073,075
Loan held for sale		75,002
Equity method and cost method investments	1,246,657	1,087,850
Liabilities
Convertible senior notes	574,875
Notes payable	42,077	42,983
Fair Value | Line of Credit
Liabilities
Line of credit	428,500	315,000
Fair Value | Secured and Unsecured Debt
Liabilities
Secured and unsecured debt	2,497,930	2,423,013
Fair Value | Commercial Mortgage Backed Securities
Liabilities
Secured and unsecured debt	673,304	794,982
Fair Value | Convertible senior notes
Liabilities
Secured and unsecured debt		574,359
Carrying Value
Assets
Held for investment		4,048,477
Loan held for sale		75,002
Equity method and cost method investments	920,796	924,465
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	2,447,162	2,423,013
Carrying Value | Commercial Mortgage Backed Securities
Liabilities
Secured and unsecured debt	$ 683,430	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	Apr. 04, 2016	Jan. 31, 2016	Dec. 31, 2015	Apr. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)			25,030,000		25,030,000	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			$ 824,597		821,060	$ 1,027,005	$ 1,646,977
REIT Securities Venture [Member]
Class of Stock [Line Items]
Ownership percentage						4.40%
Equity method investments					$ 5,200
Common Class A
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			111,694,000		113,264,000	111,697,000	109,634,000
Issuance of shares (in shares)					19,000	1,428,000
Share-based compensation, net of forfeitures (in shares)					1,026,000	635,000
Shares canceled for tax withholding on vested stock awards					(147,000)
Common Class A | Operating Partnership Unit
Class of Stock [Line Items]
Issuance of shares (in shares)					672,000
Common Class B
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)			546,000		527,000	564,000	0
Issuance of shares (in shares)						564,000
Conversion of Class B common stock, shares converted (in shares)	19,144		17,712		19,000
Preferred Stock
Class of Stock [Line Items]
Issuance of shares (in shares)						11,500,000
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)	May 09, 2016organization	Apr. 04, 2016shares	Apr. 02, 2015shares	May 31, 2016organizationshares	Apr. 30, 2016shares	Dec. 31, 2015shares	May 30, 2015USD ($)	Jun. 30, 2016voteDirectors$ / 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
Number of charitable organizations receiving contributions | organization	4			4
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
OP units redeemed (in shares)				28,525	796,194
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)		19,144				17,712		19,000
OP Units
Class of Stock [Line Items]
OP units converted to common stock (in shares)		643,044			643,044	628,773
OP Units to common stock, conversion ratio		1			1
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			$ 5,416,240	$ 2,935,793
Other comprehensive (loss) income	$ (22,717)	$ 44,535	(10,898)	23,066
Ending balance	5,280,173	5,626,161	5,280,173	5,626,161
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(18,422)	(28,491)
Other comprehensive income (loss) before reclassifications			(3,195)	(11,747)
Amounts reclassified from accumulated other comprehensive income			(267)	12,802
Ending balance	(21,884)	(27,436)	(21,884)	(27,436)
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			89	(612)
Amounts reclassified from accumulated other comprehensive income			0	(161)
Ending balance	89	0	89	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	(205)
Amounts reclassified from accumulated other comprehensive income			102	0
Ending balance	(340)	(306)	(340)	(306)
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			(3,059)	(26,109)
Amounts reclassified from accumulated other comprehensive income			67	(45,407)
Ending balance	(45,251)	(33,345)	(45,251)	(33,345)
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			(232)	15,179
Amounts reclassified from accumulated other comprehensive income			98	32,766
Ending balance	23,618	6,215	23,618	6,215
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			(6,027)	18,401
Amounts reclassified from accumulated other comprehensive income			(785)	0
Ending balance	(6,911)	14,732	(6,911)	14,732
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	0
Ending balance	0	0	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	(132)
Amounts reclassified from accumulated other comprehensive income			0	0
Ending balance	(149)	(184)	(149)	(184)
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			(13,574)	18,533
Amounts reclassified from accumulated other comprehensive income			785	0
Ending balance	(14,308)	14,917	(14,308)	14,917
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			7,547	0
Amounts reclassified from accumulated other comprehensive income			0	0
Ending balance	7,546	(1)	7,546	(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			(574)	1,159
Amounts reclassified from accumulated other comprehensive income			(50)	2,451
Ending balance	4,733	3,610	4,733	3,610
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			17	0
Amounts reclassified from accumulated other comprehensive income			0	0
Ending balance	17	0	17	0
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	(7)
Amounts reclassified from accumulated other comprehensive income			19	0
Ending balance	(13)	(7)	(13)	(7)
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			(434)	4,144
Amounts reclassified from accumulated other comprehensive income			15	(8,658)
Ending balance	10,653	12,802	10,653	12,802
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			(158)	(2,978)
Amounts reclassified from accumulated other comprehensive income			16	6,207
Ending balance	(5,924)	(9,185)	(5,924)	(9,185)
AOCI Attributable to Parent and Noncontrolling Interests
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance			(13,164)	(32,160)
Other comprehensive (loss) income			(10,898)	23,066
Ending balance	(24,062)	(9,094)	(24,062)	(9,094)
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 (loss) income			106	(451)
Ending balance	106	0	106	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 (loss) income			(113)	(344)
Ending balance	(502)	(497)	(502)	(497)
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 (loss) income			(17,934)	50,633
Ending balance	(48,906)	(5,626)	(48,906)	(5,626)
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 (loss) income			7,043	(26,772)
Ending balance	$ 25,240	$ 6,214	$ 25,240	$ 6,214

Stockholders' Equity - Reclass

Stockholders' Equity - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity in income of unconsolidated joint ventures
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Equity in realized (loss) gain on sale of marketable securities of unconsolidated joint ventures	$ 0	$ 0	$ 0	$ (161)
Other gain (loss), net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gain on ineffective cash flow hedge	58	0	102	0
Release of cumulative translation adjustments	(264)	0	67	0
Realization of gain on net investment hedges	369	(414)	98	(199)
Gain on remeasurement of consolidated investment entities, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Release of cumulative translation adjustments	0	(45,407)	0	(45,407)
Realization of gain on net investment hedges	$ 0	$ 32,965	$ 0	$ 32,965

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands	May 09, 2016organization	Apr. 04, 2016shares	May 31, 2016organizationshares	Apr. 30, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Jun. 30, 2016USD ($)	Jun. 30, 2015shares
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests						$ (3,963)
Outstanding balance of debt					$ 3,587,724	3,601,169
Number of charitable organizations receiving contributions | organization	4		4
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 | shares							412,865
Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests						(2,557)
OP units redeemed (in shares) | shares			28,525	796,194
OP Units Settled for Cash [Member]
Noncontrolling Interest [Line Items]
OP units redeemed (in shares) | shares				153,150
OP units redeemed (in shares)				$ 2,600
OP Units
Noncontrolling Interest [Line Items]
OP units converted to common stock (in shares) | shares		643,044		643,044	628,773
OP Units to common stock, conversion ratio		1		1
Additional Paid-in Capital
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests				$ (700)		725
Additional Paid-in Capital | Common Class A
Noncontrolling Interest [Line Items]
Acquisition of noncontrolling interests						$ 13,469

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income	$ 103,136	$ 103,084	$ 194,167	$ 119,299
Net income attributable to noncontrolling interests:
Investment entities	(40,169)	(34,630)	(97,764)	(40,316)
Operating Company	(7,918)	(9,138)	(11,339)	(9,138)
Net income attributable to Colony Capital, Inc.	55,049	59,316	85,064	69,845
Preferred dividends	(12,093)	(11,410)	(23,973)	(18,382)
Net income attributable to common stockholders	42,956	47,906	61,091	51,463
Net income allocated to participating securities (nonvested shares)	(577)	(350)	(1,146)	(609)
Net income allocated to common stockholders—basic	42,379	47,556	59,945	50,854
Interest expense attributable to convertible senior notes	6,833	6,925	8,382	0
Net income allocated to common stockholders—diluted	$ 49,212	$ 54,481	$ 68,327	$ 50,854
Denominator:
Basic weighted average number of common shares outstanding (in shares)	112,306,000	111,394,000	111,985,000	110,410,000
Weighted average effect of dilutive shares (in shares)	24,949,000	25,040,000	16,385,000	0
Diluted weighted average number of common shares outstanding (in shares)	137,255,000	136,434,000	128,370,000	110,410,000
Earnings per share:
Basic (in dollars per share)	$ 0.38	$ 0.43	$ 0.54	$ 0.46
Diluted (in dollars per share)	$ 0.36	$ 0.40	$ 0.53	$ 0.46
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS			$ 5,300	$ 13,900
Weighted average dilutive common share			8,563,700	25,073,400
Assumed Repayment of Unsecured Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest expense on convertible note excluded from diluted EPS				$ 280
Weighted average dilutive common share				378,700
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	20,924,300	21,749,000	20,924,300	21,749,000

Related Party Transactions - S

Related Party Transactions - Summary of Amounts Due to Manager or its Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from affiliates	$ 6,694	$ 11,713
Due to Affiliates	43,900	52,990
Base management fee expense
Related Party Transaction [Line Items]
Due from affiliates	6,061	5,734
Other
Related Party Transaction [Line Items]
Due from affiliates	166	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	467	468
Contingent consideration
Related Party Transaction [Line Items]
Due to Affiliates	$ 43,900	$ 52,990

Related Party Transactions 102

Related Party Transactions - Summary of Amounts Incurred and Payable to Manager or its Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Direct and allocated investment-related expenses	$ 5,402	$ 6,326	$ 12,333	$ 8,579
Direct and allocated administrative expenses	13,098	11,411	25,869	15,577
Affiliated Entity
Related Party Transaction [Line Items]
Base management fee expense		101		9,165
Compensation pursuant to secondment agreement		0		450
Direct and allocated investment-related expenses	0	0	0	366
Direct and allocated administrative expenses	$ 0	0	$ 0	1,922
Amounts incurred and payable to manager or affiliates		$ 101		$ 11,903

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Base management fee per annum of stockholders' equity			1.50%
Fee income	$ 15,505	$ 21,928		$ 32,114	$ 21,998
Due from affiliates	6,694			6,694		$ 11,713
Due to affiliates—contingent consideration	43,900			43,900		52,990
Base management fee expense
Related Party Transaction [Line Items]
Due from affiliates	6,061			6,061		5,734
Reimbursement of direct and allocated administrative and investment costs
Related Party Transaction [Line Items]
Cost reimbursements	800	1,900		2,100	2,000
Due from affiliates	300			300		900
Recoverable expenses
Related Party Transaction [Line Items]
Due from affiliates	200			200		1,100
Colony-sponsored funds
Related Party Transaction [Line Items]
Due from related parties	100			100		1,400
Advances
Related Party Transaction [Line Items]
Due from employees	200			200		200
Cost Reimbursements
Related Party Transaction [Line Items]
Cost reimbursements	100	100		200	100
Due from related parties	100			100
Contingent consideration
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration	43,900			43,900		52,990
Affiliated Entity
Related Party Transaction [Line Items]
Fee income	15,505	$ 21,559		32,114	$ 21,559
Level 3
Related Party Transaction [Line Items]
Due to affiliates—contingent consideration	$ 43,900			$ 43,900		$ 53,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	May 08, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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		$ 0	$ 238	$ 9,833	$ 12,304
Granted (USD per share)				$ 19.26	$ 24.42
Aggregate unrecognized compensation cost related to restricted stock granted		$ 23,800		$ 23,800
Weighted average period of expected cost				25 months
Restricted Stock | Director Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		100,000		100,000
Vesting period				1 year
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 3,423	$ 2,749	$ 6,842	$ 8,735
Manager and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	3,323	2,407	6,684	8,305
Non-Executive Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses	$ 100	$ 342	$ 158	$ 430

Share-Based Compensation - Non

Share-Based Compensation - Nonvested Shares Under Director Stock Plan and Equity Incentive Plan (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested	$ 0	$ 238	$ 9,833	$ 12,304
Number of Shares [Roll Forward]
Nonvested shares at beginning period			795,834
Granted			1,068,636
Vested			(377,898)
Forfeited			(42,481)
Nonvested shares at period end	1,444,091		1,444,091
Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested shares at beginning period (USD per share)			$ 22.51
Granted (USD per share)			19.26	$ 24.42
Vested (USD per share)			26.02
Forfeited (USD per share)			21.09
Nonvested shares at period end (USD per share)	$ 21.17		$ 21.17
Non-Executive Directors
Number of Shares [Roll Forward]
Nonvested shares at beginning period			14,928
Granted			30,324
Vested			(13,928)
Forfeited			0
Nonvested shares at period end	31,324		31,324
Manager and Employees
Number of Shares [Roll Forward]
Nonvested shares at beginning period			780,906
Granted			1,038,312
Vested			(363,970)
Forfeited			(42,481)
Nonvested shares at period end	1,412,767		1,412,767

Income Taxes - Income Tax Prov

Income Taxes - Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Current
Federal	$ 316	$ 305	$ 288	$ 573
State and local	159	201	562	411
Foreign	1,809	483	5,318	483
Total current tax expense	2,284	989	6,168	1,467
Deferred
Federal	(425)	(600)	(3,098)	(486)
State and local	(492)	(40)	(500)	18
Foreign	393	0	(26)	0
Total deferred tax benefit	(524)	(640)	(3,624)	(468)
Total income tax expense	$ 1,760	$ 349	$ 2,544	$ 999

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Deferred tax assets
Net operating loss carry forwards	$ 9,000	$ 9,814
Stock-based compensation	2,684	2,890
Investment in partnerships	310	843
Deferred income	677	0
Foreign tax credits	504	0
Other	3,257	2,262
Deferred Tax Assets, Gross	16,432	15,809
Deferred tax liabilities
Intangible assets from Combination	25,002	28,875
Gain from remeasurement of consolidated investment entities, net	3,237	3,237
Assumption of tax basis from real estate acquisition (Note 6)	28,399	26,880
Other	1,672	1,504
Deferred Tax Liabilities, Gross	58,310	60,496
Total deferred tax liabilities	$ (41,878)	$ (44,687)

Commitments and Contingencie109

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Other Commitments [Line Items]
Transaction costs	$ 6.4		$ 6.4
Additional Funding to Unconsolidated Joint Ventures
Other Commitments [Line Items]
Other commitments	28.5		28.5
Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments					$ 688.6
Maximum future cumulative capital commitments	$ 500		$ 500
Maximum future cumulative capital commitments, percent	20.00%		20.00%
ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments	$ 163.2		$ 163.2
GP Affiliate [Member] | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	136.7		136.7
Unfunded lending commitment	87		87
Light Industrial Platform | Cobalt Capital Partners, L.P. | Industrial
Other Commitments [Line Items]
Ownership interest of limited partners (percent)						38.00%
General Partner | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	1		1
Unfunded lending commitment	0.6		0.6
General Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments	101.9		101.9
Limited Partner | ColFin Industrial Partnership | Future Capital Contributions
Other Commitments [Line Items]
Other commitments	61.3		61.3
Office Leases
Other Commitments [Line Items]
Rent expense	1.4	$ 1.3	2.8	$ 1.3
Ground Leases
Other Commitments [Line Items]
Rent expense	0.1	$ 0.1	0.2	$ 0.2
Consolidated Real Estate Debt Investments
Other Commitments [Line Items]
Deposit for real estate acquisition			0.1
Consolidated Real Estate Debt Investments | Investment Commitments
Other Commitments [Line Items]
Other commitments	354.9		354.9
Consolidated Real Estate Debt Investments | Unfunded Purchase Commitment
Other Commitments [Line Items]
Other commitments	4.2		4.2
Consolidated Real Estate Debt Investments | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	4		4
Consolidated Real Estate Debt Investments | Parent | Investment Commitments
Other Commitments [Line Items]
Other commitments	199.8		199.8
Consolidated Real Estate Debt Investments | Parent | Sponsored Fund Commitments
Other Commitments [Line Items]
Other commitments	0.8		0.8
Level 3
Other Commitments [Line Items]
Due to affiliates—contingent consideration	$ 43.9		$ 43.9		$ 53

Commitments and Contingencies -

Commitments and Contingencies - Future Rental Commitment (Details) - Ground Leases $ in Thousands	Jun. 30, 2016USD ($)
Operating Leased Assets [Line Items]
Remaining 2,016	$ 105
2,017	210
2,018	210
2,019	210
2,020	222
2021 and after	19,168
Total	$ 20,125

Segment Information (Details)

Segment Information (Details) shares in Millions	Jan. 05, 2016companyshares	Mar. 31, 2016shares	Jun. 30, 2016
Colony Starwood Homes Merger [Member]
Business Acquisition [Line Items]
Number of companies in merger | company	2
Ownership 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
Maximum Lock-Up Period After Closing of Merger	9 months
Starwood Waypoint Residential Trust (“SWAY”) [Member] | Colony Starwood Homes Merger [Member]
Business Acquisition [Line Items]
Ownership interest acquired	41.00%
Former CAH [Member] | Colony Starwood Homes Merger [Member]
Business Acquisition [Line Items]
Ownership interest acquired	59.00%
Colony American Finance, LLC (“CAF”) [Member]
Business Acquisition [Line Items]
Ownership percentage	19.00%		17.50%

Segment Information - Summary

Segment Information - Summary of Operating Results for Each of Reportable Operating Segments (Details) - USD ($) $ in Thousands	Apr. 02, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income:
Interest income		$ 103,860	$ 101,270	$ 193,221	$ 147,407
Property operating income		95,348	83,230	186,965	127,023
Income from equity method investments		53,113	10,956	55,542	37,305
Fee income		15,505	21,928	32,114	21,998
Other income		2,815	3,520	6,017	3,783
Total income		270,641	220,904	473,859	337,516
Expenses:
Management fees		0	101	0	15,062
Transaction, investment and servicing costs		13,360	10,034	24,781	26,477
Interest expense		42,568	30,924	84,439	57,517
Property operating expenses		29,780	35,905	60,566	49,916
Depreciation and amortization		39,541	36,645	85,683	58,953
Provision for loan losses		6,213	4,078	10,843	4,442
Impairment loss		2,441	0	4,520	450
Compensation expense		24,240	28,644	51,107	29,259
Administrative expenses		13,098	11,411	25,869	15,577
Other			11,512
Total expenses		171,241	157,742	347,808	257,653
Gain on sale of real estate assets, net		5,844	740	56,963	740
Gain on remeasurement of consolidated investment entities, net	$ 41,500	0	41,486	0	41,486
Other gain (loss), net		(348)	(1,955)	13,697	(1,791)
Income tax benefit (expense)		(1,760)	(349)	(2,544)	(999)
Net income		103,136	103,084	194,167	119,299
Net (loss) income attributable to noncontrolling interests:
Investment entities		40,169	34,630	97,764	40,316
Operating Company		7,918	9,138	11,339	9,138
Net income attributable to Colony Capital, Inc.		55,049	59,316	85,064	69,845
Operating Segments | Light Industrial Platform
Income:
Interest income		0	0	0	7
Property operating income		48,124	39,034	93,437	75,351
Income from equity method investments		0	0	0	0
Fee income		0	0	0	0
Other income		539	0	1,025	0
Total income		48,663	39,034	94,462	75,358
Expenses:
Management fees					0
Transaction, investment and servicing costs		170	2,743	440	3,438
Interest expense		9,956	7,964	19,374	15,839
Property operating expenses		13,746	13,615	27,715	26,376
Depreciation and amortization		21,818	20,367	43,166	39,987
Provision for loan losses		0	0	0	0
Impairment loss		137		137	450
Compensation expense		1,558	952	3,426	952
Administrative expenses		477		884	597
Other			95
Total expenses		47,862	45,736	95,142	87,639
Gain on sale of real estate assets, net		19	8	800	8
Gain on remeasurement of consolidated investment entities, net			0		0
Other gain (loss), net		68	(15)	99	(67)
Income tax benefit (expense)		59	295	(6)	418
Net income		947	(6,414)	213	(11,922)
Net (loss) income attributable to noncontrolling interests:
Investment entities		(2,599)	(2,461)	(3,500)	(4,430)
Operating Company		551	(633)	578	(633)
Net income attributable to Colony Capital, Inc.		2,995	(3,320)	3,135	(6,859)
Operating Segments | Single-Family Residential Rentals
Income:
Interest income		0	0	0	0
Property operating income		0	0	0	0
Income from equity method investments		(2,026)	(1,649)	(8,663)	(5,561)
Fee income		0	0	0	0
Other income		0	0	0	0
Total income		(2,026)	(1,649)	(8,663)	(5,561)
Expenses:
Management fees					0
Transaction, investment and servicing costs		0	0	0	0
Interest expense		0	0	0	0
Property operating expenses		0	0	0	0
Depreciation and amortization		0	0	0	0
Provision for loan losses		0	0	0	0
Impairment loss		0		0	0
Compensation expense		0	0	0	0
Administrative expenses		0		0	0
Other			0
Total expenses		0	0	0	0
Gain on sale of real estate assets, net		0	0	0	0
Gain on remeasurement of consolidated investment entities, net			0		0
Other gain (loss), net		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Net income		(2,026)	(1,649)	(8,663)	(5,561)
Net (loss) income attributable to noncontrolling interests:
Investment entities		0	0	0	0
Operating Company		(314)	(264)	(1,368)	(264)
Net income attributable to Colony Capital, Inc.		(1,712)	(1,385)	(7,295)	(5,297)
Operating Segments | Other Real Estate Equity Investments
Income:
Interest income		11	0	14	8
Property operating income		45,656	42,726	90,508	50,206
Income from equity method investments		47,663	5,523	51,054	11,050
Fee income		0	0	0	0
Other income		105	0	119	0
Total income		93,435	48,249	141,695	61,264
Expenses:
Management fees					0
Transaction, investment and servicing costs		1,947	1,510	6,505	1,672
Interest expense		11,968	4,208	22,644	6,016
Property operating expenses		14,367	20,420	29,253	21,670
Depreciation and amortization		12,927	9,427	32,725	12,115
Provision for loan losses		0	0	0	0
Impairment loss		0		0	0
Compensation expense		732	472	1,556	472
Administrative expenses		1,317		2,253	1,292
Other			1,178
Total expenses		43,258	37,215	94,936	43,237
Gain on sale of real estate assets, net		4,103	0	53,533	0
Gain on remeasurement of consolidated investment entities, net			10,223		10,223
Other gain (loss), net		532	(794)	4,429	(794)
Income tax benefit (expense)		(1,653)	(3,101)	(5,386)	(3,052)
Net income		53,159	17,362	99,335	24,404
Net (loss) income attributable to noncontrolling interests:
Investment entities		9,935	3,493	41,316	4,360
Operating Company		6,447	2,221	8,795	2,221
Net income attributable to Colony Capital, Inc.		36,777	11,648	49,224	17,823
Operating Segments | Real Estate Debt
Income:
Interest income		103,831	101,270	193,178	147,392
Property operating income		1,568	1,470	3,020	1,466
Income from equity method investments		6,072	7,082	11,696	31,816
Fee income		0	149	0	219
Other income		1,505	2,163	2,933	2,319
Total income		112,976	112,134	210,827	183,212
Expenses:
Management fees					0
Transaction, investment and servicing costs		4,096	5,230	8,376	6,044
Interest expense		9,695	7,582	19,984	14,282
Property operating expenses		1,667	1,870	3,598	1,870
Depreciation and amortization		137	159	276	159
Provision for loan losses		6,213	4,078	10,843	4,442
Impairment loss		2,304		4,063	0
Compensation expense		2,559	3,601	5,725	3,625
Administrative expenses		2,051		3,586	2,525
Other			2,191
Total expenses		28,722	24,711	56,451	32,947
Gain on sale of real estate assets, net		1,722	724	2,630	724
Gain on remeasurement of consolidated investment entities, net			31,263		31,263
Other gain (loss), net		(155)	(5)	153	(4)
Income tax benefit (expense)		(226)	(1,175)	(521)	(1,995)
Net income		85,595	118,230	156,638	180,253
Net (loss) income attributable to noncontrolling interests:
Investment entities		32,833	33,598	59,948	40,386
Operating Company		8,213	13,555	15,186	13,555
Net income attributable to Colony Capital, Inc.		44,549	71,077	81,504	126,312
Operating Segments | Investment Management
Income:
Interest income		0	0	0	0
Property operating income		0	0	0	0
Income from equity method investments		(493)	0	(842)	0
Fee income		15,505	21,779	32,114	21,779
Other income		0	0	0	0
Total income		15,012	21,779	31,272	21,779
Expenses:
Management fees					0
Transaction, investment and servicing costs		22	0	67	0
Interest expense		0	0	0	0
Property operating expenses		0	0	0	0
Depreciation and amortization		3,559	5,614	7,304	5,614
Provision for loan losses		0	0	0	0
Impairment loss		0		320	0
Compensation expense		7,880	11,510	17,167	11,510
Administrative expenses		692		1,466	1,053
Other			1,053
Total expenses		12,153	18,177	26,324	18,177
Gain on sale of real estate assets, net		0	0	0	0
Gain on remeasurement of consolidated investment entities, net			0		0
Other gain (loss), net		44	0	6	0
Income tax benefit (expense)		227	3,650	3,653	3,650
Net income		3,130	7,252	8,607	7,252
Net (loss) income attributable to noncontrolling interests:
Investment entities		0	0	0	0
Operating Company		491	1,162	1,360	1,162
Net income attributable to Colony Capital, Inc.		2,639	6,090	7,247	6,090
Amounts not allocated to segments
Income:
Interest income		18	0	29	0
Property operating income		0	0	0	0
Income from equity method investments		1,897	0	2,297	0
Fee income		0	0	0	0
Other income		666	1,357	1,940	1,464
Total income		2,581	1,357	4,266	1,464
Expenses:
Management fees					15,062
Transaction, investment and servicing costs		7,125	551	9,393	15,323
Interest expense		10,949	11,170	22,437	21,380
Property operating expenses		0	0	0	0
Depreciation and amortization		1,100	1,078	2,212	1,078
Provision for loan losses		0	0	0	0
Impairment loss		0		0	0
Compensation expense		11,511	12,109	23,233	12,700
Administrative expenses		8,561		17,680	10,110
Other			6,995
Total expenses		39,246	31,903	74,955	75,653
Gain on sale of real estate assets, net		0	8	0	8
Gain on remeasurement of consolidated investment entities, net			0		0
Other gain (loss), net		(837)	(1,141)	9,010	(926)
Income tax benefit (expense)		(167)	(18)	(284)	(20)
Net income		(37,669)	(31,697)	(61,963)	(75,127)
Net (loss) income attributable to noncontrolling interests:
Investment entities		0	0	0	0
Operating Company		(7,470)	(6,903)	(13,212)	(6,903)
Net income attributable to Colony Capital, Inc.		$ (30,199)	$ (24,794)	$ (48,751)	$ (68,224)

Segment Information - Assets a

Segment Information - Assets and Equity Method Investments of Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Total consolidated assets	$ 9,883,159		$ 9,883,159		$ 10,039,310
Equity method investments	821,060	$ 1,027,005	821,060	$ 1,027,005	824,597	$ 1,646,977
Revenues	270,641	220,904	473,859	337,516
Revenues less cost reimbursement income	269,836	219,547	471,799	336,159
Long-Lived Assets	4,244,248		4,244,248		4,112,256
Untied States
ASSETS
Revenues less cost reimbursement income	214,316	175,499	372,591	283,025
Long-Lived Assets	2,836,002		2,836,002		2,887,893
Europe [Member]
ASSETS
Revenues less cost reimbursement income	53,363	41,148	96,142	49,644
Long-Lived Assets	1,408,246		1,408,246		1,224,363
Other [Member]
ASSETS
Revenues less cost reimbursement income	2,157	2,900	3,066	3,490
Operating Segments | Light Industrial Platform
ASSETS
Total consolidated assets	1,945,427		1,945,427		1,926,002
Equity method investments	0		0		0
Revenues	48,663	39,034	94,462	75,358
Operating Segments | Single-family residential rentals
ASSETS
Total consolidated assets	382,626		382,626		394,783
Equity method investments	382,626		382,626		394,783
Revenues	(2,026)	(1,649)	(8,663)	(5,561)
Operating Segments | Other Real Estate Equity Investments
ASSETS
Total consolidated assets	2,185,138		2,185,138		2,094,794
Equity method investments	196,059		196,059		195,353
Revenues	93,435	48,249	141,695	61,264
Operating Segments | Real estate debt investments
ASSETS
Total consolidated assets	4,448,557		4,448,557		4,734,547
Equity method investments	218,227		218,227		214,218
Revenues	112,976	112,134	210,827	183,212
Operating Segments | Investment Management
ASSETS
Total consolidated assets	781,040		781,040		798,213
Equity method investments	9,187		9,187		9,794
Revenues	15,012	21,779	31,272	21,779
Amounts not allocated to segments
ASSETS
Total consolidated assets	140,371		140,371		90,971
Equity method investments	14,961		14,961		$ 10,449
Revenues	$ 2,581	$ 1,357	$ 4,266	$ 1,464